Doing Business

DOING BUSINESS 2013
Smarter Regulations for Small and Medium-Size Enterprises
2011
2007
2008 2006
COMPARING BUSINESS REGULATIONS FOR DOMESTIC FIRMS IN 185 ECONOMIES
2010
2004
2013
10TH EDITION
2013 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington, DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org Some rights reserved. 1 2 3 4 15 14 13 12 A copublication of The World Bank and the International Finance Corporation. This work is a product of the staff of The World Bank with external contributions. Note that The World Bank does not necessarily own each component of the content included in the work. The World Bank therefore does not warrant that the use of the content contained in the work will not infringe on the rights of third parties. The risk of claims resulting from such infringement rests solely with you. The ndings, interpretations, and conclusions expressed in this work do not necessarily reect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specically reserved. Rights and Permissions
This work is available under the Creative Commons Attribution 3.0 Unported license (CC BY 3.0) http:// creativecommons.org/licenses/by/3.0. Under the Creative Commons Attribution license, you are free to copy, distribute, transmit, and adapt this work, including for commercial purposes, under the following conditions: AttributionPlease cite the work as follows: World Bank. 2013. Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises. Washington, DC: World Bank Group. DOI: 10.1596/978-0-8213-9615-5. License: Creative Commons Attribution CC BY 3.0 TranslationsIf you create a translation of this work, please add the following disclaimer along with the attribution: This translation was not created by The World Bank and should not be considered an official World Bank translation. The World Bank shall not be liable for any content or error in this translation. All queries on rights and licenses should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org. Additional copies of all 10 editions of Doing Business may be purchased at www.doingbusiness.org. ISBN (paper): 978-0-8213-9615-5 ISBN (electronic): 978-0-8213-9624-7 DOI: 10.1596/978-0-8213-9615-5 ISSN: 1729-2638 Design and Layout: Corporate Visions, Inc.
2013

A COPUBLICATION OF THE WORLD BANK AND THE INTERNATIONAL FINANCE CORPORATION
RESOURCES ON THE DOING BUSINESS WEBSITE Current features News on the Doing Business project http://www.doingbusiness.org Rankings How economies rankfrom 1 to 185 http://www.doingbusiness.org/rankings/ Data All the data for 185 economiestopic rankings, indicator values, lists of regulatory procedures and details underlying indicators http://www.doingbusiness.org/data/ Reports Access to Doing Business reports as well as subnational and regional reports, reform case studies and customized economy and regional proles http://www.doingbusiness.org/reports/ Methodology The methodologies and research papers underlying Doing Business http://www.doingbusiness.org/methodology/ Research Abstracts of papers on Doing Business topics and related policy issues http://www.doingbusiness.org/research/ Doing Business reforms Short summaries of DB2013 business regulation reforms, lists of reforms since DB2008 and a ranking simulation tool http://www.doingbusiness.org/reforms/ Historical data Customized data sets since DB2004 http://www.doingbusiness.org/custom-query/ Law library Online collection of business laws and regulations relating to business and gender issues http://www.doingbusiness.org/law-library/ http://wbl.worldbank.org/ Contributors More than 9,600 specialists in 185 economies who participate in Doing Business http://www.doingbusiness.org/contributors/ doing-business/ NEW! Entrepreneurship data Data on business density for 130 economies http://www.doingbusiness.org/data/exploretopics/ entrepreneurship/ More to come Coming sooninformation on good practices and data on transparency and on the distance tofrontier
Contents
v 1 15 Preface Executive summary About Doing Business: measuring for impact
Case studies 26 32 37 42 47 51 Colombia: sustaining reforms over time Latvia: maintaining a reform state of mind Rwanda: fostering prosperity by promoting entrepreneurship APEC: sharing goals and experience Does Doing Business matter for foreign direct investment? How transparent is business regulation around the world?
Topic notes 56 60 64 68 72
Doing Business 2013 is the 10th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 185 economiesfrom Afghanistan to Zimbabweand over time. Regulations affecting 11 areas of the life of a business are covered: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and employing workers. The employing workers data are not included in this years ranking on the ease of doing business. Data in Doing Business 2013 are current as of June1, 2012. The indicators are used to analyze economic outcomes and identify what reforms of business regulation have worked, where and why.
Starting a business Dealing with construction permits Getting electricity Registering property Getting credit Protecting investors Paying taxes Trading across borders Enforcing contracts Resolving insolvency
77 81 86 90 94
98 101 106 131 135 145 207 216
Annex: employing workers References Data notes Ease of doing business and distance to frontier Summaries of Doing Business reforms in 2011/12 Country tables Employing workers data Acknowledgments
Preface
This is the 10th edition of the Doing Business report. First published in 2003 with 5 indicator sets measuring business regulation in 133 economies, the report has grown into an annual publication covering 11 indicator sets and 185 economies. In these 10 years Doing Business has recorded nearly 2,000 business regulation reforms in the areas covered by the indicators. And researchers have produced well over 1,000 articles in peer-reviewed journals using the data published by Doing Businesswork that helps explore many of the key development questions of our time. Doing Business 2013 holds new information to inspire policy makers and researchers. One nding is that Poland improved the most in the Doing Business measures in 2011/12, while Singapore maintains its top spot in the overall ranking. Another nding is that European economies in scal distress are making efforts to improve the business climate, and this is beginning to be reected in the indicators tracked by Doing Business, with Greece being among the 10 economies that improved the most in the Doing Business measures in the past year. Part of the solution to high debt is the recovery of economic growth, and there is broad recognition that creating a friendlier environment for entrepreneurs is central to this goal. But perhaps the most exciting nding is that of a steady march from 2003 to 2012 toward better business regulation across the wide range of economies included. With a handful of exceptions, every economy covered by Doing Business has narrowed the gap in business regulatory practice with the top global performance in the areas measured by the indicators. This is a welcome race to the top. Collecting the more than 57,000 unique Doing Business data points each year and placing them in a broader context of economic policy and development is a major undertaking. We thank the team and the Doing Business contributors for their efforts. Data collection and analysis for Doing Business 2013 were conducted through the Global Indicators and Analysis Department under the general direction of Augusto LopezClaros. The project was managed by Sylvia Solf and Rita Ramalho, with the support of Carolin Geginat and Adrian Gonzalez. Other team members included Beatriz Mejia Asserias, Andres Baquero Franco, Karim O. Belayachi, Iryna Bilotserkivska, Mariana Carvalho, Hayane Chang Dahmen, Rong Chen, Maya Choueiri, Dariga Chukmaitova, Santiago Croci Downes, Fernando Dancausa Diaz, Marie Lily Delion, Raian Divanbeigi, Alejandro Espinosa-Wang, Margherita Fabbri, Caroline Frontigny, Betina Hennig, Sarah Holmberg, Hussam Hussein, Joyce Ibrahim, Ludmila Jantuan, Nan Jiang, Herv Kaddoura, Pawe Kopko, Jean Michel Lobet, Jean-Philippe Lodugnon-Harding, Frdric Meunier, Robert Murillo, Joanna Nasr, Marie-Jeanne Ndiaye, Nuria de Oca, Mikiko Imai Ollison, Nina Paustian, Galina Rudenko, Valentina Saltane, Lucas Seabra, Paula Garcia Serna, Anastasia Shegay, Jayashree Srinivasan, Susanne Szymanski, Moussa Traor, Tea Trumbic, Marina Turlakova, Julien Vilquin, Yasmin Zand and Yucheng Zheng. More than 9,600 lawyers and other professionals generously donated their time to provide the legal assessments that underpin the data. We thank in particular the global contributors: Advocates for International Development; Allen & Overy LLP; American
vi
DOING BUSINESS 2013
Bar Association, Section of International Law; Baker & McKenzie; Cleary Gottlieb Steen & Hamilton LLP; Ernst & Young; Ius Laboris, Alliance of Labor, Employment, Benets and Pensions Law Firms; KPMG; the Law Society of England and Wales; Lex Mundi, Association of Independent Law Firms; Panalpina; PwC; Raposo Bernardo & Associados; Russell Bedford International; SDV International Logistics; and Security Cargo Network. The efforts of all these contributors help maintain the distinctive voice of Doing Business and its annual contribution to business regulation reform. Ten years marks a good time to take stock of where the world has moved in business regulatory practices and what challenges remain. We welcome you to give feedback on the Doing Business website (http://www.doingbusiness.org) and join the conversation as we shape the project in the years to come. Sincerely,
Janamitra Devan Vice President and Head of Network Financial & Private Sector Development World Bank Group
Executive summary
This 10th edition of the Doing Business report marks a good time to take stock to look at how far the world has come in business regulatory practices and what challenges remain. In the rst report one of the main ndings was that low-income economies had very cumbersome regulatory systems. Ten years later it is apparent that business regulatory practices in these economies have been gradually but noticeably converging toward the more efficient practices common in higherincome economies (box 1.1). How much has the gap narrowed? Did some regions close the regulatory gap more rapidly than others? This years report tells that story. It points to important trends in regulatory reform and identies the regions and economies making the biggest improvements for local entrepreneurs. And it highlights both the areas of business regulation that have received the most attention and those where more progress remains to be made. The report also reviews research on which regulatory reforms have worked and how. After 10 years of data tracking reforms and regulatory practices around the world, more evidence is available to address these questions. The report summarizes just some of the main ndings. Among the highlights: Smarter business regulation supports economic growth. Simpler business registration promotes greater entrepreneurship and rm productivity, while lower-cost registration improves formal employment opportunities. An effective regulatory environment boosts trade performance. And sound
MAIN FINDINGS IN 2011/12 Worldwide, 108 economies implemented 201 regulatory reforms in 2011/12 making it easier to do business as measured by Doing Business. Poland improved the most in the ease of doing business, through 4 reformsmaking it easier to register property, pay taxes, enforce contracts and resolve insolvency as measured by Doing Business. Eastern Europe and Central Asia once again had the largest share of economies implementing regulatory reforms88% of its economies reformed in at least one of the areas measured by Doing Business. European economies in scal distress are working to improve the business climate, and this is beginning to be reected in the indicators tracked by Doing Business. Greece is one of the 10 most improved globally in 2011/12. Reform efforts globally have focused on making it easier to start a new business, increasing the efciency of tax administration and facilitating trade across international borders. Of the 201 regulatory reforms recorded in the past year, 44% focused on these 3 policy areas alone.
BOX 1.1 MAIN FINDINGS SINCE 2003 AND THE FIRST DOING BUSINESS REPORT
Over these 10 years 180 economies implemented close to 2,000 business regulatory reforms as measured by Doing Business.
Eastern Europe and Central Asia improved the most, overtaking East Asia and the
Pacic as the worlds second most business-friendly region according to Doing Business indicators. OECD high-income economies continue to have the most business-friendly environment.
Business regulatory practices have been slowly converging as economies with

initially poor performance narrow the gap with better performers. Among the 50 economies with the biggest improvements since 2005, the largest sharea third are in Sub-Saharan Africa.
Among the categories of business regulatory practices measured by Doing Business,

there has been more convergence in those that relate to the complexity and cost of regulatory processes (business start-up, property registration, construction permitting, electricity connections, tax payment and trade procedures) than in those that relate to the strength of legal institutions (contract enforcement, insolvency regimes, credit information, legal rights of borrowers and lenders and the protection of minority shareholders).
Two-thirds of the nearly 2,000 reforms recorded by Doing Business were focused on
reducing the complexity and cost of regulatory processes.
A growing body of research has traced out the effects of simpler business regulation
on a range of economic outcomes, such as faster job growth and an accelerated pace of new business creation.
DOING BUSINESS 2013
nancial market infrastructurecourts, creditor and insolvency laws, and credit and collateral registriesimproves access to credit (see the chapter About Doing Business).
resolving insolvency. Doing Business also documents regulations on employing workers, which are not included in this years aggregate ranking or in the count of reforms. The economies that rank highest on the ease of doing business are not those where there is no regulationbut those where governments have managed to create rules that facilitate interactions in the marketplace without needlessly hindering the development of the private sector. In essence, Doing Business is about SMART business regulations Streamlined, Meaningful, Adaptable, Relevant, Transparentnot necessarily fewer regulations (see gure 2.1 in the chapter About Doing Business). Doing Business encompasses 2 types of indicators: indicators relating to the strength of legal institutions relevant to business regulation and indicators relating to the complexity and cost of regulatory processes. Those in the rst group focus on the legal and regulatory framework for getting credit, protecting investors, enforcing contracts and resolving insolvency. Those in the second focus on the cost and efciency of regulatory processes for starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders. Based on time-and-motion case studies from the perspective of the business, these indicators measure the procedures, time and cost required to complete a transaction in accordance with relevant regulations. (For a detailed explanation of the Doing Business methodology, see the data notes and the chapter About Doing Business.) Economies that rank high on the ease of doing business tend to combine efficient regulatory processes with strong legal institutions that protect property and investor rights (gure 1.1). OECD high-income economies have, by a large margin, the most business-friendly regulatory environment on both dimensions. Regions such as East Asia and the Pacic and the Middle East and North Africa have
WHAT ARE SMART RULES FOR BUSINESSES?

Just as good rules are needed to allow traffic to ow in a city, they are also essential to allow business transactions to ow. Good business regulations enable the private sector to thrive and businesses to expand their transactions network. But regulations put in place to safeguard economic activity and facilitate business operations, if poorly designed, can become obstacles to doing business. They can be like traffic lights put up to prevent gridlockineffective if a red light lasts for an hour. Most people would run the red light, just as most businesses facing burdensome regulations will try to circumvent them to stay aoat. Striking the right balance in business regulation can be a challenge. It becomes an even greater challenge in a changing world, where regulations must continually adapt to new realities. Just as traffic systems have to adjust when a new road is being constructed, regulations need to adapt to new demands from the market and to changes in technology (such as the growing use of information and communication technology in business processes). This challenge is one focus of this report. Through indicators benchmarking 185 economies, Doing Business measures and tracks changes in the regulations applying to domestic small and mediumsize companies in 11 areas in their life cycle. This years aggregate ranking on the ease of doing business is based on indicator sets that measure and benchmark regulations affecting 10 of those areas: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and
relatively efficient regulatory processes but still lag in the strength of legal institutions relevant to business regulation. Good practices around the world provide insights into how governments have improved the regulatory environment in the past in the areas measured by Doing Business (see table 1.4 at the end of the executive summary).
WHO NARROWED THE REGULATORY GAP IN 2011/12?

As reected in the ranking on the ease of doing business, the 10 economies with the most business-friendly regulation are Singapore; Hong Kong SAR, China; New Zealand; the United States; Denmark; Norway; the United Kingdom; the Republic of Korea; Georgia; and Australia (table 1.1). Singapore tops the global ranking for the seventh consecutive year. A number 1 ranking on the ease of doing business does not mean that an economy ranks number 1 across all 10 regulatory areas included in this aggregate measure. Indeed, Singapores rankings range from 1 in trading across borders to 36 in registering property. Its top 3 rankings (on trading across borders, dealing with construction permits and protecting investors) average 2, while its lowest 3 (on registering property, getting credit and enforcing contracts) average 20. Similarly, Guatemalas top 3 (on getting credit, registering property and getting electricity) average 22, and its bottom 3 (on paying taxes, protecting investors and starting a business) average 151. So while the ease of doing business ranking is a useful aggregate measure, analysis based on this measure should also take into account the dispersion of regulatory efficiency across the areas measured by Doing Business (gure 1.2). In the past year 58% of economies covered by Doing Business implemented at least 1 institutional or regulatory reform making it easier to do business in the areas measured, and 23 undertook reforms in 3 or more areas. Of these 23 economies, 10 stand out as having jumped
EXECUTIVE SUMMARY
TABLE 1.1 Rankings on the ease of doing business

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 Economy Singapore Hong Kong SAR, China New Zealand United States Denmark Norway United Kingdom Korea, Rep. Georgia Australia Finland Malaysia Sweden Iceland Ireland Taiwan, China Canada Thailand Mauritius Germany Estonia Saudi Arabia Macedonia, FYR Japan Latvia United Arab Emirates Lithuania Switzerland Austria Portugal Netherlands Armenia Belgium France Slovenia Cyprus Chile Israel South Africa Qatar Puerto Rico (U.S.) Bahrain Peru Spain Colombia Slovak Republic Oman Mexico Kazakhstan Tunisia Montenegro Rwanda St. Lucia Hungary Poland Luxembourg Samoa Belarus Botswana Fiji Panama Tonga DB2013 reforms 0 0 1 0 1 2 1 4 6 1 0 2 0 0 2 2 1 2 2 2 0 2 1 1 0 3 2 0 0 3 4 2 0 0 3 1 0 1 1 1 1 0 2 2 1 4 1 2 3 0 2 2 0 3 4 0 0 2 1 1 3 0 Rank 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 Economy Antigua and Barbuda Ghana Czech Republic Bulgaria Azerbaijan Dominica Trinidad and Tobago Kyrgyz Republic Turkey Romania Italy Seychelles St. Vincent and the Grenadines Mongolia Bahamas, The Greece Brunei Darussalam Vanuatu Sri Lanka Kuwait Moldova Croatia Albania Serbia Namibia Barbados Uruguay Jamaica China Solomon Islands Guatemala Zambia Maldives St. Kitts and Nevis Morocco Kosovo Vietnam Grenada Marshall Islands Malta Paraguay Papua New Guinea Belize Jordan Pakistan Nepal Egypt, Arab Rep. Costa Rica Palau Russian Federation El Salvador Guyana Lebanon Dominican Republic Kiribati Yemen, Rep. Nicaragua Uganda Kenya Cape Verde Swaziland Argentina DB2013 reforms 0 0 3 1 0 1 2 0 2 2 2 0 0 3 0 3 2 0 4 0 2 1 2 3 1 0 2 2 2 0 1 1 0 0 1 2 1 1 0 0 0 0 1 0 0 0 0 4 0 2 1 0 0 0 0 0 0 1 1 0 1 0 Rank 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 Economy Honduras Bosnia and Herzegovina Ethiopia Indonesia Bangladesh Brazil Nigeria India Cambodia Tanzania West Bank and Gaza Lesotho Ukraine Philippines Ecuador Sierra Leone Tajikistan Madagascar Sudan Syrian Arab Republic Iran, Islamic Rep. Mozambique Gambia, The Bhutan Liberia Micronesia, Fed. Sts. Mali Algeria Burkina Faso Uzbekistan Bolivia Togo Malawi Comoros Burundi So Tom and Prncipe Cameroon Equatorial Guinea Lao PDR Suriname Iraq Senegal Mauritania Afghanistan Timor-Leste Gabon Djibouti Angola Zimbabwe Haiti Benin Niger Cte dIvoire Guinea Guinea-Bissau Venezuela, RB Congo, Dem. Rep. Eritrea Congo, Rep. Chad Central African Republic DB2013 reforms 0 2 1 1 1 1 0 1 1 1 1 2 3 0 0 2 1 1 0 1 1 0 0 0 3 0 1 1 0 4 0 1 1 2 4 0 1 0 3 0 0 0 0 0 0 0 0 1 0 0 4 1 0 3 0 0 1 0 2 1 0
Note: The rankings for all economies are benchmarked to June 2012 and reported in the country tables. This years rankings on the ease of doing business are the average of the economys percentile rankings on the 10 topics included in this years aggregate ranking. The number of reforms excludes those making it more difcult to do business. Source: Doing Business database.
DOING BUSINESS 2013
FIGURE 1.1 OECD high-income economies combine efcient regulatory processes with strong legal institutions
Average ranking on sets of Doing Business indicators
Stronger
Stronger legal institutions but more complex and expensive regulatory processes Stronger legal institutions and simpler and less expensive regulatory processes
Eastern Europe & Central Asia

Average ranking on ease of doing business
29 OECD high income
Strength of legal institutions
Size of bubble reflects number of economies
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ahead the most in the relative ranking (table 1.2). Others in this group advanced less in the global ranking because they already ranked high. Two are Korea and the Netherlands. Already among the top 35 in last years global ranking, both implemented regulatory reforms making it easier to do business in 4 areas measured by Doing Business. Four of the 10 economies improving the most in the ease of doing business are in Eastern Europe and Central Asiathe region that also had the largest number of regulatory reforms per economy in the past year. Four of the 10 are lower-middleincome economies; of the rest, 1 is low income, 3 are upper middle income and 2 are high income. And for the rst time in 7 years, a South Asian economySri Lankaranks among those improving the most in the ease of doing business. Eight of the 10 economies made it easier to start a business. Kazakhstan, Mongolia and Ukraine reduced or eliminated the minimum capital requirement
Latin America & Caribbean 97 South Asia 121 Sub-Saharan Africa 140 98 86
East Asia & Pacific
Middle East & North Africa
Weaker
Weaker legal institutions and more complex and expensive regulatory processes
Weaker legal institutions but simpler and less expensive regulatory processes
Complex and expensive
Complexity and cost of regulatory processes
Simple and inexpensive
Note: Strength of legal institutions refers to the average ranking on getting credit, protecting investors, enforcing contracts and resolving insolvency. Complexity and cost of regulatory processes refers to the average ranking on starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders. Source: Doing Business database.
TABLE 1.2 The 10 economies improving the most across 3 or more areas measured by Doing Business in 2011/12
Reforms making it easier to do business Ease of doing business rank
Dealing with construction permits Trading across borders
Economy
Starting a business
Getting electricity
Registering property
Getting credit
Protecting investors
Paying taxes
Enforcing contracts
Resolving insolvency
1 Poland 2 Sri Lanka 2 Ukraine 4 Uzbekistan 5 Burundi 6 Costa Rica 6 Mongolia 8 Greece 9 Serbia 10 Kazakhstan
55 81 137 154 159 110 76 78 86 49

Note: Economies are ranked on the number of their reforms and on how much they improved in the ease of doing business ranking. First, Doing Business selects the economies that implemented reforms making it easier to do business in 3 or more of the 10 topics included in this years aggregate ranking. Regulatory reforms making it more difcult to do business are subtracted from the number of those making it easier to do business. Second, Doing Business ranks these economies on the increase in their ranking on the ease of doing business from the previous year. The increase in economy rankings is not calculated using the published ranking of last year but by using a comparable ranking for DB2012 that captures the effects of other factors, such as the inclusion this year of 2 new economies in the sample, Barbados and Malta. The choice of the most improved economies is determined by the largest improvement in rankings, among those economies with at least 3 reforms. Source: Doing Business database.
EXECUTIVE SUMMARY
FIGURE 1.2 An economys regulatory environment may be more business-friendly in some areas than in others
Average ranking 180 160 140 120 100 80 60 40 20 0
Average of all topic rankings Average of lowest 3 topic rankings
Average of highest 3 topic rankings
Note: Rankings reected are those on the 10 Doing Business topics included in this years aggregate ranking on the ease of doing business. Figure is for illustrative purposes only; it does not include all 185 economies covered by this years report. See the country tables for rankings on the ease of doing business and each Doing Business topic for all economies. Source: Doing Business database.
for company incorporation. Sri Lanka computerized and expedited the process for registering employees. Burundi eliminated 3 requirements: to have company documents notarized, to publish information on new companies in a journal and to register new companies with the Ministry of Trade and Industry. Five of the 10 made it easier to resolve insolvency, and 2 of these also strengthened their systems for enforcing contracts. Serbia strengthened its insolvency process by introducing private bailiffs, prohibiting appeals of the courts decision on the proposal for enforcement, expediting service of process and adopting a public electronic registry for injunctions. The new private bailiff system also increased efficiency in enforcing contracts. Poland introduced a new civil procedure code that, along with an increase in the number of judges, reduced the time required to enforce a commercial contract. Poland also made it easier to resolve insolvency,
SINGAPORE NEW ZEALAND UNITED STATES KOREA, REP. GEORGIA AUSTRALIA ICELAND TAIWAN, CHINA MAURITIUS ESTONIA GERMANY SAUDI ARABIA SWITZERLAND LATVIA JAPAN NETHERLANDS SLOVENIA BELGIUM BAHRAIN ARMENIA OMAN PERU RWANDA ISRAEL SLOVAK REPUBLIC MEXICO LUXEMBOURG HUNGARY BELARUS MONTENEGRO FIJI ST. VINCENT AND THE GRENADINES TURKEY GHANA SEYCHELLES MONGOLIA CZECH REPUBLIC KYRGYZ REPUBLIC VANUATU ITALY KUWAIT BARBADOS MARSHALL ISLANDS NAMIBIA SOLOMON ISLANDS MOLDOVA ST. KITTS AND NEVIS GUATEMALA URUGUAY VIETNAM JORDAN BELIZE MALTA NEPAL LEBANON PALAU GUYANA EGYPT, ARAB REP. KIRIBATI ETHIOPIA NICARAGUA INDONESIA UGANDA ARGENTINA BANGLADESH PHILIPPINES NIGERIA BHUTAN ECUADOR UKRAINE TAJIKISTAN GAMBIA, THE SUDAN SYRIAN ARAB REPUBLIC SIERRA LEONE BURKINA FASO IRAQ TIMOR-LESTE COMOROS MALAWI BURUNDI ALGERIA MAURITANIA TOGO SENEGAL DJIBOUTI ANGOLA NIGER CTE DIVOIRE ERITREA CHAD CENTRAL AFRICAN REPUBLIC
by updating the documentation requirements for bankruptcy lings. Four economies made it easier to register property. Poland increased efficiency in processing property registration applications through a series of initiatives in recent years. These included creating 2 new registration districts in Warsaw and, in the past year, introducing a new caseload management system for the land and mortgage registries and continuing to digitize their records. Five economies improved in the area of getting credit. Costa Rica, Mongolia and Uzbekistan guaranteed borrowers right to inspect their personal credit data. Sri Lanka established a searchable electronic collateral registry and issued regulations for its operation. Kazakhstan strengthened the rights of secured creditors in insolvency proceedings. Greece, driven in part by its economic crisis, implemented regulatory reforms in 3 areas measured by Doing
Businessimproving its regulatory environment at a greater pace in the past year than in any of the previous 6. It made construction permitting faster by transferring the planning approval process from the municipality to certied private professionals, strengthened investor protections by requiring greater disclosure and introduced a new prebankruptcy rehabilitation procedure aimed at enhancing the rescue of distressed companies. Costa Rica, the only economy in Latin America and the Caribbean in the group of 10, implemented regulatory changes in 4 areas measured by Doing Business. It introduced a risk-based approach for granting sanitary approvals for business start-ups and established online approval systems for the construction permitting process. Costa Rica also guaranteed borrowers right to inspect their personal data and made paying taxes easier for local companies by implementing electronic payments for municipal taxes.
DOING BUSINESS 2013
While these 10 economies improved the most in the ease of doing business, they were far from alone in introducing improvements in the areas measured by Doing Business in 2011/12. A total of 108 economies did so, through 201 institutional and regulatory reforms. And in the years since the rst report was published in 2003, 180 of the 185 economies covered by Doing Business made improvements in at least one of these areasthrough nearly 2,000 such reforms in total. In 2011/12 starting a business was again the area with the most regulatory reforms. In the past 8 years the start-up process received more attention from policy makers than any other area of business regulation tracked by Doing Businessthrough 368 reforms in 149 economies. These worldwide efforts reduced the average time to start a business from 50 days to 30 and the average cost from 89% of income per capita to 31%. In the past year Eastern Europe and Central Asia once again had the largest share of
economies registering improvements, with 88% of economies implementing at least 1 institutional or regulatory reform making it easier to do business and 67% implementing at least 2 (gure 1.3). This region has been consistently active through all the years covered by Doing Business, implementing 397 institutional and regulatory reforms since 2005. At least some of this regulatory reform push reects efforts by economies joining the European Union in 2004 to continue to narrow the gap in regulatory efficiency with established EU membersas well as similar efforts among economies now engaged in EU accession negotiations.
over time by showing the distance of each economy to the frontier, which represents the best performance observed on each of the Doing Business indicators across all economies and years included since 2005. The measure is normalized to range between 0 and 100, with 100 representing the frontier. A higher score therefore indicates a more efficient business regulatory system (for a detailed description of the methodology, see the chapter on the ease of doing business and distance to frontier). Analysis based on the distance to frontier measure shows that the burden of regulation has declined since 2005 in the areas measured by Doing Business. On average the 174 economies covered by Doing Business since that year are today closer to the frontier in regulatory practice (gure 1.4). In 2005 these economies were 46 percentage points from the frontier on average, with the closest economy 10 percentage points away and the furthest one 74 percentage points away. Now these 174 economies are 40 percentage points from the frontier on average, with
WHO HAS NARROWED THE GAP OVER THE LONG RUN?

To complement the ease of doing business ranking, a relative measure, last years Doing Business report introduced the distance to frontier, an absolute measure of business regulatory efficiency. This measure aids in assessing how much the regulatory environment for local entrepreneurs improves in absolute terms
FIGURE 1.4 Almost all economies are closer to the frontier in regulatory practice today than they were in 2005
Distance to frontier (percentage points) 100 90 80 70 60 50 40 30
SINGAPORE NEW ZEALAND UNITED STATES HONG KONG SAR, CHINA IRELAND CANADA UNITED KINGDOM NORWAY DENMARK FINLAND AUSTRALIA SWEDEN GERMANY ICELAND JAPAN AUSTRIA KOREA, REP. NETHERLANDS ESTONIA SWITZERLAND BELGIUM LITHUANIA MALAYSIA SPAIN ISRAEL SOUTH AFRICA LATVIA PUERTO RICO (U.S.) TAIWAN, CHINA THAILAND FIJI PORTUGAL CHILE SLOVAK REPUBLIC ITALY UNITED ARAB EMIRATES ST. LUCIA FRANCE MAURITIUS HUNGARY MEXICO NAMIBIA TONGA PANAMA ANTIGUA AND BARBUDA OMAN BOTSWANA DOMINICA SAUDI ARABIA SEYCHELLES BULGARIA PERU JAMAICA BELIZE SLOVENIA ROMANIA TUNISIA KUWAIT MONGOLIA SAMOA ST. VINCENT AND THE GRENADINES TURKEY VANUATU ARMENIA MALDIVES CZECH REPUBLIC GRENADA PAKISTAN MACEDONIA, FYR POLAND TRINIDAD AND TOBAGO GUYANA ST. KITTS AND NEVIS KIRIBATI VIETNAM MOLDOVA KENYA GREECE LEBANON COLOMBIA SRI LANKA NEPAL GHANA EL SALVADOR PALAU SWAZILAND PAPUA NEW GUINEA
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. Source: Doing Business database.
EXECUTIVE SUMMARY
FIGURE 1.3 Eastern Europe and Central Asia had the largest share of economies reforming business regulation in 2011/12
Share of economies with at least 2 Doing Business reforms making it easier to do business (%)
98 89 88 88 88 100 100
reforms on averageand those in East Asia and the Pacic, Latin America and the Caribbean and South Asia about 8. With its faster pace of improvement, Eastern Europe and Central Asia overtook East Asia and the Pacic as the second most business-friendly region according
67
to Doing Business indicators. But the variation within regions is large. In Latin America and the Caribbean, for example, Colombia implemented 25 institutional and regulatory reforms in the past 8 years, while Suriname had none. In
45 29 21 11 Middle East & North Africa 13 South Asia Latin America Sub-Saharan & Caribbean Africa 200412
Source: Doing Business database.
22
East Asia & Pacific
OECD Eastern Europe high income & Central Asia
East Asia and the Pacic, Vietnam implemented 18 reforms, and Kiribati none. In a few economies (such as Repblica Bolivariana de Venezuela and Zimbabwe) the business environment deteriorated
2011/12
the closest economy 8 percentage points away and the furthest economy 69 percentage points away. OECD high-income economies are closest to the frontier on average. But other regions are narrowing the gap. Eastern
Europe and Central Asia has done so the most, thanks to about 17 institutional and regulatory reforms per economy since 2005 (gure 1.5). Economies in the Middle East and North Africa and Sub-Saharan Africa have implemented more than 9 institutional and regulatory
as measures added to the complexity and cost of regulatory processes or undermined property rights and investor protections. Within the European Union, 4 Southern European economies have recently accelerated regulatory reform efforts (box 1.2).
2012 2005
ZAMBIA SERBIA MOROCCO ARGENTINA SOLOMON ISLANDS PARAGUAY DOMINICAN REPUBLIC MARSHALL ISLANDS RUSSIAN FEDERATION ECUADOR NICARAGUA KAZAKHSTAN HONDURAS JORDAN URUGUAY ALBANIA CAPE VERDE BANGLADESH CROATIA GUATEMALA PHILIPPINES BOSNIA AND HERZEGOVINA COSTA RICA IRAN, ISLAMIC REP. AZERBAIJAN TANZANIA GEORGIA WEST BANK AND GAZA ETHIOPIA UGANDA GABON LESOTHO INDONESIA ALGERIA GAMBIA, THE SUDAN BRAZIL BOLIVIA KYRGYZ REPUBLIC CHINA YEMEN, REP. BHUTAN MALAWI NIGERIA IRAQ SYRIAN ARAB REPUBLIC BELARUS MOZAMBIQUE MADAGASCAR ZIMBABWE MICRONESIA, FED. STS. UKRAINE INDIA VENEZUELA, RB COMOROS EGYPT, ARAB REP. CAMBODIA SURINAME UZBEKISTAN CAMEROON SIERRA LEONE DJIBOUTI RWANDA EQUATORIAL GUINEA BENIN LAO PDR SENEGAL SO TOM AND PRNCIPE HAITI TOGO CTE DIVOIRE GUINEA MAURITANIA MALI ANGOLA BURUNDI GUINEA-BISSAU CONGO, REP. NIGER TAJIKISTAN AFGHANISTAN BURKINA FASO CONGO, DEM. REP. CENTRAL AFRICAN REPUBLIC TIMOR-LESTE ERITREA CHAD
DOING BUSINESS 2013
FIGURE 1.5 Doing business is easier today than in 2005, particularly in Eastern Europe and Central Asia and Sub-Saharan Africa
Average distance to frontier (percentage points) 100 OECD high income 75 70 Gap between OECD high-income economies and rest of the world 65 60 55 50 45 40 0 2005 2006 2007 2008 2009 2010 2011 2012 Eastern Europe & Central Asia East Asia & Pacific Latin America & Caribbean Middle East & North Africa South Asia Sub-Saharan Africa
Improvements happened across all regulatory areas measured by Doing Business between 2005 and 2012. But governments were more likely to focus their reform efforts on reducing the complexity and cost of regulatory processesthe focus of 1,227 reforms recorded by Doing Business since 2005than on strengthening legal institutionsthe focus of close to 600 (gure 1.6). Improving business regulation is a challenging task, and doing it consistently over time even more so. Yet some economies have achieved considerable success since 2005 in doing just that (table 1.3). A few of these economies stand out within their region: Georgia, Rwanda, Colombia, China and Poland. Georgia is the top improver since 2005 both in Eastern Europe and Central Asia and globally. With 35 institutional and regulatory reforms since 2005, Georgia has improved in all areas measured by Doing Business. In the past year alone it improved in 6 areas. As just one example, Georgia made trading across borders easier by introducing customs clearance zones in such cities as Tbilisi and Poti. These one-stop shops for trade clearance processes are open all day every day, allowing traders to submit customs documents and complete other formalities in a single place. Georgia also strengthened its secured transactions system. A new amendment to its civil code allows a security interest to extend to the products, proceeds and replacements of an asset used as collateral. Georgia has also distinguished itself by following a relatively balanced regulatory reform path. Many economies aiming to improve their regulatory environment start by reducing the complexity and cost of regulatory processes (in such areas as starting a business). Later they may move on to reforms strengthening legal institutions relevant to business regulation (in such areas as getting credit). These tend to be a bigger challenge, sometimes requiring amendments to key pieces of legislation rather than simply changes in
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005) and to the regional classications that apply in 2012. Eleven economies were added in subsequent years. Source: Doing Business database.
FIGURE 1.6 Globally, reform efforts have focused more on reducing the complexity and cost of regulatory processes than on strengthening legal institutions
Average distance to frontier (percentage points) 100 80 70 60 50 40 30 Complexity and cost of regulatory processes Strength of legal institutions
0 Dealing Starting a Registering with business property construction permits Paying taxes Trading across borders 2012 2005
Note: Figure illustrates the extent to which average regulatory practice across economies has moved closer to the most efcient practice in each area measured by Doing Business. The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. Source: Doing Business database.
Enforcing Protecting Getting Resolving contracts investors credit insolvency
EXECUTIVE SUMMARY
BOX 1.2 FISCAL IMBALANCES AND REGULATORY REFORM IN SOUTHERN EUROPE The 200809 global nancial crisis contributed to rapid increases in public debt levels among high-income economies. The recession depressed tax revenues and forced governments to increase spending to ease the effects of the crisis. Governments used public sector stimulus to cushion the impact of the sharp contraction in output, and many were also forced to intervene to strengthen the balance sheets of commercial banks and prop up industries struck particularly hard by the crisis. The scal deterioration in the context of weak global demand contributed to greater risk aversion among investors, complicating scal management in many economies, particularly those with already high debt levels or rapidly growing decits. Greece, Italy, Portugal and Spain were among those most affected by the crisis and associated market pressures. Aware that the resumption of economic growth would be key to returning to a sustainable scal position, authorities in these economies moved to implement broad-ranging reforms. Business regulation reforms were an integral part of these plans, as reected in the Doing Business data. While Greece is among the 10 economies with the biggest improvements in the ease of doing business in the past year, the other 3 economies also made important strides. Italy made it easier to get an electricity connection and to register property. Portugal simplied the process for construction permitting, for importing and exporting and for resolving insolvency. Spain made trading across borders simpler and amended its bankruptcy law. All 4 economies reformed or are also in the process of reforming their labor laws with the aim of making their labor market more exible. Doing Business reforms are not new to these economies. Since 2004, Portugal has implemented 25, Spain and Greece 17, and Italy 14 institutional or regulatory reforms. The impact of these reforms has helped these 4 economies narrow the business regulatory gap with the best performers in the European Union (see gure). In Southern Europe, an acceleration in the pace of regulatory reform
Distance to frontier (percentage points) 100 80 Gap between top 10 and Southern European economies 70 Italy 60 Greece Top 10 in EU-27 Portugal Spain
TABLE 1.3 The 50 economies narrowing the distance to frontier the most since 2005
Improvement (percentage points) 31.6 26.5 23.5 18.5 17.4 16.3 15.8 15.3 15.2 14.8 14.7 14.3 12.9 12.8 12.7 12.6 12.3 12.2 12.2 12.0 11.9 11.5 11.1 11.0 10.9 10.7 10.6 10.4 10.3 10.1 10.1 10.1 10.0 9.8 9.7 9.5 9.5 9.5 9.4 9.4 9.0 9.0 8.9 8.8 8.8 8.8 8.7 8.6 8.4 8.3
50 0 2005 2006 2007 2008 2009 2010 2011 2012
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The top 10 in EU-27 are the 10 economies closest to the frontier among current members of the European Union. Source: Doing Business database.
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48
administrative procedures. Georgia has followed this pattern, focusing initially on reducing the complexity and cost of regulatory processes and later on strengthening legal institutions. But among a group of 5 top regional improvers, Georgia has improved the most along both dimensions (gure 1.7).
Rwanda, the number 2 improver globally and top improver in Sub-Saharan Africa since 2005, has reduced the gap with the frontier by almost half. To highlight key lessons emerging from Rwandas sustained efforts, this years report features a case study of its reform process. But Rwanda is far from alone in the region: of the 50 economies advancing the most
49 50
Economy Region Georgia ECA Rwanda SSA Belarus ECA Burkina Faso SSA Macedonia, FYR ECA Egypt, Arab Rep. MENA Mali SSA Colombia LAC Tajikistan ECA Kyrgyz Republic ECA Sierra Leone SSA China EAP Azerbaijan ECA Croatia ECA Ghana SSA Burundi SSA Poland OECD Guinea-Bissau SSA Armenia ECA Ukraine ECA Kazakhstan ECA Senegal SSA Cambodia EAP Angola SSA Mauritius SSA Saudi Arabia MENA India SAS Guatemala LAC Madagascar SSA Morocco MENA Yemen, Rep. MENA Peru LAC Mozambique SSA Czech Republic OECD Timor-Leste EAP Cte dIvoire SSA Togo SSA Slovenia OECD Mexico LAC Niger SSA Nigeria SSA Portugal OECD Solomon Islands EAP Uruguay LAC Dominican Republic LAC Taiwan, China EAP So Tom and SSA Prncipe France OECD Bosnia and ECA Herzegovina Albania ECA
Note: Rankings are based on the absolute difference for each economy between its distance to frontier in 2005 and that in 2012. The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). EAP = East Asia and the Pacic; ECA = Eastern Europe and Central Asia; LAC = Latin America and the Caribbean; MENA = Middle East and North Africa; OECD = OECD high income; SAS = South Asia; SSA = Sub-Saharan Africa. Source: Doing Business database.
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DOING BUSINESS 2013
toward the frontier since 2005, 17 are in Sub-Saharan Africa. Worldwide, economies at all income levels are narrowing the gap with the frontier on averagebut low-income economies more so than high-income ones. This is an important achievement. Indeed, while business regulatory practices in all lowerincome groups are converging toward those in high-income economies on average, low-income economies have reduced the gap the most, by 4 percentage points since 2005. Lower-middle-income economies have closed the gap with high-income economies by 3 percentage points, and upper-middle-income economies by 2 percentage points. This convergence is far from complete, however. While the Arab Republic of Egypt is the top improver in the Middle East and North Africa since 2005, its improvement was concentrated in the years before 2009. In the past 4 years there was no visible improvement in the areas measured by Doing Business. Regionally, there was less focus on reforming business regulation in the past year than in any previous year covered by Doing Business, with only 11% of economies implementing at least 2 regulatory reforms (box 1.3). Colombia, the economy narrowing the gap with the frontier the most in Latin America and the Caribbean, is also featured in a case study this year. Between 2006 and 2009 Colombia focused mostly on improving the efficiency of regulatory processes, with an emphasis on business registration and tax administration. But in 2010 it began reforming legal institutions, such as by strengthening the protection of minority shareholders and by improving the insolvency regime. Two of the BRICs rank among the top 50 improversChina and India, each also the top improver in its region since 2005. Both implemented regulatory reforms particularly in the early years covered by Doing Business. China established a new company law in 2005, a new credit registry in 2006, its rst bankruptcy law
FIGURE 1.7 Different economies have followed a variety of regulatory reform paths
Average distance to frontier in sets of Doing Business indicators (percentage points)
Stronger 100
90
Singapore
80
70
Poland Colombia
2012 Georgia
60
China Rwanda
50
40 30 Weaker 20 20 30 40 Complex and expensive
2005
50
60
70
80 90 100 Simple and inexpensive
Complexity and cost of regulatory processes

Note: Strength of legal institutions refers to the average distance to frontier in getting credit, protecting investors, enforcing contracts and resolving insolvency. Complexity and cost of regulatory processes refers to the average distance to frontier in starting a business, dealing with construction permits, registering property, paying taxes and trading across borders. Each dot refers to a different year, starting in 2005 and ending in 2012. The reform progress of Singapore, the economy with the most business-friendly regulation for the seventh year in a row, is shown for purposes of comparison. For visual clarity the series for Singapore starts in 2007. The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). Source: Doing Business database.
in 2007, a new property law in 2007, a new civil procedure law in 2008 and a new corporate income tax law in 2008. After establishing its rst credit bureau in 2004, India focused mostly on simplifying and reducing the cost of regulatory processes in such areas as starting a business, paying taxes and trading across borders. Five OECD high-income economies make the list of top 50 improvers: Poland, the Czech Republic, Slovenia, Portugal and France. Poland in the past year alone implemented 4 institutional and regulatory reforms, among the 20 recorded for it by Doing Business since 2005. It improved the process for transferring property, made paying taxes more convenient by promoting the use of electronic facilities, reduced the time to enforce contracts and
strengthened the process of resolving insolvency.
IN WHAT AREAS IS THE GAP NARROWING THE MOST?

Since 2005 there has been a convergence in business regulatory practices in twothirds of the areas measured by Doing Business: starting a business, paying taxes, dealing with construction permits, registering property, getting credit and enforcing contracts. This means that laws, regulations and procedures in these areas are more similar across economies today than they were 8 years ago. Overall, more convergence has occurred in the areas measured by Doing Business that relate to the complexity and cost of regulatory processes than in those that relate to the strength of legal institutions.1
EXECUTIVE SUMMARY
11
The greatest convergence in regulatory practice has occurred in business startup. Among the 174 economies covered by Doing Business since 2005, the time to start a business in that year averaged 112 days in the worst quartile of the economies as ranked by performance on this indicator, while it averaged 29 days for the rest (gure 1.8). Since then, thanks to 368 reforms in 149 economies, the average time for the worst quartile has fallen to 63 days, getting closer to the average of 18 for the rest. Similar but less strong patterns are observed for indicators of time, procedures and cost for paying taxes, dealing with construction permits and registering property. But in 3 areas the trend runs weakly in the other direction. In protecting investors, trading across borders and resolving insolvency the realities in different economies have slowly drifted apart rather than converged. This does not mean that in these 3 areas the average regulatory environment is worse today than in 2005; it is actually better (see gure 1.6). But it does mean that economies that were in the best 3 quartiles of the distribution in these 3 areas in 2005 have strengthened practices and institutions somewhat faster than those in the worst quartile.
remain constant over time when doing analysis across economiessomething not possible in the earlier cross-country analyses. Based on a 5-year panel of economies, one such study nds that in low-income economies that implemented reforms making it easier to do business, the growth rate increased by 0.4 percentage point in the following year.2 Emerging evidence from analysis based on 8 years of Doing Business data and building on the earlier studies shows that improvements in business entry and other aspects of business regulation matter for aggregate growth as well. Credibly pinning down the magnitude of this effect is more difficult, however.3 Research on the effect of regulatory reforms is advancing especially rapidly around the question of business start-up. A growing body of research has shown that simpler entry regulations encourage the creation of more new rms and new jobs in the formal sector. Economies at varying income levels and in different regions saw noticeable increases in the number of new rm registrations after implementing such reforms (gure 1.9). Within-country studies have conrmed the positive association between improvements in business registration and registration of new rms in such countries as Colombia, India, Mexico and Portugal. These studies have found increases of 517% in the number of newly registered businesses after reforms of the business registration process (for more discussion, see the chapter About Doing Business). Better business regulation as measured by Doing Business is also associated with greater new business registration. Ongoing research by Doing Business using 8 years of data shows that reducing the distance to frontier by 10 percentage points is associated with an increase of 1 newly registered business for every 1,000 working-age people, a meaningful result given the world average of 3.2 newly registered businesses for every 1,000 working-age people per year.4
FIGURE 1.8 Strong convergence across economies since 2005

Averages by quartile
Time to start a business (days) 120 100 80 60 40 Best 3 quartiles 20 0 2005 2006 2007 2008 2009 2010 2011 2012 Time to deal with construction permits (days) 450 400 350 300 250 200 150 100 50 0 2005 2006 2007 2008 2009 2010 2011 2012 Time to pay taxes (hours per year) 800 700 600 500 400 300 200 100 0 2005 2006 2007 2008 2009 2010 2011 2012 Time to register property (days) 250 200 150 100 50 0 2005 2006 2007 2008 2009 2010 2011 2012
Note: Economies are ranked in quartiles by performance in 2005 on the indicator shown. The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. Source: Doing Business database.
Worst quartile
Worst quartile
Best 3 quartiles
Worst quartile
Best 3 quartiles
WHAT IS THE IMPACT ON ECONOMIC OUTCOMES?

Beyond what Doing Business measures, have the business regulation reforms undertaken by governments since 2005 had an impact? In presenting analysis of this question, earlier editions of Doing Business focused on cross-country analyses linking business regulation to economic variables such as corruption or rates of informality in the economy. With more years of data now available, previous research on the impact of reforms in the areas measured by Doing Business can be extended over time and linked to more economic outcomes. Using several years of data for the same economy makes it possible to take into account country characteristics that
Worst quartile
Best 3 quartiles
12
DOING BUSINESS 2013
BOX 1.3 BUSINESS REGULATION IN THE MIDDLE EAST AND NORTH AFRICATHE CHALLENGES AHEAD Earlier editions of the Doing Business rank corruption, anticompetitive practices complexity and cost of regulatory processreport highlighted substantial efforts by and regulatory policy uncertainty high on es, entrepreneurs across the region still congovernments in the Middle East and North their list of concerns. At the same time 60% tend with weak investor and property rights Africa to improve business regulation for of public officials interviewed across the protections (see gure). With an average local entrepreneurs. But the reform mo- region perceive the private sector as rent ease of doing business ranking of 98, the rementum has slowed since the beginning of seeking and corrupt. And banks cite lack of gion still has much room for making the life the Arab Spring in January 2011, as some corporate transparency as among the main of local businesses easier through clearer countries have entered a complex process obstacles to extending more nance to and more transparent rules applied more of transition to more democratic forms of small and medium-size enterprises.2 consistently. Such rules would facilitate governance. The postArab Spring governSome governments in the region have rather than impede private sector activity ments have had a broad range of economic, tried to aggressively reform the business in economies where the state has traditionsocial and political issues to address, and environment in the past, but have seen the ally had an outsized presence in the national this in turn has resulted in a slower overall impact of their efforts lessened by a lack of economy and in a region where the need to reform process, as new governments have sustained commitment to in-depth changes encourage entrepreneurship is thus perhaps struggled to adjust to important shifts in the and the related risk of upsetting the estab- more intense than in any other. political and economic landscape. lished order. A common view is that only All these challenges notwithstanding, The region faces structural challenges connected entrepreneurs are successful, the recent political changes in the region that can impede private sector activity. A suggesting a dual set of rules with prefer- fast, hectic, unpredictable, far-reaching in history of government intervention has ential treatment for those close to the ruling their effectsprovide a unique opportunity created more opportunities for rent seek- elites. This suggests a need for governments for governments to substantively address ing than for entrepreneurship. Firm surveys to invest in governance structures and in- many of the impediments to private sector show that manufacturing rms as well as crease transparency in parallel with efforts development that have plagued the region their managers are older on average than to improve the business regulatory environ- in recent decades. Moving to a system of those in other regions, indicating weaker ment. The case study on transparency in more transparent and sensible rulesrules entry and exit mechanisms. Firm entry den- this years report points to one area where that are better able to respond to the needs sity in the Middle East and North Africa is they could start: the Middle East and North of the business community and that provide among the lowest in the world.1 Africa is one of the regions with the most incentives to narrow the gap between the Moreover, the region suffers from a crisis constrained access to basic regulatory infor- law as written and the law as practiced will go a long way toward creating the conof governance and trust: businesses do not mation such as fee schedules. Although economies in the region ditions for more equitable economic growth trust officials, and officials do not trust businesses. Business managers in the region have made some strides in reducing the and a faster pace of job creation. Entrepreneurs across the Middle East and North Africa face relatively weak investor and property rights protections
Average ranking on sets of Doing Business indicators by economy and global income group
Stronger
Stronger legal institutions but more complex and expensive regulatory processes
Size of bubble reflects average population size Size of bubble reflects population size
High income Upper middle income Tunisia Kuwait Morocco Low income Egypt, Arab Rep. West Bank and Gaza Lebanon Yemen, Rep.
Stronger legal institutions and simpler and less expensive regulatory processes
Saudi Arabia
Lower middle income
Qatar Oman Bahrain United Arab Emirates
Algeria
Iran, Islamic Rep.
Jordan
Weaker legal institutions but simpler and less expensive regulatory processes
Weaker
Weaker legal institutions and Djibouti more complex and expensive regulatory processes
Syrian Arab Republic Iraq Complexity and cost of regulatory processes
Complex and expensive
Simple and inexpensive
Note: Strength of legal institutions refers to the average ranking on getting credit, protecting investors, enforcing contracts and resolving insolvency. Complexity and cost of regulatory processes refers to the average ranking on starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders. The global income groups exclude economies in the Middle East and North Africa. Source: Doing Business database.
1. World Bank, From Privilege to Competition: Unlocking Private-Led Growth in the Middle East and North Africa (Washington, DC: World Bank, 2009). Firm entry density is dened as the number of newly registered limited liability companies per 1,000 working-age people (ages 1564). 2. Roberto Rocha, Subika Farazi, Rania Khouri and Douglas Pearce, The Status of Bank Lending to SMEs in the Middle East and North Africa Region: The Results of a Joint Survey of the Union of Arab Banks and the World Bank (World Bank, Washington, DC; and Union of Arab Banks, Beirut, 2010).
EXECUTIVE SUMMARY
13
TABLE 1.4 Good practices around the world, by Doing Business topic
Topic Making it easy to start a business Practice Economiesa Examples
Putting procedures online Having no minimum capital requirement Having a one-stop shop Having comprehensive building rules Using risk-based building approvals Having a one-stop shop Streamlining approval processes (utility obtains excavation permit or right of way if required) Providing transparent connection costs and processes Reducing the nancial burden of security deposits for new connections Ensuring the safety of internal wiring by regulating the electrical profession rather than the connection process Using an electronic database for encumbrances Offering cadastre information online Offering expedited procedures Setting xed transfer fees
Legal rights
106 91 88 135 86 31 104b 103 96 40 108 50 16 10 122 92 67
Making it easy to deal with construction permits Making it easy to obtain an electricity connection
Hong Kong SAR, China; FYR Macedonia; New Zealand; Peru; Singapore Kazakhstan; Kenya; Kosovo; Madagascar; Mexico; Mongolia; Morocco; Portugal; Rwanda; Serbia; United Arab Emirates; United Kingdom Bahrain; Burkina Faso; Georgia; Republic of Korea; Peru; Vietnam Croatia; Kenya; New Zealand; Republic of Yemen Armenia; Germany; Mauritius; Singapore Bahrain; Chile; Hong Kong SAR, China; Rwanda Armenia; Austria; Benin; Cambodia; Czech Republic; Panama France; Germany; Ireland; Netherlands; Trinidad and Tobago Argentina; Austria; Kyrgyz Republic; Latvia; Mozambique; Nepal Denmark; Germany; Iceland; Japan Jamaica; Sweden; United Kingdom Denmark; Lithuania; Malaysia Azerbaijan; Bulgaria; Georgia New Zealand; Russian Federation; Rwanda Australia; India; Nepal; Peru; Russian Federation; Serbia; Sri Lanka Cambodia; Canada; Guatemala; Nigeria; Romania; Rwanda; Singapore Bosnia and Herzegovina; Ghana; Honduras; Marshall Islands; Mexico; Montenegro; New Zealand Brazil; Bulgaria; Germany; Kenya; Malaysia; Sri Lanka; Tunisia China; Croatia; India; Italy; Jordan; Panama; South Africa Fiji; Lithuania; Nicaragua; Rwanda; Saudi Arabia; Spain Brazil; Mauritius; Rwanda; United States Albania; France; United Kingdom Hong Kong SAR, China; New Zealand; Singapore Chile; Ireland; Israel Australia; Arab Republic of Egypt; Sweden Japan; Sweden; Tajikistan Colombia; Malaysia; Mexico; United States Argentina; Canada; China; Rwanda; Sri Lanka; Turkey Australia; Colombia; India; Lithuania; Malta; Mauritius; Tunisia FYR Macedonia; Namibia; Paraguay; United Kingdom Belize; Chile; Estonia; Pakistan; Turkey Morocco; Nigeria; Palau; Vietnam Colombia; Ghana; Republic of Korea; Singapore Chile; Iceland; Nigeria; Russian Federation; Uruguay Burkina Faso; France; Liberia; Poland; Sierra Leone; Singapore Brazil; Republic of Korea; Malaysia; Rwanda; Saudi Arabia Australia; Bulgaria; Philippines; United States; Uzbekistan Armenia; Belarus; Colombia; Namibia; Poland; United Kingdom Albania; Italy; Japan; Republic of Korea; Lesotho Argentina; Hong Kong SAR, China; Latvia; Philippines; Romania
Making it easy to register property Making it easy to get credit
Allowing out-of-court enforcement Allowing a general description of collateral Maintaining a unied registry
Credit information
Distributing data on loans below 1% of income per capita Distributing both positive and negative credit information Distributing credit information from retailers, trade creditors or utilities as well as nancial institutions Allowing rescission of prejudicial related-party transactionsc Regulating approval of related-party transactions Requiring detailed disclosure Allowing access to all corporate documents during the trial Requiring external review of related-party transactions Allowing access to all corporate documents before the trial Dening clear duties for directors Allowing self-assessment Allowing electronic ling and payment Having one tax per tax base Allowing electronic submission and processing Using risk-based inspections Providing a single window Making all judgments in commercial cases by rst-instance courts publicly available in practice Maintaining specialized commercial court, division or judge Allowing electronic ling of complaints Allowing creditors committees a say in insolvency proceeding decisions Requiring professional or academic qualications for insolvency administrators by law Specifying time limits for the majority of insolvency procedures Providing a legal framework for out-of-court workouts
123 105 55 73 60 53 46 43 30 28 156 74 48 149e 133 71f 121g 82 19 109 107 94 82
Making it easy to pay taxes Making it easy to trade across bordersd Making it easy to enforce contracts Making it easy to resolve insolvency
a. Among 185 economies surveyed, unless otherwise specied. b. Among 151 economies surveyed. c. Rescission is the right of parties involved in a contract to return to a state identical to that before they entered into the agreement. d. Among 181 economies surveyed.
e. Thirty-one have a full electronic data interchange system, 118 a partial one. f. Eighteen have a single-window system that links all relevant government agencies, 53 a system that does so partially. g. Among 184 economies surveyed.
Source: Doing Business database; for starting a business, also World Bank (2009b).
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DOING BUSINESS 2013
FIGURE 1.9 More new rms are registered after reforms making it simpler to start a business
Number of newly registered firms (thousands) 60 50 40 Chile Sweden
NOTES
1. To measure convergence, Doing Business
30 20 10 0 Kenya
Morocco
Bangladesh Rwanda -3 -2 Years before reform -1 0 1 2 Years after reform 3
Note: All 6 economies implemented a reform making it easier to start a business as measured by Doing Business. The reform year varies by economy and is represented by the vertical line in the gure. For Bangladesh and Rwanda it is 2009; for Chile, 2011; for Kenya, 2007; for Morocco, 2006; and for Sweden, 2010. Source: World Bank Group Entrepreneurship Snapshots, 2012 edition.
calculated the change in the variance of distance to frontier across 174 economies since 2005 for each topic. The results suggest that the largest convergence has been in starting a business, with the variance decreasing by 49% since 2005. The topics with the next largest convergence are paying taxes (with a change in variance of 24%), dealing with construction permits (23%), registering property (19%), getting credit (12%) and enforcing contracts (4%). Several other topics show a small divergence: trading across borders (7%), protecting investors (2%) and resolving insolvency (1%). The overall change in the variance is 16%, suggesting an overall convergence in all Doing Business topics.
2. Eifert 2009. 3. The analysis, by Divanbeigi and Ramalho
Yet another nding relates to the relationship between foreign direct investment and business regulation. A case study in this years report shows that although the Doing Business indicators measure regulations applying to domestic rms, economies that do well in this area also provide an attractive regulatory environment for foreign rms. Again using multiple years of data, the case study shows that economies that are closer to the frontier in regulatory practice attract larger inows of foreign direct investment.
(APEC), focusing on peer-to-peer learning. And for the rst time the report presents thematic case studies, on foreign direct investment and on transparency in business regulation. This years report also reintroduces the topic chapters. But it presents them in a different format, as shorter topic notes that focus on the changes in the data from the previous year and over all years covered by Doing Business. The topic notes also discuss the most prominent reforms from the past year. Full information for each topic, including examples of good practices and relevant research, is available on the Doing Business website.5 The website also presents the full list of good practices by topic summarized in table 1.4.
WHATS NEW IN THIS YEARS REPORT?

This years report, like last years, presents country case studies. These feature Colombia, Latvia and Rwanda. In addition, the report presents a regional case study on Asia-Pacic Economic Cooperation
(2012), nds that narrowing the distance to frontier in the indicator sets measuring the complexity and cost of regulatory processes by 10 percentage points is associated with an increase of close to 1 percentage point in the GDP growth rate. Since the distance to frontier improves by 1 percentage point a year on average, these simulations are based on expected results for a 10-year period. Results are based on Arellano-Bond dynamic panel estimation to control for economic cycle and time-invariant country-specic factors. Following Eifert (2009) and Djankov, McLeish and Ramalho (2006), the analysis controls for government consumption, institutional quality and corruption perception. It also controls for total trade openness and rents from natural resources.
4. This research follows Klapper and
Love (2011a). The analysis controls for government consumption, institutional quality and corruption perception. It also controls for total trade openness and rents from natural resources.
5. http://www.doingbusiness.org.
15
About Doing Business: measuring for impact

The private sector provides an estimated 90% of jobs in developing economies.1 Where government policies support a dynamic business environmentwith rms making investments, creating jobs and increasing productivityall people have greater opportunities. A growing body of evidence suggests that policy makers seeking to strengthen the private sector need to pay attention not only to macroeconomic factors but also to the quality of laws, regulations and institutional arrangements that shape daily economic life.2 This is the 10th Doing Business report. When the rst report was produced, in 2003, there were few globally available and regularly updated indicators for monitoring such microeconomic issues as business regulations affecting local rms. Earlier efforts from the 1980s drew on perceptions data, but these expert or business surveys focused on broad aspects of the business environment and often captured the experiences of businesses. These surveys also lacked the specicity and cross-country comparability that Doing Business providesby focusing on well-dened transactions, laws and institutions rather than generic, perceptions-based questions on the business environment. Doing Business seeks to measure business regulations for domestic rms through an objective lens. The project looks primarily at small and medium-size companies in the largest business city. Based on standardized case studies, it presents quantitative indicators on the regulations that apply to rms at different stages of their life cycle. The results for each economy can be compared with those for 184 other economies and over time. Over the years the choice of indicators for Doing Business has been guided by a rich pool of data collected through the World Bank Enterprise Surveys. These data highlight the main obstacles to business activity as reported by entrepreneurs in well over 100 economies. Among the factors that the surveys have identied as important to businesses have been taxes (tax administration as well as tax rates) and electricityinspiring the design of the paying taxes and getting electricity indicators. In addition, the design of the Doing Business indicators has drawn on theoretical insights gleaned from extensive research literature.3 The Doing Business methodology makes it possible to update the indicators in a relatively inexpensive and replicable way. The Doing Business methodology is also responsive to the needs of policy makers. Rules and regulations are under the direct control of policy makersand policy makers intending to change the experience and behavior of businesses will often start by changing rules and regulations that affect them. Doing Business goes beyond identifying that a problem exists and points to specic regulations or regulatory procedures that may lend themselves to regulatory reform. And its quantitative measures of business regulation enable research on how specic regulations affect rm behavior and economic outcomes. The rst Doing Business report covered 5 topics and 133 economies. This years report covers 11 topics and 185 economies.
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Ten topics are included in the aggregate ranking on the ease of doing business, and 9 in the distance to frontier measure.4 The project has beneted from feedback from governments, academics, practitioners and reviewers.5 The initial goal remains: to provide an objective basis for understanding and improving the regulatory environment for business.
benets and bear the costs of development strategies and policies. Consistent with the view that rules matter, some Doing Business indicators give a higher score for more regulation and better-functioning institutions (such as courts or credit bureaus). In the area of protecting investors, for example, higher scores are given for stricter disclosure requirements for related-party transactions. Higher scores are also given for a simplied way of applying regulation that keeps compliance costs for rms lowsuch as by allowing rms to comply with business start-up formalities in a one-stop shop or through a single online portal. Finally, Doing Business scores reward economies that apply a risk-based approach to regulation as a way to address social and environmental concernssuch as by imposing a greater regulatory burden on activities that pose a high risk to the population and a lesser one on lower-risk activities. Thus the economies that rank highest on the ease of doing business are not those where there is no regulationbut those where governments have managed to create rules that facilitate interactions in the marketplace without needlessly hindering the development of the private sector. In essence, Doing Business is about smart business regulations, not necessarily fewer regulations (gure 2.1). In constructing the indicators the Doing Business project uses 2 types of data. The rst come from readings of laws and regulations in each economy. The Doing Business team, in collaboration with local expert respondents, examines the company law to nd the disclosure requirements for related-party transactions. It reads the civil law to nd the number of procedures necessary to resolve a commercial sale dispute before local courts. It reviews the labor code to nd data on a range of issues concerning employeremployee relations. And it plumbs other legal instruments for other key pieces of data used in the indicators, several of which have a large legal dimension.
FIGURE 2.1 What are SMART business regulations as dened by Doing Business? STREAMLINEDregulations that accomplish the desired outcome in the most efficient way
S M A R T
MEANINGFULregulations that have a measurable positive impact in facilitating interactions in the marketplace
WHAT DOING BUSINESS COVERS

Doing Business captures several important dimensions of the regulatory environment as they apply to local rms. It provides quantitative measures of regulations for starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also looks at regulations on employing workers. Pending further progress on research in this area, this years report does not present rankings of economies on the employing workers indicators or include the topic in the aggregate ranking on the ease of doing business. It does present the data on the employing workers indicators. Additional data on labor regulations collected in 185 economies are available on the Doing Business website.6 The foundation of Doing Business is the notion that economic activity, particularly private sector development, benets from clear and coherent rules: Rules that set out and clarify property rights and facilitate the resolution of disputes. And rules that enhance the predictability of economic interactions and provide contractual partners with essential protections against arbitrariness and abuse. Where such rules are reasonably efficient in design, are transparent and accessible to those for whom they are intended and can be implemented at a reasonable cost, they are much more effective in shaping the incentives of economic agents in ways that promote growth and development. The quality of the rules also has a crucial bearing on how societies distribute the
ADAPTABLEregulations that adapt to changes in the environment
RELEVANTregulations that are proportionate to the problem they are designed to solve
TRANSPARENTregulations that are clear and accessible to anyone who needs to use them
Indeed, about three-quarters of the data used in Doing Business are of this factual type, reducing the need to have a larger sample size of experts in order to improve accuracy. The local expert respondents play a vital role in corroborating the Doing Business teams understanding and interpretation of rules and laws. Data of the second type serve as inputs into indicators on the complexity and cost of regulatory processes. These indicators measure the efficiency in achieving a regulatory goal, such as the number of procedures to obtain a building permit or the time taken to grant legal identity to a business. In this group of indicators cost estimates are recorded from official fee schedules where applicable. Time estimates often involve an element of judgment by respondents who routinely administer the relevant regulations or undertake the relevant transactions.7 These experts have several rounds of interaction with the Doing Business team, involving conference calls, written correspondence and visits by the team until
ABOUT DOING BUSINESS: MEASURING FOR IMPACT
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there is convergence on the nal answer. To construct the time indicators, a regulatory process such as starting a business is broken down into clearly dened steps and procedures (for more details, see the discussion on methodology in this chapter). Here Doing Business builds on Hernando de Sotos pioneering work in applying the time-and-motion approach in the 1980s to show the obstacles to setting up a garment factory on the outskirts of Lima.8
TABLE 2.1 Doing Businessbenchmarking 11 areas of business regulation

Complexity and cost of regulatory processes Starting a business Dealing with construction permits Getting electricity Registering property Paying taxes Trading across borders Strength of legal institutions Getting credit Protecting investors Enforcing contracts Resolving insolvency
Procedures, time, cost and paid-in minimum capital requirement Procedures, time and cost Procedures, time and cost Procedures, time and cost Payments, time and total tax rate Documents, time and cost Movable collateral laws and credit information systems Disclosure and liability in related-party transactions Procedures, time and cost to resolve a commercial dispute Time, cost, outcome and recovery rate Flexibility in the regulation of employment
WHAT DOING BUSINESS DOES NOT COVER

The Doing Business data have key limitations that should be kept in mind by those who use them.
Employing workersa
a. The employing workers indicators are not included in this years ranking on the ease of doing business nor in the calculation of any data on the strength of legal institutions included in gures in the report.
Limited in scope
The Doing Business indicators are limited in scope. In particular: Doing Business does not measure the full range of factors, policies and institutions that affect the quality of the business environment in an economy or its national competitiveness. It does not, for example, capture aspects of security, the prevalence of bribery and corruption, market size, macroeconomic stability (including whether the government manages its public nances in a sustainable way), the state of the nancial system or the level of training and skills of the labor force. Even within the relatively small set of indicators included in Doing Business, the focus is deliberately narrow. The getting electricity indicators, for example, capture the procedures, time and cost involved for a business to obtain a permanent electricity connection to supply a standardized warehouse. Through these indicators Doing Business thus provides a narrow perspective on the range of infrastructure challenges that rms face, particularly in the developing world. It does not address the extent to which inadequate roads, rail, ports and communications may add to rms costs and undermine competitiveness. Doing Business covers 11 areas of a companys life cycle,
through 11 specic sets of indicators (table 2.1). Similar to the indicators on getting electricity, those on starting a business or protecting investors do not cover all aspects of commercial legislation. And those on employing workers do not cover all areas of labor regulation; for example, they do not measure regulations addressing health and safety issues at work or the right of collective bargaining. Doing Business does not attempt to measure all costs and benets of a particular law or regulation to society as a whole. The paying taxes indicators, for example, measure the total tax rate, which in isolation is a cost to the business. The indicators do not measure, nor are they intended to measure, the benets of the social and economic programs funded through tax revenues. Measuring business laws and regulations provides one input into the debate on the regulatory burden associated with achieving regulatory objectives. Those objectives can differ across economies.
One such assumption is the location of a notional business in the largest business city of the economy. The reality is that business regulations and their enforcement very often differ within a country, particularly in federal states and large economies. But gathering data for every relevant jurisdiction in each of the 185 economies covered by Doing Business would be far too costly. Doing Business recognizes the limitations of the standardized case scenarios and assumptions. But while such assumptions come at the expense of generality, they also help ensure the comparability of data. For this reason it is common to see limiting assumptions of this kind in economic indicators. Ination statistics, for example, are often based on prices of a set of consumer goods in a few urban areas, since collecting nationally representative price data at high frequencies may be prohibitively costly in many countries. To capture regional variation in the business environment within economies, Doing Business has complemented its global indicators with subnational studies in some economies where resources and interest have come together (box 2.1). Some Doing Business topics include complex and highly differentiated areas. Here the standardized cases and assumptions are carefully considered and dened. For example, the standardized case scenario
Limited to standardized case scenarios

A key consideration for the Doing Business indicators is that they should ensure comparability of the data across a global set of economies. The indicators are therefore developed around standardized case scenarios with specic assumptions.
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usually involves a limited liability company or its legal equivalent. The considerations in dening this assumption are twofold. First, private limited liability companies are, empirically, the most prevalent business form in many economies around the world. Second, this choice reects the focus of Doing Business on expanding opportunities for entrepreneurship:
investors are encouraged to venture into business when potential losses are limited to their capital participation.
Limited to the formal sector

The Doing Business indicators assume that entrepreneurs have knowledge of and comply with applicable regulations. In practice, entrepreneurs may not know
what needs to be done or how to comply and may lose considerable time in trying to nd out. Or they may deliberately avoid compliance altogetherby not registering for social security, for example. Where regulation is particularly onerous, levels of informality tend to be higher (gure 2.2). Informality comes at a cost. Compared with their formal sector counterparts, rms in the informal sector typically grow more slowly, have poorer access to credit and employ fewer workersand these workers remain outside the protections of labor law.9 All this may be even more so for female-owned businesses, according to country-specic research.10 Firms in the informal sector are also less likely to pay taxes. Doing Business measures one set of factors that help explain the occurrence of informality and give policy makers insights into potential areas of reform. Gaining a fuller understanding of the broader business environment, and a broader perspective on policy challenges, requires combining insights from Doing Business with data from other sources, such as the World Bank Enterprise Surveys.11
BOX 2.1 COMPARING REGULATIONS AT THE LOCAL LEVEL: SUBNATIONAL DOING BUSINESS REPORTS Subnational Doing Business reports expand the indicators beyond the largest business city in an economy. They capture local differences in regulations or in the implementation of national regulations across cities within an economy (as in Colombia) or region (as in South East Europe). Projects are undertaken at the request of central governments, which often contribute nancing, as in Mexico. In some cases local governments also provide funding, as in the Russian Federation. Subnational indicators provide governments with standard measures, based on laws and regulations, that allow objective comparisons both domestically and internationally. As a diagnostic tool, they identify bottlenecks as well as highlight good practices that are easily replicable in other cities sharing a similar legal framework. Governments take ownership of a subnational project by participating in all steps of its design and implementationchoosing the cities to be benchmarked, the indicators that can capture local differences and the frequency of benchmarking. All levels of government are involvednational, regional and municipal. Subnational projects create a space for discussing regulatory reform and provide opportunities for governments and agencies to learn from one another, through the report and through peer-to-peer learning workshops. Even after the report is launched, knowledge sharing continues. In Mexico 28 of 32 states hold regular exchanges. Repeated benchmarking creates healthy competition between cities to improve their regulatory environment. The dissemination of the results reinforces this process and gives cities an opportunity to tell their stories. Fifteen economies have requested 2 or more rounds of benchmarking since 2005 (including Colombia, Indonesia and Nigeria), and many have expanded the geographic coverage to more cities (including Russia). In Mexico each successive round has captured an increase in the number of states improving their regulatory environment in each of the 4 indicator sets includedreaching 100% of states in 2011. Since 2005 subnational reports have covered 335 cities in 54 economies, including Brazil, China, the Arab Republic of Egypt, India, Kenya, Morocco, Pakistan and the Philippines.1 This year studies were updated in Indonesia, Kenya, Mexico, Russia and the United Arab Emirates. Studies are ongoing in Hargeisa (Somaliland) as well as in 23 cities and 4 ports in Colombia, 15 cities and 3 ports in Egypt and 13 cities and 7 ports in Italy. In addition, 3 regional reports were published:
WHY THIS FOCUS?

Why does Doing Business focus on the regulatory environment for small and medium-size enterprises? These enterprises are key drivers of competition, growth and job creation, particularly in developing economies. But in these economies up to 65% of economic activity takes place in the informal sector, often because of excessive bureaucracy and regulationand in the informal sector rms lack access to the opportunities and protections that the law provides. Even rms operating in the formal sector might not have equal access to these opportunities and protections. Where regulation is burdensome and competition limited, success tends to depend on whom one knows. But where regulation is transparent, efficient and implemented in a simple way, it becomes easier for aspiring entrepreneurs to compete, innovate and grow.
Doing Business in OHADA, comparing business regulations in the 16 member states

of the Organization for the Harmonization of Business Law in Africa (Benin, Burkina Faso, Cameroon, the Central African Republic, Chad, the Comoros, the Republic of Congo, Cte dIvoire, Equatorial Guinea, Gabon, Guinea, Guinea-Bissau, Mali, Niger, Senegal and Togo).
Doing Business in the East African Community, covering 5 economies (Burundi, Kenya,
Rwanda, Tanzania and Uganda).
Doing Business in the Arab World, covering 20 economies (Algeria, Bahrain, the
Comoros, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Mauritania, Morocco, Oman, Qatar, Saudi Arabia, Sudan, the Syrian Arab Republic, Tunisia, the United Arab Emirates, West Bank and Gaza, and the Republic of Yemen).
1. Subnational reports are available on the Doing Business website at http://www.doingbusiness.org/ subnational.
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FIGURE 2.2 Higher levels of informality are associated with lower Doing Business rankings
Informal sector as % of GDP, 2007 70 60 50 40 30 20 10 0
20
40
60
80
100
120
140
160
180
DB2013 ranking on the ease of doing business

Note: The correlation between the 2 variables is 0.57. Relationships are signicant at the 5% level after controlling for income per capita. The data sample includes 143 economies. Source: Doing Business database; Schneider, Buehn and Montenegro 2010.
Do the focus areas of Doing Business matter for development and poverty reduction? The World Bank study Voices of the Poor asked 60,000 poor people around the world how they thought they might escape poverty.12 The answers were unequivocal: women and men alike pin their hopes, above all, on income from their own business or wages earned in employment. Enabling growthand ensuring that all people, regardless of income level, can participate in its benetsrequires an environment where new entrants with drive and good ideas can get started in business and where good rms can invest and grow, thereby generating more jobs. In this sense Doing Business values good rules as a key to social inclusion. In effect, Doing Business functions as a barometer of the regulatory environment for domestic businesses. To use a medical analogy, Doing Business is similar to a cholesterol test. A cholesterol test does not tell us everything about our health. But our cholesterol level is easier to measure than our overall health, and the test provides us with important information, warning us when we need to adjust our behavior. Similarly, Doing Business does not tell us everything we need to know about the regulatory environment for domestic businesses. But its indicators
cover aspects that are more easily measured than the entire regulatory environment, and they provide important information about where change is needed. What type of change or regulatory reform is right, however, can vary substantially across economies. To test whether Doing Business serves as a proxy for the broader business environment and for competitiveness, one approach is to look at correlations between the Doing Business rankings and
other major economic benchmarks. The indicator set closest to Doing Business in what it measures is the set of indicators on product market regulation compiled by the Organisation for Economic Cooperation and Development (OECD). These are designed to help assess the extent to which the regulatory environment promotes or inhibits competition. They include measures of the extent of price controls, the licensing and permit system, the degree of simplication of rules and procedures, the administrative burdens and legal and regulatory barriers, the prevalence of discriminatory procedures and the degree of government control over business enterprises.13 These indicatorsfor the 39 countries that are covered, several of them large emerging marketsare correlated with the Doing Business rankings (the correlation here is 0.53) (gure 2.3). There is a high correlation (0.83) between the Doing Business rankings and the rankings on the World Economic Forums Global Competitiveness Index, a much broader measure capturing such factors as macroeconomic stability, aspects of human capital, the soundness of public institutions and the sophistication of the business community (gure 2.4).14 Self-reported experiences with business regulations, such as those captured by the
FIGURE 2.3 A signicant correlation between Doing Business rankings and OECD rankings on product market regulation
2008 ranking on OECD product market regulation indicators 40
30
20
10
0 0 20 40 60 80 100 120 140 160 180 DB2013 ranking on the ease of doing business
Note: Relationships are signicant at the 5% level after controlling for income per capita. Source: Doing Business database; OECD data.
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FIGURE 2.4 A strong correlation between Doing Business rankings and World Economic Forum rankings on global competitiveness
2012/13 ranking on Global Competitiveness Index 140 120 100 80 60 40 20 0 0 20 40 60 80 100 120 140 160 180 DB2013 ranking on the ease of doing business
Note: Relationships are signicant at the 5% level after controlling for income per capita. Source: Doing Business database; WEF 2012.
At any point in time the distance to frontier measure shows how far an economy is from the highest performance. And comparing an economys score at 2 points in time allows users to assess the absolute change over time in the economys regulatory environment as measured by Doing Business, rather than simply the change in the economys performance relative to others. In this way the distance to frontier measure complements the yearly ease of doing business ranking, which compares economies with one another at a point in time. Each topic covered by Doing Business relates to a different aspect of the business regulatory environment. The rankings of each economy vary, sometimes signicantly, across topics. A quick way to assess the variability of an economys regulatory performance across the different areas of business regulation is to look at the topic rankings (see the country tables). Guatemala, for example, stands at 93 in the overall ease of doing business ranking. Its ranking is 12 on the ease of getting credit, 20 on the ease of registering property and 34 on the ease of getting electricity. At the same time, it has a ranking of 124 on the ease of paying taxes, 158 on the strength of investor protections and 172 on the ease of starting a business (see gure 1.2 in the executive summary).
Global Competitiveness Index, often vary much more within economies (across respondents in the same economy) than across economies.15 A high correlation such as this one can therefore coexist with signicant differences within economies.
economies that have had rapid growth or attracted a great deal of investment may rank lower than others that appear to be less dynamic. As economies develop, they may add to or improve on regulations that protect investor and property rights. Many also tend to streamline existing regulations and prune outdated ones. One nding of Doing Business is that dynamic and growing economies continually reform and update their business regulations and the implementation of those regulations, while many poor economies still work with regulatory systems dating to the late 1800s. For reform-minded governments, how much the regulatory environment for local entrepreneurs improves in an absolute sense matters far more than their economys ranking relative to other economies. To aid in assessing the absolute level of regulatory performance and how it improves over time, this years report again presents the distance to frontier measure. This measure shows the distance of each economy to the frontier, which represents the highest performance observed on each of the indicators across all economies included in Doing Business since 2003.
DOING BUSINESS AS A BENCHMARKING EXERCISE

By capturing key dimensions of regulatory regimes, Doing Business provides a rich opportunity for benchmarking. Such a benchmarking exercise is necessarily incomplete, just as the Doing Business data are limited in scope. It is useful when it aids judgment, but not when it supplants judgment. Since 2006 Doing Business has sought to provide 2 perspectives on the data it collects: it presents absolute indicators for each economy for each of the 11 regulatory topics it addresses, and it provides rankings of economies for 10 topics, by topic and also in the aggregate. Judgment is required in interpreting these measures for any economy and in determining a sensible and politically feasible path for regulatory reform. Reviewing the Doing Business rankings in isolation may reveal unexpected results. Some economies may rank unexpectedly high on some topics. And some
WHAT 10 YEARS OF DATA SHOW

A growing body of empirical research shows that particular areas of business regulation, and particular regulatory reforms in those areas, are associated with vital social and economic outcomes including rm creation, employment, formality, international trade, access to nancial services and the survival of struggling but viable rms.16 This research has been made possible by a decade of Doing Business data combined with other data sets. Some 1,245 research articles published in peer-reviewed academic journals, and about 4,071 working papers available through Google Scholar, refer to the Doing Business data.17
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Determining the empirical impact of regulatory reforms is not easy. One possible approach is cross-country correlation analysis. But with this method it is difficult to isolate the effect of a particular regulatory reform because of all the other factors that may vary across economies and that may not have been taken into account in the analysis. How then do researchers determine whether social or economic outcomes would have been different without a specic regulatory reform? A growing number of studies have been able to investigate such questions by analyzing regulatory changes within a country over time or by using panel estimations. Others have focused on regulatory reforms relevant only for particular rms or industries within a country. The broader literature, using a range of different empirical strategies, has produced a number of interesting ndings, including those described below. Smarter business regulation promotes economic growth. Economies with better business regulation grow faster. One study found that for economies in the best quartile of business regulation as measured by Doing Business, the difference in business regulation with those in the worst quartile is associated with a 2.3 percentage point increase in annual growth rates.18 Another found that regulatory reforms making it easier to do business in relatively low-income economies are associated with an increase in growth rates of 0.4 percentage point in the following year.19 Simpler business registration promotes greater entrepreneurship and rm productivity. Economies that have efficient business registration also tend to have a higher entry rate by new rms and greater business density.20 Faster business registration is associated with more businesses registering in industries with the strongest potential for growth, such as those experiencing expansionary global demand or technology shifts.21 And easier start-up is associated with more investment in industries often sheltered from competition, including transport,
utilities and communications.22 Empirical evidence also suggests that more efficient business entry regulations improve rm productivity and macroeconomic performance.23 Lower costs for business registration improve formal employment opportunities. Because new rms are often set up by high-skilled workers, lowering entry costs often leads to higher take-up rates for education, more jobs for high-skilled workers and higher average productivity.24 And by increasing formal registration, it can also boost legal certaintybecause the newly formal rms are now covered by the legal system, beneting themselves as well as their customers and suppliers.25 Country-specic studies conrm that simplifying entry regulations can promote the establishment of new formal sector rms: In Colombia the introduction of onestop shops for business registration in different cities across the country was followed by a 5.2% increase in new rm registrations.26 In Mexico a study analyzing the effects of a program simplifying municipal licensing found that it led to a 5% increase in the number of registered businesses and a 2.2% increase in employment. Moreover, competition from new entrants lowered prices by 0.6% and the income of incumbent businesses by 3.2%.27 A second study found that the program was more effective in municipalities with less corruption and cheaper additional registration procedures.28 Yet another found that simpler licensing may result in both more wage workers and more formal enterprises, depending on the personal characteristics of informal business owners: those with characteristics similar to wage workers were more likely to become wage workers, while those with characteristics similar to entrepreneurs in the formal sector were more likely to become formal business owners.29
In India a study found that the progressive elimination of the license rajthe system regulating entry and production in industryled to a 6% increase in new rm registrations.30 Another study found that simpler entry regulation and labor market exibility were complementary: in Indian states with more exible employment regulations informal rms decreased by 25% more, and real output grew by 18% more, than in states with less exible regulations.31 A third study found that the licensing reform resulted in an aggregate productivity increase of 22% among the rms affected.32 In Portugal the introduction of a onestop shop for businesses led to a 17% increase in new rm registrations. The reform favored mostly small-scale entrepreneurs with low levels of education operating in low-tech sectors such as agriculture, construction and retail.33 An effective regulatory environment improves trade performance. Strengthening the institutional environment for tradesuch as by increasing customs efficiencycan boost trade volumes.34 In Sub-Saharan Africa an inefficient trade environment was found to be among the main factors in poor trade performance.35 One study found that a 1-day reduction in inland travel times leads to a 7% increase in exports.36 Another found that among the factors that improve trade performance are access to nance, the quality of infrastructure and the governments ability to formulate and implement sound policies and regulations that promote private sector development.37 The same study showed that the more constrained economies are in their access to foreign markets, the more they can benet from improvements in the investment climate. Yet another study found that improvements in transport efficiency and the business environment have a greater marginal effect on exports in lowerincome economies than in high-income ones.38 One study even suggests that behind-the-border measures to improve logistics performance and facilitate trade
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may have a larger effect on trade, especially on exports, than tariff reduction would.39 Other areas of regulation matter for trade performance. Economies with good contract enforcement tend to produce and export more customized products than those with poor contract enforcement.40 Since production of high-quality output is a precondition for rms to become exporters, reforms that lower the cost of high-quality production increase the positive effect of trade reforms.41 Moreover, reforms removing barriers to trade need to be accompanied by other reforms, such as those making labor markets more exible, to increase productivity and growth.42 Sound nancial market infrastructure including courts, creditor and insolvency laws, and credit and collateral registries improves access to credit. Businesses worldwide identify access to credit as one of the main obstacles they face.43 Good credit information systems and strong collateral laws help overcome this obstacle. An analysis of reforms improving collateral law in 12 transition economies concludes that they had a positive effect on the volume of bank lending.44 Greater information sharing through credit bureaus is associated with higher bank protability and lower bank risk. And stronger creditor rights and the existence of public or private credit registries are associated with a higher ratio of private credit to GDP.45 Country-specic studies conrm that efficient debt recovery and exit processes are key in determining credit conditions and in ensuring that less productive rms are either restructured or exit the market: In India the establishment of specialized debt recovery tribunals had a range of positive effects, including speeding up the resolution of debt recovery claims, allowing lenders to seize more collateral on defaulting loans, increasing the probability of repayment by 28% and reducing interest rates on loans by 12 percentage points.46
Brazils extensive bankruptcy reform in 2005 was associated with a 22% reduction in the cost of debt and a 39% increase in the aggregate level of credit.47 Introducing streamlined mechanisms for reorganization has been shown to reduce the number of liquidations because it encourages more viable rms to opt for reorganization. Indeed, it reduced the number of liquidations by 14% in Colombia and by 8.4% in Belgium.48 One important feature of Colombias new system is that it better distinguishes between viable and nonviable rms, making it more likely that nancially distressed but fundamentally viable rms will survive. Improving investor protections, developing nancial markets and promoting more active markets for corporate control reduce the persistence of family-controlled rms over time, expanding opportunity for rms with more diversied capital structures.49
the Doing Business project began. But Doing Business made it easier by creating a common language comparing business regulations around the world. Over the past 10 years governments worldwide have been actively improving the regulatory environment for domestic companies. Most reforms relating to Doing Business topics have been nested in broader reform programs aimed at enhancing economic competitiveness, as in Colombia, Kenya and Liberia. In structuring reform programs for the business environment, governments use multiple data sources and indicators. This recognizes the reality that the Doing Business data on their own provide an incomplete roadmap for successful business regulation reforms.50 It also reects the need to respond to many stakeholders and interest groups, all of whom bring important issues and concerns to the reform debate. When the World Bank Group engages with governments on the subject of improving the investment climate, the dialogue aims to encourage the critical use of the Doing Business datato sharpen judgment and promote broad-based reforms that enhance the investment climate rather than a narrow focus on improving the Doing Business rankings. The World Bank Group uses a vast range of indicators and analytics in this policy dialogue, including its Global Poverty Monitoring Indicators, World Development Indicators, Logistics Performance Indicators and many others. The open data initiative has made data for many such indicators conveniently available to the public at http://data .worldbank.org.
HOW GOVERNMENTS USE DOING BUSINESS

Doing Business offers policy makers a benchmarking tool useful in stimulating policy debate, both by exposing potential challenges and by identifying good practices and lessons learned. The initial debate on the results highlighted by the data typically turns into a deeper discussion on the relevance of the data to the economy and on areas where business regulation reform is needed, including areas well beyond those measured by Doing Business. Reform-minded governments seeking success stories in business regulation refer to Doing Business for examples (box 2.2). Saudi Arabia, for example, used the company law of France as a model for revising its own law. Many African governments look to Mauritiusthe regions strongest performer on Doing Business indicatorsas a source of good practices to inspire regulatory reforms in their own countries. Governments shared knowledge of business regulations before
METHODOLOGY AND DATA

The Doing Business data are based on domestic laws and regulations as well as administrative requirements. The data cover 185 economiesincluding small economies and some of the poorest economies, for which little or no data are available in other data sets. (For a detailed explanation of the Doing Business methodology, see the data notes.)
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BOX 2.2 HOW ECONOMIES HAVE USED DOING BUSINESS IN REGULATORY REFORM PROGRAMS To ensure the coordination of efforts across agencies, such economies as Brunei Darussalam, Colombia and Rwanda have formed regulatory reform committees, reporting directly to the president. These committees use the Doing Business indicators as one input to inform their programs for improving the business environment. More than 35 other economies have formed such committees at the interministerial level. In East and South Asia they include India; Korea; Malaysia; the Philippines; Taiwan, China; and Vietnam. In the Middle East and North Africa: Morocco, Saudi Arabia and the United Arab Emirates. In Eastern Europe and Central Asia: Georgia, Kazakhstan, Kosovo, the Kyrgyz Republic, the former Yugoslav Republic of Macedonia, Moldova, Montenegro and Tajikistan. In Sub-Saharan Africa: Botswana, Burundi, the Central African Republic, the Comoros, the Democratic Republic of Congo, the Republic of Congo, Cte dIvoire, Kenya, Liberia, Malawi, Mali, Nigeria, Sierra Leone, Togo and Zambia. And in Latin America: Chile, the Dominican Republic, Guatemala, Mexico, Panama and Peru. Since 2003 governments have reported more than 350 regulatory reforms that have been informed by Doing Business.1 Many economies share knowledge on the regulatory reform process related to the areas measured in Doing Business. Among the most common venues for this knowledge sharing are peer-to-peer learning eventsworkshops where officials from different governments across a region or even across the globe meet to discuss the challenges of regulatory reform and share their experiences. In recent years such events have taken place in Colombia (for Latin America and the Caribbean), in Rwanda (for Sub-Saharan Africa), in Georgia (for Eastern Europe and Central Asia), in Malaysia (for East Asia and the Pacic) and in Morocco (for the Middle East and North Africa). In addition, regional organizations such as APEC, featured in a case study in this years report, use the Doing Business data as a tool and common language to set an agenda for business regulation reform.
1. These are reforms for which Doing Business is aware that information provided by the Doing Business report was used in shaping the reform agenda.
insolvencythe time component and part of the cost component (where fee schedules are lacking) are based on actual practice rather than the law on the books. This introduces a degree of judgment. The Doing Business approach has therefore been to work with legal practitioners or professionals who regularly undertake the transactions involved. Following the standard methodological approach for time-and-motion studies, Doing Business breaks down each process or transaction, such as starting a business or registering a building, into separate steps to ensure a better estimate of time. The time estimate for each step is given by practitioners with significant and routine experience in the transaction. When time estimates differ, further interactions with respondents are pursued to converge on one estimate that reflects the majority of applicable cases. The Doing Business approach to data collection contrasts with that of rm surveys, which capture perceptions and experiences of businesses. A corporate lawyer registering 100150 businesses a year will be more familiar with the process than an entrepreneur, who will register a business only once or maybe twice. A bankruptcy attorney or judge dealing with dozens of cases a year will have more insight into bankruptcy than a company that may undergo the process once.
Doing Business respondents

Over the past 10 years more than 18,000 professionals in 185 economies have assisted in providing the data that inform the Doing Business indicators. This years report draws on the inputs of more than 9,600 professionals.51 Table 20.2 in the data notes lists the number of respondents for each indicator set. The Doing Business website shows the number of respondents for each economy and each indicator. Respondents are professionals who routinely administer or advise on the legal and regulatory requirements covered in each Doing Business topic. They are selected on the basis of their expertise in the specic areas covered by Doing Business. Because of the focus on legal and regulatory arrangements, most of the respondents are legal professionals such as lawyers, judges or notaries. The credit information survey is answered by officials of the credit registry or bureau. Freight forwarders, accountants, architects, engineers and other professionals
answer the surveys related to trading across borders, taxes and construction permits. Certain public officials (such as registrars from the commercial or property registry) also provide information that is incorporated into the indicators.
Information sources for the data

Most of the Doing Business indicators are based on laws and regulations. In addition, most of the cost indicators are backed by official fee schedules. Doing Business respondents both ll out written questionnaires and provide references to the relevant laws, regulations and fee schedules, aiding data checking and quality assurance. Having representative samples of respondents is not an issue, as the texts of the relevant laws and regulations are collected and answers checked for accuracy. For some indicatorsfor example, those on dealing with construction permits, enforcing contracts and resolving
Development of the methodology

The methodology for calculating each indicator is transparent, objective and easily replicable. Leading academics collaborate in the development of the indicators, ensuring academic rigor. Eight of the background papers underlying the indicators have been published in leading economic journals.52 Doing Business uses a simple averaging approach for weighting component indicators and calculating rankings and the distance to frontier measure. Other approaches were explored, including using principal components and unobserved components.53 They turn out to
24
DOING BUSINESS 2013
yield results nearly identical to those of simple averaging. In the absence of a strong theoretical framework that assigns different weights to the topics covered for the 185 economies by Doing Business, the simplest method is used: weighting all topics equally and, within each topic, giving equal weight to each of the topic components (for more details, see the chapter on the ease of doing business and distance to frontier).54
Data adjustments
All changes in methodology are explained in the data notes as well as on the Doing Business website. In addition, data time series for each indicator and economy are available on the website, beginning with the rst year the indicator or economy was included in the report. To provide a comparable time series for research, the data set is back-calculated to adjust for changes in methodology and any revisions in data due to corrections. The data set is not back-calculated for year-to-year revisions in income per capita data (that is, when the income per capita data are revised by the original data sources, Doing Business does not update the cost measures for previous years). The website also makes available all original data sets used for background papers. Information on data corrections is provided in the data notes and on the website. A transparent complaint procedure allows anyone to challenge the data. If errors are conrmed after a data verication process, they are expeditiously corrected.
6. 7.
(2008), input from the International Tax Dialogue and regular input from the Indicators Advisory Group. http://www.doingbusiness.org. Local experts in 185 economies are surveyed annually to collect and update the data. The local experts for each economy are listed on the Doing Business website (http://www .doingbusiness.org) and in the acknowledgments at the end of this report. De Soto 2000. Schneider 2005; La Porta and Shleifer 2008.
8. 9.
Improvements to the methodology

The methodology has undergone continual improvement over the years. For enforcing contracts, for example, the amount of the disputed claim in the case study was increased from 50% of income per capita to 200% after the rst year of data collection, as it became clear that smaller claims were unlikely to go to court. Another change related to starting a business. The minimum capital requirement can be an obstacle for potential entrepreneurs. Doing Business measured the required minimum capital regardless of whether it had to be paid up front or not. In many economies only part of the minimum capital has to be paid up front. To reect the relevant barrier to entry, the paid-in minimum capital has been used rather than the required minimum capital. This years report includes an update in the ranking methodology for paying taxes. Last years report introduced a threshold for the total tax rate for the purpose of calculating the ranking on the ease of paying taxes. This change came as a result of consultations on the survey instrument and methodology for the paying taxes indicators with external stakeholders, including participants in the International Tax Dialogue. All economies with a total tax rate below the threshold (which is calculated and adjusted on a yearly basis) now receive the same ranking on the total tax rate indicator. This years threshold is set at the 15th percentile of the total tax rate distribution, which translates into a threshold for the total tax rate of 25.7%.
10. Amin 2011. 11. http://www.enterprisesurveys.org. 12. Narayan and others 2000. 13. OECD, Indicators of Product Market
NOTES
1. 2.
World Bank 2005; Stampini and others 2011. See, for example, Alesina and others (2005); Perotti and Volpin (2005); Fisman and Sarria-Allende (2010); Antunes and Cavalcanti (2007); Barseghyan (2008); Klapper, Lewin and Quesada Delgado (2009); Freund and Bolaky (2008); Chang, Kaltani and Loayza (2009); Helpman, Melitz and Rubinstein (2008); Klapper, Laeven and Rajan (2006); World Bank (2005); and Ardagna and Lusardi (2010). This includes Djankov and others (2002); Djankov, McLiesh and Shleifer (2007); Djankov, La Porta and others (2008); Djankov, Freund and Pham (2010); Djankov and others (2003); Djankov, Hart and others (2008); Botero and others (2004); and Djankov and others (2010). For more details on how the aggregate ranking is created, see the chapter on the ease of doing business and distance to frontier. This has included a review by the World Bank Independent Evaluation Group
Regulation, http://www.oecd.org/. The measures are aggregated into 3 broad families that capture state control, barriers to entrepreneurship and barriers to international trade and investment. The 39 countries included in the OECD market regulation indicators are Australia, Austria, Belgium, Brazil, Canada, Chile, China, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, India, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Russia, the Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States.
14. The World Economic Forums Global
Competitiveness Report uses Doing Business data sets on starting a business, employing workers, protecting investors and getting credit (legal rights), representing 7 of a total of 113 different indicators (or 6.19%).
15. Hallward-Driemeier, Khun-Jush and
3.
4.
5.
Pritchett (2010), analyzing data from World Bank Enterprise Surveys for Sub-Saharan Africa, show that de jure measures such as Doing Business indicators are virtually uncorrelated with ex post rm-level responses, providing evidence that deals rather than rules prevail in Africa. The authors nd that the gap between de jure and de facto conditions grows with the formal regulatory burden. The evidence also shows that more burdensome processes open up more space for making deals and that rms may not incur the official costs of compliance but still pay to avoid them.
25
16. Much attention has been given to
27. Bruhn 2011. 28. Kaplan, Piedra and Seira 2007. 29. Bruhn 2012. 30. Aghion and others 2008. 31. Sharma 2009. 32. Chari 2011. 33. Branstetter and others 2010. 34. Djankov, Freund and Pham 2010. 35. Iwanow and Kirkpatrick 2009. 36. Freund and Rocha 2011. 37. Seker 2011. 38. Portugal-Perez and Wilson 2011. 39. Hoekman and Nicita 2011. 40. Nunn 2007. 41. Rauch 2010. 42. Chang, Kaltani and Loayza 2009; Cuat
their resources and the credit supply becomes elastic.

47. Funchal 2008. 48. Gin and Love (2010) on Colombia;
exploring links to microeconomic outcomes, such as rm creation and employment. Recent research focuses on how business regulations affect the behavior of rms by creating incentives (or disincentives) to register and operate formally, to create jobs, to innovate and to increase productivity. For details, see Djankov and others (2002); Alesina and others (2005); Banerjee and Duo (2005); Perotti and Volpin (2005); Klapper, Laeven and Rajan (2006); Fisman and Sarria-Allende (2010); Antunes and Cavalcanti (2007); Barseghyan (2008); Eifert (2009); Klapper, Lewin and Quesada Delgado (2009); Djankov, Freund and Pham (2010); Klapper and Love (2011a); Chari (2011); and Bruhn (2011).
17. According to searches for citations of
Dewaelheyns and Van Hulle (2008) on Belgium.

49. Franks and others 2011. 50. One recent study using Doing Business
indicators illustrates the difficulties in using highly disaggregated indicators to identify reform priorities (Kraay and Tawara 2011).
51. While about 9,600 contributors
provided data for this years report, many of them completed a survey for more than one Doing Business indicator set. Indeed, the total number of surveys completed for this years report is more than 12,000, which represents a truer measure of the inputs received. The average number of surveys per indicator set and economy is just under 6. For more details, see http://www .doingbusiness.org/contributors/ doing-business.
52. All background papers are available on
and Melitz 2007.

43. http://www.enterprisesurveys.org. 44. Haselmann, Pistor and Vig 2010.
the 9 background papers that serve as the basis for the Doing Business indicators in the Social Science Citation Index and on Google Scholar (http://scholar .google.com).
18. Djankov, McLiesh and Ramalho 2006. 19. Eifert 2009. 20. Klapper, Lewin and Quesada Delgado
The countries studied were Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, the Slovak Republic, Slovenia and Ukraine.
45. Djankov, McLiesh and Shleifer 2007;
Houston and others 2010.

46. Visaria 2009. In a follow-up study, von
2009. Entry rate refers to newly registered rms as a percentage of total registered rms. Business density is dened as the total number of businesses as a percentage of the working-age population (ages 1865).
21. Ciccone and Papaioannou 2007. 22. Alesina and others 2005. 23. Loayza, Oviedo and Servn 2005;
Barseghyan 2008.
24. Dulleck, Frijters and Winter-Ebmer
2006; Calderon, Chong and Leon 2007; Micco and Pags 2006.
25. Masatlioglu and Rigolini 2008; Djankov
2009.
26. Cardenas and Rozo 2009.
Lilienfeld-Toal, Mookherjee and Visaria (2012) found that the average effects identied by Visaria (2009) differ between wealthy and poor borrowers when the credit supply is inelastic (because of limits in such resources as funds, staff and information). In particular, they found that in the short term after the debt recovery tribunals are introduced, borrowers with less collateral may experience a reduction in access to credit while those with more collateral may experience an increase. But the authors also point out that this short-term effect disappears over time as banks are able to increase
the Doing Business website (http://www .doingbusiness.org).

53. For more details, see the chapter on the
ease of doing business and distance to frontier.

54. A technical note on the different
aggregation and weighting methods is available on the Doing Business website (http://www.doingbusiness.org).
26
Colombia: sustaining reforms over time

Colombias experience shows the importance of sustaining reform efforts over time and adjusting them to the changing needs of the economy, whether at the national or local level. Colombia is a regional leader in narrowing the gap with the worlds most efcient regulatory practice. Over time, the focus of Colombias reform efforts has shifted from reducing the cost and complexity of business regulation to strengthening legal institutions. Colombias most notable regulatory improvements have been in the areas of starting a business, paying taxes, protecting investors and resolving insolvency. While development hurdles remain, Colombias regulatory reforms have increased its competitiveness and have had local and regional spillover effects.
Over the past several decades Colombia has pursued a broad range of structural and institutional reforms. The emphasis has shifted over the years, reecting the priorities of different administrations and the perceived needs of the economy. In the 1980s and early 1990s much of the focus was on macroeconomic management.1 As progress was made in laying a rm foundation of macroeconomic stability, the focus shifted to other areas. The government gave particular emphasis to policies and institutions seen as central to enhancing productivity and growth and boosting the countrys competitiveness. As part of this, it set in motion reforms aimed at improving the regulatory framework and the rules underpinning private sector activity. The Ministry of Commerce, Industry and Tourism led a coordinated reform effort bringing together government agencies, the Congress and the judiciary as well as the private sector. In 2007 Colombias government further institutionalized its commitment to regulatory reform by establishing the Private Council for Competitiveness. A publicprivate partnership, the council is made up of business associations and private sector players working closely with the government to promote sound, businessfriendly regulatory practices.2 Recent administrations have continued to use national development plans to establish a clear economic agenda. In 2009 President Alvaro Uribe highlighted Colombias progress and his governments plans for new regulatory reforms aimed at further gains in competitiveness.3 And since the change of legislature in August 2010, the new government, led by President Juan Manuel Santos, has been pushing forward an economic reform agenda through the Prosperity for All national development plan for 201014. The plans overall goals are to reduce poverty, increase income, generate employment, improve security, ensure the sustainable use of natural resources and improve the quality of the business environment.4
SUSTAINED EFFORT AT THE NATIONAL LEVEL

As Colombia has improved its business regulatory environment, results have shown in Doing Business indicators including those on starting a business, paying taxes, protecting investors and resolving insolvency. Indeed, thanks to its sustained efforts, Colombia has made greater progress toward the frontier in regulatory practice since 2005 than any other Latin American economy (figure 3.1). Other indicators also reect the improvements. The total number of newly registered businesses in the country rose from 33,752 in 2006 to 57,768 in 2011.5 Colombias performance on several relevant measures compiled by the Worldwide Governance Indicators project improved between 2002 and 2010including the Rule of Law Index (reecting perceptions of the extent to which rms have condence in and abide by the rules of society) and the Regulatory Quality Index (capturing perceptions of the governments ability to formulate and implement sound policies and regulations that permit and promote private sector development).6
COLOMBIA: SUSTAINING REFORMS OVER TIME
27
FIGURE 3.1 Colombia has outpaced the region in advancing toward the frontier in regulatory practice
Progress in narrowing distance to frontier since 2005 (percentage points)
5
15.3
10.4 10.1
4.6 4.3 3.9 3.9 3.6 3.6 2.6 2.5 Honduras Chile Haiti Paraguay Ecuador Jamaica El Salvador Latin America & Caribbean average Puerto Rico (U.S.) Colombia Uruguay Guatemala Costa Rica Peru Mexico Dominican Republic Nicaragua Trinidad and Tobago 0.6 0.5 0.0 1.7 1.5 1.4 1.4 1.2 1.1 0.9 0.9 Bolivia Argentina Dominica St. Vincent and the Grenadines Belize Brazil Suriname Grenada Panama St. Lucia Guyana
0 5
-0.5 -0.5 -3.7
lombia Guatemala Peru Uruguay CostaNicaragua ParaguayEl Salvador Ecuador Chile Haiti Rico (U.S.) Guyana St. VincentArgentina Dominican Republic Rica Honduras & Caribbean average Trinidad Puerto Mexico Latin America Jamaica and Tobago Bolivia Grenada Panama the GrenadinesBrazil Antigua and Venezuela, RB Belize and Dominica St. Lucia and Nevis St. Kitts Suriname Barbuda
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The gure shows the absolute difference for each economy between its distance to frontier in 2005 and that in 2012. No data are shown for The Bahamas and Barbados, which were added to the Doing Business sample after 2005. Source: Doing Business database.
And Colombias ranking on the ease of doing business rose from 79 among the 175 economies included in 2006 to 45 among the 185 included in 2012.
Choosing a reform path

While Colombia simultaneously pursued very different types of regulatory
FIGURE 3.2 A trend toward stronger legal institutions and less expensive regulatory processes in Colombia
Average distance to frontier in sets of Doing Business indicators
Stronger Stronger legal institutions but more complex and expensive regulatory processes Stronger legal institutions and simpler and less expensive regulatory processes
reforms, it rst completed those aimed at streamlining business regulation and reducing its cost to companies. Until 2008 the focus was largely on reducing transactions costs, such as by simplifying business start-up procedures or tax administration. These types of reforms have continued since 2008, but the focus has shifted toward strengthening legal institutions such as bankruptcy systems and investor protections (gure 3.2). This sequencing of reforms is not unusual. Many economies have focused rst on simplifying regulatory transactions for businesses, then moved on to more complex and time-consuming reforms aimed at improving legal institutions such as court systems. Such reforms require more sustained efforts, often over a period of several years.
2012
2006 2012 2006
Weaker
Weaker legal institutions and more complex and expensive regulatory processes Complex and expensive
Weaker legal institutions but simpler and less expensive regulatory processes Simple and inexpensive
Complexity and cost of regulatory processes Colombia Global average
Encouraging business start-ups

Regulatory reforms implemented by Colombia in recent years have made a clear difference in the ease of starting a business as measured by Doing Business. They have reduced the time required to start a business from 60 days to 14, the cost from 28% of income per capita to
Note: Strength of legal institutions refers to the average distance to frontier in getting credit, protecting investors, enforcing contracts and resolving insolvency. Complexity and cost of regulatory processes refers to the average distance to frontier in starting a business, dealing with construction permits, registering property, paying taxes and trading across borders. The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. Source: Doing Business database.
Venezuela, RB
6.7 6.6 6.6 6.5
Antigua and Barbuda
9.4
8.8 8.8 St. Kitts and Nevis
28
DOING BUSINESS 2013
8% and the number of procedures from 19 to 9 in 2011 (gure 3.3). The introduction and subsequent upgrades of one-stop shops for business registration at chambers of commerce account for much of the change. The rst one-stop shops started to operate in May 2003. As the changes in the start-up process yielded positive results, the government continued to improve it. In 2005, for example, Law 962the antitrmites (antipaperwork) laweliminated around 80 bureaucratic processes required to start a business and introduced a provision preventing government agencies from creating new procedures. It also simplied the procedures required by allowing electronic submission of documents and eliminating the need to have signatures notarized. More improvements came in 2010. A new public-private health provider, Nueva EPS, replaced the previous provider administered by the Social Security Institute. The new system enables employers and employees to register for health services in just 1 week. In addition, Colombia introduced online preenrollment for new companies, making registration faster and simpler. New regulations recently introduced a progressive fee schedule for new companies.7 The fee schedule exempts new rms from up-front payment of regulatory fees during their rst few years of operation. And the start-up fee associated with the commercial license is no longer required.
FIGURE 3.3 Starting a business is now faster and less costly in Colombia
Procedures (number) Time (days) 70 60 50 40 30 20 10 10 0 2003 2004 Procedures
Cost (% of income per capita) 50
40
30
20
0 2005 2006 2007 Time 2008 2009 2010 Cost 2011
payments. This form simplied tax compliance for Colombian businesses by combining into a single online payment all contributions for social security, the welfare security system and labor risk insurance. To further improve and simplify tax compliance, in 2010 the government made electronic ling of corporate income tax and value added tax mandatory for rms with annual sales exceeding 500 million Colombian pesos (about $280,000) in or after 2008.
Thanks to these continued efforts, paying taxes as measured by Doing Business became considerably easier between 2004 and 2010. The number of payments fell from 69 a year to 9, and the time needed to prepare and le taxes from 456 hours a year to 193. And the total tax rate declined from 82.1% of prot to 74.8% in this period (gure 3.4).
Enhancing investor protections

Starting in 2005, Colombia implemented 3 major legal reforms aimed at strengthening investor protections. In 2005 Colombia enacted Law 964, providing
FIGURE 3.4 Colombia has made tax compliance simpler for businesses
Payments (number per year) Time (hours per year) 500 Total tax rate (% of profit) 100
Simplifying tax compliance

Over the years Colombia has greatly improved its tax and social security compliance processes. In 2002, as the government realized that about a third of its potential revenue from corporate income, personal income and value added taxes went uncollected, it decided to introduce an electronic payment system in an attempt to lower tax evasion.8 In 2009 the government lowered corporate income tax rates and introduced an online form for social contribution
400
80
300
60 40
200
100 0 2004 2005 Payments

20
0 2006 2007 Time 2008 2009 2010 Total tax rate
29
FIGURE 3.5 Legal and regulatory changes have strengthened investor protections in Colombia
10
imposed more stringent time limits for negotiating reorganization agreements. In 2009 the government issued several decrees as part of continued efforts to better regulate the profession of insolvency administrators. In addition, it introduced an electronic ling system to make insolvency proceedings faster and more efficient. And it eliminated the requirement to submit nancial statements to request reorganization in cases where these statements had previously been submitted to the Superintendence of Companies.
2 0 2005 2006 2007 2008 2009 2010 2011 Ease of shareholder suits index (010) Extent of disclosure index (010)
Strength of investor protection index (010) Extent of director liability index (010)
Improving other areas of regulation

measures the approval and disclosure regime for related-party transactions; gure 3.5). Colombia has also made improvements in other areas of regulation. In 1995 the country undertook a complete overhaul of its construction approvals. It moved the administration of building permits out of the state-run planning office into the private domain, becoming the rst economy in Latin America to privatize the review process. This move carried risks, but public and private stakeholders in the country were calling for comprehensive change. Bogots mayor rst appointed 5 ad hoc urban curators, all architects or engineers with construction experience, to review building permit applications. Soon after, a more transparent, merit-based hiring system was established that is still in place. Potential curators now undergo a selection process that includes exams and interviews with public and private sector experts. Privatizing the issuance of building permits improved timeliness and freed up the planning offices resources. In other regulatory areas, introducing electronic systems made processes easier. When registering property, a business can now obtain online certication of valuation, ownership and good standing for property taxes. And for properties with no liens, it can submit online certicates directly to the land registry. Certicates have no cost if requested online.
a modern framework for capital market activity. The law encourages better corporate governance practices by requiring greater transparency and disclosure, equitable treatment of minority shareholders and more effective boards of directors. In 2007 the government amended Colombias securities regulation. Decree 3139 requires listed companies to report more information to investors. Before, listed companies had to report any relevant or extraordinary eventa subjective standard open to abuse. Although the decree still includes the broad relevant requirement, it lists specic events that must be disclosed to the nancial authorities. It also requires companies to report extensive information before going public. In 2010 the government made further progress by amending the company law. The amendments claried the liability regime for company directors involved in related-party transactions that harm the company. Now directors can be forced to pay damages and disgorge prots made from such transactions. As a result of these changes, Colombias scores have improved on both the extent of director liability index (which measures the liability of company executives for abusive related-party transactions) and the extent of disclosure index (which
Making insolvency proceedings more efficient

Colombias insolvency reforms began almost 2 decades ago. In 1995 the enactment of Law 222, allowing debtors and creditors to resolve disputes before the Superintendence of Companies, helped ease the burden on the judiciary. In 1999 changes to the reorganization law improved the existing corporate reorganization proceedings and introduced new time limits for negotiations. These changes increased the efficiency of the bankruptcy system and improved its capacity to distinguish between viable and nonviable businesses.9 Another series of insolvency reforms took place in the past 6 years. Thanks to these reforms, creditors recovery rate rose from 56 cents on the dollar to 76 and the time to complete a liquidation proceeding fell from 3 years to 1.3. The reforms began with a comprehensive revision of the insolvency proceedings available. In 2007 authorities introduced 2 new proceedings: a reorganization procedure to restructure insolvent companies and a mandatory liquidation procedure. And a new insolvency law
30
DOING BUSINESS 2013
An electronic data interchange system was introduced for exports, making it possible to centralize electronic data. The new system also allows traders to pay duties electronically, eliminating the need to go to a bank to submit payments. And it allows shippers to share information with customs electronically, so that customs declarations can be processed before the vessel even arrives at the port. Most importantly, since 2008 Colombia has implemented improvements to the Single Window for Foreign Trade (VUCE) system. The system now connects over a dozen government agencies that are involved in import and export procedures.
Neivas local government also set up one-stop shops for registering new companies. This eliminated 11 procedures and reduced the time required to register a business from 32 days to 8. The success of the one-stop shops has been due largely to cooperation between municipal and national government departments. Medelln is another city that substantially improved its business regulatory environment. The city government cut 3 procedures required to start a business by improving one-stop shops and eliminating the requirement for a land use certicate. And it made registering property easier by merging 2 certicates and eliminating a stamp previously required as proof of registration tax compliance.
at boosting productivity. The steady pace of change led to the development of the broader competitiveness agenda and the creation of a public-private partnership aimed at promoting business-friendly regulatory practices. Yet despite the governments sustained efforts, and its success in improving the business climate and implementing an ambitious competitiveness agenda, a number of challenges remain. Addressing income inequality remains a key priority, in part because it would strengthen support in the business community and in civil society for the governments overall development strategies. While the country has more development hurdles to overcome, the measures taken over the past years have greatly improved its competitiveness. The regulatory reforms may take more time to show full results in all areas of doing business, but they have already led to substantial immediate benets. Colombias reform agenda is expected to continue to expandand to inspire further improvements in the region.
SPILLOVER TO THE LOCAL LEVEL

Colombia has been actively reforming its regulatory environment at the local as well as the national level. Local efforts have been inspired in part by a subnational study. Carried out through the National Department of Planning, the 2008 study was designed to analyze the regulatory environment in different regions with the aim of improving regional competitiveness across the country. The study was also intended to enable Colombian cities to learn from one another and adopt good practices from elsewhere in the country. The subnational Doing Business report resulting from the study was soon followed by another, and work on a third began in 2012.10 The second report showed that all 12 cities included in the rst one had improved on at least one Doing Business indicator. Among these 12 cities, Neiva made the most progress in improving the ease of doing business. Local authorities took several measures to increase the citys competitiveness, including creating an anti-red-tape committee to reduce the regulatory burden on the private sector. The committee encompassed wide representation, with participants from the municipality, the chamber of commerce, business associations and national agencies such as police and tax authorities.
CONCLUSION
Colombias commitment to regulatory reform has led to substantial improvements in the quality of the business environment and a more solid foundation for private sector development. Its experience shows the importance of sustaining reform efforts over time and adjusting them to the changing needs of the economy. Initially, most of the regulatory reforms took place at the national level. But as the business environment continued to improve, the reforms spilled over to the local level. Colombias experience is having spillover effects in the region as well. Bolivia has shown an interest in learning more about Colombias experience with business entry. Paraguay has sought to learn from Colombias innovations in construction permitting. And both Costa Rica and El Salvador intend to learn from Colombias trade logistics reforms. Colombias experience also shows the importance of setting out economic policy objectives. The governments commitment to well-dened, long-term economic goals has helped drive implementation of the reforms. Having made major strides in safeguarding macroeconomic stability, the government widened the focus of its policies to include a range of institutional and economic reforms aimed
NOTES
This case study was written by Valentina Saltane and Hayane Chang Dahmen.
1. According to the International Monetary
Fund, average annual ination in Colombia fell from 23% in the 1980s to 6% by the 2000s. Management of public nances also improved, with public decits in recent years lower as a percentage of GDP. Colombias general government public debt was 35.9% of GDP in 2009, low by international standards (IMF Data Mapper, http://www.imf.org/).
2. Consejo Privado de Competitividad,
http://www.compite.com.co/site/ sistema-nacional-de-competitividad/.
3. Remarks delivered before the Americas
Society/Council of the Americas, September 24, 2009. Available at http:// www.as-coa.org/article.php?id=1908.

4. International Fund for Agricultural
Development, Rural Poverty Portal, http://www.ruralpovertyportal.org/.

5. Doing Business database; World Bank
31
Group Entrepreneurship Snapshots database.

6. World Bank, Worldwide Governance
Indicators, 2011 Update, http://www .govindicators.org. The Rule of Law Index and the Regulatory Quality Index both range from 2.5 (weak) to 2.5 (strong). On the Rule of Law Index Colombias score rose from 0.84 in 2002 to 0.33 in 2010. On the Regulatory Quality Index its score rose from 0.05 in 2002 to 0.31 in 2010.
7. Law 1429 of 2010 and Decree 545 of
2011.
8. Sohn 2008. 9. Gin and Love 2010. 10. Subnational Doing Business reports are
available at http://www.doingbusiness .org/reports/subnational-reports.
32
Latvia: maintaining a reform state of mind

For Latvia, accession to the European Union has been among the main motivations for improving business regulation. Latvias reform agenda has beneted from strong public support for economic integration. Since 2004 the country has made positive changes across all areas measured by Doing Business. Despite being substantially affected by the nancial crisis starting in 2008, Latvia continued its reform agenda, adapting it to the new challenges the country was facing.
Latvia has made substantial economic progress since its transition to a liberal market economy in the 1990s. Income per capita has more than tripled over the past 15 years despite a deep recession following the global nancial crisis.1 Exports grew by almost 7% a year in the 2000s, and the share of the population living on less than $4 a day fell from 25.8% in 1998 to 3.4% in 2008, the latest year for which this information is available.2 Economic reforms have been a central part of this process. Structural reforms have increased competitiveness and facilitated integration with the world economy. Reforms to business laws and regulations have substantially improved the investment climate. Since the late 1990s successive governments have held a regular dialogue with the private sector and international organizations to identify and implement ways to streamline business registration, improve the tax system and increase the efficiency of international trade, among many other such reforms.3 These reform efforts have been sustained through changing domestic and international conditions. They began as part of a process to join the European Union (EU). They continued during a period of rapid growth in the mid-2000s. And they have persisted during the signicant economic downturn following the nancial crisis. Throughout this transition there were many changes in political leadership but the commitment to legislative and regulatory reform endured. What enabled this continued commitment to reform? How has Latvia made such signicant improvements to its regulatory environmentadvancing further toward the frontier in regulatory practice than almost all other EU member economies (gure 4.1)? And what lessons can be learned about this reform state of mind demonstrated by Latvia?
REFORMING FOR THE EUROPEAN UNION

Broad consensus for reform emerged in Latvia in the late 1990s, as the country transitioned to a liberal market economy after regaining independence in 1991. Integration into the world economy was a commonly held goal, and the Latvian government and business community began a dialogue on how to achieve it. Latvia joined the World Trade Organization in 1999, then targeted membership in the European Union. The goal of EU accession provided a structure for an array of legislative and regulatory reforms. The EU membership requirements, known as the Copenhagen criteria, provided a series of general directives for reforms centered on democratic governance, human rights, a market economy and commitment to European integration. Latvia also began harmonizing its laws with the body of EU legislation, the acquis communautaire, including in ways to reduce administrative barriers to investment. In 1999 the Latvian Cabinet of Ministers adopted an action plan to improve the business environment and welcomed support from international nancial institutions to implement the reforms.4 These reform efforts proved very successful: by 2003, 91 of 106 reforms
LATVIA: MAINTAINING A REFORM STATE OF MIND
33
FIGURE 4.1 Latvia has made big advances toward the frontier in regulatory practice
Progress in narrowing distance to frontier since 2005 (percentage points)
12.3 9.8
9.5 9.0 8.6 8.2 7.1 7.0 5.0 4.9
4.5
4.4 3.5 3.5 3.0 2.6 2.5 1.9 1.8 1.5 1.4 0.8 0.1 -0.5
0 Poland United Kingdom Portugal Spain Czech Republic Slovenia Belgium Finland Romania Lithuania Italy Slovak Republic Netherlands Greece Bulgaria Sweden France Latvia Denmark Hungary
Estonia
Austria
Ireland
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The gure shows the absolute difference for each economy between its distance to frontier in 2005 and that in 2012. It shows data for all current EU members except Cyprus, Luxembourg and Malta, which were added to the Doing Business sample after 2005. Source: Doing Business database.
initially identied in 1999 had been implemented.5 During this initial reform phase the government focused on improving aspects of the investment climate that had been raised as issues by the Latvian business community. One focus was streamlining business registration. The government simplied the procedures required, such as by combining company and tax registration. By 2004 starting a business in Latvia took only 5 procedures and 16 daysless time than in all but 21 economies covered by Doing Business 2005. The change was dramatic: in 1999 opening a business in Latvia had required 17 procedures and 114 days. The government also improved business inspections. Most business inspectorates in Latvia were perceived as obstructing rather than enabling legitimate business in their enforcement of government regulations. The government requested that inspectorate reform be included as a conditionality of nancing from the World Bank.6 Later efforts provided new instruction on the rights and responsibilities
of government inspectors and private rms, introduced a requirement for written reports after all inspections and developed performance indicators for inspectorates.7 Construction permitting was another target of regulatory reform. In 2001 it took Latvian businesses 2 years to obtain all the licenses and inspections required to build a warehouse. By 2004 the government had reduced the time required to obtain a building permit by 2 months, simply by preparing a owchart showing what offices to visit and which documents to take.8 Further improvements followed, including amendments to the construction code and the establishment of a public register for construction companies. The government improved tax administration by amending the laws on value added and corporate income tax to resolve specic issues identied by businesses. Draft tax legislation was posted online for public comment, and an appeals body was established in the State Revenue Service.9
Latvia enjoyed signicant growth during this initial reform period. From 2000 to 2004 GDP growth averaged 7.5%, and unemployment fell from 14.2% to 9.9%.10 In May 2004 Latvia achieved its goal of joining the European Union.
CONTINUING THE AGENDA

Latvias strong economic performance continued after the country became an EU member. From 2005 to 2007 economic growth averaged nearly 11% a year. The number of newly registered rms rose from around 7,000 a year to 12,000. And exports of goods and services grew by more than 5% a year, with a peak in growth of 20% in 2005.11 Business regulation reforms continued as well. Rather than relaxing the reform agenda after becoming an EU member, Latvia continued working to enhance its competitiveness by bringing its economic laws, regulations and institutions further into line with those of Western European countries.12 The action plan initially established in 1999 was regularly amended to identify new areas to target with regulatory reforms. Doing Business has tracked
Germany
34
DOING BUSINESS 2013
the success of many of these reforms over time. One set of improvements made property registration faster and easier. Businesses trying to expand were being hindered by complex administrative procedures to access land, leading to long delays and considerable uncertainty. The government responded by installing electronic terminals at the land registry, enabling businesses to pay fees and stamp duties at the same time that they registered property. It also granted the land registry electronic access to municipal tax databases, eliminating the requirement to obtain the property tax status in paper format. As a result, the time required to transfer property fell from 55 days in 2004 to 18 in 2012 (gure 4.2). Construction permitting, a focus of earlier efforts, received renewed attention in response to investors complaints that unclear fee schedules were a burden to construction activity. The government established a more transparent set of construction fees and duties, reducing the cost associated with completing the procedures to legally build a warehouse from 43.5% of income per capita in 2006 to 18.6% in 2012. Even after Latvias accession to the European Union, some regulatory reforms were still driven by the integration process. One was the adoption of an electronic customs system, triggered by the implementation of EU regulations in 2009. Entry and exit declaration forms can now be submitted electronically, and a requirement to submit customs information in advance allows the system to perform computerized risk analysis before goods are presented to customs. Continuing its improvements in tax administration, Latvia introduced a process for electronic submission and acceptance of tax declarations in 2005 and 2006. This reduced the number of tax payments as measured by Doing Business from 29 a year to 7 in 2006.
FIGURE 4.2 Latvia made transferring property simpler and faster

Time to register property (days) 60 50 40 30 20 10 0 1 2 3 4 5 6 Procedures 2004
Between 2004 and 2012 Latvia implemented new electronic capabilities to streamline property registration Time cut by 37 days
Procedures cut by 5
7 2012
10
More recently, Latvia made getting electricity easier by streamlining the approval process for connection designs for straightforward projects. Before 2011 an entrepreneur in Riga had to wait more than 6 months to connect a warehouse to the electricity network. Reducing the number of approvals that were required shortened the wait by almost 3 months a change that earned Latvia recognition in Doing Business 2012 as having made the biggest improvement in the ease of getting electricity in the year covered by the report.
a series of new business regulation reforms. The crisis highlighted the need for greater resilience to such shocks in the future and for greater access to nance. It also underscored the need to reduce administrative barriers to investment. The Latvian authorities responded with reforms targeting the insolvency regime, the credit information system and corporate governance. The insolvency law was amended in 2008 to ensure a better balance between the interests of debtors and creditors and to facilitate the recovery of companies experiencing nancial problems. The changes included allowing easier access to insolvency and restructuring procedures, introducing faster procedures for selling a debtors assets and implementing stricter qualication standards for insolvency administrators. In 2009 further amendments to the insolvency law introduced a mechanism for settling insolvencies out of court to ease pressure on the judiciary. As a result of these reforms, the recovery rate for creditors rose from 32 cents on the dollar to 56 between 2010 and 2011, leading to the biggest improvement in the ease of resolving insolvency worldwide according to Doing Business 2012. Another focus was expanding the credit information system. In 2008 the Bank of Latvias registry of debtors was transformed into a full-edged credit registry.
CONFRONTING THE CRISIS WITH REFORMS

The global nancial crisis brought Latvias strong economic growth to a halt. Much of the growth had been driven by increased domestic demand enabled by substantial inows of foreign capital, and when the capital inows ceased, the economy went into a deep recession starting in 2008.13 Latvia responded by undertaking signicant structural reforms, including reductions in public spending and wage moderation in the public sector. The public broadly supported the main thrust of the authorities response to the crisis, and election results in October 2010 endorsed the governments reform efforts.14 Despite the economic turmoil associated with the nancial crisisor perhaps because of itLatvia also implemented
LATVIA: MAINTAINING A REFORM STATE OF MIND
35
FIGURE 4.3 More and better credit information in Latvia

Borrowers covered by credit registries (% of adults) 70 60 50 40 30 20 10 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Depth of credit information index
Depth of credit information index (06) 6 5 4 3 2 1 0 Borrowers covered by credit registries
endorsed by the business community and the population. That economic integration can provide useful incentives is not a new lesson: Doing Business 2012 identied a similar association between successful reforms in FYR Macedonia and its preparations ahead of eventual EU entry. But the case of Latvia provides another example of how economic integration can serve as a powerful stimulus for economic and institutional reformsand how integration and reform together can create a virtuous circle of development. The case of Latvia also shows that local circumstances matter as well. Latvia has beneted from a high-quality technocratic bureaucracy through which pro-reform civil servants were able to provide competent support to the reform process over time. The presence of a stable cadre of well-qualied civil servants, maintained through changes in political leadership, almost certainly aided the development and implementation of what has been a largely successful reform agenda. In addition, the ability to establish an ongoing dialogue between the government and the business community may have helped build and sustain the broad political consensus for the reform process. Whatever the combination of causes, Latvia has maintained a state of mind focused on reform of the business environment and the broader economy. Doing Business measures just one component of the reforms that Latvia has implemented. But the results are clear: in the areas tracked by Doing Business indicators, the quality of the business environment has improved substantially over the past decade and a half.
It now collects both positive and negative information on borrowers, borrower guarantors and their obligations. The registry is also able to record more precise information, such as the type of settlement of the borrowers obligations and the date on which settlement of a delayed payment is registered. And the registry expanded its coverage from 3.5% of adults in 2008 to 63.8% in 2012 (gure 4.3). With the goal of increasing investors condence in the market, Latvia also introduced more robust corporate governance measures. The government amended the company law to harmonize with the EU acquis communautaire, including by improving disclosure mechanisms and increasing transparency.15 And in 2010 the Riga Stock Exchange issued corporate governance principles and recommendations related to disclosure requirements, remuneration policy and conicts of interest, further strengthening corporate governance rules for listed companies.
EU requirements of committing to democratic institutions and processes, strengthening the institutional underpinnings of a free market and harmonizing laws with EU legislation provided an actionable roadmap. Results are reected in Latvias improvement on the Worldwide Governance Indicators between 2000 and 2005, including on the Regulatory Quality Index.16 In addition, the potential economic benets of joining the European Union created strong public support for the reform agenda. This combination of EU requirements and potential economic benets made it possible to sustain the implementation of both broad structural reforms and specic business regulation reforms. Similar support for economic reform after the crisis can be linked to a desire for further integration with the European Union, including as a future full member of the euro zone. Devaluation of the Latvian currency against the euro was a policy option for mitigating the effects of the crisis, and it might arguably have implied lower short-term economic costs than cuts in public spending. But the government opted instead to intensify the pace of structural reforms; it viewed maintaining the currency peg less in terms of the purely macroeconomic effects and more as part of its long-term strategy for strengthening links with the European Union, particularly the members of the euro zone.17 This approach was broadly
WHAT ARE THE LESSONS?

Latvia has sustained a clear commitment to business regulation reform over more than a decade, under changing political leadership and through economic booms and downturns. What factors have enabled this impressive commitment? One is the structural incentive provided by economic integration. The
CONCLUSION
Latvias reform process is likely to continue. The authorities have signaled their determination to continue to implement cautious macroeconomic policies that will support continued investments in infrastructure, education and training, seen as key elements of an ambitious
36
DOING BUSINESS 2013
competitiveness agenda.18 Further business regulatory reforms are planned as well, as part of Latvias program to implement the Europe 2020 strategy.19 The objectives include, among others, the reduction of administrative barriers and the strengthening of access to nance as well as support for access to external markets and encouragement of greater inows of foreign direct investment to export-oriented sectors. These reforms should enable Latvia to fully overcome the economic effects of the nancial crisis and allow it to continue on its path toward successful long-term development.
at purchasing power parity.

2. Export growth data are from the World
12. Liepina, Coolidge and Grava 2008. 13. Latvia, Ministry of Economics 2011. 14. EBRD 2011. 15. EBRD 2011. 16. The Regulatory Quality Index captures
Banks World Development Indicators database (http://data.worldbank.org/). Poverty data are based on the poverty headcount ratio at purchasing power parity and are from PovcalNet, the online tool for poverty measurement developed by the World Banks Development Research Group (http://iresearch .worldbank.org/PovcalNet).
3. See, for example, Coolidge, Grava and
Putnina (2003).
4. Liepina, Coolidge and Grava 2008. 5. Liepina, Coolidge and Grava 2008. 6. World Bank 2001. 7. Coolidge, Grava and Putnina 2003. 8. World Bank 2007. 9. Liepina, Coolidge and Grava 2008. 10. World Bank, World Development
perceptions of the governments ability to formulate and implement sound policies and regulations that permit and promote private sector development. It ranges from -2.5 (weak government performance) to 2.5 (strong government performance). Latvias score rose from 0.74 in 2000 to 0.94 in 2005, then rose to 0.98 in 2010.
17. See, for example, slund (2009).
NOTES
This case study was written by Caroline Frontigny and Betina Tirelli Hennig.
1. World Bank, World Development
Another consideration in the governments policy choice may have been a desire to protect the signicant share of the population with debt in euros and other foreign currencies from the consequences of a devaluation.
18. EBRD 2011. 19. Latvia, Ministry of Economics 2011.
Indicators database, http://data .worldbank.org/.

Indicators database, http://data .worldbank.org/. The income measure is gross national income (GNI) per capita
37
Rwanda: fostering prosperity by promoting entrepreneurship

Emerging from a decade marked by civil war and political instability, Rwanda began a comprehensive and ambitious campaign in 2000 to rebuild, foster national reconciliation and drastically reduce poverty. The governments agenda gave priority to health, education, infrastructure, and private and nancial sector development, showing a commitment to improving citizens living conditions and building a solid foundation for reconciliation. Starting early on in the reform campaign, Rwanda has implemented many business regulation reforms. These have transformed the life of the private sector and made it noticeably easier to do business. While challenges remain, the country has achieved much success in its reform agenda since the early 2000s. This success stems from many factors, and Rwandas experience may provide useful lessons for other nations seeking to improve their business climate, particularly for those coming out of conict. Building on a 2-year consultation process, the government designed a long-term development strategy, Rwanda Vision 2020, aimed at transforming Rwanda into a middle-income economy by raising income per capita from $290 to $900 before 2020.2 Introduced in 2000, the strategy recognized and sought to overcome Rwandas multiple development challengesincluding past civil war, poor governance, weak infrastructure, underdeveloped nancial and private sectors, unemployment, overwhelming public debt, a poorly developed education system, HIV and the rapid growth of a population expected to reach 13 million by 2020. In 2001 the World Bank set up the Competitiveness and Enterprise Development Project, designed to help the government establish an environment conducive to private sector growth and the emergence of a more competitive investment climate. The project focused on developing and updating the commercial law and supporting the governments privatization program through technical assistance, capacity building and advice on bank restructuring. This program contributed to an overhaul of the countrys nancial sector that led to the recapitalization of banks, the establishment of an insurance market and the introduction of micronance lenders. In addition, the Competitiveness and Enterprise Development Project collaborated with the World Banks Rwanda Investment Climate Reform Program to develop a robust reform agenda. The project helped establish the Doing Business Unit, the institution responsible for spearheading Rwandas reform initiatives, while the investment
Rwandas commitment to private sector development has facilitated growth in exports, domestic investment and foreign direct investment inowsand the implementation of effective scal policies supported by structural and institutional reforms. Starting in 2000, Rwanda developed a strong institutional pipeline for designing and implementing business regulation reforms. Since 2004 Rwanda has substantially improved access to credit, streamlined procedures for starting a business, reduced the time to register property, simplied cross-border trade and made courts more accessible for resolving commercial disputes. Rwanda is among more than 35 economies where the executive branch has made private sector development a priority by establishing institutions whose main purpose is to design and implement business regulation reforms.
DESIGNING A STRATEGY
Between 2005 and 2011 Rwandas real GDP per capita grew by 4.5% a year, reecting a sustained expansion of exports and domestic investment, with inows of foreign direct investment also increasing substantially.1 In addition, the government strengthened the foundations of macroeconomic stability by implementing cautious scal policies supported by a number of structural and institutional reforms. Underpinning this policy stance was a strong and sustained commitment by national authorities to private sector development.
38
DOING BUSINESS 2013
climate reform program provided technical assistance and expertise to support the implementation of planned legal, regulatory and institutional reforms. Rwandas 2007 Economic Development and Poverty Reduction Strategy, like its Vision 2020, emphasized private sector development as the key to creating jobs, bringing peace, generating wealth and ultimately eliminating poverty.3 In addition, aware of its scarce natural resources and landlocked location, Rwanda has focused on business regulation reform to attract foreign investment. Dubbed Africas new Singapore by The Economist for its positive economic reforms,4 Rwanda has been effectively learning from the success stories of economies like Singapore since the early 2000s. And in 2007 it started using the Doing Business report as a tool to identify and learn from good practices in business regulation and to monitor improvement. Several elements of a successful reform program were present, including political will and commitment at the highest level and a broadly appropriate set of macroeconomic policies that created room in the budget to invest in reforms and gained strong support from the donor community.
other economiesincluding economies that have made some of the biggest improvements in the ease of doing business, such as Burundi, Colombia and Georgia.6 The approach has proved effective in triggering reforms. In Rwanda it helped put investment climate reforms at the top of the economic policy agenda for promoting private sector development and helped consolidate and unify the multiple reform efforts. Since reforms to the investment climate require changes across many areas of government, the Doing Business Steering Committee, bringing together representatives from different ministries, was created in early 2009 to lead the reform efforts at the cabinet level. While other countries have created similar institutions to promote reform, Rwanda has made effective use of the steering committee in implementing successful regulatory reforms (as detailed in the following section). Below the steering committee is a technical task force made up of 6 working groups focusing on business entry, licensing reform, legislative changes, taxes and trade logistics, construction permits and property registration. One key to the working groups effectiveness has been their inclusion of private sector representatives. This has helped ensure private sector buy-in and allowed participants to share their experiences during discussions about reform design. To ensure success, the organizational structure still needed something to bring all the pieces together. For this purpose the Doing Business Unit was created. A small, full-time team, this unit links the working groups to the steering committee, coordinates with donors providing technical support, manages development funding to ensure proper use and promotes efforts to improve the investment climate. It also advises agencies, explains the reforms to the private sector and monitors progress through internal indicators.
The Doing Business Unit identies reform opportunities; the technical task force and the steering committee approve the reform proposals. The annual plan for regulatory reforms is then communicated to the cabinet. The steering committee and the technical task force commit to the new priorities that are agreed on at the national leaderships annual retreats.7 The Doing Business Unit monitors implementation and reports to the steering committee and to the prime minister, who is ultimately responsible for ensuring the execution of goals.8 Besides reporting directly to the Rwanda Development Board, the unit also periodically informs the head of the Strategy and Policy Unit in the Office of the President about reform progress. Far from being rigid, this structure has been further improved by the involvement of other stakeholders. Ahead of the promulgation of major pieces of legislation, the Rwanda Development Board has worked closely with the parliament and the judiciary, both of which have helped in meeting targets and deadlines. Civil society, development partners and institutions such as the Presidential Advisory Council have also provided crucial input in shaping the reform agenda.9
BUILDING AN EFFECTIVE REFORM PIPELINE

Government responsibility for improving the investment climate in Rwanda and driving through the reforms has shifted over time. The responsibility was initially assigned to the Rwanda Investment Promotion Agency. In August 2008 this agency was joined by 7 others to create the Rwanda Development Board.5 The boards creation marked not only a change in name and gains in size, resources and efficiency but also a fundamental increase in political will and support. The president of Rwanda made business regulation reform a priority, as did the leaders of more than 35
LAUNCHING REGULATORY REFORMS

Even as the internal organization was evolving, the government was enacting reforms: since 2005 Rwanda has implemented 26 business regulation reforms as recorded by Doing Business.
Improving access to credit

A series of changes improved conditions for getting credit. In 2005 the public credit registry expanded its database of nancial institutions and improved the content of its credit reporting system. In 2009 a new secured transactions law was introduced, allowing a wider range of assets to be used as collateral and permitting out-of-court enforcement proceedings.10
RWANDA: FOSTERING PROSPERITY BY PROMOTING ENTREPRENEURSHIP
39
In 2010 the legislature passed a law regulating the distribution of information from credit bureaus. This led to the creation of the countrys rst private credit bureau, which provides wider coverage than the public registry because it includes information from utilities. In addition, the public registry expanded coverage to loans of all sizes. In December 2011 the public registry stopped issuing credit reports, and now only the private bureau shares credit information. The public registry still collects information from regulated nancial institutions but only for supervisory purposes.
FIGURE 5.1 Rwanda streamlined the procedures for starting a business

Time (days) 18 Rwanda eliminated 7 procedures 15 and cut the time by 15 days 12 9 6 3 0 1 2 3 4 5 Procedures 2004
2012
Streamlining regulatory processes

Other changes streamlined regulatory processes. In 2006 the introduction of hundreds of new notaries made starting a business faster. Before, only 1 notary had been available countrywide, and the high volume of requests meant a long wait for entrepreneurs wanting to register a new business. After an overhaul of the company law in 2009, entrepreneurs no longer needed to use the services of a notary; they could use standard forms instead. An online system for publishing the registration notice replaced requirements for physical publication. And a new one-stop shop streamlined business registration by reducing the number of interactions required from 9 to 2 (gure 5.1). The time required to start a business fell from 18 days to 3, and the cost from 235% of income per capita to 4%. Rwanda also made it easier to transfer property. In 2008 it eliminated mortgage registration fees and shifted from a 6% transfer tax to a at rate of 20,000 Rwandan francs (about $33). In 2010 the government decentralized the Office of the Registrar and Land Titles and created 5 branches throughout the country, purging the backlog of cases in Kigali. It also introduced strict time limits for some procedures. One was the issuance of tax clearance certicates, which had been the lengthiest part of the process.
The administrative reorganization and the statutory time limits reduced the time required to transfer property by 346 daysfrom more than a year in 2004 to less than a month (gure 5.2). And the changes in the transfer fees reduced the cost from 10.3% of the property value to 5.6%.11 Changes over several years made trading across borders faster. In 2005 Rwanda made it possible to submit customs declarations electronically. In 2007 the customs authority introduced more acceptance points for customs declarations, reducing the waiting time to submit them. In 2008 the government
extended operating hours for border posts and implemented an electronic data interchange system and risk-based inspections. And in 2010 it streamlined trade documentation requirements and improved border cooperation. Results are clear. In 2006 exporting goods in Rwanda required 14 documents and 60 days (gure 5.3). Today it takes only 8 documents and 29 days. The story is similar for importing.
Strengthening laws and the judiciary

The new company law adopted in 2009 introduced several concepts into Rwandas
FIGURE 5.2 Rwanda cut the time for property transfers by almost a year
Time to register property (days) 400 300 200 100 0 Rwanda reduced the time required to complete procedures from 371 days to 25
3 Procedures 2004 2012
40
DOING BUSINESS 2013
FIGURE 5.3 Big reduction in time and documents to trade across borders in Rwanda
Time (days) 80 70 60 50 40 6 30 20 10 0 2006 2007 2008 2009 2010 2011 2012 4 2 0 Time and documents to export Documents (number) 14 12 10 8
(nanced by the Competitiveness and Enterprise Development Project) and the Institute for Legal Practice are training judges, legal officers and lawyers to work in a mixed legal system, where the civil law tradition dominates but common law and customary law tendencies are also evident.15 With the aim of increasing efficiency in resolving corporate insolvencies, the government enacted a new insolvency law in 2009. But resolving insolvency remains the one area among all those included in the ease of doing business index in which Rwanda still has great room for improvement. Achieving widespread use of the law in insolvency cases has been among the greatest regulatory reform challenges in this area.16
Time (days) 100 80 60
Time and documents to import
Documents (number) 20 15 10
40 20 0 2006 2007 Time Inland transport Terminal handling

SEEING MEASURABLE RESULTS

5 0 2008 2009 2010 2011 2012
The ultimate goal of the reform program is a private sector that promotes economic growth and job creation.17 And the program is achieving measurable progress toward this goal. After Rwanda simplied formalities for business registration in 2006, 77% more rms registered in the following year.18 In 2008 more than 3,000 rms registered, up from an average of 700 in previous years. In 2009 the number rose to 6,905. And in 2010 the government managed to register 18,447 new businessesnearly achieving its goal of registering 20,000 that year.19 The jump in registration numbers cannot be attributed solely to the simplication of the start-up process; the business registration reforms were part of a wider government agenda to promote private sector growth and entrepreneurship in Rwanda. Even so, the increase points to a positive trend. Good results are also showing up in the area of contract enforcement: the commercial courts started operating in Kigali in May 2008 and had fully cleared the case backlog by the end of 2009.20 Rwandas consistent reforms to make trade easier improved the productivity
Customs clearance Document preparation
Documents
corporate legal system for the rst time: minority shareholder rights, regulation of conicts of interest, extensive corporate disclosure and directors duties. The new law introduced rules requiring approval by the board of directors for related-party transactions representing less than 5% of the companys assets and by shareholders for those representing more than 5%. The law strengthened the director liability regime for breach of duciary duties and for related-party transactions that harm the company. And it increased corporate transparency by improving disclosure requirements and minority shareholders access to corporate information. In 2005 the government made contract enforcement more of a reality by establishing more commercial courts12 and creating the Business Law Reform Cell, whose review of 14 commercial
laws proved crucial for the approval of important legal reforms. The government further enhanced the court system in 2008 by creating lower commercial courts. Consistent with its emphasis on bringing in the skills and expertise needed to ensure the success of the reform process, the government also hired nonRwandan expatriate judges: 2 Mauritian judges to help local judges run the new commercial courts during the rst 3 years of operation.13 In addition, the government has provided incentives for Western-educated members of the diaspora to repatriate and has promoted an exchange of skills by opening the job market to immigrants from neighboring countries, including Burundi, Kenya, Tanzania and Uganda.14 Moreover, the Capacity Strengthening Program
RWANDA: FOSTERING PROSPERITY BY PROMOTING ENTREPRENEURSHIP
41
of customs officials, who increased the number of documents they cleared annually by 39% between 2006 and 2009. And according to the Ministry of Trade and Industry, Rwandas exports rose from $147 million in 2006 to $193 million in 2009. Rwanda recently adjusted some of the targets set in Vision 2020. Most notably, it raised the income per capita target from $900 to $3,500. This brings the target into line with levels in middle-income economies today and reects Rwandas recent growth, which increased income per capita to around $570 in 2011.21
lawyers and judgesto ensure proper administration of the reforms. Recognizing the benets of a diverse knowledge base, Rwanda has also imported technical expertise from other countries, to replicate good practices and build capacity. And the government has involved the private sector in the reform process and maintained an open line of communication to keep entrepreneurs, civil society and other stakeholders apprised of developments. All these efforts are showing results in Rwandas regulatory performance. And Rwandas dedication to private sector development, in triggering positive legal reforms, has contributed substantially to its overarching goal of promoting national reconciliation and prosperity.
program to support the Rwanda Revenue Authority is considered a success, enabling the agency both to improve its tax collection rate and to simplify its interactions with businesses.
10. Legal changes often require only
modest investments. For the secured transactions law, for example, Rwanda invested $55,320 (excluding technical assistance from donors) in the validation and translation of the new law as well as in the legislative process.
11. World Bank 2010a. 12. World Bank 2006. 13. Hertveldt 2008. 14. Africas New Singapore?
The Economist, February 25, 2012, http://www.economist.com/.

15. The Institute for Legal Practice was
CONCLUSION
Every country faces different development challenges. But Rwandas ambitious and complex reform program may offer lessons for others seeking to reform through private sector development. One key to its achievements has been the strong commitment to reform shown by Rwandas leaders and its citizens. The government has established structures for building a foundation for private sector development and coordinating government-wide reform efforts. And it has created a well-dened, long-term reform strategy that informs all of the countrys short-term development goals. The government entities involved in the process have had clearly dened roles and responsibilities, and they have respected the goals set in initial implementation strategy documents. The Doing Business Unit has played a pivotal role not only in ensuring coordination within the government and between the government and donors but also in coordinating development funding initiatives so as to avoid duplication. The government has worked to meet the needs of entrepreneurs by streamlining regulatory processes involved in starting, operating and closing a business. Beyond undertaking legal and administrative reforms, the government has invested in training for professionalsincluding
established by an organic law in 2006 and started to operate in May 2008.

16. Rwanda: Country Struggles on
NOTES
This case study was written by Moussa Traor, Adrian Gonzalez, Csar Chaparro Yedro, Jean Michel Lobet and Jonathan Bailey.
Insolvency Law, East African Business Week, May 13, 2012, http://allafrica .com/.
17. Edmund Kagire, New Reforms Set Up
to Boost Doing Business, New Times (Kigali), April 18, 2010.

18. World Bank 2010a. 19. Frank Kanyesigye, Rwanda

2. Rwanda, Ministry of Finance and
Development Board Targets to Register 20,000 New Businesses, New Times (Kigali), May 14, 2010.
20. Interview by Business Times (Kigali) with
Economic Planning 2000.

3. Rwanda, Ministry of Finance and
Economic Planning 2007.

4. Africas New Singapore?
Benoit Gatete, vice president of the commercial high court, January 12, 2010, http://allafrica.com/.
21. Government to Adjust Vision 2020,
The Economist, February 25, 2012, http://www.economist.com/.

5. The 7 agencies were Tourism and
Conservation, the Registrar Generals Office, the Privatization Unit, Human and Institutional Development, the Center for the Support to Small and MediumSized Enterprises (CAPMER), the IT Agency and the National Environment Management Authority.
6. See box 2.2 in the chapter About Doing
New Times (Kigali), February 25, 2010; World Bank, World Development Indicators database, http://data .worldbank.org/.
Business for a list of economies using this approach.

7. These retreats, which gather about 300
top members of the administration, have included Doing Business reforms on the agenda since 2007.
8. Presentation by Emmanuel Hategeka,
permanent secretary, Ministry of Trade and Industry, Kigali, March 16, 2011; Karim 2011.
9. In particular, the U.K. Department for
International Developments multiyear
42
APEC: sharing goals and experience

Asia-Pacic Economic Cooperation (APEC), a regional forum of 21 member economies, has as its primary goal to ensure sustainable economic growth and prosperity through voluntary cooperation. A key focus is promoting regulatory reforms, and in 2009 the APEC Ease of Doing Business Action Plan was launched as a way to set collective targets and measure progress. Using 5 Doing Business indicator sets, the action plan targets an APEC-wide aspirational goal of making it 25% cheaper, faster and easier to do business by 2015, with an interim target of 5% improvement by 2011. Between 2009 and 2012 APEC members improved their performance on the 5 indicator sets by 11.5% on average. But much variation remains among APEC members in the ease of doing business and in the rate of progress being made. Consistent with APECs view of capacity building as central to enhancing cooperation and accelerating progress, the action plan identies champion economies to share information and experience and to assist other members through tailored diagnostic studies.
Many factors can drive reforms in an economys business regulatory environmentfrom domestic factors such as nancial crises to international ones such as binding agreements in the World Trade Organization (WTO). For economies in the Asia-Pacic region, regional factors play a part, including commitments made in Asia-Pacic Economic Cooperation (APEC). Improving the regions business regulatory environment is a focus of APEC, and member economies have pledged to carry out regulatory reforms both collectively and unilaterally. To help monitor and assess members progress toward these commitments, APEC sets measurable targets with specic timelines. While these targets are set at the regional level, APEC also encourages members to draft plans for their own economy that will aid in achieving APEC-wide targets. One set of targets that APEC has chosen for this purpose is based on Doing Business indicators. APEC also encourages capacity building activities among members in support of its goals. Toward the goal of improving the regions regulatory environment, APEC has selected champion economies to provide capacity building assistance to other members. liberalization, business facilitation, and economic and technical cooperation.1 Meeting in Bogor, Indonesia, in 1994, leaders of APEC members committed to achieving free and open trade and investment by 2010 for developed economy members and by 2020 for developing economy memberstargets that became known as the Bogor Goals. Today APECs 21 members account for about 54% of world GDP and about 44% of world trade.2 APEC members total trade grew by 10% a year on average between 1989 and 2010. This rate, though impressive, only slightly exceeded the worlds overall trade growth rate of 9%.3 On the other hand, APEC members reduced their average applied tariff from 16.9% to 5.8% over this period.4 As tariffs declined in APEC members, attention shifted to addressing the structural and regulatory obstacles that inhibit cross-border trade and investment by removing behind-the-border barriers to doing business.5 At the same time, economic integration between APEC members highlighted difficult new challengessuch as how to ensure that growth and economic integration are sustainable and shared by all APEC members in a constantly changing economic environment. To address these challenges, in 2010 APEC leaders embraced the APEC Growth Strategy, which takes into consideration new global realitiesincluding energy and environmental constraints, human security concerns and disparities in opportunity across and within economies. APEC leaders also endorsed the
A HISTORY OF COLLECTIVE GOAL SETTING

Established in 1989, APEC is a forum for supporting economic growth, cooperation, trade and investment in the Asia-Pacic region. APEC operates on a voluntary and consensual basis, with activities and work programs centered on 3 main pillars: trade and investment
APEC: SHARING GOALS AND EXPERIENCE
43
FIGURE 6.1 Milestones in the APEC Ease of Doing Business Action Plan
Action plan launched Interim target of 5% improvement 2012 APEC Economic Policy Report focusing on members work in the 5 priority areas APEC-wide target of 25% improvement
2009
2010
2011
2012
2013
2014
2015
Phase 1 (200911) Champion economies share experience with successful reforms and systems
Phase 2 (201215) Champion economies provide diagnostics and facilitate capacity building for members committed to reform
Source: Based on information from APEC Policy Support Unit.
New Strategy for Structural Reform, a broad work program that calls on each member economy to undertake demonstrable and signicant structural reform, consistent with the objective of achieving strong, inclusive and balanced growth. Recognizing the importance of capacity building to assist members in undertaking structural reform, APEC is supporting workshops, peer-to-peer events and knowledge sharing tools in such areas as regulatory reform and public sector governance.
The action plan has highlighted the importance of measuring results since the beginning. And the APEC Secretariat has agreed to regularly assess progress toward the targets set (gure 6.1).7
Encouraging early results

Early results are encouraging. Among the 5 areas covered by the action plan, APEC members made the biggest improvements in starting a business between 2009 and 2012. On average, they reduced the number of procedures to start a business by 19.3% (from 7.9 to 6.4), the time by 22.5% (from 28.1 days to 21.8), the cost by 16.5% (from 8.8% of income per capita to 7.4%) and the paid-in minimum capital requirement by 35.3% (from 9.8% of income per
capita to 6.4%). Economies in the rest of the world made smaller improvements on average on 3 of these indicators, reducing the number of procedures by 8.2%, the time by 17.7% and the paid-in minimum capital requirement by 32.4%. But they improved more than APEC members on the cost to start a business, reducing it by 29.1%. Overall, APEC members improved the ease of starting a business by 23.4% on average, while non-APEC economies improved it by 21.9%. Beyond the differences with the rest of the world, what makes these improvements by APEC particularly impressive is that in 2009 the region already performed better on
AN ACTION PLAN FOR MAKING IT EASIER TO DO BUSINESS

Another APEC initiative focuses more closely on improving the business regulatory environment. To provide a pragmatic way of addressing priorities, senior government officials of APEC members agreed to put in place the APEC Ease of Doing Business Action Plan in 2009.6 The action plan uses Doing Business indicators to set collective targets and encourage measurable progress in regulatory reform. The overall goal is to make it 25% cheaper, faster and easier to do business in the region by 2015, with an interim target of 5% improvement by 2011. The action plan focuses on 5 priority areas. These were identied through a survey asking APEC members to rank by priority the 11 areas measured by Doing Business. The 5 priority areas are starting a business, getting credit, trading across borders, enforcing contracts and dealing with construction permits.
FIGURE 6.2 APEC members have advanced furthest toward the frontier in regulatory practice for starting a business
Average distance to frontier (percentage points) 100 2012 2009
80
60 Starting a business Dealing with construction permits Getting credit Trading Enforcing across borders contracts Average for all 5 indicator sets
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). Source: Doing Business database.
44
DOING BUSINESS 2013
average on the Doing Business indicators for starting a business than on those for the other 4 areas (gure 6.2). Over the same period APEC members also improved their performance on the Doing Business indicators for dealing with construction permits (by 15.8% on average, compared with 13.9% in non-APEC economies) and for getting credit (by 16.1%, compared with 23.9%). Their performance on the trading across borders indicators improved only slightly (by 2.3%, compared with a decline of 0.7% in non-APEC economies), while that on the enforcing contracts indicators remained nearly unchanged (improving by 0.1%, compared with no improvement in non-APEC economies). Across all 5 priority areas, APEC members improved their performance on the Doing Business indicators by 11.5% on average.
FIGURE 6.3 APEC members performance on Doing Business indicators varies widely
Average ranking
1 16
7 27 32
21 26
10
12 22
14
29 67
41 65 74
75 95 94
185 Ease of doing business Starting a business Dealing with construction permits Getting credit Trading across borders Enforcing contracts
High-income members
Middle-income members
Champion economies
Note: Champion economies as dened by the APEC Ease of Doing Business Action Plan are Hong Kong SAR, China; Japan; Korea; New Zealand; Singapore; and the United States. Source: Doing Business database.
Wide discrepancies between APEC members

Despite the good start, the ease of doing business still varies sharply among APEC members. Consider the process for starting a business. In New Zealand it requires only 1 procedure and 1 day and costs 0.4% of income per capita; in the Philippines it takes 16 procedures and 36 days and costs 18.1% of income per capita. Similarly, while dealing with construction permits in Singapore takes 26 days and costs 16.7% of income per capita, in Russia it takes 344 days and in Mexico it costs 322.7% of income per capita. Indeed, APECs high-income members perform substantially better in all 5 priority areas as measured by Doing Business than its middle-income members do. And on the aggregate ease of doing business they rank 59 places higher on average than middle-income members (gure 6.3). Moreover, while APEC as a whole is making improvements, its members are progressing at very different rates. Among APEC members, China has made the most progress toward the frontier in regulatory practice (gure 6.4). In the past 8
years China implemented 16 reforms in 8 areas of business regulation measured by Doing Business. These changes included a new company law in 2005, a new credit
registry in 2006, a new law regulating the bankruptcy of private enterprises in 2007 and a new corporate income tax law in 2008.
FIGURE 6.4 Which APEC economies have advanced the most in narrowing the gap with the frontier?
Distance to frontier (percentage points) 100 2012 2005
90 80
70 60
50 40 Korea, Rep. Papua New Guinea Russian Federation Indonesia Canada Hong Kong SAR, China Brunei Darussalama New Zealand United States Taiwan, China Philippines Singapore Australia Japan Malaysia Thailand Vietnam Mexico China Chile Peru
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). a. Because Brunei Darussalam was rst included in the aggregate ranking in Doing Business 2008 (2007), its distance to frontier in 2012 is compared with that in 2007. Source: Doing Business database.
APEC: SHARING GOALS AND EXPERIENCE
45
What does all this mean for APECs prospects of meeting its ambitious goal? APECs 2011 interim report on the initiative delivered a clear message: if APEC is to improve the ease of doing business by 25% by 2015, it must intensify and accelerate its efforts, including through capacity building programs.8
with those for issuing the trade license and registering the business at the onestop shop.11 In Thailand an assessment by U.S. experts in July 2011 went beyond the aspects of business start-up measured by Doing Business, resulting in a comprehensive report and policy recommendations. The study found that Thailand, by creating a customer-friendly and demand-driven system for business registration, had made it substantially easier to start a business as measured by Doing Business. It also recommended that the government broaden the focus of its efforts to improve business registration beyond the aspects captured by the Doing Business indicators.12 Korea, a champion for the topic of enforcing contracts, is assisting Indonesia and Peru in developing customized solutions. A Korean delegation visited Indonesia in January 2011 and Peru in July 2011 to review the systems and procedures in place for enforcing contracts. In addition, international seminars were held in the 2 countries on ways to improve such systems. Together, these attracted more than 100 participants, including judges, attorneys, professors and government officials. In October 2011 the Korean government brought together legal experts and high-level policy makers from Indonesia and Peru to discuss the future of both countries systems for enforcing contracts.13 Japan, a champion for the topic of getting credit, is preparing a study on nancing for small and medium-size enterprises in Thailand. Singapore is preparing a diagnostic study on trading across borders for Peru and planning similar ones for Mexico and Vietnam. Singapore is also planning diagnostic studies on dealing with construction permits for Indonesia, Peru and Thailand.14 The next phase of capacity building activities will focus on converting the diagnostic studies recommendations into actions. Champion economies will
again play a role, by assisting other member economies in implementing regulatory reforms.
CONCLUSION
APEC has focused on institutional, regulatory and policy reforms to encourage efficient functioning of markets and reduce barriers to regional trade since the early 2000s. The APEC Ease of Doing Business Action Plan represents only one set of targets that APEC uses to encourage regulatory reforms. But it provides a useful example of the application of Doing Business indicators in setting concrete collective targets and in monitoring and assessing progress. The framework of capacity building activities created through the action plan has proved useful in promoting exchanges between member economies. Here, the diversity of APECs 21 member economieswith different income levels and located in different geographic regionshas contributed to success. By sharing experience and providing assistance to other APEC members, those identied as champions in each of the priority areas can lift the APEC-wide performance. Other regional bodies can learn from this model of capacity building. Doing Business 2012 found that in many economies the degree to which regulations and institutions are business-friendly varies fairly widely across different areas of regulation.15 Regional bodies can take advantage of these differences, encouraging each member economy to capitalize on its strengths by providing assistance in areas of strong performance to members with weaker performance. APEC appears poised to continue its capacity building efforts, with talks already under way on a new phase related to policy implementation. Because APEC is a voluntary and nonbinding forum, sustained engagement by top government officials from every APEC member is needed to accelerate progress toward the goals it has set for itself.
Sharing of information and experience

While APEC members advocate building capacity and sharing experience as a way of enhancing cooperation in a range of areas, such efforts feature strongly in the initiative to improve the ease of doing business. The action plan identies champion economies with strong performance in each of the 5 priority areas to lead capacity building activities in those areas. In phase 1 (200911) the focus was on building awareness through seminars and workshops to share information and experience in each of the 5 priority areas. The APEC Secretariat and the champion economies organized 6 topic-specic seminars and workshops.9 In phase 2 (201215) the focus is on developing more customized capacity building programs for economies seeking specic assistance in their regulatory reform efforts. In these programs technical experts conduct diagnostic studies of an economys priority area and develop practical recommendations for improvement. While designed to directly benet the participating economies, the programs also help move APEC closer to its collective goal of making it 25% cheaper, faster and easier to do business by 2015.10 Several programs focus on the area of starting a business. One is in Indonesia, where an expert from New Zealand and another from the United States made a joint visit in July 2010 to collect data and information. The diagnostic report, issued in August 2010, contains 8 concrete recommendations. Among them is a recommendation to consolidate the procedure for labor and social insurance registration
46
DOING BUSINESS 2013
NOTES
This case study was written by Mikiko Imai Ollison, Paula Garcia Serna and Anastasia Shegay.
1. APEC 2010a. 2. APEC 2010b. The founding members of
and Vietnam in 1998bringing the current membership to 21.

3. WTO Statistics Database, Trade Prole,
9. Based on information provided by the
APEC Policy Support Unit as of June 2012.

10. APEC 2011b. 11. USAID and New Zealand Ministry of
http://stat.wto.org/.
4. WTO Statistics Database, Tariff Prole,
http://stat.wto.org/.
5. APEC 2005. 6. APEC 2011a. 7. As Doing Business 2013 was going to
Foreign Affairs and Trade 2010.

12. APEC 2012. 13. Republic of Korea, Ministry of Justice
APEC are Australia, Brunei Darussalam, Canada, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the United States. China; Hong Kong SAR, China; and Taiwan, China, joined in 1991. Mexico and Papua New Guinea followed in 1993, Chile in 1994 and Peru, Russia
2011.
14. Based on information provided by the
press, the 2012 APEC Economic Policy Report was scheduled to be released in early October 2012.
8. APEC 2011b.
APEC Policy Support Unit as of June 2012.

15. World Bank 2011a, p. 7.
47
Does Doing Business matter for foreign direct investment?

Many people who use Doing Business dataparticularly in policy-making circles and in the private sectorassociate better performance on the Doing Business indicators with greater inows of foreign direct investment (FDI), even though the methodology is not explicitly designed for this purpose. Since the launch of last years report nearly 2,000 articles in the international press have drawn a connection between FDI and Doing Business. Such articles often suggest that higher Doing Business rankings will be associated with more foreign investment, which is believed to create jobs, bring in new technologies and processes and have other benecial collateral effects on the real economy. And many senior government officials have suggested that a better ranking for an economy implies that its investment climate is more favorable to foreign investors. The case studies underpinning the Doing Business indicators focus on small to medium-size domestic rms, so the laws, regulations and practices tracked by the project are not necessarily relevant to larger foreign-owned rms. But the quality of the laws and regulations, and the extent to which this quality is reected in their implementation, may be a useful signal to foreign investors of the overall quality of the business environment. And some laws may indeed affect foreignowned rms in the same way that they affect domestic rms. Given the interest of so many governments in attracting more foreign investment, this raises an important question: does Doing Business actually matter for FDI? If so, does this suggest that Doing Business indicators reect the quality of the investment climate at a broader level? This case study presents evidence suggesting that they dosupporting a broader claim that economies that provide a good regulatory environment for domestic rms tend to also provide a good one for foreign-owned rms.
Even though Doing Business indicators focus on small to medium-size domestic rms, many policy makers have associated improvements in the indicators with greater inows of foreign direct investment (FDI). Cross-country correlations show that FDI inows are indeed higher for economies performing better on Doing Business indicators, even when taking into account differences across economies in other factors considered important for FDI. Results suggest that on average across economies, a difference of 1 percentage point in regulatory quality as measured by Doing Business distance to frontier scores is associated with a difference in annual FDI inows of $250500 million. Although this correlation does not imply causation, the evidence suggests that Doing Business reects more about the overall investment climate than what matters only to small and mediumsize domestic rms. In particular, these ndings support the claim that economies that provide a good regulatory environment for domestic rms tend to also provide a good one for foreign rms.
A FIRST LOOK AT THE LINK

There is certainly a correlation between the overall ease of doing business and FDI ows. Grouping economies by the Doing Business distance to frontier score for 2011,1 table 7.1 shows that those closest to the frontier in regulatory practice received substantially more FDI than those in the middle, which in turn received substantially more than those furthest from the frontier. Figure 7.1 demonstrates this
TABLE 7.1 Average FDI inows and stocks by tiers of economies grouped by their distance to frontier, 2011
Economies grouped by distance to frontier Top 10 Middle 10 Lowest 10 Average FDI inows (US$ millions) Average FDI stocks (US$ millions) Average distance to frontier (percentage points)
50,384 14,362 1,257
768,496 89,776 8,179
86.0 58.9 34.2
Note: The distance to frontier measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). Source: Doing Business database; United Nations Conference on Trade and Development, UNCTADstat database.
48
DOING BUSINESS 2013
FIGURE 7.1 Better overall regulation is correlated with more FDI inows per capita
Distance to frontier, 2011 (percentage points) 100
80
well. Using a data set of regulations specic to foreign investment, a study nds that the number of procedures required to start a foreign-owned business and the strength of the arbitration regime both have a signicant and robust effect on FDI.6 What about Doing Business? Using 4 years of Doing Business data, a recent study nds that a better Doing Business ranking is signicantly associated with larger FDI inows7strong support for the claim that higher Doing Business rankings are a broad indicator of an attractive investment climate. But the study is unable to nd evidence for smaller subsets of economies, such as for developing economies.8 Related research nds that business regulations as measured by Doing Business inuence the impact of FDI inows: economies with more effective regulations for starting a business benet more from the FDI ows that they receive.9
60
40
20
0 0 300 600 900 1,200 1,500 FDI inflows per capita, 2011 (US$)
Note: The distance to frontier measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). Sample includes 157 economies with positive 2011 FDI inows per capita of $1,500 or less. This includes all economies covered by Doing Business 2012 for which data are available, excluding outliers with negative inows or inows greater than $1,500 per capita. Dropping these outliers does not signicantly affect the trend line. Source: Doing Business database; United Nations Conference on Trade and Development, UNCTADstat database.
graphically, using a different measure of FDI: it shows that FDI inows per person in 2011 were higher for economies that were closer to the frontier. But these are simple statistical correlations looking at the relationship between performance on the distance to frontier measure and FDI at a particular point in time. What does more robust research say about the determinants of FDI ows?
RESEARCH ON FDI DETERMINANTS

A large body of research has looked at the question of what the key drivers of FDI are. One approach in the literature sees FDI as being market-seeking (driven by economy size and country location), efficiency-seeking (driven by human capital or infrastructure quality) or resource-seeking (driven by the availability of natural resources or other strategic assets). Numerous studies have measured the signicance of these and other explanatory variables.2 Many studies use a gravity model, which seeks to explain what causes FDI ows between 2 specic countries. This research conrms that such factors as
the size of the market and its growth prospects, distance to important markets, relative labor endowments and openness to trade tend to be important drivers of FDI. For example, the larger the market, the greater the scope for economies of scale in production and thus the greater the chances for producing at competitive prices. Economies in Central and Eastern Europe have received large inows of FDI over the past couple of decades because they are seen as entry points into the huge European market and also because they have relatively well-educated labor forces. The institutional and regulatory framework has also been shown to be an important determinant of FDI. One study nds that judicial independence and labor market exibility are signicantly associated with FDI inows, depending on the sector of the investment.3 Another nds that corruption is a signicant deterrent to FDI, having an effect comparable to the impact of substantial increases in the tax rate on foreign rms.4 Indirect taxes on foreign investors, which are higher than the direct foreign income taxes in many countries, also signicantly reduce FDI inows.5 Business regulations matter as
WHAT DO THE DATA TELL US?

To expand on this existing body of research, Doing Business conducted its own econometric analysis of the relationship between Doing Business indicators and FDI ows. The analysis generally follows the model established by an earlier study,10 considering the relationship between an economys performance on Doing Business indicators and total FDI inows from all other economies and taking into account differences in macroeconomic and governance conditions. But it also adds to prior analysis in several ways. It uses distance to frontier scores rather than economy rankings, as a more precise measure of how far business regulations are from the most efficient practice. Most specications use 1 year of distance to frontier scores to explain subsequent years of FDI inows, rather than panel data over time. The analysis considers differences in natural resource exports, and it covers a larger sample of between 145 and 160 economies across specications.11
DOES DOING BUSINESS MATTER FOR FOREIGN DIRECT INVESTMENT?
49
The basic model considers whether distance to frontier scores in 1 year are associated with total FDI inows in the following year. When taking into account differences in income, ination, population size, governance measures, openness to trade and exports of primary goods, the analysis nds signicant results: a better distance to frontier score is signicantly associated with larger inows of FDI. To account for potential uctuations in annual FDI ows, a different model examines the distance to frontier score for 2005 and average FDI inows for the subsequent 5 years, and nds similar results. When considering population and income levels, as well as when using several other model specications, the analysis nds a signicant positive association between the distance to frontier score and FDI inows. Other research has shown that Doing Business reforms are associated with greater domestic investment and GDP growth,12 supporting the general nding that reforms that improve the quality of the regulatory environment are positively associated with FDI inows. In general, these results need to be interpreted cautiously. Correlation of course does not imply causation. But the estimated magnitudes suggest that the laws, regulations and practices captured by Doing Business may have a strong inuence on FDI ows. Results suggest that for an economy with an average distance to frontier score, moving 1 percentage point closer to the frontier regulatory environment is associated with $250500 million more in annual FDI inows. These strong correlations, if upheld by further and more rened research, would have signicant policy implications: they suggest that relatively modest improvements in the regulatory environment could potentially attract substantial increases in foreign investment. Consider the example of Costa Rica. If causation is proven, the correlations suggest that improving its score by just a percentage pointto a regulatory environment comparable to that of Uruguaywould
FIGURE 7.2 Complexity and cost of starting a domestic business are strongly correlated with complexity of starting a foreign one
Complexity of starting a foreign business, 2010 (distance to frontier, percentage points) 100
80
60
40
20
0 20 40 60 80 100 Complexity and cost of starting a domestic business, 2010 (distance to frontier, percentage points)
Note: Figure plots the distance to frontier in starting a (domestic) business as measured by Doing Business and the distance to frontier in starting a foreign business as measured by Investing Across Borders. The distance to frontier measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). Scores are shown for the 92 economies for which Investing Across Borders collected data in 2010. Source: Doing Business database; Investing Across Borders database.
be associated with a 21% increase in its annual FDI inows.13
GOOD REGULATIONS ALL AROUND

The strong and statistically signicant relationship between FDI and the overall level of regulation as measured by Doing Business indicators supports the claim that Doing Business data reect more about the overall investment climate than what matters only to small and medium-size local rms. These ndings also support the more general claim that governments that regulate well in one area, such as domestic business, tend to also regulate well in other areas, such as foreign investment. For example, a working paper on transparency for this years report highlights the positive correlation between a transparent approach to governance in one regulatory area and efficient regulation in other areas.14 Comparing the Doing Business indicators with other measures of the regulatory environment also supports this perspective. For example, some Doing Business indicators are strongly correlated with
similar indicators from the Investing Across Borders project, which focuses on regulation of foreign direct investment.15 The correlation between the distance to frontier measures of the 2 sets of indicators is 57%. This general relationship also holds for comparable individual indicators from Doing Business and Investing Across Borders (gure 7.2). The correlation between the complexity and cost of starting a local company as measured by Doing Business and the complexity of starting a local subsidiary of a foreign rm as measured by Investing Across Borders is 81%.16 This correlation does not imply that the level of complexity is identical, howeverindeed, while it takes 8 procedures and 26 days on average to start a local business in the economies covered by Investing Across Borders, it takes 10 procedures and 41 days on average to start a foreign-owned company in those economies.
CONCLUSION
This case study presents evidence of a signicant correlation between the Doing Business indicators and ows of FDI.
50
DOING BUSINESS 2013
Although this does not imply causation, the ndings do support the claim that Doing Business reects more about the overall investment climate than what matters only to small and medium-size domestic rms. More denitive conclusions about the relationship between Doing Business indicators and FDI will require more rened research. One initial step could be to disaggregate FDI by sectorfor example, to compare the effect of business regulations on manufacturing FDI with their effect on resource extraction FDI. If such research supports the association between regulatory quality as measured by Doing Business and the size of FDI ows, government officials and business analysts will have even stronger justication for claims that better Doing Business rankings should attract more FDI.
doing business index, which ranks economies from 1 to 185. Another is the distance to frontier, which measures how far an economy is from the most efficient practice or highest score achieved by any economy since 2005 for each Doing Business indicator. This case study uses the distance to frontier measure to capture not only how an economy ranks relative to others but also how far it is from the most efficient business regulatory practices identied by Doing Business. For more details, see the chapter on the ease of doing business and distance to frontier.
2. For an overview of such studies, see, for
economies, noting that this smaller sample of economies is due to the use of an unbalanced panel.
12. See, for example, Eifert (2009); and
Haidar (2012).
13. These calculations were made using
distance to frontier scores for 2009 and data on FDI inows in 2010 from the United Nations Conference on Trade and Developments UNCTADstat database. The calculation for Costa Rica uses a lower-end estimate of $300 million in FDI ows being associated with a 1 percentage point difference in the distance to frontier score.
14. Geginat, Gonzalez and Saltane 2012. 15. The Investing Across Borders database
example, Blonigen and Piger (2011); and Hornberger, Battat and Kusek (2011).
3. Walsh and Yu 2010. 4. Wei 2000. 5. Desai, Foley and Hines 2003. 6. Wagl 2011. 7. Jayasuriya 2011. 8. This suggests that the results may be
NOTES
This case study was written by John Anderson and Adrian Gonzalez.
1. The Doing Business indicators can be
driven by differences between higherand lower-income economies, not by variation within groups of economies.
9. Busse and Groizard 2008. 10. Jayasuriya 2011. 11. Jayasuriya (2011) estimates the inuence
launched by the World Bank Group in 2010 presents indicators of FDI regulation across economies. The Investing Across Borders indicators referenced in this case study are based on data for 87 economies published in the 2010 Investing Across Borders report plus 5 additional economies for which data were collected but not included in that report.
16. This correlation is calculated between
aggregated in multiple ways to create composite measures of the investment climate. One approach is the ease of
of Doing Business rankings across 84
the distance to frontier in starting a business as measured by Doing Business and the distance to frontier in starting a foreign business as measured by Investing Across Borders, the same data as those shown in gure 7.2.
51
How transparent is business regulation around the world?

Nobel Prizewinning economist Amartya Sen wrote in 2009 that lack of transparency in the global nancial system was among the main factors contributing to the nancial crisis that began in 2008.1 Had there been greater disclosure of information, regulatory authorities could have more effectively monitored the explosive growth of increasingly sophisticated and opaque nancial instrumentsand the crisis might have been less severe. An institutional environment characterized by openness and transparency is of central importance not only for private markets but also for the effective and efcient management of public resources.2 Lack of transparency around the decisions made by policy makers and government officials can lead to resource misallocation as funds, rather than being directed toward their most productive ends, are instead captured for private gain. Lack of transparency can also undermine the credibility of those who are perceived as being its beneciaries and thus sharply limit their ability to gain public support for economic and other reforms. Access to information can empower citizens to monitor the quality of government services and the use of public resources. Because government markets are usually monopolistic, the consumers of public services have no exit option they cannot vote with their feet by going to a competitor for better services. Access to information is therefore critical if citizens are to exercise their voice in demanding greater accountability from public servants.3 The government of Uganda demonstrated this by having newspapers publish data on monthly transfers of school grants to local governments. By improving the ability of schools and parents to monitor how local officials handled the grants, the program reduced the share of grant funding lost to corruption from 80% to 20%.4 With more information, people can better evaluate different options and manage risks more effectively.5 How much can transparency and access to information affect the quality of the government services relevant for businesses? A sizable body of literature already attests to the importance of information in ensuring the quality of public services in such areas as health, sanitation and education.6 But thus far little attention has been paid to this role of information in the administrative branches of government that implement business regulation, such as company and property registries, building departments and power distribution utilities. Yet the World Bank Enterprise Surveys suggest that there is much room for improvement in service quality and accountability in business regulation. The companies surveyed report that in a typical week their senior managers spend on average 11% of their time dealing with government regulations. More than 50% of them disagree with the notion that regulations are implemented consistently and predictably. And whats worse, companies often have to pay a bribe to get things done. Worldwide, 19% of rms report having had to pay bribes in connection with their application for an operating license or electricity connection.7
It is in OECD high-income economies that businesses can expect the most consistently easy access to regulatory information through websites or printed brochures. Access to fee schedules for regulatory processes is most limited in Sub-Saharan Africa and the Middle East and North Africa, where it is more common to have to meet with an ofcial to obtain this information. The accessibility of regulatory information varies with income level and internet penetration, but resources are not the only explanation. Access to regulatory information is easier in economies that are characterized by greater political accountability and that guarantee greater political and civil rights. Economies providing greater access to regulatory information tend to have more efcient regulatory processes and lower regulatory compliance costs.
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DOING BUSINESS 2013
About two-thirds of these are small or medium-size rms. This years report presents new data that speak to the efforts at transparency made by government agencies tasked with implementing business regulation. The data capture how governments make basic regulatory information such as fee schedules available to businesses. Because agencies in many developing economies may be unable to rely on online solutions, the data also consider other ways of making information available, such as brochures and notice boards (see box 8.1 for a description of the new data and the Doing Business website for detailed data at the economy level).8
such as fee schedules for their services. In only 25% of economies do all 4 agencies make fee schedules easily accessible through their websites or through brochures or notice boards. These are mostly higher-income economies, but they also include low- and lower-middle-income economies such as Armenia, Burkina Faso, El Salvador, Georgia and Tanzania. Around the world company registries are most likely to make information available online or through brochures or notice boards, and building departments least likely to do so (gure 8.1). On the brighter side, in only 7 of 176 economies do all 4 of these agencies require that customers meet with an official to obtain fee schedules. Access to fee schedules is most limited in Sub-Saharan Africa and the Middle East and North Africa. Of the 7 economies globally where fee schedules cannot be obtained from any of the agencies surveyed without meeting with an official, 6
FIGURE 8.1 Which agencies are more likely to make information accessible?
Share of economies where agency makes fee schedules easily accessible (%) 79
64 56 53
Company registry
Property registry
Distribution Building utility department
HOW TRANSPARENT IS BUSINESS REGULATION?

Company registries, property registries, building departments and power distribution utilities in too many economies make it difficult to access basic information
BOX 8.1 HOW IS THE ACCESSIBILITY OF REGULATORY INFORMATION MEASURED? The new data on the accessibility of regulatory information, collected between January and August 2012, measure how easy it is to access fee schedules for 4 regulatory processes in the largest business city of an economy: incorporating a new company, obtaining a building permit, connecting a business to electricity and transferring property. Fee schedules are considered easily accessible if they can be obtained either through the website of the relevant agency or through public notices (brochures or notice boards) available at that agency or a related one, without a need to meet with an official. They are considered not easily accessible if they can be obtained only by meeting with an official. For incorporation fees the relevant agency is the company registry; for building permit fees, the building department; for electricity connection fees, the distribution utility or electricity regulator; and for property transfer fees, the property registry. For each regulatory area, economies where information is easily accessible are assigned a score of 1; those where information is not easily accessible are assigned a score of 0. Computed as a simple average of the scores for these 4 areas, an aggregate accessibility of information index is constructed for a sample of 176 economies for which the data are available for all 4 (see table). The index illustrates how consistent governments are in their transparency efforts across different agencies and branches of government. Sample sizes for accessibility of information data
Measure Accessibility of information on incorporation fees Accessibility of information on building permit fees Accessibility of information on electricity connection fees Accessibility of information on property transfer fees Accessibility of information index Sample
are in Sub-Saharan Africa and the other in the Middle East and North Africa.9 On average in these regions businesses are unable to nd fee schedules online or in a brochure for 2 of the 4 agencies. But there are notable exceptions. In SubSaharan Africa, Burkina Faso, Mauritius, South Africa and Tanzania guarantee easy access to information in all 4 regulatory areas. In the Middle East and North Africa, Oman and the United Arab Emirates provide the easiest access: in both these countries 3 of the 4 agencies provide information without a need for a meeting with an official. Businesses can expect consistently easy access to information in OECD highincome economies. More than 60% of these economies make it easy to access information in all 4 regulatory areas covered by the new data. In Australia, Belgium, Denmark, Finland, Sweden and the United States, for example, company registries, property registries, building departments and power distribution utilities all make fee schedules associated with their services available on the internet or through brochures. Greece, Hungary and Luxembourg are the only OECD high-income economies where businesses still have to meet with an official at 2 of the 4 agencies to get this information.
185 economies 176 economies 185 economies 185 economies 176 economies
HOW TRANSPARENT IS BUSINESS REGULATION AROUND THE WORLD?
53
FIGURE 8.2 Accessibility of regulatory information varies with economies income level and internet penetration
Accessibility of information index High 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 Low 0 Low income Lower middle income Upper middle income High income 50 57 50 0 43 20 60 10 40 73 27 Internet users (% of population) 60 50 40 30
Economies where fee schedules are available through brochures (%) Economies where fee schedules are available through websites (%) Internet users
Note: For an explanation of the accessibility of information index, see box 8.1. Relationships are signicant at the 5% level after controlling for income per capita. Source: Doing Business database; World Bank, World Development Indicators database (2008 data).
taken into account, economies with easy access to regulatory information are more likely to be democratic, to be generally more transparent and to guarantee greater political and civil rights (gure 8.3). Governments that provide greater transparency in their business regulatory environment are also more transparent in other areas. To take 2 examples, they disclose more budgetary information (as measured by the Open Budget Index of the International Budget Partnership), and they make greater efforts to publicize laws and make them comprehensible to the wider public (as measured by the Rule of Law Index of the World Justice Project).10
MORE INFORMATION, BETTER BUSINESS REGULATION?

Greater access to regulatory information is also associated with more efficient regulatory processes. Economies that make fee schedules consistently easy to access rank higher on the ease of doing businessand they keep regulatory compliance costs for rms signicantly lower. Take the cost of starting a business. The global average is a signicant 31% of income per capita. Entrepreneurs in lowerincome economies face even higher costs, reaching 87% of income per capita in Sub-Saharan Africa. But regardless of income levels, official incorporation fees
WHO MAKES REGULATORY INFORMATION EASY TO ACCESS?

The accessibility of regulatory information varies with income level and internet penetration: low-income economies have the least regulatory transparency on average, and high-income economies the most (gure 8.2). In OECD high-income economies the accessibility of regulatory information as measured by Doing Business is 38% higher than the average for the sample. Is the reason simply that richer economies have more resources to invest in online solutions and in other ways to make information easily accessible to the public? Variation within income groups suggests that making information easily accessible may not be entirely a question of resources; for many governments it may also be a question of choice. Tanzania, a low-income economy, makes more information easily accessible than such highincome economies as Greece, Kuwait and the United Arab Emirates. Cape Verde and Georgia, two lower-middle-income economies, also have higher accessibility levels than some richer economies. Moreover, as gure 8.2 illustrates, there
are multiple ways in which governments can share information with the public. Where internet access might be difficult, for example, information can be distributed though brochures and notice boards. Low-income economies such as Burkina Faso and Tanzania show that brochures can be an effective means of creating more transparency around regulatory information. The new data show that even when differences in income per capita are
FIGURE 8.3 Access to regulatory information is greater where democracy and political rights are greater
More political rights Moderate access (53)
High access (44)
Low access (72) No access (7) Fewer political rights Less democratic
More democratic
Note: The 176 economies in the sample are divided into 4 groups based on the accessibility of information index, and averages are taken for the economies in each group on institutionalized democracy ratings (for 2012) and political rights ratings (for 2010). Numbers in parentheses are the number of economies in each group. Relationships are signicant at the 5% level after controlling for income per capita. Source: Freedom House 2012; Center for Systemic Peace, Integrated Network for Societal Conict Research; Doing Business database.
54
DOING BUSINESS 2013
FIGURE 8.4 Incorporation and electricity connection fees are lower in economies with greater disclosure of fee schedules and structures
Average cost to start a business (% of income per capita)
FIGURE 8.5 Greater access to regulatory information is associated with greater trust in regulatory quality
Regulatory quality High 1.5 High access 1.0
52 0.5 No access 0 26 -0.5 Low -1.0 Economies by accessibility of regulatory information Economies where fee schedules are easily accessible Economies where fee schedules are not easily accessible
Note: The 176 economies in the sample are divided into 5 groups based on the accessibility of information index, and averages are taken for the economies in each group on the Regulatory Quality Index ranking of the Worldwide Governance Indicators for 2009. The Regulatory Quality Index, ranging from -2.5 (weak) to 2.5 (strong), measures public perception of governments ability to formulate and implement sound policies. Relationships are signicant at the 5% level after controlling for income per capita. Source: World Bank, Worldwide Governance Indicators; Doing Business database.
Average cost to connect to electricity (% of income per capita) 2,351
access. Similar results were found for the fees to register property and to obtain a construction permit. Moreover, access to basic regulatory information is also positively associated with the trust the public places in its government. Where regulatory information is more consistently accessible, businesses perceive their government as being better able to formulate and implement sound policies and regulations that permit and promote private sector development (gure 8.5).
1,148
to newspaper reports on drops in food production and ood damage to crops is more pronounced where elections loom close, political competition is strong and voter turnout high.14 In short, information is more powerful when it is complemented by incentives that hold officials accountable. The data and analysis presented here suggest that easier access to regulatory information such as fee schedules is associated with greater regulatory efciency, lower compliance costs and better regulatory quality for businesses. This seems to conrm the ndings of others who have shown that more transparency and better-quality government tend to go hand in hand.15 The correlations cannot answer the question whether greater transparency might lead to better governments or whether better governments might also simply be more transparent. Yet it seems that improving transparency could at least be a good start in increasing the accountability of public agencies charged with implementing regulations. Only when citizens have access to information do they also have a chance to act on the
Economies where fee schedules are easily accessible
Economies where fee schedules are not easily accessible
Note: Fee schedules are considered easily accessible if they can be obtained through the website of the relevant authority or another government agency or through public notices, without a need for a meeting with an ofcial. The data sample includes 185 economies. Relationships are signicant at the 5% level after controlling for income per capita. Source: Doing Business database.
CONCLUSION
A growing body of empirical research suggests that while transparency alone might not be enough to increase government accountability, it is certainly necessary.12 A study of Brazilian municipalities shows that mayors are less corrupt where citizens can gain access to municipal budget reports, but only in the municipalities where electoral rules stipulate the possibility for reelection of a mayor. Where mayors cannot be reelected, access to budgetary information has no effect in reducing corruption.13 Similarly, a study in India found evidence that local governments responsiveness
tend to be signicantly lower in economies where fee schedules are easily accessible (gure 8.4).11 Starting a business costs 26% of income per capita on average in economies where fee schedules are publicly available, but 52% where they are not. Similarly, getting a new electricity connection costs more than twice as much in economies where information on the connection fees is more difficult to
HOW TRANSPARENT IS BUSINESS REGULATION AROUND THE WORLD?
55
information and use it to pressure for greater accountability of public agents. The effort appears to be worth making, and as the data here show, it need not always be costly. Sometimes printing a simple brochure might be enough.
7. In addition, research suggests that
13. Ferraz and Finan 2011. 14. Besley and Burgess 2002. 15. See, for example, Islam (2006); and
enterprise surveys in corrupt countries tend to understate the gravity of the corruption problem. Jensen, Li and Rahman (2010) nd that enterprises in countries with less press freedom are more likely to provide no responses or false responses on the issue of corruption. Corruption is understated in such countries.
8. Fee schedules are generally made
NOTES
This case study was written by Carolin Geginat.
1. Amartya Sen, Adam Smiths Market
Never Stood Alone, Financial Times, March 11, 2009, http://www.ft.com/.

2. Hirschman 1970; Paul 1992; Stiglitz
available by implementing agencies and are not part of national legislation. The accessibility of this type of regulatory information therefore speaks directly to the openness and transparency efforts of particular government agencies.
9. These economies are Botswana, the
2003; Kaufmann 2003.

3. Exit and voice are terms introduced by
Hirschman (1970) in his discussion on how consumers can respond to poorquality provision of goods and services.
4. Reinikka and Svensson 2005. 5. Akerlof 1970; Stiglitz and Weiss 1981;
Republic of Congo, Equatorial Guinea, Eritrea, Gabon and Mauritania in SubSaharan Africa and Iraq in the Middle East and North Africa.
10. Geginat, Gonzalez and Saltane 2012. 11. The correlations were calculated on the
Williams (2009). Islam (2006) nds that governments that are timelier in releasing important political and macroeconomic data also rank better on various measures of good governance. Using Granger causality regressions, Williams (2009) shows that the release of information by governments has a positive short-term effect on the quality of bureaucracy. The analysis uses data similar to those employed by Islam (2006) as well as measures of corruption, the size of government and education, along with trade variables as control variables.
Hirshleifer 1980; Stigler 1971.

6. See, for example, World Bank (2004);
Reinikka and Svensson (2005); Deininger and Mpuga (2005); and Besley and Burgess (2002).
basis of official regulatory compliance costs only. Bribes that might have to be paid as well in some economies are not captured by the cost estimates.
12. See Olken (2007); Besley and Burgess
(2002); and Ferraz and Finan (2011).
56
Starting a business
Starting a business is easiest in New Zealand, where it takes 1 procedure, 1 day, less than 1% of income per capita and no paid-in minimum capital. From June 2011 to June 2012 Doing Business recorded 36 reforms making it easier to start a business. Burundi made the biggest improvement in the ease of starting a business in the past year. Madagascar is among the economies advancing the furthest toward the frontier in regulatory practice in starting a business since 2005. Simplifying company registration formalities was the most common feature of business start-up reforms in the past 8 years. Among regions, Eastern Europe and Central Asia has improved the business start-up process the most since 2005. For more information on good practices and research related to starting a business, visit http://www .doingbusiness.org/data/ exploretopics/starting-a-business. For more on the methodology, see the section on starting a business in the data notes.
Entrepreneurs around the world face a range of challenges. One of them is inefficient regulation. Doing Business measures the procedures, time, cost and paid-in minimum capital required for a small or medium-size limited liability company to start up and formally operate. To make the data comparable across 185 economies, Doing Business uses a standardized business that is 100% domestically owned, has start-up capital equivalent to 10 times income per capita, engages in general industrial or commercial activities and employs between 10 and 50 people within the rst month of operations. According to a recent review, evidence from several studies shows that reforms making it easier to start a formal business are associated with increases in the number of newly registered rms and sustained gains in economic performance, including improvements in employment and productivity.1 For example, in both Canada and the United States empirical research nds that economic growth is driven by the entry of new formal businesses rather than by the growth of existing rms.2 In Mexico the number of registered businesses increased by 5% and employment by 2.2% after business registration was simplied in different municipalities.3
WHO REFORMED IN STARTING A BUSINESS IN 2011/12?

In 2011/12, 36 economies made it easier to start a business (table 9.1). Five others made the process more difficult. Among those making it easier, some created online
TABLE 9.1 Who made starting a business easier in 2011/12and what did they do?
Feature Simplied registration formalities (seal, publication, notarization, inspection, other requirements) Economies Some highlights
Albania; Benin; Bulgaria; Burundi; China; Colombia; Comoros; Democratic Republic of Congo; Republic of Congo; Lesotho; FYR Macedonia; Netherlands; Romania; Slovak Republic; Tanzania; Togo; Ukraine; Uzbekistan; Vietnam Kazakhstan; Kosovo; Mexico; Mongolia; Morocco; Norway; Serbia Burundi; Chad; Guinea; Lao PDR; Lesotho; Madagascar; Thailand Costa Rica; Sri Lanka; United Arab Emirates
Albania made the notarization of incorporation documents optional, cutting procedures by 1, time by 1 day and cost by 7% of income per capita. The Netherlands eliminated the requirement for a declaration of nonobjection before incorporation, cutting procedures by 1, time by 3 days and cost by 91. Mexico eliminated its minimum capital requirement for limited liability companies. Norway reduced its requirement by 70%. Guinea created a one-stop shop for business start-up, cutting 6 procedures and 5 days from the start-up process. Sri Lanka computerized and expedited the process of obtaining registration numbers with the Employees Provident Fund and Employees Trust Fund. This cut time by 29 days. Ireland introduced an online facility for business registration, reducing time by 3 days and cost by a third.
Abolished or reduced minimum capital requirement Created or improved one-stop shop Cut or simplied postregistration procedures (tax registration, social security registration, licensing) Introduced or improved online procedures
Ireland; Lithuania
STARTING A BUSINESS
57
FIGURE 9.1 Burundi made starting a business easier in 2011/12 by setting up a one-stop shop
Time (days) 14 12 10 8 6 4 2 0 1 2 3 4 5 Procedures 6 7 8 Changes in 2011/12 eliminated 4 procedures, cut time by 5 days and reduced cost by 98.4% of income per capita Before one-stop shop After one-stop shop
have abolished the paid-in minimum capital requirement (gure 9.3). In 2005 only 2 low-income economies made it easier to start a business. Seven years later 9 did so. As a result, today 2 low- or lower-middle-income economies rank among the top 10 globally on the ease of starting a business (table 9.2). Madagascar is among the economies advancing furthest toward the frontier in regulatory practice in starting a business since 2005 (table 9.3). This is thanks to 6 reforms making business start-up easier. The country set up a one-stop shop and improved its services over time. It also simplied registration formalities and the publication requirement. Finally, it reduced and then progressively eliminated the paid-in minimum capital requirement. Other economies also made steady progress over time: Guinea-Bissau and Tajikistan both implemented a one-stop shop and simplied business registration procedures. Introducing information and communication technology has been a common feature of start-up reforms, and today 106 economies use it for services ranging from name search to full online business registration. Of these, more than 40 offer electronic registration services. Several economies with the fastest business start-up offer electronic
services and standard registration documents, which go a long way in facilitating swift and legally sound incorporation. Lithuania introduced an online facility for business registration. Sri Lanka computerized and expedited the process of obtaining registration numbers with the social security agencies. Other economiesincluding Mongolia and Serbiaeliminated the paid-in minimum capital requirement. Norway reduced it. To encourage entrepreneurship among youth, Italy created a new type of limited liability company with a simplied incorporation process for people under age 35. Now it is working to extend this option to all entrepreneurs.
Globally, Burundi improved the most in the ease of starting a business in the past year. The government reduced tax registration costs and created a one-stop shop at the Burundi Revenue Authority, bringing together representatives from several agencies involved in the business start-up process (gure 9.1).
WHAT HAVE WE LEARNED FROM 8 YEARS OF DATA?

In the past 8 years Doing Business recorded 368 business registration reforms in 149 economies (gure 9.2). Globally since 2005, the average time to start a business has fallen from 50 days to 30and in low-income economies the average has been reduced by half. Many economies
FIGURE 9.2 Sub-Saharan Africa and Eastern Europe & Central Asia still lead in start-up reforms
Number of Doing Business reforms making it easier to start a business by Doing Business report year
Sub-Saharan Africa (46 economies) Eastern Europe & Central Asia (24 economies) Latin America & Caribbean (33 economies) OECD high income (31 economies) East Asia & Pacific (24 economies) Middle East & North Africa (19 economies)
3 9 5 9 6
10 10 9 8 4 3 3 4 9 4
12 8 6 8 7 6 9 9 8
14 8 11 10 6 9 3 6 5 6 2
16 9 8 3
7 10
15 10
11 DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 DB2012 DB2013
4 4
4 4
South Asia (8 economies) 212 2 3 211
10
20
30
40
50
60
70
80
90
Note: An economy can be considered to have only 1 Doing Business reform per topic and year. The data sample for DB2006 (2005) includes 174 economies. The sample for DB2013 (2012) also includes The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Malta, Montenegro and Qatar, for a total of 185 economies. Source: Doing Business database.
58
DOING BUSINESS 2013
FIGURE 9.3 Worldwide, big cuts in the time and paid-in minimum capital requirement to start a business
Average time to start a business (days)
OECD high income DB2013 DB2006 Eastern Europe & Central Asia DB2013 DB2006 South Asia DB2013 DB2006 Middle East & North Africa DB2013 DB2006 East Asia & Pacific DB2013 DB2006 Sub-Saharan Africa DB2013 DB2006 Latin America & Caribbean DB2013 DB2006 0 10 20 30 40 50 60 70 80
TABLE 9.2 Where is starting a business easiestand where most difcult?

Easiest New Zealand Australia Canada Singapore Macedonia, FYR Hong Kong SAR, China Georgia Rwanda Belarus Ireland RANK Most difcult Cte dIvoire Iraq Suriname West Bank and Gaza Congo, Rep. Chad Equatorial Guinea Eritrea Haiti Djibouti RANK
1 2 3 4 5 6 7 8 9 10
176 177 178 179 180 181 182 183 183 185
Share of economies with no paid-in minimum capital requirement (%)

OECD high income DB2013 DB2006 Eastern Europe & Central Asia South Asia Middle East & North Africa East Asia & Pacific DB2013 DB2006 DB2013 DB2006 DB2013 DB2006 DB2013 DB2006
Note: Rankings are the average of the economys rankings on the procedures, time, cost and paid-in minimum capital for starting a business. See the data notes for details. Economies shown with the same number are tied in the ranking. Source: Doing Business database.
TABLE 9.3 Who has narrowed the distance to frontier in starting a business the most since 2005?
Improvement in distance to frontier (percentage points)
Most improved Guinea-Bissau Yemen, Rep. 0 15 30 45 60 75 Tajikistan Angola Madagascar Saudi Arabia Egypt, Arab Rep.
DB2013 Sub-Saharan Africa DB2006 DB2013 Latin America & Caribbean DB2006
63 (063) 57 (1774) 55 (3085) 53 (760) 52 (4395) 50 (3181) 46 (4288) 45 (1661) 41 (2667) 41 (4081)
Note: To ensure an accurate comparison, the gure shows data for the same sample of 174 economies for both DB2006 (2005) and DB2013 (2012) and uses the regional classications that apply in 2012. The economies added to the Doing Business sample after 2005 and therefore excluded here are The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Malta, Montenegro and Qatar. DB2006 data are adjusted for any data revisions and changes in methodology. Source: Doing Business database.
registrationNew Zealand, Australia, Singapore, Canada, Portugal, Denmark and Estonia (table 9.4). And online services are increasingly being offered in developing economies. Eighty-eight economies have some sort of one-stop shop for business registration, including the 58 that established
or improved theirs in the past 8 years. Ninety-one economies require no paid-in minimum capital, and many others have lowered the requirement. The average paid-in minimum capital requirement has fallen from 183% of income per capita to only 44% since 2005.
Timor-Leste Mali Mozambique
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005in this case for the starting a business indicators. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. The rst column lists the top 10 most improved economies in order; the second shows the absolute improvement in the distance to frontier between 2005 and 2012. Source: Doing Business database.
STARTING A BUSINESS
59
TABLE 9.4 Who makes starting a business easyand who does not?
Procedures (number) Cost (% of income per capita)
NOTES
Most
Fewest
Canada New Zealand Australia Georgia Kyrgyz Republic Macedonia, FYR Madagascar Rwanda Slovenia Armenia
Most 1 1 2 2 2 2 2 2 2 3
Honduras Suriname Algeria Argentina Bolivia Brunei Darussalam Uganda Philippines Venezuela, RB Equatorial Guinea
Least 13 13 14 14 15 15 15 16 17 18
Slovenia Denmark Ireland South Africa Canada New Zealand Sweden Singapore Kazakhstan Australia
0.0 0.2 0.3 0.3 0.4 0.4 0.5 0.6 0.6 0.7
Cte dIvoire Ethiopia Micronesia, Fed. Sts. Comoros Djibouti Gambia, The Central African Republic Chad Congo, Dem. Rep. Haiti
130.0 135.3 144.2 150.0 150.7 158.7 172.6 202.0 284.7 286.6
This topic note was written by Karim O. Belayachi, Paula Garcia Serna, Hussam Hussein and Frdric Meunier.
1. Motta, Oviedo and Santini 2010. 2. Klapper and Love 2011b. 3. Bruhn 2011.
Time (days)
Paid-in minimum capital
Fastest
New Zealand Australia Georgia Macedonia, FYR Hong Kong SAR, China Rwanda Singapore Albania Belgium Canada
Slowest 1 2 2 2 3 3 3 4 4 5
Zimbabwe Lao PDR Timor-Leste Brunei Darussalam Haiti Brazil Equatorial Guinea Venezuela, RB Congo, Rep. Suriname
Most 90 92 94 101 105 119 135 144 161 694

Chad Guinea Mauritania Mali Guinea-Bissau Burkina Faso Togo Djibouti
Central African Republic
% of income per capita 289 325 328 332 338 354 366 384 444 573
US$ 1,997 1,428 3,279 2,025 2,028 2,017 2,047 5,627 2,087 2,062
Niger
Note: Ninety-one economies have no paid-in minimum capital requirement. Source: Doing Business database.
60
Dealing with construction permits

Dealing with construction permits is easiest in Hong Kong SAR, China, where it takes 6 procedures and 67 days to complete this process. From June 2011 to June 2012 Doing Business recorded 20 reforms making it easier to deal with construction permits. Taiwan, China, made the biggest improvement in the ease of dealing with construction permits in the past year. FYR Macedonia has advanced the furthest toward the frontier in regulatory practice in construction permitting since 2005. Among regions, Eastern Europe and Central Asia has made the biggest improvements in the ease of dealing with construction permits since 2005. Introducing or improving onestop shops was among the most common features of construction permitting reforms in the past 8 years.
Construction regulation matters for public safety. If procedures are too complicated or costly, builders tend to proceed without a permit.1 By some estimates 6080% of building projects in developing economies are undertaken without the proper permits and approvals.2 Construction regulation also matters for the health of the building sector and the economy as a whole. According to a recent study, the construction industry accounts on average for 6.5% of GDP in OECD economies.3 Good regulations help ensure the safety standards that protect the public while making the permitting process efficient, transparent and affordable. To measure the ease of dealing with construction permits, Doing Business records the procedures, time and cost required for a small to medium-size business to obtain all the necessary approvals to build a simple commercial warehouse and connect it to water, sewerage and a xed telephone line (table 10.1). The case study includes all types of inspections and certicates needed before, during and after construction of the warehouse. To make the data comparable across 185 economies, the case study assumes that the warehouse is located in the periurban area of the largest business city, is not in a special economic or industrial zone and will be used for general storage activities.
TABLE 10.1 Where is dealing with construction permits easiest and where most difcult?
Easiest Hong Kong SAR, China Singapore Georgia Marshall Islands St. Vincent and the Grenadines New Zealand Bahrain Denmark Taiwan, China Grenada RANK Most difcult Montenegro Azerbaijan Russian Federation Serbia Tajikistan China India Ukraine Albaniaa Eritreaa RANK
1 2 3 4 5 6 7 8 9 10
176 177 178 179 180 181 182 183 185 185
Note: Rankings are the average of the economys rankings on the procedures, time and cost to comply with formalities to build a warehouse. See the data notes for details. a. Albania and Eritrea are both no practice economies with barriers preventing private builders from legally obtaining a building permit. They are tied in the ranking. Source: Doing Business database.
For more information on good practices and research related to dealing with construction permits, visit http://www.doingbusiness .org/data/exploretopics/dealingwith-construction-permits. For more on the methodology, see the section on dealing with construction permits in the data notes.
longer and costlier. East Asia and the Pacic, Latin America and the Caribbean, OECD high-income economies and SubSaharan Africa had the largest number making it easier, all with 4, followed by Eastern Europe and Central Asia with 3 and South Asia with 1. The Middle East and North Africa implemented no major regulatory improvements in the area of dealing with construction permits in 2011/12. Taiwan, China, made the biggest improvement in the ease of dealing with construction permits in the past year (gure 10.1). By early 2012 the city of Taipei had nished implementing a single window for preconstruction approvals and
WHO REFORMED IN DEALING WITH CONSTRUCTION PERMITS IN 2011/12?

From June 2011 to June 2012 Doing Business recorded 20 reforms making it easier to deal with construction permits (table 10.2). Six others made the process
DEALING WITH CONSTRUCTION PERMITS
61
TABLE 10.2 Who made dealing with construction permits easier in 2011/12 and what did they do?
Feature Streamlined procedures Economies Some highlights
TABLE 10.3 Who makes dealing with construction permits easy and who does not?
Procedures (number)
Burundi; China; Burundi eliminated the requirement to obtain a clearance Costa Rica; from the Ministry of Health and reduced the cost of the Netherlands; Panama; geotechnical study. Peru; Portugal; Russian Federation Benin; Burundi; Greece; India; Malaysia; Norway; Portugal Brunei Darussalam; Malaysia; Taiwan, China Republic of Congo; Guinea; Montenegro Costa Rica; Netherlands Guatemala; Turkey India implemented strict time limits at the municipality for processing building permits.
Fewest
Hong Kong SAR, China New Zealand St. Lucia Sweden
Most 6 6 7 7 8 8 8 8 8 8a
Azerbaijan Guinea Philippines Poland Kazakhstan Czech Republic El Salvador India Malaysia Russian Federation
28 29 29 29 32 33 33 34 37 42
Reduced time for processing permit applications Introduced or improved one-stop shop Reduced fees Improved electronic platforms or online services Introduced risk-based approvals
Taiwan, China, introduced a risk-based, self-regulatory inspection system and improved operational features of its one-stop shop for building permits. The Republic of Congo reduced the cost of rst-time registration of the building. The Netherlands merged several types of approvals and implemented online application systems. Guatemala introduced a risk-based approval system for building permits.
Colombia Denmark Jamaica Spain St. Vincent and the Grenadines Thailand
Time (days)
Fastest
Slowest 26 27 29 43 46 46 54 62 66 67
Mozambique Venezuela, RB Barbados Suriname Brazil Cte dIvoire Zimbabwe Cambodia Cyprus Haiti
another for postconstruction approvals in its one-stop shop. In addition, authorities issued new rules on private inspections. These allow builders to perform inspections during the construction of lowerrisk commercial buildings with fewer than 5 oors. The changes eliminated 14 procedures and 31 days from the process of dealing with construction permits.
making it easier to deal with construction permits (gure 10.2). Eastern Europe and Central Asia had the most, with 39, followed by Sub-Saharan Africa (33), Latin America and the Caribbean (22), OECD high-income economies (22), East Asia and the Pacic (16), the Middle East and North Africa (13) and South Asia (1). Economies in Eastern Europe and Central Asia have achieved the biggest time savings since 2005, reducing the time to deal with construction permits by 88 days on average (gure 10.3).
Singapore United States Korea, Rep. Bahrain Colombia United Arab Emirates Vanuatu Qatar Finland Hong Kong SAR, China
377 381 416 461 469 475 614 652 677 1,129

In the past 8 years 83 economies around the world implemented 146 reforms
Cost (% of income per capita)
Least
Qatar Brunei Darussalam Trinidad and Tobago
Most 1.1 4.0 5.3 5.4 5.7 7.3 7.6 7.6 8.2 8.3
Congo, Dem. Rep. Niger Zambia Burundi Djibouti Mauritania Kosovo Afghanistan Zimbabwe Chad
1,582.7 1,612.8 1,679.1 1,911.9 2,023.6 2,796.6 2,986.0 4,308.6 4,423.4 5,106.8
FIGURE 10.1 Taiwan, China, made dealing with construction permits faster and easier
Time (days) 140 120 100 80 60 40 20 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Procedures 2011
14 procedures eliminated 31 days saved
St. Kitts and Nevis Hungary Slovak Republic Palau Dominica Maldives
Improving the one-stop shop and introducing private inspections cut procedures and time
Barbados
a. Five other economies also have 8 procedures for dealing with construction permits: Belize, Grenada, Guyana, Maldives and the Marshall Islands.
2012
62
DOING BUSINESS 2013
FIGURE 10.2 Eastern Europe and Central Asia keeps up its fast pace in construction permitting reforms
Number of Doing Business reforms making it easier to deal with construction permits by Doing Business report year
Eastern Europe & Central Asia (24 economies)
TABLE 10.4 Who has narrowed the distance to frontier in dealing with construction permits the most since 2005?
6 6 4 11
5 3 4 3 7 4 4
10 5
5 4
DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 DB2012 DB2013 Kyrgyz Republic Tajikistan Burkina Faso Nigeria Most improved Macedonia, FYR
Sub-Saharan Africa 3 5 (46 economies) Latin America & Caribbean (33 economies) 1 2 2 2 OECD high income (31 economies) East Asia & Pacific (24 economies) Middle East & North Africa (19 economies) South Asia (8 economies)
46 (3682) 42 (3981) 41 (1152) 39 (4382) 34 (4478) 31 (6192) 30 (4575) 30 (6797) 26 (5177) 26a (5379)
4 1 2 2 3 1 1 0 5
5 3 7
4 1 2 4
2 11 11
10
15
20
25
30
35
40
45 Georgia Equatorial Guinea Hong Kong SAR, China
Among the most difficult changes to implement is the introduction or improvement of a one-stop shop. Construction approval systems usually involve many different agencies. To prevent overlap in their roles and ensure efficiency, many economies have opted to put representatives from many agencies in a single
location. These one-stop shops improve the organization of the review process not by reducing the number of checks needed but by better coordinating the efforts of the agencies involved. In the past 8 years 18 regulatory reforms were implemented to set up or improve onestop shops, including the efforts made
Guatemala So Tom and Prncipe
FIGURE 10.3 Biggest time savings in Eastern Europe and Central Asia
Average time to deal with construction permits (days)
OECD high income DB2013 DB2006 East Asia & Pacific DB2013 DB2006 Middle East & North Africa DB2013 DB2006 Sub-Saharan Africa DB2013 DB2006 South Asia DB2013 DB2006 Eastern Europe & Central Asia DB2013 DB2006 Latin America & Caribbean DB2013 DB2006 0 50 100 150 200 250 300
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005in this case for the dealing with construction permits indicators. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. The rst column lists the top 10 most improved economies in order; the second shows the absolute improvement in the distance to frontier between 2005 and 2012. a. The Democratic Republic of Congo and Croatia also have an improvement of 26 percentage points. Source: Doing Business database.
by Brunei Darussalam, Malaysia and Taiwan, China, in 2011/12. The 2 regions with the most such reforms are East Asia and the Pacic (with 5) and Eastern Europe and Central Asia (with 5). Introducing risk-based approval systems is also a complex yet important change. Not all building projects are associated with the same economic or environmental risks. It therefore makes sense to differentiate construction permitting processes to treat buildings according to their risk level and location. This saves time for both entrepreneurs and authorities and allows them to direct their efforts and resources more efficiently. Seventeen regulatory reforms introduced risk-based approvals
Before construction (including building permit) During and after construction, utility connections
Note: To ensure an accurate comparison, the gure data includes172 practice economies for both DB2006 (2005) and DB2013 (2012) and uses the regional classications that apply in 2012. The economies added to the Doing Business sample after 2005 and therefore excluded here are The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Malta, Montenegro and Qatar. DB2006 data are adjusted for any data revisions and changes in methodology. Source: Doing Business database.
63
in the past 8 years, including those in Guatemala and Turkey in 2011/12. Eastern Europe and Central Asia led the way with 7 such reforms, followed by Latin America and the Caribbean with 4. Many economies have gone particularly far in closing the gap with the most efcient regulatory systems for dealing with construction permits, such as those in Hong Kong SAR, China, and Georgia (table 10.3). Those making the greatest progress toward the frontier in regulatory practice in this area have been able to do so thanks to a continual effort to
improve regulations. FYR Macedonia has advanced the furthest toward this frontier since 2005 (table 10.4). Authorities in Skopje implemented 4 reforms making it easier to deal with construction permits, including passing new construction laws, privatizing part of the inspection process and reducing several fees. The changes made a difference for builders in FYR Macedonia. In 2005 complying with all regulatory requirements for constructing the standard warehouse took 20 procedures and 244 days and cost the equivalent of 2,439% of income
per capita. Today it takes 10 procedures and 117 days and costs 518% of income per capita.
NOTES
This topic note was written by Marie Lily Delion, Anastasia Shegay, Alejandro Espinosa-Wang and Yucheng Zheng.
1. Moullier 2009. 2. De Soto 2000. 3. OECD 2010.
64
Getting electricity
Getting an electricity connection is easiest in Iceland, where it takes 4 procedures and 22 days. From June 2011 to June 2012 Doing Business recorded 13 reforms making it easier to get electricity. Armenia made the biggest improvement in the ease of getting electricity in the past year. Vanuatu and The Gambia have advanced the furthest in narrowing the gap with the most efcient regulations governing electricity connections since 2010. Sub-Saharan Africa, the region where improvements are most needed, leads in the number of reforms making electricity regulations more business-friendly. For more information on good practices and research related to getting electricity, visit http://www. doingbusiness.org/data/exploretopics/ getting-electricity. For more on the methodology, see the section on getting electricity in the data notes.
Infrastructure services, particularly electricity, are a concern for businesses around the world. World Bank Enterprise Surveys show that managers in 109 economies, 71 of them low or lower middle income, consider electricity to be among the biggest constraints to their business. In addition, managers estimate losses due to power outages at an average 5.1% of annual sales.1 Doing Business measures the procedures, time and cost for a small to medium-size business to get a new electricity connection for a warehouse. To make the data comparable across 185 economies, Doing Business uses a standardized case study of a newly established warehouse requiring a connection 150 meters long and with a power need of 140 kilovolt-amperes (kVA). The warehouse is assumed to be located in the largest business city, in an area where warehouses usually locate and electricity is most easily available.
TABLE 11.1 Where is getting electricity easiestand where most difcult?
Easiest Iceland Germany Korea, Rep. Hong Kong SAR, China Singapore Taiwan, China United Arab Emirates Switzerland Sweden Thailand RANK Most difcult Sierra Leone Kyrgyz Republic Nigeria Malawi Senegal Tajikistan Guinea-Bissau Madagascar Russian Federation Bangladesh RANK
1 2 3 4 5 6 7 8 9 10
176 177 178 179 180 181 182 183 184 185
Note: Rankings are the average of the economys rankings on the procedures, time and cost to get an electricity connection. See the data notes for details. Source: Doing Business database.
WHO REFORMED IN GETTING ELECTRICITY IN 2011/12?

Economies where getting an electricity connection is easy have several good practices in common (table 11.1). Other economies are adopting some of these practices. From June 2011 to June 2012 Doing Business recorded 13 reforms that made getting electricity easier (table 11.2). Two economies introduced changes that made connections costlier. Improving process efficiency within the utility and streamlining approvals with other public agencies are the most common features of reforms making it easier to get electricity. These are also among the most effective ways to reduce
connection delays and the duplication of formalities. In Canada a more efficient process for obtaining the excavation permit and materials needed for the connection reduced the time to get a new electricity connection by 26 days. In Indonesia in 2011 the utility PT PLN set up a call center enabling customers to request a new electricity connection by phone. It further simplied the application process by eliminating the requirement to bring in a copy of a neighbors bill to help determine the exact address of the new customers business. As these examples show, small adjustments can lead to big gains in time and efficiency. Other economies have adopted broader approaches. Armenia and Georgia streamlined procedures and revised connection costs through several amendments to the regulations
GETTING ELECTRICITY
65
TABLE 11.2 Who made getting electricity easier in 2011/12and what did they do?
Feature Improved process efciency Economies Some highlights
TABLE 11.3 Who makes getting electricity easyand who does not?
Procedures (number)
Canada; Indonesia; Italy; Liberia; Mexico; Namibia; United Arab Emirates
In Italy the utility Acea Distribuzione reorganized its departmental workow, increasing efciency and reducing the time to complete external connection works. In Liberia the materials needed for an electricity connection are now readily available in the utilitys stock, reducing the time to obtain a connection. The purchase of materials was facilitated by increased donor funding. In Armenia the Public Services Regulatory Commission adopted resolutions giving customers more technical options for connecting to electricity. As a result, customers no longer have to wait for a permit from the State Energy Inspectorate. The commission also revised its fee structure, reducing the costs customers pay for a new connection. In Rwanda the installation cost that a customer must pay the Energy, Water and Sanitation Authority for the external connection works was reduced from 30% of the materials cost to 15% when the customer provides the materials.
Fewest
Comoros Germany Japan Micronesia, Fed. Sts. St. Vincent and the Grenadines Sweden Switzerland Timor-Leste Afghanistan Iceland
Most 3 3 3 3 3
Nigeria Senegal Sierra Leone Azerbaijan Bangladesh
8 8 8 9 9
Streamlined approval process
Angola; Armenia; Georgia; Guinea
Improved regulation of connection costs and processes
Republic of Korea; Rwanda
3 3 3 4 4
Mozambique Tajikistan Uzbekistan Russian Federation Ukraine
9 9 9 10 11
governing the process of connecting new customers. In Armenia the new connection process eliminated 1 procedure while a revised fee structure reduced the cost of new connections. In Georgia the National Commission on Energy and Water Regulation, through a resolution adopted in November 2011, also introduced a new process and a revised fee structure. The changes reduced the number of procedures by 1, the time by a quarter and the cost by a fth (gure 11.1). In the United Arab Emirates the Dubai Electricity and Water Authority introduced a one window, one step application for getting electricity as the latest
enhancement to its SAP system. The new system allows customers to both submit and track their application online. It also streamlines their interactions with the utility and with their electrical contractor by offering a single interface. Implementation of the new system reduced the time to get a new connection by 15 days. Other utilities have reduced connection costs and wait times by improving procurement practices. The Liberia Electricity Corporation reduced the time to get a new connection by 120 days by ensuring that the materials needed for the connection are readily available in its stock. The utility of the Namibian city of Windhoek
Time (days)
Fastest
Germany St. Kitts and Nevis Iceland Austria Taiwan, China St. Lucia Korea, Rep. Rwanda Chile Puerto Rico (U.S.)
Slowest 17 18 22 23 24 25 28 30 31 32
Cyprus Hungary Nigeria Czech Republic Russian Federation Ukraine Bangladesh Madagascar GuineaBissau Liberia
247 252 260 279 281 285 404 450 455 465
Cost (% of income per capita)
Least
Japan
Most 0.0 1.6 3.9 6.5 6.6 8.7

Djibouti Guinea Malawi Madagascar Chad Central African Republic Burkina Faso Benin Burundi Congo, Dem. Rep.
7,776.4 8,377.7 8,854.9 9,056.7 11,017.6 12,603.6
FIGURE 11.1 Georgia made obtaining an electricity connection faster and cheaper
Time to get electricity (days) 100 80 60 40 20 0 1 2 3 Procedures 2011
Hong Kong SAR, China Qatar Norway Trinidad and Tobago Australia
Cost cut from $20,209 to $16,068
Time cut from 96 days to 71
Panama Israel Procedures cut from 5 to 4 Uruguay Iceland
13.6 13.8 14.3 14.9
12,662.0 14,343.1 21,481.7 27,211.6
4 2012
66
DOING BUSINESS 2013
FIGURE 11.2 Sub-Saharan Africa had the most reforms in getting electricity in the past 3 years
Number of Doing Business reforms making it easier to get electricity by Doing Business report year
Sub-Saharan Africa (46 economies) Eastern Europe & Central Asia (24 economies) East Asia & Pacific (24 economies) Latin America & Caribbean (33 economies) OECD high income (31 economies) Middle East & North Africa (19 economies) South Asia (8 economies)
TABLE 11.4 Who has narrowed the distance to frontier in getting electricity the most since 2010?
5 1 3 3 1 1 1 0 2 4 1 3 2 1 1 2
5 Most improved Vanuatu DB2011 DB2012 DB2013 Gambia, The Central African Republic Zimbabwe 6 8 10 12 Afghanistan Latvia Georgia Kyrgyz Republic Congo, Rep. Angola
19 (4867) 17 (4663) 15 (1328) 13 (4053) 12 (5567) 12 (6173) 12 (7284) 11 (3344) 11 (3546) 10 (5565)
Note: An economy can be considered to have only 1 Doing Business reform per topic and year. The data sample for DB2011 (2010) includes 176 economies. The sample for DB2013 (2012) includes a total of 185 economies. Source: Doing Business database.
took several steps aimed at reducing connection times and costs. First, the utility created a new template for calculating commodity prices, enabling it to provide customers with a cost estimate for a new connection more easily and thus more quickly. Second, the utility selected a more effective, efficient and experienced civil contractor through an open tender process. Together, these 2 measures reduced the connection time by 17 days. Finally, the utility began acquiring materials and equipment through an open tender process held every 2 years. This led to more competition and lower prices, reducing the connection cost by 77.8% of income per capita. Many economies put an emphasis on making it easier to get a connection to the distribution network as a way to increase the electrication rate and stimulate business growth. Rwanda is an example. Its process for obtaining a connection is among the fastest in the world (table 11.3). The government improved it further by reducing installation costs. Customers still provide the materials for the connection, but rather than paying an additional 30% of that cost to the utility for installation, they now pay only half that.
regulatory reforms making it easier to get a new electricity connection. SubSaharan Africa accounts for the largest number of such reforms, with 11. Eastern Europe and Central Asia follows (gure 11.2). Among the most common and effective features of regulatory reforms in this area have been improving process efficiency within the utility, streamlining procedures and approvals with other public agencies, making information on connection fees and costs more readily available to customers, regulating the electrical profession to ensure the quality
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicatorin this case for the getting electricity indicators since 2010. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 176 economies included in the getting electricity sample in 2010. Nine economies were added in subsequent years. The rst column lists the top 10 most improved economies in order; the second shows the absolute improvement in the distance to frontier between 2010 and 2012. Source: Doing Business database.
FIGURE 11.3 In economies where utilities make the connection process cheap and efcient, supply is likely to be more reliable
Average ranking on ease of getting electricity 150 130 120 94 90 60 30 0 53 3,000 2,000 1,190 1,000 0 571 <1 1100 >100 4,000 Average cost to get electricity (% of income per capita) 5,000 4,998
<1
1100
>100
Annual power outages (hours)
Annual power outages (hours)
WHAT WERE THE TRENDS IN THE PAST 3 YEARS?

In the past 3 years 30 economies around the world implemented 31
Note: Data refer to outages per low- or medium-voltage customer in the largest business city. The sample includes 86 economies. South Asia is excluded because of lack of data. Relationships in the rst graph are signicant at the 5% level after controlling for income per capita. Relationships in the second graph are signicant at the 1% level after controlling for income per capita. Source: Doing Business database.
GETTING ELECTRICITY
67
of internal wiring and lessening the burden of security deposits. Making it easier to get an electricity connection pays off. Since 2010 Vanuatu and The Gambia have advanced the furthest in narrowing the gap with the regulatory systems of economies with the most efcient practices in connecting new customers (table 11.4).
WHAT DO THE INDICATORS SUGGEST ABOUT QUALITY OF SUPPLY?

Studies have shown that poor electricity supply adversely affects the productivity of rms and the investments they make in their productive capacity.2 It is therefore essential for businesses to have reliable, good-quality electricity supply. But whether electricity supply is reliable or not, the rst step for customers is to get a new connection, the process measured by the getting electricity indicators. This process represents only a small part of electricity services. Yet the indicators offer information on a number of issues for which data were previously unavailable, complementing indicators measuring such outcomes as outages.
Analysis of data for 140 economies suggests that the getting electricity indicators can serve as a useful proxy for the broader performance of the electricity sector.3 Greater time and cost to get an electricity connection are associated with lower electrication rates. Additional connection procedures are more likely to occur in economies where the electricity supply is weak as a result of high losses in the transmission and distribution systems. New analysis of data for 86 economies suggests that where utilities make the connection process cheap and efficient as measured by the getting electricity indicators, supply is likely to be more reliable as measured by the total hours of power outages per customer per year (gure 11.3).4
3. This analysis, by Geginat and Ramalho
(2010), was done in 2009, when the data sample for the getting electricity indicators included only 140 economies. For 2012 the indicators cover 185 economies.
4. The price paid by a customer to get a
new connection is not necessarily a measure of the operational performance of the electricity utility but of the existing regulatory framework and the policy to expand electricity access (partial or total subsidization of the costs incurred to build the connection). Besides efficient distribution companies, generation capacity and proper transmission infrastructure also play a critical part in reducing power outages. The analysis was based on data collected from distribution utilities and regulators on the total hours of outages per customer in the largest business city. The analysis distinguished connection type by low or medium voltage (based on the getting electricity case study) and outages for the respective voltage level. The data analysis included the System Average Interruption Duration Index (SAIDI), the System Average Interruption Frequency Index (SAIFI) and the Customer Average Interruption Duration Index (CAIDI). Many utilities do not use these measures but provided other indices and statistics on power outages.
NOTES
This topic note was written by Maya Choueiri, Caroline Frontigny, Anastasia Shegay, Jayashree Srinivasan and Susanne Szymanski.
1. The surveys are for various years in
200210. The data sample includes 113 economies.

2. Calderon and Servn 2003; Dollar,
Hallward-Driemeier and Mengistae 2006; Reinikka and Svensson 1999; Eifert 2007; Iimi 2011.
68
As measured by Doing Business, registering property is easiest in Georgia. From June 2011 to June 2012 Doing Business recorded 17 reforms making it easier to register property. Malaysia made the biggest improvement in the ease of registering property in the past year. Angola, Burkina Faso, Cte dIvoire, Mauritius, Rwanda and Sierra Leone rank among the 10 economies making the biggest improvements since 2005, giving Sub-Saharan Africa the largest representation in this group. Economies making effective cuts in the procedures to register property have centralized procedures in a single agency. And they use information and communication technology or better caseload management systems to make the process faster and less costly.
Doing Business records the procedures necessary for a business to purchase a property from another business and to formally transfer the property title to the buyers name. The process starts with obtaining the necessary documents, such as a copy of the sellers title, and ends when the buyer is registered as the new owner of the property. Every procedure required by law or necessary in practice is included, whether it is the responsibility of the seller or the buyer and even if it must be completed by a third party on their behalf. As measured by Doing Business, formally transferring and registering property is easiest in Georgia (table 12.1). subdivision or common-interest community). Malaysia is now working to bring registration times for strata properties, still in the range of 90100 days, down to a similar time frame. The OECD high-income group had both the largest share of economies with a property registration reform and the largest number of such reforms in 2011/12, accounting for 6 of the 17 such reforms recorded worldwide (gure 12.1). Poland, with the biggest improvement in the group, increased the efficiency of its land and mortgage registries through a series of coordinated changes. These included creating 2 new registration districts in Warsaw, introducing a new caseload management system and digitizing the records of the registries. Thanks to the changes, the time to process property applications at the registries fell from 36
TABLE 12.1 Where is registering property easiestand where most difcult?
Easiest Georgia New Zealand Belarus Armenia Lithuania Denmark Norway Slovak Republic Azerbaijan Iceland RANK Most difcult Belgium Trinidad and Tobago Liberia Bahamas, The Guinea-Bissau Eritrea Nigeria Marshall Islands Micronesia, Fed. Sts. Timor-Leste RANK
WHO REFORMED IN REGISTERING PROPERTY IN 2011/12?

In 2011/12, 17 economies made it easier for local businesses to register property by reducing the procedures, time or cost required (table 12.2). The most common improvements were introducing time limits or expedited procedures, increasing administrative efficiency, streamlining procedures and computerizing cadastres and registries. Nine other economies made it more difficult to transfer property by increasing the procedures, time or cost involved. Malaysia made the biggest improvement in the ease of registering property in the past year by introducing a new caseload management system at the land registry. Inspired by Toyotas effective supply chain management strategy, the registry reduced registration time from 41 days in 2011 to 7 days in 2012 for nonstrata properties (those that are not part of a
For more information on good practices and research related to registering property, visit http:// www.doingbusiness.org/data/ exploretopics/registering-property. For more on the methodology, see the section on registering property in the data notes.
1 2 3 4 5 6 7 8 9 9
176 177 178 179 180 181 182 185 185 185
Note: Rankings are the average of the economys rankings on the procedures, time and cost to register property. See the data notes for details. Economies shown with the same number are tied in the ranking. Source: Doing Business database.
REGISTERING PROPERTY
69
TABLE 12.2 Who made registering property easier in 2011/12and what did they do?
Feature Introduced effective time limits Economies Some highlights
months in 2011 to as little as 1460 days in 2012. Other OECD high-income economies improving their property registration process were the Czech Republic, Denmark, Ireland, Israel and Italy.
Burundi; Israel; Mauritius; Ukraine
Average time saved: 39 days Israel introduced a 20-day time limit for tax authorities to process capital gains self-assessments on property transfers, saving about 2 months. Burundi, Mauritius and Ukraine introduced time limits at their land registries and, while full compliance has not yet been achieved, have already cut registration time by 30 days, 7 days and 48 days, respectively.
Increased administrative efciency
Malaysia; Panama; Average time saved: 38 days Poland; Sierra Leone; Malaysia implemented a new caseload management system Trinidad and Tobago in the land ofce, enabling clerks to process property transfer applications 34 days faster. The increase of the number of operating hours of the Public Registry of Panama until 11pm has cut 4 days in time. Poland cut 98 days from the time to register property by introducing a new caseload management system for land registries. Sierra Leone increased efciency at the Ministry of Lands by digitizing records and hiring more personnel, reducing the time to register property by 19 days. The Water Authority (WASA) of Trinidad and Tobago, reduced the time needed to obtain its clearance certicate by 35 days, from 42 days to 7 days. Bosnia and Herzegovina; Cyprus; Italy; Mauritius; Poland

In the past 8 years Doing Business recorded 185 reforms, undertaken in 121 economies, which increased the efficiency of procedures for transferring property (see gure 12.1). Globally, the average time to transfer property fell by 35 days, from 90 to 55, and the average cost by 1.2 percentage points, from 7.1% of the property value to 5.9% (gure 12.2).
TABLE 12.3 Who has narrowed the distance to frontier in registering property the most since 2005?
Computerized procedures
Average time saved: 32 days Bosnia and Herzegovina computerized its commercial registries, cutting registration time by 8 days. Cyprus reduced time by 14 days by computerizing its land registry. Mauritius implemented an electronic information management system at the RegistrarGenerals Department to allow different branches of the department to share information, cutting 7 days from the processing of property transfers. Italy merged all due diligence procedures performed by notaries through a secure portal, Notartel, which gives notaries access to the databases of the land registry, cadastre and commercial registry. Cost reduction: up to 6% of the property value Ireland introduced a single stamp duty rate for transfers of nonresidential properties and reduced the rate by 4% of the property value, from 6% to 2%. The Comoros reduced the transfer tax from 15% of the property value to 9%. Procedures cut: 1 The Czech Republic cut 1 procedure by giving the cadastral ofce online access to the database of the commercial registry. Italy gave notaries online access to all cadastral plans, eliminating the need to request the plans from the cadastre. Time saved: 6 days Denmarks land registry introduced electronic ling of property transfers and now accepts property transfer applications only online, cutting 6 days.
Reduced taxes or fees
Comoros; Ireland
Most improved Maldives Belarus Burkina Faso Rwanda Mauritius Bosnia and Herzegovina Cte dIvoire
49 (049) 42 (5496) 39 (2362) 38 (3674) 37 (3370) 32 (3668) 30 (2252) 27 (2754) 24 (2852) 24a (4771)
Combined or reduced procedures
Czech Republic; Italy
Put procedures online
Denmark
FIGURE 12.1 Sub-Saharan Africa leads in number of property registration reforms

Number of Doing Business reforms making it easier to register property by Doing Business report year
Sub-Saharan Africa 1 (46 economies) Eastern Europe & Central Asia (24 economies) 3 OECD high income (31 economies)
Angola Sierra Leone
10 4 3 3 4 2 6 3 21 2
9 9 7 5 7 7
9 1 3 6
6 3 6
DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 DB2012 DB2013 Slovenia
Latin America & Caribbean (33 economies) 3 3 East Asia & Pacific (24 economies) 1 2 3
4 2 2
Middle East & North Africa (19 economies) 2 2 3 2 3 South Asia (8 economies) 2 2 1 2 2 1
10
20
30
40
50
60
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005in this case for the registering property indicators. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. The rst column lists the top 10 most improved economies in order; the second shows the absolute improvement in the distance to frontier between 2005 and 2012. a. Burundi and the Solomon Islands also have an improvement of 24 percentage points. Source: Doing Business database.
70
DOING BUSINESS 2013
FIGURE 12.2 Property transfers have become faster in all regions

Average time to register property (days)
OECD high income DB2013 DB2006 DB2013 Eastern Europe & Central Asia DB2006 Middle East & North Africa Latin America & Caribbean DB2013 DB2006 DB2013 DB2006
TABLE 12.4 Who makes registering property easyand who does not?
Procedures (number)
Fewest
Georgia Norway Portugal Sweden Bahrain Belarus New Zealand Oman Thailand United Arab Emirates 0 20 40 60 80 100 120 140 Time (days)
Most 1 1 1 1 2 2 2 2 2 2
Algeria Ethiopia Liberia Ukraine Eritrea Greece Uganda Nigeria Brazil Uzbekistan
DB2013 Sub-Saharan Africa DB2006 DB2013 East Asia & Pacific DB2006 South Asia DB2013 DB2006
10 10 10 10 11 11 12 13 14 15
Note: To ensure an accurate comparison, the gure shows data for the same sample of 170 practice economies for both DB2006 (2005) and DB2013 (2012) and uses the regional classications that apply in 2012. The economies added to the Doing Business sample after 2005 and therefore excluded here are The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Malta, Montenegro and Qatar. DB2006 data are adjusted for any data revisions and changes in methodology. Source: Doing Business database.
Fastest
Portugal Georgia New Zealand Thailand Lithuania Norway Iceland Kyrgyz Republic Nepal
Slowest 1 2 2 2 3 3 4 5 5 5
Angola Puerto Rico (U.S.) Suriname Guinea-Bissau Bangladesh Afghanistan Togo Brunei Darussalam Haiti Kiribati
FIGURE 12.3 Burkina Faso made transferring property faster and easier
Time to register property (days) 200 160 Cost cut from 20.7% of the property value to 12.6% 120 Time cut from 182 days to 59
184 194 197 210 245 250 295 298 301 513
Taiwan, China
Cost (% of property value) 80 40 0 1 2 3 4 5 Procedures 2012 6 7 8
Least
Saudi Arabia Procedures cut from 8 to 4 Belarus Kiribati Slovak Republic Georgia New Zealand Kazakhstan Armenia Russian Federation Qatar
Most 0.00 0.03 0.04 0.05 0.06 0.08 0.08 0.16 0.18
Cte dIvoire Guinea Tonga Maldives Chad Cameroon Senegal Nigeria Congo, Rep.
2004
13.9 14.2 15.1 16.1 17.9 19.1 20.2 20.8 21.3 27.8
Among regions, Sub-Saharan Africa had the largest number of property registration reforms in the past 8 years. As a result, it also cut the cost to register property the most, though the regional average remains the highest. Among the biggest cost cutters was Angola, whose government slashed the property transfer cost from 11.5% of the property value to 3.2% in 2011 by reducing both the transfer tax, or sisa (from 10% to 2%), and the stamp duty (from 0.8% to 0.3%). Thanks to effective efforts to increase efciency, Burkina Faso ranks among the 10
economies making the biggest improvements in property registration since 2005 (table 12.3). By introducing a one-stop shop for property issues and eliminating the need to obtain a consent to the transfer from the municipality, Burkina Faso cut the number of procedures from 8 to 4 and the time from 182 days to 59 (gure 12.3). It also reduced the property transfer tax 2 years in a rowfrom 15% of the property value to 10% in 2008, then to 8% in 2009. This helped bring down the total cost from 20.7% of the property value in 2004 to 12.6% in 2012.
0.25 Syrian Arab

Republic
Worldwide, economies making effective cuts in the number of procedures have reviewed the efficiency of their property transfer process, then designed regulatory reforms that centralized procedures in a single agencysuch as due diligence, signing of the contract, payment of taxes and registration. One is Italy, which centralized most procedures at the notary ofce by introducing an electronic platform
71
(Notartel). Now notaries can electronically access the databases of all agencies involved in property transfers. Economies making effective reductions in time have reorganized the workow of their registries, introduced time limits (taking into account the capacity of the institutions involved) or paired the computerization of their registries with the introduction of efficient caseload management systems. Portugal made its land registry one of the worlds most efficient by introducing an effective 1-day time limit for urgent transfers and a 10day time limit for others (table 12.4).
NOTE
This topic note was written by Dariga Chukmaitova, Nuria de Oca and Moussa Traor.
72
Getting credit
Malaysia, South Africa and the United Kingdom remain tied at the top of the ranking on the ease of getting credit. Between June 2011 and June 2012 Doing Business recorded 5 reforms strengthening legal rights of borrowers and lenders and 16 improving credit information systems. Cambodia improved the most in the ease of getting credit in the past year. Guatemala is among the 10 economies advancing the furthest toward the frontier in regulatory practice in the area of getting credit since 2005. Of the rest, 5 are in Eastern Europe and Central Asia. Among regions, Sub-Saharan Africa had the most reforms strengthening legal rights of borrowers and lenders in the past 8 years, while Eastern Europe and Central Asia had the most improving credit information systems. Among reforms strengthening legal rights in the past year, the most common feature was implementing collateral registries. Among those improving credit information systems, the most common was guaranteeing by law borrowers right to inspect their own credit data. For more information on good practices and research related to getting credit, visit http://www.doingbusiness.org/data/ exploretopics/getting-credit. For more on the methodology, see the section on getting credit in the data notes.
The United Nations Commission on International Trade Law (UNCITRAL), in its Legislative Guide on Secured Transactions, emphasizes the importance the international community places on secured credit: All businesses, whether engaged in mining, lumbering, agriculture, manufacturing, distributing, providing services or retailing, require working capital to operate, to grow and to compete successfully in the marketplace. It is well established that one of the most effective means of providing working capital to commercial enterprises is through secured credit.1 In that spirit Doing Business measures 2 types of institutions and systems that can facilitate access to nance and improve its allocation: credit registries or credit bureaus and the legal rights of borrowers and lenders in secured transactions and bankruptcy laws. These institutions and systems work best together.2 Information sharing through credit registries or bureaus helps creditors assess the creditworthiness of clients (though it is not the only risk assessment tool), while legal rights can facilitate the use of collateral and the ability to enforce claims in the event of default. Creditors rights and insolvency regimes are fundamental to a sound investment climate and can help promote commerce and economic growth.3 These 2 types of institutions are measured by 2 sets of indicators. One set analyzes the legal framework for secured transactions by looking at how well collateral and bankruptcy laws facilitate lending. The other looks at the coverage, scope and quality of credit information
TABLE 13.1 Where is getting credit easiest and where most difcult?
Easiest Malaysia South Africa United Kingdom Australia Georgia Hong Kong SAR, China Latvia Montenegro New Zealand Poland RANK Most difcult Congo, Dem. Rep. Iraq Malta Syrian Arab Republic Djibouti Eritrea Madagascar So Tom and Prncipe Tajikistan Palau RANK
1 1 1 4 4 4 4 4 4 4a
176 176 176 176 180 180 180 180 180 185
Note: Rankings on the ease of getting credit are based on the sum of the strength of legal rights index and the depth of credit information index. See the data notes for details. Economies shown with the same number are tied in the ranking. a. The United States is also tied in the ranking at 4. Source: Doing Business database.
available through credit registries and credit bureaus. Rankings on the ease of getting credit are based on the sum of the strength of legal rights index and the depth of credit information index (table 13.1).
WHO REFORMED IN GETTING CREDIT IN 2011/12?

In 2011/12, 5 economies improved access to credit by reforming their secured transactions legislation or strengthening the rights of secured creditors during bankruptcy proceedings (table 13.2). Three of the 5 reforming economies are in Eastern Europe and Central Asia. Considered one of the success stories of collateral reform in the 1990s, Romania
GETTING CREDIT
73
TABLE 13.2 Who strengthened legal rights of borrowers and lenders in 2011/12 and what did they do?
Feature Expanded range of movable assets that can be used as collateral Created a unied registry for movable property Economies Some highlights
TABLE 13.4 Who has the most legal rights for borrowers and lenders and who the least?
Strength of legal rights index (010)
Georgia; Romania
In Romania a new civil code repealed the previous legal framework for secured transactions while maintaining most of its modern principles. The new code introduced the concept of hypothque, allowing security interests in immovable as well as movable property. In Australia the Personal Property Securities Act 2009 and associated regulations came into effect, and a single, national online registry began operating. The web-based registry allows creditors to conduct searches and register security interests in personal property at any time.a In Kazakhstan a new law introduced changes to the regulation of the rehabilitation procedure under bankruptcy legislation, specifying several conditions under which secured creditors can apply for relief during the procedure.
Most
Australia Hong Kong SAR, China Kyrgyz Republic Latvia Malaysia Montenegro New Zealand Singapore South Africa United Kingdom
Least 10 10 10 10 10 10 10 10 10 10a
Eritrea So Tom and Prncipe Timor-Leste Yemen, Rep. Bolivia Djibouti Palau Syrian Arab Republic Venezuela, RB West Bank and Gaza
2 2 2 2b 1 1 1 1 1 1
Australia; Sri Lanka
Strengthened rights of secured creditors during reorganization procedures
Kazakhstan
a. Accessible at http://www.ppsr.gov.au.
went a step further in harmonizing its secured transactions legislation. It adopted a new civil code, entering into force in October 2011, that repealed the previous legal framework for secured transactions. Inspired in part by the law of the Canadian province of Quebec, the new code introduces the concept of hypothque to cover security interests in movable and immovable assets. While positive overall, this reform also rendered outof-court enforcement procedures more formalistic. Kazakhstan introduced new grounds for relief from an automatic stay for secured creditors during rehabilitation
proceedings. Georgia amended its civil code to allow a security interest to extend to the products, proceeds and replacements of an asset used as collateral. Sixteen economies improved their credit reporting system in the past year (table 13.3); 1 economy made access to credit information more difficult. Seven of these economiesCosta Rica, Ethiopia, Mongolia, Montenegro, Oman, Uzbekistan, and West Bank and Gaza introduced new laws or regulations guaranteeing the right of borrowers to inspect their personal data.
a. Kenya also has a score of 10 on the strength of legal rights index. b. Four other economies also have a score of 2 on the strength of legal rights index: Jordan, Madagascar, Tajikistan and Uzbekistan.
TABLE 13.3 Who improved the sharing of credit information in 2011/12and what did they do?
Feature Guaranteed by law borrowers right to access data Economies Some highlights
Cambodia established its rst private credit bureau, which began operating in March 2012. The bureau collects and distributes both positive and negative credit information on individuals and includes all loans in its database, regardless of size. In addition, a regulation on credit information sharing issued in May 2011 guarantees the right of borrowers to inspect their own data. The country made the biggest improvement in the ease of getting credit in 2011/12. Mauritius also improved access to credit information in the past year. Its credit registry now reports both positive and negative data and collects payment information from retailers.
Costa Rica; Ethiopia; Mongolia; Montenegro; Oman; Uzbekistan; West Bank and Gaza El Salvador; Hungary; New Zealand
In West Bank and Gaza a new ordinance gave borrowers the right to inspect their credit data.
Improved regulatory framework for sharing credit information Provided online access to data at credit registry or bureau Expanded set of information collected in credit registry or bureau Created a new credit registry or bureau Lowered or eliminated threshold for loans reported
New Zealand adopted a legal framework for expanding the set of information collected by credit bureaus.
Bangladesh; Ethiopia introduced a new online system for sharing credit Ethiopia; Syrian Arab information. Republic Ethiopia; Mauritius In Mauritius the public credit registry developed a new format for credit reports that includes on-time payments and unpaid installments and also began collecting data from retailers. Cambodias rst private credit bureau started operations, covering more than 1.1 million individuals. Algeria eliminated the minimum threshold for loans included in the database.

Several economies have incorporated good practices in their legal framework for secured transactions with the aim of improving access to nance for small and medium-size enterprises. Such reforms are usually reected in a change in score on the strength of legal rights index (table 13.4).
Cambodia; Sierra Leone Algeria
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DOING BUSINESS 2013
FIGURE 13.1 Sub-Saharan Africa leads in number of legal rights reforms

Number of Doing Business reforms strengthening legal rights of borrowers and lenders by Doing Business report year
Sub-Saharan Africa (46 economies) Eastern Europe & Central Asia (24 economies) East Asia & Pacific (24 economies) OECD high income (31 economies)
TABLE 13.5 Who has narrowed the distance to frontier in getting credit the most since 2005?
1 1 3 1 2 3
1 3 4 2 1 1 2 1 1 2 2 1 1
17a 3 DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 DB2012 DB2013
Most improved Cambodia Georgia Rwanda Croatia Ghana
69 (069) 63 (3194) 56 (2581) 44 (3175) 43 (3881) 38 (5088) 38 (5088) 37 (1956) 31 (5081) 31a (1950)
3 2
1 3
Latin America & Caribbean (33 economies) 1 1 South Asia (8 economies)
1 1 1 1
Middle East & North Africa (19 economies) 1
10
15
20
25
Guatemala Kyrgyz Republic Kazakhstan India Russian Federation
Note: An economy can be considered to have only 1 Doing Business reform per topic and year. The data sample for DB2006 (2005) includes 174 economies. The sample for DB2013 (2012) also includes The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Malta, Montenegro and Qatar, for a total of 185 economies. a. During the period covered by Doing Business 2012, amendments to the Uniform Act on Secured Transactions strengthened legal rights in the 16 member economies of the Organization for the Harmonization of Business Law in Africa (OHADA). Source: Doing Business database.
One example is Guatemala, which enhanced its secured transactions regime by issuing a decree in 2007 that broadened the range of movable assets that can be used as collateral and created a registry for movable property that began operating in January 2009. In addition, Guatemala strengthened its credit information system in 2009 through a decree guaranteeing the right of borrowers to inspect their own data in any public institution. Thanks to these changes, Guatemala ranks among the 10 economies advancing the furthest toward the frontier in regulatory practice in the area of getting credit since 2005 (table 13.5). Guatemala is far from being the only example. In the past 8 years Doing Business recorded 72 reforms strengthening legal rights of borrowers and lenders in 58 economies. Sub-Saharan Africa and East Asia and the Pacic are among the regions with the most such reforms (gure 13.1). The data also reect a difference in focus. Governments in East Asia and the Pacic focused more on aspects relating to the creation and publicity of security interests in movable property (gure 13.2). Those in Sub-Saharan Africa gave greater emphasis to aspects relating to the enforcement of security interests. For
example, the new Uniform Act on Secured Transactions adopted by the Organization for the Harmonization of Business Law in Africa (OHADA) introduced a novel provision allowing out-of-court enforcement between professionals. Worldwide, creating a collateral registry was among the most common features of legal rights reforms. While there are different types of collateral registries, notice-based registries are widely considered the most effective.4 Since 2005 a number of economies have tried to unify the information on collateral under some sort of centralized registry: Australia, Chile, France, Georgia, Ghana, Guatemala, Honduras, the Marshall Islands, Mexico, the Federated States of Micronesia, Peru, Rwanda, the Solomon Islands, Sri Lanka, Vanuatu and Vietnam. Some of these new registries, accompanied by legal reform, have proved to be a real success story. One example is Mexicos registry, which began operating in September 2010. By April 2012 the number of lings had increased by 4 times, and the secured amounts registered totaled $172 billion.5 The past 8 years also saw 171 regulatory reforms to improve credit information systems, implemented in 99 economiesmore than half of the
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005in this case for the getting credit indicators. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. The rst column lists the top 10 most improved economies in order; the second shows the absolute improvement in the distance to frontier between 2005 and 2012.
a. Afghanistan, Mauritius, the Solomon Islands, Uganda and Zambia also have an improvement of 31 percentage points.
146 economies with a credit reporting system as recorded by Doing Business (gure 13.3). Eastern Europe and Central Asia had the largest share of economies with improvements: 85% implemented at least 1 such reform, for a total of 43. And 14 of the 18 economies with 100% coverage of borrowers are in the OECD high-income group (table 13.6). The efforts to improve credit reporting should be no surprise: responsible nance is much in the news these days. But since the onset of the nancial crisis in 2008, consumer protection issues have also received attention worldwide. In the past year, for the rst time since 2005, the most common feature of credit
GETTING CREDIT
75
information reforms as recorded by Doing Business was guaranteeing by law borrowers right to access their data. The main objective is to balance the ability of institutions to exchange credit information with the protection of individuals right to privacy. Today 104 economies guarantee by law consumers right to access their credit information. In 72 of them the law guarantees this access at no cost.6 Among the rest, consumers can obtain a credit report at no cost in 9 economies in practice, at little cost in 7 economies ($2.60 on average) and at a relatively high cost in 14 economies ($13.30 on average). In 100 of the 146 economies with a credit reporting system the law guarantees the right of consumers to dispute erroneous data.7 And in 55 economies regulations require the bureau or registry to either ag the disputed data or block their distribution.8
In the past 8 years 30 economies adopted legislation providing borrowers with the right to access data held on them. Efforts also focused on expanding the sources of information collected by credit registries or bureaus: 28 credit information reforms were aimed at having these entities distribute both positive and negative information, collect alternative data from utilities or retailers or report historical information (gure 13.4). In 2005 credit registries and credit bureaus in 42 economies around the world included credit information from sources other than banks. Today those in 55 economies do so. The other main focus was expanding the coverage of borrowers, such as by lowering or eliminating the minimum threshold for the loans included in a credit bureau or registrys database. Where these thresholds are high, retail and small business loans are more likely to be excluded. In 2005, 79 economies had a minimum loan
TABLE 13.6 Who has the most credit informationand who the least?
Depth of credit information index (06)
Most
Argentina Canada Germany Japan Korea, Rep. Lithuania Malaysia Mexico United Kingdom United States
Least 6 6 6 6 6 6 6 6 6 6a
Benin Burkina Faso Burundi Djibouti Guinea-Bissau Liberia Mauritania Niger Guinea Madagascar
1 1 1 1 1 1 1 1b 0 0
Borrowers covered by credit registries or bureaus (% of adults)
Most
Argentina Australia Canada Iceland Ireland New Zealand Norway
Least 100 100 100 100 100 100 100 100 100 100c
Bangladesh Haiti Sierra Leone Mauritania Nepal Burundi Djibouti Madagascar Ethiopia Guinea
0.82 0.70 0.68 0.53 0.47 0.26 0.23 0.10 0.07 0.01
FIGURE 13.2 East Asia and the Pacic made the biggest improvement in laws on the creation of security interests in movable property
Regional averages in strength of legal rights
Sweden United Kingdom United States
OECD high income DB2013 DB2006 East Asia & Pacific DB2013 DB2006 Eastern Europe & Central Asia DB2013 DB2006 DB2013 DB2006
South Asia
Sub-Saharan Africa DB2013 DB2006 Latin America & Caribbean DB2013 DB2006 Middle East & North Africa DB2013 DB2006 0 Creation of security interest (05) 1 2 3 4 5 6 7 Registration of security interest (01) Enforcement of security interest (04)
Note: The rankings on borrower coverage reected in the table include only economies with a credit registry or credit bureau (146 in total). Another 39 economies have no credit registry or bureau and therefore no coverage (see http://www.doingbusiness.org). See the data notes for details. a. Twenty other economies also have a score of 6 on the depth of credit information index: Armenia, Austria, Bolivia, Costa Rica, the Dominican Republic, Ecuador, Egypt, El Salvador, Georgia, Guatemala, Honduras, FYR Macedonia, Panama, Paraguay, Peru, Poland, Rwanda, Saudi Arabia, South Africa and Uruguay. b. Four other economies also have a score of 1 on the depth of credit information index: Cte dIvoire, Mali, Senegal and Togo. c. Eight other economies also have coverage of 100% of the adult population: Croatia, Germany, Israel, Italy, Japan, Korea, Serbia and Uruguay. Source: Doing Business database.
Note: To ensure an accurate comparison, the gure shows data for the same sample of 174 economies for both DB2006 (2005) and DB2013 (2012) and uses the regional classications that apply in 2012. The economies added to the Doing Business sample after 2005 and therefore excluded here are The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Malta, Montenegro and Qatar. DB2006 data are adjusted for any data revisions and changes in methodology. Creation of security interest refers to the rst 5 components of the strength of legal rights index. Registration of security interest refers to the component relating to the existence of a collateral registry. Enforcement of security interest refers to the last 4 components. See the data notes for details. Source: Doing Business database.
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FIGURE 13.3 Eastern Europe and Central Asia leads in number of credit information reforms
Number of Doing Business reforms improving credit information systems by Doing Business report year
Eastern Europe & Central Asia (24 economies) Sub-Saharan Africa (46 economies) Middle East & North Africa (19 economies) Latin America & Caribbean (33 economies)
threshold below 1% of income per capita (including those in which loans of all sizes are reported). Today 123 economies do. An encouraging trend over the past 8 years has been the establishment of new credit bureaus or registries in economies that previously had none25 in total, mainly in Eastern Europe and Central Asia. Credit information is still hardly shared in Sub-Saharan Africa, despite the pickup in efforts to develop credit information systems starting in 2008. Since then Ghana, Liberia, Rwanda, Sierra Leone, Uganda and Zambia have established new credit reporting systems. In East Asia and the Pacic 10 of 24 economies still have no credit bureau or registry. But things are improving. Brunei Darussalam, Lao PDR, Samoa, the Solomon Islands, Tonga and Vanuatu are all working to get their credit reporting systems operating.9
9 4 12 3 2 3 7 5
4 8 5 2 3
4 4 3
10 4 5 4 6 4
7 3
DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 DB2012 DB2013
4 1 3 2 2
East Asia & Pacific (24 economies) 2 2 1 2 1 3 OECD high income (31 economies) South Asia (8 economies)
2 212
3 1 2 1 2 11 0 15 30 45
Note: An economy can be considered to have only 1 Doing Business reform per topic and year. The data sample for DB2006 (2005) includes 123 economies. The sample for DB2013 (2012) includes a total of 146 economies. Source: Doing Business database.
FIGURE 13.4 Guaranteeing by law borrowers right to access data was the biggest focus of credit information reform worldwide in the past 8 years
Regional averages in depth of credit information
DB2013 DB2006
Latin America & Caribbean
NOTES
Eastern Europe & Central Asia DB2013 DB2006 DB2013 DB2006 DB2013 DB2006 DB2013 DB2006 DB2013 DB2006 DB2013 DB2006 0 Who is covered (02) 2 Type of information (03) 4 Consumers right (01) 6
OECD high income
This topic note was written by Santiago Croci Downes, Hayane Chang Dahmen and Joanna Nasr.
1. UNCITRAL 2007, p. 1. 2. Djankov, McLiesh and Shleifer 2007. 3. World Bank 2011b. 4. Alvarez de la Campa, Croci Downes and
East Asia & Pacific
Tirelli Hennig 2012.

5. Estimates were provided by the Mexican
South Asia
government.
6. No data are available for 2 economies. 7. No data are available for 7 economies. 8. No data are available for 13 economies. 9. As of June 1, 2012, the credit bureaus
Sub-Saharan Africa
Note: To ensure an accurate comparison, the gure shows data for the same sample of 123 economies for both DB2006 (2005) and DB2013 (2012) and uses the regional classications that apply in 2012. DB2006 data are adjusted for any data revisions and changes in methodology. Who is covered refers to whether both individuals and rms are covered by a bureau or registry and whether loans below 1% of income per capita are included. Type of information refers to the availability of information from retailers or utilities, distribution of positive and negative information and availability of historical data. Consumers right refers to whether the law guarantees borrowers right to inspect their own data. Source: Doing Business database.
in Tonga and Vanuatu had loaded the information into their systems but the databases were not yet accessible to banks.
77
Corporations are instruments of entrepreneurship and growth. They can also be abused for personal gain. In July 2012 authorities in Korea imposed a $30 million ne on SK Group, the countrys third-largest conglomerate, for illicit related-party transactions. The transactions were priced signicantly above market averages and allegedly allowed the groups founder to misappropriate $87 million. The groups market capitalization declined sharply as a result.1 Koreas strong institutions and extensive disclosure requirements played an essential part in addressing this situation and protecting minority investors. Doing Business measures the strength of minority shareholder protections against directors misuse of corporate assets for personal gain. The indicators distinguish 3 dimensions of investor protections: approval and transparency of relatedparty transactions (extent of disclosure index), liability of company directors for self-dealing (extent of director liability index) and shareholders ability to obtain corporate documents before and during litigation (ease of shareholder suits index). The standard case study assumes a related-party transaction between Company A (Buyer) and Company B (Seller) where Mr. James is the controlling shareholder of both Buyer and Seller and a member of both their boards of directors. The transaction is overpriced and causes damages to Buyer. Protecting minority investors matters for companies. Without adequate regulations, equity markets fail to develop and banks become the only source of the nance that companies need to grow, innovate, diversify and compete. A recent study shows that in economies with stronger investor protections, investment in rms is less sensitive to nancial constraints and leads to greater growth in revenue and protability.2 Another study shows that regulating conicts of interest is essential to successfully empowering minority shareholders.3 New Zealand provides the strongest minority investor protections as measured by Doing Business, ranking highest in this area for the eighth year in a row (table 14.1).
New Zealand has the strongest minority investor protections in related-party transactions, for the eighth year in a row. From June 2011 to June 2012 Doing Business recorded 13 legal changes strengthening the protections of minority investors. Kosovo made the biggest improvement in the strength of investor protections in the past year. Tajikistan has advanced the furthest toward the frontier in regulatory practice in protecting investors since 2005. Improving disclosure was the most common feature of investor protection reforms in the past 8 years. Among regions, Eastern Europe and Central Asia has strengthened investor protections the most since 2005and is quickly catching up with OECD high-income economies.
WHO IMPROVED INVESTOR PROTECTIONS IN 2011/12?

In the past year 13 economies strengthened investor protections as measured by Doing Business. OECD high-income economies, with 4 legal changes, continue to
TABLE 14.1 Where are investors most protectedand where least?
Most protected New Zealand Singapore Hong Kong SAR, China Canada Malaysia Colombia Ireland Israel United States United Kingdom RANK Least protected Haiti Gambia, The Guinea Micronesia, Fed. Sts. Palau Djibouti Venezuela, RB Suriname Lao PDR Afghanistan RANK
1 2 3 4 4 6 6 6 6 10
176 177 177 177 177 181 181 183 184 185
For more information on good practices and research related to protecting investors, visit http:// www.doingbusiness.org/data/ exploretopics/protecting-investors. For more on the methodology, see the section on protecting investors in the data notes.
Note: Rankings are based on the strength of investor protection index. See the data notes for details. Economies shown with the same number are tied in the ranking. Source: Doing Business database.
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FIGURE 14.1 Kosovos new Law on Business Organizations strengthened investor protections
6 6
TABLE 14.2 Who strengthened investor protections in 2011/12and what did they do?
Feature Made it easier to sue directors Economies Some highlights
Armenia; Republic of Korea; Kosovo; Lesotho; Peru; Taiwan, China; Tajikistan Armenia; Greece; Islamic Republic of Iran; Kosovo; Lesotho; Mongolia; Taiwan, China Armenia; Kosovo; Netherlands; Peru; Slovenia; Taiwan, China Kosovo; Moldova
Korea claried directors duties in its commercial code. Now negligent directors can be held liable for damages caused by prejudicial related-party transactions.
Increased disclosure requirements
3 2
Extent of disclosure index (010) Extent of director liability index (010)
Lesotho enacted a new company law that requires company directors to disclose to the board the full extent of any conict of interest they may have relating to a proposed transaction. Kosovo amended its Law on Business Organizations. Now only disinterested shareholders can approve related-party transactions. Moldova amended its law on joint stock companies. Shareholders can now petition the court for a rescission of transactions approved despite major conicts of interest when such transactions cause damages to the company.
Ease of shareholder suits index (010)
Regulated approval of related-party transactions Allowed the rescission of prejudicial relatedparty transactions
2011
2012
provide the strongest protections. Eastern Europe and Central Asia, also with 4, remains the most improved region and the most active in making legal changes, with 24 recorded in 16 economies since 2005. Kosovo improved minority shareholder protections the most in the past year, through a comprehensive revision of its Law on Business Organizations (gure 14.1). The amended law requires shareholder approval of related-party transactions and mandates greater disclosure both by directors to their board and by companies in their annual reports. In addition, the law allows shareholders to petition a judge for rescission of a prejudicial related-party transaction and claries the liability of directors. If found liable, directors must now pay damages and disgorge any prot made from the transaction. Economies in other regions were active as well. In Greece the Hellenic Capital Market Commission issued a circular clarifying the concept of material transactions for purposes of disclosure by listed companieshelping to instill more transparency in an economy looking to restore condence in its market. Peru now requires that the terms of transactions between interested parties be reviewed by an independent external auditor certied by the securities commission.
Continuing a trend in Sub-Saharan Africa of upgrading company law, Lesotho adopted a new one setting out duties of care, diligence and skill for directors. Breach of these duties constitutes a cause of action for shareholders (table 14.2).

In the past 8 years 68% of economies in Eastern Europe and Central Asia implemented at least 1 reform strengthening investor protections (gure 14.2). Among OECD high-income economies 48% did, and in East Asia and the Pacic and the Middle East and North Africa 33% did. Of all these reforms captured by Doing
Business, 49% improved the extent of disclosure index. But OECD high-income economies had a much higher share that did so, at 78%, followed by the Middle East and North Africa with 60% and Eastern Europe and Central Asia with 54%. In SubSaharan Africa the priority was increasing director liability. In East Asia and the Pacic and Latin America and the Caribbean the approach was more balanced. While many economies have strengthened investor protections, Tajikistan, Albania and Rwanda have made the biggest improvements since 2005 (table 14.3). Two of them did so through one major overhaul of their company law,
FIGURE 14.2 Eastern Europe and Central Asia still leading in number of investor protection reforms
Number of Doing Business reforms strengthening investor protections by Doing Business report year
Eastern Europe & Central Asia (24 economies) 1 1 OECD high income (31 economies) East Asia & Pacific (24 economies) Latin America & Caribbean (33 economies) Middle East & North Africa (19 economies) 1
2 5 5 2 3 3 3
5 6 2 1 1 1 1 1 1 1 1
3 4 3 2 2 2
5 1 1 4
1 2 3
2 1
Sub-Saharan Africa (46 economies) 1 1 1 South Asia (8 economies) 1 1 1
10
15
20
25
PROTECTING INVESTORS
79
FIGURE 14.3 Strongest investor protections in OECD high-income economies

Regional averages in protecting investors
OECD high income DB2013 DB2006 Eastern Europe & Central Asia DB2013 DB2006 DB2013 DB2006 DB2013 DB2006 DB2013 DB2006 DB2013 DB2006 DB2013 DB2006 0 Extent of disclosure index (010) Extent of director liability index (010) 10 Ease of shareholder suits index (010) 20
TABLE 14.3 Who has narrowed the distance to frontier in protecting investors the most since 2005?
Most improved Tajikistan Albania Rwanda Georgia
52 (1769) 48 (2977 ) 38 (2967) 31 ( 4172) 29 (3462) 28 (3563) 26 (4469) 25 (5782) 25 (5782) 25a (3763)
East Asia & Pacific
South Asia
Burundi Tunisia Colombia Azerbaijan Kazakhstan Mexico
Sub-Saharan Africa
Albania in 2008 and Rwanda in 2009. Tajikistan achieved similar results by amending its law incrementallyin 2007, in 2009 (twice) and in 2011. OECD high-income economies may have the strongest investor protections as measured by Doing Business, but Eastern Europe and Central Asia is quickly catching up, having passed East Asia and the Pacic in 2007 (gure 14.3). Policy makers in the region have emphasized stricter disclosure requirements and better standards for company directors. Sub-Saharan Africa has had some of the most comprehensive investor protection reforms. Besides Lesotho, such economies as Burundi and Rwanda have also updated their company laws following global good practices. East Asia and the Pacic has focused mostly on strengthening disclosure requirements and
directors duties (as in Taiwan, China, and in Thailand). Investor protection reforms have been sparse in Latin America and the Caribbean, with Chile, Colombia and Mexico among the few economies implementing them. In the Middle East and North Africa, despite some improvements (as in Morocco and Saudi Arabia), protections are often weak because of limited access to corporate information during litigation. South Asia has been the least active in strengthening investor protections. Over the past 8 years Doing Business recorded 3 investor protection reforms among the regions 8 economiesin India, Pakistan and Sri Lanka. Improving disclosure was the most common feature of investor protection reforms in the past 8 years, accounting for 46
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005in this case for the protecting investors indicators. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. The rst column lists the top 10 most improved economies in order; the second shows the absolute improvement in the distance to frontier between 2005 and 2012. a. Swaziland also has an improvement of 25 percentage points. Source: Doing Business database.
of the total. But in the past year, for the rst time, the most common feature was increasing director liability (accounting for 8 of the 13 reforms). Overall, smart, comprehensive regulations have had the strongest lasting impact (table 14.4). Economies undertaking a complete overhaul of their corporate, securities and civil procedure laws including Albania, Burundi, Kosovo, Mexico, Rwanda, Swaziland, Tajikistan and Thailandhave improved the most on the strength of investor protections as measured by Doing Business.
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DOING BUSINESS 2013
TABLE 14.4 Who provides strong minority investor protectionsand who does not?
Extent of disclosure index (010)
NOTES
This topic note was written by Herv Kaddoura and Jean Michel Lobet.
1. Sangim Han and Seyoon Kim, SK Group
Most
Bulgaria China France Hong Kong SAR, China Indonesia Ireland Malaysia New Zealand Singapore Thailand
Least 10 10 10 10 10 10 10 10 10 10a
Afghanistan Bolivia Cape Verde Croatia Honduras Maldives Micronesia, Fed. Sts. Palau Sudan Switzerland
1 1 1 1 0 0 0 0 0 0
Units Fall After Chairman Questioned by Prosecutors, Bloomberg News, December 18, 2011.
2. Mclean, Zhang and Zhao 2012. 3. Hamdani and Yafeh 2012.
Extent of director liability index (010)
Most
Albania Cambodia Canada Israel Malaysia New Zealand Rwanda Singapore Slovenia United States
Least 9 9 9 9 9 9 9 9 9 9b
Afghanistan Barbados Belarus Benin Bulgaria El Salvador Marshall Islands Micronesia, Fed. Sts. Palau Suriname
1 1 1 1 1 0 0 0 0 0
Easiest
Kenya New Zealand Colombia Hong Kong SAR, China Ireland Israel Panama Poland Singapore United States
Most difcult 10 10 9 9 9 9 9 9 9 9c
Lao PDR Senegal Syrian Arab Republic United Arab Emirates Venezuela, RB Yemen, Rep. Afghanistan Guinea Djibouti Iran, Islamic Rep.
2 2 2 2 2 2 1 1 0 0
a. The United Kingdom also has a score of 10 points on the extent of disclosure index. b. Trinidad and Tobago also has a score of 9 points on the extent of director liability index. c. Canada, Kazakhstan, Mauritius, Mozambique and Nepal also have a score of 9 points on the ease of shareholder suits index.
81
Paying taxes
Jean-Baptiste Colbert, French philosopher and minister of nance to King Louis XIV, once remarked that the art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing. How taxes are collected and paid has changed a great deal since then. But governments still face the challenge of maximizing revenue collection while minimizing distortions. Doing Business records the taxes and mandatory contributions that a mediumsize company must pay in a given year and also measures the administrative burden of paying taxes and contributions. It does this with 3 indicators: number of payments, time and total tax rate for the Doing Business case study rm. The number of payments indicates the frequency with which the company has to le and pay different types of taxes and contributions, adjusted for the way in which those lings and payments are made.1 The time indicator captures the number of hours it takes to prepare, le and pay 3 major types of taxes: prot taxes, consumption taxes, and labor taxes and mandatory contributions. The total tax rate measures the tax cost (as a percentage of prot) borne by the standard rm. The indicators do not measure the scal health of economies, the macroeconomic conditions under which governments collect revenue or the provision of public services supported by taxation. The ranking on the ease of paying taxes is the simple average of the percentile rankings on its component indicators, with a threshold applied to the total tax rate (table 15.1).2
WHO REFORMED IN PAYING TAXES IN 2011/12?

From June 2011 to June 2012 Doing Business recorded 31 reforms making it easier or less costly for firms to pay taxes (table 15.2). Sixteen economies mandated or enhanced electronic filing, eliminating the need for 196 separate tax payments and reducing compliance time by 134 days (1,070 hours) in total. In Uruguay small and mediumsize companies can now file and pay corporate income tax, value added tax and capital tax online. This option was available only for large taxpayers until 2011. Seven other economies implemented electronic filing for the first time, raising the number offering this option from 67 in 2010 to 74 in 2011.3 Thanks to improvements in electronic systems for filing and paying social security contributions, Saudi Arabia
Firms in the United Arab Emirates face the lightest administrative burden in paying taxes. They must make only 4 payments a year and spend 12 hours doing so. From June 2011 to June 2012 Doing Business recorded 31 reforms making it easier and less costly for companies to comply with taxes. Liberia made the biggest improvement in the ease of paying taxes in the past year. Belarus has advanced the most toward the frontier in regulatory practice in paying taxes since 2004. The most common feature of tax reforms in the past 8 years was to reduce prot tax rates, often in the context of parallel efforts to improve tax compliance. But in the past 2 years more economies focused on introducing electronic systems. Among regions, Eastern Europe and Central Asia had the biggest improvement in the ease of paying taxes in the past 8 years.
TABLE 15.1 Where is paying taxes easiest and where most difcult?
Easiest United Arab Emirates Qatar Saudi Arabia Hong Kong SAR, China Singapore Ireland Bahrain Canada Kiribati Oman RANK Most difcult Cameroon Mauritania Senegal Gambia, The Bolivia Central African Republic Congo, Rep. Guinea Chad Venezuela, RB RANK
1 2 3 4 5 6 7 8 9 10
176 177 178 179 180 181 182 183 184 185
For more information on good practices and research related to paying taxes, visit http:// www.doingbusiness.org/data/ exploretopics/paying-taxes. For more on the methodology, see the section on paying taxes in the data notes.
Note: Rankings are the average of the economys rankings on the number of payments, time and total tax rate, with a threshold imposed on the total tax rate. See the data notes for details. Source: Doing Business database.
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DOING BUSINESS 2013
TABLE 15.2 Who made paying taxes easier and lowered the tax burden in 2011/12 and what did they do?
Feature Introduced or enhanced electronic systems Economies Some highlights
TABLE 15.3 Who makes paying taxes easy and who does notand where is the total tax rate highest?
Payments (number per year)
Albania; Belarus; Bosnia and Herzegovina; Costa Rica; Czech Republic; Georgia; Germany; Kenya; Panama; Russian Federation; Saudi Arabia; Slovak Republic; Slovenia; Ukraine; United Arab Emirates; Uruguay Belarus; Brunei Darussalam; Fiji; Japan; Republic of Korea; Lao PDR; Liberia; Mali; Puerto Rico (U.S.); Slovenia; Thailand; United Kingdom Albania; Hungary; Liberia Jamaica; Mali; Panama; Poland
Ukraine introduced an online ling and payment system and made its use mandatory for medium-size and large enterprises.
Fewest
Hong Kong SAR, China Saudi Arabia Norway Qatar Sweden United Arab Emirates Georgia Singapore Chile Malta Time (hours per year)
Most 3 3 4 4 4 4 5 5 6 6
Antigua and Barbuda Guinea Senegal Panama Congo, Rep. Sri Lanka Cte dIvoire Serbia Tajikistan Venezuela, RB
57 58 59 60 61 61 62 66 69 71
Reduced prot tax rate by 2 percentage points or more Merged or eliminated taxes other than prot tax Simplied tax compliance process Reduced labor taxes and mandatory contributions Introduced change in cascading sales tax
The United Kingdom reduced 2 corporate income tax rates: the main rate from 28% to 26% and the smallcompany rate from 21% to 20%. Liberia abolished the turnover tax. Jamaica introduced joint ling and payment of all 5 types of social security contributions that rms must make. Croatia made paying taxes less costly by reducing health insurance contributions. Swaziland introduced value added tax to replace its cascading sales tax.
Croatia Swaziland
Fastest
United Arab Emirates
Slowest 12 36 48 58 59 62 63 72 76 78
Cameroon Ecuador Senegal Mauritania Chad Venezuela, RB Vietnam Nigeria Bolivia Brazil
654 654 666 696 732 792 872 956 1,025 2,600
this year ranks among the 10 economies with the fewest payments and lowest tax compliance time (table 15.3). Electronic systems for ling and paying taxes eliminate excessive paperwork and interaction with tax officers. They can reduce the time businesses spend on complying with tax laws, increase tax compliance and reduce the cost of revenue administration.4 But achieving these results requires effective implementation and high-quality security systems. Twelve economies reduced prot tax rates in 2011/12: 6 high-income economies (Brunei Darussalam, Japan, Korea, Puerto Rico [territory of the United States], Slovenia and the United Kingdom), 4 middle-income ones (Belarus, Fiji, Lao PDR and Thailand) and 2 low-income ones (Liberia and Mali). Reductions in prot tax rates are often combined with efforts to widen the tax base by removing exemptions and with increases in the rates of other taxes, such as value added tax (VAT). Liberia improved the most in the ease of paying taxes. It reduced the corporate income tax rate from 35% to 25% and abolished the turnover tax. The total tax rate fell from 43.7% of prot to 27.4%.
Eleven economies introduced new taxes (Cambodia, Costa Rica, Cyprus, El Salvador, Ethiopia, Japan, Malawi, Maldives, Mali, Nigeria and Repblica Bolivariana de Venezuela). Others increased prot or income tax rates (Botswana, the Dominican Republic and Moldova)5 or social security contributions (Hungary and Poland).
Bahrain Qatar Bahamas, The Luxembourg Oman Switzerland Saudi Arabia Seychelles Hong Kong SAR, China

Since 2005 Doing Business has recorded 296 tax reforms in 142 economies (gure 15.1). Some of these reforms introduced online ling, added in 29 economies in the past 8 years. These and other improvements to simplify tax compliance reduced the time required to comply with the 3 major taxes measured (prot, labor and consumption taxes) by 54 hours on average, and the number of payments by 7. Eastern Europe and Central Asia had the biggest improvement, with the time reduced by 181 hours and the number of payments by 24 (gure 15.2). Upper-middle-income economies have advanced the most toward the frontier in regulatory practice in paying taxes, followed by lower-middleincome economies (gure 15.3).
Total tax rate (% of prot)
Highest
Colombia Palau Bolivia Tajikistan Eritrea Uzbekistan Argentina Comoros Gambia, The Congo, Dem. Rep.
74.8 75.7 83.4 84.5 84.5 98.5 108.3a 217.9a 283.5a 339.7a
Note: The indicator on payments is adjusted for the possibility of electronic or joint ling and payment when used by the majority of rms in an economy. See the data notes for more details. a. As a result of assumptions about the prot margin used to standardize the nancial statements of the case study company, in 4 economies the amount of taxes due would exceed the prot of the company. To be able to comply with its tax obligations in these economies, the company would therefore have to charge more for its products and generate a higher prot. The methodology does not allow for price adjustments and assumes a standard cost markup of 120%. See the data notes for more details. Source: Doing Business database.
PAYING TAXES
83
FIGURE 15.1 Tax reforms implemented by more than 75% of economies in the past 8 years
Number of Doing Business reforms making it easier to pay taxes by Doing Business report year
Eastern Europe & Central Asia (24 economies) OECD high income (31 economies) Sub-Saharan Africa (46 economies) 3 Latin America & Caribbean (33 economies)
FIGURE 15.3 Middle-income economies have advanced the most toward the frontier in paying taxes
Average distance to frontier (percentage points) 100
8 9 8
11 7 8 5 8 8 232 6
10 8 6 11 6 2 4
9 9
9 7 11 7 7
11 9 4
4 5
East Asia & Pacific (24 economies) 3 5 9 Middle East & North Africa (19 economies) 1 4 3 2 6 South Asia (8 economies)
80
60
40
4 2112 0 10 20 30 40 50 60 70 80
20
Low income
Lower middle income
Upper middle income 2011 2004
High income
Besides lessening the administrative burden of taxes, many economies also reduced tax rates, often from relatively high levels and with complementary efforts to improve tax compliance. Sub-Saharan Africa had the largest reduction in the total tax rate, 13.3 percentage points on average since 2005. Some of this reduction came from the introduction of VAT,
which replaced the cascading sales tax.6 Burundi, Djibouti, Mozambique, Sierra Leone and Swaziland all introduced VAT systems. In Sierra Leone tax revenue remained relatively stable as a percentage of GDP, rising only from 10.8% in 2005 to 11% in 2009. But the share of revenue coming from taxes on goods and services increased from 11.9% to 24.6%.7
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicatorin this case for the paying taxes indicators since 2004. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2004). Eleven economies were added in subsequent years. The gure shows data for the nancial years 2004 (measured by the paying taxes indicators in Doing Business 2006) and 2011 (measured in Doing Business 2013). Source: Doing Business database.
FIGURE 15.2 Tax compliance simplied the most in Eastern Europe and Central Asia
Average payments (number per year)
OECD high income DB2013 DB2006 Middle East & North Africa DB2013 DB2006 East Asia & Pacific DB2013 DB2006 Eastern Europe & Central Asia DB2013 DB2006 South Asia DB2013 DB2006 Latin America & Caribbean DB2013 DB2006 Sub-Saharan Africa DB2013 DB2006 0 Profit taxes 10 20 Labor taxes 30 40 50 60
Many African economies also reduced prot tax rates in the past 8 years, reducing the share of prot taxes in the total tax rate by 0.9 percentage point on average in the region. But the biggest reduction in this share occurred in OECD high-income economies, where it fell by 4.1 percentage points on average. Over the same period tax revenue increased slightly as a percentage of GDP in Sub-Saharan Africa and remained relatively stable in OECD high-income economies.8 Such reforms have had positive effects. Matching the data available since 2005 on total tax rates with investment data indicates that a reduction of 1 percentage point in the total tax rate is linked to an increase in investment equivalent to 1% of GDP.9 Belarus has advanced the furthest toward the frontier in regulatory practice in paying taxes since 2004 (table 15.4). Embarking on an ambitious tax reform in
Other taxes
Note: To ensure an accurate comparison, the figure shows data for the same sample of 174 economies for both DB2006 (2004) and DB2013 (2011) and uses the regional classifications that apply in 2012. The economies added to the Doing Business sample after 2004 and therefore excluded here are The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Malta, Montenegro and Qatar. DB2006 data are adjusted for any data revisions and changes in methodology. Source: Doing Business database.
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DOING BUSINESS 2013
TABLE 15.4 Who has narrowed the distance to frontier in paying taxes the most since 2004?
FIGURE 15.4 Broad tax reform in Belarus reduces payments, time and total tax rate
Payments (number per year) Total tax rate (% of profit) 150 Time (hours) 1,000
Most improved Belarus Colombia Georgia China Azerbaijan Ukraine Argentina Sierra Leone Uruguay Yemen, Rep.
61 (061) 47 (1360) 47 (3986) 42 (1961) 37 (3875) 31 (1647) 30 (1444) 30 (3464) 30 (3161) 30 (3363)
120
800
90
600
60
400
30
200
0 2004 2005 Payments

2006
2007
2008
2009
2010 Time
2011
Total tax rate
NOTES
This topic note was written by Nan Jiang, Pawel Kopko, Nina Paustian, Momodou Salifu Sey and Tea Trumbic.
1. Companies sometimes prefer more
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicatorin this case for the paying taxes indicators since 2004. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2004). Eleven economies were added in subsequent years. The first column lists the top 10 most improved economies in order; the second shows the absolute improvement in the distance to frontier between financial years 2004 and 2011. Source: Doing Business database.
frequent payments, to smooth cash ow, and less frequent ling.

2. The threshold is set at the 15th percentile
systems to lessen the administrative burden for taxpayers. These efforts simplied requirements for rms, reducing the number of annual tax payments recorded by Doing Business from 27 in 2007 to 6 in 2011 and the time to comply with major taxes from 549 hours to 337.
5. At the same time Moldova reduced the
2005, Belarus abolished several taxes, reduced tax rates, broadened the tax base, simplied ling forms and the tax law and invested in electronic systems that make it easier to le and pay taxes. These changes reduced the number of annual payments from 125 to 10, the time from 987 hours a year to 338 and the total tax rate from 137.5% of prot to 60.7% (gure 15.4). The efforts to make tax compliance easier and less costly are paying off. While 1,681 new limited liability corporations registered for the rst time in 2005 in Belarus, 6,142 did so in 2011. Indeed, the total number registered in this period increased by 68.9% (from 27,619 to 46,653).10
of the total tax rate distribution, and this year is 25.7%. All economies with a total tax rate below this level receive the same percentile ranking on this component. The threshold is not based on any economic theory of an optimal tax rate that minimizes distortions or maximizes efficiency in the tax system of an economy overall. Instead, it is mainly empirical in nature, set at the lower end of the distribution of tax rates levied on medium-size enterprises in the manufacturing sector as observed through the paying taxes indicators. This reduces the bias in the indicators toward economies that do not need to levy signicant taxes on companies like the Doing Business standardized case study company because they raise public revenue in other waysfor example, through taxes on foreign companies, through taxes on sectors other than manufacturing or from natural resources (all of which are outside the scope of the methodology).
3. One of the economies added to the
withholding tax for dividends from 15% to 6% and lowered the withholding tax for payments other than dividends from 15% to 12%. In addition, it introduced a new tax regime for small and mediumsize enterprises under which small companies pay a single tax of 3% of revenues from operational activities.
6. VAT is collected by the rm and its
cost is fully passed on to the consumer. Because the rm has to make the payments and spend time lling out the returns, VAT is included in the indicators on payments and time. But the amount of VAT paid is not included in the total tax rate. Cascading sales tax, which is paid at every point of the supply chain, is included in the total tax rate, because the rm cannot deduct the sales tax it pays on its supplies from the amount it owes on its sales. Economies introducing VAT regimes to replace the sales tax regime have therefore seen a reduction in their total tax rate.
sample in this years report, Malta, has offered electronic ling for several years and so is included in the count for 2010.
4. Mexico, for example, has relied heavily

on technology and the use of electronic
PAYING TAXES
85
9. Following Eifert (2009) and Djankov,
McLiesh and Ramalho (2006), the analysis controls for government consumption, institutional quality and corruption perception. It also controls for total trade openness and rents from natural resources.
10. World Bank Group Entrepreneurship
Snapshots. The full data set is available on the Doing Business website (http:// www.doingbusiness.org).
86
Trading across borders

Trading across borders remains easiest in Singapore. From June 2011 to June 2012 Doing Business recorded 22 reforms making it easier to trade across borders. South Africa made the biggest improvement in the ease of trading across borders in the past year. Georgia has made the greatest progress toward the frontier in regulatory practice in trading across borders since 2005. Among the 10 economies making the most progress, 4 are in Sub-Saharan Africa. The most common feature of trade facilitation reforms in the past 8 years was the introduction or improvement of electronic submission and processing. Economies in Latin America and the Caribbean have made the biggest reductions in the time to trade across borders since 2005. Those in the Middle East and North Africa have made the biggest reductions in the documents required to export and import. For more information on good practices and research related to trading across borders, visit http://www.doingbusiness.org/data/ exploretopics/trading-across-borders. For more on the methodology, see the section on trading across borders in the data notes.
Inefficiencies in processing and clearing goods put traders in developing countries at a competitive disadvantage, declared the heads of the World Bank and regional development banks in a statement urging the international community to commit to a new WTO trade facilitation agreement. Developing countries stand to gain the most from improving trade facilitation. The right support will help traders in poorer countries compete and integrate into global supply chains.1 To shed light on the bureaucratic and logistical hurdles facing traders, Doing Business measures the time and cost (excluding tariffs) associated with exporting and importing by sea transport and the number of documents necessary to complete the transaction.2 The indicators cover documentation requirements and procedures at customs and other regulatory agencies as well as at the port. They also cover logistical aspects, including the time and cost of inland transport between the largest business city and the main port used by traders. As measured by Doing Business, trading across borders remains easiest in Singapore (tables 16.1 and 16.2). Outdated and inefficient border procedures, inadequate infrastructure and lack of reliable logistics services often mean high transactions costs and long delays, particularly for landlocked economies.3 The more costly and time consuming it is to export or import, the more difficult it is for local companies to be competitive and to reach international markets. Indeed, a study in Sub-Saharan Africa shows that reducing inland travel time by 1 day increases exports by 7%.4
TABLE 16.1 Where is trading across borders easiestand where most difcult?
Easiest Singapore Hong Kong SAR, China Korea, Rep. Denmark United Arab Emirates Finland Estonia Sweden Panama Israel RANK Most difcult Niger Burundi Afghanistan Iraq Chad Congo, Rep. Central African Republic Kazakhstan Tajikistan Uzbekistan RANK
1 2 3 4 5 6 7 8 9 10
176 177 178 179 180 181 182 182 184 185
Note: Rankings are the average of the economys rankings on the documents, time and cost required to export and import. See the data notes for details. Economies shown with the same number are tied in the ranking. Source: Doing Business database.
WHO REFORMED IN TRADING ACROSS BORDERS IN 2011/12?

In 2011/12 South Africa improved the most in the ease of trading across borders as measured by Doing Business. Through its customs modernization program it implemented measures that reduced the time, cost and documents required for international trade (gure 16.1). Improvements in South Africa have effects throughout southern Africa. Since overseas goods to and from Botswana, Lesotho, Swaziland and Zimbabwe transit through South Africa, traders in these economies are also enjoying the benets. South Africa was not alone. Doing Business recorded reforms making it easier to trade across borders in 21 other economies in the past year, for a total of 22 (table 16.3). Latin America and the
TRADING ACROSS BORDERS
87
TABLE 16.2 Who makes exporting easy and who does not?
Documents (number)
Who makes importing easy and who does not?

Documents (number)
FIGURE 16.1 Modernizing customs made importing faster in South Africa

Time to import (days)
Fewest
France Canada Estonia Japan Korea, Rep. Panama Sweden Finland Hong Kong SAR, China Singapore
Most 2 3 3 3 3 3 3 4 4 4
Afghanistan Burkina Faso Cte dIvoire Iraq Angola Cameroon Congo, Rep. Nepal Tajikistan Uzbekistan
Fewest 10 10 10 10 11 11 11 11 11 13
France Denmark Korea, Rep. Panama Sweden Hong Kong SAR, China Israel Netherlands Singapore United Kingdom Time (days)
Most 2 3 3 3 3 4 4 4 4 4
Chad Niger Russian Federation Tajikistan Bhutan Cameroon Eritrea Kazakhstan Uzbekistan Central African Republic
11 11 11 11 12 12 12 12 14 17
32 3 4 23 3 11 2
11 14 7 2011 2012 Port and terminal handling Document preparation
Time (days)
Fastest
Denmark Estonia Hong Kong SAR, China Singapore Netherlands United States Germany Luxembourg Norway United Kingdom
Slowest 5 5 5 5 6 6 7 7 7 7
Zimbabwe Central African Republic Niger Kyrgyz Republic Tajikistan Afghanistan Chad Iraq Uzbekistan Kazakhstan
Fastest 53 54 59 63 71 74 75 80 80 81
Singapore Cyprus Denmark Estonia Hong Kong SAR, China United States Netherlands Sweden United Kingdom Luxembourg
Slowest 4 5 5 5 5 5 6 6 6 7
Niger Kazakhstan Venezuela, RB Tajikistan Zimbabwe Kyrgyz Republic Afghanistan Iraq Uzbekistan Chad
64 69
Inland transport Customs clearance and technical control

71 72 73 75 77 82 99 101
Cost (US$ per container)
Cost (US$ per container)
Caribbean and Sub-Saharan Africa had the most, with 6 each, followed by OECD high-income economies (5) and Eastern Europe and Central Asia (2). One reform each was also recorded in East Asia and the Pacic, the Middle East and North Africa and South Asia. Six economies made trading across borders more difcult as measured by Doing Business4 in Latin America and the Caribbean and 2 in Sub-Saharan Africa. Automation has continued to play an important part in facilitating the processing and clearance of goods in many economies. In the past year 6 economiesBelize, Dominica, Grenada, Lao PDR, Sri Lanka, and Trinidad and Tobagoimplemented computerized customs management systems that allow web-based submission of customs declarations.
Least
Malaysia Singapore Finland Hong Kong SAR, China Morocco China Philippines Thailand Latvia Vietnam
Most 435 456 540 575 577 580 585 585 600 610
Afghanistan Iraq Niger Congo, Rep. Kyrgyz Republic Uzbekistan Kazakhstan Central African Republic Chad Tajikistan
Least 3,545 3,550 3,676 3,818 4,160 4,585 4,685 5,491 5,902 8,450
Malaysia Singapore Hong Kong SAR, China Israel So Tom and Prncipe United Arab Emirates Vietnam China Finland Fiji
Most 420 439 565 565 577 590 600 615 620 635
Kazakhstan Kyrgyz Republic Uzbekistan Rwanda Burundi Zimbabwe Central African Republic Congo, Rep. Chad Tajikistan
4,665 4,700 4,750 4,990 5,005 5,200 5,554 7,709 8,525 9,800

In the past 8 years Doing Business recorded 212 trade facilitation reforms around the world (gure 16.2). Eastern Europe and Central Asia and the Middle East and North Africa had the largest share
88
DOING BUSINESS 2013
TABLE 16.3 Who made trading across borders easier in 2011/12and what did they do?
Feature Introduced or improved electronic submission and processing Economies Some highlights
Belize; Botswana; Lao PDR launched the ASYCUDA electronic data interBurundi; Czech change system at the ThanalengFriendship Bridge border Republic; Dominica; crossing. Grenada; Hungary; Lao PDR; Niger; Qatar; South Africa; Spain; Sri Lanka; Trinidad and Tobago; Uruguay Georgia; Jamaica; Jamaica facilitated overnight processing of customs declaMalawi; South Africa rations by extending the hours for lodging customs entries. Benin; Portugal; Uzbekistan Benin implemented an electronic single-window and unique payment system integrating customs, control agencies, port authorities and other service providers at the Cotonou port. Botswana introduced a scanner at the Kopfontein Tlokweng border crossing, replacing physical inspections. Trucks are selected for scanning on the basis of their risk. The Netherlands introduced a new web-based system for cargo release at the port terminals in Rotterdam.
TABLE 16.4 Who has narrowed the distance to frontier in trading across borders the most since 2005?
Most improved Georgia France Rwanda Thailand Djibouti Madagascar Senegal Romania Kenya
49 (2877) 31 (5788) 30 (030) 28 (5280) 25 (5075) 25 (3863) 23 (4871) 20 (5070) 19 (2645) 17 (7491)
Improved customs administration Introduced electronic single window
Introduced or improved risk-based inspections Improved port procedures
Botswana; Lao PDR
Netherlands; Uruguay
of economies with such reforms: in both regions 83% implemented at least 1. Latin America and the Caribbean had the next largest share, with 73% of economies implementing at least 1, followed closely by Sub-Saharan Africa with 72%. The share in East Asia and the Pacic was 63%, in South Asia 50% and among the OECD high-income economies 42%. Thanks to these efforts, trading across borders as measured by Doing Business has become faster and easier around the world. In 2006 it took 26.0 days on average to export and 30.4 days to import
a standardized cargo of goods by ocean transport (with every official procedure recorded but actual time in the ocean excluded). Today it takes only 22.2 days on average to export and 25.0 to import (gure 16.3). Analysis shows that such gains have had positive effects. Matching the data available since 2005 on the time to trade across borders with GDP per capita growth data indicates that a reduction of 4 days in the time to import or export is linked to an increase in the per capita growth rate of 0.1 percentage point.5
Korea, Rep.
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005in this case for the trading across borders indicators. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. The rst column lists the top 10 most improved economies in order; the second shows the absolute improvement in the distance to frontier between 2005 and 2012. Source: Doing Business database.
FIGURE 16.2 Sub-Saharan Africa leads in number of trade facilitation reforms

Number of Doing Business reforms making it easier to trade across borders by Doing Business report year
Sub-Saharan Africa (46 economies) Latin America & Caribbean (33 economies) Middle East & North Africa (19 economies)
5 5 3
5 6 4
6 8 6 6
11 7 6 6 21
14 4 2 6
4 2 4
Eastern Europe & Central Asia (24 economies) 1 3 3 4 East Asia & Pacific (24 economies) OECD high income (31 economies)
22
4 3 2 4 2 5 11 4 11 2 2 2 4 5
South Asia 12 2 1111 (8 economies)
10
20
30
40
50
60
70
While many economies have made strides in improving international trade practices, Georgia has made the greatest progress toward the frontier in regulatory practice in trading across borders since 2005 (table 16.4). It did so through improvements over several years. In 2006 Georgia enacted a new customs code, simplifying the customs clearance process and better aligning it with international good practices. Three years later it reduced the cost to trade and simplied the documentation requirements for imports and exports. And in the past year Georgia created customs clearance zonesone-stop shops for different clearance processes. The most common feature of trade facilitation reforms in all regions over the past 8
89
FIGURE 16.3 Large decline in document preparation time across regions

Average time to export (days) OECD high income DB2013 DB2007 Latin America & Caribbean DB2013 DB2007 Middle East & North Africa DB2013 DB2007 East Asia & Pacific DB2013 DB2007 Eastern Europe & Central Asia DB2013 DB2007 Sub-Saharan Africa DB2013 DB2007 South Asia DB2013 DB2007 0 10 20 30 40
years was the introduction or improvement of electronic submission and processing of customs declarationsimplemented in 110 economies. The improvement of customs administration was the second most common feature, undertaken by 61 economies. Improving port procedures was the third most common among economies in Sub-Saharan Africa and the Middle East and North Africa. By contrast, among other economies, including those in Eastern Europe and Central Asia, Latin America and the Caribbean and the OECD high-income group, introducing or improving risk-based inspection systems was more common.
NOTES
Average time to import (days) OECD high income DB2013 DB2007 Latin America & Caribbean DB2013 DB2007 Middle East & North Africa DB2013 DB2007 East Asia & Pacific DB2013 DB2007 Eastern Europe & Central Asia DB2013 DB2007 Sub-Saharan Africa DB2013 DB2007 South Asia DB2013 DB2007 0 Document preparation 10 20 30 40 50 Inland transport
This topic note was written by Iryna Bilotserkivska, Robert Murillo and Mikiko Imai Ollison.
1. Zoellick and others 2012. 2. To ensure comparability across econo-
mies, the Doing Business methodology assumes that trade is by sea transport and therefore may not capture regional trade in some regions, such as SubSaharan Africa and Eastern Europe and Central Asia. While sea transport still accounts for the majority of world trade, regional trade is becoming increasingly important for small and medium-size enterprises.
3. Arvis, Marteau and Raballand 2010. 4. Freund and Rocha 2011. The authors use
Customs clearance and technical control
Port and terminal handling
a modied gravity equation that controls for importer xed effects and exporter remoteness to understand whether different types of export costs affect trade differently. All 3 techniques used to analyze the effect on trade values of export times for key components lead to the same conclusion: that inland transit delays have a robust negative effect on export values.
5. Results are based on Arellano-Bond
dynamic panel estimation to control for economic cycle and time-invariant country-specic factors. Following Eifert (2009) and Djankov, McLiesh and Ramalho (2006), the analysis controls for initial level of education, initial level of income per capita and institutional quality. It also controls for total trade openness and rents from natural resources.
90
Enforcing contracts
Enforcing contracts is easiest in Luxembourg, where it takes 321 days and 26 procedures and costs 9.7% of the value of the claim. From June 2011 to June 2012 Doing Business recorded 11 reforms making it easier to enforce contracts. In the past year Poland improved the most in the ease of enforcing contracts. Bhutan has advanced the furthest toward the frontier in regulatory practice in contract enforcement since 2005. Among the 10 economies making the greatest progress in this period, 6 are in Sub-Saharan Africa. Introducing specialized commercial courts or divisions was the most common feature of reforms making it easier to enforce contracts in the past 8 years.
A judicial system that provides effective commercial dispute resolution is crucial to a healthy economy.1 Without one, rms risk nding themselves operating in an environment where compliance with contractual obligations is not the norm. While using alternative dispute resolution systems may have benets, Doing Business focuses on how public institutions function in the case of a commercial dispute.2 Doing Business measures the time, cost and procedural complexity of resolving a commercial lawsuit between 2 domestic businesses. The dispute involves the breach of a sales contract worth twice the income per capita of the economy. The case study assumes that the court hears arguments on the merits and that an expert provides an opinion on the quality of the goods in dispute. This distinguishes the case from simple debt enforcement. The time, cost and procedures are measured from the perspective of an entrepreneur (the plaintiff) pursuing the standardized case through local courts. Efficiency in this process matters. A study in Eastern Europe found that in countries with slower courts, rms on average tend to have less bank nancing for new investment. The study shows that reforms in other areas, such as creditors rights, help increase bank lending only if contracts can be enforced before the courts.3 Another recent study, analyzing 98 developing economies, suggests that foreign direct investment tends to be greater where the cost of contract enforcement in debt collection and property eviction cases is lower, particularly when the host economy is more indebted.4 Among the 185 economies covered by Doing Business, Luxembourg has the top ranking on the ease of enforcing contracts (table 17.1). But contract enforcement is fastest in Singapore, where it takes only 150 days to resolve the standardized case measured by Doing Business (table 17.2).
WHO REFORMED IN ENFORCING CONTRACTS IN 2011/12?

From June 2011 to June 2012 Doing Business recorded 11 reforms making it easier to enforce contracts and 1 making it more difficult (table 17.3). Brazil, Rwanda and Saudi Arabia improved electronic systems in their courts. Such systems offer multiple benets. By allowing litigants to le complaints electronically in commercial cases, they can speed up the ling and service process. They can prevent the
TABLE 17.1 Where is enforcing contracts easiestand where most difcult?
Easiest Luxembourg Korea, Rep. Iceland Norway Germany United States Austria France Finland Hong Kong SAR, China RANK Most difcult Syrian Arab Republic Central African Republic Benin Honduras Suriname So Tom and Prncipe Bangladesh Angola India Timor-Leste RANK
For more information on good practices and research related to enforcing contracts, visit http://www .doingbusiness.org/data/ exploretopics/enforcing-contracts. For more on the methodology, see the section on enforcing contracts in the data notes.
1 2 3 4 5 6 7 8 9 10
176 177 178 179 180 181 182 183 184 185
Note: Rankings are the average of the economys rankings on the procedures, time and cost to resolve a commercial dispute through the courts. See the data notes for details. Source: Doing Business database.
ENFORCING CONTRACTS
91
TABLE 17.2 Who makes enforcing contracts easyand who does not?
Procedures (number of steps)
FIGURE 17.1 Sub-Saharan Africa continues to lead in number of contract enforcement reforms
Number of Doing Business reforms making it easier to enforce contracts by Doing Business report year
Sub-Saharan Africa (46 economies) OECD high income (31 economies) Eastern Europe & Central Asia (24 economies) Latin America & Caribbean (33 economies) East Asia & Pacific (24 economies) Middle East & North Africa (19 economies) South Asia (8 economies)
Fewest
Ireland Singapore Rwanda Austria Belgium Luxembourg Netherlands Czech Republic Hong Kong SAR, China Iceland
Most 21 21 23 25 26 26 26 27 27 27
Armenia Guinea Kuwait Belize Iraq Oman Timor-Leste Kosovo Sudan Syrian Arab Republic
2 5 5 1 2 1 4
6 8 4 2 3 2 1 2
6 2 5
2 3
5 2 3 3
6 1 2
49 49 50 51 51 51 51 53 53 55
1 3
11
2 1 2 4 11
111 0 5 10 15 20 25 30 35
Time (days)
Fastest
Singapore Uzbekistan New Zealand Bhutan Korea, Rep. Rwanda Azerbaijan Kyrgyz Republic Namibia Russian Federation Cost (% of claim)
Slowest 150 195 216 225 230 230 237 260 270 270
Sri Lanka Barbados Trinidad and Tobago Colombia India Bangladesh Guatemala Afghanistan Guinea-Bissau Suriname
1,318 1,340 1,340 1,346 1,420 1,442 1,459 1,642 1,715 1,715
which involves monitoring and managing cases in the court docket from the ling of the claim until the judgment is issued, has proved to be an effective tool for reducing procedural delays at court and for monitoring the performance of judges and court officers. Increasing the specialization of judges, divisions or courts in commercial cases has been a common feature of reforms
to increase court efficiency in recent years. Two economies implemented such reforms in the past year. Liberia launched a specialized commercial court in November 2011 and has already appointed 3 new judges for the court. Cameroon created specialized commercial divisions within its courts of rst instance. Benin appointed more judges and bailiffs in commercial courts. And it introduced the
FIGURE 17.2 Contract enforcement has become faster in most regions

Most 0.1 8.2 9.7 9.9 10.3 11.1 12.7 13.0 13.3 13.4
Comoros Malawi Cambodia Papua New Guinea Zimbabwe Indonesia Mozambique Congo, Dem. Rep. Sierra Leone Timor-Leste
Least
Bhutan Iceland Luxembourg Norway Korea, Rep. China Slovenia Portugal Finland Russian Federation
Average time to enforce contracts (days)
89.4 94.1 103.4 110.3 113.1 139.4 142.5 147.6 149.5 163.2
Eastern Europe & Central Asia DB2013 DB2008 OECD high income DB2013 DB2008 East Asia & Pacific DB2013 DB2008 Middle East & North Africa DB2013 DB2008 Sub-Saharan Africa DB2013 DB2008 Latin America & Caribbean DB2013 DB2008 South Asia DB2013 DB2008
loss, destruction or concealment of court records. And they can increase transparency and limit opportunities for corruption in the judiciary. Even more benecial is the use of computerized systems for case management. Case management,
200 Filing and service
400
600
800
1,000
1,200
Trial and judgment
Enforcement
Note: To ensure an accurate comparison, the gure shows data for the same sample of 178 economies for both DB2008 (2007) and DB2013 (2012) and uses the regional classications that apply in 2012. The economies added to the Doing Business sample after 2007 and therefore excluded here are The Bahamas, Bahrain, Barbados, Cyprus, Kosovo, Malta and Qatar. DB2008 data are adjusted for any data revisions and changes in methodology. Source: Doing Business database.
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DOING BUSINESS 2013
TABLE 17.3 Who made enforcing contracts easier in 2011/12and what did they do?
Feature Increased procedural efciency at main trial court Introduced or expanded computerized case management system Signicantly increased number of judges Made enforcement of judgment more efcient Introduced specialized commercial court Economies Some highlights
Georgia; Poland; Slovak Republic; Turkey Brazil; Rwanda; Saudi Arabia
The Slovak Republic amended its civil procedure code to simplify and speed up proceedings and to limit obstructive tactics by the parties to a case. Saudi Arabia expanded the computerization of its courts and introduced an electronic ling system for commercial cases, allowing attorneys to submit a summons online through a dedicated website. Poland appointed more judges and bailiffs in commercial courts. Serbia introduced private bailiffs.
Benin; Liberia; Poland Poland; Serbia
year the implementation of electronic ling systems was among the most common improvements recorded by Doing Business. Today 19 economies allow electronic ling of complaints, including 12 OECD high-income economies. Among all OECD high-income economies, the average time for ling and service fell by 9 days between 2007 and 2012 (see gure 17.2). Specialized courts tend to improve efficiency.5 Creating specialized commercial courts can result in faster and less costly contract enforcement, particularly where the commercial caseload is large. Today 82 of the 185 economies covered by Doing Business have a dedicated stand-alone court, a specialized commercial section within an existing court or specialized judges within a general civil court. In 7 Sub-Saharan African economies that introduced commercial courts or sections in the past 10 yearsthe Democratic Republic of Congo, Ghana, Lesotho, Mauritania, Mozambique, Nigeria and Rwandathe average time to resolve the standardized case measured by Doing Business dropped by more than 5 months. Poland improved the most in the ease of enforcing contracts in the past year and is also among the 10 economies advancing the furthest toward the frontier in regulatory practice in this area since 2005 (table 17.4). In 2003 resolving a commercial dispute in Warsaw took 1,000 days. Today, thanks to extensive efforts, it takes 685 (gure 17.3). What did Poland do? In 2007 it started deregulating the bailiff profession, increasing the number of service providers. That same year it created its rst electronic court, in Lublin; the new court, which processes cases and assigns them to judges in only 23 weeks on average, has already dealt with more than 3 million cases. In a parallel effort Poland launched an information technology system in 2003, then the Praetor software in 2007, improving the internal operations of courts over time. The software system facilitates the circulation of documents
Cameroon; Liberia
Liberia launched a specialized commercial court in November 2011 and has appointed 3 new judges for the court.
concept of managing judges as well as enforcement judges. Serbia made it easier to enforce contracts by introducing a private bailiff system, providing competitive options for enforcing a binding decision. The winning party in a commercial case may now choose between private and court bailiffs to carry out enforcement proceedings. Georgia, Poland, the Slovak Republic and Turkey amended the procedural rules applying to commercial cases, mainly to simplify and speed up proceedings and to limit obstructive tactics by the parties to a case. New legislation adopted in January 2012 by the Slovak Republic imposes new individual deadlines on the parties at different stages of the proceedings. For example, courts are now obliged to
deliver a complaint to the defendant in less than 60 days.

In the past 8 years Doing Business recorded 116 reforms that helped improve court efficiency in commercial dispute resolution. Sub-Saharan Africa had the most reforms, with 35 (gure 17.1). But Eastern Europe and Central Asia, the region where contract enforcement is the fastest on average (gure 17.2), had the largest share of economies with such reforms: 15 of 24 economies in the region implemented at least 1. Some economies introduced specialized commercial courts. Others overhauled the organization of their courts or their system of judicial case management for commercial dispute resolution. In the past
FIGURE 17.3 How Poland cut the time to enforce contracts by a third in Warsaw
Time (days) 1,000 800 600 400 200 0 980 830 Introduced a simpler procedure for small claims 685 Deregulated the bailiff profession and created the first electronic court Cut procedural steps in commercial cases and appointed more judges and bailiffs
Introduced court management systems in 2003 and launched the Praetor software in 2007, streamlining document handling and improving case monitoring 2005 2007 2012
ENFORCING CONTRACTS
93
TABLE 17.4 Who has narrowed the distance to frontier in enforcing contracts the most since 2005?
Most improved Bhutan Gambia, The Poland Botswana Georgia Mozambique Nigeria Lesotho Mali Portugal
35 (3166) 14 (5064) 13 (5063) 11 (5667) 11 (5970) 10 (2939) 8 (4856) 7 (4451) 6 (4349) 6a (6470)
within the court and allows users to trace the history of the decision stage for particular documents. By 2007 the implementation of these court management systems had already reduced the backlog of cases by 36% compared with 2004. Efforts are ongoing. In May 2012 Poland amended its civil procedure code, eliminating separate procedural steps in commercial cases. Poland also appointed more judges and bailiffs to the district and regional commercial courts, expanded the role of judges in managing processes (particularly in the introduction of evidence), expanded the responsibilities of assistant judges (such as in overseeing bailiffs and enforcing court judgments), allowed new electronic processes and introduced economic incentives for debtors to comply with judgments.
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005in this case for the enforcing contracts indicators. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. The rst column lists the top 10 most improved economies in order; the second shows the absolute improvement in the distance to frontier between 2005 and 2012.
a. Ethiopia, FYR Macedonia and Malaysia also have an improvement of 6 percentage points.
NOTES
This topic note was written by Joyce Antone Ibrahim and Julien Vilquin.
1. Ramello and Voigt 2012. 2. World Bank Facility for Investment
Climate Advisory Services 2011.

3. Safavian and Sharma 2007. 4. Ahlquist and Prakash 2010. 5. Botero and others 2003.
94
Creditors of rms facing insolvency benet from the highest recovery rate in Japan. From June 2011 to June 2012 Doing Business recorded 17 reforms aimed at improving insolvency proceedings. Poland is among the 10 economies advancing the furthest toward the frontier in regulatory practice in resolving insolvency since 2005. Common features of insolvency reforms in the past 8 years include passing new bankruptcy laws, promoting reorganization proceedings, shortening time limits, regulating the qualications of insolvency administrators and strengthening the rights of secured creditors. Eastern Europe and Central Asia had the biggest increase in the recovery rate in the past 8 years, while OECD high-income economies had the most insolvency reforms.
Driven by steeper labor costs and the high fuel prices and dampened travel demand resulting from the global nancial crisis, American Airlines, the third largest U.S. carrier, led for Chapter 11 bankruptcy in November 2011. Its core business is still viable, and if allowed to reorganize its nances and operations the company could avoid failureto the benet of its creditors, shareholders and employees. Thanks to the solid insolvency laws in the United States, American Airlines had the opportunity to le for restructuring, and if the companys viability is proven, it is expected to survive.1 This does not happen in the many economies that lack restructuring frameworks. Doing Business measures the time, cost and outcome of insolvency proceedings involving domestic entities. The time required for creditors to recover their credit is recorded in calendar years. The cost of the proceedings is recorded as a percentage of the value of the debtors estate. The recovery rate for creditors depends on whether the case study company (a hotel business) emerges from the proceedings as a going concern or its assets are sold piecemeal. The rate is recorded as cents on the dollar recouped by creditors through reorganization, liquidation or debt enforcement (foreclosure) proceedings. If an economy had zero insolvency cases a year over the past 5 years, it receives a no practice classication. This means that creditors are unlikely to recover their money through a formal legal process (in or out of court). The recovery rate for no practice economies is zero. The ranking on the ease of resolving insolvency is based on the recovery rate, which is affected by the key variables of time, cost and outcome (tables 18.1 and 18.2). Whether insolvency proceedings are efficient matters not just for rms that are struggling. A recent study shows that Brazils 2005 bankruptcy reform, which strengthened the rights of secured creditors, led to a signicant reduction in the cost of debt and an increase in both short- and long-term debt.2 However, an analysis of Italys 200506 reform of its bankruptcy law shows that excessive use of reorganization proceedings increases interest rates on loan nancing because it reduces the incentives for entrepreneurs to act prudently.3 Another study, focusing on U.S. airlines, shows that bankruptcies reduce the collateral value of other rms in the same industry, increasing the cost
TABLE 18.1 Where is resolving insolvency easiestand where most difcult?
Recovery rate
Easiest
Japan Singapore Norway Canada Finland Netherlands Belgium United Kingdom Ireland Denmark
Most difcult 92.8 91.3 90.8 90.7 89.7 88.8 88.7 88.6 87.5 87.1
Angola Venezuela, RB So Tom and Prncipe Philippines Micronesia, Fed. Sts. Rwanda Congo, Dem. Rep. Zimbabwe Central African Republic Eritrea
8.0 6.4 5.2 4.9 3.4 3.1 1.6 0.1 0.0 0.0a
For more information on good practices and research related to resolving insolvency, visit http://www.doingbusiness.org/data/ exploretopics/resolving-insolvency. For more on the methodology, see the section on resolving insolvency in the data notes.
Note: Rankings are based on the recovery rate: how many cents on the dollar creditors recover from an insolvent rm as calculated by Doing Business. See the data notes for details.
a. Sixteen economies have a recovery rate of 0, including 14 no practice economies.
RESOLVING INSOLVENCY
95
TABLE 18.2 Who makes resolving insolvency easyand who does not?
Time (years)
TABLE 18.3 Who made resolving insolvency easier in 2011/12and what did they do?
Feature Established or promoted reorganization, liquidation or foreclosure procedures Eliminated formalities or introduced or tightened time limits Economies Some highlights
Fastest
Ireland Japan Canada Singapore Belgium Finland Norway Australia Belize Denmark Cost (% of estate)
Slowest 0.4 0.6 0.8 0.8 0.9 0.9 0.9 1.0 1.0 1.0a
Congo, Dem. Rep. Ecuador Micronesia, Fed. Sts. Indonesia Haiti Philippines Cambodia Angola So Tom and Prncipe Mauritania
5.2 5.3 5.3 5.5 5.7 5.7 6.0 6.2 6.2 8.0
Belarus; Germany; Greece; Kazakhstan; Lithuania; Moldova; Poland; Serbia; Slovak Republic; Spain; Uzbekistan Belarus; Georgia; Kazakhstan; Republic of Korea; Lithuania; Slovenia; Uganda; Uzbekistan Kazakhstan; Moldova; Poland; Slovenia; Uganda; Zambia Kazakhstan; Slovak Republic Lithuania; Serbia
Germany amended its insolvency law to facilitate in-court restructuring of distressed companies, providing new opportunities for creditors and debtors.
Georgia streamlined all insolvency procedures, introducing a deadline for the creditors rst meeting and shorter time limits for the submission of documentation and creditors claims, for decisions on the outcome of insolvency proceedings and for the duration of the auction. Zambia established qualication requirements, professional duties and provisions on pay for liquidators and receivers.
Regulated profession of insolvency administrators Granted priority to secured creditors Increased transparency of insolvency system Introduced framework for out-of-court restructurings
The Slovak Republic strengthened the rights of secured creditors, prioritizing their claims and granting them voting power over the restructuring plan. Serbia introduced an online public registry, making public all injunctions issued by the court. Spain improved its framework for out-of-court restructuring by facilitating the approval of an agreement between creditors and debtors.
Least
Norway Singapore Armenia Bahamas, The Belgium Brunei Darussalam Canada Denmark Finland Georgia
Most 1 1 4 4 4 4 4 4 4 4b
Dominican Republic Marshall Islands Micronesia, Fed. Sts. Philippines Sierra Leone Ukraine Liberia Rwanda Chad Central African Republic
Portugal; Spain
38 38 38 38c 42 42 43 50 60 76
WHO REFORMED IN RESOLVING INSOLVENCY IN 2011/12?

From June 2011 to June 2012 Doing Business recorded 17 reforms making it easier to resolve insolvency (table 18.3). Most were in Eastern Europe and Central Asia, where 29% of economies had such reforms, and in OECD high-income economies, of which 26% did. Germany promoted its reorganization proceedings by streamlining insolvency
a. Four other economies also have a time of 1 year: Iceland; Palau; the Solomon Islands; and the United Kingdom. b. Eleven other economies also have a cost of 4% of the estate value: Iceland; Japan; Korea; Maldives; the Netherlands; New Zealand; Oman; Pakistan; Slovenia; Switzerland; and Taiwan, China. c. Four other economies also have a cost of 38% of the estate value: Samoa; the Solomon Islands; Vanuatu; and Repblica Bolivariana de Venezuela.
procedures and introducing a debt-forequity swap remedy. It also strengthened the rights of secured creditors by involving creditors in the restructuring process and establishing a preliminary creditors committee. The Slovak Republic adopted a new amendment to its bankruptcy and restructuring law that clearly denes the roles and powers of creditors, secured creditors and trustees with the aim of increasing the efficiency of the insolvency process.
FIGURE 18.1 Eastern Europe & Central Asia and OECD high-income economies keep up fast pace in insolvency reforms
Number of Doing Business reforms making it easier to resolve insolvency by Doing Business report year
OECD high income (31 economies)
5 4
4 3 6 4 2
7 7
8 10
9 7
of external debt nancing for all rms in the industry.4 In the aftermath of the nancial crisis, researchers, practitioners and policy makers have been emphasizing the importance of efficient bankruptcy regimes to strengthen local economies while also discussing the challenges of implementing bankruptcy reforms.5
Eastern Europe & Central Asia (24 economies) 1 3 Sub-Saharan Africa (46 economies) 1 11 4
East Asia & Pacific (24 economies) 2 11 2 2 3 Latin America & Caribbean (33 economies) 1 2 3 2 1 Middle East & North Africa (19 economies) 11 1 South Asia (8 economies) 1
10
20
30
40
50
96
DOING BUSINESS 2013
FIGURE 18.2 Big increase in recovery rate in Eastern Europe and Central Asia
Average recovery rate by type of outcome (cents on the dollar)
OECD high income DB2013 DB2006 DB2013 Eastern Europe & Central Asia DB2006 East Asia & Pacific DB2013 DB2006
TABLE 18.4 Who has narrowed the distance to frontier in resolving insolvency the most since 2005?
Most improved Czech Republic Afghanistan Uzbekistan Latvia Colombia Belarus Cte dIvoire
0 20 40 60 80 100 120
40 (2060) 29 (029) 29 (1241) 27 (3764) 26 (5581) 23 (2346) 23 (1740) 23 (3558) 22 (830) 22 (1335)
DB2013 Middle East & North Africa DB2006 South Asia DB2013 DB2006 DB2013 DB2006
Sub-Saharan Africa DB2013 DB2006
Poland Burkina Faso Senegal
Outcome as piecemeal sale
Outcome as going concern
Note: To ensure an accurate comparison, the gure shows data for the same sample of 174 economies for both DB2006 (2005) and DB2013 (2012) and uses the regional classications that apply in 2012. The economies added to the Doing Business sample after 2005 and therefore excluded here are The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Malta, Montenegro and Qatar. DB2006 data are adjusted for any data revisions and changes in methodology. All outcomes are recorded as piecemeal sales for economies in the Middle East and North Africa and South Asia. Source: Doing Business database.
Kazakhstan further developed its rehabilitation process by introducing an accelerated proceeding, setting clear time limits for developing a rehabilitation plan and clearly dening the roles and powers of the court in the process. Lithuania also specied time limits for some insolvency procedures, including for creditors to le their claims and for the court to hear an appeal of the ruling to initiate bankruptcy proceedings or dismiss the administrator.
such as out-of-court workouts. Shortening the time limits for different procedures was also a common feature of insolvency reforms. Other common features were regulating and rening standards for the profession of insolvency administrators and strengthening the rights of secured creditors. The nancial crisis prompted many economies to take immediate action to improve their insolvency regimes. Doing Business 2012 reported a record number
Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any economy on each Doing Business indicator since 2005in this case for the resolving insolvency indicator. The measure is normalized to range between 0 and 100, with 100 representing the best performance (the frontier). The data refer to the 174 economies included in Doing Business 2006 (2005). Eleven economies were added in subsequent years. The rst column lists the top 10 most improved economies in order; the second shows the absolute improvement in the distance to frontier between 2005 and 2012. Source: Doing Business database.
of insolvency reforms globally: 29. Doing Business 2006 recorded only 8. In the past year 4 regions had no insolvency reforms: East Asia and the Pacic, Latin America and the Caribbean, the Middle East and North Africa, and South Asia.

In the past 8 years Doing Business recorded 126 insolvency reforms in 74 economies (gure 18.1). While economies focused their efforts on different aspects of insolvency, these reforms still shared some common features. For example, 27 economies passed new bankruptcy laws over the past 8 years. Many economies promoted reorganization proceedings by simplifying and accelerating procedures, dening the roles of the parties involved and introducing innovative instruments
FIGURE 18.3 Poland improved the efciency of insolvency proceedings in the past 6 years
Recovery rate doubled 54.5
Cost cut by a third 22.0 15.0 Cost (% of estate)
27.8
Recovery rate (cents on the dollar)
2007
2012
97
How has the efficiency in resolving insolvency changed? No signicant improvements were observed in low-income economies from 2005 to 2012: the average time to complete an insolvency proceeding remained at 3.9 years, and the average cost even increased from 23% to 24% of the value of the debtors estate.6 Globally over that period, the average time to complete an insolvency proceeding fell from 3 years to 2.8 years, the cost remained at about 20%, and the recovery rate rose from 31% to 35% (gure 18.2). Poland is among those making the biggest improvements since 2005 in the efficiency of resolving insolvency as measured by Doing Business (table 18.4). Through extensive efforts to build a fulledged insolvency regime, it reduced
the cost to complete an insolvency proceeding by a third between 2007 and 2012and doubled the recovery rate (gure 18.3). Among the highlights of Polands insolvency reforms: specifying qualications for insolvency administrators with the aim of improving the quality of professional services, reducing the cost by setting a maximum limit on pay for administrators, and introducing a prebankruptcy reorganization procedure. In the past year Poland continued its reform trajectory by strengthening the rights of secured creditors and making it easier to start bankruptcy proceedings.
1. Patrick Rizzo, American Airlines Files
for Bankruptcy Protection, NBC News, November 29, 2011, http://bottomline .nbcnews.com/; Kyle Peterson andMatt Daily, American Airlines Files for Bankruptcy, Reuters, November 29, 2011, http://www.reuters.com/.
2. De Araujo, Xavier Ferreira and Funchal
2011.
3. Rodano, Serrano-Velarde and Tarantino
2011.
4. Benmelech and Bergman 2011. 5. Cirmizi, Klapper and Uttamchandani
2012.
6. To ensure an accurate comparison, only
the 32 low-income economies included in the Doing Business 2006 (2005) sample are included.
NOTES
This topic note was written by Valentina Saltane and Rong Chen.
98
Annex: employing workers

Fourteen economies implemented changes in their labor regulations affecting the Doing Business indicators on employing workers in the past year; 72 did so in the past 8 years. In 107 economies there is no limit on how long xed-term employment contracts may last. In the 78 economies that have set a limit, the average maximum duration of xed-term contracts is 39.2 months. One hundred and seventy-four economies limit employees workweek in manufacturing to 6 or fewer days, complying with International Labour Organization (ILO) Convention 14 on the length of the workweek. One hundred and fty-four economies have set a minimum wage by law, and 48 of them have set a special minimum wage for apprentices. Redundancy dismissals are allowed in 183 of 185 economies. The average cost of redundancy dismissals in the 185 economies as measured by Doing Business is 17.2 weeks of salary.
Employment laws are needed to protect workers from arbitrary or unfair treatment and to ensure efficient contracting between employers and workers. Doing Business, through its employing workers indicators, measures exibility in the regulation of hiring, working hours and redundancy. These measures are consistent with the conventions of the International Labour Organization (ILO) but do not assess compliance with them. The indicators do not cover any of the ILO core labor standards, such as the right to collective bargaining, the elimination of forced labor, the abolition of child labor and equitable treatment in employment practices. To make the data comparable across 185 economies, Doing Business uses a standardized case study that assumes, among other things, a company with 60 employees that operates in the manufacturing sector and an employee who is a nonexecutive, full-time worker.
HIGHLIGHTS FROM THE EMPLOYING WORKERS DATA

Doing Business covers 28 different areas related to employing workers. This years report highlights 2 of themapprentice wages and the use of xed-term contracts for permanent tasks, both likely to affect the employability of young workers. Future editions will analyze other areas.
Apprentice wages
Young workers are especially likely to experience the negative effects of rigid employment regulation. They typically lack training and substantial experience, and burdensome regulation and high redundancy costs discourage potential employers. Apprentice wages are one way to address these issues and create new opportunities for young workers. They allow businesses to hire young, rst-time employees for a portiontypically between 70% and 80%of the mandatory minimum wage for a short period of time, typically 1 year. Data show that the average minimum wage ratio for apprentices around the world is 0.33.1
FIGURE 19.1 Apprentice wages are rare in the Middle East and North Africa
Share of economies with apprentice wages (%)
63 48
For more information on the methodology for the employing workers indicators, see the section on employing workers in the data notes.
33 27 17 8 South Asia OECD high income East Asia & Pacific 5
Latin Sub-Saharan Eastern Middle East & America Africa Europe & North Africa & Caribbean Central Asia
ANNEX: EMPLOYING WORKERS
99
FIGURE 19.2 Fixed-term contracts are more widely allowed among highincome economies
Share of economies allowing xedterm contracts by income group (%)
76 60 48 59
TABLE 19.1 Who made employing workers easier in 2011/12and what did they do?
Feature
Strengthened xedterm contracts
Economies Czech Republic; Portugal; Slovak Republic; Spain
Some highlights The Czech Republic and Slovak Republic increased the maximum duration of a single xed-term contract from 24 months to 36. The Czech Republic also allows 2 renewals of the contract, for a total of up to 108 months. Portugal increased the maximum cumulative duration of xed-term contracts from 36 months to 54. Spain temporarily allowed unlimited cumulative duration of xed-term contracts. The Czech Republic made severance pay in cases of redundancy dismissal dependent on the employees years of service. Montenegro reduced severance payments applicable in cases of redundancy dismissal, and the Slovak Republic eliminated them.a Portugal reduced the severance pay applicable to contracts signed after November 1, 2012, to 20 days. Bhutan and Kosovo implemented a minimum wage in the private sector for the rst time.
Reduced redundancy costs
Czech Republic; Montenegro; Portugal; Slovak Republic
Low income
Lower middle income
Upper middle income
High income
Strengthened conditions on applicable hiring rules Streamlined process for redundancy dismissals
Bhutan; Kosovo
Latvia; Slovak Republic
Latvia and the Slovak Republic changed their restrictions on redundancy dismissals. An employer making 1 or more workers redundant no longer needs to notify the authorities beforehand.
Use of this practice is most common in South Asia, where 63% of economies have some kind of apprentice wages, and among OECD high-income economies, where 48% do. It is much less common in other regions: only 8% of economies in Eastern Europe and Central Asia have apprentice wages, and only 5% in the Middle East and North Africa do (gure 19.1). Economies without apprentice wages are missing an important opportunity to help young workers access the labor market. Apprenticeships can pay a double dividend: securing the transition to permanent employment for young workers and providing lower labor costs (compensated by a training commitment) for the employer.2
a. Montenegro also reduced the maximum duration of single and multiple xed-term contracts from an unlimited period to 24 months, increased paid annual leave from 19 working days to 21 and increased the notice period applicable in cases of redundancy dismissal.
workers are given the opportunity to acquire professional skills, and employers can optimize their labor costs while evaluating the workers performance. And evidence suggests that xed-term contracts maximize the chances of a temporary worker being promoted to a permanent position. Once a vacancy for a permanent position arises, employers would prefer to ll the vacancy with a worker who already has the skills required and who has performed adequately in previous months.3 Where restrictive regulations prohibiting these contracts are left in place, young workers therefore nd it more difficult to access and transition to permanent employment. This is the case in more than half of low-income economies: 52% of such economies do not allow xedterm contracts for permanent tasks. Use of such contracts increases with income level. Indeed, 38 of 50 high-income economies (76%) allow employers to use xed-term contracts for permanent tasks (gure 19.2).
WHO REFORMED IN EMPLOYING WORKERS IN 2011/12?

In 2011/12, 14 economies changed their labor regulations in ways that affect the Doing Business indicators on employing workers. Eight economies changed their laws to increase labor market exibility; 6 economies did the opposite. Of those 8 economies, 3 are in Eastern Europe and Central Asia. Most of the legal changes increasing labor market exibility focused on redundancy costs or procedures (table 19.1).
Fixed-term contracts for permanent tasks

Another measure that may encourage businesses to hire young workers is allowing the use of xed-term contracts for permanent tasks. Such economies as Denmark and the United States allow this practice, and some, such as Italy and Lithuania, have reformed their labor regulations in recent years to allow it. These contracts are used to screen workers for permanent positions, with on-thejob training providing a test of abilities. Both parties benet: young xed-term

In the past 8 years 72 economies around the world implemented 106 reforms affecting the employing workers indicators. OECD high-income economies had the most changes, with 37, followed by Eastern Europe and Central Asia with 26 and Sub-Saharan Africa with 16 (gure 19.3). The data also show differences in focus. Governments in Sub-Saharan Africa, for example, focused on reforming the regimes applicable to xed-term contracts, generally allowing longer,
100
DOING BUSINESS 2013
FIGURE 19.3 OECD high-income economies had the most legal and regulatory reforms in the past 8 years
Number of Doing Business reforms in employing workers by Doing Business report year
OECD high income (31 economies) Eastern Europe & Central Asia (24 economies) Sub-Saharan Africa (46 economies)
7 3 3 3 5
3 3 2
6 5 1
4 4
6 3 26
37
3 1 1 1 16
East Asia & Pacific (24 economies) 1 2 3 1 1 8 Latin America & Caribbean (33 economies) 2 1 2 1 2 8 South Asia 1 2 1 1 1 6 (8 economies) Middle East & North Africa 1 1 2 1 5 (19 economies)
10
15
20
25
30
35
40
sometimes indenite, duration. One such change was Rwandas in 2010. By contrast, governments in OECD highincome economies focused on reducing redundancy costs, addressing one of the main factors deterring employers from creating jobs in the formal sector.4 Indeed, 15 labor regulation reforms introduced by OECD high-income economies in the past 8 years (including Portugals reform of the past year) either shortened the required notice period for employees or reduced the severance pay applicable in cases of redundancy dismissal. Today the average severance payment in OECD high-income economies is 5.83 weeks of salary.5 Severance payments matter when it comes to labor regulation, since they are the prevalent form of insurance against unemployment, particularly in low-income economies that have not implemented unemployment protection schemes. They protect workers from abuses and provide a safety net in case of sudden job loss. But some economies adopt a very restrictive approach: the average severance payment in Sub-Saharan Africa is 15.81 weeks of salary,6 almost 3 times the average in OECD high-income economies.
Economies in Eastern Europe and Central Asia focused on easing restrictions relating to redundancy dismissals. For example, in 2009 Estonia eliminated an employers obligation to obtain prior approval from labor authorities when carrying out redundancy dismissals. And the Kyrgyz Republic, also in 2009, eliminated the priority rules mandating the dismissal of more junior workers rst in cases of redundancy.
NOTES
This annex was written by Fernando Dancausa Diaz, Raian Divanbeigi and Galina Rudenko.
1. Ratio of the apprentice minimum wage
to the value added per worker.

2. Scarpetta, Sonnet and Manfredi 2010. 3. Varejo and Portugal 2007. 4. Bosch and Esteban-Pretel 2009. 5. Average for workers with 1, 5 and 10
years of tenure. Collective bargaining agreements in OECD high-income economies may establish severance payments that are more generous on average. See the data notes for more information on cases in which Doing Business considers collective bargaining agreements.
6. Average for workers with 1, 5 and 10
years of tenure.
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References
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Data notes
The indicators presented and analyzed in Doing Business measure business regulation and the protection of property rightsand their effect on businesses, especially small and medium-size domestic rms. First, the indicators document the complexity of regulation, such as the number of procedures to start a business or to register and transfer commercial property. Second, they gauge the time and cost of achieving a regulatory goal or complying with regulation, such as the time and cost to enforce a contract, go through bankruptcy or trade across borders. Third, they measure the extent of legal protections of property, for example, the protections of investors against looting by company directors or the range of assets that can be used as collateral according to secured transactions laws. Fourth, a set of indicators documents the tax burden on businesses. Finally, a set of data covers different aspects of employment regulation. The 11 sets of indicators measured in Doing Business were added over time, and the sample of economies expanded (table 20.1). The data for all sets of indicators in Doing Business 2013 are for June 2012.1
METHODOLOGY
The Doing Business data are collected in a standardized way. To start, the Doing Business team, with academic advisers, designs a questionnaire. The questionnaire uses a simple business case to ensure comparability across economies and over timewith assumptions about the legal form of the business, its size, its location and the nature of its operations. Questionnaires are administered through more than 9,600 local experts, including lawyers, business consultants, accountants, freight forwarders, government officials and other professionals routinely administering or advising on legal and regulatory requirements (table 20.2). These experts have several rounds of interaction with the Doing Business team, involving conference calls, written correspondence and visits by the team. For Doing Business 2013 team
TABLE 20.1 Topics and economies covered by each Doing Business report
Topic Starting a business Employing workers Enforcing contracts Resolving insolvency Getting credit Registering property Protecting investors Paying taxes Trading across borders Dealing with construction permits Getting electricity Number of economies DB 2004 DB 2005 DB 2006 DB 2007 DB 2008 DB 2009 DB 2010 DB 2011 DB 2012 DB 2013
133
145
155
175
178
181
183
183
183
185
Note: Data for the economies added to the sample each year are back-calculated to the previous year. The exception is Kosovo, which was added to the sample after it became a member of the World Bank Group.
DATA NOTES
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TABLE 20.2 How many experts does Doing Business consult?

Indicator set Starting a business Dealing with construction permits Getting electricity Registering property Getting credit Protecting investors Paying taxes Trading across borders Enforcing contracts Resolving insolvency Employing workers Contributors
1,585 852 830 1,069 1,325 1,083 1,173 933 1,146 1,085 1,052
members visited 24 economies to verify data and recruit respondents. The data from questionnaires are subjected to numerous rounds of verification, leading to revisions or expansions of the information collected. The Doing Business methodology offers several advantages. It is transparent, using factual information about what laws and regulations say and allowing multiple interactions with local respondents to clarify potential misinterpretations of questions. Having representative samples of respondents is not an issue; Doing Business is not a statistical survey, and the texts of the relevant laws and regulations are collected and answers checked for accuracy. The methodology is inexpensive and easily replicable, so data can be collected in a large sample of economies. Because standard assumptions are used in the data collection, comparisons and benchmarks are valid across economies. Finally, the data not only highlight the extent of specic regulatory obstacles to business but also identify their source and point to what might be reformed.
To address this limitation, subnational Doing Business indicators were created (box 20.1). Second, the data often focus on a specic business formgenerally a limited liability company (or its legal equivalent) of a specied sizeand may not be representative of the regulation on other businesses, for example, sole proprietorships. Third, transactions described in a standardized case scenario refer to a specic set of issues and may not represent the full set of issues a business encounters. Fourth, the measures of time involve an element of judgment by the expert respondents. When sources indicate different estimates, the time indicators reported in Doing Business represent the median values of several responses given under the assumptions of the standardized case. Finally, the methodology assumes that a business has full information on what is required and does not waste time when completing procedures. In practice,
completing a procedure may take longer if the business lacks information or is unable to follow up promptly. Alternatively, the business may choose to disregard some burdensome procedures. For both reasons the time delays reported in Doing Business 2013 would differ from the recollection of entrepreneurs reported in the World Bank Enterprise Surveys or other perception surveys.
BOX 20.1 SUBNATIONAL DOING BUSINESS INDICATORS This year Doing Business completed subnational studies for Indonesia, Kenya, Mexico, Russia and the United Arab Emirates. Each of these countries had already asked to have subnational data in the past, and this year Doing Business updated the indicators, measured improvements over time and expanded geographic coverage to additional cities or added additional indicators. Doing Business also published regional studies for the Arab world, the East African Community and member states of the Organization for the Harmonization of Business Law in Africa (OHADA). The subnational studies point to differences in business regulation and its implementationas well as in the pace of regulatory reformacross cities in the same economy. For several economies subnational studies are now periodically updated to measure change over time or to expand geographic coverage to additional cities. This year that is the case for all the subnational studies published.
ECONOMY CHARACTERISTICS Gross national income per capita Doing Business 2013 reports 2011 income per capita as published in the World Banks World Development Indicators 2012. Income is calculated using the Atlas method (current U.S. dollars). For cost indicators expressed as a percentage of income per capita, 2011 gross national income (GNI) in U.S. dollars is used as the denominator. GNI data were not available from the World Bank for Afghanistan, Australia, The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Djibouti, Guyana, the Islamic Republic of Iran, Kuwait, Malta, New Zealand, Oman, Puerto Rico (territory of the United States), Sudan, Suriname, the Syrian Arab Republic, TimorLeste, West Bank and Gaza, and the Republic of Yemen. In these cases GDP or GNP per capita data and growth rates from the International Monetary Funds World Economic Outlook database and the Economist Intelligence Unit were used. Region and income group Doing Business uses the World Bank regional and income group classications, available at http:// data.worldbank.org/about/countryclassications. The World Bank does not assign regional classications to high-income economies. For the purpose of the Doing Business report, high-income OECD economies are assigned the regional classication OECD high income. Figures and tables presenting regional averages include economies from all income groups (low, lower middle, upper middle and high income). Population Doing Business 2013 reports midyear 2011 population statistics as published in World Development Indicators 2012.
LIMITS TO WHAT IS MEASURED

The Doing Business methodology has 5 limitations that should be considered when interpreting the data. First, the collected data refer to businesses in the economys largest business city (which in some economies differs from the capital) and may not be representative of regulation in other parts of the economy.
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CHANGES IN WHAT IS MEASURED

The ranking methodology for paying taxes was updated this year. The threshold for the total tax rate introduced last year for the purpose of calculating the ranking on the ease of paying taxes was updated. All economies with a total tax rate below the threshold (which is calculated and adjusted on a yearly basis) receive the same ranking on the total tax rate indicator. The threshold is not based on any economic theory of an optimal tax rate that minimizes distortions or maximizes efficiency in the tax system of an economy overall. Instead, it is mainly empirical in nature, set at the lower end of the distribution of tax rates levied on medium-size enterprises in the manufacturing sector as observed through the paying taxes indicators. This reduces the bias in the indicators toward economies that do not need to levy signicant taxes on companies like the Doing Business standardized case study company because they raise public revenue in other waysfor example, through taxes on foreign companies, through taxes on sectors other than manufacturing or from natural resources (all of which are outside the scope of the methodology). Giving the same ranking to all economies whose total tax rate is below the threshold avoids awarding economies in the scoring for having an unusually low total tax rate, often for reasons unrelated to government policies toward enterprises. For example, economies that are very small or that are rich in natural resources do not need to levy broad-based taxes.
Doing Business publishes 9,620 indicators each year. To create these indicators, the team measures more than 57,000 data points, each of which is made available on the Doing Business website. Historical data for each indicator and economy are available on the website, beginning with the rst year the indicator or economy was included in the report. To provide a comparable time series for research, the data set is back-calculated to adjust for changes in methodology and any revisions in data due to corrections. The website also makes available all original data sets used for background papers. The correction rate between Doing Business 2012 and Doing Business 2013 is 8.6%.2
After a study of laws, regulations and publicly available information on business entry, a detailed list of procedures is developed, along with the time and cost of complying with each procedure under normal circumstances and the paid-in minimum capital requirement. Subsequently, local incorporation lawyers, notaries and government officials complete and verify the data. Information is also collected on the sequence in which procedures are to be completed and whether procedures may be carried out simultaneously. It is assumed that any required information is readily available and that the entrepreneur will pay no bribes. If answers by local experts differ, inquiries continue until the data are reconciled. To make the data comparable across economies, several assumptions about the business and the procedures are used.
STARTING A BUSINESS
Doing Business records all procedures officially required, or commonly done in practice, for an entrepreneur to start up and formally operate an industrial or commercial business, as well as the time and cost to complete them and the paid-in minimum capital requirement (gure 20.1). These procedures include obtaining all necessary licenses and permits and completing any required notications, verications or inscriptions for the company and employees with relevant authorities. The ranking on the ease of starting a business is the simple average of the percentile rankings on its component indicators (gure 20.2).
Assumptions about the business

The business: Is a limited liability company (or its legal equivalent). If there is more than one type of limited liability company in the economy, the limited liability form most popular among domestic rms is chosen. Information on the most popular form is obtained from incorporation lawyers or the statistical office. Operates in the economys largest business city.
FIGURE 20.1 What are the time, cost, paid-in minimum capital and number of procedures to get a local limited liability company up and running?
Cost (% of income per capita) Formal operation Paid-in minimum capital $ Number of procedures
DATA CHALLENGES AND REVISIONS

Most laws and regulations underlying the Doing Business data are available on the Doing Business website at http:/ / www.doingbusiness.org. All the sample questionnaires and the details underlying the indicators are also published on the website. Questions on the methodology and challenges to data can be submitted through the websites Ask a Question function at http:/ /www.doingbusiness.org.
Entrepreneur Preregistration Registration, incorporation Time (days) Postregistration
DATA NOTES
109
FIGURE 20.2 Starting a business: getting a local limited liability company up and running
Rankings are based on 4 indicators
Preregistration, registration and postregistration (in calendar days) As % of income per capita, no bribes included
25% Time 25% Procedures
25% Cost 25% Paid-in minimum capital Funds deposited in a bank or with a notary before registration, as % of income per capita
Procedure is completed when final document is received
offices or at different counters are counted as separate procedures. If founders have to visit the same office several times for different sequential procedures, each is counted separately. The founders are assumed to complete all procedures themselves, without middlemen, facilitators, accountants or lawyers, unless the use of such a third party is mandated by law. If the services of professionals are required, procedures conducted by such professionals on behalf of the company are counted separately. Each electronic procedure is counted separately. If 2 procedures can be completed through the same website but require separate lings, they are counted as 2 procedures. Both pre- and postincorporation procedures that are officially required for an entrepreneur to formally operate a business are recorded (table 20.3). Procedures required for official correspondence or transactions with public agencies are also included. For example, if a company seal or stamp is required on official documents, such as tax declarations, obtaining the seal or stamp is
TABLE 20.3 What do the starting a business indicators measure?
Procedures to legally start and operate a company (number)
counted. Similarly, if a company must open a bank account before registering for sales tax or value added tax, this transaction is included as a procedure. Shortcuts are counted only if they fulll 4 criteria: they are legal, they are available to the general public, they are used by the majority of companies, and avoiding them causes substantial delays. Only procedures required of all businesses are covered. Industry-specic procedures are excluded. For example, procedures to comply with environmental regulations are included only when they apply to all businesses conducting general commercial or industrial activities. Procedures that the company undergoes to connect to electricity, water, gas and waste disposal services are not included.
Is 100% domestically owned and has 5 owners, none of whom is a legal entity. Has start-up capital of 10 times income per capita, paid in cash. Performs general industrial or commercial activities, such as the production or sale to the public of products or services. The business does not perform foreign trade activities and does not handle products subject to a special tax regime, for example, liquor or tobacco. It is not using heavily polluting production processes. Leases the commercial plant and offices and is not a proprietor of real estate. Does not qualify for investment incentives or any special benets. Has at least 10 and up to 50 employees 1 month after the commencement of operations, all of them nationals. Has a turnover of at least 100 times income per capita. Has a company deed 10 pages long.
Time
Time is recorded in calendar days. The measure captures the median duration that incorporation lawyers indicate is necessary in practice to complete a procedure with minimum follow-up with government agencies and no extra payments. It is assumed that the minimum time required for each procedure is 1 day. Although procedures may take place simultaneously, they cannot start on the same day (that is, simultaneous procedures start on consecutive days). A procedure is considered completed once the company has received the nal document, such as the company registration certicate or tax number. If a procedure can be accelerated for an additional cost, the fastest procedure is chosen if that option is more benecial to the economys ranking. It is assumed that the entrepreneur does not waste time and commits to completing each remaining procedure without delay. The time that the entrepreneur spends on gathering information is ignored. It is assumed that the entrepreneur is aware of all entry requirements and their sequence from the beginning but has had no prior contact with any of the officials.
Preregistration (for example, name verication or reservation, notarization) Registration in the economys largest business city Postregistration (for example, social security registration, company seal)
Time required to complete each procedure (calendar days)
Does not include time spent gathering information Each procedure starts on a separate day Procedure completed once nal document is received No prior contact with ofcials
Cost required to complete each procedure (% of income per capita)
Procedures
A procedure is dened as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries). Interactions between company founders or company officers and employees are not counted as procedures. Procedures that must be completed in the same building but in different
Ofcial costs only, no bribes No professional fees unless services required by law
Paid-in minimum capital (% of income per capita)
Funds deposited in a bank or with a notary before registration (or within 3 months)
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Cost
Cost is recorded as a percentage of the economys income per capita. It includes all official fees and fees for legal or professional services if such services are required by law. Fees for purchasing and legalizing company books are included if these transactions are required by law. The company law, the commercial code and specic regulations and fee schedules are used as sources for calculating costs. In the absence of fee schedules, a government officers estimate is taken as an official source. In the absence of a government ofcers estimate, estimates of incorporation lawyers are used. If several incorporation lawyers provide different estimates, the median reported value is applied. In all cases the cost excludes bribes.
therefore 1,250 Turkish liras, or 7.2% of income per capita. The data details on starting a business can be found for each economy at http://www .doingbusiness.org by selecting the economy in the drop-down list. This methodology was developed in Djankov and others (2002) and is adopted here with minor changes.
FIGURE 20.4 Dealing with construction permits: building a warehouse

Days to build a warehouse in main city 33.3% Time 33.3% Cost As % of income per capita, no bribes included

Doing Business records all procedures required for a business in the construction industry to build a warehouse (gure 20.3). These procedures include submitting all relevant project-specic documents (for example, building plans and site maps) to the authorities; obtaining all necessary clearances, licenses, permits and certicates; completing all required notications; and receiving all necessary inspections. Doing Business also records procedures for obtaining connections for water, sewerage and a xed landline.3 Procedures necessary to register the property so that it can be used as collateral or transferred to another entity are also counted. The survey divides the process of building a warehouse into distinct procedures and calculates the time and cost of completing each procedure. The ranking on the ease of dealing with construction permits is the simple average of the percentile rankings on its component indicators (gure 20.4).
33.3% Procedures
Procedure is completed when final document is received; construction permits, inspections and utility connections included
Paid-in minimum capital

The paid-in minimum capital requirement reects the amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economys income per capita. The amount is typically specied in the commercial code or the company law. Many economies require minimum capital but allow businesses to pay only a part of it before registration, with the rest to be paid after the rst year of operation. In Turkey in June 2012, for example, the minimum capital requirement was 5,000 Turkish liras, of which one-fourth needed to be paid before registration. The paid-in minimum capital recorded for Turkey is
Information is collected from experts in construction licensing, including architects, construction lawyers, construction rms, utility service providers and public officials who deal with building regulations, including approvals and inspections. To make the data comparable across economies, several assumptions about the business, the warehouse project and the utility connections are used.
Assumptions about the construction company

The business (BuildCo): Is a limited liability company. Operates in the economys largest business city. Is 100% domestically and privately owned. Has 5 owners, none of whom is a legal entity. Is fully licensed and insured to carry out construction projects, such as building warehouses. Has 60 builders and other employees, all of them nationals with the technical expertise and professional experience necessary to obtain construction permits and approvals. Has at least 1 employee who is a licensed architect and registered with the local association of architects. Has paid all taxes and taken out all necessary insurance applicable to its general business activity (for example,
FIGURE 20.3 What are the time, cost and number of procedures to comply with formalities to build a warehouse?
Cost (% of income per capita) Completed warehouse Number of procedures
A business in the construction industry Time (days) Preconstruction Construction Postconstruction and utilities
DATA NOTES
111
accidental insurance for construction workers and third-person liability). Owns the land on which the warehouse is built.
Assumptions about the warehouse

The warehouse: Will be used for general storage activities, such as storage of books or stationery. The warehouse will not be used for any goods requiring special conditions, such as food, chemicals or pharmaceuticals. Has 2 stories, both above ground, with a total surface of approximately 1,300.6 square meters (14,000 square feet). Each oor is 3 meters (9 feet, 10 inches) high. Has road access and is located in the periurban area of the economys largest business city (that is, on the fringes of the city but still within its official limits). Is not located in a special economic or industrial zone. The zoning requirements for warehouses are met by building in an area where similar warehouses can be found. Is located on a land plot of 929 square meters (10,000 square feet) that is 100% owned by BuildCo and is accurately registered in the cadastre and land registry. Is a new construction (there was no previous construction on the land). Has complete architectural and technical plans prepared by a licensed architect. Will include all technical equipment required to make the warehouse fully operational. Will take 30 weeks to construct (excluding all delays due to administrative and regulatory requirements).
Does not require water for re protection reasons; a re extinguishing system (dry system) will be used instead. If a wet re protection system is required by law, it is assumed that the water demand specied below also covers the water needed for re protection. Has an average water use of 662 liters (175 gallons) a day and an average wastewater ow of 568 liters (150 gallons) a day. Has a peak water use of 1,325 liters (350 gallons) a day and a peak wastewater ow of 1,136 liters (300 gallons) a day. Will have a constant level of water demand and wastewater ow throughout the year. The telephone connection: Is 10 meters (32 feet, 10 inches) from the main telephone network. Is a xed telephone landline.
TABLE 20.4 What do the dealing with construction permits indicators measure?
Procedures to legally build a warehouse (number)
Submitting all relevant documents and obtaining all necessary clearances, licenses, permits and certicates Completing all required notications and receiving all necessary inspections Obtaining utility connections for water, sewerage and a land telephone line Registering the warehouse after its completion (if required for use as collateral or for transfer of the warehouse)
Ofcial costs only, no bribes
Procedures
A procedure is any interaction of the companys employees or managers with external parties, including government agencies, notaries, the land registry, the cadastre, utility companies, public and private inspectors and technical experts apart from in-house architects and engineers. Interactions between company employees, such as development of the warehouse plans and inspections conducted by employees, are not counted as procedures. Procedures that the company undergoes to connect to water, sewerage and telephone services are included. All procedures that are legally or in practice required for building a warehouse are counted, even if they may be avoided in exceptional cases (table 20.4).
(that is, simultaneous procedures start on consecutive days). If a procedure can be accelerated legally for an additional cost, the fastest procedure is chosen. It is assumed that BuildCo does not waste time and commits to completing each remaining procedure without delay. The time that BuildCo spends on gathering information is ignored. It is assumed that BuildCo is aware of all building requirements and their sequence from the beginning.
Cost
Cost is recorded as a percentage of the economys income per capita. Only official costs are recorded. All the fees associated with completing the procedures to legally build a warehouse are recorded, including those associated with obtaining land use approvals and preconstruction design clearances; receiving inspections before, during and after construction; getting utility connections; and registering the warehouse property. Nonrecurring taxes required for the completion of the warehouse project are also recorded. The building code, information from local experts and specic regulations and fee schedules are used as sources for costs. If several
Time
Time is recorded in calendar days. The measure captures the median duration that local experts indicate is necessary to complete a procedure in practice. It is assumed that the minimum time required for each procedure is 1 day. Although procedures may take place simultaneously, they cannot start on the same day
Assumptions about the utility connections

The water and sewerage connection: Is 10 meters (32 feet, 10 inches) from the existing water source and sewer tap.
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local partners provide different estimates, the median reported value is used. The data details on dealing with construction permits can be found for each economy at http://www.doingbusiness.org by selecting the economy in the drop-down list.
FIGURE 20.5 Doing Business measures the connection process at the level of distribution utilities
GETTING ELECTRICITY
Doing Business records all procedures required for a business to obtain a permanent electricity connection and supply for a standardized warehouse. These procedures include applications and contracts with electricity utilities, all necessary inspections and clearances from the utility and other agencies and the external and nal connection works. The survey divides the process of getting an electricity connection into distinct procedures and calculates the time and cost of completing each procedure (gure 20.5). The ranking on the ease of getting electricity is the simple average of the percentile rankings on its component indicators (gure 20.6). Data are collected from the electricity distribution utility, then completed and veried by electricity regulatory agencies and independent professionals such as electrical engineers, electrical contractors and construction companies. The electricity distribution utility surveyed is the one serving the area (or areas) where warehouses are located. If there is a choice of distribution utilities, the one serving the largest number of customers is selected. To make the data comparable across economies, several assumptions about the warehouse and the electricity connection are used.
Generation
Transmission
Distribution
New connections Network operation and maintenance Metering and billing
Customer
Is not located in a special economic or investment zone; that is, the electricity connection is not eligible for subsidization or faster service under a special investment promotion regime. If several options for location are available, the warehouse is located where electricity is most easily available. Has road access. The connection works involve the crossing of a road (for excavation, overhead lines and the like), but they are all carried out on public land; that is, there is no crossing onto another owners private property. Is located in an area with no physical constraints. For example, the property is not near a railway. Is used for storage of refrigerated goods. Is a new construction (that is, there was no previous construction on the land where it is located). It is being connected to electricity for the rst time. Has 2 stories, both above ground, with a total surface area of approximately 1,300.6 square meters (14,000 square feet). The plot of land on which it is built is 929 square meters (10,000 square feet).
Is a 3-phase, 4-wire Y, 140-kilovoltampere (kVA) (subscribed capacity) connection. Is 150 meters long. The connection is to either the low-voltage or the mediumvoltage distribution network and either overhead or underground, whichever is more common in the economy and in the area where the warehouse is located. The length of any connection in the customers private domain is negligible. Involves the installation of only one electricity meter. The monthly electricity consumption will be 0.07 gigawatt-hour (GWh). The internal electrical wiring has already been completed.
FIGURE 20.6 Getting electricity: obtaining an electricity connection
Days to obtain an electricity connection in main city 33.3% Time 33.3% Cost As % of income per capita, no bribes included
Assumptions about the warehouse

The warehouse: Is owned by a local entrepreneur. Is located in the economys largest business city. Is located within the citys official limits and in an area where other warehouses are located (a nonresidential area).
Assumptions about the electricity connection

The electricity connection: Is a permanent one.
33.3% Procedures
Steps to file an application, prepare a design, complete works, obtain approvals, go through inspections, install a meter and sign a supply contract
DATA NOTES
113
Procedures
A procedure is dened as any interaction of the companys employees or its main electrician or electrical engineer (that is, the one who may have done the internal wiring) with external parties such as the electricity distribution utility, electricity supply utilities, government agencies, electrical contractors and electrical rms. Interactions between company employees and steps related to the internal electrical wiring, such as the design and execution of the internal electrical installation plans, are not counted as procedures. Procedures that must be completed with the same utility but with different departments are counted as separate procedures (table 20.5). The companys employees are assumed to complete all procedures themselves unless the use of a third party is mandated (for example, if only an electrician registered with the utility is allowed to submit an application). If the company can, but is not required to, request the services of professionals (such as a private rm rather than the utility for the external works), these procedures are recorded if they are commonly done. For all procedures, only the most likely cases (for example, more
TABLE 20.5 What do the getting electricity indicators measure?
Procedures to obtain an electricity connection (number)
than 50% of the time the utility has the material) and those followed in practice for connecting a warehouse to electricity are counted.
as a function of the customers estimated consumption. Doing Business does not record the full amount of the security deposit. If the deposit is based on the customers actual consumption, this basis is the one assumed in the case study. Rather than the full amount of the security deposit, Doing Business records the present value of the losses in interest earnings experienced by the customer because the utility holds the security deposit over a prolonged period, in most cases until the end of the contract (assumed to be after 5 years). In cases where the security deposit is used to cover the rst monthly consumption bills, it is not recorded. To calculate the present value of the lost interest earnings, the end-2011 lending rates from the International Monetary Funds International Financial Statistics are used. In cases where the security deposit is returned with interest, the difference between the lending rate and the interest paid by the utility is used to calculate the present value. In some economies the security deposit can be put up in the form of a bond: the company can obtain from a bank or an insurance company a guarantee issued on the assets it holds with that nancial institution. In contrast to the scenario in which the customer pays the deposit in cash to the utility, in this scenario the company does not lose ownership control over the full amount and can continue using it. In return the company will pay the bank a commission for obtaining the bond. The commission charged may vary depending on the credit standing of the company. The best possible credit standing and thus the lowest possible commission are assumed. Where a bond can be put up, the value recorded for the deposit is the annual commission times the 5 years assumed to be the length of the contract. If both options exist, the cheaper alternative is recorded. In Honduras in June 2012 a customer requesting a 140-kVA electricity connection would have had to put up a security
Time
Time is recorded in calendar days. The measure captures the median duration that the electricity utility and experts indicate is necessary in practice, rather than required by law, to complete a procedure with minimum follow-up and no extra payments. It is also assumed that the minimum time required for each procedure is 1 day. Although procedures may take place simultaneously, they cannot start on the same day (that is, simultaneous procedures start on consecutive days). It is assumed that the company does not waste time and commits to completing each remaining procedure without delay. The time that the company spends on gathering information is ignored. It is assumed that the company is aware of all electricity connection requirements and their sequence from the beginning.
Cost
Cost is recorded as a percentage of the economys income per capita. Costs are recorded exclusive of value added tax. All the fees and costs associated with completing the procedures to connect a warehouse to electricity are recorded, including those related to obtaining clearances from government agencies, applying for the connection, receiving inspections of both the site and the internal wiring, purchasing material, getting the actual connection works and paying a security deposit. Information from local experts and specic regulations and fee schedules are used as sources for costs. If several local partners provide different estimates, the median reported value is used. In all cases the cost excludes bribes.
Submitting all relevant documents and obtaining all necessary clearances and permits Completing all required notications and receiving all necessary inspections Obtaining external installation works and possibly purchasing material for these works Concluding any necessary supply contract and obtaining nal supply
Is at least 1 calendar day Each procedure starts on a separate day Does not include time spent gathering information Reects the time spent in practice, with little follow-up and no prior contact with ofcials
Security deposit
Utilities require security deposits as a guarantee against the possible failure of customers to pay their consumption bills. For this reason the security deposit for a new customer is most often calculated
Ofcial costs only, no bribes Value added tax excluded
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deposit of 126,894 Honduran lempiras (L) in cash or check, and the deposit would have been returned only at the end of the contract. The customer could instead have invested this money at the prevailing lending rate of 18.56%. Over the 5 years of the contract this would imply a present value of lost interest earnings of L 72,719. In contrast, if the customer chose to settle the deposit with a bank guarantee at an annual rate of 2.5%, the amount lost over the 5 years would be just L 15,862. The data details on getting electricity can be found for each economy at http://www .doingbusiness.org.
percentile rankings on its component indicators (gure 20.8). Every procedure required by law or necessary in practice is included, whether it is the responsibility of the seller or the buyer or must be completed by a third party on their behalf. Local property lawyers, notaries and property registries provide information on procedures as well as the time and cost to complete each of them. To make the data comparable across economies, several assumptions about the parties to the transaction, the property and the procedures are used.
FIGURE 20.8 Registering property: transfer of property between 2 local companies

Days to transfer property in main city 33.3% Time 33.3% Cost As % of property value, no bribes included
33.3% Procedures
Steps to check encumbrances, obtain clearance certificates, prepare deed and transfer title so that the property can be occupied, sold or used as collateral
Doing Business records the full sequence of procedures necessary for a business (buyer) to purchase a property from another business (seller) and to transfer the property title to the buyers name so that the buyer can use the property for expanding its business, use the property as collateral in taking new loans or, if necessary, sell the property to another business. The process starts with obtaining the necessary documents, such as a copy of the sellers title if necessary, and conducting due diligence if required. The transaction is considered complete when it is opposable to third parties and when the buyer can use the property, use it as collateral for a bank loan or resell it (gure 20.7). The ranking on the ease of registering property is the simple average of the
Assumptions about the parties

The parties (buyer and seller): Are limited liability companies. Are located in the periurban area of the economys largest business city. Are 100% domestically and privately owned. Have 50 employees each, all of whom are nationals. Perform general commercial activities. Is registered in the land registry or cadastre, or both, and is free of title disputes. Is located in a periurban commercial zone, and no rezoning is required. Consists of land and a building. The land area is 557.4 square meters (6,000 square feet). A 2-story warehouse of 929 square meters (10,000 square feet) is located on the land. The warehouse is 10 years old, is in good condition and complies with all safety standards, building codes and other legal requirements. The property of land and building will be transferred in its entirety. Will not be subject to renovations or additional building following the purchase. Has no trees, natural water sources, natural reserves or historical monuments of any kind. Will not be used for special purposes, and no special permits, such as for residential use, industrial plants, waste storage or certain types of agricultural activities, are required. Has no occupants (legal or illegal), and no other party holds a legal interest in it.
Assumptions about the property

The property: Has a value of 50 times income per capita. The sale price equals the value. Is fully owned by the seller. Has no mortgages attached and has been under the same ownership for the past 10 years.
FIGURE 20.7 What are the time, cost and number of procedures required to transfer property between 2 local companies?
Cost (% of property value) Buyer can use the property, resell it or use it as collateral Procedures Land & 2-story warehouse Seller with property registered and no title disputes Preregistration Registration Postregistration Time (days)
Procedures
A procedure is dened as any interaction of the buyer or the seller, their agents (if
DATA NOTES
115
TABLE 20.6 What do the registering property indicators measure?

Procedures to legally transfer title on immovable property (number)
Preregistration procedures (for example, checking for liens, notarizing sales agreement, paying property transfer taxes) Registration procedures in the economys largest business city Postregistration procedures (for example, ling title with municipality)
an additional cost, the fastest legal procedure available and used by the majority of property owners is chosen. If procedures can be undertaken simultaneously, it is assumed that they are. It is assumed that the parties involved are aware of all requirements and their sequence from the beginning. Time spent on gathering information is not considered.
FIGURE 20.10 Getting credit: collateral rules and credit information

100% Sum of depth of credit information index (06) and strength of legal rights index (010)
Cost
Cost is recorded as a percentage of the property value, assumed to be equivalent to 50 times income per capita. Only ofcial costs required by law are recorded, including fees, transfer taxes, stamp duties and any other payment to the property registry, notaries, public agencies or lawyers. Other taxes, such as capital gains tax or value added tax, are excluded from the cost measure. Both costs borne by the buyer and those borne by the seller are included. If cost estimates differ among sources, the median reported value is used. The data details on registering property can be found for each economy at http://www .doingbusiness.org by selecting the economy in the drop-down list.
Cost required to complete each procedure (% of of property value)
Scope, quality and accessibility of credit information through public and private credit registries and bureaus Regulations on nonpossessory security interests in movable property
Note: Private bureau coverage and public registry coverage are measured but do not count for the rankings.
Ofcial costs only, no bribes No value added or capital gains taxes included
an agent is legally or in practice required) or the property with external parties, including government agencies, inspectors, notaries and lawyers. Interactions between company officers and employees are not considered. All procedures that are legally or in practice required for registering property are recorded, even if they may be avoided in exceptional cases (table 20.6). It is assumed that the buyer follows the fastest legal option available and used by the majority of property owners. Although the buyer may use lawyers or other professionals where necessary in the registration process, it is assumed that the buyer does not employ an outside facilitator in the registration process unless legally or in practice required to do so.
features that facilitate lending exist within the applicable collateral and bankruptcy laws. The second set measures the coverage, scope and accessibility of credit information available through public credit registries and private credit bureaus (gure 20.9). The ranking on the ease of getting credit is based on the percentile rankings on the sum of its component indicators: the depth of credit information index and the strength of legal rights index (gure 20.10).
GETTING CREDIT
Doing Business measures the legal rights of borrowers and lenders with respect to secured transactions through one set of indicators and the sharing of credit information through another. The rst set of indicators measures whether certain
LEGAL RIGHTS
The data on the legal rights of borrowers and lenders are gathered through a survey of nancial lawyers and veried through analysis of laws and regulations as well as public sources of information on collateral and bankruptcy laws. Survey responses are veried through several rounds of
Time
Time is recorded in calendar days. The measure captures the median duration that property lawyers, notaries or registry officials indicate is necessary to complete a procedure. It is assumed that the minimum time required for each procedure is 1 day. Although procedures may take place simultaneously, they cannot start on the same day. It is assumed that the buyer does not waste time and commits to completing each remaining procedure without delay. If a procedure can be accelerated for
FIGURE 20.9 Do lenders have credit information on entrepreneurs seeking credit? Is the law favorable to borrowers and lenders using movable assets as collateral?
Credit inform ation

Potential borrower Movable asset Can movable assets be used as collateral? Collateral registry What types can be used as collateral? Lender Credit registries and credit bureaus Can lenders access credit information on borrowers?
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follow-up communication with respondents as well as by contacting third parties and consulting public sources. The survey data are conrmed through teleconference calls or on-site visits in all economies.
Strength of legal rights index

The strength of legal rights index measures the degree to which collateral and bankruptcy laws protect the rights of borrowers and lenders and thus facilitate lending (table 20.7). Two case scenarios, case A and case B, are used to determine the scope of the secured transactions system. The case scenarios involve a secured borrower, the company ABC, and a secured lender, BizBank. In some economies the legal framework for secured transactions will allow only case A or case B to apply (not both). Both cases examine the same set of legal provisions relating to the use of movable collateral. Several assumptions about the secured borrower and lender are used: ABC is a domestically incorporated, limited liability company. The company has up to 100 employees. ABC has its headquarters and only base of operations in the economys largest business city. Both ABC and BizBank are 100% domestically owned.
TABLE 20.7 What do the getting credit indicators measure?
Strength of legal rights index (010)
The case scenarios also involve assumptions. In case A, as collateral for the loan, ABC grants BizBank a nonpossessory security interest in one category of movable assets, for example, its machinery or its inventory. ABC wants to keep both possession and ownership of the collateral. In economies where the law does not allow nonpossessory security interests in movable property, ABC and BizBank use a duciary transfer-of-title arrangement (or a similar substitute for nonpossessory security interests). The strength of legal rights index does not cover functional equivalents to security over movable assets (for example, leasing or reservation of title). In case B, ABC grants BizBank a business charge, enterprise charge, oating charge or any charge that gives BizBank a security interest over ABCs combined movable assets (or as much of ABCs movable assets as possible). ABC keeps ownership and possession of the assets. The strength of legal rights index includes 8 aspects related to legal rights in collateral law and 2 aspects in bankruptcy law. A score of 1 is assigned for each of the following features of the laws: Any business may use movable assets as collateral while keeping possession of the assets, and any nancial institution may accept such assets as collateral. The law allows a business to grant a nonpossessory security right in a single category of movable assets (such as accounts receivable or inventory), without requiring a specic description of the collateral. The law allows a business to grant a nonpossessory security right in substantially all its movable assets, without requiring a specic description of the collateral. A security right may extend to future or after-acquired assets and may extend automatically to the products, proceeds or replacements of the original assets.
A general description of debts and obligations is permitted in the collateral agreement and in registration documents; all types of debts and obligations can be secured between the parties, and the collateral agreement can include a maximum amount for which the assets are encumbered. A collateral registry or registration institution for security interests over movable property is in operation, unied geographically and by asset type, with an electronic database indexed by debtors names. Secured creditors are paid rst (for example, before general tax claims and employee claims) when a debtor defaults outside an insolvency procedure. Secured creditors are paid rst (for example, before general tax claims and employee claims) when a business is liquidated. Secured creditors either are not subject to an automatic stay or moratorium on enforcement procedures when a debtor enters a court-supervised reorganization procedure, or the law provides secured creditors with grounds for relief from an automatic stay or moratorium (for example, if the movable property is in danger) or sets a time limit for the automatic stay. The law allows parties to agree in a collateral agreement that the lender may enforce its security right out of court. The index ranges from 0 to 10, with higher scores indicating that collateral and bankruptcy laws are better designed to expand access to credit.
Protection of rights of borrowers and lenders through collateral laws Protection of secured creditors rights through bankruptcy laws
Depth of credit information index (06)
CREDIT INFORMATION
The data on credit information sharing are built in 2 stages. First, banking supervision authorities and public information sources are surveyed to conrm the presence of a public credit registry or private credit bureau. Second, when applicable, a detailed survey on the public credit registrys or private credit bureaus structure, laws and associated rules is administered to the entity itself. Survey responses are veried
Scope and accessibility of credit information distributed by public credit registries and private credit bureaus
Public credit registry coverage (% of adults)
Number of individuals and rms listed in a public credit registry as percentage of adult population
Private credit bureau coverage (% of adults)
Number of individuals and rms listed in largest private credit bureau as percentage of adult population
DATA NOTES
117
through several rounds of follow-up communication with respondents as well as by contacting third parties and consulting public sources. The survey data are conrmed through teleconference calls or on-site visits in all economies.
adult population, the score on the depth of credit information index is 0. In Lithuania, for example, both a public credit registry and a private credit bureau operate. Both distribute positive and negative information (a score of 1). Both distribute data on rms and individuals (a score of 1). Both distribute more than 2 years of historical data (a score of 1). Although the public credit registry does not distribute data from retailers or utilities, the private credit bureau does do so (a score of 1). Although the public credit registry has a threshold of 1,000 litai, the private credit bureau distributes data on loans of any value (a score of 1). Borrowers have the right to access their data in both the public credit registry and the private credit bureau (a score of 1). Summing across the indicators gives Lithuania a total score of 6.
Depth of credit information index

The depth of credit information index measures rules and practices affecting the coverage, scope and accessibility of credit information available through either a public credit registry or a private credit bureau. A score of 1 is assigned for each of the following 6 features of the public credit registry or private credit bureau (or both): Data on both rms and individuals are distributed. Both positive credit information (for example, outstanding loan amounts and pattern of on-time repayments) and negative information (for example, late payments, and number and amount of defaults and bankruptcies) are distributed. Data from retailers and utility companies as well as nancial institutions are distributed. More than 2 years of historical data are distributed. Credit registries and bureaus that erase data on defaults as soon as they are repaid obtain a score of 0 for this indicator. Data on loan amounts below 1% of income per capita are distributed. Note that a credit registry or bureau must have a minimum coverage of 1% of the adult population to score a 1 on this indicator. By law, borrowers have the right to access their data in the largest credit registry or bureau in the economy. The index ranges from 0 to 6, with higher values indicating the availability of more credit information, from either a public credit registry or a private credit bureau, to facilitate lending decisions. If the credit registry or bureau is not operational or has a coverage of less than 0.1% of the
A private credit bureau is dened as a private rm or nonprot organization that maintains a database on the creditworthiness of borrowers (individuals or rms) in the nancial system and facilitates the exchange of credit information among creditors. Credit investigative bureaus and credit reporting rms that do not directly facilitate information exchange among banks and other nancial institutions are not considered. If no private bureau operates, the coverage value is 0. The data details on getting credit can be found for each economy at http://www .doingbusiness.org by selecting the economy in the drop-down list. This methodology was developed in Djankov, McLiesh and Shleifer (2007) and is adopted here with minor changes.
PROTECTING INVESTORS
Doing Business measures the strength of minority shareholder protections against directors misuse of corporate assets for personal gain. The indicators distinguish 3 dimensions of investor protections: transparency of related-party transactions (extent of disclosure index), liability for self-dealing (extent of director liability index) and shareholders ability to sue ofcers and directors for misconduct (ease of shareholder suits index) (gure 20.11). The data come from a survey of corporate and securities lawyers and are based on securities regulations, company laws, civil procedure codes and court rules of evidence. The ranking on the strength of investor protection index is the simple average of the percentile rankings on its component indicators (gure 20.12). To make the data comparable across economies, several assumptions about the business and the transaction are used.
Public credit registry coverage

The public credit registry coverage indicator reports the number of individuals and rms listed in a public credit registry with information on their borrowing history from the past 5 years. The number is expressed as a percentage of the adult population (the population age 15 and above in 2011 according to the World Banks World Development Indicators). A public credit registry is dened as a database managed by the public sector, usually by the central bank or the superintendent of banks, that collects information on the creditworthiness of borrowers (individuals or rms) in the nancial system and facilitates the exchange of credit information among banks and other regulated nancial institutions. If no public registry operates, the coverage value is 0.
Private credit bureau coverage

The private credit bureau coverage indicator reports the number of individuals and rms listed by a private credit bureau with information on their borrowing history from the past 5 years. The number is expressed as a percentage of the adult population (the population age 15 and above in 2011 according to the World Banks World Development Indicators).

The business (Buyer): Is a publicly traded corporation listed on the economys most important stock exchange. If the number of publicly traded companies listed on that exchange is less than 10, or if there is
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FIGURE 20.11 How well are minority shareholders protected against self-dealing in related-party transactions?
Extent of disclosure Disclosure and approval requirements Extent of director liability Ability to sue directors for damages Ease of shareholder suits Access by shareholders to documents plus other evidence for trial Mr. James Lawsuit 60% ownership, sits on board of directors Company A (buyer) Minority shareholders Transaction involving conflict of interest 90% ownership, sits on board of directors Company B (seller)
Whether immediate disclosure of the transaction to the public, the regulator or the shareholders is required.4 A score of 0 is assigned if no disclosure is required; 1 if disclosure on the terms of the transaction is required but not on Mr. Jamess conict of interest; 2 if disclosure on both the terms and Mr. Jamess conict of interest is required. Whether disclosure in the annual report is required. A score of 0 is assigned if no disclosure on the transaction is required; 1 if disclosure on the terms of the transaction is required but not on Mr. Jamess conict of interest; 2 if disclosure on both the terms and Mr. Jamess conict of interest is required. Whether disclosure by Mr. James to the board of directors or the supervisory board is required. A score of 0 is assigned if no disclosure is required; 1 if a general disclosure of the existence of a conict of interest is required without any specics; 2 if full disclosure of all material facts relating to Mr. Jamess interest in the Buyer-Seller transaction is required. Whether it is required that an external body, for example, an external auditor, review the transaction before it takes place. A score of 0 is assigned if no; 1 if yes. The index ranges from 0 to 10, with higher values indicating greater disclosure. In Poland, for example, the board of directors must approve the transaction and Mr. James is not allowed to vote (a score of 2). Buyer is required to disclose immediately all information affecting the stock price, including the conict of interest (a score of 2). In its annual report Buyer must also disclose the terms of the transaction and Mr. Jamess ownership in Buyer and Seller (a score of 2). Before the transaction Mr. James must disclose his conict of interest to the other directors, but he is not required to provide specic information about it (a score of 1). Poland does not require an external body to review the transaction (a score of 0). Adding these numbers gives Poland a score of 7 on the extent of disclosure index.
no stock exchange in the economy, it is assumed that Buyer is a large private company with multiple shareholders. Has a board of directors and a chief executive officer (CEO) who may legally act on behalf of Buyer where permitted, even if this is not specically required by law. Has a supervisory board (applicable to economies with 2-tier board systems) of which 60% of the shareholderelected members have been appointed by Mr. James. Is a manufacturing company. Has its own distribution network.
Mr. James also owns 90% of Seller, a company that operates a chain of retail hardware stores. Seller recently closed a large number of its stores. Mr. James proposes that Buyer purchase Sellers unused eet of trucks to expand Buyers distribution of its products, a proposal to which Buyer agrees. The price is equal to 10% of Buyers assets and is higher than the market value. The proposed transaction is part of the companys ordinary course of business and is not outside the authority of the company. Buyer enters into the transaction. All required approvals are obtained, and all required disclosures made (that is, the transaction is not fraudulent). The transaction causes damages to Buyer. Shareholders sue Mr. James and the other parties that approved the transaction.
Assumptions about the transaction

Mr. James is Buyers controlling shareholder and a member of Buyers board of directors. He owns 60% of Buyer and elected 2 directors to Buyers 5-member board.
FIGURE 20.12 Protecting investors: minority shareholder rights in relatedparty transactions
Requirements on approval and disclosure of related-party transactions 33.3% Extent of disclosure index Liability of CEO and board of directors in a related-party transaction 33.3% Extent of director liability index
Extent of disclosure index

The extent of disclosure index has 5 components (table 20.8): Which corporate body can provide legally sufficient approval for the transaction. A score of 0 is assigned if it is the CEO or the managing director alone; 1 if the board of directors, the supervisory board or shareholders must vote and Mr. James is permitted to vote; 2 if the board of directors or the supervisory board must vote and Mr. James is not permitted to vote; 3 if shareholders must vote and Mr. James is not permitted to vote.
33.3% Ease of shareholder suits index
Type of evidence that can be collected before and during the trial
DATA NOTES
119
TABLE 20.8 What do the protecting investors indicators measure?

Extent of disclosure index (010)
Who can approve related-party transactions Disclosure requirements in case of related-party transactions
Extent of director liability index (010)
Ability of shareholders to hold interested parties and members of the approving body liable in case of related-party transactions Available legal remedies (damages, repayment of prots, nes and imprisonment) Ability of shareholders to sue directly or derivatively
assigned if rescission is unavailable or is available only in case of fraud or bad faith; 1 if rescission is available when the transaction is oppressive or prejudicial to the other shareholders; 2 if rescission is available when the transaction is unfair or entails a conict of interest. Whether Mr. James pays damages for the harm caused to the company upon a successful claim by the shareholder plaintiff. A score of 0 is assigned if no; 1 if yes. Whether Mr. James repays prots made from the transaction upon a successful claim by the shareholder plaintiff. A score of 0 is assigned if no; 1 if yes. Whether both nes and imprisonment can be applied against Mr. James. A score of 0 is assigned if no; 1 if yes. Whether shareholder plaintiffs are able to sue directly or derivatively for the damage the transaction causes to the company. A score of 0 is assigned if suits are unavailable or are available only for shareholders holding more than 10% of the companys share capital; 1 if direct or derivative suits are available for shareholders holding 10% or less of share capital. The index ranges from 0 to 10, with higher values indicating greater liability of directors. Assuming that the prejudicial transaction was duly approved and disclosed, in order to hold Mr. James liable in Panama, for example, a plaintiff must prove that Mr. James influenced the approving body or acted negligently (a score of 1). To hold the other directors liable, a plaintiff must prove that they acted negligently (a score of 1). The prejudicial transaction cannot be voided (a score of 0). If Mr. James is found liable, he must pay damages (a score of 1) but he is not required to disgorge his profits (a score of 0). Mr. James cannot be fined and imprisoned (a score of 0). Direct or derivative suits are available for shareholders holding 10% or less of share capital (a score of 1). Adding these numbers gives Panama
a score of 4 on the extent of director liability index.
Ease of shareholder suits index

The ease of shareholder suits index has 6 components: What range of documents is available to the shareholder plaintiff from the defendant and witnesses during trial. A score of 1 is assigned for each of the following types of documents available: information that the defendant has indicated he intends to rely on for his defense; information that directly proves specic facts in the plaintiff s claim; any information relevant to the subject matter of the claim; and any information that may lead to the discovery of relevant information. Whether the plaintiff can directly examine the defendant and witnesses during trial. A score of 0 is assigned if no; 1 if yes, with prior approval of the questions by the judge; 2 if yes, without prior approval. Whether the plaintiff can obtain categories of relevant documents from the defendant without identifying each document specically. A score of 0 is assigned if no; 1 if yes. Whether shareholders owning 10% or less of the companys share capital can request that a government inspector investigate the Buyer-Seller transaction without ling suit in court. A score of 0 is assigned if no; 1 if yes. Whether shareholders owning 10% or less of the companys share capital have the right to inspect the transaction documents before ling suit. A score of 0 is assigned if no; 1 if yes. Whether the standard of proof for civil suits is lower than that for a criminal case. A score of 0 is assigned if no; 1 if yes. The index ranges from 0 to 10, with higher values indicating greater powers of shareholders to challenge the transaction. In Greece, for example, the plaintiff can access documents that the defendant intends to rely on for his defense and that
Direct access to internal documents of the company and use of a government inspector without ling suit in court Documents and information available during trial
Strength of investor protection index (010)
Simple average of the extent of disclosure, extent of director liability and ease of shareholder suits indices
Extent of director liability index

The extent of director liability index has 7 components:5 Whether a shareholder plaintiff is able to hold Mr. James liable for the damage the Buyer-Seller transaction causes to the company. A score of 0 is assigned if Mr. James cannot be held liable or can be held liable only for fraud or bad faith; 1 if Mr. James can be held liable only if he inuenced the approval of the transaction or was negligent; 2 if Mr. James can be held liable when the transaction is unfair or prejudicial to the other shareholders. Whether a shareholder plaintiff is able to hold the approving body (the CEO, the members of the board of directors, or members of the supervisory board) liable for the damage the transaction causes to the company. A score of 0 is assigned if the approving body cannot be held liable or can be held liable only for fraud or bad faith; 1 if the approving body can be held liable for negligence; 2 if the approving body can be held liable when the transaction is unfair or prejudicial to the other shareholders. Whether a court can void the transaction upon a successful claim by a shareholder plaintiff. A score of 0 is
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DOING BUSINESS 2013
directly prove facts in the plaintiffs claim (a score of 2). The plaintiff can examine the defendant and witnesses during trial, though only with prior approval of the questions by the court (a score of 1). The plaintiff must specically identify the documents being sought (for example, the Buyer-Seller purchase agreement of July 15, 2006) and cannot just request categories (for example, all documents related to the transaction) (a score of 0). A shareholder holding 5% of Buyers shares can request that a government inspector review suspected mismanagement by Mr. James and the CEO without ling suit in court (a score of 1). Any shareholder can inspect the transaction documents before deciding whether to sue (a score of 1). The standard of proof for civil suits is the same as that for a criminal case (a score of 0). Adding these numbers gives Greece a score of 5 on the ease of shareholder suits index.
FIGURE 20.13 What are the time, total tax rate and number of payments necessary for a local medium-size company to pay all taxes?
Total tax rate Time
% of profit before all taxes
Hours per year
To prepare, file and pay value added or sales tax, profit tax and labor taxes and contributions
Number of payments
(per year)
transfer taxes, dividend tax, capital gains tax, nancial transactions tax, waste collection taxes, vehicle and road taxes, and any other small taxes or fees (gure 20.13). The ranking on the ease of paying taxes is the simple average of the percentile rankings on its component indicators, with a threshold being applied to one of the component indicators, the total tax rate (gure 20.14). The threshold is dened as the highest total tax rate among the top 15% of economies in the ranking on the total tax rate. It is calculated and adjusted on a yearly basis. This years threshold is 25.7%. All economies with a total tax rate below this threshold receive the same score as the economy at the threshold. The threshold is not based on any economic theory of an optimal tax rate that minimizes distortions or maximizes efficiency in the tax system of an economy overall. Instead, it is mainly empirical in nature, set at the lower end of the distribution of tax rates levied on medium-size enterprises in the manufacturing sector as observed through the paying taxes indicators. This reduces the bias in the indicators toward economies that do not need to levy signicant taxes on companies like the Doing Business standardized case study company because they raise public revenue in other waysfor example, through taxes on foreign companies, through taxes on sectors other than manufacturing or from
natural resources (all of which are outside the scope of the methodology). Doing Business measures all taxes and contributions that are government mandated (at any levelfederal, state or local) and that apply to the standardized business and have an impact in its nancial statements. In doing so, Doing Business goes beyond the traditional denition of a tax. As dened for the purposes of government national accounts, taxes include only compulsory, unrequited payments to general government. Doing Business departs from this denition because it measures imposed charges that affect business accounts, not government accounts. One main difference relates to labor contributions. The Doing Business measure includes government-mandated contributions paid by the employer to a
FIGURE 20.14 Paying taxes: tax compliance for a local manufacturing company
Number of hours per year to prepare, file returns and pay taxes 33.3% Time Firm tax liability as % of profits before all taxes borne 33.3% Total tax rate
Strength of investor protection index

The strength of investor protection index is the average of the extent of disclosure index, the extent of director liability index and the ease of shareholder suits index. The index ranges from 0 to 10, with higher values indicating more investor protection. The data details on protecting investors can be found for each economy at http://www .doingbusiness.org by selecting the economy in the drop-down list. This methodology was developed in Djankov, La Porta and others (2008).
PAYING TAXES
Doing Business records the taxes and mandatory contributions that a mediumsize company must pay in a given year as well as measures of the administrative burden of paying taxes and contributions. The project was developed and implemented in cooperation with PwC.6 Taxes and contributions measured include the prot or corporate income tax, social contributions and labor taxes paid by the employer, property taxes, property
33.3% Payments
Number of tax payments per year
DATA NOTES
121
requited private pension fund or workers insurance fund. The indicator includes, for example, Australias compulsory superannuation guarantee and workers compensation insurance. For the purpose of calculating the total tax rate (dened below), only taxes borne are included. For example, value added taxes are generally excluded (provided they are not irrecoverable) because they do not affect the accounting prots of the businessthat is, they are not reected in the income statement. They are, however, included for the purpose of the compliance measures (time and payments), as they add to the burden of complying with the tax system. Doing Business uses a case scenario to measure the taxes and contributions paid by a standardized business and the complexity of an economys tax compliance system. This case scenario uses a set of nancial statements and assumptions about transactions made over the course of the year. In each economy tax experts from a number of different rms (in many economies these include PwC) compute the taxes and mandatory contributions due in their jurisdiction based on the standardized case study facts. Information is also compiled on the frequency of ling and payments as well as time taken to comply with tax laws in an economy. To make the data comparable across economies, several assumptions about the business and the taxes and contributions are used. The methodology for the paying taxes indicators has beneted from discussion with members of the International Tax Dialogue and other stakeholders, which led to a renement of the survey questions on the time to pay taxes, the collection of additional data on the labor tax wedge for further research and the introduction of a threshold applied to the total tax rate for the purpose of calculating the ranking on the ease of paying taxes.
liability company in the economy, the limited liability form most common among domestic rms is chosen. The most common form is reported by incorporation lawyers or the statistical office. Started operations on January 1, 2010. At that time the company purchased all the assets shown in its balance sheet and hired all its workers. Operates in the economys largest business city. Is 100% domestically owned and has 5 owners, all of whom are natural persons. At the end of 2010, has a start-up capital of 102 times income per capita. Performs general industrial or commercial activities. Specically, it produces ceramic owerpots and sells them at retail. It does not participate in foreign trade (no import or export) and does not handle products subject to a special tax regime, for example, liquor or tobacco. At the beginning of 2011, owns 2 plots of land, 1 building, machinery, office equipment, computers and 1 truck and leases 1 truck. Does not qualify for investment incentives or any benets apart from those related to the age or size of the company. Has 60 employees4 managers, 8 assistants and 48 workers. All are nationals, and 1 manager is also an owner. The company pays for additional medical insurance for employees (not mandated by any law) as an additional benet. In addition, in some economies reimbursable business travel and client entertainment expenses are considered fringe benets. When applicable, it is assumed that the company pays the fringe benet tax on this expense or that the benet becomes taxable income for the employee. The case study assumes no additional salary additions for meals, transportation, education or others. Therefore, even when such benets are frequent, they are not added to or removed from the taxable gross salaries to arrive at the labor tax or contribution calculation.
Has a turnover of 1,050 times income per capita. Makes a loss in the rst year of operation. Has a gross margin (pretax) of 20% (that is, sales are 120% of the cost of goods sold). Distributes 50% of its net prots as dividends to the owners at the end of the second year. Sells one of its plots of land at a prot at the beginning of the second year. Has annual fuel costs for its trucks equal to twice income per capita. Is subject to a series of detailed assumptions on expenses and transactions to further standardize the case. All nancial statement variables are proportional to 2005 income per capita. For example, the owner who is also a manager spends 10% of income per capita on traveling for the company (20% of this owners expenses are purely private, 20% are for entertaining customers and 60% for business travel).
Assumptions about the taxes and contributions

All the taxes and contributions recorded are those paid in the second year of operation (calendar year 2011). A tax or contribution is considered distinct if it has a different name or is collected by a different agency. Taxes and contributions with the same name and agency, but charged at different rates depending on the business, are counted as the same tax or contribution. The number of times the company pays taxes and contributions in a year is the number of different taxes or contributions multiplied by the frequency of payment (or withholding) for each tax. The frequency of payment includes advance payments (or withholding) as well as regular payments (or withholding).

The business: Is a limited liability, taxable company. If there is more than one type of limited
Tax payments
The tax payments indicator reects the total number of taxes and contributions paid, the method of payment, the
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TABLE 20.9 What do the paying taxes indicators measure?

Tax payments for a manufacturing company in 2011 (number per year adjusted for electronic and joint ling and payment)
Total number of taxes and contributions paid, including consumption taxes (value added tax, sales tax or goods and service tax) Method and frequency of ling and payment
Time required to comply with 3 major taxes (hours per year)
Where 2 or more taxes or contributions are led for and paid jointly using the same form, each of these joint payments is counted once. For example, if mandatory health insurance contributions and mandatory pension contributions are led for and paid together, only one of these contributions would be included in the number of payments.
Collecting information and computing the tax payable Completing tax return forms, ling with proper agencies Arranging payment or withholding Preparing separate mandatory tax accounting books, if required
Total tax rate (% of prot before all taxes)
Time
Time is recorded in hours per year. The indicator measures the time taken to prepare, le and pay 3 major types of taxes and contributions: the corporate income tax, value added or sales tax, and labor taxes, including payroll taxes and social contributions. Preparation time includes the time to collect all information necessary to compute the tax payable and to calculate the amount payable. If separate accounting books must be kept for tax purposesor separate calculations madethe time associated with these processes is included. This extra time is included only if the regular accounting work is not enough to fulll the tax accounting requirements. Filing time includes the time to complete all necessary tax return forms and le the relevant returns at the tax authority. Payment time considers the hours needed to make the payment online or at the tax authorities. Where taxes and contributions are paid in person, the time includes delays while waiting.
Prot or corporate income tax Social contributions and labor taxes paid by the employer Property and property transfer taxes Dividend, capital gains and nancial transactions taxes Waste collection, vehicle, road and other taxes
by the business in the second year of operation, expressed as a share of commercial prot. Doing Business 2013 reports the total tax rate for calendar year 2011. The total amount of taxes borne is the sum of all the different taxes and contributions payable after accounting for allowable deductions and exemptions. The taxes withheld (such as personal income tax) or collected by the company and remitted to the tax authorities (such as value added tax, sales tax or goods and service tax) but not borne by the company are excluded. The taxes included can be divided into 5 categories: prot or corporate income tax, social contributions and labor taxes paid by the employer (in respect of which all mandatory contributions are included, even if paid to a private entity such as a requited pension fund), property taxes, turnover taxes and other taxes (such as municipal fees and vehicle and fuel taxes). The total tax rate is designed to provide a comprehensive measure of the cost of all the taxes a business bears. It differs from the statutory tax rate, which merely provides the factor to be applied to the tax base. In computing the total tax rate, the actual tax payable is divided by commercial prot. Data for Norway illustrate (table 20.10). Commercial prot is essentially net prot before all taxes borne. It differs from the conventional prot before tax, reported in nancial statements. In computing prot before tax, many of the taxes borne by a
frequency of payment, the frequency of ling and the number of agencies involved for this standardized case study company during the second year of operation (table 20.9). It includes taxes withheld by the company, such as sales tax, value added tax and employee-borne labor taxes. These taxes are traditionally collected by the company from the consumer or employee on behalf of the tax agencies. Although they do not affect the income statements of the company, they add to the administrative burden of complying with the tax system and so are included in the tax payments measure. The number of payments takes into account electronic ling. Where full electronic ling and payment is allowed and it is used by the majority of medium-size businesses, the tax is counted as paid once a year even if lings and payments are more frequent. For payments made through third parties, such as tax on interest paid by a nancial institution or fuel tax paid by a fuel distributor, only one payment is included even if payments are more frequent.
Total tax rate

The total tax rate measures the amount of taxes and mandatory contributions borne
TABLE 20.10 Computing the total tax rate for Norway

Statutory rate Statutory tax base Actual tax payable a=r xb NKr Commercial prot* Total tax rate
r
Type of tax (tax base) Corporate income tax (taxable income) Social security contributions (taxable wages) Fuel tax (fuel price)
b
NKr
c
NKr
t = a/c
24.4% 15.9% 1.3% 41.6%
28.0% 14.1% NKr 4 per liter
20,612,719 26,684,645 74,247 liters
5,771,561 3,762,535 297,707 9,831,803
23,651,183 23,651,183 23,651,183
Total
* Prot before all taxes borne.
Note: NKr is Norwegian kroner. Commercial prot is assumed to be 59.4 times income per capita. Source: Doing Business database.
DATA NOTES
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rm are deductible. In computing commercial prot, these taxes are not deductible. Commercial prot therefore presents a clear picture of the actual prot of a business before any of the taxes it bears in the course of the scal year. Commercial prot is computed as sales minus cost of goods sold, minus gross salaries, minus administrative expenses, minus other expenses, minus provisions, plus capital gains (from the property sale) minus interest expense, plus interest income and minus commercial depreciation. To compute the commercial depreciation, a straight-line depreciation method is applied, with the following rates: 0% for the land, 5% for the building, 10% for the machinery, 33% for the computers, 20% for the office equipment, 20% for the truck and 10% for business development expenses. Commercial prot amounts to 59.4 times income per capita. The methodology for calculating the total tax rate is broadly consistent with the Total Tax Contribution framework developed by PwC and the calculation within this framework for taxes borne. But while the work undertaken by PwC is usually based on data received from the largest companies in the economy, Doing Business focuses on a case study for a standardized medium-size company. The data details on paying taxes can be found for each economy at http://www .doingbusiness.org by selecting the economy in the drop-down list. This methodology was developed in Djankov, Ganser and others (2010).
across the border are also recorded. For exporting goods, procedures range from packing the goods into the container at the warehouse to their departure from the port of exit. For importing goods, procedures range from the vessels arrival at the port of entry to the cargos delivery at the warehouse. For landlocked economies, these include procedures at the inland border post, since the port is located in the transit economy. Payment is made by letter of credit, and the time, cost and documents required for the issuance or advising of a letter of credit are taken into account (gure 20.15). The ranking on the ease of trading across borders is the simple average of the percentile rankings on its component indicators (gure 20.16). Local freight forwarders, shipping lines, customs brokers, port officials and banks provide information on required documents and cost as well as the time to complete each procedure. To make the data comparable across economies, several assumptions about the business and the traded goods are used.
FIGURE 20.16 Trading across borders: exporting and importing by sea transport
Document preparation, customs clearance and technical control, port and terminal handling, inland transport and handling 33.3% Time to export and import
All documents required by customs and other agencies 33.3% Documents to export and import
33.3% Cost to export and import
US$ per 20-foot container, no bribes or tariffs included
Does not require refrigeration or any other special environment. Does not require any special phytosanitary or environmental safety standards other than accepted international standards. Is one of the economys leading export or import products.
Assumptions about the traded goods

The traded product travels in a dry-cargo, 20-foot, full container load. It weighs 10 tons and is valued at $20,000. The product: Is not hazardous nor does it include military items.

The business: Has at least 60 employees. Is located in the economys largest business city. Is a private, limited liability company. It does not operate in an export
FIGURE 20.15 How much time, how many documents and what cost to export and import by sea transport?

Doing Business measures the time and cost (excluding tariffs) associated with exporting and importing a standardized cargo of goods by sea transport. The time and cost necessary to complete every official procedure for exporting and importing the goods are recorded; however, the time and cost for sea transport are not included. All documents needed by the trader to export or import the goods
Time Time Cost Full, 20-foot container Documents
To export
Cost Documents
To import
Import
Export Port and terminal handling Customs and border agencies Inland transport
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TABLE 20.11 What do the trading across borders indicators measure?

Documents required to export and import (number)
Bank documents Customs clearance documents Port and terminal handling documents Transport documents
Time required to export and import (days)
Obtaining, lling out and submitting all the documents Inland transport and handling Customs clearance and inspections Port and terminal handling Does not include sea transport time
Cost required to export and import (US$ per container)
All documentation Inland transport and handling Customs clearance and inspections Port and terminal handling Ofcial costs only, no bribes
processing zone or an industrial estate with special export or import privileges. Is 100% domestically owned. Exports more than 10% of its sales.
it is completed. If a procedure can be accelerated for an additional cost and is available to all trading companies, the fastest legal procedure is chosen. Fasttrack procedures applying only to rms located in an export processing zone, or only to certain accredited rms under authorized economic operator programs, are not taken into account because they are not available to all trading companies. Sea transport time is not included. It is assumed that neither the exporter nor the importer wastes time and that each commits to completing each remaining procedure without delay. Procedures that can be completed in parallel are measured as simultaneous. But it is assumed that document preparation, inland transport, customs and other clearance, and port and terminal handling require a minimum time of 1 day each and cannot take place simultaneously. The waiting time between proceduresfor example, during unloading of the cargois included in the measure.
FIGURE 20.17 What are the time, cost and number of procedures to resolve a commercial dispute through the courts?
Court Time Cost Number of procedures Company A

(seller & plaintiff)
Commercial dispute
Company B
(buyer & defendant)
Filing of court case
Trial & judgment
Enforcement
Cost
Cost measures the fees levied on a 20-foot container in U.S. dollars. All the fees associated with completing the procedures to export or import the goods are taken into account. These include costs for documents, administrative fees for customs clearance and inspections, customs broker fees, port-related charges and inland transport costs. The cost does not include customs tariffs and duties or costs related to sea transport. Only ofcial costs are recorded. The data details on trading across borders can be found for each economy at http://www .doingbusiness.org by selecting the economy in the drop-down list. This methodology was developed in Djankov, Freund and Pham (2010) and is adopted here with minor changes.
Documents
All documents required per shipment to export and import the goods are recorded (table 20.11). It is assumed that a new contract is drafted per shipment and that the contract has already been agreed upon and executed by both parties. Documents required for clearance by relevant agenciesincluding government ministries, customs, port authorities and other control agenciesare taken into account. Since payment is by letter of credit, all documents required by banks for the issuance or securing of a letter of credit are also taken into account. Documents that are requested at the time of clearance but that are valid for a year or longer and do not require renewal per shipment (for example, an annual tax clearance certicate) are not included.
evolution of a commercial sale dispute before local courts. The data are collected through study of the codes of civil procedure and other court regulations as well as surveys completed by local litigation lawyers and by judges (gure 20.17). The ranking on the ease of enforcing contracts is the simple average of the percentile rankings on its component indicators (gure 20.18). The name of the relevant court in each economythe court in the largest business city with jurisdiction over commercial cases worth 200% of income per capitais published at http:/ /www .doingbusiness.org /ExploreTopics/ EnforcingContracts/.
FIGURE 20.18 Enforcing contracts: resolving a commercial dispute through the courts
Days to resolve commercial sale dispute through the courts 33.3% Time Attorney, court and enforcement costs as % of claim value 33.3% Cost
Time
The time for exporting and importing is recorded in calendar days. The time calculation for a procedure starts from the moment it is initiated and runs until
ENFORCING CONTRACTS
Indicators on enforcing contracts measure the efficiency of the judicial system in resolving a commercial dispute. The data are built by following the step-by-step
33.3% Procedures
Steps to file claim, obtain judgment and enforce it
DATA NOTES
125
Assumptions about the case

The value of the claim equals 200% of the economys income per capita. The dispute concerns a lawful transaction between 2 businesses (Seller and Buyer), located in the economys largest business city. Seller sells goods worth 200% of the economys income per capita to Buyer. After Seller delivers the goods to Buyer, Buyer refuses to pay for the goods on the grounds that the delivered goods were not of adequate quality. Seller (the plaintiff) sues Buyer (the defendant) to recover the amount under the sales agreement (that is, 200% of the economys income per capita). Buyer opposes Sellers claim, saying that the quality of the goods is not adequate. The claim is disputed on the merits. The court cannot decide the case on the basis of documentary evidence or legal title alone. A court in the economys largest business city with jurisdiction over commercial cases worth 200% of income per capita decides the dispute. Seller attaches Buyers movable assets (for example, office equipment and vehicles) before obtaining a judgment because Seller fears that Buyer may become insolvent. An expert opinion is given on the quality of the delivered goods. If it is standard practice in the economy for each party to call its own expert witness, the parties each call one expert witness. If it is standard practice for the judge to appoint an independent expert, the judge does so. In this case the judge does not allow opposing expert testimony. The judgment is 100% in favor of Seller: the judge decides that the goods are of adequate quality and that Buyer must pay the agreed price. Buyer does not appeal the judgment. Seller decides to start enforcing the judgment as soon as the time allocated by law for appeal expires.
Seller takes all required steps for prompt enforcement of the judgment. The money is successfully collected through a public sale of Buyers movable assets (for example, office equipment and vehicles).
number for economies that have specialized commercial courts, and 1 procedure for economies that allow electronic ling of the initial complaint in court cases. Some procedural steps that are part of others are not counted in the total number of procedures.
Procedures
The list of procedural steps compiled for each economy traces the chronology of a commercial dispute before the relevant court. A procedure is dened as any interaction, required by law or commonly used in practice, between the parties or between them and the judge or court officer. Other procedural steps, internal to the court or between the parties and their counsel, may be counted as well. Procedural steps include steps to le and serve the case, steps to assign the case to a judge, steps for trial and judgment and steps necessary to enforce the judgment (table 20.12). The survey allows respondents to record procedures that exist in civil law but not common law jurisdictions and vice versa. For example, in civil law jurisdictions the judge can appoint an independent expert, while in common law jurisdictions each party submits a list of expert witnesses to the court. To indicate overall efficiency, 1 procedure is subtracted from the total
TABLE 20.12 What do the enforcing contracts indicators measure?
Procedures to enforce a contract through the courts (number)
Time
Time is recorded in calendar days, counted from the moment the plaintiff decides to le the lawsuit in court until payment. This includes both the days when actions take place and the waiting periods between. The average duration of different stages of dispute resolution is recorded: the completion of service of process (time to le and serve the case), the issuance of judgment (time for the trial and obtaining the judgment) and the moment of payment (time for enforcement of the judgment).
Cost
Cost is recorded as a percentage of the claim, assumed to be equivalent to 200% of income per capita. No bribes are recorded. Three types of costs are recorded: court costs, enforcement costs and average attorney fees. Court costs include all court costs that Seller (plaintiff) must advance to the court, regardless of the nal cost to Seller. Enforcement costs are all costs that Seller (plaintiff) must advance to enforce the judgment through a public sale of Buyers movable assets, regardless of the nal cost to Seller. Average attorney fees are the fees that Seller (plaintiff) must advance to a local attorney to represent Seller in the standardized case. The data details on enforcing contracts can be found for each economy at http://www .doingbusiness.org by selecting the economy in the drop-down list. This methodology was developed in Djankov and others (2003) and is adopted here with minor changes.
Any interaction between the parties in a commercial dispute, or between them and the judge or court ofcer Steps to le and serve the case Steps for trial and judgment Steps to enforce the judgment
Time required to complete procedures (calendar days)
Time to le and serve the case Time for trial and obtaining judgment Time to enforce the judgment
Cost required to complete procedures (% of claim)
No bribes Average attorney fees Court costs Enforcement costs
Doing Business studies the time, cost and outcome of insolvency proceedings
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involving domestic entities. The name of this indicator set was changed from closing a business to resolving insolvency to more accurately reect the content of the indicators. The indicators did not change in content or scope. The data are derived from questionnaire responses by local insolvency practitioners and veried through a study of laws and regulations as well as public information on bankruptcy systems (gure 20.19). The ranking on the ease of resolving insolvency is based on the recovery rate (gure 20.20). To make the data comparable across economies, several assumptions about the business and the case are used.
FIGURE 20.20 Resolving insolvency: time, cost and outcome of the insolvency proceedings against a local company
Rankings are based on 1 indicator
Recovery rate is a function of time, cost and other factors such as lending rate and the likelihood of the company continuing to operate
value of the hotel business and represents 74% of the companys total debt. The other 26% of its debt is held by unsecured creditors (suppliers, employees, tax authorities). The company has too many creditors to negotiate an informal out-of-court workout. The following options are available: a judicial procedure aimed at the rehabilitation or reorganization of the company to permit its continued operation; a judicial procedure aimed at the liquidation or winding-up of the company; or a debt enforcement or foreclosure procedure against the company, enforced either in court (or through another government authority) or out of court (for example, by appointing a receiver).
100% Recovery rate
Note: Time and cost do not count separately for the rankings.

The business: Is a limited liability company. Operates in the economys largest business city. Is 100% domestically owned, with the founder, who is also the chairman of the supervisory board, owning 51% (no other shareholder holds more than 5% of shares). Has downtown real estate, where it runs a hotel, as its major asset. The hotel is valued at 100 times income per capita or $200,000, whichever is larger. Has a professional general manager.
FIGURE 20.19 What are the time, cost and outcome of the insolvency proceedings against a local company?
Has 201 employees and 50 suppliers, each of which is owed money for the last delivery. Has a 10-year loan agreement with a domestic bank secured by a universal business charge (for example, a oating charge) in economies where such collateral is recognized or by the hotel property. If the laws of the economy do not specically provide for a universal business charge but contracts commonly use some other provision to that effect, this provision is specied in the loan agreement. Has observed the payment schedule and all other conditions of the loan up to now. Has a mortgage, with the value of the mortgage principal being exactly equal to the market value of the hotel.
Assumptions about the parties

The bank wants to recover as much as possible of its loan, as quickly and cheaply as possible. The unsecured creditors will do everything permitted under the applicable laws to avoid a piecemeal sale of the assets. The majority shareholder wants to keep the company operating and under its control. Management wants to keep the company operating and preserve its employees jobs. All the parties are local entities or citizens; no foreign parties are involved.
Time
Time for creditors to recover their credit is recorded in calendar years (table 20.13). The period of time measured by Doing Business is from the companys default until the payment of some or all of the money owed to the bank. Potential delay tactics by the parties, such as the ling of dilatory appeals or requests for extension, are taken into consideration.
Assumptions about the case

The business is experiencing liquidity problems. The companys loss in 2011 reduced its net worth to a negative gure. It is January 1, 2012. There is no cash to pay the bank interest or principal in full, due the next day, January 2. The business will therefore default on its loan. Management believes that losses will be incurred in 2012 and 2013 as well. The amount outstanding under the loan agreement is exactly equal to the market
Court
Outcome Time Cost Recovery rate
Cost
The cost of the proceedings is recorded as a percentage of the value of the debtors estate. The cost is calculated on the basis of questionnaire responses and includes court fees and government levies; fees of insolvency administrators, auctioneers, assessors and lawyers; and all other fees and costs.
Secured creditor (bank) Secured loan
Insolvent company
Unsecured creditors
Other claims
DATA NOTES
127
TABLE 20.13 What do the resolving insolvency indicators measure?

Time required to recover debt (years)
Measured in calendar years Appeals and requests for extension are included
Cost required to recover debt (% of debtors estate)
Measured as percentage of estate value Court fees Fees of insolvency administrators Lawyers fees Assessors and auctioneers fees Other related fees
Recovery rate for creditors (cents on the dollar)
furniture 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 proceeds, based on end-2011 lending rates from the International Monetary Funds International Financial Statistics, supplemented with data from central banks and the Economist Intelligence Unit.
employee representatives, and experts from the ILO, the OECD, civil society and the private sectorto review the employing workers methodology and explore future areas of research.7 A full report with the conclusions of the consultative group is available at http://www.doingbusiness .org/methodology/employing-workers. This year Doing Business continued research initiated last year, collecting additional data on regulations covering worker protection. The data will serve as a basis for developing a joint analysis of worker protection by the World Bank Group and the ILO and for developing new areas of research in the area of worker protection measures. Doing Business 2013 does not present rankings of economies on the employing workers indicators or include the topic in the aggregate ranking on the ease of doing business. The report does present the data on the employing workers indicators in an annex. Detailed data collected on labor regulations are available on the Doing Business website (http://www.doingbusiness.org). The data on employing workers are based on a detailed survey of employment regulations that is completed by local lawyers and public officials. Employment laws and regulations as well as secondary sources are reviewed to ensure accuracy. To make the data comparable across economies, several assumptions about the worker and the business are used.
No practice
If an economy had zero cases a year over the past 5 years involving a judicial reorganization, judicial liquidation or debt enforcement procedure (foreclosure), the economy receives a no practice ranking. This means that creditors are unlikely to recover their money through a formal legal process (in or out of court). The recovery rate for no practice economies is zero. This methodology was developed in Djankov, Hart and others (2008) and is adopted here with minor changes.
Measures the cents on the dollar recovered by creditors Present value of debt recovered Ofcial costs of the insolvency proceedings are deducted Depreciation of furniture is taken into account Outcome for the business (survival or not) affects the maximum value that can be recovered
Outcome
Recovery by creditors depends on whether the hotel business emerges from the proceedings as a going concern or the companys assets are sold piecemeal. If the business keeps operating, no value is lost and the bank can satisfy its claim in full, or recover 100 cents on the dollar. If the assets are sold piecemeal, the maximum amount that can be recovered will not exceed 70% of the banks claim, which translates into 70 cents on the dollar.
EMPLOYING WORKERS
Doing Business measures exibility in the regulation of employment, specically as it affects the hiring and redundancy of workers and the rigidity of working hours. Over the period from 2007 to 2011 improvements were made to align the methodology for the employing workers indicators with the letter and spirit of the ILO conventions. Only 4 of the 188 ILO conventions cover areas measured by Doing Business: employee termination, weekend work, holiday with pay and night work. The Doing Business methodology is fully consistent with these 4 conventions. The ILO conventions covering areas related to the employing workers indicators do not include the ILO core labor standards8 conventions covering the right to collective bargaining, the elimination of forced labor, the abolition of child labor and equitable treatment in employment practices. Between 2009 and 2011 the World Bank Group worked with a consultative group including labor lawyers, employer and
Recovery rate
The recovery rate is recorded as cents on the dollar recouped by creditors through reorganization, liquidation or debt enforcement (foreclosure) proceedings. The calculation takes into account the outcome: whether the business emerges from the proceedings as a going concern or the assets are sold piecemeal. Then the costs of the proceedings are deducted (1 cent for each percentage point of the value of the debtors estate). 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 annual depreciation rate for
Assumptions about the worker

The worker: Earns a salary plus benets equal to the economys average wage during the entire period of his employment. Has a pay period that is the most common for workers in the economy. Is a lawful citizen who belongs to the same race and religion as the majority of the economys population. Resides in the economys largest business city.
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Is not a member of a labor union, unless membership is mandatory.
TABLE 20.14 What do the employing workers indicators measure?

Data for country X Rigidity of employment index (0100) Score for country X

The business: Is a limited liability company. Operates in the economys largest business city. Is 100% domestically owned. Operates in the manufacturing sector. Has 60 employees. Is subject to collective bargaining agreements in economies where such agreements cover more than half the manufacturing sector and apply even to rms not party to them. Abides by every law and regulation but does not grant workers more benets than mandated by law, regulation or (if applicable) collective bargaining agreement.
45.33 56 + 10 + 70 56 Yes 6 years 0.61 1 0 0.67 10 No 5.5 days Yes 22 days Yes Yes Yes Yes 0 0 0 0.5 70 0 2 3 2 23.9 8.66 weeks +15.22 weeks 23.9
Simple average of the difculty of hiring, rigidity of hours and difculty of redundancy indices
Difculty of hiring index (0100)
Fixed-term contracts prohibited for permanent tasks? Maximum duration of xed-term contracts Ratio of minimum wage for trainee or rst-time employee to value added per worker
Rigidity of hours index (0100)
Restrictions on night work and weekend work? Allowed maximum length of the workweek in days and hours, including overtime Fifty-hour workweeks permitted for 2 months due to an increase in production? Paid annual vacation days
Difculty of redundancy index (0100)
Redundancy allowed as grounds for termination? Notication required for termination of a redundant worker or group of workers? Approval required for termination of a redundant worker or group of workers? Employer obligated to reassign or retrain and to follow priority rules for redundancy and reemployment?
Redundancy cost (weeks of salary)
Rigidity of employment index

The rigidity of employment index is the average of 3 subindices: the difficulty of hiring index, rigidity of hours index and difficulty of redundancy index. Data and scores for a particular country (country X) are provided as an example (table 20.14). All the subindices have several components. And all take values between 0 and 100, with higher values indicating more rigid regulation. The difficulty of hiring index measures (i) whether xed-term contracts are prohibited for permanent tasks; (ii) the maximum cumulative duration of xedterm contracts; and (iii) the ratio of the minimum wage for a trainee or rst-time employee to the average value added per worker.8 An economy is assigned a score of 1 if xed-term contracts are prohibited for permanent tasks and a score of 0 if they can be used for any task. A score of 1 is assigned if the maximum cumulative duration of xed-term contracts is less than 3 years; 0.5 if it is 3 years or more but less than 5 years; and 0 if xed-term contracts can last 5 years or more. Finally, a score of 1 is assigned if the ratio of the minimum wage to the average value
Notice requirements, severance payments and penalties due when terminating a redundant worker, expressed in weeks of salary
added per worker is 0.75 or more; 0.67 for a ratio of 0.50 or more but less than 0.75; 0.33 for a ratio of 0.25 or more but less than 0.50; and 0 for a ratio of less than 0.25. A score of 0 is also assigned if the minimum wage is set by a collective bargaining agreement that applies to less than half the manufacturing sector or does not apply to rms not party to it, or if the minimum wage is set by law but does not apply to workers who are in their apprentice period. A ratio of 0.251 (and therefore a score of 0.33) is automatically assigned in 4 cases: if there is no minimum wage; if the law provides a regulatory mechanism for the minimum wage that is not enforced in practice; if there is no minimum wage set by law but there is a wage amount that is customarily used as a minimum; or if there is no minimum wage set by law in the private sector but there is one in the public sector.
In country X, for example, xed-term contracts are prohibited for permanent tasks (a score of 1), and they can be used for a maximum of 6 years (a score of 0). The ratio of the mandated minimum wage to the value added per worker is 0.61 (a score of 0.67). Averaging the 3 values and scaling the index to 100 gives country X a score of 56. The rigidity of hours index has 5 components: (i) whether there are restrictions on night work; (ii) whether there are restrictions on weekly holiday work; (iii) whether the workweek can consist of 5.5 days or is more than 6 days; (iv) whether the workweek can extend to 50 hours or more (including overtime) for 2 months a year to respond to a seasonal increase in production; and (v) whether the average paid annual leave for a worker with 1 year of tenure, a worker with 5 years and a worker with 10 years is more than 26 working days or fewer than 15 working
DATA NOTES
129
days. For questions (i) and (ii), if restrictions other than premiums apply, a score of 1 is given. If the only restriction is a premium for night work or weekly holiday work, a score of 0, 0.33, 0.66 or 1 is given, depending on the quartile in which the economys premium falls. If there are no restrictions, the economy receives a score of 0. For question (iii) a score of 1 is assigned if the legally permitted workweek is less than 5.5 days or more than 6 days; otherwise a score of 0 is assigned. For question (iv), if the answer is no, a score of 1 is assigned; otherwise a score of 0 is assigned. For question (v) a score of 0 is assigned if the average paid annual leave is between 15 and 21 working days, a score of 0.5 if it is more than 21 but less than 26 working days and a score of 1 if it is less than 15 or more than 26 working days. For example, country X does not impose any restrictions either on night work (a score of 0) or on weekly holiday work (a score of 0), allows 5.5-day workweeks (a score of 0), permits 50-hour workweeks for 2 months (a score of 0) and requires average paid annual leave of 22 working days (a score of 0.5). Averaging the scores and scaling the result to 100 gives a nal index of 10 for country X. The difficulty of redundancy index has 8 components: (i) whether redundancy is disallowed as a basis for terminating workers; (ii) whether the employer needs to notify a third party (such as a government agency) to terminate 1 redundant worker; (iii) whether the employer needs to notify a third party to terminate a group of 9 redundant workers; (iv) whether the employer needs approval from a third party to terminate 1 redundant worker; (v) whether the employer needs approval from a third party to terminate a group of 9 redundant workers; (vi) whether the law requires the employer to reassign or retrain a worker before making the worker redundant; (vii) whether priority rules apply for redundancies; and (viii) whether priority rules apply for reemployment. For question (i) an answer of yes for workers of any income level gives a score of 10 and means that the rest of
the questions do not apply. An answer of yes to question (iv) gives a score of 2. For every other question, if the answer is yes, a score of 1 is assigned; otherwise a score of 0 is given. Questions (i) and (iv), as the most restrictive regulations, have greater weight in the construction of the index. In country X, for example, redundancy is allowed as grounds for termination (a score of 0). An employer has to notify a third party to terminate a single redundant worker (a score of 1) as well as to terminate a group of 9 redundant workers (a score of 1), and the approval of a third party is also required in both these cases (a score of 3). The law does not mandate any retraining or alternative placement before termination (a score of 0). There are priority rules for termination (a score of 1) and reemployment (a score of 1). Adding the scores and scaling to 100 gives a nal index of 70.
a worker with 5 years and a worker with 10 years equals 3.5 months of wages (15.22 weeks). No penalty is levied and the workers cannot benet from any type of unemployment protection. Altogether, the employer pays the equivalent of 23.9 weeks of salary to dismiss a worker. The data details on employing workers can be found for each economy at http://www .doingbusiness.org. The Doing Business website provides historical data sets to allow comparison of data across years. The employing workers methodology was developed by Botero and others (2004). Doing Business 2013 does not present rankings of economies on the employing workers indicators.
NOTES
1. The data for paying taxes refer to January
December 2011.
2. This correction rate reects changes that
exceed 5% up or down.
Redundancy cost
The redundancy cost indicator measures the cost of advance notice requirements, severance payments and penalties due when terminating a redundant worker, expressed in weeks of salary. The average value of notice requirements and severance payments applicable to a worker with 1 year of tenure, a worker with 5 years and a worker with 10 years is used to assign the score. If the redundancy cost adds up to 8 or fewer weeks of salary and the workers can benet from unemployment protection, a score of 0 is assigned, but the actual number of weeks is published. If the redundancy cost adds up to 8 or fewer weeks of salary and the workers cannot benet from any type of unemployment protection, a score of 8.1 is assigned, although the actual number of weeks is published. If the cost adds up to more than 8 weeks of salary, the score is the number of weeks. One month is recorded as 4 and 1/3 weeks. In country X, for example, an employer is required to give an average of 2 months notice (8.66 weeks) before a redundancy termination, and the average severance pay for a worker with 1 year of service,
3. Following the inclusion of getting electric-
ity indicators in the ease of doing business index in Doing Business 2012, additional procedures, time and cost related to obtaining an electricity connection in the preconstruction stage were removed from the dealing with construction permits indicators this year to avoid double counting.
4. This question is usually regulated by
stock exchange or securities laws. Points are awarded only to economies with more than 10 listed rms in their most important stock exchange.
5. When evaluating the regime of liability
for company directors for a prejudicial related-party transaction, Doing Business assumes that the transaction was duly disclosed and approved. Doing Business does not measure director liability in the event of fraud.
6. PwC refers to the network of member
rms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member rms of the PwC network. Each member rm is a separate legal entity and does not act as agent of PwCIL or any other member rm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member rms nor can it control the exercise of their professional judgment or bind them in any way. No member rm is responsible or liable for the acts
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or omissions of any other member rm nor can it control the exercise of another member rms professional judgment or bind another member rm or PwCIL in any way.
7. For the terms of reference and com-
position of the consultative group, see World Bank, Doing Business Employing Workers Indicator Consultative Group, http:/ /www.doingbusiness.org.
8. The average value added per worker is the
ratio of an economys GNI per capita to the working-age population as a percentage of the total population.
131
Ease of doing business and distance to frontier

This years report presents results for 2 aggregate measures: the aggregate ranking on the ease of doing business and the distance to frontier measure. The ease of doing business ranking compares economies with one another, while the distance to frontier measure benchmarks economies to the frontier in regulatory practice, measuring the absolute distance to the best performance on each indicator. Both measures can be used for comparisons over time. When compared across years, the distance to frontier measure shows how much the regulatory environment for local entrepreneurs in each economy has changed over time in absolute terms, while the ease of doing business ranking can show only relative change.
Construction of the ease of doing business index

Here is one example of how the ease of doing business index is constructed. In Finland it takes 3 procedures, 14 days and 4% of property value in fees to register a property. On these 3 indicators Finland ranks in the 6th, 16th and 39th percentiles. So on average Finland ranks in the 20th percentile on the ease of registering property. It ranks in the 30th percentile on starting a business, 28th percentile on getting credit, 24th percentile on paying taxes, 13th percentile on enforcing contracts, 5th percentile on trading across borders and so on. Higher rankings indicate simpler regulation and stronger protection of property rights. The simple average of Finlands percentile rankings on all topics is 21st. When all economies are ordered by their average percentile rankings, Finland stands at 11 in the aggregate ranking on the ease of doing business. More complex aggregation methods such as principal components and unobserved componentsyield a ranking nearly identical to the simple average used by Doing Business.2 Thus Doing Business uses the simplest method: weighting all topics equally and, within each topic, giving equal weight to each of the topic components.3 If an economy has no laws or regulations covering a specic areafor example, insolvencyit receives a no practice mark. Similarly, an economy receives a no practice or not possible mark if regulation exists but is never used in practice or if a competing regulation prohibits such practice. Either way, a no practice mark
EASE OF DOING BUSINESS

The ease of doing business index ranks economies from 1 to 185. For each economy the ranking is calculated as the simple average of the percentile rankings on each of the 10 topics included in the index in Doing Business 2013: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. The employing workers indicators are not included in this years aggregate ease of doing business ranking. In addition to this years ranking, Doing Business presents a comparable ranking for the previous year, adjusted for any changes in methodology as well as additions of economies or topics.1
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DOING BUSINESS 2013
TABLE 21.1 Correlations between economy rankings on Doing Business topics

Dealing with construction permits Starting a business Dealing with construction permits Registering property Getting credit Protecting investors Paying taxes Trading across borders Enforcing contracts Resolving insolvency
Getting credit
Paying taxes
Trading across borders
Enforcing contracts
Getting electricity
0.34
0.30 0.24
0.44 0.19 0.37
0.60 0.21 0.33 0.49
0.40 0.41 0.37 0.26 0.39
0.40 0.49 0.29 0.38 0.36 0.50
0.40 0.23 0.50 0.43 0.30 0.33 0.36
0.44 0.36 0.38 0.49 0.41 0.42 0.55 0.46
0.28 0.49 0.26 0.22 0.22 0.46 0.58 0.24

0.32
puts the economy at the bottom of the ranking on the relevant indicator. The ease of doing business index is limited in scope. It does not account for an economys proximity to large markets, the quality of its infrastructure services (other than services related to trading across borders and getting electricity), the strength of its nancial system, the security of property from theft and looting, macroeconomic conditions or the strength of underlying institutions.
Consider the example of Canada. It stands at 17 in the aggregate ranking on the ease of doing business. Its ranking is 3 on starting a business, and 4 on both resolving insolvency and protecting investors. But its ranking is only 62 on enforcing contracts, 69 on dealing with construction permits and 152 on getting electricity. Figure 1.2 in the executive summary illustrates the degree of variability in each economys performance across the different areas of business regulation covered by Doing Business. The gure draws attention to economies with a particularly uneven performance by showing the distance between the average of the highest 3 topic rankings and the average of the lowest 3 for each of 185 economies across the 10 topics included in this years aggregate ranking. While a relatively small distance between these 2 averages suggests a broadly consistent approach across the areas of business regulation measured by Doing Business, a relatively large distance suggests a more uneven approach, with greater room for improvement in some areas than in others. Variation in performance across the indicator sets is not at all unusual. It reects differences in the degree of priority that government authorities give to particular
areas of business regulation reform and the ability of different government agencies to deliver tangible results in their area of responsibility.
Economies that improved the most across 3 or more Doing Business topics in 2011/12
Doing Business 2013 uses a simple method to calculate which economies improved the most in the ease of doing business. First, it selects the economies that in 2011/12 implemented regulatory reforms making it easier to do business in 3 or more of the 10 topics included in this years ease of doing business ranking.4 Twenty-three economies meet this criterion: Benin, Burundi, Costa Rica, the Czech Republic, Georgia, Greece, Guinea, Kazakhstan, Korea, Lao PDR, Liberia, Mongolia, the Netherlands, Panama, Poland, Portugal, Serbia, the Slovak Republic, Slovenia, Sri Lanka, Ukraine, the United Arab Emirates and Uzbekistan. Second, Doing Business ranks these economies on the increase in their ranking on the ease of doing business from the previous year using comparable rankings. Selecting the economies that implemented regulatory reforms in at least 3 topics and improved the most in the aggregate ranking is intended to highlight
Variability of economies rankings across topics

Each indicator set measures a different aspect of the business regulatory environment. The rankings of an economy can vary, sometimes signicantly, across indicator sets. The average correlation coefficient between the 10 indicator sets included in the aggregate ranking is 0.37, and the coefficients between any 2 sets of indicators range from 0.19 (between dealing with construction permits and getting credit) to 0.60 (between starting a business and protecting investors). These correlations suggest that economies rarely score universally well or universally badly on the indicators (table 21.1).
EASE OF DOING BUSINESS AND DISTANCE TO FRONTIER
133
economies with ongoing, broad-based reform programs.
DISTANCE TO FRONTIER MEASURE

A drawback of the ease of doing business ranking is that it can measure the regulatory performance of economies only relative to the performance of others. It does not provide information on how the absolute quality of the regulatory environment is improving over time. Nor does it provide information on how large the gaps are between economies at a single point in time. The distance to frontier measure is designed to address both shortcomings, complementing the ease of doing business ranking. This measure illustrates the distance of an economy to the frontier, and the change in the measure over time shows the extent to which the economy has closed this gap. The frontier is a score derived from the most efficient practice or highest score achieved on each of the component indicators in 9 Doing Business indicator sets (excluding the employing workers and getting electricity indicators) by any economy since 2005. In starting a business, for example, New Zealand has achieved the highest performance on the time (1 day), Canada and New Zealand on the number of procedures required (1), Slovenia on the cost (0% of income per capita) and Australia and 90 other economies on the paid-in minimum capital requirement (0% of income per capita) (table 21.2). Calculating the distance to frontier for each economy involves 2 main steps. First, individual indicator scores are normalized to a common unit: except for the total tax rate, each of the 28 component indicators y is rescaled to (max y)/ (max min), with the minimum value (min) representing the frontierthe highest performance on that indicator across all economies since 2005. For the total tax rate, consistent with the calculation of the rankings, the frontier is dened as the total tax rate corresponding to the 15th percentile based on the overall
distribution of total tax rates for all years. Second, for each economy the scores obtained for individual indicators are aggregated through simple averaging into one distance to frontier score. An economys distance to frontier is indicated on a scale from 0 to 100, where 0 represents the lowest performance and 100 the frontier.5 The difference between an economys distance to frontier score in 2005 and its score in 2012 illustrates the extent to which the economy has closed the gap to the frontier over time. And in any given year the score measures how far an economy is from the highest performance at that time. The maximum (max) and minimum (min) observed values are computed for the 174 economies included in the Doing Business sample since 2005 and for all years (from 2005 to 2012). The year 2005 was chosen as the baseline for the economy sample because it was the rst year in which data were available for the majority of economies (a total of 174) and for all 9 indicator sets included in the measure. To mitigate the effects of extreme outliers in the distributions of the rescaled data (very few economies need 694 days to complete the procedures to start a business, but many need 9 days), the maximum (max) is dened as the 95th percentile of the pooled data for all economies and all years for each indicator. The exceptions are the getting credit, protecting investors and resolving insolvency indicators, whose construction precludes outliers. Take Ghana, which has a score of 67 on the distance to frontier measure for 2012. This score indicates that the economy is 33 percentage points away from the frontier constructed from the best performances across all economies and all years. Ghana was further from the frontier in 2005, with a score of 54. The difference between the scores shows an improvement over time. The distance to frontier measure can also be used for comparisons across
TABLE 21.2 What is the frontier in regulatory practice?

Topic and indicator Frontier
Starting a business Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita) Dealing with construction permits Procedures (number) Time (days) Cost (% of income per capita) Registering property Procedures (number) Time (days) Cost (% of property value) Getting credit Strength of legal rights index (010) Depth of credit information index (06) Protecting investors Extent of disclosure index (010) Extent of director liability index (010) Ease of shareholder suits index (010) Paying taxes Payments (number per year) Time (hours per year) Total tax rate (% of prot) Trading across borders Documents to export (number) Time to export (days) Cost to export (US$ per container) Documents to import (number) Time to import (days) Cost to import (US$ per container) Enforcing contracts Procedures (number) Time (days) Cost (% of claim) Resolving insolvency Recovery rate (cents on the dollar) 94.4
a. The time of 0 hours refers to Maldives, where the 3 major taxes covered by the paying taxes indicators did not exist until 2011. b. The frontier total tax rate differs from the threshold set for the indicator this year. See the data notes for more details.
1 1 0 0
6 25 0.2 1 1 0 10 6
10 9 10
3 0a 27.5b 2 5 390 2 4 317 21 120 0.1
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economies in the same year, complementing the ease of doing business ranking. For example, Ghana stands at 64 this year in the ease of doing business ranking, while Peru, which is 29 percentage points from the frontier, stands at 43.
(http://www.doingbusiness.org). Six topics and more than 50 economies have been added since the inception of the project. Earlier rankings on the ease of doing business are therefore not comparable.
2. See Djankov and others (2005). Principal
more or less importance in the context of a specic economy.

3. A technical note on the different
aggregation and weighting methods is available on the Doing Business website (http://www.doingbusiness.org).
4. Doing Business reforms making it more
NOTES
1. In case of revisions to the methodology
or corrections to the underlying data, the data are back-calculated to provide a comparable time series since the year the relevant economy or topic was rst included in the data set. The time series is available on the Doing Business website
components and unobserved components methods yield a ranking nearly identical to that from the simple average method because both these methods assign roughly equal weights to the topics, since the pairwise correlations among indicators do not differ much. An alternative to the simple average method is to give different weights to the topics, depending on which are considered of
difficult to do business are subtracted from the total number of those making it easier to do business.
5. This represents a change from last years
report, where 100 represented the lowest performance and 0 the frontier.
135
Summaries of Doing Business reforms in 2011/12

Doing Business reforms affecting all sets of indicators included in this years report, implemented from June 2011 to June 2012. Doing Business reform making it easier to do business Doing Business reform making it more difcult to do business

by expanding the list of products requiring nonautomatic licenses and introducing new preapproval procedures for all imports.
ARMENIA

ALBANIA

Getting electricity Armenia made getting electricity easier by streamlining procedures and reducing connection fees. Protecting investors Armenia strengthened investor protections by introducing a requirement for shareholder approval of related-party transactions, requiring greater disclosure of such transactions in the annual report and making it easier to sue directors when such transactions are prejudicial.
Starting a business Albania made starting a business easier by making the notarization of incorporation documents optional. Paying taxes Albania made paying taxes easier for companies by abolishing the vehicle tax and encouraging electronic ling for taxes.
ALGERIA

AUSTRALIA

Getting credit Algeria improved access to credit information by eliminating the minimum threshold for loans to be included in the database.
ANGOLA

Getting credit Australia strengthened its secured transactions system by adopting a new national legal regime governing the enforceability of security interests in personal property and implementing a unied collateral registry.
Getting electricity Angola made getting electricity easier by eliminating the requirement for customers applying for an electricity connection to obtain authorizations from the 2 utility companies.
BANGLADESH

ANTIGUA AND BARBUDA

Getting electricity Bangladesh made getting electricity more difficult by requiring all customers to meet 7% of their electricity needs through solar energy, making it necessary to install solar panels. Getting credit Bangladesh improved access to credit information by establishing an online platform for sharing such information.
Trading across borders Antigua and Barbuda made trading across borders more difficult by increasing the number of documents required to import.
ARGENTINA

BELARUS

Trading across borders Argentina increased the time, cost and number of documents needed to import
Starting a business Belarus made starting a business more difficult by increasing the cost of business
Reforms affecting the employing workers indicators are included here but do not affect the ranking on the ease of doing business.
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registration and the cost to obtain a company seal.

Paying taxes Belarus made paying taxes easier and less costly for companies by reducing the prot tax rate and encouraging the use of electronic ling and payment systems. Resolving insolvency Belarus enhanced its insolvency process by exempting the previously state-owned property of a privatized company from the bankruptcy proceeding, requiring that immovable property not sold in the auction be offered to creditors for purchase and allowing immovable property to be sold without proof of state registration in a bankruptcy auction if there are no funds to pay for the registration.
Getting credit Bosnia and Herzegovina made access to credit information more difficult by stopping the private credit bureaus collection of credit information on individuals. Paying taxes Bosnia and Herzegovina eased the administrative burden of ling and paying social security contributions by implementing electronic ling and payment systems.
BURUNDI

Starting a business Burundi made starting a business easier by eliminating the requirements to have company documents notarized, to publish information on new companies in a journal and to register new companies with the Ministry of Trade and Industry. Dealing with construction permits Burundi made obtaining a construction permit easier by eliminating the requirement for a clearance from the Ministry of Health and reducing the cost of the geotechnical study. Registering property Burundi made property transfers faster by establishing a statutory time limit for processing property transfer requests at the land registry. Trading across borders Burundi reduced the time to trade across borders by enhancing its use of electronic data interchange systems, introducing a more efficient system for monitoring goods going through transit countries and improving border coordination with neighboring transit countries.
BOTSWANA

Paying taxes Botswana made paying taxes more costly for companies by increasing the prot tax rate. Trading across borders In Botswana exporting and importing became faster thanks to the introduction of a scanner by the countrys customs authority and an upgrade of South Africas customs declaration system, both at the KopfonteinTlokweng border post.
BELIZE

Trading across borders Belize reduced the time to export and import by implementing the ASYCUDA World electronic data interchange system.
BENIN

BRAZIL

Starting a business Benin made starting a business easier by appointing a representative of the commercial registry at the one-stop shop and reducing some fees. Dealing with construction permits Benin reduced the time required to obtain a construction permit by speeding up the processing of applications. Trading across borders Benin reduced the time required to trade across borders by implementing an electronic single-window system integrating customs, control agencies, port authorities and other service providers at the Cotonou port. Enforcing contracts Benin made enforcing contracts easier by introducing a new code of civil, administrative and social procedures.
Registering property Brazil made transferring property more difficult by introducing a new certicate of good standing on labor debts, adding to the number of due diligence procedures. Enforcing contracts Brazil made enforcing contracts easier by implementing an electronic system for ling initial complaints at the So Paulo civil district court. Employing workers Brazil increased the notice period applicable in cases of redundancy dismissal of employees.

CAMBODIA
Getting credit Cambodia improved access to credit information by establishing its rst private credit bureau. Paying taxes Cambodia introduced a new tax on immovable property.
CAMEROON

BRUNEI DARUSSALAM

Dealing with construction permits Brunei Darussalam made dealing with construction permits easier by creating a one-stop shop for preconstruction approvals. Paying taxes Brunei Darussalam made paying taxes less costly for companies by reducing the prot tax rate.

Enforcing contracts Cameroon made enforcing contracts easier by creating specialized commercial divisions within its courts of rst instance.
CANADA
Getting electricity Canada made getting an electricity connection easier by reducing the time needed for external connection works.
BHUTAN
Employing workers Bhutan introduced a minimum wage.
BOSNIA AND HERZEGOVINA

Registering property Bosnia and Herzegovina made it easier to transfer property between companies by computerizing the commercial registry.
BULGARIA

CENTRAL AFRICAN REPUBLIC

Starting a business Bulgaria made starting a business easier by reducing the cost of registration.
Dealing with construction permits The Central African Republic made obtaining a construction permit more costly.
SUMMARIES OF DOING BUSINESS REFORMS IN 2011/12
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CHAD

COSTA RICA

Starting a business Chad made starting a business easier by setting up a one-stop shop.
Starting a business Costa Rica made starting a business easier by streamlining the process of obtaining a sanitary permit for low-risk activities. Dealing with construction permits Costa Rica streamlined the process for obtaining construction permits by implementing online approval systems. Getting credit Costa Rica improved access to credit information by guaranteeing borrowers right to inspect their personal data. Paying taxes Costa Rica made paying taxes easier for companies by implementing electronic payment for municipal taxesthough it also introduced a registration at tax.

submission of customs declarations and other documents. Employing workers The Czech Republic increased the maximum duration of xed-term contracts and reduced the severance pay applicable in cases of redundancy dismissal of employees with 1 year of service.
CHINA

Starting a business China made starting a business less costly by exempting micro and small companies from paying several administrative fees from January 2012 to December 2014. Dealing with construction permits China simplied the process of obtaining a construction permit by streamlining and centralizing preconstruction approvals.
DENMARK
Registering property Denmark made registering property easier by introducing electronic submission of property transfer applications at the land registry.
COLOMBIA

DOMINICA

Starting a business Colombia made starting a business easier by eliminating the requirement to purchase and register accounting books at the time of incorporation.
CROATIA

COMOROS

Paying taxes Croatia made paying taxes less costly for companies by reducing the health insurance contribution rate.
Trading across borders Dominica reduced the time to import by implementing the ASYCUDA World electronic data interchange system.
DOMINICAN REPUBLIC

Starting a business The Comoros made starting a business easier and less costly by replacing the requirement for a copy of the founders criminal records with one for a sworn declaration at the time of the companys registration and by reducing the fees to incorporate a company. Registering property The Comoros made it easier to transfer property by reducing the property transfer tax.
CYPRUS

Paying taxes The Dominican Republic increased the corporate income tax rate.
Registering property Cyprus made property transfers faster by computerizing its land registry. Paying taxes Cyprus made paying taxes more costly for companies by increasing the special defense contribution rate on interest income and introducing a private sector special contribution and a xed annual fee for companies registered in Cyprus. At the same time, it simplied tax compliance by introducing electronic ling for corporate income tax.
ECUADOR

Registering property In Ecuador property transfers became more time consuming as a result of implementation problems in transferring authority over property records to the municipality of Quito.
EL SALVADOR

CONGO, DEM. REP.

Starting a business The Democratic Republic of Congo made starting a business easier by appointing additional public notaries.
CZECH REPUBLIC

Getting credit El Salvador improved access to credit information through a new law regulating the management of personal credit information. Paying taxes El Salvador introduced an alternative minimum tax.
CONGO, REP.

Starting a business The Republic of Congo made starting a business easier by eliminating or reducing several administrative costs associated with incorporation.
Registering property The Czech Republic made registering property easier by allowing the cadastral office online access to the commercial registrys database and thus eliminating the need to obtain a paper certicate from the registry before applying for registration at the cadastre. Paying taxes The Czech Republic made paying taxes faster for companies by promoting the use of electronic facilities. Trading across borders The Czech Republic reduced the time to export and import by allowing electronic
ETHIOPIA

Dealing with construction permits The Republic of Congo made dealing with construction permits less expensive by reducing the cost of registering a new building at the land registry.

Getting credit Ethiopia improved access to credit information by establishing an online platform for sharing such information and by guaranteeing borrowers right to inspect their personal data. Paying taxes Ethiopia introduced a social insurance contribution.
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FIJI

Starting a business Fiji made starting a business more difficult by requiring new companies applying for a business license to obtain a certicate from the national re authority and a letter of compliance from the Ministry of Labor. Dealing with construction permits Fiji made obtaining a construction permit more expensive by implementing a fee for the re department clearance. Registering property Fiji made transferring property more difcult by requiring parties to a property transaction to obtain a capital gains tax clearance certicate from the Fiji Revenue and Customs Authority. Paying taxes Fiji made paying taxes less costly for companies by reducing the prot tax rate. At the same time, Fiji introduced a capital gains tax.
time limits for all insolvency-related procedures, including auctions.
GUINEA

Starting a business Guinea made starting a business easier by setting up a one-stop shop for company incorporation and by replacing the requirement for a copy of the founders criminal records with one for a sworn declaration at the time of the companys registration.
GERMANY

Paying taxes Germany made paying taxes more convenient for companies by canceling ELENA procedures and implementing an electronic ling and payment system for most taxes.
Dealing with construction permits Guinea made obtaining a building permit less expensive by clarifying the method for calculating the cost.
Resolving insolvency Germany strengthened its insolvency process by adopting a new insolvency law that facilitates in-court restructurings of distressed companies and increases participation by creditors.

Getting electricity Guinea made getting electricity easier by simplifying the process for connecting new customers to the distribution network.
GHANA

HUNGARY

Trading across borders Ghana added to the time required to import by increasing its scanning of imports and changing its customs clearance system.
Starting a business Hungary made starting a business more complex by increasing the registration fees for limited liability companies and adding a new tax registration at the time of incorporation.
GABON

Registering property In Gabon registering property became more difficult because of longer administrative delays at the land registry.
GREECE

Getting credit Hungary improved access to credit information by passing its rst credit bureau law mandating the creation of a database with positive credit information on individuals.
Dealing with construction permits Greece reduced the time required to obtain a construction permit by introducing strict time limits for processing permit applications at the municipality.
GEORGIA

Getting electricity Georgia made getting electricity easier by simplifying the process of connecting new customers to the distribution network and reducing connection fees. Getting credit Georgia strengthened its secured transactions system through an amendment to the civil code allowing a security interest to extend to the products, proceeds and replacements of collateral. Paying taxes Georgia made paying taxes easier for companies by enhancing the use of electronic systems and providing more services to taxpayers. Trading across borders Georgia reduced the time to export and import by creating customs clearance zones. Enforcing contracts Georgia made enforcing contracts easier by simplifying and speeding up the proceedings for commercial disputes. Resolving insolvency Georgia expedited the process of resolving insolvency by establishing or tightening
Protecting investors Greece strengthened investor protections by requiring greater immediate and annual disclosure of material related-party transactions.
Paying taxes Hungary made paying taxes easier for companies by abolishing the community tax. At the same time, Hungary increased health insurance contributions paid by the employer.
Resolving insolvency Greece enhanced its insolvency process by abolishing the conciliation procedure and introducing a new rehabilitation proceeding.

Trading across borders Hungary reduced the time to export and import by allowing electronic submission of customs declarations and other documents.
GRENADA

Trading across borders Grenada reduced the time to export and import by implementing the ASYCUDA World electronic data interchange system.

ICELAND
Paying taxes Iceland increased the corporate income tax rate.
GUATEMALA

INDIA

Dealing with construction permits Guatemala made dealing with construction permits easier by introducing a riskbased approval system.
Dealing with construction permits India reduced the time required to obtain a building permit by establishing strict time limits for preconstruction approvals.
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INDONESIA

Getting electricity Indonesia made getting electricity easier by eliminating the requirement for new customers applying for an electricity connection to show a neighbors electricity bill as a way to help determine their address.
Trading across borders Jamaica reduced the time to import by allowing customs entries to be lodged at night.
Resolving insolvency Korea expedited the insolvency process by implementing a fast track for company rehabilitation.
JAPAN

KOSOVO

IRAN, ISLAMIC REP.

Starting a business The Islamic Republic of Iran made starting a business more difficult by requiring company founders to obtain a criminal record clearance to register a new company. Protecting investors The Islamic Republic of Iran strengthened investor protections by requiring greater immediate disclosure of related-party transactions.
Paying taxes Japan made paying taxes less costly for companies by reducing the corporate income tax ratethough it also introduced a restoration surtax for a 3-year period.
Starting a business Kosovo made starting a business easier by eliminating the minimum capital requirement and business registration fee and streamlining the business registration process. Protecting investors Kosovo strengthened investor protections by introducing a requirement for shareholder approval of related-party transactions, requiring greater disclosure of such transactions in the annual report and making it easier to sue directors when such transactions are prejudicial. Employing workers Kosovo introduced a minimum wage.
KAZAKHSTAN

Starting a business Kazakhstan made starting a business easier by eliminating the requirement to pay in minimum capital within 3 months after incorporation. Getting credit Kazakhstan strengthened secured creditor rights by introducing new grounds for relief from an automatic stay during rehabilitation proceedings. Resolving insolvency Kazakhstan strengthened its insolvency process by introducing an accelerated rehabilitation proceeding, extending the period for rehabilitation, expanding the powers of and improving qualication requirements for insolvency administrators, changing requirements for bankruptcy lings, extending the rights of creditors, changing regulations related to the continuation of operations, introducing a time limit for adopting a rehabilitation plan and adding court supervision requirements.

IRELAND

Starting a business Ireland made starting a business easier by introducing a new online facility for business registration. Registering property Ireland made property transfers less costly by introducing a single stamp duty rate for transfers of nonresidential property. It also extended compulsory registration to all property in Ireland.
LAO PDR
Starting a business Lao PDR made starting a business easier by allowing entrepreneurs to apply for tax registration at the time of incorporation. Paying taxes Lao PDR made paying taxes less costly for companies by reducing the corporate income tax rate. Trading across borders Lao PDR reduced the time to export and import by implementing the ASYCUDA electronic data interchange system at the ThanalengFriendship Bridge border crossing.
ISRAEL

Registering property Israel made transferring property easier by tightening time limits for tax authorities to process capital gains self-assessments on property transfers.

KENYA
Paying taxes Kenya made paying taxes faster for companies by enhancing electronic ling systems.
ITALY

LATVIA
Employing workers Latvia eliminated requirements for notication of third parties in cases of redundancy dismissal.
Getting electricity Italy made getting electricity easier and less costly by improving the efficiency of the utility Acea Distribuzione and reducing connection fees. Registering property Italy made transferring property easier by digitizing cadastral maps of properties and making the maps available to notaries online.
KOREA, REP.

Getting electricity Korea made getting electricity less costly by introducing a new connection fee schedule and an installment payment system. Protecting investors Korea strengthened investor protections by making it easier to sue directors in cases of prejudicial related-party transactions. Paying taxes Korea made paying taxes less costly for companies by reducing the prot tax rate.
LESOTHO

JAMAICA

Paying taxes Jamaica made paying taxes easier for companies by allowing joint ling and payment of all social security contributions.
Starting a business Lesotho made starting a business easier by creating a one-stop shop for company incorporation and by eliminating the requirements for paid-in minimum capital and for notarization of the articles of association. Protecting investors Lesotho strengthened investor protections by increasing the disclosure requirements
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for related-party transactions and improving the liability regime for company directors in cases of abusive related-party transactions.
Paying taxes Malawi introduced a mandatory pension contribution for companies. Trading across borders Trading across borders became easier in Malawi thanks to improvements in customs clearance procedures and transport links between the port of Beira in Mozambique and Blantyre.
LIBERIA

Getting electricity In Liberia obtaining an electricity connection became easier thanks to the adoption of better procurement practices by the Liberia Electricity Corporation. Paying taxes Liberia made paying taxes easier for companies by reducing the prot tax rate and abolishing the turnover tax. Enforcing contracts Liberia made enforcing contracts easier by creating a specialized commercial court.

Getting electricity In Mexico the distribution utility made getting electricity easier by streamlining procedures, offering training opportunities to private contractors, using a geographic information system (GIS) to map the electricity distribution network and increasing the stock of materials.
MOLDOVA MALAYSIA
Dealing with construction permits Malaysia made dealing with construction permits faster by improving the one-stop center for new buildings and by reducing the time to connect to telephone service. Registering property Malaysia substantially reduced the number of days it takes to register property transfers.

Protecting investors Moldova strengthened investor protections by allowing the rescission of prejudicial related-party transactions. Paying taxes Moldova made paying taxes more costly for companies by reintroducing the corporate income taxbut also made tax compliance easier by encouraging electronic ling and payment. Enforcing contracts Moldova made enforcing contracts more difficult by abolishing the specialized economic courts. Resolving insolvency Moldova strengthened its insolvency process by extending the duration of the reorganization proceeding and rening the qualication requirements for insolvency administrators.
LITHUANIA

Starting a business Lithuania made starting a business easier by introducing online registration for limited liability companies and eliminating the notarization requirement for incorporation documents. Resolving insolvency Lithuania made resolving insolvency easier by establishing which cases against the companys property shall be taken to the bankruptcy court, tightening the time frame for decisions on appeals, abolishing the courts obligation to individually notify creditors and other stakeholders about restructuring proceedings and setting new time limits for creditors to le claims.
MALDIVES

Paying taxes Maldives introduced a goods and service tax, a business prot tax and additional social contributions.
MALI

Paying taxes Mali made paying taxes less costly for companies by reducing the corporate income tax ratethough it also introduced a new tax on land. At the same time, Mali simplied the process of paying taxes by introducing a single form for joint ling and payment of several taxes.
MONGOLIA

Starting a business Mongolia made starting a business easier by eliminating the minimum capital requirement for limited liability companies. Getting credit Mongolia improved access to credit information by guaranteeing borrowers right to inspect their personal data. Protecting investors Mongolia strengthened investor protections by increasing the disclosure requirements for related-party transactions.
MACEDONIA, FYR

Starting a business FYR Macedonia made starting a business easier by simplifying the process for obtaining a company seal.
MAURITIUS

MADAGASCAR

Registering property Mauritius made property transfers faster by implementing an electronic information management system at the RegistrarGenerals Department. Getting credit Mauritius improved access to credit information by starting to collect and distribute payment information from retailers and beginning to distribute both positive and negative information.
Starting a business Madagascar made starting a business easier by allowing the one-stop shop to deal with the publication of the notice of incorporation.
MONTENEGRO

MALAWI

Dealing with construction permits Malawi made dealing with construction permits more expensive by increasing the cost to obtain the plan approval and to register the property.
MEXICO

Dealing with construction permits Montenegro made dealing with construction permits less expensive by reducing the cost of pre- and postconstruction procedures. Getting credit Montenegro improved access to credit information by guaranteeing borrowers right to inspect their personal data.
Starting a business Mexico made starting a business easier by eliminating the minimum capital requirement for limited liability companies.
141
Employing workers Montenegro lowered redundancy costs though it also reduced the maximum duration of xed-term contracts and increased paid annual leave.
NIGER

PERU

Trading across borders Niger reduced the time to import by expanding and optimizing the use of an electronic data interchange system for customs clearance.
Dealing with construction permits Peru made obtaining a construction permit easier by eliminating requirements for several preconstruction approvals. Protecting investors Peru strengthened investor protections through a new law regulating the approval of related-party transactions and making it easier to sue directors when such transactions are prejudicial.
MOROCCO

Starting a business Morocco made starting a business easier by eliminating the minimum capital requirement for limited liability companies. Registering property Morocco made registering property more costly by increasing property registration fees.
NIGERIA

Paying taxes Nigeria introduced a new compulsory labor contribution paid by the employer.
NORWAY

POLAND

NAMIBIA

Starting a business Norway made starting a business easier by reducing the minimum capital requirement for private joint stock companies. Dealing with construction permits Norway reduced the time required to obtain a building permit by implementing strict time limits for construction project approvals.
Getting electricity Namibia made getting electricity easier by reducing the time required to provide estimates and external connection works and by lowering the connection costs. Registering property Namibia made transferring property more difficult by requiring conveyancers to obtain a building compliance certicate beforehand.
Registering property Poland made property registration faster by introducing a new caseload management system for the land and mortgage registries and by continuing to digitize the records of the registries. Paying taxes Poland made paying taxes easier for companies by promoting the use of electronic ling and payment systems though it also increased social security contributions. Enforcing contracts Poland made enforcing contracts easier by amending the civil procedure code and appointing more judges to commercial courts. Resolving insolvency Poland strengthened its insolvency process by updating guidelines on the information and documents that need to be included in the bankruptcy petition and by granting secured creditors the right to take over claims encumbered with nancial pledges in case of liquidation.
OMAN

Getting credit Oman improved access to credit information by guaranteeing borrowers right to inspect their personal data. Employing workers Oman reduced the maximum number of working days per week and increased the paid annual leave applicable for employees with 1 year of service.
NETHERLANDS

Starting a business The Netherlands made starting a business easier by eliminating the requirement for a declaration of nonobjection by the Ministry of Justice before incorporation. Dealing with construction permits The Netherlands made dealing with construction permits simpler by merging several approvals and implementing an online application system. Protecting investors The Netherlands strengthened investor protections through a new law regulating the approval of related-party transactions. Trading across borders The Netherlands made importing easier by introducing a new web-based system for cargo release at the port terminals in Rotterdam.

PANAMA

Dealing with construction permits Panama made dealing with construction permits easier by reducing the fees for a permit from the re departments safety office and by accelerating the process at the building registry for obtaining a certicate of good standing and for registering the new building. Registering property Panama made property transfers faster by increasing working hours at the registry and reorganizing the caseload of its staff. Paying taxes Panama made paying taxes easier for companies by enhancing the electronic ling system for value added tax and simplifying tax return forms for corporate income taxthough it also began requiring companies to pay corporate income tax monthly rather than quarterly.
PORTUGAL

Dealing with construction permits Portugal made obtaining construction permits easier by implementing strict time limits to process urban projects and simplifying the associated procedures. Trading across borders Portugal made trading across borders easier by implementing an electronic single window for port procedures. Resolving insolvency Portugal made resolving insolvency easier by introducing a new insolvency law that expedites liquidation procedures and creates fast-track mechanisms both in and out of court.
NEW ZEALAND

Getting credit New Zealand improved access to credit information by allowing credit bureaus to collect positive information on individuals.
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Employing workers Portugal increased the maximum duration of xed-term contracts and reduced the severance pay applicable in cases of redundancy dismissal.
SO TOM AND PRNCIPE

Dealing with construction permits So Tom and Prncipe made obtaining a construction permit more expensive by increasing the fees.
trading licenses, income tax registration and health insurance registration.

PUERTO RICO (U.S.)

SAUDI ARABIA

Paying taxes The Slovak Republic made paying taxes easier for companies by implementing electronic ling and payment of social security and health insurance contributions. Enforcing contracts The Slovak Republic made enforcing contracts easier by adopting several amendments to the code of civil procedure intended to simplify and speed up proceedings as well as to limit obstructive tactics by the parties to a case. Resolving insolvency The Slovak Republic improved its insolvency process by redening the roles and powers of creditors and trustees, strengthening the rights of secured creditors and redening rules for the conversion of restructuring into a bankruptcy proceeding. Employing workers The Slovak Republic increased the maximum duration of xed-term contracts, eliminated requirements for notication of third parties in cases of redundancy dismissal and reduced redundancy costs.
Paying taxes Puerto Rico (territory of the United States) made paying taxes easier and less costly for companies by introducing a new internal revenue code and tax codication and by reducing the effective corporate income tax rate.
Getting electricity Saudi Arabia made getting electricity more expensive by increasing the connection fees. Paying taxes Saudi Arabia made paying taxes easier for companies by introducing online ling and payment systems for social security contributions. Enforcing contracts Saudi Arabia made enforcing contracts easier by expanding the computerization of its courts and introducing an electronic ling system.
QATAR

Trading across borders Qatar reduced the time to export and import by introducing a new online portal allowing electronic submission of customs declarations for clearance at the Doha seaport.
ROMANIA

SERBIA

Starting a business Romania made starting a business easier by reducing the time required to obtain a clearance certicate from the scal administration agency. Getting credit Romania strengthened its legal framework for secured transactions by allowing the automatic extension of security interests to the products, proceeds and replacements of collateral.
Starting a business Serbia made starting a business easier by eliminating the paid-in minimum capital requirement. Enforcing contracts Serbia made enforcing contracts easier by introducing a private bailiff system. Resolving insolvency Serbia strengthened its insolvency process by introducing private bailiffs, reducing the starting prices for the sale of assets, prohibiting appeals, expediting service of process and adopting an electronic registry for injunctions to make public all prohibitions on the disposal or pledge of movable or immovable property.
SLOVENIA

Protecting investors Slovenia strengthened investor protections through a new law regulating the approval of related-party transactions. Paying taxes Slovenia made paying taxes easier and less costly for companies by implementing electronic ling and payment of social security contributions and by reducing the corporate income tax rate. Resolving insolvency Slovenia strengthened its insolvency process by requiring that the debtor offer creditors payment of at least 50% of the claims within 4 years; giving greater power to the creditors committee in a bankruptcy proceeding; prohibiting insolvency administrators from allowing relatives to render services associated with the bankruptcy proceeding; and establishing nes for members of management that violate certain obligations or prohibitions.
RUSSIAN FEDERATION

Dealing with construction permits Russia made obtaining a construction permit simpler by eliminating requirements for several preconstruction approvals. Paying taxes Russia eased the administrative burden of taxes for rms by simplifying compliance procedures for value added tax and by promoting the use of tax accounting software and electronic services.

SIERRA LEONE
Registering property Sierra Leone made registering property easier by computerizing the Ministry of Lands, Country Planning and the Environment. Getting credit Sierra Leone improved access to credit information by establishing a public credit registry at its central bank and guaranteeing borrowers right to inspect their personal data.
RWANDA

Getting electricity Rwanda made getting electricity easier by reducing the cost of obtaining a new connection. Enforcing contracts Rwanda made enforcing contracts easier by implementing an electronic ling system for initial complaints.

SOUTH AFRICA SLOVAK REPUBLIC

Starting a business The Slovak Republic made starting a business easier by speeding up the processing of applications at the one-stop shop for

Trading across borders South Africa reduced the time and documents required to export and import through its ongoing customs modernization program.
143
SPAIN

SWAZILAND

THAILAND

Trading across borders Spain reduced the time to import by further expanding the use of electronic submission of customs declarations and improving the sharing of information among customs and other agencies. Resolving insolvency Spain strengthened its insolvency process by making workouts easier, offering more protections for renancing agreements, allowing conversion from reorganization into liquidation at any time, allowing reliefs of the stay under certain circumstances and permitting the judge to determine whether an asset of the insolvent company is necessary for its continued operation. Employing workers Spain temporarily allowed unlimited duration of xed-term contracts.
Paying taxes Swaziland introduced a value added tax.
SWEDEN

Starting a business Thailand made starting a business easier by allowing the registrar at the Department of Business Development to receive the companys work regulations. Paying taxes Thailand made paying taxes less costly for companies by reducing the prot tax rate.
Registering property In Sweden property transfers became more time consuming during implementation of a new information technology system at the land registry.
TIMOR-LESTE SYRIAN ARAB REPUBLIC

Getting credit Syria improved access to credit information by establishing an online system for data exchange between all banks and micronance institutions and the central banks credit registry.

Employing workers Timor-Leste reduced the maximum duration of xed-term contracts and also introduced a wage premium for night work.
TOGO
Starting a business Togo made starting a business easier and less costly by reducing incorporation fees, improving the work ow at the one-stop shop for company registration and replacing the requirement for a copy of the founders criminal records with one for a sworn declaration at the time of the companys registration. Employing workers Togo increased the wage premium for weekly holiday work and the severance payment in cases of redundancy dismissal.
TAIWAN, CHINA

SRI LANKA

Starting a business Sri Lanka made starting a business easier by computerizing and expediting the process of obtaining a registration number for the Employees Provident Fund and Employees Trust Fund. Registering property Sri Lanka made registering property faster by introducing an electronic system at the land registry in Colombo. Getting credit Sri Lanka strengthened its secured transactions system by establishing an electronic, searchable collateral registry and issuing regulations for its operation. Trading across borders Sri Lanka reduced the time to export by implementing the ASYCUDA World electronic data interchange system.
Dealing with construction permits Taiwan, China, made dealing with construction permits easier by introducing a risk-based and self-regulatory inspection system and improving operational features of the one-stop shop for building permits. Protecting investors Taiwan, China, strengthened investor protections by increasing disclosure requirements for related-party transactions and improving the liability regime for company directors in cases where such transactions are abusive.
TRINIDAD AND TOBAGO

TAJIKISTAN

Protecting investors Tajikistan strengthened investor protections by making it easier to sue directors in cases of prejudicial related-party transactions.
Registering property In Trinidad and Tobago property transfers became faster thanks to speedier issuance of clearance certicates by the Water and Sewerage Authority. Trading across borders Trinidad and Tobago reduced the time to export and import by launching the ASYCUDA World electronic data interchange system and simplifying the process for obtaining a certicate of origin.
TANZANIA

ST. KITTS AND NEVIS

Trading across borders St. Kitts and Nevis made it more expensive to export by increasing the cost of operations at the port of Basseterre.
Starting a business Tanzania made starting a business easier by eliminating the requirement for inspections by health, town and land officers as a prerequisite for a business license. Dealing with construction permits Tanzania made dealing with construction permits more expensive by increasing the cost to obtain a building permit. Trading across borders Tanzania made importing more difficult by introducing a requirement to obtain a certicate of conformity before the imported goods are shipped.

TURKEY
Dealing with construction permits Turkey made dealing with construction permits easier by eliminating the requirement to build a shelter in nonresidential buildings with a total area of less than 1,500 square meters. Enforcing contracts Turkey made enforcing contracts easier by introducing a new civil procedure law.
SURINAME

Trading across borders Suriname increased the time to export by involving more customs departments in clearing exports.
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DOING BUSINESS 2013
UGANDA

Registering property Uganda made transferring property more difficult by introducing a requirement for property purchasers to obtain an income tax certicate before registration, resulting in delays at the Uganda Revenue Authority and the Ministry of Finance. At the same time, Uganda made it easier by digitizing records at the title registry, increasing efficiency at the assessors office and making it possible for more banks to accept the stamp duty payment. Resolving insolvency Uganda strengthened its insolvency process by clarifying rules on the creation of mortgages, establishing the duties of mortgagors and mortgagees, dening priority rules, providing remedies for mortgagors and mortgagees and establishing the powers of receivers.
an online ling and payment system for social security contributions.
VANUATU

UNITED KINGDOM

Paying taxes The United Kingdom made paying taxes less costly for companies by reducing the corporate income tax rate. Employing workers The United Kingdom increased the severance pay applicable in cases of redundancy dismissal.

Dealing with construction permits Vanuatu made obtaining a construction permit more cumbersome by making a preliminary environmental assessment mandatory and made it more expensive by increasing the fees.
VENEZUELA, RB
Starting a business Repblica Bolivariana de Venezuela made starting a business more difcult by increasing the cost of company incorporation. Paying taxes Repblica Bolivariana de Venezuela made paying taxes more costly and difficult for companies by introducing a sports, physical activities and physical education tax. Employing workers Repblica Bolivariana de Venezuela introduced a new labor code that prohibits redundancy dismissals.
URUGUAY

Paying taxes Uruguay made paying taxes easier for small and medium-size companies by fully implementing an online ling and payment system for capital, value added and corporate income taxes and by improving the online facilities for social security contributions.
UKRAINE

Starting a business Ukraine made starting a business easier by eliminating the minimum capital requirement for company incorporation as well as the requirement to have incorporation documents notarized. Registering property Ukraine made property transfers faster by introducing an effective time limit for processing transfer applications at the land cadastre in Kiev. Paying taxes Ukraine made paying taxes easier by implementing electronic ling and payment for medium-size and large enterprises.
Trading across borders Uruguay reduced the time to import by improving port efficiency and introducing electronic payment and predeclaration systems for customs.

VIETNAM
Starting a business Vietnam made starting a business easier by allowing companies to use self-printed value added tax invoices.
UZBEKISTAN

WEST BANK AND GAZA

Starting a business Uzbekistan made starting a business easier by introducing an online facility for name reservation and eliminating the fee to open a bank account for small businesses.
Registering property West Bank and Gaza made transferring property more costly by increasing the property transfer fee. Getting credit West Bank and Gaza improved access to credit information by guaranteeing borrowers right to inspect their personal data.
UNITED ARAB EMIRATES

Getting credit Uzbekistan improved access to credit information by guaranteeing borrowers right to inspect their personal data.
Starting a business The United Arab Emirates made starting a business easier by eliminating the requirement for a company to prepare a name board in English and Arabic after having received clearance on the use of office premises. Getting electricity In the United Arab Emirates the Dubai Electricity and Water Authority made getting electricity easier by introducing an electronic one window, one step application process allowing customers to submit and track their applications online and reducing the time for processing the applications. Paying taxes The United Arab Emirates made paying taxes easier for companies by establishing
ZAMBIA

Trading across borders Uzbekistan reduced the time to export by introducing a single window for customs clearance and reduced the number of documents needed for each import transaction.
Resolving insolvency Zambia strengthened its insolvency process by introducing further qualication requirements for receivers and liquidators and by establishing specic duties and remuneration rules for them.
Resolving insolvency Uzbekistan strengthened its insolvency process by introducing new time limits for insolvency proceedings and new time limits and procedures for the second auction and by making it possible for businesses to continue operating throughout the liquidation proceeding.
145
Country tables
Reform making it easier to do business Reform making it more difcult to do business
AFGHANISTAN
Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita) Dealing with construction permits (rank) Procedures (number) Time (days) Cost (% of income per capita) Getting electricity (rank) Procedures (number) Time (days) Cost (% of income per capita) 168 28 4 7 22.5 0.0 164 12 334 4,308.6 110 4 109 3,494.3
South Asia Low income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 174 9 250 5.0 154 6 0 0.0 0.0 185 1 1 1 1.0 94 20 275 36.4
GNI per capita (US$) Population (m) Trading across borders (rank) Documents to export (number) Time to export (days) Cost to export (US$ per container) Documents to import (number) Time to import (days) Cost to import (US$ per container) Enforcing contracts (rank) Procedures (number) Time (days) Cost (% of claim) Resolving insolvency (rank) Time (years) Cost (% of estate) Recovery rate (cents on the dollar)
585 35.3 178 10 74 3,545 10 77 3,830 164 47 1,642 25.0 115 2.0 25 26.4
ALBANIA
Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita) Dealing with construction permits (rank) Procedures (number) Time (days) Cost (% of income per capita) Getting electricity (rank) Procedures (number) Time (days) Cost (% of income per capita) 85 62 4 4 22.1 0.0 185
NO PRACTICE NO PRACTICE NO PRACTICE
Eastern Europe & Central Asia Lower middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 121 6 33 11.4 23 9 4 19.7 0.0 17 8 9 5 7.3 160 44 357 38.7
3,980 3.2 79 7 19 745 8 18 730 85 39 390 35.7 66 2.0 10 39.6
154 6 177 573.7
Note: Most indicator sets refer to a case scenario in an economys largest business city. For more details, see the data notes.
146
DOING BUSINESS 2013
ALGERIA
Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita) Dealing with construction permits (rank) Procedures (number) Time (days) Cost (% of income per capita) Getting electricity (rank) Procedures (number) Time (days) Cost (% of income per capita) 152 156 14 25 12.1 27.2 138 19 281 54.6 165 6 159 1,489.9
Middle East & North Africa Upper middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 172 10 63 7.1 129 3 4 2.3 0.0 82 6 6 4 5.3 170 29 451 72.0
4,470 36.0 129 8 17 1,260 9 27 1,330 126 45 630 21.9 62 2.5 7 41.7
ANGOLA
Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita) Dealing with construction permits (rank) Procedures (number) Time (days) Cost (% of income per capita) Getting electricity (rank) Procedures (number) Time (days) Cost (% of income per capita) 172 171 8 68 105.4 24.6 124 12 348 153.6 113 7 55 754.9
Sub-Saharan Africa Upper middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 131 7 184 3.1 129 3 4 1.8 0.0 70 5 6 6 5.7 154 31 282 53.2
4,060 19.6 164 11 48 1,850 8 45 2,690 183 46 1,011 44.4 162 6.2 22 8.0
ANTIGUA AND BARBUDA

Latin America & Caribbean Upper middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 125 7 26 10.9 104 8 0 0.0 0.0 32 4 8 7 6.3 142 57 207 41.5
12,060 0.1 110 5 16 1,440 8 23 1,870 72 45 351 22.7 85 3.0 7 35.2
COUNTRY TABLES
147
ARGENTINA
9,740 40.8 139 7 13 1,650 10 30 2,260 48 36 590 16.5 94 2.8 12 30.8
ARMENIA
3,360 3.1 107 5 13 1,815 8 18 2,195 91 49 440 19.0 63 1.9 4 41.2
AUSTRALIA
OECD high income High income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 37 5 5 5.1 4 10 5 0.0 100.0 70 8 2 7 5.7 48 11 109 47.5
65,477 22.6 44 6 9 1,100 7 8 1,120 15 28 395 21.8 18 1.0 8 80.8
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DOING BUSINESS 2013
AUSTRIA
48,300 8.4 26 4 8 1,090 5 8 1,155 7 25 397 18.0 12 1.1 10 83.3
AZERBAIJAN
Eastern Europe & Central Asia Upper middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 9 4 11 0.5 53 6 5 17.7 0.0 25 7 5 8 6.7 76 18 214 40.0
5,290 9.2 169 8 38 3,430 10 38 3,490 25 39 237 18.5 95 2.7 8 30.6
BAHAMAS, THE
Latin America & Caribbean High income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 179 7 122 13.5 83 9 0 0.0 0.0 117 2 5 7 4.7 51 18 58 47.8
23,175 0.3 58 5 19 930 6 13 1,405 123 49 427 28.9 35 5.0 4 55.9
COUNTRY TABLES
149
BAHRAIN
Middle East & North Africa High income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 29 2 31 2.7 129 4 3 0.0 23.5 82 8 4 4 5.3 7 13 36 13.9
23,132 1.3 54 6 11 955 7 15 995 113 48 635 14.7 27 2.5 10 66.2
BANGLADESH
770 150.5 119 6 25 1,025 8 34 1,430 182 41 1,442 63.3 119 4.0 8 25.5
BARBADOS
16,149 0.3 31 5 9 810 6 8 1,615 105 38 1,340 19.7 28 1.8 15 65.1
150
DOING BUSINESS 2013
BELARUS
5,830 9.5 151 9 15 1,510 10 30 2,315 13 29 275 23.4 56 3.0 22 43.0
BELGIUM
46,160 11.0 29 4 9 1,230 5 9 1,400 18 26 505 17.7 7 0.9 4 88.7
BELIZE
Latin America & Caribbean Lower middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 136 8 60 4.8 129 7 0 0.0 0.0 128 3 4 6 4.3 45 29 147 33.2
3,690 0.4 102 6 19 1,355 7 20 1,600 169 51 892 27.5 30 1.0 23 64.0
COUNTRY TABLES
151
BENIN
Sub-Saharan Africa Low income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 133 4 120 11.8 129 6 1 10.9 0.0 158 6 1 3 3.3 173 55 270 65.9
780 9.1 130 7 29 1,079 8 30 1,549 178 42 795 64.7 132 4.0 22 20.2
BHUTAN
South Asia Lower middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 85 3 92 5.0 129 3 4 13.5 0.0 150 4 3 4 3.7 71 8 274 40.8
2,070 0.7 172 9 38 2,230 12 38 2,330 37 47 225 0.1 185

NO PRACTICE NO PRACTICE
0.0
BOLIVIA
Latin America & Caribbean Lower middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 139 7 92 4.7 129 1 6 14.8 34.7 139 1 5 6 4.0 180 42 1,025 83.4
2,040 10.1 125 8 19 1,425 7 23 1,747 136 40 591 33.2 68 1.8 15 39.0
152
DOING BUSINESS 2013

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita) Dealing with construction permits (rank) Procedures (number) Time (days) Cost (% of income per capita) Getting electricity (rank) Procedures (number) Time (days) Cost (% of income per capita) 126 162 11 37 14.9 29.1 163 17 180 1,102.1 158 8 125 493.3
4,780 3.8 103 8 15 1,240 9 13 1,200 120 37 595 34.0 83 3.3 9 35.4
BOTSWANA
7,480 2.0 147 6 27 2,945 7 37 3,445 68 28 625 28.1 29 1.7 15 64.8
BRAZIL
Latin America & Caribbean Upper middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 109 14 34 2.6 104 3 5 46.8 62.2 82 6 7 3 5.3 156 9 2,600 69.3
10,720 196.7 123 7 13 2,215 8 17 2,275 116 44 731 16.5 143 4.0 12 15.9
COUNTRY TABLES
153
BRUNEI DARUSSALAM
East Asia & Pacic High income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 115 7 298 0.6 129 7 0 0.0 0.0 117 4 2 8 4.7 22 27 96 16.8
36,584 0.4 40 6 19 680 6 15 745 158 47 540 36.6 46 2.5 4 47.2
BULGARIA
6,550 7.5 93 5 21 1,551 6 17 1,626 86 39 564 23.8 93 3.3 9 31.7
BURKINA FASO
570 17.0 173 10 41 2,412 10 47 4,030 109 37 446 81.7 113 4.0 9 27.3
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DOING BUSINESS 2013
BURUNDI
250 8.6 177 10 32 2,965 11 46 5,005 175 44 832 38.6 161 5.0 30 8.0
CAMBODIA
East Asia & Pacic Low income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 115 7 56 4.3 53 8 3 0.0 12.1 82 5 9 2 5.3 66 40 173 22.5
830 14.3 118 9 22 755 10 26 900 142 44 401 103.4 152 6.0 15 12.8
CAMEROON
Sub-Saharan Africa Lower middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 158 5 93 19.1 104 6 2 9.1 0.0 128 6 1 6 4.3 176 44 654 49.1
1,210 20.0 157 11 23 1,379 12 25 2,167 172 42 800 46.6 150 3.2 34 13.6
COUNTRY TABLES
155
CANADA
45,560 34.5 44 3 7 1,610 4 11 1,660 62 36 570 22.3 4 0.8 4 90.7
CAPE VERDE
3,540 0.5 63 5 19 1,200 5 18 1,000 38 37 425 19.8 185

0.0
CENTRAL AFRICAN REPUBLIC

470 4.5 182 9 54 5,491 17 62 5,554 177 43 660 82.0 185 4.8 76 0.0
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DOING BUSINESS 2013
CHAD
690 11.5 180 8 75 5,902 11 101 8,525 167 41 743 45.7 185 4.0 60 0.0
CHILE
12,280 17.3 48 6 15 980 6 12 965 70 36 480 28.6 98 3.2 15 30.0
CHINA
East Asia & Pacic Upper middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 44 4 29 3.6 70 6 4 27.7 0.0 100 10 1 4 5.0 122 7 338 63.7
4,930 1,344.1 68 8 21 580 5 24 615 19 37 406 11.1 82 1.7 22 35.7
COUNTRY TABLES
157
COLOMBIA
6,110 46.9 91 5 14 2,255 6 13 2,830 154 34 1,346 47.9 21 1.3 6 76.2
COMOROS
770 0.8 146 9 31 1,295 10 26 1,295 159 43 506 89.4 185

0.0
CONGO, DEM. REP.

190 67.8 170 8 44 3,155 9 63 3,435 173 43 610 147.6 168 5.2 29 1.6
158
DOING BUSINESS 2013
CONGO, REP.
2,270 4.1 181 11 50 3,818 10 62 7,709 162 44 560 53.2 136 3.3 25 17.8
COSTA RICA
7,660 4.7 51 6 13 1,030 6 14 1,020 128 40 852 24.3 128 3.5 15 22.5
CTE DIVOIRE
1,100 20.2 163 10 25 1,999 10 34 2,710 127 33 770 41.7 76 2.2 18 37.6
COUNTRY TABLES
159
CROATIA
Eastern Europe & Central Asia High income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 104 5 104 5.0 40 7 5 0.0 100.0 139 1 5 6 4.0 42 18 196 32.8
13,850 4.4 105 7 20 1,300 8 16 1,180 52 38 572 13.8 97 3.1 15 30.1
CYPRUS
Eastern Europe & Central Asia High income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 99 6 28 9.7 53 9 2 0.0 6.5 32 8 4 7 6.3 31 28 147 23.0
30,571 1.1 18 5 7 790 7 5 900 108 43 735 16.4 25 1.5 15 70.7
CZECH REPUBLIC
18,520 10.5 68 4 16 1,145 7 17 1,180 79 27 611 33.0 34 3.2 17 56.3
160
DOING BUSINESS 2013
DENMARK
60,390 5.6 4 4 5 744 3 5 744 34 35 410 23.3 10 1.0 4 87.1
DJIBOUTI
Middle East & North Africa Lower middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 148 7 40 12.9 180 1 1 0.2 0.0 181 5 2 0 2.3 67 35 82 38.7
1,467 0.9 41 5 18 836 5 18 911 161 40 1,225 34.0 142 5.0 18 16.5
DOMINICA
7,090 0.1 92 7 13 1,340 8 14 1,350 170 47 681 36.0 104 4.0 10 28.5
COUNTRY TABLES
161
DOMINICAN REPUBLIC
5,240 10.1 46 6 8 1,040 7 10 1,150 84 34 460 40.9 156 3.5 38 8.7
ECUADOR
4,140 14.7 128 8 20 1,535 7 25 1,530 99 39 588 27.2 137 5.3 18 17.8
EGYPT, ARAB REP.

2,600 82.5 70 8 12 625 9 13 755 152 42 1,010 26.2 139 4.2 22 17.6
162
DOING BUSINESS 2013
EL SALVADOR
3,480 6.2 80 8 14 980 8 10 980 71 34 786 19.2 89 4.0 9 32.2
EQUATORIAL GUINEA
Sub-Saharan Africa High income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 103 6 23 12.5 104 6 2 3.9 0.0 150 6 1 4 3.7 173 46 492 46.0
14,540 0.7 136 7 29 1,390 7 44 1,600 61 40 475 18.5 185

0.0
ERITREA
Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita) Dealing with construction permits (rank) Procedures (number) Time (days) Cost (% of income per capita) Getting electricity (rank) Procedures (number) Time (days) Cost (% of income per capita) 182 183 13 84 52.3 203.1 185
430 5.4 165 10 50 1,460 12 59 1,600 51 39 405 22.6 185

93 5 59 3,508.0
0.0
COUNTRY TABLES
163
ESTONIA
15,200 1.3 7 3 5 745 4 5 795 31 35 425 22.3 72 3.0 9 38.5
ETHIOPIA
400 84.7 161 7 42 2,160 9 44 2,660 50 38 530 15.2 117 3.0 15 25.9
FIJI
East Asia & Pacic Lower middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 58 4 69 2.0 70 7 3 0.0 69.5 49 3 8 7 6.0 85 34 163 37.6
3,680 0.9 111 10 22 655 10 23 635 67 34 397 38.9 48 1.8 10 45.2
164
DOING BUSINESS 2013
FINLAND
48,420 5.4 6 4 8 540 5 7 620 9 33 375 13.3 5 0.9 4 89.7
FRANCE
42,420 65.4 27 2 9 1,078 2 11 1,248 8 29 390 17.4 43 1.9 9 48.4
GABON
7,980 1.5 135 7 20 1,945 8 22 1,955 153 38 1,070 34.3 145 5.0 15 15.2
COUNTRY TABLES
165
GAMBIA, THE
610 1.8 87 6 23 1,180 7 21 885 65 33 407 37.9 108 2.0 15 27.8
GEORGIA
2,860 4.5 38 4 9 1,355 4 10 1,595 30 33 285 29.9 81 2.0 4 35.7
GERMANY
43,980 81.7 13 4 7 872 5 7 937 5 30 394 14.4 19 1.2 8 78.1
166
DOING BUSINESS 2013
GHANA
1,410 25.0 99 7 19 815 7 34 1,315 48 36 487 23.0 114 1.9 22 26.9
GREECE
25,030 11.3 62 5 19 1,115 6 15 1,135 87 39 819 14.4 50 2.0 9 44.5
GRENADA
7,220 0.1 71 5 9 1,300 7 9 2,235 165 47 688 32.6 185

0.0
COUNTRY TABLES
167
GUATEMALA
2,870 14.8 117 9 17 1,307 8 17 1,425 96 31 1,459 26.5 109 3.0 15 27.8
GUINEA
440 10.2 133 7 35 855 9 32 1,391 131 49 276 45.0 141 3.8 8 17.1
GUINEA-BISSAU
600 1.5 116 6 23 1,448 6 22 2,006 142 40 1,715 25.0 185

0.0
168
DOING BUSINESS 2013
GUYANA
3,202 0.8 84 7 19 730 8 22 745 75 36 581 25.2 138 3.0 29 17.6
HAITI
Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita) Dealing with construction permits (rank) Procedures (number) Time (days) Cost (% of income per capita) Getting electricity (rank) Procedures (number) Time (days) Cost (% of income per capita) 174 183 12 105 286.6 21.0 136 9 1,129 692.0 71 4 60 4,599.0
Latin America & Caribbean Low income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 130 5 301 6.6 159 3 2 0.7 0.0 169 2 3 4 3.0 123 46 184 40.8
700 10.1 149 8 33 1,185 10 31 1,545 97 35 530 42.6 160 5.7 30 8.3
HONDURAS
1,970 7.8 90 6 12 1,342 8 16 1,510 179 47 920 35.2 133 3.8 15 19.4
COUNTRY TABLES
169
HONG KONG SAR, CHINA

35,160 7.1 2 4 5 575 4 5 565 10 27 360 21.2 17 1.1 9 81.2
HUNGARY
12,730 10.0 73 6 17 885 7 19 875 16 35 395 15.0 70 2.0 15 38.8
ICELAND
35,020 0.3 82 5 19 1,465 5 14 1,620 3 27 417 8.2 11 1.0 4 85.0
170
DOING BUSINESS 2013
INDIA
1,420 1,241.5 127 9 16 1,120 11 20 1,200 184 46 1,420 39.6 116 4.3 9 26.0
INDONESIA
2,940 242.3 37 4 17 644 7 23 660 144 40 498 139.4 148 5.5 18 14.2
IRAN, ISLAMIC REP.

6,360 74.8 143 7 25 1,470 8 32 2,100 53 39 505 17.0 126 4.5 9 23.1
COUNTRY TABLES
171
IRAQ
2,640 33.0 179 10 80 3,550 10 82 3,650 141 51 520 28.1 185

0.0
IRELAND
38,580 4.5 28 4 7 1,135 4 12 1,121 63 21 650 26.9 9 0.4 9 87.5
ISRAEL
28,930 7.8 10 5 10 620 4 10 565 94 35 890 25.3 47 4.0 23 45.9
172
DOING BUSINESS 2013
ITALY
35,330 60.8 55 4 19 1,145 4 18 1,145 160 41 1,210 29.9 31 1.8 22 63.4
JAMAICA
4,980 2.7 106 6 20 1,500 7 17 1,560 129 35 655 45.6 32 1.1 18 63.1
JAPAN
45,180 127.8 19 3 10 880 5 11 970 35 30 360 32.2 1 0.6 4 92.8
COUNTRY TABLES
173
JORDAN
4,380 6.2 52 5 13 825 7 15 1,335 129 38 689 31.2 112 4.3 9 27.4
KAZAKHSTAN
8,220 16.6 182 9 81 4,685 12 69 4,665 28 37 370 22.0 55 1.5 15 43.1
KENYA
820 41.6 148 8 26 2,255 7 26 2,350 149 44 465 47.2 100 4.5 22 29.5
174
DOING BUSINESS 2013
KIRIBATI
2,110 0.1 88 6 21 1,120 7 21 1,120 73 32 660 25.8 185

0.0
KOREA, REP.
20,870 49.8 3 3 7 665 3 7 695 2 33 230 10.3 14 1.5 4 81.8
KOSOVO
3,520 1.8 124 8 15 1,775 8 15 1,810 138 53 420 33.0 87 2.0 15 34.7
COUNTRY TABLES
175
KUWAIT
47,982 2.8 113 7 16 1,085 10 19 1,242 117 50 566 18.8 92 4.2 10 31.7
KYRGYZ REPUBLIC
Eastern Europe & Central Asia Low income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 11 4 5 1.8 12 10 4 0.0 24.6 13 8 7 8 7.7 168 51 210 68.9
920 5.5 174 8 63 4,160 10 75 4,700 47 38 260 29.0 155 4.0 15 9.1
LAO PDR
1,130 6.3 160 10 26 2,140 10 26 2,125 114 42 443 31.6 185

0.0
176
DOING BUSINESS 2013
LATVIA
12,350 2.2 16 5 10 600 6 11 801 24 27 469 23.1 33 3.0 13 59.8
LEBANON
9,110 4.3 95 5 22 1,080 7 30 1,365 121 37 721 30.8 131 4.0 22 20.9
LESOTHO
1,220 2.2 144 7 31 1,695 7 35 1,945 139 41 615 31.3 75 2.6 8 37.6
COUNTRY TABLES
177
LIBERIA
240 4.1 137 10 15 1,220 11 28 1,320 163 40 1,280 35.0 159 3.0 43 8.5
LITHUANIA
12,280 3.2 24 5 9 825 6 8 980 14 30 275 23.6 40 1.5 7 51.0
LUXEMBOURG
78,130 0.5 32 5 7 1,420 4 7 1,420 1 26 321 9.7 52 2.0 15 43.5
178
DOING BUSINESS 2013
MACEDONIA, FYR
4,730 2.1 76 6 12 1,376 6 11 1,380 59 37 370 31.1 60 2.0 10 42.2
MADAGASCAR
430 21.3 112 4 21 1,197 9 24 1,555 156 38 871 42.4 151 2.0 30 12.9
MALAWI
340 15.4 168 10 34 2,175 9 43 2,870 144 42 432 94.1 134 2.6 25 18.5
COUNTRY TABLES
179
MALAYSIA
8,420 28.9 11 5 11 435 6 8 420 33 29 425 27.5 49 1.5 15 44.7
MALDIVES
South Asia Upper middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 151 6 57 16.1 167 4 0 0.0 0.0 82 0 8 8 5.3 57 17 252 30.7
6,530 0.3 138 8 21 1,550 9 22 1,526 92 41 665 16.5 41 1.5 4 50.6
MALI
610 15.8 152 6 26 2,202 9 31 3,067 133 36 620 52.0 120 3.6 18 25.0
180
DOING BUSINESS 2013
MALTA
21,028 0.4 34 6 11 855 7 9 970 121 40 505 35.9 67 3.0 10 39.2
MARSHALL ISLANDS
East Asia & Pacic Lower middle income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 185
3,910 0.1 65 5 21 945 5 25 970 66 36 476 27.4 140 2.0 38 17.4
83 9 0 0.0 0.0 158 2 0 8 3.3 92 21 128 64.9
MAURITANIA
1,000 3.5 150 8 34 1,520 8 38 1,523 77 46 370 23.2 153 8.0 9 10.3
COUNTRY TABLES
181
MAURITIUS
8,240 1.3 15 5 10 660 6 10 695 58 36 645 16.3 64 1.7 15 40.9
MEXICO
9,240 114.8 61 5 12 1,450 4 12 1,780 76 38 415 31.0 26 1.8 18 67.3
MICRONESIA, FED. STS.

2,900 0.1 100 5 30 1,295 6 30 1,295 149 34 885 66.0 166 5.3 38 3.4
129 7 0 0.0 0.0 177 0 0 8 2.7 85 21 128 58.7
182
DOING BUSINESS 2013
MOLDOVA
Ease of doing business (rank)
83 92 7 9 5.7 8.7 168 26 291 69.3 161 7 140 578.0
1,980 3.6 142 7 32 1,545 7 35 1,870 26 31 327 28.6 91 2.8 9 32.0
Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita) Dealing with construction permits (rank) Procedures (number) Time (days) Cost (% of income per capita) Getting electricity (rank) Procedures (number) Time (days) Cost (% of income per capita)
MONGOLIA
2,320 2.8 175 10 49 2,555 11 50 2,710 29 32 314 30.6 127 4.0 8 22.7
MONTENEGRO
7,060 0.6 42 6 14 855 6 14 915 135 49 545 25.7 44 1.4 8 48.3
COUNTRY TABLES
183
MOROCCO
2,970 32.3 47 6 11 577 8 16 950 88 40 510 25.2 86 1.8 18 35.1
MOZAMBIQUE
470 23.9 134 7 23 1,100 10 28 1,545 132 30 730 142.5 147 5.0 9 15.0
NAMIBIA
4,700 2.3 140 9 25 1,800 7 20 1,905 41 33 270 35.8 59 1.5 15 42.3
184
DOING BUSINESS 2013
NEPAL
540 30.5 171 11 41 1,975 11 38 2,095 137 39 910 26.8 121 5.0 9 24.5
NETHERLANDS
49,730 16.7 12 4 6 895 4 6 975 32 26 514 23.9 6 1.1 4 88.8
NEW ZEALAND
36,648 4.4 25 5 10 870 6 9 825 17 30 216 27.2 13 1.3 4 83.0
COUNTRY TABLES
185
NICARAGUA
1,170 5.9 81 5 21 1,140 6 20 1,245 55 37 409 26.8 80 2.2 15 36.0
NIGER
360 16.1 176 8 59 3,676 11 64 3,711 140 39 545 59.6 130 5.0 18 21.7
NIGERIA
1,200 162.5 154 10 24 1,380 10 39 1,540 98 40 457 32.0 105 2.0 22 28.2
186
DOING BUSINESS 2013
NORWAY
88,890 5.0 21 4 7 1,125 5 7 1,100 4 34 280 9.9 3 0.9 1 90.8
OMAN
23,315 2.8 49 8 10 745 8 9 680 107 51 598 13.5 77 4.0 4 36.6
PAKISTAN
1,120 176.7 85 8 21 660 8 18 705 155 46 976 23.8 78 2.8 4 36.2
COUNTRY TABLES
187
PALAU
7,250 0.0 108 5 29 970 9 33 930 146 38 810 35.3 71 1.0 23 38.6
PANAMA
7,910 3.6 9 3 9 615 3 9 965 125 32 686 50.0 110 2.5 25 27.5
PAPUA NEW GUINEA

1,480 7.0 120 7 23 949 9 32 1,130 166 42 591 110.3 125 3.0 23 23.5
188
DOING BUSINESS 2013
PARAGUAY
2,970 6.6 155 8 33 1,440 10 33 1,750 106 38 591 30.0 144 3.9 9 15.3
PERU
5,500 29.4 60 6 12 890 8 17 880 115 41 428 35.7 106 3.1 7 28.1
PHILIPPINES
2,210 94.9 53 7 15 585 8 14 660 111 37 842 26.0 165 5.7 38 4.9
COUNTRY TABLES
189
POLAND
12,480 38.2 50 5 17 1,050 5 16 1,025 56 33 685 19.0 37 3.0 15 54.5
PORTUGAL
21,250 10.6 17 4 13 685 5 12 899 22 32 547 13.0 23 2.0 9 74.6
PUERTO RICO (U.S.)

17,655 3.7 96 6 15 1,300 9 15 1,350 101 39 620 25.6 24 2.5 8 73.4
190
DOING BUSINESS 2013
QATAR
80,440 1.9 58 5 17 885 7 17 1,033 95 43 570 21.6 36 2.8 22 55.5
ROMANIA
7,910 21.4 72 5 12 1,485 6 13 1,495 60 32 512 28.9 102 3.3 11 29.2
RUSSIAN FEDERATION
10,400 141.9 162 8 21 2,820 11 36 2,920 11 36 270 13.4 53 2.0 9 43.4
COUNTRY TABLES
191
RWANDA
570 10.9 158 8 29 3,245 8 31 4,990 39 23 230 78.7 167 3.0 50 3.1
SAMOA
3,190 0.2 66 5 25 690 6 28 775 81 44 455 19.7 146 2.5 38 15.2
SO TOM AND PRNCIPE

1,360 0.2 89 8 26 690 7 28 577 181 43 1,185 50.5 164 6.2 22 5.2
192
DOING BUSINESS 2013
SAUDI ARABIA
17,820 28.1 36 5 13 935 5 17 1,054 124 40 635 27.5 107 2.8 22 28.0
SENEGAL
1,070 12.8 67 6 11 1,098 5 14 1,740 148 43 780 26.5 90 3.0 7 32.0
SERBIA
5,680 7.3 94 7 12 1,455 7 14 1,660 103 36 635 31.3 103 2.0 20 29.1
COUNTRY TABLES
193
SEYCHELLES
11,130 0.1 33 5 16 876 5 17 876 83 37 915 15.4 65 2.0 11 39.6
SIERRA LEONE
340 6.0 131 7 24 1,385 7 27 1,780 147 39 515 149.5 154 2.6 42 9.2
SINGAPORE
42,930 5.2 1 4 5 456 4 4 439 12 21 150 25.8 2 0.8 1 91.3
194
DOING BUSINESS 2013
SLOVAK REPUBLIC
16,070 5.4 98 6 17 1,560 7 17 1,540 69 32 545 30.0 38 4.0 18 53.6
SLOVENIA
23,610 2.1 57 6 16 745 8 14 830 56 32 1,290 12.7 42 2.0 4 49.8
SOLOMON ISLANDS
1,110 0.6 86 7 24 1,070 5 20 1,037 109 37 455 78.9 123 1.0 38 23.9
COUNTRY TABLES
195
SOUTH AFRICA
6,960 50.6 115 6 16 1,620 7 23 1,940 82 29 600 33.2 84 2.0 18 35.4
SPAIN
30,990 46.2 39 5 9 1,260 6 9 1,350 64 40 510 17.2 20 1.5 11 76.5
SRI LANKA
2,580 20.9 56 6 20 720 6 19 775 133 40 1,318 22.8 51 1.7 10 43.9
196
DOING BUSINESS 2013
ST. KITTS AND NEVIS

12,480 0.1 64 5 13 805 7 12 2,635 119 47 578 20.5 185

0.0
ST. LUCIA
6,680 0.2 109 5 14 1,375 9 17 2,675 168 47 635 37.3 61 2.0 9 42.0
ST. VINCENT AND THE GRENADINES

6,100 0.1 43 5 12 935 5 13 1,575 99 45 394 30.3 185

0.0
COUNTRY TABLES
197
SUDAN
1,982 34.3 153 7 32 2,050 7 46 2,900 151 53 810 19.8 88 2.0 20 33.2
SURINAME
7,096 0.5 97 8 23 1,000 6 21 1,165 180 44 1,715 37.1 158 5.0 30 8.6
SWAZILAND
3,300 1.1 141 8 18 1,880 8 27 2,085 174 40 956 56.1 74 2.0 15 38.3
198
DOING BUSINESS 2013
SWEDEN
53,230 9.5 8 3 8 705 3 6 735 27 30 314 31.2 22 2.0 9 74.7
SWITZERLAND
76,380 7.9 35 4 8 1,435 5 9 1,440 20 32 390 24.0 45 3.0 4 47.5
SYRIAN ARAB REPUBLIC

2,803 20.8 125 8 15 1,190 9 21 1,625 176 55 872 29.3 111 4.1 9 27.5
COUNTRY TABLES
199
TAIWAN, CHINA
20,200 23.2 23 6 10 655 6 10 720 90 45 510 17.7 15 1.9 4 81.8
TAJIKISTAN
Eastern Europe & Central Asia Low income Registering property (rank) Procedures (number) Time (days) Cost (% of property value) Getting credit (rank) Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) Protecting investors (rank) Extent of disclosure index (0-10) Extent of director liability index (0-10) Ease of shareholder suits index (0-10) Strength of investor protection index (0-10) Paying taxes (rank) Payments (number per year) Time (hours per year) Total tax rate (% of prot) 82 6 37 4.3 180 2 0 0.0 0.0 25 8 6 6 6.7 175 69 224 84.5
870 7.0 184 11 71 8,450 11 72 9,800 43 35 430 25.5 79 1.7 9 36.0
TANZANIA
540 46.2 122 6 18 1,040 10 31 1,565 36 38 462 14.3 129 3.0 22 21.7
200
DOING BUSINESS 2013
THAILAND
4,420 69.5 20 5 14 585 5 13 750 23 36 440 15.0 58 2.7 36 42.4
TIMOR-LESTE
3,949 1.2 83 6 25 750 7 26 755 185 51 1,285 163.2 185

159 2 3 2.0 0.0 139 3 4 5 4.0 61 18 276 15.1
0.0
TOGO
560 6.2 101 6 24 940 8 28 1,109 157 41 588 47.5 96 3.0 15 30.5
COUNTRY TABLES
201
TONGA
3,580 0.1 77 6 22 755 6 26 740 54 37 350 30.5 118 2.7 22 25.7
TRINIDAD AND TOBAGO

15,040 1.3 75 5 11 843 10 14 1,260 170 42 1,340 33.5 135 4.0 25 18.4
TUNISIA
4,070 10.7 30 4 13 773 7 17 858 78 39 565 21.8 39 1.3 7 52.0
202
DOING BUSINESS 2013
TURKEY
10,410 73.6 78 7 13 990 7 14 1,235 40 36 420 24.9 124 3.3 15 23.6
UGANDA
510 34.5 159 7 33 3,050 9 33 3,215 117 38 490 44.9 69 2.2 30 38.9
UKRAINE
3,120 45.7 145 6 30 1,865 8 33 2,155 42 30 343 41.5 157 2.9 42 8.7
COUNTRY TABLES
203
UNITED ARAB EMIRATES

40,760 7.9 5 4 7 630 5 7 590 104 49 524 19.5 101 3.2 20 29.4
UNITED KINGDOM
37,780 62.6 14 4 7 950 4 6 1,045 21 28 399 25.9 8 1.0 6 88.6
UNITED STATES
48,450 311.6 22 4 6 1,090 5 5 1,315 6 32 370 14.4 16 1.5 7 81.5
204
DOING BUSINESS 2013
URUGUAY
11,860 3.4 104 7 16 1,125 8 18 1,440 102 41 725 19.0 54 2.1 7 43.3
UZBEKISTAN
1,510 29.3 185 13 80 4,585 14 99 4,750 46 42 195 22.2 73 2.0 10 38.5
VANUATU
2,870 0.2 132 7 21 1,690 8 20 1,690 74 30 430 56.0 57 2.6 38 42.7
COUNTRY TABLES
205
VENEZUELA, RB
11,920 29.3 166 8 49 2,590 9 71 2,868 80 30 510 43.7 163 4.0 38 6.4
VIETNAM
1,260 87.8 74 6 21 610 8 21 600 44 34 400 29.0 149 5.0 15 13.9
WEST BANK AND GAZA

1,610 4.0 114 6 23 1,310 6 38 1,295 93 44 540 21.2 185

0.0
206
DOING BUSINESS 2013
YEMEN, REP.
1,070 24.8 121 6 29 995 9 25 1,490 45 36 569 16.5 122 3.0 8 24.1
ZAMBIA
1,160 13.5 156 6 44 2,765 8 56 3,560 89 35 471 38.7 99 2.7 9 29.8
ZIMBABWE
640 12.8 167 8 53 3,280 8 73 5,200 111 38 410 113.1 169 3.3 22 0.1
207
Employing workers data

Difculty of hiring index Rigidity of hours index Difculty of redundancy index
Redundancy cost
Fixed-term contracts prohibited for permanent tasks?
Priority rules for redundancies?
Maximum length of xed-term contracts (months)a
Afghanistan Albania Algeria Angola Antigua and Barbuda Argentina Armenia Australia Austria Azerbaijan Bahamas, The Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bhutan DOING BUSINESS 2013 Boliviag Bosnia and Herzegovina Botswana Brazil Brunei Darussalam
No Yes Yes Yes No Yes Yes No No No No No Yes No No No No No No Yes No No Yes No No limit No limit 48 No limit 24 24 No limit 24 No limit No limit No limit 0.0 208.1 1,757.4 381.9 65.2 0.0 103.0 393.6 92.5 349.4 0.0 No limit 41.0 No limit 0.0 0.00 0.41 0.00 0.31 0.30 0.77 0.54 0.00 0.36 0.70 0.09 0.27 0.00 No limit 693.3 0.25 Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 60 101.9 0.17 Yes No limit 723.0 0.12 Yes No limit 1,845.9 0.23 Yes 7 5.5 6 5.5 6 6 7 6 6 6 6 6 6 6 6 6 6 No limit 84.1 0.21 Yes 6 30 0 17 40 0 50 0 0 20 4 0 0 0 30 30 0 20 0 60 508.1 0.40 Yes 6 13 No limit 569.2 0.36 Yes 6 0 0 50 100 0 100 150 0 50 0 0 100 100 50 0 0 100 20 100 100 50 12 110.6 0.17 Yes 6 25 100 No limit 219.1 0.40 No 6 0 0 No Yes No No No No No Yes No No No No No No No No No No No No Yes No No limit 196.6 0.40 Yes 6 50 25 Yes
No limit
0.0
0.00
Yes
25
50
No
No No No Yes No No No No No No No No No No No Yes No No No No No No No No
20.0 20.0 22.0 22.0 12.0 18.0 20.0 25.0 25.0 17.0 11.7 18.3 17.0 20.3 18.0 20.0 10.0 24.0 15.0 21.7 18.0 15.0 26.0 13.3
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes
Yes No Yes Yes No No No No Yes No Yes No Yes No No No Yes Yes Yes n.a. No Yes No No
No No No Yes No No No No No No No No No No No No No No No n.a. No No No No
Yes No Yes Yes No No No No Yes No Yes No Yes No No No Yes Yes Yes n.a. Yes Yes No No
Yes No No Yes No No No No No No No No No No No No No No No n.a. No No No No
No No Yes No Yes No Yes Yes No No No No No No Yes No No No No n.a. Yes No No No
No
Yes
4.3
No
Yes
10.1
Yes
No
4.3
Yes
Yes
4.3
Yes
No
3.4
No
No
7.2
No
No
6.0
No
No
2.7
Yes
Yes
2.0
Yes
No
8.7
No
No
2.0
No
No
4.3
Yes
Yes
4.3
No
No
2.7
Yes
No
8.7
No
No
7.2
No
No
3.3
Yes
Yes
4.3
No
No
8.3
n.a.
n.a.
n.a.
No
Yes
2.0
Yes
Yes
4.9
No
No
6.6
No
No
3.0
208
Severance pay for redundancy dismissal (weeks of salary)e Dismissal due to redundancy allowed by law? Retraining or reassignment?f Third-party notication if 9 workers are dismissed? Third-party approval if 9 workers are dismissed? Third-party notication if 1 worker is dismissed? Third-party approval if 1 worker is dismissed? Paid annual leave (working days)e
Minimum wage for a 19-yearold worker or an apprentice (US$/month)b
50-hour workweek allowed?c
Notice period for redundancy dismissal (weeks of salary)e
Premium for work on weekly rest day (% of hourly pay)d
Ratio of minimum wage to value added per worker
Major restrictions on weekly holiday work?d
Maximum working days per week Premium for night work (% of hourly pay)d
Major restrictions on night work?d
Priority rules for reemployment?
17.3
10.7
13.0
26.7
12.8
23.1
5.0
8.7
0.0
13.0
10.7
0.0
26.7
13.3
13.0
0.0
5.0
7.3
0.0
n.a.
7.2
16.8
8.9
0.0
EMPLOYING WORKERS DATA
209

Redundancy cost
Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Central African Republic Chad Chile China Colombia Comoros Congo, Dem. Rep. Congo, Rep. Costa Rica Cte dIvoire Croatia Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic
No No No No No No Yes Yes No No No No No Yes Yes Yes No Yes No No No Yes No Yes 12 24 36 30 108 No limit 24 No limit No limit 24 48 65.0 92.1 420.4 0.0 521.5 0.0 440.1 0.0 0.0 234.1 277.2 36 0.0 No limit 277.8 0.36 0.00 2.11 0.27 0.45 0.00 0.31 0.00 0.20 0.00 0.00 0.25 0.40 No limit 204.2 0.36 24 0.0 0.00 Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes 48 119.8 1.08 Yes 6 6 6 6 6 5 6 6 6 6 6 6 6 6 6 6 48 39.3 0.56 Yes 5 60 0.0 0.00 Yes 6 25 0 0 0 39 35 0 25 0 0 38 10 0 10 0 0 0 0 No limit 1,652.9 0.30 Yes 6 0 48 57.5 0.32 Yes 6 50 0 0 100 50 100 0 100 75 0 0 50 100 0 35 0 10 0 0 100 100 24 43.0 0.40 Yes 6 30 100 No limit 2.9 0.08 Yes 6 35 100 No No No No No No No No No No No No No Yes No No No No No No No No No limit 66.8 0.74 Yes 6 0 0 No
36
197.0
0.25
Yes
10
Yes
No No Yes No No No No Yes No No No No Yes No Yes No No Yes No No No No No Yes
20.0 22.0 21.0 19.3 19.0 10.0 22.0 25.3 24.7 15.0 6.7 15.0 22.0 13.0 29.0 12.0 27.4 20.0 20.0 20.0 25.0 30.0 13.3 14.0
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
No No No No Yes No Yes Yes Yes Yes Yes No Yes Yes Yes No No Yes Yes No No Yes No No
No No No No Yes No Yes No No No No No No Yes Yes No No No No No No No No No
No Yes Yes Yes Yes No Yes Yes Yes Yes Yes No Yes Yes Yes No Yes Yes Yes No No Yes No No
No No No No Yes No Yes Yes No No No No No Yes Yes No No No No No No No No No
No No No No No No Yes No No No Yes No No No No No No Yes Yes No No No No No
No
No
4.3
Yes
Yes
4.3
Yes
Yes
8.7
Yes
Yes
7.9
Yes
Yes
7.2
No
No
5.0
Yes
No
6.4
Yes
Yes
4.3
Yes
Yes
7.2
No
No
4.3
Yes
Yes
4.3
No
No
0.0
Yes
Yes
13.0
Yes
Yes
10.3
Yes
Yes
4.3
No
No
4.3
No
Yes
5.8
Yes
Yes
7.9
No
Yes
5.7
No
No
8.7
No
No
0.0
No
Yes
4.3
Yes
Yes
5.8
No
No
4.0
3.2
6.1
7.2
11.4
8.1
5.0
23.1
17.3
5.8
23.1
23.1
16.7
23.1
0.0
6.5
14.4
7.3
7.2
0.0
11.6
0.0
0.0
9.3
22.2

Redundancy cost
Ecuador Egypt, Arab Rep. El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Fiji Finland France Gabon Gambia, The Georgia Germany Ghana Greece Grenada Guatemala Guinea DOING BUSINESS 2013 Guinea-Bissau Guyana Haiti Honduras Hong Kong SAR, China
No No Yes Yes Yes Yes Yes No Yes Yes No No No No No Yes Yes Yes No Yes No No Yes No No limit No limit No limit 24 12 No limit No limit 24 No limit No limit 24 1,126.1 29.7 672.2 355.9 325.3 0.0 0.0 0.0 122.5 396.9 0.0 No limit 21.7 No limit 0.0 0.00 0.06 0.20 0.15 0.21 0.39 0.74 0.00 0.00 0.00 1.26 1.44 0.00 48 66.7 0.06 Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 18 782.3 0.14 No 60 1,983.8 0.32 Yes No limit 304.2 0.66 Yes 6 6 6 6 5 7 6 5 5 6 6 6 6 7 6 6 6 No limit 0.0 0.00 Yes 6 0 3 8 0 50 0 0 13 0 25 0 0 20 25 0 50 25 0 120 389.5 0.21 Yes 5 25 No limit 0.0 0.00 Yes 6 0 0 0 0 100 100 0 100 0 0 100 0 75 0 50 45 50 100 50 100 0 24 279.0 0.13 Yes 6 25 50 No limit 91.7 0.20 Yes 6 25 100 Yes Yes No Yes No No No No No No No No No No No Yes No No No No Yes No No limit 113.0 0.33 Yes 6 0 0 No
24
251.9
0.47
Yes
25
100
No
No No Yes Yes No No No No No Yes No No No No No Yes No Yes Yes No No No No No
12.0 24.0 11.0 22.0 19.0 24.0 18.3 10.0 30.0 30.0 24.0 21.0 24.0 24.0 15.0 22.3 13.3 15.0 30.0 21.0 12.0 13.0 16.7 10.3
Yes Yes No Yes No No No Yes Yes No Yes Yes No Yes Yes No No No Yes Yes Yes No Yes No
No Yes No Yes No No No No No No Yes No No No Yes No No No No Yes No No Yes No
Yes Yes No Yes Yes No Yes Yes Yes Yes Yes Yes No Yes Yes Yes No No Yes Yes Yes No Yes No
No Yes No Yes Yes No No No No No Yes No No No Yes Yes No No Yes Yes No No Yes No
No No No No No Yes Yes No Yes Yes No No No Yes No No No No No No No No No No
No
No
0.0
Yes
No
10.1
No
No
0.0
Yes
Yes
4.3
No
No
3.1
Yes
No
8.6
Yes
No
8.7
No
No
4.3
Yes
Yes
10.1
Yes
Yes
7.2
Yes
Yes
10.4
Yes
Yes
26.0
No
No
0.0
Yes
No
10.0
No
No
3.6
Yes
No
0.0
No
No
7.2
No
No
0.0
No
No
2.1
Yes
Yes
0.0
No
No
4.3
No
No
10.1
Yes
No
7.2
No
No
4.3
210
31.8
26.7
22.9
34.3
12.3
4.3
10.5
5.3
0.0
4.6
4.3
0.0
4.3
11.6
46.2
15.9
5.3
27.0
5.8
26.0
12.3
0.0
23.1
1.5
211

Redundancy cost
Hungary Iceland India Indonesia Iran, Islamic Rep. Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kiribati Korea, Rep. Kosovo Kuwait Kyrgyz Republic Lao PDR Latvia Lebanon Lesotho Liberia
No No No Yes No Yes No No No No No No No No No No No No Yes No Yes No No No 24 No limit No limit 60 No limit 36 24 No limit No limit No limit No limit 111.1 0.0 648.3 172.4 217.5 15.0 72.0 384.5 432.6 105.1 52.0 No limit 0.1 No limit 199.6 0.32 0.00 0.89 0.00 0.27 0.16 0.04 0.13 0.48 0.25 0.39 0.61 1.40 No limit 1,726.9 0.29 Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes No limit 210.5 0.32 Yes 44 1,787.3 0.40 Yes No limit 1,087.8 0.28 Yes 5.5 6 6 6 6 6 6 7 6 6 6 6 6 5.5 6 6 6 No limit 1,659.3 0.34 Yes 6 0 14 15 0 25 0 50 0 0 50 30 0 50 15 50 0 0 0 No limit 79.7 0.20 Yes 6 0 No limit 344.6 0.47 Yes 6 23 40 50 0 50 50 100 35 150 100 0 0 50 0 50 100 150 0 50 100 50 36 151.0 0.42 Yes 6 0 0 No limit 29.7 0.16 Yes 6 0 0 No No No Yes No No Yes No No No No No No Yes No No No No Yes No Yes No 24 1,527.3 0.35 Yes 6 80 80 No
60
447.1
0.29
No
40
100
No
No No No No No No No Yes No No No No No No No No No Yes No No No No No No
21.3 24.0 15.0 12.0 24.0 22.0 20.0 18.0 20.3 11.7 15.3 18.7 18.0 21.0 0.0 17.0 21.0 30.0 20.0 15.0 20.0 15.0 12.0 16.0
No No Yes Yes Yes Yes Yes No No No Yes Yes Yes Yes Yes Yes No No No Yes No No No Yes
No No Yes Yes Yes No No No No No No Yes No No Yes No No No No Yes No No No No
No No Yes Yes Yes Yes Yes No Yes No Yes Yes Yes Yes Yes Yes No No No Yes No Yes No Yes
No No Yes Yes Yes No No No No No No Yes No No Yes No No No No Yes No No No No
No No No Yes No No No No Yes No Yes No Yes No No No Yes No No No Yes No No No
No
No
6.2
No
No
10.1
Yes
Yes
4.3
No
No
0.0
No
No
0.0
No
No
0.0
No
No
4.0
No
No
4.3
Yes
Yes
7.2
No
No
4.0
No
No
4.3
No
Yes
4.3
No
No
4.3
Yes
No
4.3
No
No
4.3
No
Yes
4.3
Yes
Yes
4.3
No
No
13.0
No
No
4.3
No
No
6.4
Yes
No
1.0
Yes
Yes
8.7
No
No
4.3
Yes
Yes
4.3
7.2
0.0
11.4
57.8
23.1
0.0
2.8
23.1
0.0
10.0
0.0
0.0
4.3
11.4
0.0
23.1
7.2
15.1
13.0
40.7
8.7
0.0
10.7
21.3

Redundancy cost
Lithuania Luxembourg Macedonia, FYR Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Mauritania Mauritius Mexico Micronesia, Fed. Sts. Moldova Mongolia Montenegro Morocco Mozambique DOING BUSINESS 2013 Namibia Nepal Netherlands New Zealand Nicaragua
No Yes No Yes Yes No No Yes No No No No Yes No Yes No No Yes Yes No Yes No No No 24 12 72 No limit No limit 36 No limit No limit No limit No limit No limit 271.7 87.4 91.9 294.8 272.7 108.6 0.0 74.7 1,036.8 1,851.3 137.2 No limit 121.4 No limit 166.3 0.17 0.10 0.68 0.38 0.32 0.34 0.74 1.46 0.00 1.00 0.17 0.40 0.86 24 68.9 0.48 Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No limit 0.0 0.00 Yes 48 953.3 0.39 No 72 14.4 0.14 Yes 6 6 7 6 6 6 7 6 5 6 6 6 6 6 5.5 7 6 24 0.0 0.00 Yes 6 0 0 0 0 100 0 0 0 50 0 40 0 0 6 0 0 0 0 No limit 0.0 0.00 Yes 6 0 No limit 28.6 0.52 Yes 6 0 100 0 50 0 0 0 50 100 25 0 100 50 0 0 100 100 50 0 0 100 24 41.4 0.63 Yes 6 30 40 60 168.4 0.30 Yes 6 35 50 Yes No No No No No No No Yes No Yes No Yes No No No No No No Yes No Yes 24 2,374.4 0.25 No 5.5 15 70 No
60
307.0
0.21
No
5.5
50
100
No
No Yes No No No No No No No No No No No No Yes No No Yes Yes Yes No Yes No Yes
20.7 25.0 20.0 24.0 18.0 13.3 30.0 22.0 24.0 0.0 18.0 22.0 12.0 0.0 20.0 16.0 21.0 19.5 24.0 20.0 18.0 20.0 20.0 30.0
No Yes No No Yes No No Yes No No Yes Yes Yes No Yes No No No Yes Yes Yes Yes No No
No No No No No No No No No No No No Yes No No No No No No No Yes Yes No No
No Yes Yes Yes Yes Yes No Yes No No Yes Yes Yes No Yes No No Yes Yes Yes Yes Yes No No
No No No Yes No No No No No No No No Yes No No No No Yes No No Yes Yes No No
Yes No No No No No No No No No No No No No Yes No Yes Yes No No No Yes Yes No
Yes
No
8.7
No
Yes
17.3
No
No
4.3
Yes
Yes
3.4
No
No
4.3
No
No
6.7
No
No
5.8
Yes
Yes
4.3
Yes
Yes
7.3
No
No
0.0
Yes
Yes
4.3
No
No
4.3
Yes
Yes
0.0
No
No
0.0
Yes
No
8.7
No
No
4.3
Yes
No
4.3
Yes
Yes
7.2
No
No
4.3
No
No
4.3
Yes
Yes
4.3
Yes
No
8.7
No
No
0.0
No
No
0.0
212
15.9
4.3
8.7
8.9
12.3
17.2
0.0
9.3
0.0
0.0
6.1
6.3
22.0
0.0
13.9
4.3
6.9
13.5
33.2
5.3
22.9
0.0
0.0
14.9
213

Redundancy cost
Niger Nigeria Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico (U.S.) Qatar Romania Russian Federation Rwanda Samoa So Tom and Prncipe Saudi Arabia Senegal Serbia Seychelles
Yes No Yes No Yes No Yes No Yes Yes Yes No Yes No No Yes Yes No No Yes No Yes Yes Yes 60 No limit No limit 36 No limit 24 12 No limit 36 No limit No limit 1,256.7 0.0 216.4 325.6 0.0 167.5 0.0 0.0 74.6 203.8 349.8 54 775.5 No limit 390.7 0.27 0.29 0.57 0.00 0.23 0.27 0.00 0.36 0.00 0.00 0.45 0.29 0.24 No limit 192.5 0.64 Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes 60 253.2 0.35 Yes No limit 198.7 0.50 Yes No limit 115.4 0.55 Yes 6 6 6 6 6 6 7 6 5 6 6 6 6 6 6 6 6 12 438.6 0.43 Yes 6 0 0 30 35 10 20 25 0 0 25 20 0 0 25 0 38 26 0 No limit 525.9 0.55 Yes 7 0 9 36.7 0.24 Yes 6 0 100 0 50 0 100 100 30 100 100 100 0 100 100 0 100 100 50 0 26 100 No limit 520.1 0.19 Yes 5 50 100 48 3,893.4 0.35 Yes 6 0 0 Yes No No No Yes No Yes No No No No No No No No No No No No No No No No limit 106.5 0.57 Yes 6 0 0 No
24
58.5
0.95
No
38
No
No No Yes No Yes No Yes No No No No No Yes No No No No No No Yes No Yes No No
22.0 20.0 21.0 22.0 14.0 0.0 22.0 11.0 20.0 13.0 5.0 22.0 22.0 15.0 22.0 20.0 22.0 19.3 10.0 26.0 20.7 24.3 20.0 21.0
Yes No No No No No Yes No Yes Yes Yes No Yes No No No Yes Yes No Yes No Yes No Yes
No No No No No No Yes No Yes Yes No No No No No No No No No Yes No No No Yes
Yes Yes No No No No Yes No Yes Yes Yes No Yes No No No Yes Yes No Yes No Yes No Yes
No No No No No No Yes No Yes Yes No No No No No No No No No Yes No No No Yes
Yes No Yes No Yes No No No No No No Yes Yes No No Yes Yes No No No No Yes Yes No
Yes
Yes
4.3
Yes
No
4.0
Yes
Yes
8.7
No
No
4.3
Yes
Yes
4.3
No
No
0.0
Yes
No
0.0
No
No
3.3
No
Yes
7.5
No
Yes
0.0
Yes
No
4.3
Yes
Yes
10.1
Yes
Yes
7.9
Yes
Yes
0.0
No
No
7.2
Yes
Yes
4.0
Yes
No
8.7
Yes
No
4.3
No
No
5.8
No
Yes
4.3
No
No
4.3
Yes
Yes
3.2
No
Yes
0.0
No
No
4.3
5.8
12.2
0.0
0.0
22.9
0.0
18.1
9.2
18.6
11.4
23.1
8.7
26.0
0.0
16.0
0.0
8.7
8.7
0.0
26.0
15.2
10.5
7.7
9.1

Redundancy cost
Sierra Leone Singapore Slovak Republic Slovenia Solomon Islands South Africa Spain Sri Lanka St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines
Yes No No Yes No Yes Yes No No No No No No No No No No Yes Yes Yes Yes Yes Yes No 120 60 12 No limit No limit No limit 36 48 No limit 24 No limit 96.3 0.0 0.0 209.7 621.5 16.4 52.5 117.9 0.0 71.7 0.0 No limit 0.0 48 75.0 0.26 0.00 0.21 0.00 0.00 0.54 0.26 0.14 0.61 0.23 0.00 0.88 0.00 No limit 191.2 0.25 Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes No limit 0.0 0.00 Yes No limit 501.5 0.31 Yes No limit 40.2 0.12 Yes 5.5 7 6 6 6 6 5.5 5.5 6 6 6 6 6 6 6 6 6 No limit 1,022.9 0.27 Yes 5.5 25 0 0 0 0 0 0 0 0 0 0 0 50 5 0 25 200 0 No limit 621.6 0.70 Yes 6 0 No limit 111.9 0.69 Yes 6 0 0 100 0 50 0 150 0 0 100 0 0 0 100 100 100 100 0 100 65 0 24 1,054.8 0.37 Yes 6 50 50 36 447.5 0.24 Yes 6 20 0 No No No Yes Yes No No No No No No No No No No No Yes No No No No No No limit 0.0 0.00 Yes 6 0 100 No
No limit
37.3
0.73
Yes
15
100
No
No No No Yes No No No Yes No No No No No No Yes No Yes No No No No No No Yes
21.3 10.7 25.0 21.0 15.0 15.0 22.0 14.0 14.0 21.0 19.3 23.3 16.0 11.0 25.0 20.0 21.7 12.0 23.3 20.0 6.0 12.0 30.0 0.0
Yes No No No Yes Yes Yes Yes No No No Yes Yes No No No Yes Yes Yes Yes No Yes Yes No
No No No No No No No Yes No No No Yes Yes No No No Yes No No Yes No No No No
Yes No No No Yes Yes Yes Yes No No Yes Yes Yes Yes Yes No Yes Yes Yes Yes No Yes Yes No
No No No No No No No Yes No No No Yes Yes No No No Yes No No Yes No No No No
Yes No Yes Yes No Yes No No No No No No No No Yes No No Yes Yes No No No No No
Yes
Yes
8.7
No
No
3.0
No
No
11.6
Yes
Yes
5.7
No
No
4.3
No
No
4.0
No
No
2.1
Yes
No
4.3
No
Yes
8.7
No
No
3.7
No
Yes
4.0
Sudan Suriname Swaziland Sweden Switzerland Syrian Arab Republic Taiwan, China Tajikistan DOING BUSINESS 2013 Tanzania Thailand Timor-Leste Togo Tonga
No
No
4.3
No
No
0.0
Yes
No
5.9
Yes
Yes
14.4
No
No
10.1
No
No
8.7
No
Yes
3.8
Yes
No
8.7
No
No
4.0
No
No
4.3
No
No
4.3
Yes
Yes
4.3
No
No
0.0
214
69.6
0.0
0.0
5.7
10.7
5.3
15.2
54.2
0.0
9.3
10.0
21.7
8.8
8.7
0.0
0.0
0.0
18.8
6.9
5.3
31.7
0.0
8.8
0.0
215

Redundancy cost
Trinidad and Tobago Tunisia Turkey Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Venezuela, RBg Vietnam West Bank and Gaza Yemen, Rep. Zambia Zimbabwe
No No Yes No Yes No No No Yes Yes No Yes No No No No No No limit No limit No limit 24 0.0 78.9 75.8 167.4 72 64.5 24 301.1 0.20 0.43 0.00 0.47 0.40 1.80 No limit 264.8 0.65 Yes Yes Yes Yes Yes Yes Yes 60 34.4 0.18 Yes No limit 355.9 0.23 Yes No limit 1,245.5 0.21 Yes 6 6 6 6 6 6 6 6 5.5 6 No limit 1,338.2 0.28 Yes 6 0 0 0 50 75 30 30 0 15 4 15 No limit 0.0 0.00 Yes 6 0 No limit 119.1 0.32 No 5.5 20 100 50 0 0 100 100 50 50 100 150 100 100 100 No limit 2.7 0.03 Yes 6 0 0 No limit 529.7 0.41 Yes 6 0 100 Yes No No No No No No Yes No Yes No Yes No No Yes 48 119.6 0.25 Yes 6 0 100 No
No limit
0.0
0.00
Yes
100
No
No No No No No Yes No No No No No No No Yes No No No
10.0 13.0 18.0 21.0 18.0 26.0 28.0 0.0 21.0 15.0 15.0 19.3 13.0 18.0 30.0 24.0 22.0
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes
No Yes No No Yes No No No No No No n.a. No Yes Yes Yes Yes
No Yes No No No No No No No No No n.a. No No No No Yes
Yes Yes No No Yes No No No No Yes No n.a. Yes Yes Yes Yes Yes
No Yes No No No No No No No No No n.a. Yes No No No Yes
No Yes Yes No Yes No No No No Yes No n.a. Yes No No No Yes
Yes
No
6.4
Yes
Yes
4.3
No
Yes
6.7
No
No
8.7
Yes
Yes
8.7
No
No
4.3
No
No
5.3
No
No
0.0
No
No
0.0
Yes
No
8.7
No
No
9.3
n.a.
n.a.
n.a.
Yes
No
0.0
No
No
4.3
No
Yes
4.3
No
No
4.3
No
No
13.0
a. Including renewals. b. Economies for which 0.0 is shown have no minimum wage. c. For 2 months a year in case of a seasonal increase in production. d. In case of continuous operations. e. Average for workers with 1, 5 and 10 years of tenure. f. Whether compulsory before redundancy. g. Some answers are not applicable (n.a.) for economies where dismissal due to redundancy is disallowed. Source: Doing Business database.
14.1
7.8
23.1
0.0
4.3
0.0
3.0
0.0
20.8
8.7
23.1
n.a.
24.6
23.1
23.1
46.2
69.3
216
Acknowledgments
Doing Business would not be possible without the expertise and generous input of a network of more than 9,600 local partners, including legal experts, business consultants, accountants, freight forwarders, government officials and other professionals routinely administering or advising on the relevant legal and regulatory requirements in the 185 economies covered. Contact details for local partners are available on the Doing Business website at http:/ /www.doingbusiness.org. The online service of the Doing Business database is managed by Andres Baquero Franco, Varun Doiphode, Graeme Littler, Kunal Patel, Mohan Pathapati, Vinod Thottikkatu and Hashim Zia under the direction of Preeti Endlaw. The Doing Business 2013 report media and marketing strategy is managed by Nadine Ghannam. The events and road-show strategy is managed by Sushmitha Malini Narsiah. The team is grateful for valuable comments provided by colleagues across the World Bank Group and for the guidance of World Bank Group Executive Directors. It would especially like to acknowledge the comments and guidance of Aart C. Kraay. Comments were also received from Ali Abukumail, Hormoz Aghdaey, Pedro Alba, Alejandro Alvarez de la Campa, Inger Anderson, Nabila Assaf, Simon Bell, Najy Benhassine, Alexander Berg, Tony Bigio, Christopher Bleakley, Frank Fulgence K. Byamugisha, Otaviano Canuto, Kevin Carey, Guang Zhe Chen, Pamela Cox, Boris Divjak, Grahame Dixie, Delores Elliot, Fabrizio Fraboni, Jose Maria Garrido, Frederico Gil Sander, Indermit S. Gill, Eva M. Gutierrez, Mary HallwardDriemeier, Marek Hanusch, Caroline Heider, Vijay Iyer, Karina Izaguirre, Melissa Johns, Lisa Kaestner, Arvo Kuddo, Sumir Lal, Giuseppe Larossi, Anne-Marie Leroy, Oscar Madeddu, Marie Francoise Marie-Nelly, Andres Federico Martinez, Philippe De Meneval, Riz Mokal, Marcin Piatkowski, Mohammad Zia M. Qureshi, Fanja Sahondraniaina Ravoavy, Susan Razzaz, Maria Camila Roberts, Michal Rutkowski, Shalini Sankaranarayanan, Massimiliano Santini, Jordan Schwartz, Peter Sheerin, Victoria Stanley, Rodrigo de Jesus Suescun, Mark Sundberg, Stoyan Tenev, Axel van Trotsenburg, Mahesh Uttamchandani, Tunc Uyanic, Jan Walliser, Wendy Jo Werner and Grace M. Yabrudy. The paying taxes project was conducted in collaboration with PwC, led by John Preston. The development of the getting electricity indicators was nanced by the Norwegian Trust Fund. The APEC Secretariat commented on the APEC case study. Jonathan Bailey, Omowunmi Ladipo and Csar Chaparro Yedro commented on the Rwanda case study. Aart C. Kraay and Alejandro Ponce commented on the case study on the transparency of business regulation. Alison Strong copyedited the manuscript. Corporate Visions, Inc. designed the report and the graphs. Quotations in this report are from Doing Business local partners unless otherwise indicated. The names of those wishing to be acknowledged individually are listed below. The global and regional contributors listed are rms that have completed multiple surveys in their various offices around the world.
ACKNOWLEDGMENTS
217
GLOBAL CONTRIBUTORS ADVOCATES FOR INTERNATIONAL DEVELOPMENT

ALLEN & OVERY LLP AMERICAN BAR ASSOCIATION, SECTION OF INTERNATIONAL LAW BAKER & MCKENZIE CLEARY GOTTLIEB STEEN & HAMILTON LLP ERNST & YOUNG IUS LABORIS, ALLIANCE OF LABOR, EMPLOYMENT, BENEFITS AND PENSIONS LAW FIRMS KPMG LAW SOCIETY OF ENGLAND AND WALES LEX MUNDI, ASSOCIATION OF INDEPENDENT LAW FIRMS PANALPINA PWC1 RAPOSO BERNARDO & ASSOCIADOS RUSSELL BEDFORD INTERNATIONAL SDV INTERNATIONAL LOGISTICS SECURITY CARGO NETWORK
Ledia Bei HOXHA, MEMI & HOXHA Alban Bello KPMG ALBANIA SHPK Jona Bica KALO & ASSOCIATES Artan Bozo BOZO & ASSOCIATES LAW FIRM Jonida Braja Melani WOLF THEISS Alban Caushi KALO & ASSOCIATES Sajmir Dautaj TONUCCI & PARTNERS Eniana Dupi AECO CONSULTING Erinda Duraj BOZO & ASSOCIATES LAW FIRM Sokol Elmazaj BOGA & ASSOCIATES TIRANA Alba Fagu BANK OF ALBANIA Lavdimir Fusha ALB BB AUDITING SHPK CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Lisjana Fusha ALB BB AUDITING SHPK CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Aurela Gjokutaj AL-TAX STUDIO Eduart Gjokutaj AL-TAX STUDIO
Aigest Milo KALO & ASSOCIATES Blerta Nesho WOLF THEISS Loreta Peci PWC ALBANIA Florian Piperi OPTIMA LEGAL AND FINANCIAL Artila Rama BOGA & ASSOCIATES TIRANA Loriana Robo KALO & ASSOCIATES Anisa Rrumbullaku KALO & ASSOCIATES Ergis Sefa ERG MANAGERIAL Enkelejd Seitllari KALO & ASSOCIATES Ardjana Shehi KALO & ASSOCIATES Elda Shuraja HOXHA, MEMI & HOXHA Majlinda Sulstarova TONUCCI & PARTNERS Besa Tauzi BOGA & ASSOCIATES TIRANA Paul Tobin PWC BULGARIA Ketrin Topiu BOZO & ASSOCIATES LAW FIRM Ened Topi BOGA & ASSOCIATES TIRANA Fioralba Trebicka HOXHA, MEMI & HOXHA Alketa Urui BOGA & ASSOCIATES TIRANA Gerhard Velaj BOGA & ASSOCIATES TIRANA Silva Velaj BOGA & ASSOCIATES TIRANA Aspasi Xhori CEZ SHPERNDARJE SH.A Selena Ymeri HOXHA, MEMI & HOXHA Enida Zeneli BOZO & ASSOCIATES LAW FIRM
Mohamed Dhif CENTRE NATIONAL DU REGISTRE DU COMMERCE Said Dib BANQUE DALGRIE Nicolas Granier LANDWELL & ASSOCIS Ould Hocine STUDIO A Goussanem Khaled LAW FIRM GOUSSANEM & ALOUI Arezki Khelout MINISTRE DES FINANCES - DIRECTION GNRALE DU DOMAINE NATIONAL Maya Laichoubi GHELLAL & MEKERBA Mohamed Lanouar LEFVRE PELLETIER & ASSOCIS Karine Lasne LANDWELL & ASSOCIS Vincent Lunel LEFVRE PELLETIER & ASSOCIS Bournissa Mehdi LANDWELL & ASSOCIS Sid-Ahmed Mekerba GHELLAL & MEKERBA Mohamed Mokrane MINISTRE DES FINANCES - DIRECTION GNRALE DU DOMAINE NATIONAL Fares Ouzegdouh TRANSPORT PORT LOGISTICS & SOLUTIONS Ahmed Rahou MINISTRE DES FINANCES - DIRECTION GNRALE DU DOMAINE NATIONAL Mourad Seghir GHELLAL & MEKERBA Mohamed Smati AVOCAT Benabid Mohammed Tahar CABINET MOHAMMED TAHAR BENABID
REGIONAL CONTRIBUTORS A.P. MOLLER-MAERSK GROUP

ASSOCIATION OF CONSUMER CREDIT INFORMATION SUPPLIERS (ACCIS) CABINET JOHN W. FFOOKS & CO. GLOBALINK TRANSPORTATION & LOGISTICS WORLDWIDE LLP GRATA LAW FIRM JONES LANG LASALLE SALANS INTERNATIONAL LAW FIRM TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) TRANSUNION INTERNATIONAL
AFGHANISTAN
Mirza Taqi Ud Din Ahmad A.F. FERGUSON & CO., CHARTERED ACCOUNTANTS, A MEMBER FIRM OF PWC NETWORK Naseem Akbar AFGHANISTAN INVESTMENT SUPPORT AGENCY Mirwais Alami DA AFGHANISTAN BRESHNA SHERKAT Zabiullah Amin PSD CLUSTER Ziaullah Astana AFGHAN LAND CONSULTING ORGANIZATION (ALCO) Nadia Bazidwal MINISTRY OF COMMERCE AND INDUSTRY Abdullah Dowrani FINANCIAL DISPUTES RESOLUTION COMMISSION (FDRC) Suleman Fatimie AFGHANISTAN FINANCIAL SERVICES, LLC Amanda Galton ORRICK, HERRINGTON & SUTCLIFFE LLP Abdul Hanan AFGHAN LAND CONSULTING ORGANIZATION (ALCO) Rashid Ibrahim A.F. FERGUSON & CO., CHARTERED ACCOUNTANTS, A MEMBER FIRM OF PWC NETWORK Omar Joya AFGHANISTAN INVESTMENT SUPPORT AGENCY Sanzar Kakar AFGHANISTAN FINANCIAL SERVICES, LLC Mohammed Masood Khwaja DA AFGHANISTAN BRESHNA SHERKAT
Gaurav Lekh Raj Kukreja AFGHAN CONTAINER TRANSPORT COMPANY Ghulam Rabani Mansoori AFGHANISTAN INVESTMENT SUPPORT AGENCY Tali Mohammed AFGHANISTAN INVESTMENT SUPPORT AGENCY Shekeeb Nessar DA AFGHANISTAN BRESHNA SHERKAT Ateequlah Nosher DA AFGHANISTAN BANK Gul Pacha AFGHANISTAN INVESTMENT SUPPORT AGENCY Tamsil Rashid AFGHANISTAN INTERNATIONAL BANK Abdul Rahim Saeedi MINISTRY OF COMMERCE AND INDUSTRY Khalil Sediq AFGHANISTAN INTERNATIONAL BANK Sharifullah Shirzad DA AFGHANISTAN BANK Najibullah Wardak LARA Mohammadi Khan Yaqoobi DA AFGHANISTAN BANK
Shirli Gorenca KALO & ASSOCIATES Luan Gosnishti ALB BB AUDITING SHPK CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Mateo Gosnishti ALB BB AUDITING SHPK CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Emel Haxhillari KALO & ASSOCIATES Blerina Hilaj A&B BUSINESS CONSULTING Shpati Hoxha HOXHA, MEMI & HOXHA Elona Hoxhaj BOGA & ASSOCIATES TIRANA Xhet Hushi KALO & ASSOCIATES Evis Jani DRAKOPOULOS LAW FIRM Evandro Janka BOZO & ASSOCIATES LAW FIRM Ilir Johollari HOXHA, MEMI & HOXHA Sabina Lalaj BOGA & ASSOCIATES TIRANA Dorian Kashuri KALO & ASSOCIATES Erlind Kodhelaj BOGA & ASSOCIATES TIRANA Renata Leka BOGA & ASSOCIATES TIRANA Dorjana Maliqi A&B BUSINESS CONSULTING Andi Memi HOXHA, MEMI & HOXHA
ANGOLA ERNST & YOUNG

LOURDES CAPOSSO FERNANDES & ASSOCIADOS
Alexandre Caldas Menezes CALDAS MENEZES Pedro Calixto PWC ANGOLA Anacleta Cipriano FBL ADVOGADOS Miguel Conceio RGT- ADVOGADOS ASSOCIADOS Miguel de Avillez Pereira ABREU ADVOGADOS Patricia Dias AVM ADVOGADOS Beatriz Ferreira de Andrade dos Santos BANCO NACIONAL DE ANGOLA Adrito Figueira MINISTRIO DA ENERGIA E GUAS Berta Grilo FBL ADVOGADOS Jacinto Jos EDEL-EP Victor Leonel ORDEM DOS ARQUITECTOS Teresinha Lopes FBL ADVOGADOS Zinga Lourena Correia Joo EDEL-EP
ALGERIA
Branka Achari-Djokic BANQUE DALGRIE Salima Aloui LAW FIRM GOUSSANEM & ALOUI Mohamed Atbi ETUDE NOTARIALE MOHAMED ATBI Djamila Azzouz CABINET DAUDIT AZZOUZ CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Salim Azzouz CABINET DAUDIT AZZOUZ CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Khodja Bachir SNC KHODJA & CO. Samir Benslimane CABINET BENSLIMANE Adnane Bouchaib BOUCHAIB LAW FIRM Amin Bouhaddi ENTREPRISE BOUHADDI Selima Daadouche LEFVRE PELLETIER & ASSOCIS
ALBANIA DYRRAHSPED SHPK

Eduart Ahmeti BOGA & ASSOCIATES TIRANA Artur Asllani TONUCCI & PARTNERS Sabina Baboci KALO & ASSOCIATES Redjan Basha A&B BUSINESS CONSULTING
1. PwC refers to the network of member rms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member rms of the PwC network. Each member rm is a separate legal entity and does not act as agent of PwCIL or any other member rm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member rms nor can it control the exercise of their professional judgment or bind them in any way. No member rm is responsible or liable for the acts or omissions of any other member rm nor can it control the exercise of another member rms professional judgment or bind another member rm or PwCIL in any way.
218
DOING BUSINESS 2013
Arlete Maia CFRA ADVOGADOS ASSOCIADOS Guirec Malfait SDV-AMI ANGOLA LDA Vitor Marques da Cruz MC&A, IN ASSOCIATION WITH MVA MOTA VEIGA ADVOGADOS Vanessa Mendes NTA - NORONHA TINY ADVOGADOS Marcos Neto BANCO NACIONAL DE ANGOLA Luis Miguel Nunes AVM ADVOGADOS Janota Nzogi EDEL-EP Soa Oliveira FBL ADVOGADOS Eduardo Paiva PWC ANGOLA Jos Paxe IRSE - INSTITUTO REGULADOR DO SECTOR ELCTRICO Nair Pitra CFRA ADVOGADOS ASSOCIADOS Laurinda Prazeres Cardoso FBL ADVOGADOS Joo Robles F. CASTELO BRANCO & ASSOCIADOS Tatiana Serrao FBL ADVOGADOS Cristina Teixeira PWC ANGOLA Kiluange Tiny NTA - NORONHA TINY ADVOGADOS Ludmilo Tiny NTA - NORONHA TINY ADVOGADOS NGunu Tiny CFRA ADVOGADOS ASSOCIADOS Antnio Vicente Marques AVM ADVOGADOS
Stacy A. Richards-Anjo RICHARDS & CO. Andrea Roberts ROBERTS & CO. Cathrona Samuel ANTIGUA PUBLIC UTILITY AUTHORITY Lestroy Samuel ANTIGUA AND BARBUDA INVESTMENT AUTHORITY Patricia Simon-Forde CHAMBERS PATRICIA SIMON-FORDE Marsha Thomas PWC ANTIGUA Hesketh Williams MINISTRY OF LABOR
Oscar Alberto del Ro CENTRAL BANK OF ARGENTINA Julio C. Durand CASSAGNE ABOGADOS Andrs Edelstein PWC ARGENTINA Joaqun Eppens MURRAY, ANGUILLESI, GUYOT, ROSSI & SIRITO DE ZAVALA Daniel Escol QUATTRINI, LAPRIDA & ASOCIADOS Juan M. Espeso JEBSEN & CO. Pablo Ferraro Mila GONZALEZ & FERRARO MILA Diego M. Fissore G. BREUER Alejandro D. Fiuza K&L GATES LLP NEW YORK Victoria Funes M. & M. BOMCHIL Martn Gastaldi ESTUDIO BECCAR VARELA Giselle Rita Geuna ALFARO ABOGADOS Juan Jose Glusman PWC ARGENTINA Mara Soledad Gonzalez MARVAL, OFARRELL & MAIRAL, MEMBER OF LEX MUNDI Eugenia Goya ZANG, BERGEL & VIES ABOGADOS Matas Grinberg SEVERGNINI ROBIOLA GRINBERG & LARRECHEA Sandra S. Guillan DE DIOS & GOYENA ABOGADOS CONSULTORES Daniel Intile DANIEL INTILE & ASOC. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Martn Jebsen JEBSEN & CO. Luciano Jos Nstico J.P. OFARRELL ABOGADOS Santiago Laclau MARVAL, OFARRELL & MAIRAL, MEMBER OF LEX MUNDI Federico Hernn Laprida QUATTRINI, LAPRIDA & ASOCIADOS Sofa Leggiero SEVERGNINI ROBIOLA GRINBERG & LARRECHEA Bastiana Locurscio RATTAGAN, MACCHIAVELLO AROCENA & PEA ROBIROSA ABOGADOS Alvaro Luna Requena LUNA REQUENA & FERNNDEZ BORZESE TAX LAW FIRM Dolores Madueo JEBSEN & CO. Juan Manuel Magadan PWC ARGENTINA Rodrigo Marchan META Mara Lucila Marchini ESTUDIO BECCAR VARELA Gonzalo Mara Gros J.P. OFARRELL ABOGADOS Pedro Mazer ALFARO ABOGADOS Diego Mel ESTUDIO BECCAR VARELA Maria Fernanda Mierez ESTUDIO BECCAR VARELA Jos Oscar Mira CENTRAL BANK OF ARGENTINA
Jorge Miranda CLIPPERS S.A. Miguel P. Murray MURRAY, ANGUILLESI, GUYOT, ROSSI & SIRITO DE ZAVALA Pablo Murray FIORITO MURRAY & DIAZ CORDERO Damin Mauricio Najenson ESTUDIO SPOTA Alfredo Miguel OFarrell MARVAL, OFARRELL & MAIRAL, MEMBER OF LEX MUNDI Gonzalo Oliva Beltran LLERENA AMADEO, DONDO & OLIVA BELTRN Javier M. Petrantonio M. & M. BOMCHIL Alejandro Poletto ESTUDIO BECCAR VARELA Luis Ponsati J.P. OFARRELL ABOGADOS Jos Miguel Puccinelli ESTUDIO BECCAR VARELA Federico Jos Reibestein REIBESTEIN & ASOCIADOS Miguel Remmer ESTUDIO BECCAR VARELA Armando Ricci ZANG, BERGEL & VIES ABOGADOS Flavia Ros J.P. OFARRELL ABOGADOS Sebastin Rodrigo ALFARO ABOGADOS Andrs Sebastin Rojas ESTUDIO BECCAR VARELA Fernanda Sabbatini WIENER SOTO CAPARRS Jorge Sanchez Diaz ECOBAMBOO S.A. Esteban Aguirre Saravia LUNA REQUENA & FERNNDEZ BORZESE TAX LAW FIRM Mariela Sas M. & M. BOMCHIL Pablo Staszewski STASZEWSKI & ASOC. Maria Alejandra Stefanich MARVAL, OFARRELL & MAIRAL, MEMBER OF LEX MUNDI Javier Tarasido SEVERGNINI ROBIOLA GRINBERG & LARRECHEA Adolfo Tombolini DANIEL INTILE & ASOC. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Martn Torres Girotti M. & M. BOMCHIL Mara Paola Trigiani ALFARO ABOGADOS Susana Urresti EDESUR ELECTRICIDAD DISTRIBUIDORA SUR S.A. Hernan Verly ALFARO ABOGADOS Paz Villamil RATTAGAN, MACCHIAVELLO AROCENA & PEA ROBIROSA ABOGADOS Sal Zang ZANG, BERGEL & VIES ABOGADOS Joaqun Emilio Zappa J.P. OFARRELL ABOGADOS Carlos Zima PWC ARGENTINA
Armen Alaverdyan STATE REVENUE COMMITTEE OF THE GOVERNMENT OF THE REPUBLIC OF ARMENIA Ruzan Alaverdyan MINISTRY OF URBAN DEVELOPMENT Sevak Aleksanyan INVESTMENT LAW GROUP LLC Armen Arzumanyan FINSTAB LLC Sedrak Asatryan CONCERN-DIALOG LAW FIRM Albert Babayan MINISTRY OF ECONOMY OF ARMENIA Karapet Badalyan PRUDENCE LEGAL Sayad S. Badalyan INVESTMENT LAW GROUP LLC Haykaz Bakhshetsyan ELITE GROUP Vardan Bezhanyan LAW FACULTY, YEREVAN STATE UNIVERSITY Abgar Budaghyan PUBLIC SERVICES REGULATORY COMMISSION OF ARMENIA Artyom Chakhalyan LOGICON DEVELOPMENT LLC Vahe Chibukhchyan MINISTRY OF ECONOMY OF ARMENIA Vahe Danielyan MINISTRY OF ECONOMY OF ARMENIA Kristina Dudukchyan KPMG Aikanush Edigaryan TRANS-ALLIANCE Gagik Galstyan HORIZON 95 Koryun Gevorgyan MINISTRY OF ECONOMY OF ARMENIA Vahe Ghavalyan PARADIGMA ARMENIA CJSC Hayk Ghazazyan KPMG Suren Gomtsyan CONCERN-DIALOG LAW FIRM Armine Grigoryan THE STATE COMMITTEE OF THE REAL PROPERTY CADASTRE OF THE GOVERNMENT OF THE REPUBLIC OF ARMENIA Narek Grigoryan THE STATE COMMITTEE OF THE REAL PROPERTY CADASTRE OF THE GOVERNMENT OF THE REPUBLIC OF ARMENIA Tigran Grigoryan AMERIA CJSC Sargis H. Martirosyan TRANS-ALLIANCE Gevorg Hakobyan CONCERN-DIALOG LAW FIRM Meri Hambardzumyan ARMENIA JUDICAL DEPARTMENT Davit Harutyunyan PWC ARMENIA Isabella Hovhannisyan EBRD BUSINESS SUPPORT OFFICE Davit Iskandarian HSBC BANK Paruyr Jangulyan MINISTRY OF ECONOMY OF ARMENIA Vahram Jotyan GOSSELIN Tigran Jrbashyan AMERIABANK CJSC
ARGENTINA
Ignacio Acedo GONZALEZ & FERRARO MILA Fernando Aguinaga ZANG, BERGEL & VIES ABOGADOS Lisandro A. Allende BRONS & SALAS ABOGADOS Ignacio E. Aramburu ESTUDIO MOLTEDO Natalia Artmann ALFARO ABOGADOS Ariadna Artopoulos M. & M. BOMCHIL Alejo Baca Castex G. BREUER Vanesa Balda VITALE, MANOFF & FEILBOGEN Gonzalo Carlos Ballester J.P. OFARRELL ABOGADOS Nstor J. Belgrano M. & M. BOMCHIL Nicols Belgrano M. & M. BOMCHIL Sebastin Bittner JEBSEN & CO. Ignacio Fernndez Borzese LUNA REQUENA & FERNNDEZ BORZESE TAX LAW FIRM Mariano Bourdieu SEVERGNINI ROBIOLA GRINBERG & LARRECHEA Nicols Bhler HOPE, DUGGAN & SILVA Adriana Paola Caballero WIENER SOTO CAPARRS Federico Carenzo LEONHARDT, DIETL, GRAF & VON DER FECHT Mariano E. Carricart FORNIELES LAW FIRM Luciano Cativa LUNA REQUENA & FERNNDEZ BORZESE TAX LAW FIRM Pablo L. Cavallaro ESTUDIO CAVALLARO ABOGADOS Guadalupe Cores QUATTRINI, LAPRIDA & ASOCIADOS Roberto H. Crouzel ESTUDIO BECCAR VARELA Mara Amalia Cruz ZANG, BERGEL & VIES ABOGADOS Valeria DAlessandro MARVAL, OFARRELL & MAIRAL, MEMBER OF LEX MUNDI Nicols de Ezcurra ESTUDIO BECCAR VARELA Nicols Debernardi HOPE, DUGGAN & SILVA Carola Del Rio SEVERGNINI ROBIOLA GRINBERG & LARRECHEA
ANTIGUA AND BARBUDA

Ricki Camacho ANTIGUA & BARBUDA INTELLECTUAL PROPERTY & COMMERCE (ABIPCO) Eleanor R. Clark CLARKE & CLARKE Neil Coates PWC ANTIGUA Brian DOrnellas OBM INTERNATIONAL, ANTIGUA LTD. Joy Dublin JAMES & ASSOCIATES Vernon Edwards Jr. FREIGHT FORWARDING & DECONSOLIDATING Robert Giraldo CARIBTRANS Sherelyn Hughes Thomas ANTIGUA AND BARBUDA INVESTMENT AUTHORITY Alfred McKelly James JAMES & ASSOCIATES Lenworth Johnson JOHNSON GARDINER Lisa M. John Weste THOMAS, JOHN & CO. Hugh C. Marshall MARSHALL & CO. Gloria Martin FRANCIS TRADING AGENCY LIMITED Girvan Pigott ANTIGUA PUBLIC UTILITY AUTHORITY Septimus A. Rhudd RHUDD & ASSOCIATES
ARMENIA
Yelena Adamyan PHP AUDIT
ACKNOWLEDGMENTS
219
Artashes F. Kakoyan INVESTMENT LAW GROUP LLC Vahe G. Kakoyan INVESTMENT LAW GROUP LLC Arshak Karapetyan INVESTMENT LAW GROUP LLC Georgi Khachatryan AMERIA CJSC Aida Khachaturian Karen Khachaturyan THE STATE COMMITTEE OF THE REAL PROPERTY CADASTRE OF THE GOVERNMENT OF THE REPUBLIC OF ARMENIA Marine Khchoyan LOGICON DEVELOPMENT LLC Tigran Kocharyan COMPACT REAL ESTATE AGENCY LLC Karen Martirosyan AMERIA CJSC Lilit Martirosyan HOVNANIAN INTERNATIONAL LTD. Lilit Matevosyan PWC ARMENIA Arsen Matikyan CMA CGM Robin McCone PWC ARMENIA Armen Melkumyan PRUDENCE LEGAL Gurgen Migranovich Minasyan UNION OF BUILDERS OF ARMENIA Armen Mkoyan ELITE GROUP Gagik Mkrtchyan TECHNOMETRE LLC Vahe Movsisyan INVESTMENT LAW GROUP LLC Ashot Musayan THE STATE COMMITTEE OF THE REAL PROPERTY CADASTRE OF THE GOVERNMENT OF THE REPUBLIC OF ARMENIA Nerses Nersisyan PWC ARMENIA Artur Nikoyan TRANS-ALLIANCE Anna Nubaryan AMERIA CJSC Aram Orbelyan MINISTRY OF JUSTICE Anahit Petrosyan PARADIGMA ARMENIA CJSC Karen Petrosyan INVESTMENT LAW GROUP LLC Naira Petrosyan PARADIGMA ARMENIA CJSC Vahe Petrosyan LOGICON DEVELOPMENT LLC Aram Poghosyan GRANT THORNTON LLP Arman Porsughyan AMERIA CJSC Gagik Sahakyan AMERIABANK CJSC David Sargsyan AMERIA CJSC Ruben Shahmuradyan COMFORT R&V Suzanna Shamakhyan CONCERN-DIALOG LAW FIRM Gayane Shimshiryan Hakob Tadevosyan GRANT THORNTON LLP Artur Tunyan JUDICIAL REFORM PROJECT
Lilit Tunyan FINCA UNIVERSAL CREDIT ORGANIZATION CJSC Araik Vardanyan CHAMBER OF COMMERCE AND INDUSTRY OF THE REPUBLIC OF ARMENIA Arman Yesayan ALFA SYSTEM TECHNOLOGIES Aram Zakaryan ACRA CREDIT BUREAU
Stephen Jauncey HENRY DAVIS YORK Melissa Kirby HONEYWELL Paul Kirton M+K LAWYERS Rachel Kong MARQUE LAWYERS Przemek Kucharski ALLENS ARTHUR ROBINSON David Larish KING & WOOD MALLESONS Chi-Yung Lee M+K LAWYERS John Lobban ASHURST LLP Prue Long M+K LAWYERS Suzy Madar KING & WOOD MALLESONS John Martin THOMSON PLAYFORD Melody Martin ASHURST LLP Mitchell Mathas NORTON ROSE Nathan Mattock MARQUE LAWYERS Nicholas Mavrakis CLAYTON UTZ, MEMBER OF LEX MUNDI Des Mooney DEPARTMENT OF LANDS Louise Murphy MARQUE LAWYERS Aparna Nanayakkara ALLENS ARTHUR ROBINSON William Nerlich M+K LAWYERS Claudia Newman-Martin KING & WOOD MALLESONS Meredith Paynter KING & WOOD MALLESONS Mark Pistilli CLIFFORD CHANCE Michael Quinlan ALLENS ARTHUR ROBINSON John Reid OFFICE OF STATE REVENUE, NSW TREASURY Bob Ronai Amber Sharp MARQUE LAWYERS Marisha Steinberg KING & WOOD MALLESONS Damian Sturzaker MARQUE LAWYERS Allira Swick MARQUE LAWYERS Nick Thomas CLAYTON UTZ, MEMBER OF LEX MUNDI Rosie Thomas KING & WOOD MALLESONS Robert Tracy HENRY DAVIS YORK Simon Truskett CLAYTON UTZ, MEMBER OF LEX MUNDI David Twigg ENERGYAUSTRALIA
Clemens Baerenthaler DLA PIPER WEISS-TESSBACH RECHTSANWLTE GMBH Georg Bahn FRESHFIELDS BRUCKHAUS DERINGER Constantin Benes SCHOENHERR Georg Brandstetter BRANDSTETTER PRITZ & PARTNER Doris Buxbaum HEGER & PARTNER Bruno Clemente Palma PWC AUSTRIA Martin Eckel E|N|W|C NATLACEN WALDERDORFF CANCOLA RECHTSANWLTE GMBH Agnes Eigner BRANDSTETTER PRITZ & PARTNER Tibor Fabian BINDER GRSSWANG RECHTSANWLTE GMBH Julian Feichtinger CHSH CERHA HEMPEL SPIEGELFELD HLAWATI Ferdinand Graf GRAF & PITKOWITZ RECHTSANWLTE GMBH Andreas Hable BINDER GRSSWANG RECHTSANWLTE GMBH Tina Hausensteiner BPV HGEL RECHTSANWLTE OG Friedrich Helml SCWP SCHINDHELM AUSTRIA Alexander Hofmann RA DR. ALEXANDER HOFMANN, LL.M. Lothar Hofmann HLAW Alexander Isola GRAF & PITKOWITZ RECHTSANWLTE GMBH Rudolf Kaindl KOEHLER, KAINDL, DUERR & PARTNER, CIVIL LAW NOTARIES Alexander Klauser BRAUNEIS KLAUSER PRNDL RECHTSANWLTE GMBH Rudolf Krickl PWC AUSTRIA Barbara Luger FRESHFIELDS BRUCKHAUS DERINGER Peter Madl SCHOENHERR Wolfgang Messeritsch OESTERREICHISCHE NATIONALBANK Gerald Mitteregger INTERNATIONAL LOGISTIC GATEWAY Gerhard Muggenhuber BEV - FEDERAL OFFICE OF METROLOGY & SURVEYING Elke Napokoj BPV HGEL RECHTSANWLTE OG Felix Neuwirther FRESHFIELDS BRUCKHAUS DERINGER Christian Pchlinger PWC AUSTRIA Barbara Pogacar BPV HGEL RECHTSANWLTE OG Martina Raczova GRAF & PITKOWITZ RECHTSANWLTE GMBH Ulla Reisch URBANEK LIND SCHMIED REISCH RECHTSANWLTE OG Georg Schima KUNZ SCHIMA WALLENTIN RECHTSANWLTE OG, MEMBER OF IUS LABORIS
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Dzmitry Barouka ARZINGER & PARTNERS INTERNATIONAL LAW FIRM Irina A. Belskaya THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF BELARUS Vladimir G. Biruk CAPITAL GROUP Evgeniya Borisevich Ekaterina V. Borovtsova THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF BELARUS Alexander Botian BOROVTSOV & SALEI LAW OFFICES Sergey Chistyakov STEPANOVSKI, PAPAKUL AND PARTNERS LTD. Alexey Daryin REVERA CONSULTING GROUP Sergey Dubovik NATIONAL BANK OF THE REPUBLIC OF BELARUS Tatiana Emelianova VLASOVA MIKHEL & PARTNERS Andrej Ermolenko VLASOVA MIKHEL & PARTNERS Alena Gavdur ARZINGER & PARTNERS INTERNATIONAL LAW FIRM Kirill Golovko REVERA CONSULTING GROUP Evgenia Goriounova BOROVTSOV & SALEI LAW OFFICES Tatiana Guretskaya REVERA CONSULTING GROUP Oleg Gvozd PWC BELARUS Elena Hmeleva BUSINESSCONSULT LAW FIRM Antonina Ivanova LAW FIRM DICSA Marina Kalinouskaya JURZNAK LAW FIRM LLC Alina Kalinovskaya Uljana Karpekina REVERA CONSULTING GROUP Dmitry Khalimonchyk JURZNAK LAW FIRM LLC Maria Khomenko PWC BELARUS Sergey Khostovich GS PLUS Alexander Khrapoutski SYSOUEV, BONDAR, KHRAPOUTSKI LAW FIRM Alexander Kirilenko AGENCY OF TERNAROUND TECHNOLOGIES Nina Knyazeva BUSINESSCONSULT LAW FIRM Irina Koikova LAW FIRM DICSA Alexander Korsak ARZINGER & PARTNERS INTERNATIONAL LAW FIRM Dmitry Kovalchik STEPANOVSKI, PAPAKUL AND PARTNERS LTD. Anna Kozlova BNT LEGAL & TAX Sergey G. Krasovsky THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF BELARUS Olga Kuchinskaya VLASOVA MIKHEL & PARTNERS Alexandra Kuchminskaya REVERA CONSULTING GROUP
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Tashi Pem Dorji Phuntsho ROYAL SECURITIES EXCHANGE OF BHUTAN LTD. T. B. Rai ZORIG CONSULTANCY Yeshey Selden MINISTRY OF ECONOMIC AFFAIRS Govinda Sharma THIMPHU CITY CORPORATION Dorji Tshering BHUTAN POWER CORPORATION LTD. Gem Tshering BHUTAN POWER CORPORATION LTD. Sonam Tshering MINISTRY OF FINANCE Wang Tshering PCT CONSULTANCY & CONSTRUCTION Deki Wangmo BHUTAN NATIONAL BANK Karma Yeshey MINISTRY OF ECONOMIC AFFAIRS
Rodrigo Jimenez-Cusicanqui SALAZAR, SALAZAR & ASOCIADOS, SOC. CIV. Paola Justiniano Arias SANJINS & ASOCIADOS SOC. CIV. ABOGADOS Julio Csar Landvar Castro GUEVARA & GUTIRREZ S.C. Csar Lora Moretto PWC BOLIVIA Alejandra Bernal Mercado C.R. & F. ROJAS, MEMBER OF LEX MUNDI Ariel Morales Vasquez C.R. & F. ROJAS, MEMBER OF LEX MUNDI Ana Carola Muoz WRTH KIM COSTA DU RELS Jaime Muoz-Reyes G. CORPORATIVE LAW BOLIVIA CONSULTORES ASOCIADOS Pablo Ordonez AYOROA & ORDONEZ Alejandro Pelez Kay INDACOCHEA & ASOCIADOS Mariana Pereira Nava INDACOCHEA & ASOCIADOS Orlando Prez ELECTROPAZ S.A. Carlos Pinto FERRERE ATTORNEYS Oscar Antonio Plaza Ponte Sosa ENTIDAD DE SERVICIOS DE INFORMACIN ENSERBIC S.A. Patricio Rojas C.R. & F. ROJAS, MEMBER OF LEX MUNDI Mariela Rojas de Hamel ENTIDAD DE SERVICIOS DE INFORMACIN ENSERBIC S.A. Sergio Salazar-Machicado SALAZAR, SALAZAR & ASOCIADOS, SOC. CIV. Fernando Salazar-Paredes SALAZAR, SALAZAR & ASOCIADOS, SOC. CIV. Sandra Salinas C.R. & F. ROJAS, MEMBER OF LEX MUNDI Mariela Sanchez SUPERINTENDENCIA DE BANCOS Y ENTIDADES FINANCIERAS Rodolfo Ral Sanjins Elizagoyen SANJINS & ASOCIADOS SOC. CIV. ABOGADOS Jorge Nelson Serrate WRTH KIM COSTA DU RELS Javier Urcullo CRIALES, URCULLO & ANTEZANA Ramiro Velasco COLEGIO DE INGENIEROS ELECTRICISTAS Y ELECTRNICOS LA PAZ Karla Wrth WRTH KIM COSTA DU RELS
Stevan Dimitrijevic KN KARANOVI & NIKOLI Vinja Dizdarevi MARI & CO LAW FIRM Anel Droce KEBO & GUZIN Dina Durakovi Moranki LAW OFFICE DURAKOVIC Stefan Dusanic KN KARANOVI & NIKOLI Entezam Dzubur MARI & CO LAW FIRM Dzemila Gavrankapetanovi BEKIR GAVRANKAPETANOVI, KOLDO DAMIR AND KUKI EMIR Adis Gazibegovi CMS REICH-ROHRWIG HAINZ D.O.O. Azer Guzin KEBO & GUZIN Semir Guzin KEBO & GUZIN Dulizara Hadzimustac FERK (REGULATORY COMMISSION FOR ELECTRICITY IN THE FEDERATION OF BOSNIA AND HERZEGOVINA) Senada Havi Hrenovica LRC CREDIT BUREAU Nusmir Huski HUSKIC LAW OFFICE Amra Isic MARI & CO LAW FIRM Arela Jusufbasi-Goloman LAWYERS OFFICE TKALCICDULIC, PREBANIC, RIZVIC & JUSUFBASIC-GOLOMAN Lejla Kaknjo PKF INTERNATIONAL Nedada Kapidi NOTARY Miro Kebo KEBO & GUZIN Damir Koldo BEKIR GAVRANKAPETANOVI, KOLDO DAMIR AND KUKI EMIR Anja Margeti CENTRAL BANK OF BOSNIA AND HERZEGOVINA Branko Mari MARI & CO LAW FIRM Davorin Marinkovic KN KARANOVI & NIKOLI Adnan Mataradija MERFI, D.O.O. DRUTVO ZA REVIZIJU SARAJEVO Sead Miljkovi WOLF THEISS D.O.O. Monija Nogulic FERK (REGULATORY COMMISSION FOR ELECTRICITY IN THE FEDERATION OF BOSNIA AND HERZEGOVINA) Mehmed Omeragi COVJEK I PROSTOR Indir Osmi CMS REICH-ROHRWIG HAINZ D.O.O. ore Rackovi CENTRAL BANK OF BOSNIA AND HERZEGOVINA Predrag Radovanovi MARI & CO LAW FIRM Alma Ramezi PWC BOSNIA AND HERZEGOVINA Nedida Salihovi-Whalen CMS REICH-ROHRWIG HAINZ D.O.O. Hasib Salki JUMP LOGISTICS D.O.O.
Arjana Selimi JP ELEKTROPRIVREDA BIH PODRUNICA ELEKTRODISTRIBUCIJA SARAJEVO Nihad Sijeri KN KARANOVI & NIKOLI Maja imunac WOLF THEISS D.O.O. Bojana Tkali-Djuli LAWYERS OFFICE TKALCICDULIC, PREBANIC, RIZVIC & JUSUFBASIC-GOLOMAN Vildana Uupli WOLF THEISS D.O.O. Edin Zametica DERK (STATE ELECTRICITY REGULATORY COMMISSION)
BOTSWANA COLLINS NEWMAN & CO.

Jeffrey Bookbinder BOOKBINDER BUSINESS LAW Ofentse Chifedi HOYA REMOVALS & FREIGHT Edward W. Fashol-Luke II LUKE & ASSOCIATES Snoeky Gobopaone Kebakile MINISTRY OF LABOUR AND HOME AFFAIRS Godfrey Madanha CHOCHOLOZA BUILDING CONSTRUCTION PTY. LTD. Jonathan Maphepa GABORONE CITY COUNCIL Finola McMahon OSEI-OFEI SWABI & CO. Tsametse Mmolai BOTSWANA STOCK EXCHANGE Neo Thelma Moatlhodi Moilwa ZISMO ENGINEERING (PTY) LTD. Segametsi Mothibedi GABORONE CITY COUNCIL Mmatshipi Motsepe MANICA AFRICA PTY. LTD. Rajesh Narasimhan GRANT THORNTON LLP Buhle Ncube LUKE & ASSOCIATES Kwadwo Osei-Ofei OSEI-OFEI SWABI & CO. Chabo Peo BOOKBINDER BUSINESS LAW Anura Suren Perera PWC BOTSWANA Butler Phirie PWC BOTSWANA Samuel Rathedi MINISTRY OF ENVIRONMENT, WILDLIFE AND TOURISM Claudio Rossi SHARPS ELECTRICAL (PTY) LTD. Daniel Swabi OSEI-OFEI SWABI & CO. Onkemetse Thomas BOTSWANA STOCK EXCHANGE Frederick Webb ARMSTRONGS ATTORNEYS Sipho Ziga ARMSTRONGS ATTORNEYS
BOLIVIA
Fernando Aguirre BUFETE AGUIRRE SOC. CIV. Ignacio Aguirre BUFETE AGUIRRE SOC. CIV. Carolina Aguirre Urioste BUFETE AGUIRRE SOC. CIV. David Alczer CRIALES, URCULLO & ANTEZANA Christian Amestegui ASESORES LEGALES CP Daniela Aragones Cortez SANJINS & ASOCIADOS SOC. CIV. ABOGADOS Eduardo Aramayo PWC BOLIVIA Miguel Angel Ardz Aylln ELECTROPAZ S.A. Johnny Arteaga Chavez Maria del Carmen Ballivin C.R. & F. ROJAS, MEMBER OF LEX MUNDI Fernando Bedoya C.R. & F. ROJAS, MEMBER OF LEX MUNDI Cristian Bustos FERRERE ATTORNEYS Walter B. Calla Cardenas COLEGIO DEPARTAMENTAL DE ARQUITECTOS DE LA PAZ Jose Callau FERRERE ATTORNEYS Mauricio Costa du Rels WRTH KIM COSTA DU RELS Jose Luis Diaz Romero SERVICIOS GENERALES EN ELECTRICIDAD Y CONSTRUCCIN (SGEC) Salomon Eid FERRERE ATTORNEYS Isabel Ferruno FERRERE ATTORNEYS Kattia Galdo FERRERE ATTORNEYS Roberto Gomez-Justiniano SALAZAR, SALAZAR & ASOCIADOS, SOC. CIV. Primitivo Gutirrez GUEVARA & GUTIRREZ S.C. Ana Carola Guzman Gonzales SALAZAR, SALAZAR & ASOCIADOS, SOC. CIV. Jaime M. Jimnez Alvarez COLEGIO DE INGENIEROS ELECTRICISTAS Y ELECTRNICOS LA PAZ
BHUTAN
Loknath Chapagai MINISTRY OF ECONOMIC AFFAIRS Tashi Chenzom MINISTRY OF LABOUR AND HUMAN RESOURCES Eden Dema ROYAL MONETARY AUTHORITY OF BHUTAN Bhim L. Dhungel ZORIG CONSULTANCY Kencho Dorji LEKO PACKERS Lhundub Dorji EAST - WEST CONSTRUCTION Ugyen Dorji DRUK INTEGRATED GREEN BUILDINGS Chheku Dukpa CONSTRUCTION ASSOCIATION OF BHUTAN N. B. Gurung GLOBAL LOGISTICS Sonam Gyeltshen BHUTAN POWER CORPORATION LTD. Deki Kesang Shera Lhendup SAYANG LAW CHAMBERS Sonam Lhundrup DRUK HOLDING AND INVESTMENTS

Samir Bajrovi LAW OFFICE FEMIL CURT (PART OF DLA PIPER GROUP) Fedja Bicakcic KN KARANOVI & NIKOLI Dario Bievi DB SCHENKER Petar Bosni USAID TAX AND FISCAL PROJECT IN BIH (TAF) Mubera Brkovi PWC BOSNIA AND HERZEGOVINA
BRAZIL ERNST & YOUNG

EXPERTNESS BRAZIL FREIGHT FORWARDING & CONSULTING LTDA.
Marina Agueda DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS
ACKNOWLEDGMENTS
223
Antnio Aires DEMAREST E ALMEIDA ADVOGADOS Kleber Altale MACHADO MEYER SENDACZ E OPICE ADVOGADOS Flvia Cristina Altrio KLA-KOURY LOPES ADVOGADOS Lcia Aragao VEIRANO ADVOGADOS Ubajara Arcas Dias GASPARINI, DE CRESCI E NOGUEIRA DE LIMA ADVOGADOS Bruna Argento MACHADO MEYER SENDACZ E OPICE ADVOGADOS Bruno Balduccini PINHEIRO NETO ADVOGADOS Priscyla Barbosa VEIRANO ADVOGADOS Jlio Henrique Batista GUERRA E BATISTA ADVOGADOS Roberta Bessa MACHADO MEYER SENDACZ E OPICE ADVOGADOS Paula Bichuete RAYES & FAGUNDES ADVOGADOS Camila Biral DEMAREST E ALMEIDA ADVOGADOS Adriano Borges DE VIVO, WHITAKER, CASTRO E GONALVES ADVOGADOS Carlos Braga SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Danilo Breve SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Srgio Bronstein VEIRANO ADVOGADOS Paulo Campana FELSBERG, PEDRETTI, MANNRICH E AIDAR ADVOGADOS E CONSULTORES LEGAIS Renato Canizares DEMAREST E ALMEIDA ADVOGADOS rika Carvalho SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Ramon Castilho SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Veridiana Celestino VEIRANO ADVOGADOS Eduardo Chaves RAYES & FAGUNDES ADVOGADOS Alexandre Clapis MACHADO MEYER SENDACZ E OPICE ADVOGADOS Ricardo E. Vieira Coelho PINHEIRO NETO ADVOGADOS Jarbas Contin PWC BRAZIL Adriana Correa SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Gilberto Deon Corra Junior VEIRANO ADVOGADOS PORTO ALEGRE Bruno Costa Altenfelder Silva Mesquita GASPARINI, DE CRESCI E NOGUEIRA DE LIMA ADVOGADOS Bruno Henrique Coutinho de Aguiar RAYES & FAGUNDES ADVOGADOS Anderson Bispo da Silva GUERRA E BATISTA ADVOGADOS Gabriela da Silva Brando MINISTRY OF MINES AND ENERGY
Gisela da Silva Freire PORTO ADVOGADOS Adriana Daiuto DEMAREST E ALMEIDA ADVOGADOS Joo Luis Ribeiro de Almeida DEMAREST E ALMEIDA ADVOGADOS Anderson Rivas de Almeida GUERRA E BATISTA ADVOGADOS Rafael de Carvalho Passaro MACHADO MEYER SENDACZ E OPICE ADVOGADOS Rafael De Conti DE CONTI LAW OFFICE Aldo de Cresci Neto GASPARINI, DE CRESCI E NOGUEIRA DE LIMA ADVOGADOS Joo Claudio De Luca DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Marcelo Viveiros de Moura PINHEIRO NETO ADVOGADOS Marlia de Paula DE VIVO, WHITAKER, CASTRO E GONALVES ADVOGADOS Andreza de Souza Ribeiro SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Ndia Demoliner Lacerda MESQUITA BARROS ADVOGADOS, MEMBER OF IUS LABORIS Eduardo Depassier LOESER E PORTELA ADVOGADOS Ana Luisa Derenusson DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Jos Ricardo dos Santos Luz Jnior DUARTE GARCIA, CASELLI GUIMARES E TERRA ADVOGADOS Brigida Melo e Cruz PINHEIRO NETO ADVOGADOS Joo Paulo F.A. Fagundes RAYES & FAGUNDES ADVOGADOS Vanessa Felcio VEIRANO ADVOGADOS Iara Ferfoglia Gomes Dias MACHADO MEYER SENDACZ E OPICE ADVOGADOS Raphael Fernandes da Silveira Polito RAYES & FAGUNDES ADVOGADOS Alexsander Fernandes de Andrade DUARTE GARCIA, CASELLI GUIMARES E TERRA ADVOGADOS Oswaldo Fernandes Neto DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Isabelle Ferrarini Bueno VEIRANO ADVOGADOS Glaucia Ferreira DEMAREST E ALMEIDA ADVOGADOS Jos Fidalgo DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Rafael Figueiredo SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Guilherme Filardi DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Silvia Fiszman MACHADO MEYER SENDACZ E OPICE ADVOGADOS Paulo Roberto Fogarolli Filho DUARTE GARCIA, CASELLI GUIMARES E TERRA ADVOGADOS
Clarissa Freitas MACHADO MEYER SENDACZ E OPICE ADVOGADOS Rafael Gagliardi DEMAREST E ALMEIDA ADVOGADOS Bruna Luiza Gambogi Bertozzi GASPARINI, DE CRESCI E NOGUEIRA DE LIMA ADVOGADOS Alessandra Ganz VEIRANO ADVOGADOS Thiago Giantomassi Medeiros DEMAREST E ALMEIDA ADVOGADOS Michelle Giraldi Lacerda PWC BRAZIL Jorge Eduardo Gouva Vieira GOUVA VIEIRA ADVOGADOS Vanessa Grosso da Silveria Lardosa GOUVA VIEIRA ADVOGADOS Joao Mauricio Gumiero DELOITTE TOUCHE TOHMATSU Eduardo Ferraz Guerra GUERRA E BATISTA ADVOGADOS Enrique Hadad LOESER E PORTELA ADVOGADOS Ricardo Higashitani KLA-KOURY LOPES ADVOGADOS Carlos Alberto Iacia PWC BRAZIL Marcelo Inglez de Souza DEMAREST E ALMEIDA ADVOGADOS Fernando Koury Lopes KLA-KOURY LOPES ADVOGADOS Miguel Kreling PINHEIRO NETO ADVOGADOS Vilma Kutomi DEMAREST E ALMEIDA ADVOGADOS Sergio Andr Laclau XAVIER BRAGANA ADVOGADOS Flvio Lantelme PREFEITURA DA CIDADE DE SAO PAULO Juliano Lazzarini Moretti LAZZARINI MORETTI ADVOGADOS Jos Augusto Leal CASTRO, BARROS, SOBRAL, GOMES ADVOGADOS Alexandre Leite SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Fernando Loeser LOESER E PORTELA ADVOGADOS Ricardo Loureiro SERASA S.A. Eduardo Luise Gonzalez Bronzatti PINHEIRO GUIMARES ADVOGADOS Marina Maccabelli DEMAREST E ALMEIDA ADVOGADOS Tiago Machado Cortez KLA-KOURY LOPES ADVOGADOS Joo Gabriel A. L. Clark Magon DEMAREST E ALMEIDA ADVOGADOS Estvo Mallet MALLET E ADVOGADOS ASSOCIADOS Camila Mansur LAZZARINI MORETTI ADVOGADOS Andr Marques PINHEIRO NETO ADVOGADOS Laura Massetto Meyer PINHEIRO GUIMARES ADVOGADOS Eduardo Augusto Mattar PINHEIRO GUIMARES ADVOGADOS Felipe Oliveira Mavignier GASPARINI, DE CRESCI E NOGUEIRA DE LIMA ADVOGADOS
Marianne Mendes Webber SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Sarah Mila Barbassa SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Renata Moreira Lima LAZZARINI MORETTI ADVOGADOS Gustavo Morel VEIRANO ADVOGADOS Renata Morelli RAYES & FAGUNDES ADVOGADOS Giorgia Nagalli SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Cssio S. Namur SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Marcelo Natale DELOITTE TOUCHE TOHMATSU Diogo Nebias SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Jorge Nemr LEITE, TOSTO E BARROS Walter Nimir DE VIVO, WHITAKER, CASTRO E GONALVES ADVOGADOS Joo Paulo Nogueira Barros GOUVA VIEIRA ADVOGADOS Flvio Pinto Nunes THYSSENKRUPP CSA SIDERURGICA DO ATLANTICO Daniel Oliveira SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Evany Oliveira PWC BRAZIL Joo Otvio Pinheiro Olivrio CAMPOS MELLO ADVOGADOS, IN COOPERATION WITH DLA PIPER Andra Oricchio Kirsh CUNHA ORICCHIO RICCA LOPES ADVOGADOS Gyedre Palma Carneiro de Oliveira SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Eloisa Paulino SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Rogerio Rabelo Peixoto BANCO CENTRAL DO BRASIL Leila Pigozzi Alves DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Luanda Pinto Backheuser DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Durval Portela LOESER E PORTELA ADVOGADOS Daniela Prieto VEIRANO ADVOGADOS Dario Rabay SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Eliane Ribeiro Gago DUARTE GARCIA, CASELLI GUIMARES E TERRA ADVOGADOS Laura Ribeiro Vissotto 1 CARTRIO DE NOTAS DE SO JOS DOS CAMPOS Viviane Rodrigues SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Cezar Roedel Maristela Rossetti XAVIER BRAGANA ADVOGADOS
Csar Rossi Machado DEMAREST E ALMEIDA ADVOGADOS Lia Roston RAYES & FAGUNDES ADVOGADOS Gustavo Rotta DELOITTE TOUCHE TOHMATSU Luis Augusto Roux Azevedo DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Jos Samurai Saiani MACHADO MEYER SENDACZ E OPICE ADVOGADOS Srgio Savi CASTRO, BARROS, SOBRAL, GOMES ADVOGADOS Carolina Schreier KLA-KOURY LOPES ADVOGADOS Sabine Schuttoff DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Gabriel Seijo SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Donizetti A. Silva DAS CONSULTORIA Beatriz Souza SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Walter Stuber WALTER STUBER CONSULTORIA JURDICA Paula Surerus XAVIER BRAGANA ADVOGADOS Rodrigo Takano MACHADO MEYER SENDACZ E OPICE ADVOGADOS Marcelo Tendolini Saciotto RAYES & FAGUNDES ADVOGADOS Milena Tesser RAYES & FAGUNDES ADVOGADOS Marcos Tiraboschi DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Ivandro Trevelim SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Priscila Trevisan RAYES & FAGUNDES ADVOGADOS Luiz Fernando Valente De Paiva PINHEIRO NETO ADVOGADOS Ronaldo C. Veirano VEIRANO ADVOGADOS Rafael Vitelli Depieri 1 CARTRIO DE NOTAS DE SO JOS DOS CAMPOS Karina Vlahos DE LUCA, DERENUSSON, SCHUTTOFF E AZEVEDO ADVOGADOS Jos Carlos Wahle VEIRANO ADVOGADOS Eduardo Guimares Wanderley VEIRANO ADVOGADOS Thiago Wscieklica SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Celso Xavier DEMAREST E ALMEIDA ADVOGADOS Karin Yamauti Hatanaka SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Carolina Zanolo MACHADO MEYER SENDACZ E OPICE ADVOGADOS Alessandra Zequi Salybe de Moura SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS
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DOING BUSINESS 2013
BRUNEI DARUSSALAM HSE ENGINEERING SDN BHD

Ahmad Basuni Abbas Hazah Alkaff AKITEK SAA Jonathan Cheok CHEOK ADVOCATES & SOLICITORS Robin Cheok CHEOK ADVOCATES & SOLICITORS Danny Chua BRUNEI TRANSPORTING COMPANY Mohamad Daud Ismail DAUD ISMAIL AND COMPANY Nur al-Ain Haji Abdullah ATTORNEY GENERALS CHAMBERS Saipol Hj Abd Razak ATTORNEY GENERALS CHAMBERS Zaleha Hj Mat Zain ATTORNEY GENERALS CHAMBERS Zuleana Kassim LEE CORPORATEHOUSE ASSOCIATES Alice Khan ATTORNEY GENERALS CHAMBERS Cynthia Kong WIDDOWS KONG & ASSOCIATES Kin Chee Lee LEE CORPORATEHOUSE ASSOCIATES Lennon Lee PWC SINGAPORE Christina Lim CHEOK ADVOCATES & SOLICITORS Kelvin Lim K. LIM & CO. Siew Yen Lim THE JUDICIAL DEPARTMENT Colin Ong DR. COLIN ONG LEGAL SERVICES Pg Yusuf Pg Hj Mat Salleh ATTORNEY GENERALS CHAMBERS Mariani Hj Sabtu MINISTRY OF INDUSTRY AND PRIMARY RESOURCES BUILDING Martin Sinnung Jr. BRUNEI TRANSPORTING COMPANY Shazali Sulaiman KPMG Ting Tiu Pheng ARKITEK TING Cecilia Wong TRICOR (B) SDN BHD
Lyudmila Chulkova PENEV LLP Maria Danailova DANAILOVA, TODOROV AND PARTNERS
LAW FIRM
Yordan Naydenov BOYANOV & CO. Neli Nedkova WOLF THEISS Nedyalka Novakova BOYANOV & CO. Yulia Peeva REX CONSULTING LTD. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Lilia Pencheva EXPERIAN BULGARIA EAD Sergey Penev PENEV LLP Daniela Petkova DOBREV, KINKIN & LYUTSKANOV Veselka Petrova TSVETKOVA, BEBOV AND PARTNERS Gergana Popova GEORGIEV, TODOROV & CO. Alexander Rangelov PWC BULGARIA Svetoslav Shterev VIRTUS Julian Spassov MCGREGOR & PARTNERS Irina Stoeva STOEVA, KUYUMDJIEVA & VITLIEMOV Roman Stoyanov PENKOV, MARKOV & PARTNERS Margarita Stoyanova KAMBOUROV & PARTNERS Vessela Tcherneva Yankova V CONSULTING BULGARIA Yordan Terziev ARSOV NATCHEV GANEVA Aleksandrina Terziyska GUGUSHEV & PARTNERS Kaloyan Todorov DANAILOVA, TODOROV AND PARTNERS
LAW FIRM
Aim Bonkoungou SONABEL Serge Damiba ARCHI CONSULT Denis Dawende OFFICE NOTARIAL ME JEAN CELESTIN ZOURE Moumouni Diarra SONABEL Seydou Diarra Jean Claude Gnamien PWC CTE DIVOIRE Jean Bedel Gouba SONABEL Karim Ilboudo CEFAC Ol Alain KAM DEMBS ASSOCIATES SARL Issaka Kargougou MAISON DE LENTREPRISE DU BURKINA FASO Barthlmy Kere CABINET DAVOCATS BARTHLEMY KERE Gilbert Kibtonr CEFAC Clarisse Kienou MAISON DE LENTREPRISE DU BURKINA FASO Alain Gilbert Koala ORDRE DES ARCHITECTES DU BURKINA Vincent Armand Kobian ARDI ARCHITECTES CONSEILS Moumouny Kopiho CABINET DAVOCATS MOUMOUNY KOPIHO Raphal Kouraogo SONABEL Ange Laure MPow SCPA YAGUIBOU & YANOGO Adeline Messou PWC CTE DIVOIRE Emmanuella Moulod PWC CTE DIVOIRE S. Al Nadia CABINET DAVOCATS MOUMOUNY KOPIHO Moussa Ouedraogo SCPA YAGUIBOU & YANOGO Oumarou Ouedraogo CABINET OUEDRAOGO Roger Omer Oudraogo ASSOCIATION PROFESSIONNELLE DES TRANSITAIRES & COMMISSIONNAIRES EN DOUANE AGRES Alain Serge Par CABINET YAGUIBOU & YANOGO Bnwend S. Sankara CABINET MATRE SANKARA Hermann Lambert Sanon GROUPE HAGE Adama Saouadogo ONEA Dieudonn Sawadogo CABINET DAVOCATS MOUMOUNY KOPIHO Olga Tamini SCPA YAGUIBOU & YANOGO Dieudonn Tapsoba SECRTARIAT GNRAL DU MINISTRE DE LHABITAT ET DE LURBANISME Dominique Taty PWC CTE DIVOIRE Moussa Traore MAISON DE LENTREPRISE DU BURKINA FASO Foussni Traor PWC CTE DIVOIRE
Bouba Yaguibou SCPA YAGUIBOU & YANOGO Emmanuel Yehouessi BCEAO Francis Zagre SONABEL K. Cyrille Zangre CABINET DAVOCATS MOUMOUNY KOPIHO Bogore Zongo CHAMBRE NATIONALE DES HUISSIERS DE JUSTICE DU BURKINA FASO Sylvie Zongo CABINET PIERRE ABADIE
Kostadinka Deleva GUGUSHEV & PARTNERS Alexandra Doytchinova SCHOENHERR Silvia Dulevska BULGARIAN NATIONAL BANK Daniela Dzabarova IKRP ROKAS & PARTNERS Maria Endreva DOBREV, KINKIN & LYUTSKANOV Slavcho Georgiev PENEV LLP Atanas Georgiev PUBLIC SERVICES OOD Marieta Getcheva PWC BULGARIA Matea Gospodinova DJINGOV, GOUGINSKI, KYUTCHUKOV & VELICHKOV Ralitsa Gougleva DJINGOV, GOUGINSKI, KYUTCHUKOV & VELICHKOV Stefan Gugushev GUGUSHEV & PARTNERS Tatyana Hristova LEGALEX Velyana Hristova PENKOV, MARKOV & PARTNERS Ginka Iskrova PWC BULGARIA Angel Kalaidjiev KALAIDJIEV & GEORGIEV Yavor Kambourov KAMBOUROV & PARTNERS Irena Karpe KAMBOUROV & PARTNERS Rositsa Kebedjieva PENKOV, MARKOV & PARTNERS Hristina Kirilova KAMBOUROV & PARTNERS Diana Kiskinova TAX ACCOUNT LTD. Nikolay Kolev BOYANOV & CO. Donko Kolev RAIFFEISEN REAL ESTATE LTD. Ilya Komarevski TSVETKOVA, BEBOV AND PARTNERS Hristiana Krivoshieva ECONOMOU INTERNATIONAL SHIPPING AGENCY LIMITED Tsvetan Krumov SCHOENHERR Stephan Kyutchukov DJINGOV, GOUGINSKI, KYUTCHUKOV & VELICHKOV Dessislava Lukarova ARSOV NATCHEV GANEVA Jordan Manahilov BULGARIAN NATIONAL BANK Dimitrinka Metodieva GUGUSHEV & PARTNERS Slavi Mikinski LEGALEX Blagomir Minov TSVETKOVA, BEBOV AND PARTNERS Tzvetoslav Mitev GEORGIEV, TODOROV & CO. Vladimir Natchev ARSOV NATCHEV GANEVA
BURUNDI
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Benjamin Rufagari GPO PARTNERS BURUNDI CORRESPONDENT FIRM OF DELOITTE Thierry Rujerwaka LABORATOIRE NATIONAL DU BTIMENT ET DES TRAVAUX PUBLICS (LNBTP) BURUNDI Isaac Rwankineza ENTREPRISE BTCE Fabien Segatwa ETUDE ME SEGATWA Gabriel Sinarinzi CABINET ME GABRIEL SINARINZI Audace Sunzu REGIDESO Egide Uwimana TRIBUNAL DU TRAVAIL DE BUJUMBURA
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Zhitong Ding CREDIT REFERENCE CENTER OF PEOPLES BANK OF CHINA Yu Du MMLC GROUP Wei Gao BEIJING V&T LAW FIRM Alexander Gong BAKER & MCKENZIE Joanna Guo ZHONG LUN LAW FIRM William He ZHONG LUN LAW FIRM Vivian Ho BAKER & MCKENZIE Jing Hu NORONHA ADVOGADOS Jinquan Hu KING & WOOD MALLESONS LAWYERS Brenda Jiang NINGBO SUNSEA APPAREL Jiao Jiao JUN HE LAW OFFICE, MEMBER OF LEX MUNDI Audry Li ZHONG LUN LAW FIRM Mark Li ZHONG LUN LAW FIRM Qing Li JUN HE LAW OFFICE, MEMBER OF LEX MUNDI Jane Liang KING & WOOD MALLESONS LAWYERS Grace Liu HUA-ANDER CPAS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Zhiqiang Liu KING & WOOD MALLESONS LAWYERS Lucy Lu KING & WOOD MALLESONS LAWYERS Xiaoli Ma JUN HE LAW OFFICE, MEMBER OF LEX MUNDI Matthew Mui PWC CHINA Matthew Murphy MMLC GROUP Lei Niu ZHONG LUN LAW FIRM Andrea Ren MAYER BROWN JSM Jane Ren ZHONG LUN LAW FIRM Mark Rockwood NICOBAR GROUP Stephen Rynhart JONES LANG LASALLE Han Shen DAVIS POLK & WARDWELL Jessie Tang GLOBAL STAR LOGISTICS (CHINA) CO., LTD. Terence Tung MAYER BROWN JSM Fenghe Wang DACHENG LAW OFFICES Guoqi Wang HUA-ANDER CPAS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Jinghua Wang JUN HE LAW OFFICE, MEMBER OF LEX MUNDI Thomas Wang JOINWAY LAWFIRM Xiaolei Wang CREDIT REFERENCE CENTER OF PEOPLES BANK OF CHINA
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Bernardo Avila PARRA, RODRGUEZ & CAVELIER S.A.S. Catherine Baena CAVELIER ABOGADOS Luis Alfredo Barragn BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Aurora Barroso PARRA, RODRGUEZ & CAVELIER S.A.S. Martha Bonett CAVELIER ABOGADOS Gloria Mara Borrero Restrepo CORPORACIN EXCELENCIA EN LA JUSTICIA Leonardo Caldern Perdomo COLEGIO DE REGISTRADORES DE INSTRUMENTOS PBLICOS DE COLOMBIA Carolina Camacho POSSE HERRERA & RUIZ Claudia Marcela Camargo Arias PWC COLOMBIA Pablo Crdenas BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Erick Camilo Castellanos Reyes JOSE LLOREDA CAMACHO & CO. Felipe Cuberos PRIETO & CARRIZOSA S.A. Maria Cristina Cuestas DHL GLOBAL FORWARDING Andrs de la Rosa CAVELIER ABOGADOS Mara Alejandra de los Ros JOSE LLOREDA CAMACHO & CO. Lorena Diaz JOSE LLOREDA CAMACHO & CO. Juliana Duque PARRA, RODRGUEZ & CAVELIER S.A.S. Jairo Flechas GENELEC LTDA. Carlos Fradique-Mndez BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Luis Hernando Gallo Medina GALLO MEDINA ABOGADOS ASOCIADOS Natalia Garca JOSE LLOREDA CAMACHO & CO. Yamile Andrea Gmez PRODUCTOS STAHL DE COLOMBIA S.A. Francisco Gonzlez PARRA, RODRGUEZ & CAVELIER S.A.S. Santiago Gutirrez JOSE LLOREDA CAMACHO & CO. Mnica Hernndez PRIETO & CARRIZOSA S.A. Jhovanna Jimnez BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Carlos Mario Lafaurie Escorce PWC COLOMBIA Jorge Lara-Urbaneja LARA CONSULTORES Alejandro Linares-Cantillo GMEZ-PINZN ZULETA ABOGADOS S.A. Eduardo Mantilla-Serrano M&M TRADE AND LAW Mara Fernanda Martnez CAVELIER ABOGADOS David Meja JOSE LLOREDA CAMACHO & CO. Luis Mendoza JOSE LLOREDA CAMACHO & CO. Catalina Menjura POSSE HERRERA & RUIZ
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Daniela Vergel CRDENAS & CRDENAS Adriana Zapata CAVELIER ABOGADOS Alberto Zuleta CRDENAS & CRDENAS Diana Zuleta PARRA, RODRGUEZ & CAVELIER S.A.S.
COMOROS
Chabani Abdallah Halifa GROUPE HASSANATI SOILIHI - GROUPE HASOIL Said Ahmed Aboudou TOPING Hilmy Aboudsaid COMORES CARGO INTERNATIONAL Abdillahe Ahamed Ahamada DIRECTION GNRALE DES IMPTS Yassian Ahamed DIRECTION DE LENERGIE Bahassani Ahmed CABINET DAVOCAT BAHASSANI Harimia Ahmed Ali CABINET ME HARIMIA Mbaraka Al Ibrahim SERVICE DE L URBANISME COMOROS Omar Said Allaoui E.C.D.I. Mouzaoui Amroine ORGANISATION PATRONALE DES COMORES Moustoifa Assoumani ETUDE MATRE CHOUZOUR LOUTFI Zahara Assoumani ETUDE DE MATRES BINTI OUMOURI ET ZAHARA ASSOUMANI Said Ali Said Athouman UNION OF THE CHAMBER OF COMMERCE Issilam Bambi APPRO BUILD Ali Mohamed Choibou ETUDE MATRE CHOIBOU Remy Grondin VITOGAZ COMORES Ali Hadidi Hanima ETUDE MATRE CHOIBOU Adili Hassani ELECTRICIT ET EAU DES COMORES Elyachourtu Ali Hila CONSEIL EN FINANCE Haroussi Idrissa TRIBUNAL DE PREMIRE INSTANCE DE MORONI Youssouf Ismael DIRECTION GNRALE DES IMPOTS Said Bacar Kaab PRFECTURE MORONI Faouzi Mohamed Lakj TRIBUNAL DE COMMERCE COMOROS Chouzour Lout ETUDE MATRE CHOUZOUR LOUTFI Abdillah Maoulana CUSTOMS COMOROS Mohamed Mbechezi CODETRANS Abdoulbastoi Moudjahidi CLUB OHADA COMORES Farahati Moussa ORGANISATION PATRONALE DES COMORES Ibrahim A. Mzimba CABINET MZIMBA AVOCATS Binti Oumouri ETUDE DE MAITRES BINTI OUMOURI ET ZAHARA ASSOUMANI
COLOMBIA EINCE LTDA.

NOTARA 13 DE BOGOT NOTARA 41 DE BOGOT
Enrique Alvarez JOSE LLOREDA CAMACHO & CO. Napoleon Alvarez COLEGIO DE REGISTRADORES DE INSTRUMENTOS PBLICOS DE COLOMBIA Jaime Mauricio Angulo Sanchez COMPUTEC - DATACRDITO Alexandra Arbelez Cardona RUSSELL BEDFORD COLOMBIA - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Mara Alejandra Arboleda POSSE HERRERA & RUIZ Fabio Ardila GMEZ-PINZN ZULETA ABOGADOS S.A. Jorge Mauricio Arenas Sanchez CODENSA S.A. ESP Juan Sebastin Arias BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Jose Luis Ariza Vargas SUPERINTENDENCE OF NOTARIES AND REGISTRIES
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Pascal Kouo SOGECO - ETDE CONGO Emmanuel Le Bras PWC Salomon Louboula ETUDE NOTARIALE LOUBOULA Jean Prosper Mabassi ORDRE NATIONAL DES AVOCATS DU CONGO BARREAU DE BRAZZAVILLE Zahour Mbemba LAWYER Jean Paul Moliso Samba SOCAB Robert Ngabou CAP ARCHITECTS Regina Nicole Okandza Yoka DIRECTION GNRALE DES IMPTS Armand Robert Okoko CABINET ARMAND ROBERT OKOKO Alpha Zingamoko PWC
Roy Guzman Ramirez COMPAA NACIONAL DE FUERZA Y LUZ Milena Hidalgo TELETEC S.A. Randall Zamora Hidalgo COSTA RICA ABC Ernesto Htt Crespo FACIO & CAAS, MEMBER OF LEX MUNDI Anneth Jimenez BLP ABOGADOS Vivian Jimnez OLLER ABOGADOS Elvis Eduardo Jimnez Gutirrez SUPERINTENDENCIA GENERAL DE ENTIDADES FINANCIERAS Margarita Libby Hernandez MARGARITA LIBBY Y ASOCIADOS S.A. Carlos Marin Castro MINISTERIO DE COMERCIO EXTERIOR Ivannia Mndez Rodrguez OLLER ABOGADOS Gabriela Miranda OLLER ABOGADOS Jaime Molina PROYECTOS ICC S.A. Jorge Montenegro SCGMT ARQUITECTURA Y DISEO Eduardo Montoya Solano SUPERINTENDENCIA GENERAL DE ENTIDADES FINANCIERAS Cecilia Naranjo LEX COUNSEL Tomas Nassar PACHECO COTO Olman Nez TELETEC S.A. Sergio Prez LEXINCORP COSTA RICA Mainor Quesada TELETEC S.A. Mauricio Quiros QUIROS ABOGADOS CENTRAL LAW Rafael Quiros QUIROS ABOGADOS CENTRAL LAW Ana Quiros Vaglio TRANSUNION Ricardo Rodriguez QUIROS ABOGADOS CENTRAL LAW Manrique Rojas LEXINCORP COSTA RICA Miguel Ruiz Herrera LEX COUNSEL Jose Luis Salinas SCGMT ARQUITECTURA Y DISEO Luis Snchez FACIO & CAAS, MEMBER OF LEX MUNDI Fernando Sanchez Castillo RUSSELL BEDFORD COSTA RICA / ABBQ CONSULTORES, S.A. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Luis Sibaja LEX COUNSEL Ronny Michel Valverde Mena EXTRUSIONES DE ALUMINIO S.A. Alonso Vargas LEXINCORP COSTA RICA Daniela Vargas PWC COSTA RICA Marianela Vargas PWC COSTA RICA Stanley Villegas DECISA
Jafet Ziga Salas SUPERINTENDENCIA GENERAL DE ENTIDADES FINANCIERAS
CONGO, DEM. REP. CABINET DARCHITECTE MARC PERAZZONE

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CTE DIVOIRE CABINET JOHN W. FFOOKS & CO.

ORDRE DES GOMETRES EXPERT DE LA CTE DIVOIRE
Ahmadou Al Aminou Lo BCEAO Claude Aman BOLLOR AFRICA LOGISTICS Ika Raymond Any-Gbayere ANY RAY & PARTNERS Landry Baguy Lassiney Kathann Camara CLK AVOCATS Asman Csar CABINET NGOAN, ASMAN & ASSOCIS Aminata Cone SCPA DOGU-ABB YAO & ASSOCIS Issa Diabat KOFFI & DIABAT Junior Doukoure ANY RAY & PARTNERS Dorothe K. Dreesen ETUDE MATRE DREESEN Stphane Eholie SIMAT Bertrand Fleury BOLLOR AFRICA LOGISTICS Liad Vaudy Gbetibouo CLK AVOCATS Koupo Gnoleba MINISTRE DE LA CONSTRUCTION Claude-Andre Groga CABINET JEAN-FRANOIS CHAUVEAU Barnabe Kabore NOVELEC SARL Noel Koffi CABINET NOL Y. KOFFI Fatoumata Konate Toure-B. ETUDE DE ME KONATE TOURE-B. FATOUMATA Mahoua Kone ETUDE DE MATRE KONE MAHOUA NDri Marielle-Ange Kouakou CLK AVOCATS Arsne Dabl Kouassi SCPA DOGU-ABB YAO & ASSOCIS Tape Likane CABINET NGOAN, ASMAN & ASSOCIS Charlotte-Yolande Mangoua ETUDE DE MATRE MANGOUA Adeline Messou PWC CTE DIVOIRE Georges NGoan CABINET NGOAN, ASMAN & ASSOCIS Patricia Nguessan CABINET JEAN-FRANOIS CHAUVEAU Jacques Otro CONSEIL NATIONAL DE LORDRE DES ARCHITECTES Athanase Raux CABINET RAUX, AMIEN & ASSOCIS Koffi Raymond SIMAT Simon Dognima Silu BILE-AKA, BRIZOUA-BI & ASSOCIS Dominique Taty PWC CTE DIVOIRE Foussni Traor PWC CTE DIVOIRE Jean Christian Turkson CIE
COSTA RICA
Aisha Acua LEXINCORP COSTA RICA Gloriana Alvarado PACHECO COTO Arnoldo Andr ANDRE TINOCO ABOGADOS Alejandro Antillon PACHECO COTO Carlos Araya QUIROS ABOGADOS CENTRAL LAW Carlos Arias OLLER ABOGADOS Luis Diego Barahona PWC COSTA RICA Carlos Barrantes PWC COSTA RICA Ignacio Beirute QUIROS ABOGADOS CENTRAL LAW Alejandro Bettoni Traube DONINELLI & DONINELLI - ASESORES JURDICOS ASOCIADOS Michael Bruce ACZALAW Oswald Bruce ACZALAW Eduardo Caldern-Odio BLP ABOGADOS Adriana Castro BLP ABOGADOS Luis Manuel Castro BLP ABOGADOS Silvia Chacon ALFREDO FOURNIER & ASOCIADOS Roberto Esquivel OLLER ABOGADOS Freddy Fachler PACHECO COTO Elizabeth Fallas QUIROS ABOGADOS CENTRAL LAW Irene Fernndez LEX COUNSEL Neftali Garro BLP ABOGADOS Miguel Golcher Valverde COLEGIO DE INGENIEROS ELECTRICISTAS, MECNICOS E INDUSTRIALES Andrea Gonzlez BLP ABOGADOS David Gutierrez Jorge Guzmn LEX COUNSEL
CONGO, REP. CABINET JOHN W. FFOOKS & CO.

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Patrice Bazolo PWC Prosper Bizitou PWC Antoine Bokolo Joue CAP ARCHITECTS Morin Boris TRANSPORTER Claude Coelho CABINET DAVOCATS CLAUDE COELHO Mohammad Daoudou PWC Mathias Essereke CABINET DAVOCATS MATHIAS ESSEREKE Philippe Fouda Fouda BEAC CAMEROON Gaston Gapo ATELIER DARCHITECTURE ET DURBANISME Franois Grimaud PWC Moise Kokolo PWC
ACKNOWLEDGMENTS
229
Kotokou Kouakou Urbain ATK Emmanuel Yehouessi BCEAO Lon Dsir Zalo MINISTRE DETAT, MINISTRE DE LAGRICULTURE Seydou Zerbo SCPA DOGU-ABB YAO & ASSOCIS
Dina Lukac LEKO I PARTNERI ATTORNEYS AT LAW Miroljub Maei MAEI & PARTNERS, ODVJETNICKO
DRUSTVO
Achilleas Amvrosiou ARTEMIS BANK INFORMATION SYSTEMS LTD. Andreas Andreou CYPRUS GLOBAL LOGISTICS George Antoniades GANTONI GENERAL ENTERPRISES Pavlos Aristodemou ARISTODEMOU LOIZIDES YIOLITIS LLC Anja Arsalides CYPRUS INVESTMENT PROMOTION AGENCY Antonis Christodoulides PWC CYPRUS Kypros Chrysostomides DR. K. CHRYSOSTOMIDES & CO. LLC Achilleas Demetriades LELLOS P DEMETRIADES LAW OFFICE LLC Tatia Efstathiou P.G. ECONOMIDES & CO LIMITED - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Lefteris S. Eleftheriou CYPRUS INVESTMENT PROMOTION AGENCY Marios Eliades M.ELIADES & PARTNERS LLC Elena Frixou ARTEMIS BANK INFORMATION SYSTEMS LTD. Olga Gaponova DELOITTE LLP Elvira Georgiou ANTIS TRIANTAFYLLIDES & SONS LLC Marios Hadjigavriel ANTIS TRIANTAFYLLIDES & SONS LLC Iacovos Hadjivarnavas FAMAGUSTA CHAMBER OF COMMERCE AND INDUSTRY Samantha G. Hellicar ANTIS TRIANTAFYLLIDES & SONS LLC Marina Ierokipiotou ANTIS TRIANTAFYLLIDES & SONS LLC Christina Ioannidou IOANNIDES DEMETRIOU LLC George Karakannas CH.P. KARAKANNAS ELECTRICAL LTD. Melina Karaolia M.ELIADES & PARTNERS LLC Harris Kleanthous DELOITTE LLP Kleanthis Kleanthous MINISTRY OF INTERIOR Christina Koronis PWC CYPRUS Christina Kotsapa ANTIS TRIANTAFYLLIDES & SONS LLC Nicholas Ktenas ANDREAS NEOCLEOUS & CO. LEGAL CONSULTANTS Olga Lambrou MOUAIMIS & MOUAIMIS ADVOCATES Pieris M. Markou DELOITTE LLP Costas Mavrocordatos PWC CYPRUS Phivos Michaelides IOANNIDES DEMETRIOU LLC Panayotis Mouaimis MOUAIMIS & MOUAIMIS ADVOCATES George Mouskides FOX SMART ESTATE AGENCY Demetris Nicolaou ARISTODEMOU LOIZIDES YIOLITIS LLC Varnavas Nicolaou PWC CYPRUS
Themis Panayi CYPRUS STOCK EXCHANGE Georgios Papadopoulos M.ELIADES & PARTNERS LLC Stella Papadopoulou MINISTRY OF INTERIOR Chrysilios Pelekanos PWC CYPRUS Marios Pelekanos MESARITIS PELEKANOS ARCHITECTS - ENGINEERS Ioanna Petrou PWC CYPRUS Maria Petsa CYPRUS STOCK EXCHANGE Yiannos Pipis NICE DAY DEVELOPERS Kritonas Savvides NICE DAY DEVELOPERS Lambros Soteriou MICHAEL KYPRIANOU & CO. LLC Criton Tornaritis TORNARITIS LAW FIRM Stelios Triantafyllides ANTIS TRIANTAFYLLIDES & SONS LLC Irene Tziakouri PWC CYPRUS Christiana Vassiliou ANTIS TRIANTAFYLLIDES & SONS LLC Xenios Xenopoulos LAWYER Savvas Yiordamlis IOANNIDES DEMETRIOU LLC
Dagmar Dubecka KOCIAN SOLC BALASTIK, ADVOKTN KANCEL, S.R.O. Tom Elbert WHITE & CASE Robert Elefant PWC CZECH REPUBLIC Tereza Ernyi PRK PARTNERS S.R.O. ADVOKTN KANCEL Michal Fortek KINSTELLAR Jakub Hajek AMBRUZ & DARK Michal Hanko BUBNIK, MYSLIL & PARTNERS Jarmila Hanzalov PRK PARTNERS S.R.O. ADVOKTN KANCEL Vt Horek GLATZOV & CO. Radek Hork NOTARY CHAMBER, CZECH REPUBLIC Pavel Jakab PETERKA & PARTNERS Kateina Jarolmkov NOTSK KOMORA ESK REPUBLIKY Ludvik Juika AMBRUZ & DARK Jitka Korejzova PRK PARTNERS S.R.O. ADVOKTN KANCEL Adela Krbcov PETERKA & PARTNERS Martin Krechler GLATZOV & CO. Tom Kren WHITE & CASE Ale Kub AMBRUZ & DARK Petr Kucera CCB - CZECH CREDIT BUREAU Zdenk Kuera BAKER & MCKENZIE Petr Kuhn WHITE & CASE Lukas Lejcek BDP-WAKESTONE S.R.O. Zuzana Luklov AMBRUZ & DARK Ondrej Machala NOTARY CHAMBER, CZECH REPUBLIC Ondej Mnek WOLF THEISS ADVOKTI S.R.O. Ji Markvart AMBRUZ & DARK Peter Maysenhlder BNT - PRAVDA & PARTNER, S.R.O. Petr Mnek KINSTELLAR Veronika Mistova PRK PARTNERS S.R.O. ADVOKTN KANCEL Pavlna Miutov WHITE & CASE Vojtech Mlynar WHITE & CASE Miroslava Mojiov AMBRUZ & DARK Lenka Mrazova PWC CZECH REPUBLIC David Musil PWC CZECH REPUBLIC Jarmila Musilova CZECH NATIONAL BANK
Josip Marohni GLINSKA & MIKOVI LTD. Domagoj Matica AI & PARTNERS Andrej Matijevich MATIJEVICH LAW OFFICE Igor Mirosevic DIVJAK, TOPI & BAHTIJAREVI Tomislav Pedii VUKMIR & ASOCIATES Miroslav Plaar URI I PARTNERI Marko Praljak PRALJAK & SVI Hrvoje Radi GJURGJAN & RIBAR RADI LAW FIRM Kristina Rihtar LAW OFFICE VIDAN Gordan Rotkvi PWC CROATIA Davor Rukoni DIVJAK, TOPI & BAHTIJAREVI Boris arovi AVORI & PARTNERS Ana Sihtar SIHTAR ATTORNEYS AT LAW Andrej Skoi MERVIS D.O.O. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Vladimir Skoi MERVIS D.O.O. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Manuela poljari ODVJETNIKO DRUTVO LEKO I PARTNERI Irena ribar Radi GJURGJAN & RIBAR RADI LAW FIRM Lidija Subai ODVJETNIKO DRUTVO LEKO I PARTNERI Stjepan utija BABI & PARTNERS Marin Svi PRALJAK & SVI Zoran Tasi CMS LEGAL Tena Tomek DIVJAK, TOPI & BAHTIJAREVI Branka Tutek JURI AND PARTNERS ATTORNEYS AT LAW Ivana Urem ASSONO LTD. CROATIA Hrvoje Vidan LAW OFFICE VIDAN eljko Vrban HEP DISTRIBUTION SYSTEM OPERATOR LTD. Zrinka Vrtari CMS LEGAL Mario Vukeli HIGH COMMERCIAL COURT OF THE REPUBLIC OF CROATIA Marin Vukovi DIVJAK, TOPI & BAHTIJAREVI Gorana Vukui LEKO I PARTNERI ATTORNEYS AT LAW
CROATIA
Boris Andreja BABI & PARTNERS Andrea August FINANCIAL AGENCY - CENTRE FOR HITRO.HR Emir Bahtijarevi DIVJAK, TOPI & BAHTIJAREVI Hrvoje Bardek CMS LEGAL Ivo Bijeli PWC CROATIA Zoran Bohaek CROATIAN BANKING ASSOCIATION Marko Borsky DIVJAK, TOPI & BAHTIJAREVI Linda Bri DIVJAK, TOPI & BAHTIJAREVI Lana Brlek PWC CROATIA Belinda ai AI & PARTNERS Ivan uk VUKMIR & ASOCIATES Saa Divjak DIVJAK, TOPI & BAHTIJAREVI Anela Dizdarevi SIHTAR ATTORNEYS AT LAW Ronald Given WOLF THEISS Tonka Gjoi GLINSKA & MIKOVI LTD. Ivan Gjurgjan GJURGJAN & RIBAR RADI LAW FIRM Kreimir Golubi GOLMAX D.O.O. Tom Hadzija KORPER & PARTNERI LAW FIRM Lidija Hanek HROK D.O.O. Branimir Ivekovi IVEKOVI LAW OFFICE Irina Jeli HANEKOVI & PARTNERS LTD., MEMBER OF LEX MUNDI Ivica Jelovcic DAMCO Saa Jovii WOLF THEISS Sanja Jurkovi PWC CROATIA Branko Kirin AI & PARTNERS Ozren Kobsa DIVJAK, TOPI & BAHTIJAREVI Anita Krizmani MAEI & PARTNERS, ODVJETNICKO
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Vladimr Ambruz AMBRUZ & DARK Michaela Baranykov EURO-TREND, S.R.O. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Libor Basl BAKER & MCKENZIE Stanislav Bednr PETERKA & PARTNERS Tom Bhounek BNT - PRAVDA & PARTNER, S.R.O. Stanislav Beran PETERKA & PARTNERS Jan Beres KOCIAN SOLC BALASTIK, ADVOKTN KANCEL, S.R.O. Martin Bohuslav AMBRUZ & DARK Michal Buchta AMBRUZ & DARK Ji ern PETERKA & PARTNERS Ivan Chalupa SQUIRE, SANDERS & DEMPSEY, V.O.S. ADVOKTN KANCEL Peter Chrenko PWC CZECH REPUBLIC Pavel Cirek ENERGY REGULATOR OFFICE CZECH REPUBLIC Jakub Cisar DLA PIPER PRAGUE LLP Martin Daniin GLATZOV & CO. Matj Dank PRK PARTNERS S.R.O. ADVOKTN KANCEL
Kreimir Ljubi ODVJETNIKO DRUTVO LEKO I PARTNERI Andrea Lonar GLINSKA & MIKOVI LTD. Marko Lovri DIVJAK, TOPI & BAHTIJAREVI
CYPRUS ELECTRICITY AUTHORITY OF CYPRUS

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Amany El Bagoury AL KAMEL LAW OFFICE Hanan El Dib AL-AHL FIRM Ahmed El Gammal SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Mohamed Refaat El Houshi THE EGYPTIAN CREDIT BUREAU I-SCORE Hassan El Maraashly AAW CONSULTING ENGINEERS Amr El Monayer PWC EGYPT Amina El Oteify SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Khaled El Shalakany SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Sally El Shalakany SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Passant El Tabei PWC EGYPT Abd-Allah El-Shazly EGYPTIAN PUBLIC PROSECUTION Soheir Elbanna IBRACHY LAW FIRM Karim Elhelaly AL-AHL FIRM Ashraf Elibrachy IBRACHY LAW FIRM Rana Elnahal IBRACHY LAW FIRM Mostafa Elshafei IBRACHY LAW FIRM Karim Emam PWC EGYPT Hassan Fahmy MINISTRY OF INVESTMENT Mariam Fahmy SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Tarek Gadallah IBRACHY LAW FIRM Samir Ghareeb OFFICE OF THE MINISTER OF STATE FOR LOCAL DEVELOPMENT Zeinab Saieed Gohar CENTRAL BANK OF EGYPT Ahmed Hantera EGYPTIAN PUBLIC PROSECUTION Mohamed Hashish TELELAWS Maha Hassan AFIFI WORLD TRANSPORT ALEXANDRIA Tarek Hassib AL KAMEL LAW OFFICE Omneia Helmy EGYPTIAN CENTER FOR ECONOMIC STUDIES Mohamed Hisham Hassan MINISTRY OF INVESTMENT Ahmed Hossam PWC EGYPT Stephan Jger AMERELLER RECHTSANWLTE Mohamed Kamal SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Salma Kamal SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Mohanad Khaled BDO, KHALED & CO Shahira Khaled AL KAMEL LAW OFFICE
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ACKNOWLEDGMENTS
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Helena Viita ROSCHIER ATTORNEYS LTD. Anna Vuori HEDMAN PARTNERS Marko Vuori KROGERUS ATTORNEYS LTD. Gunnar Westerlund ROSCHIER ATTORNEYS LTD.
Pierre Roux ASHURST LLP Carole Sabbah MAYER BROWN Jennifer Sachetat ASHURST LLP Diane Snchal ASHURST LLP Isabelle Smith Monnerville SMITH VIOLET Marlne-Johanne Suberville DELSOL AVOCATS Salli Anne Swartz ARTUS WISE Jean Luc Vallens COUR DAPPEL DE COLMAR Philippe Xavier-Bender GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Claire Zuliani TRANSPARENCE - MEMBER OF RUSSELL BEDFORD INTERNATIONAL
Christophe A. Relongou PRICEWATERHOUSECOOPERS TAX & LEGAL SA
Koba Bobokhidze MGALOBLISHVILI, KIPIANI, DZIDZIGURI (MKD) LAW FIRM Bondo Bolkvadze DELOITTE OVERSEAS CONSULTING PROJECTS Temur Bolotashvili USAID ECONOMIC PROSPERITY INITIATIVE Michael Cowgill AMERICAN CHAMBER OF COMMERCE Kakha Damenia GUTIDZE DAMENIA CHANTLADZE SOLUTIONS Maia Darsalia TBILISI CITY COURT, CHAMBER OF CIVIL CASES Teymur Gamrekelashvili TELASI Rusudan Gergauli LPA LLC LAW FIRM Nata Ghibradze LPA LLC LAW FIRM Ilia Giorgadze ARCI ARCHITECTURE & DEVELOPMENT Erekle Glurjidze DLA PIPER GEORGIA LP Lasha Gogiberidze BGI LEGAL Gega Gogichashvili CHANCELLERY OF THE GOVERNMENT OF GEORGIA Gocha Gogishvili AMIRASHVILI, GOGISHVILI & SHENGELIA AGS Mamuka Gordeziani ITM GLOBAL LOGISTICS Kakhaber Grubelashvili AKVLEDIANI BUSINESS CONSULTING LLC - CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Giorgi Gulua BAKASHVILI AND COMPANY Nana Gurgenidze LPA LLC LAW FIRM Izabela Gutidze GUTIDZE DAMENIA CHANTLADZE SOLUTIONS Batu Gvasalia NATIONAL AGENCY OF PUBLIC REGISTRY Rusudan Gvazava BGI LEGAL Gia Jandieri NEW ECONOMIC SCHOOL Revaz Javelidze COLIBRI LAW FIRM Aleksandre Kacharava CHANCELLERY OF THE GOVERNMENT OF GEORGIA David Kakabadze Grigol Kakauridze MINISTRY OF ECONOMIC DEVELOPMENT Irakli Kandashvili Givi Karchava LASARE LTD. Mari Khardziani NATIONAL AGENCY OF PUBLIC REGISTRY Anastasia Kipiani PWC GEORGIA Nika Kirkitadze NATIONAL BUREAU OF ENFORCEMENT Sergi Kobakhidze PWC GEORGIA Tamar Kobakhidze CARGO LOGISTICS GROUP
Eteri Kritskhali AMIRASHVILI, GOGISHVILI & SHENGELIA AGS Aieti Kukava ALLIANCE GROUP HOLDING Tamar Kvintradze GETSADZE & PATEISHVILI LLC Tamara Lakerbaya ERISTAVI LAW GROUP Sergo Lasareishvili LASARE LTD. Vakhtang Lejava CHANCELLERY OF THE GOVERNMENT OF GEORGIA Archil Lezhava LPA LLC LAW FIRM Mirab-Dmitry Lomadze Robin McCone PWC GEORGIA Manana Meshishvili ERISTAVI LAW GROUP Ekaterina Meskhidze NATIONAL AGENCY OF PUBLIC REGISTRY Roin Migriauli LAW OFFICE MIGRIAULI & PARTNERS Nino Mirtskhulava POTI SEA PORT CORPORATION Kakhaber Nariashvili Merab Narmania CHANCELLERY OF THE GOVERNMENT OF GEORGIA Zaza Nemsadze CHANCELLERY OF THE GOVERNMENT OF GEORGIA Levan Nikoladze LPA LLC LAW FIRM Lasha Nodia NODIA, URUMASHVILI & PARTNERS Giorgi Otaridze LPA LLC LAW FIRM Vakhtang Paresishvili DLA PIPER GEORGIA LP Levan Pavlenishvili PWC GEORGIA Joseph Salukvadze TBILISI STATE UNIVERSITY Natia Samushia CHANCELLERY OF THE GOVERNMENT OF GEORGIA Irakli Sarjveladze POTI SEA PORT CORPORATION Manzoor Shah GLOBALINK LOGISTICS GROUP Manana Shurghulaia AGENCY FOR FREE TRADE AND COMPETITION Zaza Simaev ELECO LTD. Eka Siradze COLIBRI LAW FIRM Irakli Siradze GUTIDZE DAMENIA CHANTLADZE SOLUTIONS Rusudan Sreseli GUTIDZE DAMENIA CHANTLADZE SOLUTIONS David Sukiasov ELECO LTD. Avto Svanidze DLA PIPER GEORGIA LP Giorgi Tavartkiladze DELOITTE LLP Levan Tektumanidze ANDREAS SOFOCLEAOUS & CO. Tamara Tevdoradze BGI LEGAL
GAMBIA, THE PWC GHANA

Lamin A.K Touray ATTORNEY GENERAL CHAMBERS OF GAMBIA Alpha Amadou Barry DT ASSOCIATES, INDEPENDENT CORRESPONDENCE FIRM OF DELOITTE TOUCHE TOHMATSU LIMITED Abdul Aziz Bensouda AMIE BENSOUDA & CO. Amie N.D. Bensouda AMIE BENSOUDA & CO. Roy Chalkley Ida Denise Drameh IDA D. DRAMEH & ASSOCIATES Fatoulili Drammeh TRUST BANK LTD. Frederick Forster JUDICIARY OF THE GAMBIA Jon Goldy AMIE BENSOUDA & CO. Cherno Alieu Jallow DT ASSOCIATES, INDEPENDENT CORRESPONDENCE FIRM OF DELOITTE TOUCHE TOHMATSU LIMITED Edrissa Jarjue NATIONAL WATER AND ELECTRICITY COMPANY LTD. Lamin S. Jatta DT ASSOCIATES, INDEPENDENT CORRESPONDENCE FIRM OF DELOITTE TOUCHE TOHMATSU LIMITED Sulayman M. Joof S.M. JOOF AGENCY Nani Juwara NATIONAL WATER AND ELECTRICITY COMPANY LTD. Momodou F. K. Kolley DEVELOPMENT CONTROL UNIT DEPARTMENT OF PHYSICAL PLANNING AND HOUSING Pa M. M. Njie TRUST BANK LTD. Adama Samba VALUE ENGINEERING CONSTRUCTION Mary Abdoulie Samba-Christensen LEGAL PRACTITIONER Hawa Sisay-Sabally LAWYER Salieu Taal TEMPLE LEGAL PRACTITIONERS
FRANCE
Claire Adenis-Lamarre MILLER ROSENFALCK LLP Jean-Marc Albiol HOGAN LOVELLS Nicolas Barberis ASHURST LLP Andrew Booth ANDREW BOOTH ARCHITECT Franck Buffaud DELSOL AVOCATS Stphanie Chatelon TAJ, MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Michel Combe LANDWELL & ASSOCIS Patricia de Suzzoni COMMISSION DE RGULATION DE LENERGIE Nicolas Deshayes AJASSOCIS Jean-Marc Dufour FRANCE ECOMMERCE INTERNATIONAL Olivier Everaere AGENCE EPURE SARL Benoit Fauvelet BANQUE DE FRANCE Ingrid Fauvelire GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Ccile Gilliet VATIER & ASSOCIS Thierry Gomot BANQUE DE FRANCE Kevin Grossmann CABINET KEVIN GROSSMANN Philippe Guibert FIEEC Carol Khoury JONES DAY Daniel Arthur Laprs AVOCAT LA COUR DAPPEL DE PARIS Vanessa Li HOGAN LOVELLS Julien Maire du Poset SMITH VIOLET Jean-Louis Martin JONES DAY Nathalie Morel MAYER BROWN Laurence Mounier VATIER & ASSOCIS Sabine Paul MILLER ROSENFALCK LLP Arnaud Pdron TAJ, MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Arnaud Pelpel PELPEL AVOCATS Caroline Poncelet MAYER BROWN Camille Potier MAYER BROWN Emmanuelle Ries MILLER ROSENFALCK LLP Hugues Roux BANQUE DE FRANCE
GABON CABINET JOHN W. FFOOKS & CO.

ETUDE MATRE GEY BEKALE MUNICIPALIT DE LIBREVILLE PANALPINA WORLD TRANSPORT
Marcellin Massila Akendengue SOCIT DENERGIE ET DEAU DU GABON (SEEG) Itchola Mano Alade CABINET DAVOCATS ITCHOLA & ABGANRIN Marie Carmel Ketty Ayimambenwe Madeleine Berre DELOITTE JURIDIQUE ET FISCAL Daniel Chevallon MATELEC Augustin Fang Philippe Fouda Fouda BEAC CAMEROON Michael Jeannot MATELEC Athanase Ndoye Loury SYNDIC JUDICIAIRE Plagie Massamba Mouckocko PRICEWATERHOUSECOOPERS TAX & LEGAL SA Jean Mbagou Abel Mouloungui ETUDE MATRE ABEL MOULOUNGUI Jean Hilaire Moussavou FUMU TECHNOLOGIE Clestin Ndelia ETUDE MATRE NDELIA CLESTIN Ruben Mindonga Ndongo Thierry Ngomo ARCHI PRO INTERNATIONAL Franois Nguema Ebane CABINET ATELIER 5A Lubin Ntoutoume CABINET SCP NTOUTOUME ET MEZHER Josette Cadie Olendo Csar Apollinaire Ondo Mve METTRE COUR DE CASSATION DU GABON Marie-Jose Ongo Mendou BUSINESS CONSULTING Laurent Pommera PRICEWATERHOUSECOOPERS TAX & LEGAL SA
GEORGIA
Zviad Akhvlediani AKVLEDIANI BUSINESS CONSULTING LLC - CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Irakli Apkhadze CHANCELLERY OF THE GOVERNMENT OF GEORGIA Irakli Asapini ITM GLOBAL LOGISTICS Nino Bakakuri NODIA, URUMASHVILI & PARTNERS Niko Bakashvili BAKASHVILI AND COMPANY Nino Begalishvili COLIBRI LAW FIRM Lily Begiashvili GEORGIA REVENUE SERVICE Revaz Beridze ERISTAVI LAW GROUP
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Sergo Tsikarishvili NATIONAL AGENCY OF PUBLIC REGISTRY Zviad Voshakidze TELASI Georgi Zedginidze ERISTAVI LAW GROUP
Henrik Kirchhoff GSK STOCKMANN + KOLLEGEN Britta Klatte SCHUFA HOLDING AG Johann Klein BEEH & HAPPICH GMBH - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Steffen Koch WIENBERG WILHELM Dirk Kohlenberg PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Jrg Kraffel WHITE & CASE Markus Krger LATHAM & WATKINS LLP Holger Khl GRAF VON WESTPHALEN RECHTSANWLTE PARTNERSCHAFT Carsten Liersch GRAF VON WESTPHALEN RECHTSANWLTE PARTNERSCHAFT Peter Limmer NOTARE DR. LIMMER & DR. FRIEDERICH Burkhard Lindenlaub MBS LOGISTICS Frank Lohrmann CLEARY GOTTLIEB STEEN & HAMILTON LLP Roland Maa LATHAM & WATKINS LLP Thomas Stefan Malik HEUSSEN RECHTSANWALTSGESELLSCHAFT MBH Robert Manger PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Jan Geert Meents DLA PIPER UK LLP Werner Meier CLEARY GOTTLIEB STEEN & HAMILTON LLP Daniel Meier-Greve PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Thomas Miller HEUSSEN RECHTSANWALTSGESELLSCHAFT MBH Eike Najork CBH RECHTSANWLTE Dirk Otto NORTON ROSE LLP Daniel Panajotow CLEARY GOTTLIEB STEEN & HAMILTON LLP Laura Prrmann CLEARY GOTTLIEB STEEN & HAMILTON LLP John Piotrowski JAKOBY RECHTSANWLTE Marlena Polic PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Peter Polke CLEARY GOTTLIEB STEEN & HAMILTON LLP Thomas Poss LATHAM & WATKINS LLP Sebastian Prgel WHITE & CASE Christina Reifelsberger HEUSSEN RECHTSANWALTSGESELLSCHAFT MBH Angela Reimer DIAZ REUS & TARG LLP
Wilhelm Reinhardt LATHAM & WATKINS LLP Carl Renner DLA PIPER UK LLP Alexander Reus DIAZ REUS & TARG LLP Philipp Ruehland PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Christoph Schauenburg CLEARY GOTTLIEB STEEN & HAMILTON LLP Johannes Schmidt CLEARY GOTTLIEB STEEN & HAMILTON LLP Snke Schrder SALGER RECHTSANWLTE Ulrich Schroeder GRAF VON WESTPHALEN RECHTSANWLTE PARTNERSCHAFT Volker Schwarz HEUSSEN RECHTSANWALTSGESELLSCHAFT MBH Kirstin Schwedt LINKLATERS LLP Ingrid Seitz DEUTSCHE BUNDESBANK Hyeon-Won Song PWC GERMANY Kai Sebastian Staak PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Volker Staehr EF-ES-WE ELEKTROANLAGEN GMBH Susanne Stellbrink PWC GERMANY Dieter Straub CMS HASCHE SIGLE Tobias Taetzner PWC GERMANY Nora Thies GRAF VON WESTPHALEN RECHTSANWLTE PARTNERSCHAFT Arne Vogel PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Heiko Vogt PANALPINA WELTTRANSPORT GMBH Katharina von Rosenstiel ORRICK HLTERS & ELSING Peter Voss INTERGLOBAL SHIPPING GMBH Raimund E. Walch WENDLER TREMML RECHTSANWLTE Annekatren Werthmann-Feldhues PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Hartmut Wicke NOTARE RUDOLF SPOERER & DR. HARTMUT WICKE, LL. M. Stefan Wirsch LATHAM & WATKINS LLP Gerlind Wisskirchen CMS HASCHE SIGLE Boris Witt CLEARY GOTTLIEB STEEN & HAMILTON LLP Uwe Witt PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Christian Zeissler CBH RECHTSANWLTE
GHANA
Gillian Ablorh-Quarcoo BENTSI-ENCHILL, LETSA & ANKOMAH, MEMBER OF LEX MUNDI George K. Acquah EXPRESSO TELECOM GHANA Stephen N. Adu PUBLIC UTILITIES REGULATORY COMMISSION OF GHANA Rene Adu Junior LAWFIELDS CONSULTING George Ahiafor XDSDATA GHANA LTD. Kweku Ainuson Nana Akonu G. P. Amartey ANDAH AND ANDAH CHARTERED ACCOUNTANTS Nene Amegatcher SAM OKUDZETO & ASSOCIATES Kennedy Paschal Anaba LAWFIELDS CONSULTING Kweku Brebu Andah ANDAH AND ANDAH CHARTERED ACCOUNTANTS Wilfred Kwabena Anim-Odame LAND COMMISSION Adwoa S. Asamoah-Addo NANA AKUOKU SARPONG & PARTNERS Fred Asiamah-Koranteng BANK OF GHANA Selma Awumbila BENTSI-ENCHILL, LETSA & ANKOMAH, MEMBER OF LEX MUNDI Gideon Ayi-Owoo PWC GHANA Ellen Bannerman BRUCE-LYLE BANNERMAN & ASSOCIATES Ras Afful Davis CLIMATE SHIPPING & TRADING Clifford Gershon Fiadjoe ANDAH AND ANDAH CHARTERED ACCOUNTANTS Emmanuel Fiati PUBLIC UTILITIES REGULATORY COMMISSION OF GHANA Frank Fugar COLLEGE OF ARCHITECTURE AND PLANNING Roland Horsoo CROWN AGENTS LTD. Matilda Idun-Donkor REINDORF CHAMBERS Adam Imoru Ayarna CADESMEE INTERNATIONAL Sophie Mutebi Kayemba PWC GHANA Emmanuel Kissi-Boateng PUBLIC UTILITIES REGULATORY COMMISSION OF GHANA Rosa Kudoadzi BENTSI-ENCHILL, LETSA & ANKOMAH, MEMBER OF LEX MUNDI George Kwatia PWC GHANA Margaret Laryea LARYEA, LARYEA & CO. P.C. Frank N. Akowuah BENTSI-ENCHILL, LETSA & ANKOMAH, MEMBER OF LEX MUNDI Wordsworth Odame Larbi LANDS COMMISSION Rexford Oppong KNUST Jacob Saah SAAH & CO.
Frank Sarpong FAME SHIPPING AGENCY Doris Tettey TOWN AND COUNTRY PLANNING DEPARTMENT Darcy White PWC GHANA Dorothy Sena Woanya LARYEA, LARYEA & CO. P.C.
GERMANY
Gabriele Apfelbacher CLEARY GOTTLIEB STEEN & HAMILTON LLP Stephan Bank CLEARY GOTTLIEB STEEN & HAMILTON LLP Henning Berger WHITE & CASE Jennifer Bierly GSK STOCKMANN + KOLLEGEN Arnd Bken GRAF VON WESTPHALEN RECHTSANWLTE PARTNERSCHAFT Simeon-Tobias Bolz HEUSSEN RECHTSANWALTSGESELLSCHAFT MBH Elena Bratanova CLEARY GOTTLIEB STEEN & HAMILTON LLP Claus-Dieter Braun SCHUFA HOLDING AG Michael Brems CLEARY GOTTLIEB STEEN & HAMILTON LLP Thomas Bssow PWC GERMANY Lorenz Czajka GRAF VON WESTPHALEN RECHTSANWLTE PARTNERSCHAFT Andreas Eckhardt PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Dieter Endres PWC GERMANY Sigrun Erber-Faller NOTARE ERBER-FALLER UND VORAN Shahzadi Firdous GRAF VON WESTPHALEN RECHTSANWLTE PARTNERSCHAFT Mathias Fischer LATHAM & WATKINS LLP Alexander Freiherr von Aretin GRAF VON WESTPHALEN RECHTSANWLTE PARTNERSCHAFT Michael Frhmorgen HEUSSEN RECHTSANWALTSGESELLSCHAFT MBH Bjrn Gaul CMS HASCHE SIGLE Markus J. Goetzmann CBH RECHTSANWLTE Andrea Gruss MERGET + PARTNER Klaus Gnther OPPENHOFF & PARTNER Robert Gutte CLEARY GOTTLIEB STEEN & HAMILTON LLP Marc Alexander Hger OPPENHOFF & PARTNER Rdiger Harms CLEARY GOTTLIEB STEEN & HAMILTON LLP Gtz-Sebastian Hk DR. HK STIEGLMEIER & PARTNER Markus Jakoby JAKOBY RECHTSANWLTE Helmuth Jordan JORDANRECHTSANWALTS GMBH
GREECE
Sophia Ampoulidou DRAKOPOULOS LAW FIRM Rita Anthouli K | P LAW FIRM George Apostolakos APOSTOLAKOS ARCHITECTS Amalia Balla POTAMITISVEKRIS Marilena Bellou Constantin Calavros CALAVROS & PARTNERS Stefanos Charaktiniotis ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Ira Charisiadou CHARISIADOU LAW OFFICE Margarita Christodoulatou Theodora Christodoulou KLC LAW FIRM Alkistis - Marina Christolou IKRP ROKAS & PARTNERS Evangelia Christopoulou - Stamelou NOTARY Vasiliki Christou KLC LAW FIRM Vassilis Chryssomalis SARANTITIS LAW FIRM Sotiris Constantinou GRANT THORNTON LLP Theodora D. Karagiorgou KOUTALIDIS LAW FIRM Nikos Daskalakis HELLENIC CONFEDERATION OF PROFESSIONALS, CRAFTSMEN AND MERCHANTS Eleni Dikonimaki TEIRESIAS S.A. INTERBANKING INFORMATION SYSTEMS Anastasia Dritsa KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM Alkiviadis Feresidis MINISTRY OF JUSTICE Efstathia Fetsi K | P LAW FIRM Margarita Flerianou ECONOMOU INTERNATIONAL SHIPPING AGENCIES Dionysia I. Gamvrakis SARANTITIS LAW FIRM John Gavanozis J.G. TECH Dionysios Gavounelis K | P LAW FIRM Dimitra Georgaraki TAXEXPERTS Chris Geroulanos MINISTRY OF DEVELOPMENT Dimitris V. Hatzihristidis ELECTRICAL ENGINEER Peter Kapasouris TEIRESIAS S.A. INTERBANKING INFORMATION SYSTEMS Evangelos Karaindros EVANGELOS KARAINDROS LAW FIRM
ACKNOWLEDGMENTS
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Artemis Karathanassi PWC GREECE Catherine M. Karatzas KARATZAS & PARTNERS Constantine Karydis PWC GREECE Rita Katsoula POTAMITISVEKRIS Constantinos Klissouras K | P LAW FIRM Ioanna Kombou ELIAS PARASKEVAS ATTORNEYS 1933 Zacharoula Konstantinidi PWC GREECE Nikolaos Konstantinidis BDO Panos Koromantzos BAHAS, GRAMATIDIS & PARTNERS Olga Koromilia PWC GREECE Dimitris Kyparissis TT HELENIC POSTBANK Tom Kyriakopoulos KELEMENIS & CO. Thomas Lamnidis KLC LAW FIRM Vassiliki G. Lazarakou ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Konstantinos Logaras ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Christos Makris Panagiotis Manalopoulos MILITZER & MNCH Antonis Mantonanakis PANMONOTIKI PROSTASIA Smaro V. Markou ALPHA BANK Evangelia Martinovits IKRP ROKAS & PARTNERS Emmanuel Mastromanolis ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI John Mazarakos ELIAS PARASKEVAS ATTORNEYS 1933 Alexandros N. Metaxas SARANTITIS LAW FIRM Mike Michopoulos TECH KM S.A. Theodora G. Monochartzi SARANTITIS LAW FIRM Athena Moraiti ATHENA MORAITI LAW OFFICE E Moucha MILITZER & MNCH Konstantinos Nanopoulos TAXEXPERTS Anthony Narlis CALBERSON SA Kyriakos Oikonomou MINISTRY OF JUSTICE Panayis Panagiotopoulos KREMMYDAS-DORIS & ASSOCIATES LAW FIRM Elena Papachristou ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Konstantinos Papadiamantis POTAMITISVEKRIS Alexios Papastavrou POTAMITISVEKRIS Dimitris E. Paraskevas ELIAS PARASKEVAS ATTORNEYS 1933
Michalis Pattakos ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Spiros Pilios PHOENIX Katerina Politi KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM Stathis Potamitis POTAMITIS-VEKRIS Ioanna Poulakou ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Constantine D. Poulios MINISTRY OF DEVELOPMENT Vicky Psaltaki SARANTITIS LAW FIRM Vicky Psaltis POTAMITISVEKRIS Mary Psylla PWC GREECE Terina Raptis SARANTITIS LAW FIRM Vasiliki Salaka KARATZAS & PARTNERS Despina D. Samara CALAVROS & PARTNERS Harry Stamelos HARRY STAMELOS LAW OFFICE AND PARTNERS Anastasia Stamou ATHENS EXCHANGE SA Ioanna Stamou K | P LAW FIRM Alexia Stratou KREMALIS LAW FIRM, MEMBER OF IUS LABORIS Fotini Trigazi NOTARY Antonios Tsavdaridis IKRP ROKAS & PARTNERS Elena Tsertsiganni Chryssi Tsirogianni Panagiota D. Tsitsa Ioannis Vekris POTAMITISVEKRIS Kalliopi Vlachopoulou KELEMENIS & CO. Ioannis Xenopoulos BDO Vicky Xourafa KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM
Psyche Julien ST. LOUIS SERVICE Dickon Mitchell GRANT JOSEPTH & CO., MEMBER OF LEX MUNDI Niel Noel HENRY HUDSON - PHILLIPS & CO. Valentino Sawney TRADSHIP INTERNATIONAL David R. Sinclair SINCLAIR ENTERPRISES LIMITED Lisa Telesford SUPREME COURT REGISTRY Shireen Wilkinson WILKINSON, WILKINSON & WILKINSON Daniella Williams Mitchell DANNY WILLIAMS & CO. Selwyn Woodroffe CONSULTING ENGINEERS PARTNERSHIP LTD.
Luis Pedro Cazali Leal PALACIOS & ASOCIADOS Fanny de Estrada ASOCIACIN GUATEMALTECA DE EXPORTADORES Gerardo Alberto de Len FEDECOCAGUA Anabella de Len Ruiz REGISTRO GENERAL DE LA PROPRIEDAD DE GUATEMALA Karla de Mata CPS LOGISTICS Juan Manuel Daz Duran Mendez DAZ-DURN & ASOCIADOS CENTRAL LAW Edwin Leonel Diguez Alvarado REGISTRO GENERAL DE LA PROPRIEDAD DE GUATEMALA Ana Soa Escriba Barnoya CONSORTIUM-RODRGUEZ, ARCHILA, CASTELLANOS, SOLARES & AGUILAR, S.C. Hugo Daniel Figueroa Estrada SUPERINTENDENCIA DE BANCOS Hctor Flores CITY HALL OF GUATEMALA CITY Lorena Isabel Flores Estrada DAZ-DURN & ASOCIADOS CENTRAL LAW Rodolfo Fuentes PROTECTORA DE CRDITO COMERCIAL Paola Galich MAYORA & MAYORA S.C. Rafael Garavito BUFETE GARAVITO Wendy Janeth Garcia Miranda RUSSELL BEDFORD GUATEMALA / GARCA SIERRA Y ASOCIADOS, S.C. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Ileana Liset Gonzlez Bolaos SARAVIA & MUOZ Erick Gordillo CITY HALL OF GUATEMALA CITY Miguel Angel Gualim CITY HALL OF GUATEMALA CITY Andrs Hernndez CARRILLO & ASOCIADOS Carlos Guillermo Herrera REGISTRO GENERAL DE LA PROPRIEDAD DE GUATEMALA Ral Stuardo Jurez Leal SUPERINTENDENCIA DE BANCOS Christian Lanuza DAZ-DURN & ASOCIADOS CENTRAL LAW Nils Leporowski ASOCIACIN NACIONAL DEL CAF Mara Isabel Lujn Zilbermann QUIONES, IBARGEN, LUJN & MATA S.C. Vctor Manuel Mancilla Castro SUPERINTENDENCIA DE BANCOS Marco Antonio Martinez CPS LOGISTICS Estuardo Mata Palmieri QUIONES, IBARGEN, LUJN & MATA S.C. Eduardo Mayora Alvarado MAYORA & MAYORA S.C. Edgar Mendoza PWC GUATEMALA Gonzalo Menendez Gonzalez LEXINCORP Christian Michelangeli CARRILLO & ASOCIADOS
Guillermo Montano TRANSACTEL (BARBADOS) INC. Edvin Montoya LEXINCORP Anajoyce Oliva CITY HALL OF GUATEMALA CITY Marco Palacios BARDELI & PALACIOS Marco Antonio Palacios PALACIOS & ASOCIADOS Maria Jose Pepio Pensabene CMARA GUATEMALTECA DE LA CONSTRUCCIN Rita Prez ARAGN & ARAGN Francisco Pilona CITY HALL OF GUATEMALA CITY Melida Pineda CARRILLO & ASOCIADOS Evelyn Rebuli QUIONES, IBARGEN, LUJN & MATA S.C. Marco Tulio Reyna CMARA GUATEMALTECA DE LA CONSTRUCCIN Alfredo Rodrguez Mahuad CONSORTIUM-RODRGUEZ, ARCHILA, CASTELLANOS, SOLARES & AGUILAR, S.C. Rodrigo Salguero PWC GUATEMALA Salvador A. Saravia Castillo SARAVIA & MUOZ Salvador Augusto Saravia Mendoza SARAVIA & MUOZ Klamcy Solorzano CITY HALL OF GUATEMALA CITY Jos Augusto Toledo Cruz ARIAS & MUOZ Arelis Torres de Alfaro SUPERINTENDENCIA DE BANCOS Elmer Vargas ACZALAW Maria del Rosario Yaquian QUIONES, IBARGEN, LUJN & MATA S.C.
GUATEMALA A.D. SOSA & SOTO

Rodolfo Alegra Toruno CARRILLO & ASOCIADOS Rafael Alvarado-Riedel CONSORTIUM-RODRGUEZ, ARCHILA, CASTELLANOS, SOLARES & AGUILAR, S.C. Pedro Aragn ARAGN & ARAGN Mario R. Archila Cruz CONSORTIUM-RODRGUEZ, ARCHILA, CASTELLANOS, SOLARES & AGUILAR, S.C. Oscar Arriaga COMISIN NACIONAL DE ENERGA ELCTRICA Elas Arriaza CONSORTIUM-RODRGUEZ, ARCHILA, CASTELLANOS, SOLARES & AGUILAR, S.C. Ruby Mara Asturias Castillo ACZALAW Mara de los Angeles Barillas Buchhalter SARAVIA & MUOZ Amaury Barrera CITY HALL OF GUATEMALA CITY Jorge Rolando Barrios BONILLA, MONTANO, TORIELLO & BARRIOS Alejandra Bermdez CONSORTIUM-RODRGUEZ, ARCHILA, CASTELLANOS, SOLARES & AGUILAR, S.C. Maria del Pilar Bonilla BONILLA, MONTANO, TORIELLO & BARRIOS Guillermo Bonillo BONILLA, MONTANO, TORIELLO & BARRIOS Jean Paul Brichaux ASOCIACIN DE EXPORTADORES DE CAF (ADEC) Mario Adolfo Bcaro Flores DAZ-DURN & ASOCIADOS CENTRAL LAW Rodrigo Callejas Aquino CARRILLO & ASOCIADOS Jos Alfredo Cndido Durn SUPERINTENDENCIA DE BANCOS Juan Pablo Carrasco de Grote DAZ-DURN & ASOCIADOS CENTRAL LAW Ana Gisela Castillo Aparicio SARAVIA & MUOZ Juan Carlos Castillo Chacn AGUILAR CASTILLO LOVE
GUINEA CABINET JOHN W. FFOOKS & CO.

Camara Aly Badara Aminatou Bah TRANSCO SA & AQUA MARINE SA Thierno Amadou Tidiane Bah Aminata Bah Tall TRANSCO SA & AQUA MARINE SA Mouhamed Lamine Bayo APIP Lousseny Cisse TRANSCO SA & AQUA MARINE SA John Delahaye SOCOPAO - SDV Ahmadou Diallo CHAMBRE DES NOTAIRES Djenabou Diallo TRANSCO SA & AQUA MARINE SA Mohamed Kadialiou Diallo ELECTRICIT DE GUINE El Hajj Barry Djoudja AICHFEET Adama Skel Fofana Soukeina Fofana BANQUE CENTRALE DE GUINE (BCRG)
GRENADA LEWIS & RENWICK

W.R. Agostini AGOSTINI W.R. FCCA James Bristol HENRY, HENRY & BRISTOL Ruggles Ferguson CIBONEY CHAMBERS Cyrus Griffith LABOUR DEPARTMENT Annette Henry MINISTRY OF LEGAL AFFAIRS Keith Hosten HOSTENS (ELECTRICAL SERVICES) LTD. Winston Hosten HOSTENS (ELECTRICAL SERVICES) LTD. Christopher Husbands NATIONAL WATER AND SEWAGE AUTHORITY Henry Joseph PKF INTERNATIONAL
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Joachim Gbilimou Yannick Gui ANY RAY PARTNERS Abdel Aziz Kaba TRANSCO SA & AQUA MARINE SA Lansana Kaba CARIG Mbalou Keita TRIBUNAL DE PREMIRE INSTANCE DE KALOUM Mariama Cir Keita Diallo TRANSCO SA & AQUA MARINE SA Nounk Kourouma ADMINISTRATION ET CONTRLE DES GRANDS PROJETS Avit Kpoghomou NIMBA CONSEIL SARL Fofana Naby Moussa BANQUE CENTRALE DE GUINE (BCRG) Guy Piam TRANSCO SA & AQUA MARINE SA Raffi Raja CABINET KOMY Amadou Salif Kb CABINET AVOCAT SALIF KB Lansana Salif Soumah Abdourahamane Tounkara GUINE CONSULTING Aboubacar Salimatou Toure NTM AREEBA GUINEE S.A. Fatoumata Yari Soumah Yansane OFFICE NOTARIAL
GUYANA
Marcel Bobb FRASER, HOUSTY & YEARWOOD ATTORNEYS-AT-LAW Ashton Chase LAW OFFICE OF ASHTON CHASE ASSOCIATES Desmond Correia CORREIA & CORREIA LTD. Lucia Desir-John D & J SHIPPING SERVICES Marlon Gonsalves RODRIGUES ARCHITECTS LTD. Orin Hinds ORIN HINDS & ASSOCIATES ARCH. LTD. Teni Housty FRASER, HOUSTY & YEARWOOD ATTORNEYS-AT-LAW Rexford Jackson SINGH, DOODNAUTH LAW FIRM Kashir Khan Rakesh Latchana RAM & MCRAE CHARTERED ACCOUNTANTS Alexis Monize GUYANA OFFICE FOR INVESTMENT Enrique Monize LAND REGISTRY Manzoor Nadir DIGICOM R.N. Poonai POONAI & POONAI Christopher Ram RAM & MCRAE CHARTERED ACCOUNTANTS Vishwamint Ramnarine PFK BARCELLOS, NARINE & CO. Albert Rodrigues RODRIGUES ARCHITECTS LTD. Shantel Scott FRASER, HOUSTY & YEARWOOD ATTORNEYS-AT-LAW Shaundell Stephenson OFFICE OF THE PRIME MINISTER Gidel Thomside NATIONAL SHIPPING CORPORATION LTD. Josephine Whitehead CAMERON & SHEPHERD Troy Williams RAM & MCRAE CHARTERED ACCOUNTANTS Roger Yearwood BRITTON, HAMILTON & ADAMS
Marc Hebert Ignace BANQUE DE LA RPUBLIQUE DHAITI Raphal Izmery GBS GENERAL BUILDING SYSTEMS Luciner Joseph MAIRIE DE PETIONVILLE Robert Laforest CABINET LAFOREST Camille Leblanc CABINET LEBLANC & ASSOCIS Ludwig Leblanc CABINET LEBLANC & ASSOCIS Wilhelm E. Lemke Jr. ENMARCOLDA (DADESKY) Roberson Louis CABINET GASSANT Kathia Magloire CABINET GASSANT Joseph Paillant BUCOFISC Micosky Pompilus CABINET DAVOCATS CHALMERS Leon Saint -Louis AVOCAT Margarette Sanon BANQUE DE LA RPUBLIQUE DHAITI Michel Succar SUCCAR AND ASSOCIATES Salim Succar CABINET LISSADE Antoine Turnier FIRME TURNIER - COMPTABLE PROFESSIONNELS AGRS CONSEILS DE DIRECTION
Guadalupe Martinez Casas CENTRAL LAW MEDINA, ROSENTHAL & ASOCIADOS Claribel Medina CENTRAL LAW MEDINA, ROSENTHAL & ASOCIADOS Jess Humberto Medina-Alva CENTRAL LAW MEDINA, ROSENTHAL & ASOCIADOS Juan Carlos Meja Cotto INSTITUTO DE LA PROPIEDAD Ivn Alfredo Vigl Molina ABOGADO Ricardo Montes Belot ARIAS & MUOZ Ramn E. Morales PWC HONDURAS Vanessa Oquel GARCA & BODN Danna Paredes PWC HONDURAS Jos Ramn Paz CONSORTIUM CENTRO AMRICA ABOGADOS Marco Ponce CENTRAL LAW MEDINA, ROSENTHAL & ASOCIADOS Milton Rivera PWC HONDURAS Jos Rafael Rivera Ferrari CONSORTIUM CENTRO AMRICA ABOGADOS Enrique Rodriguez Burchard AGUILAR CASTILLO LOVE Fanny Rodrguez del Cid ARIAS & MUOZ Ren Serrano ARIAS & MUOZ Gricelda Urqua TRANSUNION Armando Urtecho Lpez COHEP (CONSEJO HONDUREO DE LA EMPRESA PRIVADA) Roberto Manuel Zacaras Urrutia ZACARAS & ASOCIADOS Mario Rubn Zelaya ENERGA INTEGRAL S. DE R.L. DE C.V. Carlos Zuniga IRAS & ASOCIADOS - CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL
Michael Chiang MCAA LTD. Stephanie Chiu MAYER BROWN JSM Robert Chu ECONOMIC ANALYSIS AND BUSINESS FACILITATION UNIT Tony Chu VICTON REGISTRATIONS LTD. Jimmy Chung JAMES NGAI & PARTNERS CPA LIMITED - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Vicky Chung GILT CHAMBERS Joshua Cole MALLESONS STEPHEN JACQUES Keith Man Kei Ho WILKINSON & GRIST Vivian Ho BAKER & MCKENZIE Basil Hwang DECHERT Salina Ko APL Peter Kwon ASHURST LLP Billy Lam MAYER BROWN JSM Christie Lam HONG KONG FINANCIAL SECRETARY Cindy Lam THE LAND REGISTRY OF HONG KONG Lauren Lau KLC KENNIC LUI & CO Candas Lee EDMUND W. H. CHOW & CO Juliana Lee MAYER BROWN JSM Alice Leung CUSTOMS AND EXCISE DEPARTMENT Dennis Li SIMON REID-KAY & ASSOCIATES Tommy Li EDMUND W. H. CHOW & CO Kennic L H Lui KLC KENNIC LUI & CO Psyche S.F. Luk FAIRBAIRN CATLEY LOW & KONG Louise Ng SQUIRE SANDERS Kok Leong Ngan CLP POWER HONG KONG LIMITED Kenneth Poon THE LAND REGISTRY OF HONG KONG Martinal Quan METOPRO ASSOCIATES LIMITED Yash A. Rana GOODWIN PROCTER LLP Kim Rooney GILT CHAMBERS Matthias Schemuth ASHURST LLP Eric Tang ASIA BUSINESS SERVICE LIMITED Hong Tran MAYER BROWN JSM Anita Tsang PWC HONG KONG Derek Tsang MAYER BROWN JSM Laurence Tsong TRANSUNION HONG KONG
GUINEA-BISSAU ELECTRICIDADE E AGUAS DA GUINE-BISSAU

Ahmadou Al Aminou Lo BCEAO Jos Alves T MINISTRIO DA JUSTIA Humiliano Alves Cardoso GABINETE ADVOCACIA Adelaida Mesa DAlmeida JURISCONTA SRL Djamila Mary Pereira Gomes ARQUITECTONICA LDA Emilfreda M. de Oliveira ECOBANK Miguel Mango AUDI - CONTA LDA Vitor Marques da Cruz MC&A - SOCIEDADE DE ADVOGADOS, RL Francisco Mendes MINISTRY OF FOREIGN AFFAIRS Teresa Pala Schwalbach MC&A - SOCIEDADE DE ADVOGADOS, RL Eduardo Pimentel CENTRO DE FORMALIZAO DE EMPRESAS Sydney Pinto DP-ACU Fernando Tavares TRANSMAR SERVICES Djunco Suleiman Ture MUNICIPALITY OF BISSAU Carlos Vamain GOMES & VAMAIN ASSOCIADOS Emmanuel Yehouessi BCEAO
HONDURAS CNBS - COMISION NACIONAL DE BANCOS Y SEGUROS

EMPRESA NACIONAL DE ENERGA ELCTRICA
Jos Antonio Abate ABAS CONSULTORES Juan Jos Alcerro Milla AGUILAR CASTILLO LOVE Jose Miguel Alvarez CONSORTIUM CENTRO AMRICA ABOGADOS Jos Simn Azcona INMOBILIARIA ALIANZA SA Adrin Burgos CONSORTIUM CENTRO AMRICA ABOGADOS Csar Augusto Cabrera Zapata TRANSUNION Fredy Castillo GARCA & BODN Jaime Alberto Colindres Rosales DYCELES S DE R.L. Graciela Cruz GARCA & BODN Vctor Manuel Cuadra Burlero CONSTRUCTORA URBE Gilda Espinal Veliz ASJ - ASOCIACION PARA UNA SOCIEDAD MAS JUSTA Oscar Armando Girn ASOCIACIN HONDUREA DE COMPAAS Y REPRESENTANTES NAVIEROS (AHCORENA) Jessica Handal ARIAS & MUOZ Juan Diego Lacayo Gonzlez AGUILAR CASTILLO LOVE Evangelina Lardizbal ARIAS & MUOZ
HONG KONG SAR, CHINA ALLEN & OVERY

GUANGDONG AND HONG KONG FEEDER ASSOCIATION LTD.
Duncan Abate MAYER BROWN JSM Albert P.C. Chan THE HONG KONG POLYTECHNIC UNIVERSITY Kenneth Chan HONG KONG ECONOMIC & TRADE OFFICE Nicholas Chan SQUIRE SANDERS Rico Chan BAKER & MCKENZIE Wendy O. Chan FAIRBAIRN CATLEY LOW & KONG Vashi Chandiramani EXCELLENCE INTERNATIONAL Beverly Cheung MAYER BROWN JSM Winnie Cheung THE LAND REGISTRY OF HONG KONG
HAITI MROV-PIERRE - CABINET DEXPERTS-COMPTABLES

Jean Baptiste Brown BROWN LEGAL GROUP Martin Camille Cang ELECTRICIT DHATI Monique Csar Guillaume PAGS - CABINET DEXPERTS
COMPATBLES
Djacaman Charles CABINET GASSANT Robinson Charles BANQUE DE LA RPUBLIQUE DHAITI Inelor Dorval Lucien Fresnel CABINET GASSANT Enerlio Gassant CABINET GASSANT Giordani Gilbert Emile ETUDE BRISSON CASSAGNOL
ACKNOWLEDGMENTS
237
Paul Tsui HONG KONG ASSOCIATION OF FREIGHT FORWARDING & LOGISTICS LTD. (HAFFA) Leung Wan INLAND REVENUE DEPARTMENT, HKSAR Yeeling Wan STEPHENSON HARWOOD Christopher Whiteley ASHURST LLP Agnes Wong COMPANIES REGISTRY, HKSAR Bill Wong HONG KONG ECONOMIC & TRADE OFFICE Chester Wong MAYER BROWN JSM Fergus Wong PWC HONG KONG Patrick Wong MAYER BROWN JSM Winston Yau ORIENTAL BUSINESS SERVICES LIMITED Ricky Yiu BAKER & MCKENZIE Hai Yong BAKER & MCKENZIE Peter Yu PWC HONG KONG Frank Yuen KLC KENNIC LUI & CO
va Gargya NAGY S TRCSNYI LAW OFFICE, MEMBER OF LEX MUNDI Anna Gspr BUILD-ECON LTD. Csaba Attila Hajdu BNT SZAB TOM BURMEISTER GYVDI IRODA Tamas Halmos PARTOS & NOBLET HOGAN LOVELLS Dra Horvth RETI, ANTALL AND PARTNERS LAW FIRM Istvn Ills RETI, ANTALL AND PARTNERS LAW FIRM Norbert Izer PWC HUNGARY Andrea Jdi Nmeth BPV | JDI NMETH ATTORNEYS AT LAW Dorottya Kovacsics PARTOS & NOBLET HOGAN LOVELLS Petra Lencs CSERI & PARTNERS LAW FIRM Lszl Mohai MOHAI LAW OFFICE Andrs Multas PARTOS & NOBLET HOGAN LOVELLS Robert Nagy BISZ CENTRAL CREDIT INFORMATION (PLC) Sndor Nmeth SZECSKAY ATTORNEYS AT LAW Christopher Noblet PARTOS & NOBLET HOGAN LOVELLS Istvn Sndor KELEMEN, MESZAROS, SANDOR & PARTNERS Tamas Sotet INTERNATIONAL LOGISTIC GATEWAY Krisztina Stach BPV | JDI NMETH ATTORNEYS AT LAW Gergely Szab RETI, ANTALL AND PARTNERS LAW FIRM Tibor Szab RETI, ANTALL AND PARTNERS LAW FIRM gnes Szent-Ivny SNDOR SZEGEDI SZENT-IVNY KOMROMI EVERSHEDS Viktria Szilgyi NAGY S TRCSNYI LAW OFFICE, MEMBER OF LEX MUNDI Angla Szke BDO HUNGARY Adrienn Tar SZECSKAY ATTORNEYS AT LAW gnes Tigelmann BPV | JDI NMETH ATTORNEYS AT LAW dm Tth DR. TTH DM KZJEGYZI IRODA Gbor Varga BISZ CENTRAL CREDIT INFORMATION (PLC) Rka Vizi-Magyarosi BNT SZAB TOM BURMEISTER GYVDI IRODA Blanka Zombori PWC HUNGARY Antnia Zsigmond BPV | JDI NMETH ATTORNEYS AT LAW
Karen Bragadttir TOLLSTJRI - DIRECTORATE OF CUSTOMS Eymundur Einarsson ENDURSKOUN OG RGJF EHF - MEMBER OF RUSSELL BEDFORD INTERNATIONAL lafur Eirksson LOGOS, MEMBER OF LEX MUNDI Skuli Th. Fjeldsted FJELDSTED, BLNDAL & FJELDSTED Benedikt Geirsson ISTAK Erlendur Gslason LOGOS, MEMBER OF LEX MUNDI Gurn Gumundsdttir JNAR TRANSPORT Reynir Haraldsson JNAR TRANSPORT Hrur Dav Hararson TOLLSTJRI - DIRECTORATE OF CUSTOMS Margrt Hauksdttir REGISTERS ICELAND Stefan Ingimarsson FULLTINGI LEGAL SERVICES Sigrun Helga Johannsdottir FULLTINGI LEGAL SERVICES Erlingur E. Jnasson ISTAK Hrbjartur Jnatansson JNATANSSON & CO. LEGAL SERVICES Jhanna skels Jnsdttir PRICEWATERHOUSECOOPERS LEGAL EHF Thora Jnsdttir JURIS LAW OFFICE Jhann Magns Jhannsson LOGOS, MEMBER OF LEX MUNDI Benedetto Nardini BBA LEGAL Dagbjrt Oddsdttir BBA LEGAL Kristjn Plsson JNAR TRANSPORT sgeir . Ragnarsson BBA LEGAL Eyvindur Slnes CATO LGMENN Jhannes Stephensen CREDITINFO ICELAND Gunnar Sturluson LOGOS, MEMBER OF LEX MUNDI Rnar Svavar Svavarsson ORKUVEITA REYKJAVKUR, DISTRIBUTION-ELECTRICAL SYSTEM Stefn A. Svensson JURIS LAW OFFICE Steinr orsteinsson TOLLSTJRI - DIRECTORATE OF CUSTOMS
M.L Bhakta KANGA & CO. Pradeep Bhandari PROTEAM CONSULTING PRIVATE LIMITED Sushil Bhasin BHASIN INTERNATIONAL Saurav Bhattacharya PWC INDIA Rewati Bobde JURIS CORP Nidhi Bothra VINOD KOTHARI & CO., COMPANY SECRETARIES Leena Chacko AMARCHAND & MANGALDAS & SURESH A. SHROFF & CO. Rajarshi Chakrabarti KOCHHAR & CO. Harshala Chandorkar CREDIT INFORMATION BUREAU LTD. Prashant Chauhan ADVOCATE Daizy Chawla SINGH & ASSOCIATES, ADVOCATES AND SOLICITORS Manjula Chawla PHOENIX LEGAL Arzineh Chinoy DESAI & DIWANJI Harish Chugh PARAM OVERSEAS Sachin Chugh SINGHI CHUGH & KUMAR, CHARTERED ACCOUNTANTS Ketan Dalal PWC INDIA Vishwang Desai DESAI & DIWANJI Devendra Deshmukh KHAITAN & CO. Monika Deshmukh DESAI & DIWANJI Prashant Dharia ANANT INDUSTRIES Farida Dholkawala DESAI & DIWANJI Ashwin Didwania NEW GLOBE LOGISTIK PVT. LTD. Thambi Durai T. DURAI & CO. Ferdinand Duraimanickam BFS LEGAL Ritika Ganju PHOENIX LEGAL Rahul Garg PWC INDIA Tavishi Garg MAJMUDAR & CO. Sameer Guha TRILEGAL Trupti Guha KOCHHAR & CO. Atul Gupta TRILEGAL Ruchira Gupta THE JURIS SOCIIS Akil Hirani MAJMUDAR & CO. Ashok Jain RUNTAI INDUSTRY CO. LTD. Yogesh Jare SUHASINI IMPEX H. Jayesh JURIS CORP Dharmendra Johari STONEX INC.
Rajat Joneja KNM & PARTNERS, LAW OFFICES Sumeet Kachwaha KESTENBERG RABINOWICZ PARTNERS LLP - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Rupen Kanawala JURIS CORP Megha Kapoor SINGH & ASSOCIATES, ADVOCATES AND SOLICITORS Jayesh Karandikar KOCHHAR & CO. Rajas Kasbekar LITTLE & CO. Kripi Kathuria PHOENIX LEGAL Charandeep Kaur TRILEGAL Paramjeet Kaur PARAM OVERSEAS Mitalee Kaushal Shahriar Khan CROWN AGENTS LTD. Ravinder Komaragiri THE TATA POWER COMPANY LIMITED Anuraag Kothari TRILEGAL Vinod Kothari VINOD KOTHARI & CO., COMPANY SECRETARIES Harsh Kumar SINGHI CHUGH & KUMAR, CHARTERED ACCOUNTANTS Mukesh Kumar KNM & PARTNERS, LAW OFFICES Vikram Kumar SUPPLY SOURCE INDIA Dilip Kumar Niranjan SINGH & ASSOCIATES, ADVOCATES AND SOLICITORS Manoj Kumar Singh SINGH & ASSOCIATES, ADVOCATES AND SOLICITORS Vijay Kumar Singh SINGH & ASSOCIATES, ADVOCATES AND SOLICITORS Shreedhar Kunte SHARP AND TANNAN - MEMBER OF RUSSELL BEDFORD INTERNATIONAL C.K.N. Kuppuraajha SHRI ABINAYA MERCANTILES PRIVATE LIMITED Harjeet Lall AXON PARTNERS LLP Nitesh Latwal CORPORATE PROFESSIONALS Chandni Lochan TRILEGAL Rajiv K. Luthra LUTHRA & LUTHRA Sarika Malhotra PWC INDIA Aditi Manchanda JURIS CORP Som Mandal FOX MANDAL & CO. Vipender Mann KNM & PARTNERS, LAW OFFICES Vaishali Manubarwala DESAI & DIWANJI Avadesh Marthur HARSH IMPEX Atul Mehta MEHTA & MEHTA Dara Mehta LITTLE & CO.
HUNGARY CARGO-PARTNER
JONES LANG LASALLE
Mark Balastyai FUTUREAL GROUP Diana Balazs PWC HUNGARY Pter Brdos LAW FIRM DR. PTER AND RITA BRDOS Marianna Brtfai BDO HUNGARY Sndor Bksi PARTOS & NOBLET HOGAN LOVELLS Pter Berethalmi NAGY S TRCSNYI LAW OFFICE, MEMBER OF LEX MUNDI Hedi Bozsonyik SZECSKAY ATTORNEYS AT LAW Beata Bujnoczki RETI, ANTALL AND PARTNERS LAW FIRM Zsuzsanna Cseri CSERI & PARTNERS LAW FIRM Gbor Dohny PARTOS & NOBLET HOGAN LOVELLS Gabriella Erdos PWC HUNGARY Tams Esze BPV | JDI NMETH ATTORNEYS AT LAW Agnes Fbry PRK PARTNERS / FBRY LAW OFFICE Gyrgy Fehr PRK PARTNERS / FBRY LAW OFFICE Hajnalka Fek BPV | JDI NMETH ATTORNEYS AT LAW va Flp BPV | JDI NMETH ATTORNEYS AT LAW Gyula Gbriel BOGSCH & PARTNERS Ern Garamvlgyi BUDAPEST IX DISTRICT MUNICIPALITY
INDIA
Jolly Abraham DESAI & DIWANJI Mahima Ahluwalia TRILEGAL Lzafeer Ahmad TRILEGAL Fraser Alexander JURIS CORP P. V. Balasubramaniam BFS LEGAL Ashish Banga JURIS CORP Sumant Batra KESAR DASS B & ASSOCIATES Neeraj Bhagat NEERAJ BHAGAT & CO.
ICELAND PWC ICELAND

REYKJAVIK MUNICIPAL BUILDING CONTROL OFFICE
238
DOING BUSINESS 2013
Dipti Mehta MEHTA & MEHTA Jitesh Mehta SOURCE INDIA Preeti G. Mehta KANGA & CO. Vishal Mehta MEHTA & MEHTA Dhiraj Mhetre DESAI & DIWANJI Sharad Mishra NEO MULTIMEDIAN Saurabh Misra SAURABH MISRA & ASSOCIATES, ADVOCATES Ananya Mitra JURIS CHAMBERS Moiz Motiwala SHARP AND TANNAN - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Mustafa Motiwala JURIS CORP Shyamal Mukherjee PWC INDIA Sudip Mullick KHAITAN & CO. Vaidehi Naik PHOENIX LEGAL Puja Nalam BMR LEGAL Gunita Pahwa SINGH & ASSOCIATES, ADVOCATES AND SOLICITORS Dharmesh Panchal PWC INDIA Madhav Pande Janak Pandya NISHITH DESAI ASSOCIATES Tejas R. Parekh NISHITH DESAI ASSOCIATES Vijayta Parmar SINGH & ASSOCIATES, ADVOCATES AND SOLICITORS Barasha Pathak JURIS CORP Sanjay Patil BDH INDUSTRIES LIMITED Dhruv Paul TRILEGAL Bhadrinath Madhusudan Pogul KALKI INTERNATIONAL Madhavi Pogul KALKI INTERNATIONAL Madhusudan Venkatesh Pogul KALKI INTERNATIONAL Nitin Potdar J. SAGAR ASSOCIATES, ADVOCATES & SOLICITORS M. Prabhakaran CONSULTA JURIS Ajay Raghavan TRILEGAL Ravishankar Raghavan MAJMUDAR & CO. Palaniandavan Ramasamy BFS LEGAL Ashok Ramgir HARSH IMPEX Harsh Ramgir HARSH IMPEX Dipak Rao SINGHANIA & PARTNERS LLP SOLICITORS & ADVOCATES Abhishek A. Rastogi PWC INDIA
Richie Sancheti NISHITH DESAI ASSOCIATES Ramani Seshadri Brinda Shah MEHTA & MEHTA Manav Shah KOCHHAR & CO. Sonali Sharma JURIS CORP S.D. Sharma PARAM OVERSEAS Varnika Sharma JURIS CORP K.M. Aasim Shehzad BFS LEGAL Shivanand Shenoy SIDDHI FOAMS Vikram Shroff NISHITH DESAI ASSOCIATES Ravinder Pal Singh INTERNATIONAL SURGICAL INDS. Mukesh Singhal KNM & PARTNERS, LAW OFFICES Ankit Singhi CORPORATE PROFESSIONALS Vinay Sirohia AXON PARTNERS LLP Veena Sivaramakrishnan JURIS CORP Harshita Srivastava NISHITH DESAI ASSOCIATES P.N. Swaroop MODERN CARGO SERVICES PVT. LTD. Anil Tanwar PARAM OVERSEAS Rajesh Tayal KNM & PARTNERS, LAW OFFICES Mahesh Thaker MJ CO., LTD. Chetan Thakkar KANGA & CO. Vishnu Thakkar PWC INDIA Piyush Thareja NEERAJ BHAGAT & CO. Kanisshka Tyagi KESAR DASS B & ASSOCIATES Rahul Tyagi FOX MANDAL & CO. Navratan Uppal Ajay Verma JURIS CHAMBERS Hemant Vijay Pandya MEHTA & MEHTA Rajat Vohra TRILEGAL Saral Kumar Yadav SAADHAAR MARKETING PVT.LTD. Pooja Yedukumar JURIS CORP
Prianto Budi PT PRATAMA INDOMITRA KONSULTAN - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Tony Budidjaja BUDIDJAJA & ASSOCIATES LAW OFFICES Harri Budiman FRANS WINARTA & PARTNERS Jimmy Charles PT HYPER MEGA SHIPPING Juni Dani BUDIDJAJA & ASSOCIATES LAW OFFICES Utari Dyah Kusuma BRIGITTA I. RAHAYOE & PARTNERS Sani Eka Duta BANK INDONESIA Donny Fadilah BAHAR & PARTNERS Renita Girsang YAN APUL & REKAN Widigdya Sukma Gitaya WSG TAX ADVISOR Ayik Gunadi ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Iqbal Hadromi HADROMI & PARTNERS Dedet Hardiansyah BUDIMAN AND PARTNERS Jonathan Hariandja FRANS WINARTA & PARTNERS Muhaimin Ibnu Hasan MAKARIM & TAIRA S. Michael Hasian Giovanni BRIGITTA I. RAHAYOE & PARTNERS Erwandi Hendarta HADIPUTRANTO, HADINOTO & PARTNERS Firman Setia Herwanto INDONESIAN INSTITUTE OF ARCHITECTS Mohammad Kamal Hidayat Alexander Augustinus Hutauruk HADIPUTRANTO, HADINOTO & PARTNERS Brigitta Imam Rahayoe BRIGITTA I. RAHAYOE & PARTNERS Robert Buana Jaya BUDIDJAJA & ASSOCIATES LAW OFFICES Mirza Karim KARIMSYAH LAW FIRM Galinar R. Kartakusuma MAKARIM & TAIRA S. Herry N. Kurniawan ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Rudy Kusmanto MAKARIM & TAIRA S. Winita E. Kusnandar KUSNANDAR & CO. Arno F. Rizaldi Kwok KUSNANDAR & CO. Edward N. Lontoh LONTOH & PARTNERS LAW OFFICE Rudhy A. Lontoh LONTOH & PARTNERS LAW OFFICE Noorna Luthany BANK INDONESIA Ferry P. Madian ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Ella Melany HANAFIAH PONGGAWA & PARTNERS Karen Mills KARIMSYAH LAW FIRM
Nico Mooduto SOEWITO SUHARDIMAN EDDYMURTHY KARDONO Norma Mutalib MAKARIM & TAIRA S. Alexander Nainggolan HADROMI & PARTNERS Suria Nataadmadja SURIA NATAADMADJA & ASSOCIATES Mia Noni Yuniar BRIGITTA I. RAHAYOE & PARTNERS Meiske Panggabean BAHAR & PARTNERS Ay Tjhing Phan PWC INDONESIA Denny Rahmansyah SOEWITO SUHARDIMAN EDDYMURTHY KARDONO Sophia Rengganis PWC INDONESIA Adrio Rivadi KUSNANDAR & CO. Isyana W. Sadjarwo NOTARIS & PEJABOT PEMBUOT AKIO TANOH Gatot Sanyoto KUSNANDAR & CO. Nur Asyura Anggini Sari BANK INDONESIA Marinza Savanthy WIDYAWAN & PARTNERS Natasha A. Sebayang SOEWITO SUHARDIMAN EDDYMURTHY KARDONO Arie Setiawan PT SAHABAT UTAMA INDONESIA Kevin Omar Sidharta ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Ricardo Simanjuntak RICARDO SIMANJUNTAK & PARTNERS Terman Siregar JAKARTA INVESTMENT AND PROMOTION BOARD Yukiko Lyla Usman Tambunan BANK INDONESIA S.H. Anggra Syah Reza Tengku ALI BUDIARDJO NUGROHO, MEMBER OF LEX MUNDI REKSODIPUTRO Christian Teo CHRISTIAN TEO & ASSOCIATES Yuliana Tjhai BAHAR & PARTNERS Hanum Ariana Tobing BUDIDJAJA & ASSOCIATES LAW OFFICES Gatot Triprasetio WIDYAWAN & PARTNERS Runi Tusita PWC INDONESIA Pudji Wahjuni Purbo MAKARIM & TAIRA S. Ilham Wahyu ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Sony Panji Wicaksono BANK INDONESIA Fransiska Ade Kurnia Widodo BUDIDJAJA & ASSOCIATES LAW OFFICES Aditya Kesha Wijayanto WIDYAWAN & PARTNERS Frans Winarta FRANS WINARTA & PARTNERS
IRAN, ISLAMIC REP.

Hamid Reza Adabi STATE ORGANIZATION FOR REGISTRATION OF DEEDS & PROPERTIES OF ISLAMIC REPUBLIC OF IRAN Nazem Ahmadian Nasrabadi STATE ORGANIZATION FOR REGISTRATION OF DEEDS & PROPERTIES OF ISLAMIC REPUBLIC OF IRAN Hamede Akhavan SECURITIES AND EXCHANGE ORGANIZATION OF IRAN Gholam Ali Asghari GREAT TEHRAN ELECTRICITY DISTRIBUTION COMPANY (GTEDC) Hamid Berenjkar OFFICE OF HAMID BERENJKAR Morteza Dezfoulian MORTEZA Mahmoud Ebadi Tabrizi LAW OFFICES M. EBADI TABRIZI & ASSOCIATES ATTORNEYS AT LAW Maryam Ebrahimi TEHRAN STOCK EXCHANGE (TSE) Mona Ebrahimi IMIDRO Mahmoud Eskandari IRAN TRADE PROMOTION ORGANIZATION Shirzad Eslami OJE LAW OFFICE Hossein Fahimi SECURITIES AND EXCHANGE ORGANIZATION OF IRAN Zahra Farzaliyan STATE ORGANIZATION FOR REGISTRATION OF DEEDS & PROPERTIES OF ISLAMIC REPUBLIC OF IRAN Hengameh Fazeli Daie Zangi STATE ORGANIZATION FOR REGISTRATION OF DEEDS & PROPERTIES OF ISLAMIC REPUBLIC OF IRAN Nassim Jahanbani GREAT TEHRAN ELECTRICITY DISTRIBUTION COMPANY (GTEDC) Mohammad Jalili IRAN CREDIT SCORING Farid Kani ATIEH ASSOCIATES Behnam Khatami ATIEH ASSOCIATES Amir Kheirollahy HT CO, LTD. Gholam Reza Malekshoar CENTRAL BANK OF THE ISLAMIC REPUBLIC OF IRAN Seyed Ali Mirshaei TEHRAN CHAMBER OF COMMERCE, INDUSTRY AND MINES Fatemeh Sadat Mirshari MINISTRY OF COMMERCE Seyedeh Fatemeh Moghimi SADID BAR INT TRANSPORT Mozaffar Mohammadian TEEMA BAR INTERNATIONAL TRANSPORT Babak Namazi ATIEH ASSOCIATES Rasoul Nowrouzi IRAN TRADE PROMOTION ORGANIZATION Ahmad Parkhideh IRAN CHAMBER OF COMMERCE Mohammad Reza Pasban ALLAME TABATABAEI UN.- IRANIAN CENTRAL BAR ASSOCIATION Farmand Pourkarim TEHRAN MUNICIPALITY
INDONESIA JAKARTA PROVINCES BUILDING SUPERVISION & ADMINISTRATION OFFICE

Adi Ariantara JAKARTA INVESTMENT AND PROMOTION BOARD Hamud M. Balfas ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Fabian Buddy Pascoal HANAFIAH PONGGAWA & PARTNERS Ita Budhi PWC INDONESIA
ACKNOWLEDGMENTS
239
Mariam Sahrabin KHADEM GROUP Ahmad Shabanifard BASTAN HONAR NAMA Cyrus Shazadeh ATIEH ASSOCIATES Farzan Shirvanbeigi TEHRAN MUNICIPALITY Rajat Ratan Sinha RCS PVT. LTD. BUSINESS ADVISORS GROUP Mohammad Soltani SECURITIES AND EXCHANGE ORGANIZATION OF IRAN Abbas Taghipour CENTRAL BANK OF THE ISLAMIC REPUBLIC OF IRAN Ebrahim Tavakoli TAVAKOLI & SHAHABI Meghdad Torabi TAVAKOLI & SHAHABI Vrej Torossian TOROSSIAN, AVANESSIAN & ASSOCIATE Abdolamir Yaghouti GREAT TEHRAN ELECTRICITY DISTRIBUTION COMPANY (GTEDC)
Ahmed Salih Al-Janabi MENA ASSOCIATES, MEMBER OF AMERELLER RECHTSANWLTE Claus Schmidt PANALPINA GULF Abdelrahman Sherif MENA ASSOCIATES, MEMBER OF AMERELLER RECHTSANWLTE Khaled Yaseen Ilza Zwein AIRUT LAW OFFICES
Sinead Power IRISH CREDIT BUREAU Jilian Pringle OLM CONSULTANCY Brendan Sharkey REDDY CHARLTON Gavin Simons DANIEL MURPHY SOLICITORS Lorcan Tiernan DILLON EUSTACE Mark Traynor A&L GOODBODY Joe Tynan PWC IRELAND Colm Walsh IRISH INTERNATIONAL FREIGHT ASSOCIATION Maeve Walsh REDDY CHARLTON Emma Weld-Moore DANIEL MURPHY SOLICITORS
Rotem Muntner RUTH CARGO Meir Nussbaum DELOITTE LLP Mirit Reif HACOHEN WOLF LAW OFFICES Liat Rothschild GOLDFARB SELIGMAN & CO. Gerry Seligman PWC ISRAEL Edward Shtaif THE ISRAEL ELECTRIC CORPORATION LTD.- DAN DISTRICT Daniel Singerman BUSINESS DATA ISRAEL + PERSONAL CHECK Maya Tiomkin EFRAT-KOWALSKY ARCHITECTS Daphna Tsarfaty GOLDFARB SELIGMAN & CO. Eylam Weiss WEISS-PORAT & CO. Zeev Weiss WEISS-PORAT & CO. Dave Wolf HACOHEN WOLF LAW OFFICES
Stefano Cancarini TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Alessandro Cardia GRIECO E ASSOCIATI Cecilia Carrara LEGANCE Paolo Carta ACEA S.P.A. Fausto Caruso NCTM - STUDIO LEGALE ASSOCIATO Gennaro Cassiani GC ARCHITECTURE BURO Lucia Ceccarelli PORTOLANO CAVALLO STUDIO LEGALE Giorgio Cherubini PIROLA PENNUTO ZEI & ASSOCIATI Domenico Colella PORTOLANO CAVALLO STUDIO LEGALE Fabrizio Colonna LCA - LEGA COLUCCI E ASSOCIATI Mattia Colonnelli de Gasperis COLONNELLI DE GASPERIS STUDIO LEGALE Dorella Concadoro PORTOLANO CAVALLO STUDIO LEGALE Barbara Corsetti PORTOLANO CAVALLO STUDIO LEGALE Filippo Corsini CHIOMENTI STUDIO LEGALE Barbara Cortesi STUDIO LEGALE GUASTI Domenica Cotroneo TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Massimo Cremona PIROLA PENNUTO ZEI & ASSOCIATI Salvatore Cuzzocrea TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Antonio De Martinis SPASARO DE MARTINIS LAW FIRM Raffaella De Martinis SPASARO DE MARTINIS LAW FIRM Francesca De Paolis INTERNATIONAL CENTRE FOR DISPUTE RESOLUTION Claudio Di Falco CLEARY GOTTLIEB STEEN & HAMILTON LLP Antonella Di Maria M&M ASSOCIATI Massimiliano Di Tommaso CLEARY GOTTLIEB STEEN & HAMILTON LLP Emanuele Ferrari STUDIO NOTARILE FERRARI Maddalena Ferrari STUDIO NOTARILE FERRARI Guiseppe Ferrelli STUDIO LEGALE SINATRA Paola Flora STUDIO LEGALE ASSOCIATO AD ASHURST LLP Alberto Forte NOTAIO FORTE Pier Andrea Fr Torelli Massini CARABBA & PARTNERS Linda Nicoletta Frigo GRUPPO PAM S.P.A. Paolo Gallarati NCTM - STUDIO LEGALE ASSOCIATO Andrea Gangemi PORTOLANO CAVALLO STUDIO LEGALE Enrica Maria Ghia GHIA LAW FIRM
IRELAND ESB NETWORKS

Margaret Austin EUGENE F. COLLINS SOLICITORS Michael Bergin PWC IRELAND Finola Boyle EUGENE F. COLLINS SOLICITORS Alan Browning LK SHIELDS SOLICITORS, MEMBER OF IUS LABORIS John Comerford COONEY CAREY - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Eoin Cunneen LK SHIELDS SOLICITORS, MEMBER OF IUS LABORIS Richard Curran LK SHIELDS SOLICITORS, MEMBER OF IUS LABORIS Kiara Daly DANIEL MURPHY SOLICITORS Laura Daly LK SHIELDS SOLICITORS, MEMBER OF IUS LABORIS Gavin Doherty EUGENE F. COLLINS SOLICITORS Eoghan Doyle PHILIP LEE Ray Duffy THE PROPERTY REGISTRATION AUTHORITY Frank Flanagan MASON HAYES+CURRAN Sarah Gallagher DILLON EUSTACE Aileen Gittens ARTHUR COX, MEMBER OF LEX MUNDI Paul Gough EUGENE F. COLLINS SOLICITORS Sinad Greene LK SHIELDS SOLICITORS, MEMBER OF IUS LABORIS William Johnston ARTHUR COX, MEMBER OF LEX MUNDI Jonathan Kelly PHILIP LEE Maeve Larkin ARTHUR COX, MEMBER OF LEX MUNDI MaryLiz Mahony ARTHUR COX, MEMBER OF LEX MUNDI Gavin McGuire PHILIP LEE Kevin Meehan COMPASS MARITIME LTD. Shane Neville LK SHIELDS SOLICITORS, MEMBER OF IUS LABORIS Michael OConnor MATHESON ORMSBY PRENTICE Deirdre OMahony ARTHUR COX, MEMBER OF LEX MUNDI Maurice Phelan MASON HAYES+CURRAN
ISRAEL A. MOSKOVITS & SONS LTD.

Ofer Bar-On SHAVIT BAR-ON GAL-ON TZIN YAGUR, LAW OFFICES Jacob Ben-Chitrit YIGAL ARNON & CO. Moshe Ben-Yair PUBLIC UTILITY AUTHORITY-ELECTRICITY Jeremy Benjamin GOLDFARB SELIGMAN & CO. Marina Benvenisti RUTH CARGO Yitzchak Chikorel DELOITTE LLP Doron Cohon RAVEH, RAVID & CO CPAS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Danny Dilbary GOLDFARB SELIGMAN & CO. Tuvia Geffen NASDCHITZ, BRANDES & CO. Ido Gonen GOLDFARB SELIGMAN & CO. Amos Hacmun HESKIA-HACMUN LAW FIRM Liron HaCohen YIGAL ARNON & CO. Yossi Katsav RUTH CARGO Zeev Katz PWC ISRAEL Vered Kirshner PWC ISRAEL Adam Klein GOLDFARB SELIGMAN & CO. Gideon Koren GIDEON KOREN & CO. LAW OFFICES Orna Kornreich-Cohen SHAVIT BAR-ON GAL-ON TZIN YAGUR, LAW OFFICES Meira Kowalsky EFRAT-KOWALSKY ARCHITECTS Michael Lagon THE ISRAEL ELECTRIC CORPORATION LTD.- DAN DISTRICT Benjamin Leventhal GIDEON FISHER & CO. Michelle Liberman S. HOROWITZ & CO., MEMBER OF LEX MUNDI Danielle Loewenstein S. HOROWITZ & CO., MEMBER OF LEX MUNDI
IRAQ ERNST & YOUNG

GEZAIRI TRANSPORT IRAQI COMPANY LTD. IRAQI ASSOCIATION OF SECURITIES DEALERS
Faik Abdul Rasool IRAQI INSTITUTE FOR ECONOMIC REFORM Emad Abdullatif IRAQI INSTITUTE FOR ECONOMIC REFORM Marie Antoinette Airut AIRUT LAW OFFICES Omar Al Nemer TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Ahmed Al-Jannabi MENA ASSOCIATES, MEMBER OF AMERELLER RECHTSANWLTE Jafar Albadran IRAQI INSTITUTE FOR ECONOMIC REFORM Mazin Albadran IRAQI INSTITUTE FOR ECONOMIC REFORM Mustafa Alshawi IRAQI INSTITUTE FOR ECONOMIC REFORM Florian Amereller AMERELLER RECHTSANWLTE Munther B. Hamoudi AL ATTAR REAL ESTATE OFFICE Duraid Basil IRAQI INSTITUTE FOR ECONOMIC REFORM Thomas David PANALPINA GULF Husam Addin Hatim Stephan Jger AMERELLER RECHTSANWLTE Imad Makki AL QARYA GROUP CO. Mudher Mohammed Salih IRAQ CENTRAL BANK Omar Moneer TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Auday Najim Ali ASHUR INTERNATIONAL BANK
ITALY
Marianna Abbaticchio RISTUCCIA & TUFARELLI Marco Sebastiano Accorr TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Fabrizio Acerbis PWC ITALY Mario Altavilla UNIONCAMERE Federico Antich STUDIO DELLAVVOCATO ANTICH Stefano Aprile PENAL COURT OF ROME Roberto Argeri CLEARY GOTTLIEB STEEN & HAMILTON LLP Gaetano Arn TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Romina Ballanca TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Paola Barazzetta TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Lamberto Barbieri CRIF S. P. A. Giuseppe Battaglia PORTOLANO CAVALLO STUDIO LEGALE Vlad Beffa STUDIO SAVOIA Susanna Beltramo STUDIO LEGALE BELTRAMO Stefano Biagioli TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Giampaolo Botta SPEDIPORTO - ASSOCIAZIONE SPEDIZIONIERI CORRIERI E TRASPORTATORI DI GENOVA Giuseppe Broccoli BDA STUDIO LEGALE Sergio Calderara ALMAVIVA S.P.A. - DIREZIONE AFFARI LEGALI Gianluca Cambareri TONUCCI & PARTNERS, IN ALLIANCE WITH MAYER BROWN LLP
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Lucio Ghia GHIA LAW FIRM Vincenzo Fabrizio Giglio GIGLIO & SCOFFERI STUDIO LEGALE
DEL LAVORO
Francesco Nuzzolo PWC ITALY Ferdinando Offredi VENOSTA R.E. S.RL Aldo Olivo ARCHITECT Fabiana Padroni RISTUCCIA & TUFARELLI Luciano Panzani TORINO COURT OF FIRST INSTANCE Giovanni Patti ABBATESCIANNI STUDIO LEGALE E TRIBUTARIO Yan Pecoraro PORTOLANO CAVALLO STUDIO LEGALE Federica Peres PORTOLANO CAVALLO STUDIO LEGALE Davide Petris PORTOLANO CAVALLO STUDIO LEGALE Martina Pivetti TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Laura Prosperetti CLEARY GOTTLIEB STEEN & HAMILTON LLP Giuseppe Ramondelli RAMONDELLI E ASSOCIATI STUDIO LEGALE NOTARILE Marianna Ristuccia RISTUCCIA & TUFARELLI Tommaso Edoardo Romolotti ROMOLOTTI MARRETTA Silvia Sandrin STUDIO LEGALE ASSOCIATO AD ASHURST LLP Filippo Savoia STUDIO SAVOIA Azzurra Scasso SPEDIPORTO - ASSOCIAZIONE SPEDIZIONIERI CORRIERI E TRASPORTATORI DI GENOVA Mario Scofferi GIGLIO & SCOFFERI STUDIO LEGALE
DEL LAVORO
Elisabetta Ventrella BDA STUDIO LEGALE Antonio Virgallita TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Angelo Zambelli DEWEY & LEBOEUF Bruno Benvenuto Zerbini STUDIO LEGALE BELTRAMO Filippo Zucchinelli TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI
Viralee Latibeaudiere JAMAICAS TAX ADMINISTRATION AT THE MINISTRY OF FINANCE & PUBLIC SERVICE Joan Lawla MANAGER, ACADEMICIAN Jerome I. Lee DUNN COX ATTORNEYS-AT-LAW Grace Lindo NUNES, SCHOLEFIELD DELEON & CO Melinda Lloyd JAMAICA PUBLIC SERVICE COMPANY LIMITED Karen McHugh PWC JAMAICA Marlene McIntosh FERSAN Andrine McLaren KINGSTON AND ST. ANDREW CORPORATION Alton E. Morgan LEGIS-ALTON E.MORGAN & CO. ATTORNEYS-AT-LAW Janet E. Morrison DUNN COX ATTORNEYS-AT-LAW Viveen Morrison PWC JAMAICA Dana Morrison Dixon JAMAICA PROMOTIONS CORPORATION (JAMPRO) Gary Parker JAMAICA PROMOTIONS CORPORATION (JAMPRO) Gina Phillipps Black MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Norman Rainford KPMG JAMAICA Judith Ramlogan COMPANIES OFFICE OF JAMAICA Stephan Rampair WEST INDIES HOME CONTRACTORS Hilary Reid MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Venice Ricketts JAMAICA INLAND REVENUE DEPARTMENT Corah Ann Robertson-Sylvester SEABOARD FREIGHT AND SHIPPING Milton J. Samuda SAMUDA & JOHNSON ATTORNEYS-AT-LAW Norman Shand KINGSTON AND ST. ANDREW CORPORATION Bernard Shepherd LEX CARIBBEAN Stephanie Sterling MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Douglas Stiebel STIEBEL & COMPANY LIMITED Marjorie Straw JAMAICA PROMOTIONS CORPORATION (JAMPRO) Paul Tai NUNES, SCHOLEFIELD DELEON & CO Lorraine Thomas LTN LOGISTICS INTERNATIONAL CO. LTD. Denzil Thorpe MINISTRY OF LABOUR AND SOCIAL SECURITY Junior Waugh JAMAICA SOCIETY OF CUSTOMS BROKERS
Patricka Wiggan Chambers JAMAICA CUSTOMS DEPARTMENT Donovan Wignal MAIRTRANS INTERNATIONAL LOGISTICS LTD. Sophia Williams NATIONAL LAND AGENCY Maia Wilson LEX CARIBBEAN Angelean Young-Daley JAMAICA PUBLIC SERVICE COMPANY LIMITED
Andrea Grappelli TONUCCI & PARTNERS, IN ALLIANCE WITH MAYER BROWN LLP Antonio Grieco GRIECO E ASSOCIATI Tommaso Gualco BRE-ENGINEERING SRL Valentino Guarini TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Federico Guasti STUDIO LEGALE GUASTI Giovanni Izzo ABBATESCIANNI STUDIO LEGALE E TRIBUTARIO Ignazio la Candia PIROLA PENNUTO ZEI & ASSOCIATI Enrico Lodi CRIF S. P. A. Cesare Lombrassa STUDIO LEGALE LOMBRASSA Artemisia Lorusso TONUCCI & PARTNERS, IN ALLIANCE WITH MAYER BROWN LLP Francesco Losappio TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Paolo Lucarini PWC ITALY Stefano Macchi di Cellere JONES DAY Matteo Magistrelli PORTOLANO CAVALLO STUDIO LEGALE Fabrizio Mariotti STUDIO LEGALE BELTRAMO Laura Marretta ROMOLOTTI MARRETTA Donatella Martinelli STUDIO LEGALE ASSOCIATO TOMMASINI E MARTINELLI Pietro Masi PORTOLANO CAVALLO STUDIO LEGALE Gennaro Mazzuoccolo NORTON ROSE Laura Mellone BANK OF ITALY Regina Meo PORTOLANO CAVALLO STUDIO LEGALE Andrea Messuti LCA - LEGA COLUCCI E ASSOCIATI Mario Miccoli NOTAIO MICCOLI Luca Milan STUDIO ASSOCIATO GIANNESSI MILAN Nunzia Moliterni JONES LANG LASALLE Marco Monaco Sorge TONUCCI & PARTNERS, IN ALLIANCE WITH MAYER BROWN LLP Micael Montinari PORTOLANO CAVALLO STUDIO LEGALE Eliana Morandi STUDIO NOTARILE ELIANA MORANDI Daniela Morante MILAN CHAMBER OF ARBITRATION Valeria Morosini TOFFOLETTO E SOCI LAW FIRM, MEMBER OF IUS LABORIS Gianmatteo Nunziante NUNZIANTE MAGRONE
JAMAICA ATTORNEY GENERALS OFFICE, JAMAICA

ERNST & YOUNG
Cheronne Allen JAMAICA PROMOTIONS CORPORATION (JAMPRO) Judith Allen KPMG JAMAICA Malene Alleyne MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Francine Blair NATIONAL ENVIRONMENT & PLANNING AGENCY Mitzie W. Gordon Burke-Green JAMAICA TRADING SERVICES LTD. Raymond Campbell KPMG JAMAICA Colleen Coleman-Wright LEX CARIBBEAN Eric Alexander Crawford PWC JAMAICA Lincoln A.C. Eatmon DUNN COX ATTORNEYS-AT-LAW Vitus Evans JAMAICA EXPORTERS ASSOCIATION Natalie Farrell-Ross MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Nicole Foga FOGA DALEY Yvonne Godfrey DELOITTE & TOUCHE CHARTERED ACCOUNTANTS Gavin Goffe MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Lisa-Ann S. Grant MINISTRY OF LABOUR AND SOCIAL SECURITY Lissa L. Grant PRIDE JAMAICA Carla-Anne Harris Roper MINISTRY OF LABOUR AND SOCIAL SECURITY Kerry-Ann Heavens MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Corrine N. Henry MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Roger Hinds THE SHIPPING ASSOCIATION OF JAMAICA Wilbert Hoo JAMAICA MECHANICAL & ELECTRICAL ENGINEERING Alicia P. Hussey MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Donovan Jackson NUNES, SCHOLEFIELD DELEON & CO Peter Knight NATIONAL ENVIRONMENT & PLANNING AGENCY
JAPAN ERNST & YOUNG

PWC JAPAN TOKYO ELECTRIC POWER COMPANY INC.
Miho Arimura HATASAWA & WAKAI LAW FIRM Marie Eguchi ATSUMI & SAKAI Toyoki Emoto ATSUMI & SAKAI Tatsuya Fukui ATSUMI & SAKAI Shinnosuke Fukuoka NISHIMURA & ASAHI Beppu Fumiya NISHIMURA & ASAHI Mika Haga DAVIS & TAKAHASHI Tamotsu Hatasawa HATASAWA & WAKAI LAW FIRM Akiko Hiraoka ATSUMI & SAKAI Takashi Hirose OH-EBASHI LPC & PARTNERS Hiroyasu Horimoto CITY-YUWA PARTNERS Katsuo Hosoyama AZABU AIWA & CO. Yuko Ishida NISHIMURA & ASAHI Michiya Iwasaki ATSUMI & SAKAI Tomomi Kagawa Yosuke Kanegae OH-EBASHI LPC & PARTNERS Chie Kasahara ATSUMI & SAKAI Takahiro Kato NISHIMURA & ASAHI Kohei Kawamura NISHIMURA & ASAHI Yasuyuki Kuribayashi CITY-YUWA PARTNERS Yukie Kurosawa OMELVENY & MYERS LLP Yoji Maeda OMELVENY & MYERS LLP Nobuaki Matsuoka OSAKA INTERNATIONAL LAW OFFICES Toshio Miyatake ADACHI, HENDERSON, MIYATAKE & FUJITA Michihiro Mori NISHIMURA & ASAHI Masahiro Murashima KITAHAMA PARTNERS Hirosato Nabika CITY-YUWA PARTNERS Masahiro Nakatsukasa CHUO SOGO LAW OFFICE, P.C. Hiroyuki Ota CHUO SOGO LAW OFFICE, P.C.
Susanna Servi CARABBA & PARTNERS Massimiliano Silvetti NUNZIANTE MAGRONE Carlo Sinatra STUDIO LEGALE SINATRA Pierluigi Sodini UNIONCAMERE Piervincenzo Spasaro SPASARO DE MARTINIS LAW FIRM Elisa Sulcis STUDIO LEGALE SINATRA Maria Antonietta Tanico STUDIO LEGALE TANICO Andrea Tedioli TEDIOLI LAW FIRM Francesca Tironi TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Giacinto Tommasini STUDIO LEGALE ASSOCIATO TOMMASINI E MARTINELLI Stefano Tresca T AND PARTNERS Luca Tufarelli RISTUCCIA & TUFARELLI Laura Tumolo NCTM - STUDIO LEGALE ASSOCIATO Rachele Vacca de Dominicis GRIECO E ASSOCIATI Mario Valentini PIROLA PENNUTO ZEI & ASSOCIATI
ACKNOWLEDGMENTS
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Takashi Saito CITY-YUWA PARTNERS Yuka Sakai CITY-YUWA PARTNERS Sara Sandford GARVEY SCHUBERT BARER LAW FIRM Rieko Sasaki ATSUMI & SAKAI Takefumi Sato ANDERSON MORI & TOMOTSUNE Tetsuro Sato BAKER & MCKENZIE Yoshihito Shibata BINGHAM MCCUTCHEN MURASE, SAKAI & MIMURA FOREIGN LAW JOINT ENTERPRISE Tomoko Shimomukai NISHIMURA & ASAHI Hiroaki Shinomiya DAVIS & TAKAHASHI Hisako Shiotani ATSUMI & SAKAI Kentaro Shoji OMELVENY & MYERS LLP Sachiko Sugawara ATSUMI & SAKAI Yuri Suzuki ATSUMI & SAKAI Hiroaki Takahashi DAVIS & TAKAHASHI Mikio Tasaka NITTSU RESEARCH INSTITUTE AND CONSULTING, INC. Atsushi Tempaku NIPPON EXPRESS CO., LTD. Junichi Tobimatsu MORI HAMADA & MATSUMOTO Yoshito Tsuji OBAYASHI CORPORATION Yoshiki Tsurumaki ATSUMI & SAKAI Kenji Utsumi NAGASHIMA OHNO & TSUNEMATSU Jun Yamada ANDERSON MORI & TOMOTSUNE Michi Yamagami ANDERSON MORI & TOMOTSUNE Akio Yamamoto KAJIMA CORPORATION Yusuke Yukawa NISHIMURA & ASAHI
Eman M. Al-Dabbas INTERNATIONAL BUSINESS LEGAL ASSOCIATES Razan Al-Hosban ALI SHARIF ZUBI, ADVOCATES & LEGAL CONSULTANTS, MEMBER OF LEX MUNDI Sabri S. Al-Khassib AMMAN CHAMBER OF COMMERCE Ala Al-Louzi HAMMOURI & PARTNERS Mohammad Al-Said NATHAN ASSOCIATES Omar Aljazy ALJAZY & CO. ADVOCATES & LEGAL CONSULTANTS Khaled Asfour ALI SHARIF ZUBI, ADVOCATES & LEGAL CONSULTANTS, MEMBER OF LEX MUNDI Michael T. Dabit MICHAEL T. DABIT & ASSOCIATES Richard Davidsen AQABA CONTAINER TERMINAL CO. (ACT) Anwar Elliyan THE JORDANIAN ELECTRIC POWER CO. LTD. (JEPCO) Tariq Hammouri HAMMOURI & PARTNERS Lubna Hawamdeh ALI SHARIF ZUBI, ADVOCATES & LEGAL CONSULTANTS, MEMBER OF LEX MUNDI George Hazboun HAZBOUN & CO. FOR INTERNATIONAL LEGAL BUSINESS CONSULTATIONS Reem Hazboun HAZBOUN & CO. FOR INTERNATIONAL LEGAL BUSINESS CONSULTATIONS Tayseer Ismail EAST ECHO CO. Emad Karkar PWC JORDAN Basel Kawar KAWAR TRANSPORT & TRANSIT KARGO Hussein Kofahy CENTRAL BANK OF JORDAN Rasha Laswi ZALLOUM & LASWI LAW FIRM Firas Malhas INTERNATIONAL BUSINESS LEGAL ASSOCIATES Daniah Murad ALI SHARIF ZUBI, ADVOCATES & LEGAL CONSULTANTS, MEMBER OF LEX MUNDI Nizar Musleh HAZBOUN & CO. FOR INTERNATIONAL LEGAL BUSINESS CONSULTATIONS Omar B. Naim NATIONAL CONSTRUCTION COMPANY Sami Naimat KHALIFEH & PARTNERS LAWYERS Laith Nasrawin ALJAZY & CO. ADVOCATES & LEGAL CONSULTANTS Khaldoun Nazer KHALIFEH & PARTNERS LAWYERS Main Nsair NSAIR & PARTNERS - LAWYERS Mutasem Nsair NSAIR & PARTNERS - LAWYERS Osama Y. Sabbagh THE JORDANIAN ELECTRIC POWER CO. LTD. (JEPCO) Fouad Shaban ALI SHARIF ZUBI, ADVOCATES & LEGAL CONSULTANTS, MEMBER OF LEX MUNDI Stephan Stephan PWC JORDAN
Mohammed Tarawneh Mahmoud Wafa Azzam Zalloum ZALLOUM & LASWI LAW FIRM Salma Zibdeh ALI SHARIF ZUBI, ADVOCATES & LEGAL CONSULTANTS, MEMBER OF LEX MUNDI Malek Zreiqat ALI SHARIF ZUBI, ADVOCATES & LEGAL CONSULTANTS, MEMBER OF LEX MUNDI
Ali Imanalin GRATA LAW FIRM Semion Issyk AEQUITAS LAW FIRM Kamil Jambakiyev NORTON ROSE Thomas Johnson SNR DENTON KAZAKHSTAN LIMITED Mariyash Kabikenova REHABILITATION MANAGER Elena Kaeva PWC KAZAKHSTAN Marina Kahiani GRATA LAW FIRM Alibek Kaliyev ARISTAN PROJECT MANAGEMENT GROUP (APMG) Andrey Kim KUEHNE & NAGEL KAZAKHSTAN Marina Kolesnikova GRATA LAW FIRM Yerbol Konarbayev SNR DENTON KAZAKHSTAN LIMITED Askar Konysbayev GRATA LAW FIRM Anna Kravchenko GRATA LAW FIRM Natalya Kulagina M&M LOGISTICS Alina Larina M&M LOGISTICS Irina Latipova MARKA AUDIT ACF LLP Madina Lavrenova SIGNUM LAW FIRM Aigerim Malikova PWC KAZAKHSTAN Vsevolod Markov BMF GROUP LLP Yessen Massalin OLYMPEX ADVISERS Bolat Miyatov GRATA LAW FIRM Saida Moldasheva CRUZ LOGISTICS Toregali Muhamedzhanov REHABILITATION MANAGER Abdul-Gaziz Mukashev BDO Assel Mukhambekova GRATA LAW FIRM Elena Murzabekova KUEHNE & NAGEL KAZAKHSTAN Daniyar Mussakhan NORTON ROSE Assel Mussina SNR DENTON KAZAKHSTAN LIMITED Abylkhair Nakipov SIGNUM LAW FIRM Nazira Nurbayeva PWC KAZAKHSTAN Berik Nurgaziyev ARISTAN PROJECT MANAGEMENT GROUP (APMG) Saktagana Nurmahanov REHABILITATION MANAGER Zhanar Ordabayeva BMF GROUP LLP Yuliya V. Petrenko BMF GROUP LLP Nikolay Popov BDO Elvis Roberts CRUZ LOGISTICS
Olga Salimova ORIS LAW FIRM Talgat Sariev SIGNUM LAW FIRM Kuanysh Sarsenbayev OLYMPEX ADVISERS Ruslan Serkebulanov REHABILITATION MANAGER Alzhan Stamkulov SYNERGY PARTNERS LAW FIRM Nurzhan Stamkulov SYNERGY PARTNERS LAW FIRM Timur Suleymanov GRATA LAW FIRM Bolatkhan Turtbajev ALATAU ZHARYK Amir Tussupkhanov ORIS LAW FIRM Alida Tuyebekova MICHAEL WILSON & PARTNERS LTD. Shakhrukh Usmanov GRATA LAW FIRM Zhaniya Ussen ASSISTANCE, LLC LAW FIRM Yekaterina V. Kim MICHAEL WILSON & PARTNERS LTD. Marla Valdez SNR DENTON KAZAKHSTAN LIMITED Vitaliy Vodolazkin SAYAT ZHOLSHY & PARTNERS Arlan Yerzhanov GRATA LAW FIRM Yerzhan Yessimkhanov GRATA LAW FIRM Marina Yudina PANALPINA WORLD TRANSPORT LLP Kogarshin Zhamikanova REHABILITATION MANAGER Adeliya Zhunussova SNR DENTON KAZAKHSTAN LIMITED Soya Zhylkaidarova SIGNUM LAW FIRM Anton Zinoviev BOOZ ALLEN HAMILTON
KAZAKHSTAN
Yerkin Abdrakhmanov PWC KAZAKHSTAN Askar Abubakirov AEQUITAS LAW FIRM Bulat Ahmetov ARHICO ARHSTUDIO Zulya Akchurina GRATA LAW FIRM Aktan Akhmetov FIRST CREDIT BUREAU Botagoz Aliakbarova OLYMPEX ADVISERS Zhabelov Alim PANALPINA WORLD TRANSPORT LLP Uzakbay Aytzhanov ATAMEKEN HOLDING Nailya Azizova PANALPINA WORLD TRANSPORT LLP Rahat Baisuanov SIGNUM LAW FIRM Amir Begdesenov SAYAT ZHOLSHY & PARTNERS Jypar Beishenalieva MICHAEL WILSON & PARTNERS LTD. Joel Benjamin SNR DENTON KAZAKHSTAN LIMITED Arman Berdalin SAYAT ZHOLSHY & PARTNERS Aidyn Bikebayev SAYAT ZHOLSHY & PARTNERS Richard Bregonje PWC KAZAKHSTAN Yelena Bychkova AEQUITAS LAW FIRM Irina Chen M&M LOGISTICS Shaimerden Chikanayev GRATA LAW FIRM Richard Chudzynski MICHAEL WILSON & PARTNERS LTD. Oksana Danilova RBS Aida Daulenova BMF GROUP LLP Dina Daumova GRATA LAW FIRM Minyailova Dinara ARICARGO Ardak Dyussembayeva AEQUITAS LAW FIRM Indira Eleusizova SAYAT ZHOLSHY & PARTNERS Vladimir P. Furman BMF GROUP LLP Sevil Gassanova NORTON ROSE Shestakov Gennady KAZAKHSTAN LOGISTICS SERVICE Alexandr Giros ARISTAN PROJECT MANAGEMENT GROUP (APMG) Evgeniy Gonov I.P. PETROVA
KENYA METROPOL CORPORATION LTD.

Oliver Fowler KAPLAN & STRATTON Peter Gachuhi KAPLAN & STRATTON Edmond Gichuru POST BANK William Ikutha Maema ISEME, KAMAU & MAEMA ADVOCATES Shellomith Irungu ANJARWALLA & KHANNA ADVOCATES Milly Jalega ISEME, KAMAU & MAEMA ADVOCATES Benson Kamau PWC KENYA Hamish Keith DALY & FIGGIS ADVOCATES Peter Kiara ARCHITECT Jinaro Kibet OCHIENG, ONYANGO, KIBET & OHAGA Timothy Kiman SIGINON FREIGHT LTD. Morris Kimuli B.M. MUSAU & CO. ADVOCATES Meshack T. Kipturgo SIGINON FREIGHT LTD.
JORDAN ERNST & YOUNG

SOCIAL SECURITY CORPORATION
Hassan Abdullah THE JORDANIAN ELECTRIC POWER CO. LTD. (JEPCO) Mazen Abu Alghanam Hayjaa Abu AlHayjaa HAYJAA Nayef Abu Alim PREMIER LAW FIRM LLP Deema Abu Zulaikha HAYJAA Ibrahim Abunameh ABUNAMEH & PARTNERS LAW FIRM Maha Al Abdallat CENTRAL BANK OF JORDAN Omar Al Sawadha HAMMOURI & PARTNERS Mohammad Al Smadi INTERNATIONAL BUSINESS LEGAL ASSOCIATES
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Owen Koimburi KOKA KOIMBURI & CO., MEMBER OF MAZARS David Lekerai ISEME, KAMAU & MAEMA ADVOCATES Victor Majani CROWE HORWATH EA, MEMBER CROWE HORWATH INTERNATIONAL Bakari Mangale NATIONAL ENVIRONMENT MANAGEMENT AUTHORITY James Mburu Kamau ISEME, KAMAU & MAEMA ADVOCATES Mansoor A. Mohamed RUMAN SHIP CONTRACTORS LIMITED Bernard Muange ANJARWALLA & KHANNA ADVOCATES John Muoria WARUHIU KOWADE & NGANGA ADVOCATES Murigu Murithi ARCS AFRICA Benjamin Musau B.M. MUSAU & CO. ADVOCATES Wachira Ndege CREDIT REFERENCE BUREAU AFRICA LTD. Mbage Nganga WARUHIU KOWADE & NGANGA ADVOCATES Joseph Ngangira DALY & FIGGIS ADVOCATES Killian Ngala MEDITERRANEAN SHIPPING COMPANY (MSC), OCEANFREIGHT (E.A.) LTD. James Ngomeli THE KENYA POWER AND LIGHTING COMPANY LTD. Kenneth Njuguna PWC KENYA Conrad Nyukuri CHUNGA ASSOCIATES Denis Augustine Onyango FRONTIER DESIGNS Cephas Osoro CROWE HORWATH EA, MEMBER CROWE HORWATH INTERNATIONAL Prakash MASTER POWER SYSTEMS LTD. Don Priestman THE KENYA POWER AND LIGHTING COMPANY LTD. Sonal Sejpal ANJARWALLA & KHANNA ADVOCATES Rajesh Shah PWC KENYA Deepen Shah WALKER KONTOS ADVOCATES David Tanki LAN-X AFRICA LTD. Joseph Taracha CENTRAL BANK OF KENYA Harpreet Ubhi DALY & FIGGIS ADVOCATES Peter Wahome PWC KENYA Nicholas Wambua B.M. MUSAU & CO. ADVOCATES Angela Waweru KAPLAN & STRATTON
Kenneth Barden ATTORNEY-AT-LAW Rengaua Bauro MINISTRY OF FINANCE Taake Cama MINISTRY OF FINANCE Kiata Tebau Kabure KK & SONS Seri Kautuntamoa REGISTRY OF COMPANIES Paul McLaughlin CABELLA BETIO CONSTRUCTION Moaniti Teuea JOYCE SHIPPING LINE Eliza Tokataake BETIO TOWN COUNCIL Isikeli Tuituku ANZ BANK (KIRIBATI) LTD.
Wonhyung Kim YOON & YANG LLC Yoon Young Kim HWANG MOK PARK P.C. Joong Hoon Kwak LEE & KO Ji-Ha Kwon KOREA CREDIT BUREAU Hee-Ryoung Lee SOJONG PARTNERS Hongyou Lee PANALPINA IAF LTD. Hye Jeong Lee AHNSE LAW OFFICES Jin-Young Lee SAMIL PRICEWATERHOUSECOOPERS Jong Ho Lee SOJONG PARTNERS Kwon H. Lee HANJIN SHIPPING CO. LTD. Kyu Wha Lee LEE & KO Sang-don Lee SHIN & KIM Sang-Woon Lee KOREA CUSTOMS SERVICE Seung Yoon Lee KIM & CHANG Sung Whan Lee AHNSE LAW OFFICES Jul-Ki Lim KOREA CREDIT BUREAU Chul-Gue Maeng KOREA CUSTOMS SERVICE Soogeun Oh EWHA WOMANS UNIVERSITY Yon-Kyun Oh KIM & CHANG Joo Seok Paik SOJONG PARTNERS Sang Il Park HWANG MOK PARK P.C. Soo-Hwan Park SAMIL PRICEWATERHOUSECOOPERS Yong Seok Park SHIN & KIM Jeong Seo KIM & CHANG Mi-Jin Shin KIM & CHANG Philippe Shin SHIN & KIM Bong Woo Song HANJIN SHIPPING CO. LTD. Jiwon Suh MINISTRY OF STRATEGY AND FINANCE Kiwon Suh CHEON JI ACCOUNTING CORPORATION - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Huh Uoung-uhk KEPCO ECONOMY MANAGEMENT RESEARCH INSTITUTE (KEMRI) Ju-Hyun Yoo SHIN & KIM
Albert Avdiu KOSOVO JUDICIAL COUNCIL SECRETARIAT Agon Baruti KOMTEL PROJECT ENGINEERING Arsim Behrami ALBERT ISLAMI & PARTNERS Ardiana Bunjaku SOCIETY OF CERTIFIED ACCOUNTANTS AND AUDITORS OF KOSOVO (SCAAK) Shyqiri Bytyqi VALA CONSULTING Muzafer aka KOSOVO CADASTRAL AGENCY Burim Cena BDO KOSOVA LLC Fadil Dalipi VNV STUDIO INC. Faton Demaj SHEGA PRO Amir Drmala BDO KOSOVA LLC Agron S. Dida KOMTEL PROJECT ENGINEERING Atdhe Dika KALO & ASSOCIATES Muhamed Disha IPAK Sokol Elmazaj BOGA & ASSOCIATES TIRANA Mirjeta Emini BOGA & ASSOCIATES Rezak Fetai Lorena Gega PWC ALBANIA Fazli Gjonbalaj LIGJI LAW FIRM Maliq Gjyshinca INTEREUROPA KOSOVA LLC Valon Hasani INTERLEX ASSOCIATES LLC Ahmet Hasolli KALO & ASSOCIATES Rrahim Hoxha ISARS Naim Huruglica KOSOVO CUSTOMS Virtyt Ibrahimaga LAW FIRM IBRAHIMAGA OSAMNI TIGANI Albert Islami ALBERT ISLAMI & PARTNERS Besarta Kllokoqi BOGA & ASSOCIATES Vegim Kraja KALO & ASSOCIATES Naim Krasniqi LIGJI LAW FIRM Sabina Lalaj BOGA & ASSOCIATES TIRANA Valdrin Lluka IPAK Florim Maxharraj CENTRAL BANK OF THE REPUBLIC OF KOSOVO Murat Meha KOSOVO CADASTRAL AGENCY Fitore Mekaj BOGA & ASSOCIATES Bajram Morina Fitim Mucaj 4M GROUP LTD. Ilir Murseli MURSELI ARCHITECTS & PARTNERS
Lek Musa BU & PARTNERS Arben Mustafa INTEREUROPA KOSOVA LLC Bernard Nikaj MINISTRY OF TRADE AND INDUSTRY Gazmend Nushi KALO & ASSOCIATES Valdet Osmani ARCHITECT ASSOCIATION OF KOSOVO Dastid Pallaska PALLASKA & ASSOCIATES Gazmend Pallaska PALLASKA & ASSOCIATES Loreta Peci PWC ALBANIA Denis Pitarka KOSOVO CADASTRAL AGENCY Bujar Prestreshi USAID KOSOVO PRIVATE ENTERPRISE PROGRAM (KPEP) Ilaz Ramajli RAMAJLI & PARTNERS CO. Vigan Rogova ETHEM ROGOVA LAW FIRM Ariana Rozhaja VALA CONSULTING Valentina Salihu VALA CONSULTING Suzana Sejdiu COMMERCIAL COURT KOSOVO Shiqeri Spahiu MUNICIPALITY OF PRISHTINA Dardan Sylaj KOSOVA CHAMBER OF COMMERCE Elez Sylaj KOSOVA CHAMBER OF COMMERCE Flakron Sylejmani LAW FIRM IBRAHIMAGA OSAMNI TIGANI Bardha Tahiri ALBERT ISLAMI & PARTNERS Kreshnik Thaqi IPAK Anita Tigani LAW FIRM IBRAHIMAGA OSAMNI TIGANI Paul Tobin PWC BULGARIA Valon Ukaj CIMAROSTI Gzim Xharavina ARCHITECTURAL, DESIGN AND ENGINEERING Petrit Zeka BU & PARTNERS Ruzhdi Zenelaj PWC Shaha Zylu CENTRAL BANK OF THE REPUBLIC OF KOSOVO
KOREA, REP.
Won-Mo Ahn AHN & CHANG Jong-Hyun Baek JEIL BROKER Sang Mi Baek SHIN & KIM Jennifer Min-Sook Chae KOREA CREDIT BUREAU Kyoung Soo Chang SHIN & KIM Han-Jun Chon SAMIL PRICEWATERHOUSECOOPERS Eui Jong Chung BAE, KIM & LEE LLC Seok Jong Chung SUPREME COURT OF KOREA Jong Ki Hong HWANG MOK PARK P.C. C.W. Hyun KIM & CHANG James I.S. Jeon SOJONG PARTNERS Goo-Chun Jeong KOREA CUSTOMS SERVICE Jeong Hwa Jeong SHIN & KIM Hwan-Chul Jeung SAMIL PRICEWATERHOUSECOOPERS Bo Moon Jung KIM & CHANG Sang Wook Kang KOREAN ELECTRICAL CONTRACTORS ASSOCIATION Young-Ju Kang SOJONG PARTNERS Byung-Tae Kim SHIN & KIM Eun-Kyung Kim KOREA CREDIT BUREAU Hyo-Sang Kim KIM & CHANG Ji Yeoun Kim HWANG MOK PARK P.C. Jinsoon Kim AGL CO., LTD. Jung-In Kim KOREA CREDIT BUREAU Kwang Soo Kim WOOSUN ELECTRIC COMPANY LTD. Stephan Kim SOJONG PARTNERS Sung Won (David) Kim HANARO TNS Wan-Seok Kim SAMIL PRICEWATERHOUSECOOPERS
KUWAIT
Labeed Abdal THE LAW FIRM OF LABEED ABDAL Hossam Abduel Fetouh Lina A.K. Adlouni KIPCO ASSET MANAGEMENT COMPANY K.S.C Hussein Mohammed Hassan Ahmed ABDULLAH KH. AL-AYOUB & ASSOCIATES, MEMBER OF LEX MUNDI Abdullah Musr Al Hayyan KUWAIT UNIVERSITY Homoud Al Mutawa SMP LAW FIRM
KOSOVO KOSOVO ENERGY CORPORATION J.S.C.

TAX ADMINISTRATION OF KOSOVO USAID SYSTEMS FOR ENFORCING AGREEMENTS AND DECISIONS (SEAD) PROGRAM
Serton Ajeti IPAK
KIRIBATI
Kibae Akaaka MINISTRY OF FINANCE Neiran Areta MINISTRY OF COMMERCE, INDUSTRY AND COOPERATIVES
ACKNOWLEDGMENTS
243
Faten Al Naqeeb ALI & PARTNERS Faisal Al Sarraf SMP LAW FIRM Abdullah Al-Ayoub ABDULLAH KH. AL-AYOUB & ASSOCIATES, MEMBER OF LEX MUNDI Omar Hamad Yousuf Al-Essa THE LAW OFFICE OF AL-ESSA & PARTNERS Nada F. A. Al-Fahad GEC DAR Mishari M. Al-Ghazali THE LAW OFFICES OF MISHARI AL-GHAZALI Aiman Alaraj KEO INTERNATIONAL CONSULTANTS Reema Ali ALI & PARTNERS Akusa Batwala ASAR AL RUWAYEH & PARTNERS Abdullah Bin Ali PACKAGING AND PLASTIC INDUSTRIES CO. (KSC) Nada Bourahmah THE LAW OFFICES OF MISHARI AL-GHAZALI Fouad Douglas PRICEWATERHOUSECOOPERS AL-SHATTI & CO. Mohammed Eissa ASAR AL RUWAYEH & PARTNERS Charbel Fadel ASAR AL RUWAYEH & PARTNERS Sam Habbas ASAR AL RUWAYEH & PARTNERS Mazen A. Khoursheed PACKAGING AND PLASTIC INDUSTRIES CO. (KSC) Chirine Krayem Moujaes THE LAW OFFICES OF MISHARI AL-GHAZALI Dany Labaky THE LAW OFFICE OF AL-ESSA & PARTNERS Mohammed Maamoun PACKAGING AND PLASTIC INDUSTRIES CO. (KSC) Medhat Mubarak THE LAW OFFICES OF MISHARI AL-GHAZALI Sasidhara Panicker SMP LAW FIRM Hanaa Razzouqi CREDIT INFORMATION NETWORK Abdul Qayyum Saeed GHF LAWYERS Ibrahim Sattout ASAR AL RUWAYEH & PARTNERS Sherif Shawki PRICEWATERHOUSECOOPERS AL-SHATTI & CO. Prateek Shete ABDULLAH KH. AL-AYOUB & ASSOCIATES, MEMBER OF LEX MUNDI
Rahman Asylbekov OAO KYRGYZGIPROSTROY Kerim Begaliev COLIBRI LAW FIRM Bakytbek Djusupbekov DEPARTMENT OF CADASTRE AND REGISTRATION OF RIGHTS ON IMMOVABLE PROPERTY Samara Dumanaeva LORENZ INTERNATIONAL LAW FIRM Akjoltoi Elebesova CREDIT INFORMATION BUREAU ISHENIM Leyla Gulieva LORENZ INTERNATIONAL LAW FIRM Gribkova Irina TRANSSYSTEM LTD. Nurbek Ismankulov M&M TRANSPORT LOGISTIC SERVICES Amanbek Kebekov DEPARTMENT OF CADASTRE AND REGISTRATION OF RIGHTS ON IMMOVABLE PROPERTY Aleksandr Klishevich ARHSTROYPROEKT Svetlana Lebedeva LORENZ INTERNATIONAL LAW FIRM Marina Lim KALIKOVA & ASSOCIATES LAW FIRM Asel Momoshova KALIKOVA & ASSOCIATES LAW FIRM Taalay Choroevich Murzakulov COLISEUM Aigul Myrzabekova LORENZ INTERNATIONAL LAW FIRM Almas Nakipov PWC KAZAKHSTAN Dmitry No PARTNER LAW FIRM Karlygash Ospankulova KALIKOVA & ASSOCIATES LAW FIRM Kubanychbek Sagaliev PWC KAZAKHSTAN Erkin Sakiev Kanat Seidaliev COLIBRI LAW FIRM Tatyana Shapovalova Elvira Sharshekeeva COLIBRI LAW FIRM Saken Shayakhmetov PWC KAZAKHSTAN Anna Shirshova CUSTOMS CARGO SERVICE LTD. Mirgul Smanalieva PARTNER LAW FIRM Ruslan Sulaimanov KALIKOVA & ASSOCIATES LAW FIRM Ulan Tilenbaev KALIKOVA & ASSOCIATES LAW FIRM Daniyar Ubyshev PARTNER LAW FIRM Gulnara Uskenbaeva AUDIT PLUS Azim Usmanov COLIBRI LAW FIRM Ali Ramazanovich Vodyanov ELECTROSILA
Sithong Chanthasouk Lasonexay Chanthavong DFDL MEKONG LAW GROUP Chatchai Chanyuttasart HUNG HUANG (LAO) LOGISTICS CO.,LTD. Brennan Coleman DFDL MEKONG LAW GROUP Aristotle David DFDL MEKONG LAW GROUP William D. Greenlee Jr. DFDL MEKONG LAW GROUP Duangkamol Ingkapattanakul DFDL MEKONG LAW GROUP Litsamy Latsavong Varavudh Meesaiyati PRICEWATERHOUSECOOPERS (LAO) LTD. Phanthasak Mingnakhone Somlack Nhoybouakong LAO FREIGHT FORWARDER CO. LTD. Vongphacnanh Onepaseuth DFDL MEKONG LAW GROUP Somphone Phasavath LAO FREIGHT FORWARDER CO. LTD. Thavorn Rujivanarom PWC THAILAND Sivath Sengdouangchanh R&T KHOUN MUANG LAO CO.,LTD. Senesakoune Sihanouvong DFDL MEKONG LAW GROUP Valloph Sisopha Phonexay Southiphong DESIGN GROUP CO LTD.
Aris Kakstans EVERSHEDS BITNS Inese Kalvane STATE EMPLOYMENT AGENCY Irina Kostina LAWIN Gunda Leite GENCS VALTERS LAW FIRM Dainis Leons SADALES TKLS AS Alisa Lekovia SORAINEN Alla Lichkovska LATVIAN INSOLVENCY ADMINISTRATION Indrikis Liepa ATTORNEYS AT LAW BORENIUS Irina Olevska ATTORNEYS AT LAW BORENIUS Baiba Orbidane LAWIN Zane Paeglite SORAINEN Kristine Parsonse ECB SIA - CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Galina Pitulina ECB SIA - CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Baiba Plaude LAW OFFICES BLUEGER & PLAUDE Katrine Plavina VARUL Lsma Rugte SORAINEN Jevgenijs Salims RAIDLA LEJINS & NORCOUS Anita Sondore GENCS VALTERS LAW FIRM Mihails pika JSC DZINTARS Sarmis Spilbergs LAWIN Zane tlberga Markvarte MARKVARTE LEXCHANGE LAW OFFICE Girts Strazdins VARUL Ruta Teresko AZ SERVICE LTD. Edgars Timpa STATE LABOUR INSPECTORATE Maija Tipaine RAIDLA LEJINS & NORCOUS Ziedonis Udris SKUDRA & UDRIS LAW OFFICES Maris Vainovskis EVERSHEDS BITNS Agate Ziverte PWC LATVIA Daiga Zivtina LAWIN
Samir Ali Ahmad AA ARCHITECTS Karen Baroud PWC LEBANON Jean Baroudi BAROUDI & ASSOCIATES Tarek Baz HYAM G. MALLAT LAW FIRM Katia Bou Assi MOGHAIZEL LAW OFFICE Nayla Chemaly MENA CITY LAWYERS Najib Choucair CENTRAL BANK OF LEBANON Alice Choueiri MENA CITY LAWYERS Sanaa Daakour MENA CITY LAWYERS Aline Dantziguian CHAMBER OF COMMERCE, INDUSTRY & AGRICULTURE OF BEIRUT Michel Doueihy BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Hanadi El Hajj MENA CITY LAWYERS Sarah Fakhry BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Hadi Fathallah ESCO FATHALLAH & CO. Izzat Fathallah ESCO FATHALLAH & CO. Dania George PWC LEBANON Abdallah Hayek HAYEK GROUP Alexa Hechaime HECHAIME LAW FIRM Wajih Hechaime HECHAIME LAW FIRM Walid Honein BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Dany Issa MOGHAIZEL LAW OFFICE Fady Jamaleddine MENA CITY LAWYERS Elie Kachouh ELC TRANSPORT SERVICES SAL Georges Kadige KADIGE & KADIGE LAW FIRM Michel Kadige KADIGE & KADIGE LAW FIRM Lea Kai MENA CITY LAWYERS Najib Khattar KHATTAR ASSOCIATES Georges Mallat HYAM G. MALLAT LAW FIRM Nabil Mallat HYAM G. MALLAT LAW FIRM Rachad Medawar OBEID & MEDAWAR LAW FIRM Fadi Moghaizel MOGHAIZEL LAW OFFICE Mirvat Mostafa MENA CITY LAWYERS Myriam Moughabghab BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Andre Nader NADER LAW OFFICE Rana Nader NADER LAW OFFICE
LATVIA COLLIERS INTERNATIONAL

Ilze Abika SKUDRA & UDRIS LAW OFFICES Martins Aljens RAIDLA LEJINS & NORCOUS Svetlana Beitane ESTMA LTD. Eva Berlaus SORAINEN Jevgenija Brike STATE SOCIAL INSURANCE AGENCY Kristine Bumbure PWC LATVIA Andis Burkevics SORAINEN Andis onka LATVIJAS BANKA Ingrida Dimina PWC LATVIA Valters Diure LAWIN Zane Dule ATTORNEYS AT LAW BORENIUS Baiba Felsberga STATE SOCIAL INSURANCE AGENCY Valters Gencs GENCS VALTERS LAW FIRM Andris Ignatenko ESTMA LTD. Janis Irbe LATVENERGO AS, SADALES TIKLS Zinta Jansons LAWIN Andris Jekabsons LEXTAL Sandis Jermuts PUBLIC UTILITIES COMMISSION LATVIA Julija Jerneva VARUL
LEBANON ELECTRICIT DU LIBAN

KORDAHI ESTABLISHMENT COMPANY
Hanan Abboud PWC LEBANON Nadim Abboud LAW OFFICE OF A. ABBOUD & ASSOCIATES Suzane AbiKhalil PWC LEBANON Wassim Abou Nader MENA CITY LAWYERS Wadih Abou Nasr PWC LEBANON
KYRGYZ REPUBLIC
Alexander Ahn KALIKOVA & ASSOCIATES LAW FIRM Shuhrat Akhmatakhunov KALIKOVA & ASSOCIATES LAW FIRM Gulnara Akhmatova INTERNATIONAL BUSINESS COUNCIL Niyazbek Aldashev LORENZ INTERNATIONAL LAW FIRM Ruslan Alybayev BIOR
LAO PDR
Gnoykham Aphayalath John Biddle LS HORIZON LIMITED (LAO) Xaynari Chanthala LS HORIZON LIMITED (LAO)
244
DOING BUSINESS 2013
Touc Nehme LAW OFFICES OF ALBERT LAHAM Mireille Richa TYAN & ZGHEIB LAW FIRM Jihan Rizk Khattar KHATTAR ASSOCIATES Jihad Rizkallah BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Samir Safa BAROUDI & ASSOCIATES Joseph Safar HAYEK GROUP Rached Sarkis CONSULTANT Antoine Sfeir BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Mona Sfeir HYAM G. MALLAT LAW FIRM Rami Smayra SMAYRA LAW OFFICE George Tannous BEIRUT INTERNATIONAL MOVERS Bassel Tohme MENA CITY LAWYERS Nady Tyan TYAN & ZGHEIB LAW FIRM Rania Yazbeck TYAN & ZGHEIB LAW FIRM
Theodore Ntlatlapa DNT ARCHITECTS Pulane Ramonene NEDBANK LESOTHO LTD. Duduzile Seamatha SHEERAN & ASSOCIATES Tiisetso Sello-Mafatle SELLO-MAFATLE ATTORNEYS Lindiwe Sephomolo L. SEPHOMOLO CHAMBERS Mooresi Tau Thabane MOFOLO, TAU - THABANE AND CO. Phoka Thene Sehaba Thibeli TRIANGLE FREIGHT George Thokoa MASERU ELECTRO SERVICES PTY LTD. Reloe Thulo K. R. CONSULTANTS
Amos Siebo MINISTRY OF STATE FOR PRESIDENTIAL AFFAIRS Pierre Valentin Tchol Kaldjob PWC GHANA Benjamin M. Togbah COOPER & TOGBAH LAW OFFICE G. Lahaison Waritay MINISTRY OF PUBLIC WORKS Darcy White PWC GHANA Melvin Yates COMPASS INC., CLEARING AND FORWARDING
Jurgita Kikinait LAW FIRM ZABIELA, ZABIELAITE & PARTNERS Kristina Kriinait PWC LITHUANIA Ronaldas Kubilius PWC LITHUANIA Egidijus Kundelis PWC LITHUANIA ilvinas Kvietkus RAIDLA LEJINS & NORCOUS Gytis Malinauskas SORAINEN Linas Margevicius LEGAL BUREAU OF LINAS MARGEVICIUS Rta Matonien VILNIUS CITY MUNICIPALITY Vaidotas Melynavicius AAA BALTIC SERVICE COMPANY -LAW FIRM Tomas Mieliauskas LAW FIRM FORESTA Ana Mikuliene PROVENTUSLAW LT Bronislovas Mikta STATE ENTERPRISE CENTRE OF REGISTERS Jurate Misionyte TARK GRUNTE SUTKIENE Asta Misiukiene MINISTRY OF ECONOMY ygimantas Paceviius ATTORNEYS AT LAW BORENIUS Rytis Paukste LAW FIRM LAWIN Algirdas Pekys SORAINEN Angelija Petrauskien VILNIUS CITY MUNICIPALITY Aidas Petrosius STATE ENTERPRISE CENTRE OF REGISTERS Lina Radaviien LAW FIRM LAWIN Justina Rakauskait GLIMSTEDT Lina Ramanauskaite Marius Rindinas LAW FIRM ZABIELA, ZABIELAITE & PARTNERS Andrius idlauskas ATTORNEYS AT LAW BORENIUS Rimantas Simaitis RAIDLA LEJINS & NORCOUS Diana Skripetiene STATE ENTERPRISE CENTRE OF REGISTERS Alius Stamkauskas UAB ELMONTA Jonas Stamkauskas UAB ELMONTA Marius Strakaitis LITHUANIAN NOTARY CHAMBER Ieva Tarailiene STATE ENTERPRISE CENTRE OF REGISTERS Vilija Vaitkut Pavan LAW FIRM LAWIN Darius Zabiela LAW FIRM ZABIELA, ZABIELAITE & PARTNERS Audrius vybas GLIMSTEDT
Sebastien Bos OPF PARTNERS Eleonora Broman LOYENS & LOEFF Guy Castegnaro IUS LABORIS LUXEMBOURG, CASTEGNARO Grard Eischen CHAMBER OF COMMERCE OF THE GRAND-DUCHY OF LUXEMBOURG Annie Elfassi LOYENS & LOEFF Ambroise Foerster LOYENS & LOEFF Peggy Goossens PIERRE THIELEN AVOCATS Alain Grosjean BONN & SCHMITT Vincent Hieff CHAMBER OF COMMERCE OF THE GRAND-DUCHY OF LUXEMBOURG Vronique Hoffeld LOYENS & LOEFF Paul Hoffmann CREOS LUXEMBOURG S.A. Christian Jungers KLEYR GRASSO ASSOCIES Tom Loesch ETUDE LOESCH Nathalie Mangen BONN & SCHMITT Marc Meyer CREOS LUXEMBOURG S.A. Marco Peters CREOS LUXEMBOURG S.A. Judith Raijmakers LOYENS & LOEFF Sandra Rapp KLEYR GRASSO ASSOCIES Jean-Luc Schaus PIERRE THIELEN AVOCATS Roger Schintgen PAUL WURTH S.A. SOCIT ANONYME Alex Schmitt BONN & SCHMITT Danielle Schmit CREOS LUXEMBOURG S.A. Alessandro Sorcinelli LINKLATERS
LITHUANIA BANK OF LITHUANIA

Tomas Ambrasas TARK GRUNTE SUTKIENE Loreta Andziulyte PROVENTUSLAW LT Dovile Aukstuolyte ECOVIS MISKINIS, KVAINAUSKAS IR
PARTNERIAI ADVOKATU KONTORA
LIBERIA JAFAIN CONSORTIUM

LIBERIA LAW SERVICES
Andrew Anderson GENTLE CLEARING & FORWARDING LTD. Gideon Ayi-Owoo PWC GHANA Khalil Azar BEEVER COMPANY Golda A. Bonah SHERMAN & SHERMAN F. Augustus Caesar Jr. CAESAR ARCHITECTS, INC. Henry Reed Cooper COOPER & TOGBAH LAW OFFICE Frank Musah Dean DEAN & ASSOCIATES Fonsia Donzo CENTRAL BANK OF LIBERIA Christine Sonpon Freeman COOPER & TOGBAH LAW OFFICE Paul Greene MINISTRY OF FINANCE Anthony Henry CUTTINGTON UNIVERSITY GRADUATE SCHOOL Cyril Jones JONES & JONES Mohamedu F. Jones LIBERIAN LEGAL INTERNATIONAL INC. Abu Kamara MINISTRY OF COMMERCE & INDUSTRY Monkpeh Karr FRONTIER LOGISTICS Samuel T. K. Kortimai COOPER & TOGBAH LAW OFFICE Samuel F. Kpakio MINISTRY OF PUBLIC WORKS George Kwatia PWC GHANA Marie Norman CITY CORPORATION OF MONROVIA Christiana Osei-Mensah PWC GHANA Sylvester Rennie COOPER & TOGBAH LAW OFFICE Kwame L. Richardson ODEBRECHT Lasana Sasay MINISTRY OF PUBLIC WORKS Yancy Seeboe NATIONAL CUSTOM BROKERS ASSOCIATION OF LIBERIA
Pavel Balbatunov Petras Baltuseviius DSV TRANSPORT UAB Donatas Baranauskas VILNIAUS MIESTO 14 - ASIS NOTARU BIURAS arnas Basijokas GLIMSTEDT Vilius Bernatonis TARK GRUNTE SUTKIENE Renata Beranskien SORAINEN Andrius Bogdanoviius JSC CREDITINFO LIETUVA Dovile Cepulyte LAW FIRM LAWIN Giedre Cerniauske LAW FIRM LAWIN Giedre Dailidenaite VARUL Giedre Domkute AAA BALTIC SERVICE COMPANY -LAW FIRM Dalia Foigt-Norvaiien ATTORNEYS AT LAW BORENIUS Rimante Gentvilaite VARUL Yvonne Goldammer BNT HEEMANN KLAUBERG KRAUKLIS APB Simas Gudynas LAW FIRM LAWIN Arturas Gutauskas ECOVIS MISKINIS, KVAINAUSKAS IR
PARTNERIAI ADVOKATU KONTORA
LESOTHO ARCHIPLAN STUDIO

HARLEY & MORRIS REGISTRAR-GENERAL
Mark Badenhorst PWC SOUTH AFRICA Thakane Chimombe NALEDI CHAMBERS INC. Paul De Chalain PWC SOUTH AFRICA Fumane Khabo LABOUR COURT Gerhard Gouws NEDBANK LESOTHO LTD. M. Hoohlo HIGH COURT Lebereko Lethobane LABOUR COURT LESOTHO Realeboha Makamane HIGH COURT Tseliso Daniel Makhaphela LAND ADMINISTRATION AUTHORITY Thakane Makume LESOTHO ELECTRICITY COMPANY (PTY) LTD. Moeketsi Marumo POWERCONSULT (PTY) LTD. Leoma Matamne MOLEPE QUANTITY SURVEYORS Kolisang Mochesane Lepholisa DU PREEZ LIEBETRAU & CO. Denis Molyneaux WEBBER NEWDIGATE Tseliso Monaphathi HIGH COURT Phillip Mophethe PHILLIPS CLEARING & FORWARDING AGENT (PTY) LTD. Molemo Motseki Bulane None ULTIMATE SOLUTION Poulo Nono THE LEGAL VOICE
MACEDONIA, FYR
Natasa Andreeva NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Zlatko Antevski LAWYERS ANTEVSKI Aleksandra Arsoska IKRP ROKAS & PARTNERS Rubin Atanasoski TIMELPROJECT ENGINEERING Benita Beleshkova IKRP ROKAS & PARTNERS Dragan Blaev TIMELPROJECT ENGINEERING Dejan Bogdanovski REPUBLIC OF MACEDONIA, MUNICIPALITY OF ILINDEN Slavica Bogoeva MACEDONIAN CREDIT BUREAU AD SKOPJE Viktor Bogorojceski STOJKOSKA ATTORNEY AT LAW Ema Cubrinovska ENERGO DIZAJN Ljupco Cubrinovski ENERGO DIZAJN
Frank Heemann BNT HEEMANN KLAUBERG KRAUKLIS APB Egl Jankauskait GLIMSTEDT Indr Jonaityt LAW FIRM LAWIN Ieva Kairyt PWC LITHUANIA Povilas Karlonas SORAINEN Inga Karulaityte-Kvainauskiene PROVENTUSLAW LT Romualdas Kasperaviius STATE ENTERPRISE CENTRE OF REGISTERS Jonas Kiauleikis ATTORNEYS AT LAW BORENIUS
LUXEMBOURG ALLEN & OVERY LUXEMBOURG

PWC LUXEMBOURG SERVICE DE LURBANISME POLICE DES BTISSES
ACKNOWLEDGMENTS
245
Andrej Dameski PWC MACEDONIA Julijana Dimitrievska REPUBLIC OF MACEDONIA, MUNICIPALITY OF ILINDEN Mile Doldurov STOJKOSKA ATTORNEY AT LAW Ljupco Georgievski AGENCY FOR REAL ESTATE CADASTRE Marijana Gjoreska CENTRAL REGISTRY OF THE REPUBLIC OF MACEDONIA Sonja Gjurevska CAKMAKOVA ADVOCATES Zoranco Griovski REPUBLIC OF MACEDONIA, MUNICIPALITY OF ILINDEN Werner Hengst EVN MACEDONIA Biljana Ickovska LAW OFFICE NIKOLOVSKI & ASSOCIATES Aleksandar Ickovski TAX & LEGAL CONSULTANT Maja Jakimovska CAKMAKOVA ADVOCATES Dragana Jashevic LAW OFFICE NIKOLOVSKI & ASSOCIATES Aneta Jovanoska Trajanovska LAWYERS ANTEVSKI Lenche Karpuzovska EVN MACEDONIA Dejan Knezovi LAW OFFICE KNEZOVIC & ASSOCIATES Vancho Kostadinovski CENTRAL REGISTRY OF THE REPUBLIC OF MACEDONIA Antonio Kostanov ENFORCEMENT AGENT REPUBLIC OF MACEDONIA Aleksandra Kostovska STOJKOSKA ATTORNEY AT LAW Ivana Lekic PWC MACEDONIA Miroslav Marchev PWC MACEDONIA Mirjana Markovska STOJKOSKA ATTORNEY AT LAW Oliver Mirchevski EVN MACEDONIA Irena Mitkovska LAWYERS ANTEVSKI Martin Monevski MONEVSKI LAW FIRM Valerjan Monevski MONEVSKI LAW FIRM Elena Mucheva NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Svetlana Neceva LAW OFFICE PEPELJUGOSKI Marina Nikoloska CAKMAKOVA ADVOCATES Marija Nikolova LAW OFFICE KNEZOVIC & ASSOCIATES Vesna Nikolovska LAW OFFICE NIKOLOVSKI & ASSOCIATES Goran Nikolovski LAW OFFICE NIKOLOVSKI & ASSOCIATES Zlatko Nikolovski NOTARY CHAMBER OF R. OF MACEDONIA Martin Odzaklieski MINISTRY OF TRANSPORT AND COMMUNICATIONS Vasil Pavloski MINISTRY OF ECONOMY
Valentin Pepeljugoski LAW OFFICE PEPELJUGOSKI Sonja Peshevska LAW OFFICE PEPELJUGOSKI Zorica Pulejkova REPUBLIC OF MACEDONIA NOTARY PUBLIC Viktor Ristovski CAKMAKOVA ADVOCATES Ljubica Ruben MENS LEGIS LAW FIRM Biljana Saraginova MONEVSKI LAW FIRM Simonida Shosholceva-Giannitsakis IKRP ROKAS & PARTNERS Milica Shutova CAKMAKOVA ADVOCATES Alexander Sipek EVN MACEDONIA Ivica Smilevski CHAMBER OF BANKRUPTCY MANAGERS OF THE REPUBLIC OF MACEDONIA Ljupka Stojanovska LAW OFFICE NIKOLOVSKI & ASSOCIATES Zika Stojanovski REPUBLIC OF MACEDONIA, MUNICIPALITY OF ILINDEN Suzana Stojkoska STOJKOSKA ATTORNEY AT LAW Margareta Taseva CAKMAKOVA ADVOCATES Dragica Tasevska NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Stefan Trost EVN MACEDONIA Vladimir Vasilevski BETASPED D.O.O. Tome Velkovski MINISTRY OF ECONOMY Zlatko Veterovski CUSTOMS ADMINISTRATION Milica Zarova STOJKOSKA ATTORNEY AT LAW
Serge Lucien Rajoelina JIRO SY RANO MALAGASY (JIRAMA) Tojo Rakotomamonjy ETUDE RAZANADRAKOTO RIJA Danielle Rakotomanana CABINET RAKOTOMANANA Heritiana Rakotosalama LEGISLINK CONSULTING Mamisoa Rakotosalama LEGISLINK CONSULTING Lanto Tiana Ralison PWC MADAGASCAR Martial Ralison JIRO SY RANO MALAGASY (JIRAMA) Grard Ramarijaona PRIME LEX Roland Ramarijaona DELTA AUDIT DELOITTE Laingo Ramarimbahoaka MADAGASCAR CONSEIL INTERNATIONAL Heritiana Rambeloson JIRO SY RANO MALAGASY (JIRAMA) Zakazo Ranaivoson CABINET DE CONSEILS DENTREPRISES William Randrianarivelo PWC MADAGASCAR Sahondra Rasoarisoa DELTA AUDIT DELOITTE Michael Ratrimo MADAGASCAR INTERNATIONAL CONTAINER TERMINAL SERVICES LTD. Mahery Ratsimandresy PRIME LEX Thodore Raveloarison JARY - BUREAU DETUDES ARCHITECTURE INGENIERIE Andry Nirina Ravelojaona BANQUE CENTRALE DE MADAGASCAR Andriamisa Ravelomanana PWC MADAGASCAR Jean Marcel Razamahenina DELTA AUDIT DELOITTE Rija Nirina Razanadrakoto ETUDE RAZANADRAKOTO RIJA Rivolala Razanatsimba JIRO SY RANO MALAGASY (JIRAMA) Ida Soamiliarimana MADAGASCAR CONSEIL INTERNATIONAL
Alfred Majamanda MBENDERA & NKHONO ASSOCIATES James Masumbu TEMBENU, MASUMBU & CO. Raphael Mhone RACANE ASSOCIATES Vyamala Moyo PWC MALAWI Charles Mvula DUMA ELECTRICS - CONTROL SYSTEMS AND ENERGY MANAGEMENT Davis Njobvu SAVJANI & CO. Dinker A. Raval WILSON & MORGAN
Ramli Hazra Izadi LKMD ARCHITECTURE Ang Seng Hing USHAMAS FORWARDING (M) SDN. BHD. Hj. Hasim Hj. Ismail LAND & MINES OFFICE Hung Hoong SHEARN DELAMORE & CO. Rohani Ismail SESSION COURT KUALA LUMPUR Norhaiza Jemon COMPANIES COMMISSION OF MALAYSIA Kumar Kanagasabai SKRINE, MEMBER OF LEX MUNDI Kumar Kanagasingam LEE HISHAMMUDDIN ALLEN & GELDHILL Kesavan Karuppiah MINISTRY OF HUMAN RESOURCE Azemi Kasim DEPARTMENT OF DIRECTOR GENERAL OF LAND & MINES Geeta Kaur SDV TRANSPORT Teh Wai Keong EQUATORIAL LOGISTICS SDN BHD. Chuan Keat Khoo PWC MALAYSIA Loh Kok Leong RUSSELL BEDFORD LC & COMPANY - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Christopher Lee CHRISTOPHER LEE & CO. Bernard Lim PHK MANAGEMENT SERVICES SDN BHD Koon Huan Lim SKRINE, MEMBER OF LEX MUNDI Seok Hua Lim NORTH PORT (MALAYSIA) BHD Len Toong Low NORTH PORT (MALAYSIA) BHD Ir. Bashir Ahamed Maideen NADI CONSULT ERA SDN BHD Alias Marjoh KUALA LUMPUR CITY HALL Chuah Meng Sim RUSSELL BEDFORD LC & COMPANY - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Rokiah Mhd Noor COMPANIES COMMISSION OF MALAYSIA Adura Mizan COMPANIES COMMISSION OF MALAYSIA Zuhaidi Mohd Shahari AZMI & ASSOCIATES Saran Nair CIMB GROUP Marina Nathan COMPANIES COMMISSION OF MALAYSIA Oy Moon Ng CTOS DATA SYSTEMS SDN BHD Swee Kee Ng SHEARN DELAMORE & CO. Shahri Omar NORTH PORT (MALAYSIA) BHD Allison Ong AZMAN, DAVIDSON & CO. Hock An Ong KPMG Aminah BT Abd. Rahman MINISTRY OF HOUSING AND LOCAL GOVERNMENT Sakaya Johns Rani PWC MALAYSIA
MALAYSIA BANK NEGARA MALAYSIA

INTEGRATED LOGISTICS SOLUTIONS SDN BHD PORT KLANG AUTHORITIES
Halimi Abd Manaf MINISTRY OF HOUSING AND LOCAL GOVERNMENT Nor Azimah Abdul Aziz COMPANIES COMMISSION OF MALAYSIA Abdul Karim Abdul Jalil MALAYSIA DEPARTMENT OF INSOLVENCY Mohammad Rohaimy Abdul Rahim MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY Sonia Abraham AZMAN, DAVIDSON & CO. Wilfred Abraham ZUL RAFIQUE & PARTNERS, ADVOCATE & SOLICITORS Alwizah Al-Yai Ahmad Kamal ZAID IBRAHIM & CO (ZICO) Dato Abdul Halim Ain DEPARTMENT OF DIRECTOR GENERAL OF LAND & MINES Dato Sh. Yahya bin Sh. Mohamed Almurisi MINISTRY OF HUMAN RESOURCE Adrian Azlan WESTPORTS MALAYSIA SDN BHD Mohd Azlan B. Mohd Radzi LAND & MINES OFFICE Anita Balakrishnan SHEARN DELAMORE & CO. Abdul Murad Bin Che Chik KC Chan FREIGHT TRANSPORT NETWORK SDN. BHD. Hong Yun Chang TAY & PARTNERS Ar Teoh Chee Wui Ruban Chelliah STANCO AND RUCHE CONSULTING Andrew Ean Vooi Chiew LEE HISHAMMUDDIN ALLEN & GELDHILL Tze Keong Chung CTOS DATA SYSTEMS SDN BHD Walter Culas AIR FREIGHT FORWARDERS ASSOCIATION OF MALAYSIA (AFAM) Nadesh Ganabaskaran ZUL RAFIQUE & PARTNERS, ADVOCATE & SOLICITORS Tiew Hai San MINISTRY OF FEDERAL TERRITORIES AND URBAN WELLBEING Dato Hashim Hamzah FEDERAL COURT OF MALAYSIA Betty Hasan MINISTRY OF HUMAN RESOURCE
MADAGASCAR BUREAU DE LIAISON SGS

CABINET JOHN W. FFOOKS & CO. CABINET SIGMA CONSULTING
Eric Robson Andriamihaja ECONOMIC DEVELOPMENT BOARD OF MADAGASCAR Tsiry Andriamisamanana MADAGASCAR CONSEIL INTERNATIONAL Andriamanalina Andrianjaka OFFICE NOTARIAL DE TAMATAVE Wasoudeo Balloo KPMG MADAGASCAR Yves Duchateau SDV LOGISTICS Raphal Jakoba MADAGASCAR CONSEIL INTERNATIONAL Hanna Keyserlingk CABINET HK JURIFISC Jean Claude Liong KPMG MADAGASCAR Pascaline R. Rasamoeliarisoa DELTA AUDIT DELOITTE Julie R. Ratsimisetra GROUPEMENT DES ENTREPRISES FRANCHES ET PARTENAIRES (GEFP) Sahondra Rabenarivo MADAGASCAR LAW OFFICES Pierrette Rajaonarisoa SDV LOGISTICS
MALAWI MALAWI REVENUE AUTHORITY

MANICA AFRICA PTY. LTD.
Dino Amritlal Raval WILSON & MORGAN Kevin M. Carpenter PWC MALAWI Richard Chakana 2PS CARGO CO. Joseph Chavula FIRST MERCHANT BANK LTD. Marshal Chilenga TF & PARTNERS Gautoni D. Kainja KAINJA & DZONZI Chimwemwe Kalua GOLDEN & LAW Dannie J. Kamwaza KAMWAZA DESIGN PARTNERSHIP Frank Edgar Kapanda HIGH COURT OF MALAWI Andrews Katuya DOWELL & JONES, ATTORNEYS-AT-LAW Shabir Latif SACRANIE, GOW & CO.
246
DOING BUSINESS 2013
Sugumar Saminathan MALAYSIA PRODUCTIVITY CORPORATION Andy Seo Fiona Sequerah CHRISTOPHER LEE & CO. Chan Kum Siew MALAYSIA PRODUCTIVITY CORPORATION Hadiman Bin Simin MINISTRY OF HOUSING AND LOCAL GOVERNMENT Rishwant Singh ZUL RAFIQUE & PARTNERS, ADVOCATE & SOLICITORS Sukhbir Singh M & N MANAGEMENT CONSULTANTS Kenneth Tiong THE ASSOCIATED CHINESE CHAMBERS OF COMMERCE AND INDUSTRY OF MALAYSIA (ACCCIM) Sugumaran Vairavappillai TENAGA NASIONAL BERHAD Heng Choon Wan PWC MALAYSIA Chee Lin Wong SKRINE, MEMBER OF LEX MUNDI Keat Ching Wong ZUL RAFIQUE & PARTNERS, ADVOCATE & SOLICITORS Clifford Eng Hong Yap PWC MALAYSIA
Upul Shantha KPMG Mizna Shareef SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Abdul Mallik Thoufeeg STELCO
MALTA
Shawn Agius INLAND REVENUE DEPARTMENT Alexia Albani BANK OF VALLETTA Randolph Aquilina INLAND REVENUE DEPARTMENT Matthew Attard GANADO & ASSOCIATES - ADVOCATES John Bonello SCERRI & BONELLO ADVOCATES Leonard Bonello GANADO & ASSOCIATES - ADVOCATES Paul Bonello MINISTRY OF FINANCE DEPARTMENT OF CUSTOMS Caroline Borg MALTA FREEPORT TERMINALS LIMITED Kris Borg DR KRIS BORG & ASSOCIATES - ADVOCATES Maria Clara Borg EMD ADVOCATES Mario Raymond Borg INLAND REVENUE DEPARTMENT Katrina Borg Cardona MALTA ENTERPRISE Joseph P. Brincat MINISTRY OF FINANCE DEPARTMENT OF CUSTOMS Ann M. Bugeja CSB ADVOCATES George Bugeja GANADO & ASSOCIATES - ADVOCATES Adrian Cachia MALTA FREEPORT TERMINALS LIMITED Andr Camilleri MALTA FINANCIAL SERVICES AUTHORITY (MFSA) Kenneth Camilleri CHETCUTI CAUCHI ADVOCATES Paul Camilleri PAUL CAMILLERI & ASSOCIATES Simon Camilleri CREDITINFO Joseph Caruana MALTA FINANCIAL SERVICES AUTHORITY (MFSA) David Cassar MALTA ENVIRONMENT & PLANNING AUTHORITY (MEPA) Jean-Philippe Chetcuti CHETCUTI CAUCHI ADVOCATES Maria Chetcuti Cauchi CHETCUTI CAUCHI ADVOCATES Jeanette Ciantar FENECH & FENECH ADVOCATES Edward Dalmas MALTA FINANCIAL SERVICES AUTHORITY (MFSA) Edward DeBono FENECH & FENECH ADVOCATES Sergio Ebejer INLAND REVENUE DEPARTMENT Italo Ellul EMD ADVOCATES Hilda Ellul-Mercer DR KRIS BORG & ASSOCIATES - ADVOCATES Alfred Farrugia WORLD EXPRESS LOGISTICS David Felice ARCHITECTURE PROJECT Ramon Fiott MALTA ENTERPRISE
George Francalanza MALTA ENTERPRISE Antoine S Galea ENEMALTA CORPORATION Matthew Galea Debono CSB ADVOCATES Neville Gatt PWC Christabelle Gauci CSB ADVOCATES Mark Gauci OCCUPATIONAL HEALTH AND SAFETY AUTHORITY (OHSA) Keith German LAND REGISTRY Joseph Ghio FENECH & FENECH ADVOCATES Steve Gingell PWC Joseph Grech MALTA ENTERPRISE Marisa Grech LAND REGISTRY Sandro Grech SG MALTA LIMITED - CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Karl Grech Orr GANADO & ASSOCIATES - ADVOCATES Peter Grima ENEMALTA CORPORATION Stefan Grima BANK OF VALLETTA Josef Laferla SCERRI & BONELLO ADVOCATES Kevin Loughborough COBRA INSTALLATIONS Adrian Mallia MALTA FREEPORT TERMINALS LIMITED Chris Mallia GANADO & ASSOCIATES - ADVOCATES Allan Micallef ENEMALTA CORPORATION Priscilla Mifsud Parker CHETCUTI CAUCHI ADVOCATES Henri Mizzi CAMILLERI PREZIOSI Robert Mizzi GANADO & ASSOCIATES - ADVOCATES John Paris CREDITINFO Reynold Portelli MALTA FREEPORT TERMINALS LIMITED Julienne Portelli Demajo GANADO & ASSOCIATES - ADVOCATES Dion Buhagiar Said SMS LOGISTICS Claude Sapiano LAND REGISTRY Albert Scerri MINISTRY OF FINANCE DEPARTMENT OF CUSTOMS Joseph Scicluna SCICLUNA & ASSOCIATES Simon Scicluna SCICLUNA & ASSOCIATES Andrei Vella CAMILLERI PREZIOSI Noel Vella DEPARTMENT OF INDUSTRIAL AND EMPLOYMENT RELATIONS Simone Vella Lenicker ARCHITECTURE PROJECT Austin Walker MALTA ENVIRONMENT & PLANNING AUTHORITY (MEPA)
Mark Wirth PWC Angelo Xuereb AX HOLDINGS Quentin Zahra EUROFREIGHT Silvana Zammit CHETCUTI CAUCHI ADVOCATES Andrew J. Zammit CSB ADVOCATES John Zarb PWC
MALI CABINET JOHN W. FFOOKS & CO.

DAMCO
Ahmadou Al Aminou Lo BCEAO Oumar Bane JURIFIS CONSULT Amadou Camara SCP CAMARA TRAOR Cline Camara Sib ETUDE ME CELINE CAMARA SIB Boubacar Coulibaly MATRANS Elvis Danon PWC CTE DIVOIRE Fatoumata D. Diarra AFRICAN LEGAL & TAX MALI (ALT-MALI) Aboubacar S. Diarrah MINISTRE DE LA JUSTICE, GARDE DES SCEAUX Fatimata Dicko Zouboye Djibril Guindo JURIFIS CONSULT Maiga Seydou Ibrahim CABINET DAVOCATS SEYDOU IBRAHIM MAIGA Awa Kane MATRANS Mamadou Ismala Konate JURIFIS CONSULT Amadou Maiga MAIRIE DU MALI Maiga Mamadou AGENCE NATIONALE DASSISTANCE MEDICALE Adeline Messou PWC CTE DIVOIRE Brenger Y. Meuke JURIFIS CONSULT Keita Zenabou Sacko API MALI Alassane T. Sangar NOTARY Djibril Semega CABINET SEAG CONSEIL Dsir Sidib ETUDE ME CELINE CAMARA SIB Toumani Sidibe MINISTRE DES AFFAIRES ETRANGRES ET DE LA COOPRATION INTERNATIONALE Perignama Sylla ARCHITECT DE/AU Dominique Taty PWC CTE DIVOIRE Imirane A. Tour DIRECTION NATIONALE DE LURBANISME ET DE LHABITAT Alassane Traor ICON SARL Foussni Traor PWC CTE DIVOIRE Mahamadou Traore Emmanuel Yehouessi BCEAO
MARSHALL ISLANDS BANK OF MARSHALL ISLANDS

MARSHALLS ENERGY COMPANY
Helkena Anni MARSHALL ISLANDS REGISTRY Kenneth Barden ATTORNEY-AT-LAW Raquel De Leon MARSHALL ISLANDS SOCIAL SECURITY ADMINISTRATION Jerry Kramer PACIFIC INTERNATIONAL, INC. James McCaffrey THE MCCAFFREY FIRM, LTD. Dennis Reeder RMI RECEIVERSHIPS Liz Rodick EZ PRICE MART Scott H. Stege LAW OFFICES OF SCOTT STEGE Anthony Tomlinson BECA INTERNATIONAL CONSULTANTS LTD. Bori Ysawa ROBERT REIMERS ENTERPRISES, INC.
MALDIVES
Mohamed Abdul Azeez AIMA CONSTRUCTION COMPANY PVT LTD. Mohamed Ahsan ARCHENG STUDIO PVT LTD. Yamuna Amaraperuma KPMG Arafath GLOBAL CARGO CARE Jatindra Bhattray PWC MALDIVES Asma Chan-Rahim SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Mohamed Fahad GLOBAL CARGO CARE Mohamed Fizan SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Charith Gunathilaka KPMG Mohamed Hameed ANTRAC PVT. LTD. Shamila Jayasekera KPMG Laila Manik SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Prasanta Misra PWC MALDIVES Abdul Samad Mohamed SMD AUDIT & CONSULTANCY Ahmed Murad MAZLAN & MURAD LAW ASSOCIATES Jagath Perera KPMG Mazlan Rasheed MAZLAN & MURAD LAW ASSOCIATES Sam GLOBAL CARGO CARE Ishan Sampath KPMG Shuaib M. Shah SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS
MAURITANIA
Mohamed Salem Abdy CABINET DAVOCATS SALEM ABDY Moussa Aw BSD & ASSOCIS Tidiane Bal BSD & ASSOCIS Mohamed El Hassen Boukhreiss DIRECTION DES DOMAINES, DE LENREGISTREMENT ET DU TIMBRE Hamoud Ismail SMPN Cheikany Jules CHEIKHANY JULES LAW OFFICE Abdou MBodj COMMUNAUT URBAINE DE NOUAKCHOTT Wedou Mohamed MAURIHANDLING Bekaye Ould Abdelkader MINISTRE DE LA FONCTION PUBLIQUE, DU TRAVAIL ET DE LA MODERNISATION DE LADMINISTRATION Mine Ould Abdoullah CABINET DAVOCAT OULD ABDOULLAH Ishagh Ould Ahmed Misk CABINET ISHAGH MISKE Mohamed Ould Bouddida ETUDE MATRE MOHAMED OULD BOUDDIDA Abdellahi Ould Charrouck ATELIER ARCHITECTURE ET DESIGN Brahim Ould Daddah CABINET DADDAH CONSEILS Brahim Ould Ebety LAWYER
ACKNOWLEDGMENTS
247
Mohamed Mahmoud Ould Mohamedou GENISERVICES Ahmed Ould Radhi BANQUE CENTRALE DE MAURITANIE Abdel Fettah Ould Sidi Mohamed SOCIT MAURITANIENNE DELECTRICIT (SOMELEC) Aliou Sall ASSURIM CONSULTING Aissetou Sy BSD & ASSOCIS Dominique Taty PWC CTE DIVOIRE
Nitish Hurnaum GEROUDISGLOVER GHURBURRUN Thierry Koenig DE COMARMOND & KOENIG Anthony Leung Shing PWC MAURITIUS Jayram Luximon CEB Malcolm Moller APPLEBY GLOBAL Ramdas Mootanah ARCHITECTURE & DESIGN LTD. R. Mungly-Gulbul SUPREME COURT Loganayagan Munian ARTISCO INTERNATIONAL Mushtaq Namdarkhan BLC CHAMBERS Marie Cristelle Joanna Parsooramen BANYMANDHUB BOOLELL CHAMBERS Priscilla Pattoo-Mungur JURISTCONSULT CHAMBERS Siv Potayya WORTELS LEXUS Nicolas Pougnet BUILDING AND CIVIL ENGINEERING CO LTD. Iqbal Rajahbalee BLC CHAMBERS Vivekanand Ramburun MAURITIUS REVENUE AUTHORITY Andr Robert ATTORNEY-AT-LAW Wenda Sawmynaden CABINET DE NOTAIRE SAWMYNADEN Gilbert Seeyave DCDM FINANCIAL SERVICES LTD. Sentokee CITY COUNCIL OF PORT LOUIS Gaetan Siew LAMPOTANG & SIEW ARCHITECTS LTD. Deviantee Sobarun MINISTRY OF FINANCE & ECONOMIC DEVELOPMENT Chitra Soobagrah GEROUDISGLOVER GHURBURRUN Oudesh Suddul KROSS BORDER TRUST SERVICES LTD. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Vikash Takoor BANK OF MAURITIUS Parikshat Teeluck DAMCO LOGISTICS (MAURITIUS) Shamina Toofanee PWC MAURITIUS Natasha Towokul-Jiagoo JURISTCONSULT CHAMBERS
Gilberto Calderon GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Carlos Cano PWC MEXICO Oscar O. Cano ADEATH LOGISTICS S.A. DE C.V. Santiago Carrillo RITCH MUELLER, S.C. Mara Casas Lpez BAKER & MCKENZIE Hermilo Ceja COMISIN FEDERAL DE ELECTRICIDAD Carlos Chvez GALICIA Y ROBLES, S.C. Ernesto Chvez INTERCONTINENTAL NETWORK SERVICES Rodrigo Conesa RITCH MUELLER, S.C. Eduardo Corzo Ramos HOLLAND & KNIGHT-GALLSTEGUI Y LOZANO, S.C. Jose Covarrubias-Azuela SOLORZANO, CARVAJAL, GONZALEZ Y PEREZ-CORREA, S.C. Elvira Creel SECRETARA DE ENERGA Cecilia Curiel SNCHEZ DEVANNY ESEVERRI, S.C. Miguel de la Fuente NADER, HAYAUX & GOEBEL Oscar de La Vega LITTLER DE LA VEGA Y CONDE, S.C. Jorge de Presno BASHAM, RINGE Y CORREA, MEMBER OF IUS LABORIS Nicolas del Olmo NDA Luis Enrique Daz Mirn S. BUFETE DIAZ MIRN Carlos Ramon Diaz Sordo LOPEZ VELARDE, HEFTYE Y SORIA, S.C. Carlos Diez Garcia GONZALEZ CALVILLO, S.C. Felipe Dominguez P. MOORE STEPHENS OROZCO MEDINA, S.C. Mariana Eguiarte Morett SNCHEZ DEVANNY ESEVERRI, S.C. Lourdes Elizondo RITCH MUELLER, S.C. Dolores Enriquez PWC MEXICO Miguel Espitia BUFETE INTERNACIONAL Roberto Fagoaga SNCHEZ DEVANNY ESEVERRI, S.C. Luca Fernndez GONZALEZ CALVILLO, S.C. Pedro Flores Carillo MOORE STEPHENS OROZCO MEDINA, S.C. Julio Flores Luna GOODRICH, RIQUELME Y ASOCIADOS Manuel Galicia GALICIA Y ROBLES, S.C. Mauricio Gamboa TRANSUNION DE MEXICO SA SIC Emilio Garca SNCHEZ DEVANNY ESEVERRI, S.C. Jose Martin Garcia GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Mauricio Garza Bulnes J.A. TREVIO ABOGADOS S.A. DE C.V.
Hans Goebel NADER, HAYAUX & GOEBEL Patricia Gonzalez PWC MEXICO Marisol Gonzlez Echevarra SNCHEZ DEVANNY ESEVERRI, S.C. Eugenia Gonzlez Rivas GOODRICH, RIQUELME Y ASOCIADOS Luis Enrique Graham CHADBOURNE & PARKE LLP Mario Alberto Gutirrez PWC MEXICO Yves Hayaux-du-Tilly NADER, HAYAUX & GOEBEL Roberto Hernandez Garcia COMAD, S.C. Anglica Huacuja CHADBOURNE & PARKE LLP Agustin Humann SNCHEZ DEVANNY ESEVERRI, S.C. Mauricio Hurtado PWC MEXICO Jose Ricardo Ibarra Cordova SNCHEZ DEVANNY ESEVERRI, S.C. Maria Isoard RITCH MUELLER, S.C. Jorge Jimenez LOPEZ VELARDE, HEFTYE Y SORIA, S.C. Jorge Jimnez RUSSELL BEDFORD MXICO - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Diana Jurez Martnez BAKER & MCKENZIE Alfredo Kupfer-Dominguez SNCHEZ DEVANNY ESEVERRI, S.C. Ricardo Len-Santacruz SNCHEZ DEVANNY ESEVERRI, S.C. Alfonso Lopez Lajud GONZALEZ CALVILLO, S.C. Julio Luna Castillo COLEGIO DE INGENIEROS MECNICOS Y ELECTRICISTAS (CIME) Daniel Maldonado SNCHEZ DEVANNY ESEVERRI, S.C. Lucia Manzo GALICIA Y ROBLES, S.C. Esteban Maqueo Barnetche MAQUEO ABOGADOS, S.C. Jos Antonio Marquez Gonzlez NOTARY PUBLIC #2 Bernardo Martnez Negrete GALICIA Y ROBLES, S.C. Carla E. Mendoza Prez BAKER & MCKENZIE Carlos E. Montemayor PWC MEXICO Erika Mora SNCHEZ DEVANNY ESEVERRI, S.C. Guillermo Moran GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Oscar Moreno Silva GONZALEZ CALVILLO, S.C. Enrique Muoz GONZALEZ CALVILLO, S.C. Eloy F. Muoz M. IMEYEL SOLUCIONES INTEGRALES, S.A. DE C.V. Manuel Najera NDA Jorge Narvez Hasfura BAKER & MCKENZIE Marco Nava PWC MEXICO
Isabel Nuez GONZALEZ CALVILLO, S.C. Diego Ortiz PWC MEXICO Juan Manuel Ortiz PWC MEXICO Arturo Pedromo GALICIA Y ROBLES, S.C. Arturo Perdomo GALICIA Y ROBLES, S.C. Eduardo Perez Armienta MOORE STEPHENS OROZCO MEDINA, S.C. Gerardo Perez Monter COLEGIO DE INGENIEROS MECNICOS Y ELECTRICISTAS (CIME) Fernando Perez-Correa SOLORZANO, CARVAJAL, GONZALEZ Y PEREZ-CORREA, S.C. Pablo Perezalonso Egua RITCH MUELLER, S.C. Guillermo Piecarchic PMC & ASOCIADOS Jose Piecarchic Cohen PMC & ASOCIADOS Gizeh Polo Ballinas CREEL, GARCA-CULLAR, AIZA Y ENRIQUEZ, S.C. Jose Antonio Postigo-Uribe SNCHEZ DEVANNY ESEVERRI, S.C. Daniel Puente J.A. TREVIO ABOGADOS S.A. DE C.V. David Puente-Tostado SNCHEZ DEVANNY ESEVERRI, S.C. Alvaro Quintana ALVARO QUINTANA S.C. Brindisi Reyes RITCH MUELLER, S.C. Eduardo Reyes Daz-Leal BUFETE INTERNACIONAL Hctor Reyes Freaner BAKER & MCKENZIE Claudia Ros PWC MEXICO Jose Ignacio Rivero GONZALEZ CALVILLO, S.C. Cecilia Rojas GALICIA Y ROBLES, S.C. Ivonne M. Rojas Rangel PMC & ASOCIADOS Luis M. Sada-Beltrn SNCHEZ DEVANNY ESEVERRI, S.C. Ral Sahagun BUFETE INTERNACIONAL Ana Cristina Sanchez SECRETARA DE ENERGA Lucero Snchez de la Concha BAKER & MCKENZIE Cristina Sanchez Vebber SNCHEZ DEVANNY ESEVERRI, S.C. Cristina Snchez-Urtiz MIRANDA & ESTAVILLO, S.C. Francisco Santoyo COMISIN FEDERAL DE ELECTRICIDAD Monica Schiaffino Prez LITTLER DE LA VEGA Y CONDE, S.C. Ernesto Silvas SNCHEZ DEVANNY ESEVERRI, S.C. Pietro Straulino-Rodriguez SNCHEZ DEVANNY ESEVERRI, S.C. Juan Francisco Torres Landa Ruffo BARRERA, SIQUEIROS Y TORRES LANDA, S.C. Jaime A. Trevio J.A. TREVIO ABOGADOS
MAURITIUS
Ryan Allas PWC MAURITIUS Anishah Aujayeb JURISTCONSULT CHAMBERS Mohamed Iqbal Belath BANK OF MAURITIUS Vanesha Babooa Bissonauth DE COMARMOND & KOENIG Jean-Franois Boisvenu BLC CHAMBERS Urmila Boolell BANYMANDHUB BOOLELL CHAMBERS James Boucher HSBC Nicolas Carcasse DAGON INGENIEUR CONSEIL LTE Jagwantsing Chetlall GAMMA Jaimie Chiniah BANYMANDHUB BOOLELL CHAMBERS D.P. Chinien REGISTRAR OF COMPANIES AND BUSINESSES, OFFICE OF THE REGISTRAR OF COMPANIES Vincent Chong Leung UTILIS CORPORATE SERVICE Sandy Chuong GEROUDISGLOVER GHURBURRUN Chandansingh Chutoori DAGON INGENIEUR CONSEIL LTE Martine de Fleuriot de la Colinire DE COMARMOND & KOENIG Catherine de Rosnay LEGIS & PARTNERS Shalinee Dreepaul-Halkhoree JURISTCONSULT CHAMBERS Sapna Dwarka BANYMANDHUB BOOLELL CHAMBERS Robert Ferrat LEGIS & PARTNERS Yannick Fok GEROUDISGLOVER GHURBURRUN Poonam Geemul BANYMANDHUB BOOLELL CHAMBERS Gavin Glover GEROUDISGLOVER GHURBURRUN J. Gilbert Gnany THE MAURITIUS COMMERCIAL BANK LIMITED Arvin Halkhoree NS MANAGEMENT LTD. Mikash Hassamal GEROUDISGLOVER GHURBURRUN Marc Hein JURISTCONSULT CHAMBERS Reshma Hurday KROSS BORDER TRUST SERVICES LTD. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL
MEXICO NDA
Gustavo I. Alarcn Caballero BAKER & MCKENZIE Areli Archundia GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Rafael Barragan Mendoza COMAD, S.C. Guillermo Barragan Toledo GONZALEZ CALVILLO, S.C. Ana Rosa Bobadilla GONZALEZ CALVILLO, S.C.
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Maribel Trigo Aja GOODRICH, RIQUELME Y ASOCIADOS Rafael Vallejo GONZALEZ CALVILLO, S.C. Layla Vargas Muga GOODRICH, RIQUELME Y ASOCIADOS Jose Villa Ramirez COMAD, S.C. Guillermo Villaseor SNCHEZ DEVANNY ESEVERRI, S.C. Claudio Villavicencio GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Humberto Zapien GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED
Serghei Filatov ACI PARTNERS LAW OFFICE Iulia Furtuna TURCAN CAZAC Ana Galus TURCAN CAZAC Roger Gladei GLADEI & PARTNERS Silvia Grosu PWC MOLDOVA Andrian Guzun SCHOENHERR Vladimir Iurkovski SCHOENHERR Roman Ivanov VERNON DAVID & ASSOCIATES Valentin Kiba ELIA SA. Boyan Kolev SRL CONSTRUCTPROJECT Cristina Martin ACI PARTNERS LAW OFFICE Georgeta Mincu IOM Alexandru Munteanu INTREPRINDEREA CU CAPITAL STRAIN PRICEWATERHOUSECOOPERS LEGAL SRL Oxana Novicov NATIONAL UNION OF JUDICIAL OFFICERS Igor Odobescu ACI PARTNERS LAW OFFICE Aelita Orhei GLADEI & PARTNERS Vladimir Palamarciuc TURCAN CAZAC Ilona Panurco INTREPRINDEREA CU CAPITAL STRAIN PRICEWATERHOUSECOOPERS LEGAL SRL Carolina Parcalab ACI PARTNERS LAW OFFICE Vladimir Plehov MARITIMTRANS Igor Popa POPA & ASOCIATII LAWYERS Dimitru Popescu INTREPRINDEREA CU CAPITAL STRAIN PRICEWATERHOUSECOOPERS LEGAL SRL Victor Rusu GLADEI & PARTNERS Olga Saveliev TURCAN CAZAC Alexandru Savva TURCAN CAZAC Foca Silviu BIROUL DE CREDIT - MOLDOVA Viorel Sirghi BSMB LEGAL COUNSELLORS Mariana Stratan TURCAN CAZAC Ruslan Surugiu NATIONAL ENERGY REGULATORY AGENCY OF THE REPUBLIC OF MOLDOVA Elena Talmazan SC CONTABIL PRINCIPAL SRL Alexander Tuceac TURCAN CAZAC Alexander Turcan TURCAN CAZAC Tatiana Vasiliu VERNON DAVID & ASSOCIATES
Telenged Baast MONLOGISTICS WORLDWIDE LLC Bolortsogoo Baldandorj ULAANBAATAR ELECTRICITY DISTRIBUTION NETWORK COMPANY Buyantogos Baljinnyam ANDERSON AND ANDERSON LLP Batdelger FEA ENERGY MONGOLIA Badarch Bayarmaa MAHONEY LIOTTA Ebone. M Bishop ANDERSON AND ANDERSON LLP Batzaya Bodikhuu ANAND & BATZAYA ADVOCATES LAW FIRM David C. Buxbaum ANDERSON AND ANDERSON LLP Khatanbat Dashdarjaa ARLEX CONSULTING SERVICES Zoljargal Dashnyam GTS ADVOCATES LLC Uyanga del Sol TSETS Enkhgerel Deleg ANDERSON AND ANDERSON LLP Ganbaatar FEA ENERGY MONGOLIA Uuganbayar Ganbaatar TRANSGATE CO., LTD. Batbayar Jigmedsuren UB TRANS LLC Undram Lhagvasuren ANAND & BATZAYA ADVOCATES LAW FIRM Zolbayar Luvsansharav TSETS Daniel Mahoney MAHONEY LIOTTA Bayarmanla Manljav GTS ADVOCATES LLC Odonhuu Muuzee TSETS Batragchaa Ragchaa A&A GLOBAL LAW FIRM Norovtseren Sanjmyatav ARLEX CONSULTING SERVICES Tsolmon Shar TSOLMON PARTNERS Baatarsuren Sukhbaatar THE BANK OF MONGOLIA Arslaa Urjin ULAANBAATAR ELECTRICITY DISTRIBUTION NETWORK COMPANY Paul Weifnnbach ANAND & BATZAYA ADVOCATES LAW FIRM Misheel Zorig ARLEX CONSULTING SERVICES
Savo Djurovi ADRIATIC MARINAS D.O.O. Dragan Draca PWC SERBIA Vuk Drakovi BOJOVI DAI KOJOVI Boidar Gogi MONTECCO INC D.O.O. Milorad Janjevi LAW OFFICE VUJAI Maja Jokanovi MINISTRY OF ECONOMY Nada Jovanovi CENTRAL BANK OF MONTENEGRO Sran Kalezi TAX AUTHORITY MONTENEGRO Rado-Lolo Kastratovi ADVOKATSKA KANCELARIJA Ana Krsmanovi MINISTRY OF FINANCE Sefko Kurpejovi MINISTRY OF FINANCE Krzysztof Lipka PWC SERBIA Neboja Nikitovi PROINSPECT++ Ivan Nikolic BOJOVI DAI KOJOVI Goran Nikoli MINISTRY OF ECONOMY Predrag Pavlii MONTECCO INC D.O.O. Nenad Pavlii PAVLII LAW OFFICE Nikola Perovi PLANTAE Uros Popovic BOJOVI DAI KOJOVI Ana Radivojevi PWC SERBIA Radmila Radoii LAW OFFICE VUJAI Miladin Radoevi LAW FIRM RADOEVI Slobodan Radovic BAST D.O.O Ivan Radulovi MINISTRY OF FINANCE Vesna Radunovi R&P AUDITING Dragan Rakoevi COMMERCIAL COURT OF PODGORICA Milena Roncevi KN KARANOVI & NIKOLI Itana Scekic HARRISONS SOLICITORS Velimir Strugar EPCG AD NIKI Jelena Vojinovi MINISTRY OF FINANCE Saa Vujai LAW OFFICE VUJAI Jelena Vujisi LAW OFFICE VUJAI Lana Vukmirovic-Misic HARRISONS SOLICITORS Sandra Zdravkovic MONTECCO INC D.O.O.
Fassi-Fihri Bassamat BASSAMAT & ASSOCIE Hamid Ben Elfadil CENTRE RGIONAL DINVESTISSEMENT Said Benjelloun ABOUAKIL, BENJELLOUN & MAHFOUD AVOCATS Azel-arab Benjelloun AGENCE DARCHITECTURE DURBANISME ET DE DECORATION Karim Benkirane ESPACE TRANSIT Mohamed Benkirane ESPACE TRANSIT Myriam Emmanuelle Bennani AMIN HAJJI & ASSOCIS ASSOCIATION DAVOCATS Saad Beygrine CABINET DE NOTAIRE ALAMI Khalid Boumichi TECNOMAR Johan Bruneau CMS BUREAU FRANCIS LEFEBVRE Richard Cantin JURISTRUCTURES - PROJECT MANAGEMENT & LEGAL ADVISORY SERVICES LLP Mahat Chraibi PWC ADVISORY MAROC Driss Debbagh KETTANI ASSOCIS Merieme Diouri ETUDE DE NOTARIAT MODERNE Sarah El Couhen ETUDE DE NOTARIAT MODERNE Driss Ettaki ADMINISTRATION DES DOUANES ET IMPOTS INDIRECTS Youssef Fassi Fihri FYBA LAWYERS Nasser Filali ZIMAG Fatima Zahrae Gouttaya ETUDE DE NOTARIAT MODERNE Zohra Hasnaoui HASNAOUI LAW FIRM Ahmad Hussein TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Bahya Ibn Khaldoun UNIVERSIT M.V. SOUISSI RABAT, MAROC Ali Kettani KETTANI ASSOCIS Mehdi Kettani KETTANI ASSOCIS Nadia Kettani KETTANI LAW FIRM Rita Kettani KETTANI ASSOCIS Nabyl Lakhdar ADMINISTRATION DES DOUANES ET IMPOTS INDIRECTS Batrice Larrgle EXPERIAN Amine Mahfoud AMINE MAHFOUD NOTAIRE Anis Mahfoud ABOUAKIL, BENJELLOUN & MAHFOUD AVOCATS Noureddine Marzouk PWC ADVISORY MAROC Abdelkhalek Merzouki ADMINISTRATION DES DOUANES ET IMPOTS INDIRECTS Kamal Nasrollah AUGUST & DEBOUZY AVOCATS
MICRONESIA, FED. STS. BANK OF FSM

FSM DEVELOPMENT BANK POHNPEI TRANSFER & STORAGE, INC.
Sweeter Aaron FOREIGN INVESTMENT BOARD, POHNPEI STATE GOVERNMENT Kenneth Barden ATTORNEY-AT-LAW Marstella Jack LAWYER Simon Lihpai DIVISION OF FORESTRY & MARINE CONSERVATION Quirino Loyola FOREIGN INVESTMENT BOARD, POHNPEI STATE GOVERNMENT Sisananto Loyola POHNPEI STATE ENVIRONMENTAL PROTECTION AGENCY Silberio S. Mathias MICROPC Douglas Nelber POHNPEI STATE DEPARTMENT OF LANDS AND NATURAL RESOURCES Kevin Palep OFFICE OF THE REGISTRAR OF CORPORATIONS Ronald Pangelinan A&P ENTERPRISES, INC. Kevin Pelep FOREIGN INVESTMENT BOARD, POHNPEI STATE GOVERNMENT Bendura Rodriquez FOREIGN INVESTMENT BOARD, POHNPEI STATE GOVERNMENT Salomon Saimon MICRONESIAN LEGAL SERVICES CORPORATION
MOLDOVA ICS RED UNION FNOSA S.A.

Brian Arnold PWC MOLDOVA Victor Burac VICTOR BURAC LAW FIRM Andrei Caciurenco ACI PARTNERS LAW OFFICE Octavian Cazac TURCAN CAZAC Svetlana Ceban PWC MOLDOVA Vitalie Ciofu GLADEI & PARTNERS Vera Coslet VICTOR BURAC LAW FIRM Sergiu Dumitrasco PWC MOLDOVA
MONTENEGRO
Aleksandar Adamovic PACORINI MONTENEGRO Bojana Andri ELEBI Veselin Anui ELEBI Marija Bojovi BOJOVI DAI KOJOVI Bojana Bokovi MINISTRY OF FINANCE Dragan orac LAW OFFICE VUJAI Marija Crnogorac KN KARANOVI & NIKOLI
MOROCCO
Sidimohamed Abouchikhi EXPERIAN Lamya Alami CABINET DE NOTAIRE ALAMI
MONGOLIA PWC MONGOLIA

Munkhjargal Baashuu GTS ADVOCATES LLC
ACKNOWLEDGMENTS
249
Nesrine Roudane NERO BOUTIQUE LAW FIRM Laetitia Saulais AUGUST & DEBOUZY AVOCATS Ghalia Sebti AIT MANOS Houcine Sefrioui ETUDE DE NOTARIAT MODERNE Nadia Tajouidi ETUDE DE NOTARIAT MODERNE Marc Veuillot CMS BUREAU FRANCIS LEFEBVRE Khalil Yassir YASSIR KHALIL STUDIO
Vtor Marques da Cruz FCB&A IN ASSOCIATION WITH LAW & MARK, ADVOGADOS E CONSULTORES LAW & MARK, LDA Joo Martins PWC MOZAMBIQUE Gonalo Meneses CARLOS DE SOUSA E BRITO & ASSOCIADOS Monica Moti Guerra CGA & ASSOCIADOS, ADVOGADOS lvaro Pinto Basto CGA - COUTO, GRAA E ASSOCIADOS, SOCIEDADE DE ADVOGADOS Malaika Ribeiro PWC MOZAMBIQUE Bilal Ismail Seedat BILM CONSULTING Paula Castro Silveira RAPOSO BERNARDO & ASSOCIADOS Ricardo Veloso VMP - VELOSO, MENDES, PATO E ASSOCIADOS
Brigitte Nependa H.D. BOSSAU & CO. Riana Oosthuizen BDO SPENCER STEWARD (NAMIBIA) Axel Stritter ENGLING, STRITTER & PARTNERS Andreas Vaatz ANDREAS VAATZ & PARTNERS Hugo Van den Berg KOEP & PARTNERS Ockhuizen Welbert NAMIBIA WATER CORPORATION (NAMWATER) Renate Williamson KOEP & PARTNERS
Mahesh Kumar Thapa SINHA - VERMA LAW CONCERN
Rutger Schimmelpenninck HOUTHOFF BURUMA Stphanie Spoelder BAKER & MCKENZIE Michiel Stoove BOSSELAAR & STRENGERS ADVOCATEN Natusia Szeliga BAKER & MCKENZIE Fedor Tanke BAKER & MCKENZIE Maarten Tinnemans DE BRAUW BLACKSTONE WESTBROEK Jaap Jan Trommel NAUTADUTILH ATTORNEYS Annet van Balen BOSSELAAR & STRENGERS ADVOCATEN Helene van Bommel PWC NETHERLANDS Leonard Van den Ende BAKER & MCKENZIE Berdieke van den Hoek BOSSELAAR & STRENGERS ADVOCATEN Jos van der Schans DE BRAUW BLACKSTONE WESTBROEK Florentine van der Schrieck DE BRAUW BLACKSTONE WESTBROEK Gert-Jan van Gijs VAT LOGISTICS (OCEAN FREIGHT) BV Sjaak van Leeuwen STICHTING BUREAU KREDIET REGISTRATIE Christian Van Megchelen STIBBE Jan van Oorschot LIANDER Petra van Raad PWC NETHERLANDS Rodolfo Van Vlooten KENNEDY VAN DER LAAN Frdric Verhoeven HOUTHOFF BURUMA Janine Verweij OFFICE OF ENERGY REGULATION Reinout Vriesendorp DE BRAUW BLACKSTONE WESTBROEK Frank Werger PWC NETHERLANDS Stephan Westera LEXENCE Marcel Willems KENNEDY VAN DER LAAN Berto Winters DE BRAUW BLACKSTONE WESTBROEK Marleen Zandbergen NAUTADUTILH ATTORNEYS Christiaan Zijderveld SIMMONS & SIMMONS LLP
NETHERLANDS MUNICIPALITY - SOUTH DISTRICT OFFICE

Joost Achterberg KENNEDY VAN DER LAAN Jan Biemans DE BRAUW BLACKSTONE WESTBROEK Karin W.M. Bodewes BAKER & MCKENZIE Sytso Boonstra PWC NETHERLANDS Roland Brandsma PWC NETHERLANDS Martin Brink VAN BENTHEM & KEULEN NV Margriet de Boer DE BRAUW BLACKSTONE WESTBROEK Taco de Lange LEXENCE Robert de Vries BOSSELAAR & STRENGERS ADVOCATEN Rolef de Weijs HOUTHOFF BURUMA Hans de Wilde KAB ACCOUNTANTS & BELASTINGADVISEURS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Wilfrank Driesprong STICHTING BUREAU KREDIET REGISTRATIE Arnold Fajel MERZARIO BV Ingrid Greveling NAUTADUTILH ATTORNEYS Ruud Hermans DE BRAUW BLACKSTONE WESTBROEK Mark Huijzen SIMMONS & SIMMONS LLP Niels Huurdeman HOUTHOFF BURUMA Bas Jongtien BOSSELAAR & STRENGERS ADVOCATEN Marcel Kettenis PWC NETHERLANDS Edwin Kleefstra KAB ACCOUNTANTS & BELASTINGADVISEURS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Christian Koedam PWC NETHERLANDS Filip Krsteski VAN DOORNE N.V. Andrej Kwitowski AKADIS B.V. Stefan Leening PWC NETHERLANDS Allard Meine Jansen ALLARD ARCHITECTURE Matthias Noorlander OFFICE OF ENERGY REGULATION Peter Plug OFFICE OF ENERGY REGULATION Johan Polet SIMMONS & SIMMONS LLP Peter Radema MERZARIO BV Mark G. Rebergen DE BRAUW BLACKSTONE WESTBROEK Hugo Reumkens VAN DOORNE N.V. Maayke Rooijendijk DE BRAUW BLACKSTONE WESTBROEK
MOZAMBIQUE ELECTRICIDADE DE MOAMBIQUE E.P.

Eunice Ali CGA & ASSOCIADOS, ADVOGADOS Carolina Balate PWC MOZAMBIQUE Jos Manuel Caldeira SAL & CALDEIRA ADVOGADOS, LDA. Eduardo Cal SAL & CALDEIRA ADVOGADOS, LDA. Alexandra Carvalho Monjardino ATTORNEY-AT-LAW Sandra Clifton AVM ADVOGADOS MOZAMBIQUE Avelar Da Silva INTERTEK INTERNATIONAL LTD. Thera Dai CGA & ASSOCIADOS, ADVOGADOS Alberto de Deus MACURRU LAW, SOCIEDADE UNIPESSOAL, LDA Elisio De Sousa FERNANDA LOPES & ASSOCIADOS ADVOGADOS Carlos de Sousa e Brito CARLOS DE SOUSA E BRITO & ASSOCIADOS Tiago Dias Jos MGRA & ASSOCIADOS Fulgncio Dimande MANICA FREIGHT SERVICES S.A.R.L Rita Donato COUTO GRAA E ASSOCIADOS Telmo Ferreira COUTO GRAA E ASSOCIADOS Pinto Fulane BANCO DE MOAMBIQUE Xiluva Gonalves Nogueira da Costa SAL & CALDEIRA ADVOGADOS, LDA. Jorge Graa CGA - COUTO, GRAA E ASSOCIADOS, SOCIEDADE DE ADVOGADOS Victoria Gundanhane SDV MOAMBIQUE SA Agnaldo Laice DAMCO Rute Langa COUTO GRAA E ASSOCIADOS Daniel Lobo Antunes CARLOS DE SOUSA E BRITO & ASSOCIADOS Rui Loforte CGA - COUTO, GRAA E ASSOCIADOS, SOCIEDADE DE ADVOGADOS Fernanda Lopes FERNANDA LOPES & ASSOCIADOS ADVOGADOS Gimina Lus Mahumana SAL & CALDEIRA ADVOGADOS, LDA. Marla Mandlate SAL & CALDEIRA ADVOGADOS, LDA.
NEPAL
Anil Chandra Adhikari CREDIT INFORMATION BUREAU LTD. NEPAL Sulakshan Adhikari SHANGRI-LA FREIGHT PVT. LTD. Lalit Aryal LA & ASSOCIATES CHARTERED ACCOUNTANTS Tulasi Bhatta UNITY LAW FIRM & CONSULTANCY Tankahari Dahal NIRAULA LAW CHAMBER & CO. Devendra Dongol KATHMANDU METROPOLITAN CITY Ajay Ghimire APEX LAW CHAMBER Sunil Gupta LAWYER Navin Kejriwal Ananda Raj Khanal NEPAL TELECOMMUNICATIONS AUTHORITY Gourish K. Kharel KTO INC. Parsuram Koirala KOIRALA & ASSOCIATES Tek Narayan Kunwar MAKANWPUR DISTRICT COURT Arpana Lama CSC & CO. Bharat Lamsal KATHMANDU DISTRICT COURT Amir Maharjan SAFE CONSULTING ARCHITECTS & ENGINEERS PVT. LTD. Lumb Mahat CSC & CO. Ashok Man Kapali SHANGRI-LA FREIGHT PVT. LTD. Purna Man Napit NIC BANK Matrika Niraula NIRAULA LAW CHAMBER & CO. Rajan Niraula NIRAULA LAW CHAMBER & CO. Purnachitra Pradhan KARJA SUCHANA KENDRA LTD. (CIB) Deepak K. Shrestha NEPAL INVESTMENT BANK P. L. Shrestha EVERGREEN CARGO SERVICES PVT. LTD. Rajeshwor Shrestha SINHA - VERMA LAW CONCERN Suman Lal Shrestha H.R. LOGISTIC PVT LTD. Baburam Subedi NEPAL ELECTRICITY AUTHORITY Ram Chandra Subedi APEX LAW CHAMBER
NAMIBIA NAMIBIA REAL ESTATE

WOKER FREIGHT SERVICES
Joos Agenbach KOEP & PARTNERS Mark Badenhorst PWC SOUTH AFRICA Tiaan Bazuin NAMIBIAN STOCK EXCHANGE Ronnie Beukes CITY OF WINDHOEK ELECTRICITY DEPARTMENT Clifford Bezuidenhout ENGLING, STRITTER & PARTNERS Benita Blume H.D. BOSSAU & CO. Hanno D. Bossau H.D. BOSSAU & CO. Lorna Celliers BDO SPENCER STEWARD (NAMIBIA) Esi Chase ADVOCATE Helen Cronje H.D. BOSSAU & CO. Jana-Marie De Bruyn BDO SPENCER STEWARD (NAMIBIA) Paul De Chalain PWC SOUTH AFRICA Ferdinand Diener CITY OF WINDHOEK ELECTRICITY DEPARTMENT Marcha Erni TRANSUNION Hans-Bruno Gerdes ENGLING, STRITTER & PARTNERS Amanda Gous PWC NAMIBIA Ismeralda Hangue DEEDS OFFICE Stefan Hugo PWC NAMIBIA Jaco Jacobs ELLIS SHILENGUDWA Mignon Klein G.F. KPPLINGER LEGAL PRACTITIONERS Frank Kpplinger G.F. KPPLINGER LEGAL PRACTITIONERS Norbert Liebich TRANSWORLD CARGO (PTY) LTD. John D. Mandy NAMIBIAN STOCK EXCHANGE
NEW ZEALAND INLAND REVENUE DEPARTMENT

NEW ZEALAND CUSTOMS SERVICE
Connor Archbold BELL GULLY Geoff Bevan CHAPMAN TRIPP Justin Cameron LOWNDES ASSOCIATES - CORPORATE AND COMMERCIAL LAW SPECIALISTS Shelley Cave SIMPSON GRIERSON, MEMBER OF LEX MUNDI Philip Coombe PANALPINA WORLD TRANSPORT LLP Ross Crotty LOWNDES ASSOCIATES - CORPORATE AND COMMERCIAL LAW SPECIALISTS
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DOING BUSINESS 2013
John Cuthbertson PWC NEW ZEALAND Daniel De Vries VEDA ADVANTAGE Kerr Dewe LOWNDES ASSOCIATES - CORPORATE AND COMMERCIAL LAW SPECIALISTS Joanne Dickson SIMPSON GRIERSON, MEMBER OF LEX MUNDI Igor Drinkovic MINTER ELLISON RUDD WATTS Vince Duffin VECTOR ELECTRICITY Catherine Fonseca PWC NEW ZEALAND Koustabh Gadgil INVESTMENT NEW ZEALAND (A DIVISION OF NEW ZEALAND TRADE AND ENTERPRISE) Lowry Gladwell BELL GULLY Matt Kersey RUSSELL MCVEAGH Greg King JACKSON RUSSELL Mahesh Lala JACKSON RUSSELL Kate Lane MINTER ELLISON RUDD WATTS Leroy Langeveld SIMPSON GRIERSON, MEMBER OF LEX MUNDI John Lawrence AUCKLAND CITY COUNCIL Mark Lowndes LOWNDES ASSOCIATES - CORPORATE AND COMMERCIAL LAW SPECIALISTS Mandy McDonald MINISTRY OF ECONOMIC DEVELOPMENT Andrew Minturn QUALTECH INTERNATIONAL LTD. Robert Muir LAND INFORMATION NEW ZEALAND Michael OBrien HESKETH HENRY LAWYERS Catherine Otten NEW ZEALAND COMPANIES OFFICE Mihai Pascariu MINTER ELLISON RUDD WATTS John Powell RUSSELL MCVEAGH David Quigg QUIGG PARTNERS Jim Roberts HESKETH HENRY LAWYERS Silvana Schenone MINTER ELLISON RUDD WATTS Howard Thomas LOWNDES ASSOCIATES - CORPORATE AND COMMERCIAL LAW SPECIALISTS Ben Thomson SIMPSON GRIERSON, MEMBER OF LEX MUNDI Amy Tiong PWC NEW ZEALAND Ben Upton SIMPSON GRIERSON, MEMBER OF LEX MUNDI Mike Whale LOWNDES ASSOCIATES - CORPORATE AND COMMERCIAL LAW SPECIALISTS Jessica Wilsher LOWNDES ASSOCIATES - CORPORATE AND COMMERCIAL LAW SPECIALISTS Richard Wilson JACKSON RUSSELL
NICARAGUA EXPORTADORA ATLANTIC S.A

Bertha Argello de Rizo ARIAS & MUOZ Rosa Baca GARCA & BODN Marco Baldizn DISNORTE-DISSUR (UNION FENOSA) Minerva Adriana Bellorn Rodrguez ACZALAW Marco Benavente GARCA & BODN Flavio Andrs Berros Zepeda MULTICONSULT & CIA LTDA. Carlos Alberto Bonilla Lpez SUPERINTENDENCIA DE BANCOS Orlando Cardoza BUFETE JURIDICO OBREGON Y ASOCIADOS Thelma Carrion AGUILAR CASTILLO LOVE Ramn Castro ARIAS & MUOZ Yuri Fernando Cerrato Espinoza ALVARADO Y ASOCIADOS, MEMBER OF LEX MUNDI Dorisabel Conrado CONSORTIUM TABOADA Y ASOCIADOS Sergio David Corrales Montenegro GARCA & BODN Juan Carlos Cortes PWC NICARAGUA Eugenia Cruz CETREX Brenda Darce CETREX Gloria Maria de Alvarado ALVARADO Y ASOCIADOS, MEMBER OF LEX MUNDI Terencio Garcia Montenegro GARCA & BODN Engelsberth Gmez PRO NICARAGUA Denis Gonzlez Torres G.E. ELECTROMECNICA & CIA LTDA. Claudia Guevara AGUILAR CASTILLO LOVE Federico Gurdian GARCA & BODN Marianela Gutierrez AGUILAR CASTILLO LOVE Gerardo Hernandez CONSORTIUM TABOADA Y ASOCIADOS Mara Fernanda Jarqun ARIAS & MUOZ Mara Jos Pea DISNORTE-DISSUR (UNION FENOSA) Eduardo Lacayo TRANSUNION Jos Meja GARCA & BODN Jorge Molina Lacayo CETREX Roberto Montes ARIAS & MUOZ Soraya Montoya Herrera MOLINA & ASOCIADOS CENTRAL LAW Jeanethe Morales Nez SUPERINTENDENCIA DE BANCOS Amilcar Navarro Amador GARCA & BODN Francisco Ortega FRANCISCO ORTEGA & ASOCIADOS
Ramon Ortega PWC EL SALVADOR Rger Prez Grillo ARIAS & MUOZ Alonso Porras ACZALAW Mazziel Rivera ACZALAW Ana Teresa Rizo Briseo ARIAS & MUOZ Erwin Rodriguez PWC NICARAGUA Patricia Rodrguez MULTICONSULT & CIA LTDA. Alfonso Jos Sandino Granera CONSORTIUM TABOADA Y ASOCIADOS Rodrigo Taboada CONSORTIUM TABOADA Y ASOCIADOS Carlos Tllez GARCA & BODN Diogenes Velasquez ACZALAW
Sahabi Oumarou THEMIS INTERNATIONAL CONSULTANTS Daouda Samna S.C.P.A. MANDELA Abdou Moussa Sanoussi ENGE Dominique Taty PWC CTE DIVOIRE Idrissa Tchernaka ETUDE DAVOCATS MARC LE BIHAN & COLLABORATEURS Foussni Traor PWC CTE DIVOIRE Hamado Yahaya SOCIETE CIVILE PROFESSIONNELLE DAVOCATS YANKORI ET ASSOCIS Emmanuel Yehouessi BCEAO
Ifeoma Anwuta PUNUKA ATTORNEYS & SOLICITORS Sola Arifayan IKEYI & ARIFAYAN Temitayo Arikenbi CRC CREDIT BUREAU LIMITED Ige Asemudara PUNUKA ATTORNEYS & SOLICITORS Esther Atoyebi OKONJO, ODIAWA & EBIE Ayodeji Balogun TONY ELUMELU FOUNDATION Ngozi Chianakwalam LEGAL STANDARD CONSULTING Stanley Chikwendu AELEX, LEGAL PRACTITIONERS & ARBITRATORS Chinwe Chiwete PUNUKA ATTORNEYS & SOLICITORS Peter Crabb NNENNA EJEKAM ASSOCIATES Rebecca Dokun ALUKO & OYEBODE Judith Egbeadumah PERCHSTONE & GRAEYS Colin Egemonye COLIN EGEMONYE & ASSOCIATES Emmanuel Egwuagu OBLA & CO. Oyindamola Ehiwere UDO UDOMA & BELO-OSAGIE Nnenna Ejekam NNENNA EJEKAM ASSOCIATES Mary Ekemezie UDO UDOMA & BELO-OSAGIE Nelson Ekere 1ST ATTORNEYS Samuel Etuk 1ST ATTORNEYS Marcellina Eya Abang NIGERIAN ELECTRICITY REGULATORY COMMISSION (NERC) Chris Eze NNENNA EJEKAM ASSOCIATES Adanma Ezegbulam WTS ADEBIYI & ASSOCIATES Anse Agu Ezetah CHIEF LAW AGU EZETAH & CO. Kenechi Ezezika IKEYI & ARIFAYAN Babatunde Fagbohunlu ALUKO & OYEBODE Omowumi Fajemiroye OLANIWUN AJAYI LP Olawale Fapohunda IKEYI & ARIFAYAN Olubunmi Fayokun ALUKO & OYEBODE Bimbola Fowler-Ekar JACKSON, ETTI & EDU Justice Idehen-Nathaniel PERCHSTONE & GRAEYS Chimezie Iheakweazu CHIKWEM CHAMBERS Chidinma Ihemedu ALLIANCE LAW FIRM Agent Benjamin Ihua-Maduenyi IHUA & IHUA Nduka Ikeyi IKEYI & ARIFAYAN Okorie Kalu PUNUKA ATTORNEYS & SOLICITORS Jelilat Kareem CRC CREDIT BUREAU LIMITED
NIGERIA STERLING PARTNERSHIP

Ijeoma Abalogu GBENGA BIOBAKU & CO Mohammed K. Abdulsalam GITRAS LTD. Innocent Abidoye NNENNA EJEKAM ASSOCIATES Lemea Abina STERLING PARTNERSHIP Oluseyi Abiodun Akinwunmi AKINWUNMI & BUSARI LEGAL PRACTITIONERS Olaleye Adebiyi WTS ADEBIYI & ASSOCIATES Kentuadei Adefe Kunle Adegbite CANAAN SOLICITORS Steve Adehi STEVE ADEHI AND CO Olufunke Adekoya AELEX, LEGAL PRACTITIONERS & ARBITRATORS Korode Adeola WTS ADEBIYI & ASSOCIATES Tolulope Aderemi PERCHSTONE & GRAEYS Ademola Adesalu CRC CREDIT BUREAU LIMITED Adekunle Adewale JACKSON, ETTI & EDU Yetunde Adewale AKINWUNMI & BUSARI LEGAL PRACTITIONERS Daniel Agbor UDO UDOMA & BELO-OSAGIE Kunle Ajagbe PERCHSTONE & GRAEYS Olaoluwa Ajala GBENGA BIOBAKU & CO Koyin Ajayi OLANIWUN AJAYI LP Barbara Ufuoma Akpotaire DREAM YARD PROJECT INC. Overaye Brodrick Akpotaire LIDUD NIGERIA LTD. Folake Alabi OLANIWUN AJAYI LP Jonathan Aluju OLANIWUN AJAYI LP Segun Aluko ALUKO & OYEBODE Godwin Amadi ALLIANCE LAW FIRM Owolabi Animashaun SCOTECH UNIVERSAL RESOURCES LIMITED
NIGER CABINET JOHN W. FFOOKS & CO.

MAERSK S.A.
Kassoum Abari VILLE DE NIAMEY Ahmadou Al Aminou Lo BCEAO Takoubakoye Aminata MILLENNIUM CHALLENGE ACCOUNT Mamoudou Aoula MINISTRE DE LURBANISME, DE LHABITAT ET DU CADASTRE Sidi Sanoussi Baba Sidi CABINET DAVOCATS SOUNA-COULIBALY Jol Broux BOLLOR AFRICA LOGISTICS Moussa Coulibaly CABINET DAVOCATS SOUNA-COULIBALY Moussa Dantia CENTRE DES FORMALITES DES ENTREPRISES Abdou Djando EMTEF Jean Claude Gnamien PWC CTE DIVOIRE Souley Hammi Illiassou Moussa Gros Ibrahim MILLENNIUM CHALLENGE ACCOUNT Seybou Issi VILLE DE NIAMEY Bernar-Oliver Kouaovi CABINET KOUAOVI Diallo Rayanatou Loutou CABINET LOUTOU - ARCHITECTES Boubacar Nouhou Maiga ENGE Saadou Maiguizo BUREAU DETUDES TECHNIQUES DASSISTANCE ET DE SURVEILLANCE EN CONSTRUCTION CIVILE Ari Malla MILLENNIUM CHALLENGE ACCOUNT Marie-Virginie Mamoudou CHAMBRE NATIONALE DES NOTAIRES DU NIGER Issaka Manzo EGTC Andr Abboh Joseph Monso PWC CTE DIVOIRE Amadou Moussa MILLENNIUM CHALLENGE ACCOUNT Moukala Nouhou Hamani COUR SUPRME
ACKNOWLEDGMENTS
251
Adetola Lawal OKONJO, ODIAWA & EBIE Ishaya Livinus Etsu NIGERIAN ELECTRICITY REGULATORY COMMISSION (NERC) Nnenna Nwaokobia NNENNA EJEKAM ASSOCIATES Kenechi Nwizu IKEYI & ARIFAYAN Tochi Nwogu PUNUKA ATTORNEYS & SOLICITORS Wole Obayomi KPMG V. Uche Obi ALLIANCE LAW FIRM Godwin Obla OBLA & CO. Oluwakemi Oduntan JADE & STONE SOLICITORS Tari Ofongo Nelson Ogbuanya NOCS CONSULTS Godson Ogheneochuko UDO UDOMA & BELO-OSAGIE Ozofu Ogiemudia UDO UDOMA & BELO-OSAGIE Yvonne Ogunoiki IKEYI & ARIFAYAN Ayodeji Ojo JACKSON, ETTI & EDU Titilayo Oke PWC NIGERIA Ifedayo Oke-Lawal PERCHSTONE & GRAEYS Oghenetekevwe Okobiah JACKSON, ETTI & EDU Christine Okokon UDO UDOMA & BELO-OSAGIE Patrick Okonjo OKONJO, ODIAWA & EBIE Dozie Okwuosah CENTRAL BANK OF NIGERIA Ololade Oladipupo ALLIANCE LAW FIRM Adefunke Oladosu AKINWUNMI & BUSARI LEGAL PRACTITIONERS Titilola Olateju OKONJO, ODIAWA & EBIE Adebayo Ologe PERCHSTONE & GRAEYS Ayotunde Ologe SYNERGY LEGAL PRACTITIONERS AND CONSULTANTS Afolasade Olowe JACKSON, ETTI & EDU Oladipo Olukuewu OLADIPO OLUKUEWU & COMPANY Patrick Omeke COLUMBIA UNIVERSITY SCHOOL OF LAW Jennifer Omozuwa PERCHSTONE & GRAEYS Ekundayo Onajobi UDO UDOMA & BELO-OSAGIE Fred Onuobia G. ELIAS & CO. SOLICITORS AND ADVOCATES Nnamdi Oragwu PUNUKA ATTORNEYS & SOLICITORS Donald Orji JACKSON, ETTI & EDU Tunde Osasona WHITESTONE WORLDWIDE LTD. Yewande Oshile ALUKO & OYEBODE
Olufemi Ososanya HLB Z.O. OSOSANYA & CO. Abraham Oyakhilome FIRST & FIRST INTERNATIONAL AGENCIES Taiwo Oyedele PWC NIGERIA Tade Oyewunmi ALLIANCE LAW FIRM Bukola Oyinlola PERCHSTONE & GRAEYS Tunde Popoola CRC CREDIT BUREAU LIMITED Titilola Rotifa OKONJO, ODIAWA & EBIE Taofeek Shittu IKEYI & ARIFAYAN Adeola Sunmola UDO UDOMA & BELO-OSAGIE Olufemi Sunmonu FEMI SUNMONU & ASSOCIATES, SOLICITORS Olubukola Thomas PERCHSTONE & GRAEYS Chima Polly Ubechu CENOUXS LOGISTICS LTD. Aniekan Ukpanah UDO UDOMA & BELO-OSAGIE Adamu M. Usman F.O. AKINRELE & CO. Edward Vera-Cruz GBENGA BIOBAKU & CO
Marius Moursund Gisvold WIKBORG, REIN & CO. Hede Glimsdall HOMBLE OLSBY ADVOKATFIRMA AS Maria Therese Haga GRETTE LAW FIRM DA Ruth Haile Tesfazion GRETTE LAW FIRM DA Odd Hylland PWC NORWAY Thomas Urdal Johnsen WIKBORG, REIN & CO. Bjrn H. Kise ADVOKATFIRMA VOGT & WIIG AS Charlotte Kristensen PWC NORWAY Knut Martinsen ADVOKATFIRMAET THOMMESSEN AS Karl Erik Nedregotten PWC NORWAY Halfdan Nitter NITTER AS - CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Ole Kristian Olsby HOMBLE OLSBY ADVOKATFIRMA AS Lars S. Haugstvedt WIERSHOLM LAW OFFICE AS Camilla Schyen Breibl WIERSHOLM LAW OFFICE AS Stle Skutle Arneson ADVOKATFIRMA VOGT & WIIG AS Oyvind Vagan THE BRONNOYSUND REGISTER CENTER Ida Winters HOMBLE OLSBY ADVOKATFIRMA AS
David Augustus Ball SASLO - SAID AL SHAHRY & PARTNERS Mahmoud Bilal SASLO - SAID AL SHAHRY & PARTNERS Yacoob Bin Salim Abdullah Al-Oufy MEYER-REUMANN & PARTNERS Sadaf Buchanan SNR DENTON & CO. Akanksha Choubey SNR DENTON & CO. Francis DSouza BDO JAWAD HABIB Nasser A. Elhaidib TROWERS & HAMLINS Jamie Gibson TROWERS & HAMLINS Hussein MUSCAT ELECTRICITY DISTRIBUTION COMPANY Catherine Jaskiewicz MEYER-REUMANN & PARTNERS Robert Kenedy CURTIS MALLET - PREVOST, COLT & MOSLE LLP Philip Keun SNR DENTON & CO. Kenneth Macfarlane PWC OMAN Jose Madukakuzhy KHIMJI RAMDAS Siham Mahgoub SASLO - SAID AL SHAHRY & PARTNERS Pushpa Malani PWC OMAN Krishnadas Mathilakath BANK MUSCAT Yashpal Mehta BDO JAWAD HABIB Haleem Mohammed SNR DENTON & CO. Subha Mohan CURTIS MALLET - PREVOST, COLT & MOSLE LLP Ahmed Naveed Farooqui OMAN CABLES INDUSTRY (SAOG) Bruce Palmer CURTIS MALLET - PREVOST, COLT & MOSLE LLP Raghavendra Pangala SEMAC & PARTNERS LLC George Sandars SNR DENTON & CO. Rajshekhar Singh BANK MUSCAT Ganesan Sridhar BANK MUSCAT Roy Thomas OMAN CABLES INDUSTRY (SAOG)
Nadeem Ahmad ORR, DIGNAM & CO., ADVOCATES Waheed Ahmad MAXIM INTERNATIONAL LAW FIRM Anwaar Ahmed SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Jawad Ahmed MUHAMMAD FAROOQ & CO. CHARTERED ACCOUNTANTS Nasir Mehmood Ahmed BUNKER LOGISTICS Syed Akhter Ahmed PYRAMID PAKISTAN Syed Asif Ali PYRAMID PAKISTAN Syed Nasir Ali Gilani ZAFAR & ASSOCIATES LLP Uzma Anwar ZAFAR & ASSOCIATES LLP Sarah Arshad SURRIDGE & BEECHENO Armughan Ashfaq SURRIDGE & BEECHENO Hasnain Ashraf AQLAAL ADVOCATES Khwaja Shaheryar Aziz A.F. FERGUSON & CO., CHARTERED ACCOUNTANTS, A MEMBER FIRM OF PWC NETWORK Major Javed Bashir GREENFIELDS INTERNATIONAL Waheed Chaudhary LEGIS INN ATTORNEYS & CORPORATE CONSULTANTS Fouad Rashid Dar TARGET LOGISTICS INTL. (PVT) LTD. Faisal Daudpota KHALID DAUDPOTA & CO. Harish Dhamania PYRAMID PAKISTAN Zaki Ejaz ZAKI & ZAKI ADVOCATES AND SOLICITORS Salman Faisal HASEEB LAW ASSOCIATES Ikram Fayaz QAMAR ABBAS & CO. Kausar Fecto KAUSAR FECTO & CO. CHARTERED ACCOUNTANTS Tahseen Ghani HUSSAIN HOME TEXTILE Irfan Haider PYRAMID PAKISTAN Asim Hameed Khan IVON TRADING COMPANY PVT. LTD. Asma Hameed Khan SURRIDGE & BEECHENO Rashid Ibrahim A.F. FERGUSON & CO., CHARTERED ACCOUNTANTS, A MEMBER FIRM OF PWC NETWORK Samson Iqbal MY CARGO PVT. LTD. Hasan Irfan Khan IRFAN & IRFAN Fiza Islam LEGIS INN ATTORNEYS & CORPORATE CONSULTANTS Muzaffar Islam LEGIS INN ATTORNEYS & CORPORATE CONSULTANTS Masooma Jaffer ABRAHAM & SARWANA Mujtaba Jamal MUJTABA JAMAL LAW ASSOCIATES
NORWAY ADVOKATFIRMAET HJORT DA, MEMBER OF IUS LABORIS

AGENCY FOR PLANNING AND BUILDING SERVICES
Eli Aasheim WIERSHOLM LAW OFFICE AS Sverre Ard EXPERIAN Jan L. Backer WIKBORG, REIN & CO. Guro Bakke Haga PWC NORWAY Stig Berge ADVOKATFIRMAET THOMMESSEN AS Jacob S. Bjnnes-Jacobsen GRETTE LAW FIRM DA Margrethe Buskerud Christoffersen ADVOKATFIRMAET THOMMESSEN AS Tron Dalheim ARNTZEN DE BESCHE ADVOKATFIRMA AS Magnar Danielsen MINISTRY OF THE ENVIRONMENT Lars Davidsen HAFSLUND sne Dingsr Haukvik ADVOKATFIRMAET SCHJDT AS Knut Ekern PWC NORWAY Lars Eliassen THE BRONNOYSUND REGISTER CENTER Turid Ellingsen STATENS KARTVERK Simen Aasen Engebretsen DELOITTE LLP Jan Erik Bauge SIMONSEN ADVOKATFIRMA DA Inger Eline Eriksen GRETTE LAW FIRM DA Claus R. Flinder SIMONSEN ADVOKATFIRMA DA
OMAN
Hamad Al Abri MUSCAT ELECTRICITY DISTRIBUTION COMPANY Zahir Abdulla Al Abri MUSCAT ELECTRICITY DISTRIBUTION COMPANY Zubaida Fakir Mohamed Al Balushi CENTRAL BANK OF OMAN Salman Ali Al Hattali MUSCAT ELECTRICITY DISTRIBUTION COMPANY Hanaan Al Marhuby PWC OMAN Amer Al Rawas OMANTEL Said bin Saad Al Shahry SASLO - SAID AL SHAHRY & PARTNERS Majid Al Toky TROWERS & HAMLINS Khalid Khamis Al-Hashmi MUSCAT MUNICIPALITY Zaid Al-Khattab TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Ahmed al-Mukhaini SASLO - SAID AL SHAHRY & PARTNERS Ibrahim Albri MUSCAT MUNICIPALITY Hilal Almayahi MUSCAT MUNICIPALITY Mohamed Alrashdi MUSCAT MUNICIPALITY Mohammed Alshahri MOHAMMED ALSHAHRI & ASSOCIATES Russell Aycock PWC OMAN
PAKISTAN
Elsa Abbasi ABRAHAM & SARWANA Sh. Farooq Abdullah ABRAHAM & SARWANA Ali Jafar Abidi STATE BANK OF PAKISTAN Masooma Afzal HASEEB LAW ASSOCIATES Mirza Taqi Ud Din Ahmad A.F. FERGUSON & CO., CHARTERED ACCOUNTANTS, A MEMBER FIRM OF PWC NETWORK
252
DOING BUSINESS 2013
Tariq Nasim Jan DATACHECK PVT. LTD. Rubina Javed TEXPERTS INTERNATIONAL M Javed Hassan TEXPERTS INTERNATIONAL Aftab Ahmed Khan SURRIDGE & BEECHENO Arif Khan QAMAR ABBAS & CO. Sara lHayat MUJTABA JAMAL LAW ASSOCIATES Farah Malik HASEEB LAW ASSOCIATES Muhammad Aslam Memon UNITED AGENCIES Moazzam Mughal BOXING WINNER Uzma Munir HASSAN KAUNAIN NAFEES Faiza Muzaffar LEGIS INN ATTORNEYS & CORPORATE CONSULTANTS Jamal Panhwar TRAVEL AND CULTURE SERVICES Abdul Rahman QAMAR ABBAS & CO. Zaki Rahman EBRAHIM HOSAIN, ADVOCATES AND CORPORATE COUNSEL Ameeruddin Rana ABRAHAM & SARWANA Tariq Saeed Rana SURRIDGE & BEECHENO Abdur Razzaq QAMAR ABBAS & CO. Jawad A. Sarwana ABRAHAM & SARWANA Huma Shah M/S SHEIKH SHAH RANA & IJAZ Muhammad Siddique SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Safdar Syed ABRAHAM & SARWANA Muhammad Ashraf Tiwana AQLAAL ADVOCATES Mian Haseeb ul Hassan HASEEB LAW ASSOCIATES Chaudhary Usman EBRAHIM HOSAIN, ADVOCATES AND CORPORATE COUNSEL Saleem uz Zaman SALEEM UZ ZAMAN & CO. Javed Ahmed Vohra FAIR BROTHERS INTERNATIONAL Fareed Yaldram MUJTABA JAMAL LAW ASSOCIATES Muhammad Yousuf HAIDER SHAMSI & CO., CHARTERED ACCOUNTANTS Ilyas Zafar ZAFAR & ASSOCIATES LLP Akhtar Zaidi ZAIN CONSULTING Vaqar Zakaria HAGLER BAILLEY PAKISTAN (PVT) LTD Amer Zia KESC
Kenneth Barden ATTORNEY-AT-LAW Cristina Castro WESTERN CAROLINE TRADING CO. Yukiwo P. Dengokl DENGOKL, DIMITRUK & NAKAMURA Rachel Dimitruk DENGOKL, DIMITRUK & NAKAMURA Suzanne Finney PALAU HISTORIC PRESERVATION OFFICE Sterlina Gabriel BUREAU OF LAND AND SURVEYS William Keldermans PALAU SHIPPING COMPANY, INC. Kevin N. Kirk THE LAW OFFICE OF KIRK AND SHADEL Kuniwo Nakamura BELAU TRANSFER & TERMINAL CO. GROUP Ramsey Ngiraibai KOROR PLANNING AND ZONING OFFICE Lily Rdechor PALAU ENVIRONMENTAL QUALITY PROTECTION BOARD Techur Rengulbai BUREAU OF PUBLIC WORKS William L. Ridpath WILLIAM L. RIDPATH, ATTORNEY AT LAW David Shadel THE LAW OFFICE OF KIRK AND SHADEL Peter C. Tsao WESTERN CAROLINE TRADING CO.
Manuel Ducasa AROSEMENA NORIEGA & CONTRERAS Ricardo Eskildsen Morales ESKILDSEN & ESKILDSEN Mailyn Espinosa PWC PANAMA Michael Fernandez CAPAC (CMARA PANAMEA DE LA CONSTRUCCIN) Nicole Fernandez PWC PANAMA Jorge Garca ANAM Jorge Garrido GARRIDO & GARRIDO William Gonzales PWC PANAMA Yamileth Herrera MORGAN & MORGAN Anny Jordan CAPAC (CMARA PANAMEA DE LA CONSTRUCCIN) Andres Kosmas KPMG Ricardo Lachman MORGAN & MORGAN Ivette Elisa Martnez Saenz PATTON, MORENO & ASVAT Jair Montufar KPMG Erick Rogelio Muoz SUCRE, ARIAS & REYES Boris Nuez REGISTRO PBLICO DE PANAM Ramon Ortega PWC EL SALVADOR Maximiliano Quintero Domnguez PATTON, MORENO & ASVAT Ricardo Rocha KPMG Mario Rognoni AROSEMENA NORIEGA & CONTRERAS Luz Mara Salamina ASOCIACIN PANAMEA DE CRDITO Carla Salvatierra DIRECCIN DE OBRAS Y CONSTRUCCIONES MUNICIPIO DE PANAMA Vernica Sinisterra AROSEMENA NORIEGA & CONTRERAS Edwin Solis PANALPINA WORLD TRANSPORT LLP Raul Soto AROSEMENA NORIEGA & CONTRERAS Ricardo Tribaldos Hernndez MINISTRY OF ECONOMY AND FINANCES Marlaine Tun MINISTERIO DE COMERCIO E INDUSTRIA Camilo Valdes Ramn Varela MORGAN & MORGAN Juan Manuel Vasquez DIRECCIN DE OBRAS Y CONSTRUCCIONES MUNICIPIO DE PANAMA Carlos Villalobos ICAZA, GONZALEZ-RUIZ & ALEMAN
Paul Barker CONSULTATIVE IMPLEMENTATION & MONITORING COUNCIL Simon Bendo DEPARTMENT OF LANDS AND PHYSICAL PLANNING Moses Billy BILLY ARCHITECTS David Caradus PWC PAPUA NEW GUINEA Richard Flynn ASHURST LLP Vanessa Geita PWC PAPUA NEW GUINEA Iboko Haraka ELTECH ENGINEERING SERVICES LTD. Kevin Hebou MOREA CUSTOMS AGENCIES Stevens Kami GADENS LAWYERS Timothy Koris PNG POWER LTD. Sarah Kuman ALLENS ARTHUR ROBINSON John Leahy LEAHY LEWIN NUTLEY SULLIVAN LAWYERS Bruce Mackinlay CREDIT & DATA BUREAU LIMITED Nigel Merrick WARNER SHAND LAWYERS LAE Vaughan Mills ALLENS ARTHUR ROBINSON Antonia Nohou PWC PAPUA NEW GUINEA Lou Pipi NCDC MUNICIPALITY Jason Reclamado ELTECH ENGINEERING SERVICES LTD. Ian Shepherd ASHURST LLP Thomas Taberia LEAHY LEWIN NUTLEY SULLIVAN LAWYERS Tyson Yapao ALLENS ARTHUR ROBINSON
Juan Bautista Fiorio Gimenez FIORIO, CARDOZO & ALVARADO Veronica Franco FERRERE ABOGADOS Nstor Gamarra SERVIMEX SACI Jorge Guillermo Gomez PWC PARAGUAY Nadia Gorostiaga PWC PARAGUAY Carl Thomas Gwynn GWYNN & GWYNN - LEGAL COUNSELLING AND TRANSLATIONS Norman Gwynn GWYNN & GWYNN - LEGAL COUNSELLING AND TRANSLATIONS Jorge Jimenez Rey BANCO CENTRAL DEL PARAGUAY Pablo Livieres Guggiari ESTUDIO JURDICO LIVIERES GUGGIARI Nestor Loizaga FERRERE ABOGADOS Augusto Csar Mengual Mazacotte FIORIO, CARDOZO & ALVARADO Mara Esmeralda Moreno MORENO RUFFINELLI & ASOCIADOS Natalia Oddone BERKEMEYER, ATTORNEYS & COUNSELORS Roco Penayo MORENO RUFFINELLI & ASOCIADOS Yolanda Pereira BERKEMEYER, ATTORNEYS & COUNSELORS Mara Antonia Ramrez de Gwynn GWYNN & GWYNN - LEGAL COUNSELLING AND TRANSLATIONS Natalio Rubinsztein BDO RUBINSZTEIN & GUILLN Jorge Saba FIORIO, CARDOZO & ALVARADO Mauricio Salgueiro VOUGA & OLMEDO ABOGADOS Guillermo Sarubbi VOUGA & OLMEDO ABOGADOS Federico Silva FERRERE ABOGADOS Ruben Taboada PWC PARAGUAY Ernesto Velzquez-Argaa FIORIO, CARDOZO & ALVARADO Lia Zanotti PERONI, SOSA, TELLECHEA, BURT & NARVAJA, MEMBER OF LEX MUNDI
PANAMA
Aristides Anguizola MORGAN & MORGAN Mercedes Araz de Grimaldo MORGAN & MORGAN Gilberto Arosemena AROSEMENA NORIEGA & CONTRERAS Amanda Barraza de Wong PWC PANAMA Jovani Bermudez FIRE DEPARTMENT OF PANAMA CITY Gustavo Adolfo Bernal SOCIEDAD PANAMEA DE INGENIEROS Y ARQUITECTOS Javier Bouche UNION FENOSA - EDEMET - EDECHI Jose A. Bozzo GARRIDO & GARRIDO Luis Carlos Bustamante PANAM SOLUCIONES LOGSTICAS INT. - PSLI Hernando Carrasquilla REGISTRO PBLICO DE PANAM Irene Carrizo MINISTRY OF ECONOMY AND FINANCES Luis Chalhoub ICAZA, GONZALEZ-RUIZ & ALEMAN Maria Lourdes Chanis CAPAC (CMARA PANAMEA DE LA CONSTRUCCIN) Aurelia Chen MOSSACK FONSECA & CO. Julio Cesar Contreras III AROSEMENA NORIEGA & CONTRERAS Rigoberto Coronado MOSSACK FONSECA & CO. Eduardo De Alba ARIAS FBREGA & FBREGA Ana Belen de Zeimetz ESKILDSEN & ESKILDSEN M. Ducasa AROSEMENA NORIEGA & CONTRERAS
PARAGUAY ADMINISTRACIN NACIONAL DE ELECTRICIDAD

Magal Rodrguez Alcal BERKEMEYER, ATTORNEYS & COUNSELORS Perla Alderete VOUGA & OLMEDO ABOGADOS Florinda Benitez NOTARY PUBLIC Enrique Bentez BDO RUBINSZTEIN & GUILLN Luis Alberto Breuer BERKEMEYER, ATTORNEYS & COUNSELORS Esteban Burt PERONI, SOSA, TELLECHEA, BURT & NARVAJA, MEMBER OF LEX MUNDI Laura Cabrera VOUGA & OLMEDO ABOGADOS Lorena Dolsa BERKEMEYER, ATTORNEYS & COUNSELORS Estefana Elicetche PERONI, SOSA, TELLECHEA, BURT & NARVAJA, MEMBER OF LEX MUNDI Natalia Enciso Benitez NOTARY PUBLIC Bruno Fiorio Carrizosa FIORIO, CARDOZO & ALVARADO
PERU PLFA & CIA ABOGADOS, ASESORES Y CONSULTORES

SOCIEDAD AGRICOLA DROKASA
Jose Aguado PAYET, REY, CAUVI ABOGADOS Walter Aguirre AGUIRRE ABOGADOS & ASESORES Marco Antonio Alarcn Piana ESTUDIO LUIS ECHECOPAR GARCA S.R.L. Alfonso Alvarez Caldern ESTUDIO ALVAREZ CALDERON Guilhermo Auler JORGE AVENDAO & FORSYTH ABOGADOS Adriana Aurazo RUSSELL BEDFORD PER / BARZOLA & ASOCIADOS S.C. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL
PALAU BUREAU OF PUBLIC WORKS

PALAU PUBLIC UTILITY CORPORATION
Maggy Antonio KOROR PLANNING AND ZONING OFFICE
PAPUA NEW GUINEA PT SEA HORSE PACIFIC - PNG

Marjorie Andrew CONSULTATIVE IMPLEMENTATION & MONITORING COUNCIL Whitman Atasoa PNG POWER LTD.
ACKNOWLEDGMENTS
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Raul Barrios BARRIOS & FUENTES ABOGADOS Maritza Barzola RUSSELL BEDFORD PER / BARZOLA & ASOCIADOS S.C. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Stephany Giovanna Bravo de Rueda Arce RANSA Jorge Calle RUBIO LEGUA NORMAND Liliana Callirgos BARRIOS & FUENTES ABOGADOS Renzo Camaiora GALLO BARRIOS PICKMANN Katherine Carranza PWC PERU Jos Castillo RUSSELL BEDFORD PER / BARZOLA & ASOCIADOS S.C. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Fernando Castro MUIZ, RAMREZ, PERZ-TAIMAN & OLAYA ABOGADOS Cecilia Catacora ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Alessandra Cocchella RUBIO LEGUA NORMAND Joanna Dawson ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Ricardo de la Piedra ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Alfonso De Los Heros Prez Albela ESTUDIO LUIS ECHECOPAR GARCA S.R.L. Ginnette Deneumostier Carbonell CONUDFI Paula Devescovi BARRIOS & FUENTES ABOGADOS Juan Carlos Durand Grahammer DURAND ABOGADOS Hugo Espinoza Rivera SUNARP Guillermo Ferrero ESTUDIO FERRERO ABOGADOS Mariana Franco ESTUDIO FERRERO ABOGADOS Luis Fuentes BARRIOS & FUENTES ABOGADOS Jorge Fuentes RUBIO LEGUA NORMAND Carlos Gallardo Torres GENERAL AGENCY OF PUBLIC INCOME POLICY Javier Garcia OFICINA DE LA SECRETARIA TECNICA DE CALIDAD Juan Garca Montfar RUBIO LEGUA NORMAND Pamela Goyzueta EQUIFAX PERU S.A. Cecilia Guzmn-Barrn GALLO BARRIOS PICKMANN Giuliana Higuchi BARRIOS & FUENTES ABOGADOS Jose Antonio Honda ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Csar Balln Izquierdo RANSA Paul Jasaui AGENCIA SAN REMO
Juan Carlos Leon Gianfranco Linares MUIZ, RAMREZ, PERZ-TAIMAN & OLAYA ABOGADOS German Lora PAYET, REY, CAUVI ABOGADOS Juan Maranon PWC PERU Milagros Maravi Sumar RUBIO LEGUA NORMAND Carlos Martnez RUBIO LEGUA NORMAND Ricardo Martinez Alvarez ACREDITA S.A.C. Carlos Martnez Ebell RUBIO LEGUA NORMAND Jess Matos ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Jorge Mogrovejo SUPERINTENDENCY OF BANKING, INSURANCE AND PRIVATE PENSION FUND ADMINISTRATOR Ronaldo Moreno-Arambur BARRIOS & FUENTES ABOGADOS Javier Mori Cockburn EQUIFAX PERU S.A. Miguel Mur PWC PERU Jorge Olcese SUPERINTENDENCY OF BANKING, INSURANCE AND PRIVATE PENSION FUND ADMINISTRATOR Lilian Oliver SUNARP Ariel Orrego-Villacorta BARRIOS & FUENTES ABOGADOS Jorge Ortiz SUNARP Marco Palacios BARDELI & PALACIOS Max Panay Cuya SUNARP Mario Pereda JORGE AVENDAO & FORSYTH ABOGADOS Adolfo Pinillos MIRANDA & AMADO ABOGADOS Lucianna Polar ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Maribel Prncipe RUBIO LEGUA NORMAND Mara Jos Puertas GALLO BARRIOS PICKMANN Bruno Marchese Quintana RUBIO LEGUA NORMAND Carlos Javier Rabanal Sobrino DURAND ABOGADOS Amilcar Ramos EQUIFAX PERU S.A. Fernando M. Ramos BARRIOS & FUENTES ABOGADOS Jorge Reategui ESTUDIO FERRERO ABOGADOS Sonia L. Rengifo BARRIOS & FUENTES ABOGADOS Alonso Rey Bustamante PAYET, REY, CAUVI ABOGADOS Jose M. Reyes BARRIOS & FUENTES ABOGADOS Yulissa Rivero JORGE AVENDAO & FORSYTH ABOGADOS Guillermo Acua Roeder RUBIO LEGUA NORMAND
Jose Rosas LIMA CHAMBER OF COMMERCE Lucy Ruiz OCR ADUANAS Emil Ruppert RUBIO LEGUA NORMAND Carolina Senz Llanos RUBIO LEGUA NORMAND Mateo Salinas ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Adolfo Sanabria MUIZ, RAMREZ, PERZ-TAIMAN & OLAYA ABOGADOS Arturo Ruiz Sanchez RUBIO LEGUA NORMAND Paola Joselyn Snchez Alfaro RANSA Victor Scarsi LUZ DEL SUR Martin Serkovic ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Hugo Silva RODRIGO, ELAS, MEDRANO ABOGADOS Liliana Tsuboyama Shiohama ESTUDIO LUIS ECHECOPAR GARCA S.R.L. Daniel Ulloa REBAZA, ALCAZAR & DE LAS CASAS ABOGADOS FINANCIEROS Carlos Urbina arcamo RANSA Jack Vainstein VAINSTEIN & INGENIEROS S.A. Erick Valderrama Villalobos PWC PERU Jos Antonio Valdez ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Omar Valle BARRIOS & FUENTES ABOGADOS Edwin Vilca PWC PERU Manuel Villa-Garca ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Agustn Yrigoyen GARCA SAYN ABOGADOS Gustavo Zanabria GENERAL AGENCY OF FOREIGN ECONOMIC MATTERS, COMPETITION AND PRIVATE INVESTMENT Hector Zegarra PAYET, REY, CAUVI ABOGADOS Heidy Zuzunaga AGUIRRE ABOGADOS & ASESORES
Cecile Margaret Caro SYCIP SALAZAR HERNANDEZ & GATMAITAN Bryant Casiw BAKER & MCKENZIE Domingo Castillo SYCIP SALAZAR HERNANDEZ & GATMAITAN Jon Edmarc Castillo SYCIP SALAZAR HERNANDEZ & GATMAITAN Sandhya Marie Castro ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Kenneth Chua QUISUMBING TORRES, MEMBER FIRM OF BAKER & MCKENZIE INTERNATIONAL Barbra Jill Clara SYCIP SALAZAR HERNANDEZ & GATMAITAN Juan Paolo Colet CASTILLO LAMAN TAN PANTALEON & SAN JOSE Emerico O. de Guzman ANGARA ABELLO CONCEPCION REGALA & CRUZ LAW OFFICES (ACCRALAW) Dino de los Angeles ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Anthony Dee SYCIP SALAZAR HERNANDEZ & GATMAITAN Rafael del Rosario ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Juana M. Dela Cruz INTERNATIONAL CONSOLIDATOR PHILIPPINES, INC. Redel Domingo MERALCO Rachel Follosco FOLLOSCO MORALLOS & HERCE Catherine Franco QUISUMBING TORRES, MEMBER FIRM OF BAKER & MCKENZIE INTERNATIONAL Gilberto Gallos ANGARA ABELLO CONCEPCION REGALA & CRUZ LAW OFFICES (ACCRALAW) Geraldine S. Garcia FOLLOSCO MORALLOS & HERCE Andres Gatmaitan SYCIP SALAZAR HERNANDEZ & GATMAITAN Nicole Dawn Gavine ISLA LIPANA & CO. Victor Genuino MERALCO Vicente Gerochi SYCIP SALAZAR HERNANDEZ & GATMAITAN Gwen Grecia-de Vera PUYAT, JACINTO & SANTOS LAW OFFICE Jessica Hilado PUYAT, JACINTO & SANTOS LAW OFFICE Tadeo F. Hilado ANGARA ABELLO CONCEPCION REGALA & CRUZ LAW OFFICES (ACCRALAW) Thea Marie Jimenez QUASHA ANCHETA PENA & NOLASCO Carina Laforteza SYCIP SALAZAR HERNANDEZ & GATMAITAN
Hiyasmin Lapitan SYCIP SALAZAR HERNANDEZ & GATMAITAN Benjamin Lerma ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Esther Claudine F. Lim ANGARA ABELLO CONCEPCION REGALA & CRUZ LAW OFFICES (ACCRALAW) Erich H. Lingad INTERNATIONAL CONSOLIDATOR PHILIPPINES, INC. Ronald Mark Lleno SYCIP SALAZAR HERNANDEZ & GATMAITAN Roberto Locsin INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. Eleanor Lucas Roque PUNONGBAYAN & ARAULLO Bhong Paulo Macasaet SYCIP SALAZAR HERNANDEZ & GATMAITAN Yolanda Mendoza-Eleazar CASTILLO LAMAN TAN PANTALEON & SAN JOSE Maria Teresa Mercado-Ferrer SYCIP SALAZAR HERNANDEZ & GATMAITAN Marianne Miguel SYCIP SALAZAR HERNANDEZ & GATMAITAN Jose Salvador Mirasol ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Jesusito G. Morallos FOLLOSCO MORALLOS & HERCE Freddie Naagas SCM CREATIVE CONCEPTS INC. Jomini C. Nazareno ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Amanda Nograles ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Leonid C. Nolasco CASTILLO LAMAN TAN PANTALEON & SAN JOSE Carla Ortiz ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Maria Christina Ortua SYCIP SALAZAR HERNANDEZ & GATMAITAN Ma. Minerva Paez-Collantes JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Benedicto Panigbatan SYCIP SALAZAR HERNANDEZ & GATMAITAN Emmanuel C. Paras SYCIP SALAZAR HERNANDEZ & GATMAITAN Senen Quizon PUNONGBAYAN & ARAULLO Elaine Patricia S. Reyes ANGARA ABELLO CONCEPCION REGALA & CRUZ LAW OFFICES (ACCRALAW) Ricardo J. Romulo ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Lea L. Roque PUNONGBAYAN & ARAULLO
PHILIPPINES ERNST & YOUNG

Jazmin Banal ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Manuel Batallones BAP CREDIT BUREAU, INC. Antonio T. Bote INTERNATIONAL CONSOLIDATOR PHILIPPINES, INC. Alexander Cabrera ISLA LIPANA & CO. Ciriaco S. Calalang CALALANG LAW OFFICES Ernesto Caluya Jr. JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Mylene Capangcol DEPARTMENT OF ENERGY
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DOING BUSINESS 2013
Neptali Salvanera ANGARA ABELLO CONCEPCION REGALA & CRUZ LAW OFFICES (ACCRALAW) Froilan Savet MERALCO Abigail D. Sese CASTILLO LAMAN TAN PANTALEON & SAN JOSE Felix Sy BAKER & MCKENZIE Sheryl Tanquilut ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Carlos Martin Tayag ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Herman Tinoyan ISLA LIPANA & CO. Anna Bianca Torres PUYAT, JACINTO & SANTOS LAW OFFICE Patrick Tovey INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. Glenn T. Tuazon ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Shirley Velasquez PUYAT, JACINTO & SANTOS LAW OFFICE Peter Young INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. Maria Winda Ysibido ISLA LIPANA & CO. Redentor C. Zapata QUASHA ANCHETA PENA & NOLASCO Gil Roberto Zerrudo QUISUMBING TORRES, MEMBER FIRM OF BAKER & MCKENZIE INTERNATIONAL
Piotr Brzeziski GIDE LOYRETTE NOUEL POLAND WARSAW Tomasz Chentosz BAKER & MCKENZIE Pawel Cupriak PAWE CUPRIAK NOTARY Agnieszka Czarnecka KPT TAX ADVISORS Tomasz Czech RAIFFEISEN BANK POLSKA S.A. Micha Dbrowski MINISTRY OF JUSTICE Andrzej Dmowski RUSSELL BEDFORD DZO SP. Z.O.O. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Bartosz Draniewicz KANCELARIA PRAWA GOSPODARCZEGO I EKOLOGICZNEGO DR BARTOSZ DRANIEWICZ Mateusz Drd GIDE LOYRETTE NOUEL POLAND WARSAW Edyta Dubikowska SQUIRE SANDERS WICICKI KRZENIAK SP.K. Rafal Dziedzic GIDE LOYRETTE NOUEL POLAND WARSAW Piotr Falarz DLA PIPER WIATER SP.K. Agnieszka Fedor WKB WIERCINSKI, KWIECINSKI, BAEHR Krzysztof Feluch WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Marek Firlej MINISTRY OF FINANCE Joanna Gasowski WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Lech Giliciski WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Micha Gliski WARDYSKI & PARTNERS Rafa Godlewski WARDYSKI & PARTNERS Pawe Grzekowiak GIDE LOYRETTE NOUEL POLAND WARSAW ukasz Hejmej WHITE & CASE W. DANIOWICZ, W. JURCEWICZ I WSPLNICY - KANCELARIA PRAWNA SP.K. Mariusz Hildebrand BIG INFOMONITOR SA Magdalena Inglot WHITE & CASE W. DANIOWICZ, W. JURCEWICZ I WSPLNICY - KANCELARIA PRAWNA SP.K. Witold Jarzyski MAGNUSSON Joanna Jasiewicz GIDE LOYRETTE NOUEL POLAND WARSAW Jakub Jdrzejak WKB WIERCINSKI, KWIECINSKI, BAEHR Adam Jerzykowski WARDYNSKI & PARTNERS Magdalena Kaliska WKB WIERCINSKI, KWIECINSKI, BAEHR Rafa Kamiski WHITE & CASE W. DANIOWICZ, W. JURCEWICZ I WSPLNICY - KANCELARIA PRAWNA SP.K. Tomasz Kaski SOTYSISKI KAWECKI & SZLZAK
Katarzyna Kapuciska MINISTRY OF JUSTICE Iwona Karasek-Wojciechowicz JAGIELLONIAN UNIVERSITY Mariusz Kauch MINISTRY OF FINANCE Karol Koowski LAW FIRM DOMASKI ZAKRZEWSKI PALINKA Katarzyna Konstanty NIKIEL & PARTNERS LAW OFFICE Olga Koszewska CHADBOURNE & PARKE LLP Agnieszka Kowalska GIDE LOYRETTE NOUEL POLAND WARSAW Kinga Kowalska GIDE LOYRETTE NOUEL POLAND WARSAW Ewa achowska - Brol WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Konrad Piotr Lewandowski Marta Liberda - Stembalska KRAJOWY REJESTR DUGW BIURO INFORMACJI GOSPODARCZEJ S.A. Agnieszka Lisiecka WARDYSKI & PARTNERS Wojciech uczka HOGAN LOVELLS (WARSZAWA) LLP Anna Krystyna Machulak BAKER & MCKENZIE Pawe Mazurkiewicz MDDP MICHALIK DUSKA DZIEDZIC I PARTNERZY Sebastian Michalik CARGO-PARTNER SPEDYCJA SP. Z.O.O. Tomasz Michalik MDDP MICHALIK DUSKA DZIEDZIC I PARTNERZY Anna Misiak MDDP MICHALIK DUSKA DZIEDZIC I PARTNERZY Magdalena Moczulska WARDYNSKI & PARTNERS Michal Niemirowicz-Szczytt BNT NEUPERT ZAMORSKA & PARTNERZY SP.J. Micha Nowacki WARDYNSKI & PARTNERS Justyna Nowak BAKER & MCKENZIE Dariusz Okolski OKOLSKI LAW OFFICE Krystyna Olczak RUSSELL BEDFORD DZO SP. Z.O.O. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Anita Odakowska Krzysztof Pawlak SOTYSISKI KAWECKI & SZLZAK Weronika Pelc WARDYNSKI & PARTNERS Alexandra Pereira dos Reis RAPOSO BERNARDO & ASSOCIADOS ukasz Piebiak REGIONAL COURT IN WARSAW Tomasz Poe KPT TAX ADVISORS Adrian Praczuk MINISTRY OF FINANCE Bartomiej Raczkowski BARTOMIEJ RACZKOWSKI KANCELARIA PRAWA PRACY Piotr Sadownik GIDE LOYRETTE NOUEL POLAND WARSAW
Katarzyna Sarek BARTOMIEJ RACZKOWSKI KANCELARIA PRAWA PRACY Alicja Sarna MDDP MICHALIK DUSKA DZIEDZIC I PARTNERZY Piotr Siciski PIOTR SICISKI NOTARY Karol Skibniewski SOTYSISKI KAWECKI & SZLZAK Zbigniew Skrczyski CHADBOURNE & PARKE LLP Micha Steinhagen WARDYNSKI & PARTNERS Ewelina Stobiecka TAYLOR WESSING, E|N|V|C Peter wicicki SQUIRE SANDERS WICICKI KRZENIAK SP. K. Aleksandra Sypek KPT TAX ADVISORS Izabela Szczygielska WKB WIERCINSKI, KWIECINSKI, BAEHR ukasz Szegda WARDYNSKI & PARTNERS Pawe Szmuro NIKIEL & PARTNERS LAW OFFICE Maciej Szwedowski SQUIRE SANDERS WICICKI KRZENIAK SP.K. Anna Tarasiuk-Flodrowska HOGAN LOVELLS (WARSZAWA) LLP Dariusz Tokarczuk GIDE LOYRETTE NOUEL POLAND WARSAW Katarzyna Trzaska BAKER & MCKENZIE Sylwia Tylenda RAPOSO BERNARDO & ASSOCIADOS Dominika Wagrodzka BNT NEUPERT ZAMORSKA & PARTNERZY SP.J. Dariusz Wasylkowski WARDYNSKI & PARTNERS Joanna Wierzejska LAW FIRM DOMASKI ZAKRZEWSKI PALINKA Anna Wietrzyska DLA PIPER WIATER SP.K. Robert Windmill WINDMILL GSIEWSKI & ROMAN LAW OFFICE Steven Wood BLACKSTONES Tomasz Zabost PROLOGIS Magorzata Zamorska BNT NEUPERT ZAMORSKA & PARTNERZY SP.J. Katarzyna Zarbska WHITE & CASE W. DANIOWICZ, W. JURCEWICZ I WSPLNICY - KANCELARIA PRAWNA SP.K. Grayna Zaremba RUSSELL BEDFORD DZO SP. Z O.O. - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Tomasz Zasacki WARDYNSKI & PARTNERS Magdalena Zwoliska BARTOMIEJ RACZKOWSKI KANCELARIA PRAWA PRACY Sylwester Zydowicz TAYLOR WESSING, E|N|V|C
Paula Alegria Martins MOUTEIRA GUERREIRO, ROSA AMARAL & ASSOCIADOS - SOCIEDADE DE ADVOGADOS R.L. Bruno Andrade Alves PWC PORTUGAL Nuno Alves Mansilha MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS - SOCIEDADE DE ADVOGADOS RL Rogrio Alves Vieira ASSOCIAO DOS TRANSITRIOS DE PORTUGAL - APAT Joana Andrade Correia RAPOSO BERNARDO & ASSOCIADOS Filipa Arantes Pedroso MORAIS LEITO, GALVO TELES, SOARES DA SILVA & ASSOCIADOS, MEMBER OF LEX MUNDI Miguel Azevedo J & A GARRIGUES, S.L.P Diana Bandeira PEDRO RAPOSO & ASSOCIADOS Joo Banza PWC PORTUGAL Joo Nuno Barrocas BARROCAS ADVOGADOS Manuel P. Barrocas BARROCAS ADVOGADOS Irina Bartman Ferreira PWC PORTUGAL Marco Bic da Costa CREDINFORMAES/ EQUIFAX Zita Brito Limpo PEDRO RAPOSO & ASSOCIADOS Vicente Caldeira Pires PEDRO RAPOSO & ASSOCIADOS Fernando Cardoso da Cunha GALI MACEDO & ASSOCIADOS Fernando Carmo CMARA DESPACHANTES OFICIAIS Tiago Castanheira Marques ABREU ADVOGADOS Susana Cebola INSTITUTO DOS REGISTOS E DO NOTARIADO Paula Coelho PWC PORTUGAL Marcelo Correia Alves BARROCAS ADVOGADOS Joaquim Correia Teixeira EDP DISTRIBUIO - ENERGIA, SA Andreia Damsio PEDRO RAPOSO & ASSOCIADOS Miguel de Avillez Pereira ABREU ADVOGADOS Joo Cadete de Matos BANCO DE PORTUGAL Carlos de Sousa e Brito CARLOS DE SOUSA E BRITO & ASSOCIADOS Cristina Dein DEIN ADVOGADOS Joo Duarte de Sousa J & A GARRIGUES, S.L.P Jaime Esteves PWC PORTUGAL Bruno Ferreira J & A GARRIGUES, S.L.P Soa Ferreira Enriquez RAPOSO BERNARDO & ASSOCIADOS Ana Filipa Ribeiro PWC PORTUGAL Nlson Freitas PWC PORTUGAL Nuno Pimentel Gomes ABREU ADVOGADOS
POLAND AGENCJA TRANSPORTOWA MAKRO SERVICE

ALLEN & OVERY, A. PDZICH SP.K. BIRD & BIRD MACIEJ GAWROSKI SP.K. BUSINESS & LAW BLOG JOLANTA BAREJ NOTARY MAGORZATA MORELOWSKAMAMISKA NOTARY PWC POLAND REJESTR DUNIKW ERIF BIURO INFORMACJI GOSPODARCZEJ S.A.
Micha Anastasiu KANCELARIA PRAWA GOSPODARCZEGO I EKOLOGICZNEGO DR BARTOSZ DRANIEWICZ Grzegorz Banasiuk GIDE LOYRETTE NOUEL POLAND WARSAW Michal Barowski WARDYNSKI & PARTNERS Ewelina Bartnik MULTIBANK S.A. Michal Biaobrzeski HOGAN LOVELLS (WARSZAWA) LLP Anna Bochnia DLA PIPER WIATER SP.K. Aleksander Borowicz BIURO INFORMACJI KREDYTOWEJ S.A. Sawomir Boruc BAKER & MCKENZIE Urszula Brzeziska BLACKSTONES
PORTUGAL
Joana Abreu ABREU ADVOGADOS
ACKNOWLEDGMENTS
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Patricia Gomes MORAIS LEITO, GALVO TELES, SOARES DA SILVA & ASSOCIADOS, MEMBER OF LEX MUNDI Tania Gomes NEVILLE DE ROUGEMONT & ASSOCIADOS Paulo Henriques P. HENRIQUES - CONSULTORIA, LDA. Inga Kilikeviciene KPL LEGAL Tiago Lemos PLEN - SOCIEDADE DE ADVOGADOS, RL Diogo Lonidas Rocha J & A GARRIGUES, S.L.P Daniel Lobo Antunes CARLOS DE SOUSA E BRITO & ASSOCIADOS Jorge Pedro Lopes POLYTECHNIC INSTITUTE OF BRAGANA Helga Lopes Ribeiro MOUTEIRA GUERREIRO, ROSA AMARAL & ASSOCIADOS - SOCIEDADE DE ADVOGADOS R.L. Tiago Gali Macedo GALI MACEDO & ASSOCIADOS Ana Margarida Maia MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS - SOCIEDADE DE ADVOGADOS RL Francisco Jos Maia Coelho AICCOPN-ASSOCIAO DOS INDUSTRIAIS DA CONSTRUO CIVIL E OBRAS PBLICAS Pedro Manuel Niza PWC PORTUGAL Miguel Marques dos Santos J & A GARRIGUES, S.L.P Isabel Martnez de Salas J & A GARRIGUES, S.L.P Francisco Guimares Melo PWC PORTUGAL Susana Melo GRANT THORNTON LLP Anabela Mendes PWC PORTUGAL Joaquim Luis Mendes GRANT THORNTON LLP Gonalo Meneses CARLOS DE SOUSA E BRITO & ASSOCIADOS Ana Pinto Morais PWC PORTUGAL Joo Moucheira INSTITUTO DOS REGISTOS E DO NOTARIADO Antnio Mouteira Guerreiro MOUTEIRA GUERREIRO, ROSA AMARAL & ASSOCIADOS - SOCIEDADE DE ADVOGADOS R.L. Vnia Nicolau PEDRO RAPOSO & ASSOCIADOS Rita Nogueira Neto J & A GARRIGUES, S.L.P Catarina Nunes PWC PORTUGAL Vitorino Oliveira INSTITUTO DOS REGISTOS E DO NOTARIADO Antnio Lus Pereira Figueiredo INSTITUTO DOS REGISTOS E DO NOTARIADO Accio Pita Negro PLEN - SOCIEDADE DE ADVOGADOS, RL Rita Pitacas PEDRO RAPOSO & ASSOCIADOS
Margarida Ramalho ASSOCIAO DE EMPRESAS DE CONSTRUO, OBRAS PBLICAS E SERVIOS Nelson Raposo Bernardo RAPOSO BERNARDO & ASSOCIADOS Maria Joo Ricou CUATRECASAS, GONALVES PEREIRA Filomena Rosa INSTITUTO DOS REGISTOS E DO NOTARIADO Francisco Salgueiro NEVILLE DE ROUGEMONT & ASSOCIADOS Miguel Santana MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS - SOCIEDADE DE ADVOGADOS RL Pedro Santos GRANT THORNTON LLP Raquel Santos MORAIS LEITO, GALVO TELES, SOARES DA SILVA & ASSOCIADOS, MEMBER OF LEX MUNDI Filipe Santos Barata GMEZ-ACEBO & POMBO ABOGADOS, S.L.P. SUCURSAL EM PORTUGAL Susana Santos Valente PEDRO RAPOSO & ASSOCIADOS Cristina Serrazina PEDRO RAPOSO & ASSOCIADOS Ana Soa Silva CUATRECASAS, GONALVES PEREIRA Cludia Silva Nunes PEDRO RAPOSO & ASSOCIADOS Lus Filipe Sousa PWC PORTUGAL Carmo Sousa Machado ABREU ADVOGADOS Rui Souto PEDRO RAPOSO & ASSOCIADOS Joo Paulo Teixeira de Matos J & A GARRIGUES, S.L.P Ricardo Veloso VMP - VELOSO, MENDES, PATO E ASSOCIADOS Antnio Vicente Marques AVM ADVOGADOS
Adriana Capacete ONEILL & BORGES Jorge Cap Matos ONEILL & BORGES Vanessa Carballido ONEILL & BORGES Solymar Castillo-Morales GOLDMAN ANTONETTI & CRDOVA PSC Samuel Cspedes Jr. MCCONNELL VALDS LLC Odemaris Chacon WILLIAM ESTRELLA | ATTORNEYS & COUNSELORS Walter F. Chow ONEILL & BORGES Miguel A. Cordero PUERTO RICO ELECTRIC POWER AUTHORITY Myrtelena Diaz-Pedrosa ADSUAR MUIZ GOYCO SEDA & PREZ-OCHOA, PSC Veronica Duran BANCO POPULAR DE PUERTO RICO Antonio Escudero MCCONNELL VALDS LLC Alfonso Fernandez IVYPORT LOGISTICAL SERVICES INC. David Freedman ONEILL & BORGES Julio Galindez FPV & GALNDEZ, PSC - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Virginia Gomez PUERTO RICO ELECTRIC POWER AUTHORITY William Gutierrez BANCO POPULAR DE PUERTO RICO Pedro Janer CMA ARCHITECTS & ENGINEERS LLP Gabriel Maldonado QUIONES & SNCHEZ, PSC Oswald Maldonado LAPARKAN Rubn M. Medina-Lugo CANCIO, NADAL, RIVERA & DAZ Oscar O. Melndez - Sauri MALLEY TAMARGO & MELNDEZSAURI, LLC Juan Carlos Mndez MCCONNELL VALDS LLC Jose Morales SUN AIR EXPEDITE SERVICE Julio Pereira PLATINUM CARGO LOGISTICS Thelma Rivera GOLDMAN ANTONETTI & CRDOVA PSC Victor Rodriguez MULTITRANSPORT & MARINE CO. Victor Rodriguez PWC PUERTO RICO Ana Margarita Rodrguez ONEILL & BORGES Victor R. Rodrguez ONEILL & BORGES Loudres Rodriguez-Morera Edgardo Rosa-Ortiz FPV & GALNDEZ, PSC - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Jorge M. Ruiz Montilla MCCONNELL VALDS LLC Patricia Salichs MCCONNELL VALDS LLC Alejandro Sigueroa QUIONES & SNCHEZ, PSC
Eduardo Tamargo MALLEY TAMARGO & MELNDEZSAURI, LLC Paola Ubias ONEILL & BORGES Carlos Valldejuly ONEILL & BORGES Tania Vazquez Maldonado BANCO POPULAR DE PUERTO RICO Ral Vidal y Seplveda DEPARTMENT OF ECONOMIC DEVELOPMENT AND COMMERCE Travis Wheatley ONEILL & BORGES
Elias Matni BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Declan Mordaunt PWC QATAR Rita Moukarzel BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Ahmed Tawk Nassim AHMED TAWFIK & CO. CERTIFIED PUBLIC ACCOUNTANT Charbel Neaman CLYDE & CO. Sujani Nisansala PWC QATAR Mike Palmer PATTON BOGGS LLP Lyka Rom AHMED TAWFIK & CO. CERTIFIED PUBLIC ACCOUNTANT David Salt CLYDE & CO. Mohammad Sami AL SULAITI, ATTORNEYS, LEGAL CONSULTANTS & ARBITRATORS, MENA CITY LAWYERS Zain Al Abdin Sharar QATAR FINANCIAL MARKETS AUTHORITY (QFMA) Abdul Aziz Mohammed Sorour MINISTRY OF JUSTICE Terence G.C. Witzmann HSBC
QATAR
Abdelmoniem Abutiffa QATAR INTERNATIONAL LAW FIRM Hani Al Naddaf AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS Khalifa Al-Moselmani DOHA COURT OF FIRST INSTANCE Rashed Albuasa PANALPINA QATAR WLL Clarine Assaf BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Monita Barghachieh PATTON BOGGS LLP Sleiman Dagher BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Fouad El Haddad CLYDE & CO. Chadia El Meouchi BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES mer Elmas AGA-MEP CONTRACTING & ENGINEERING CO. LLC Sami Fakhoury AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS Sarah Fakhry BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Mohamed Fouad SULTAN AL-ABDULLA & PARTNERS Robert Hager PATTON BOGGS LLP Walid Honein BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Ahmed Jaar AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS Marie-Anne Jabbour BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Marc Jreidini BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Maryline Kalaydjian BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Upuli Kasturiarachchi PWC QATAR Sajid Khan PWC QATAR Frank Lucente AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS Mustafa Mahmoud SUPREME JUDICIARY COUNCIL, QATAR Seem Maleh AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS
ROMANIA ANRE
Nicolaie Adam UCA ZBRCEA & ASOCIAII Andrei Albulescu UCA ZBRCEA & ASOCIAII Adelina Anghel GEBRUEDER WEISS ROMANIA SRL Cosmin Anghel CLIFFORD CHANCE BADEA SCA Gabriela Anton UCA ZBRCEA & ASOCIAII Andrei Badiu 3B EXPERT AUDIT - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Irina Elena Bnic POP PEPA SCA ATTORNEYS- AT- LAW Alexandra Barac POP PEPA SCA ATTORNEYS- AT- LAW Paula Boteanu DLA PIPER DINU SCA Vlad Cercel UCA ZBRCEA & ASOCIAII Alin Chitu UCA ZBRCEA & ASOCIAII Victor Ciocltan OANCEA CIOCLTAN & ASOCIATII Raluca Coman CLIFFORD CHANCE BADEA SCA Oana Cornescu UCA ZBRCEA & ASOCIAII Dorin Coza SULICA PROTOPOPESCU VONICA Sergius Creu UCA ZBRCEA & ASOCIAII Alex Cristea UCA ZBRCEA & ASOCIAII Radu Damaschin NESTOR NESTOR DICULESCU KINGSTON PETERSEN
PUERTO RICO (U.S.)

Viviana Aguilu PWC PUERTO RICO Alfredo Alvarez-Ibaez ONEILL & BORGES Salvador Antonetti ONEILL & BORGES Vicente Antonetti GOLDMAN ANTONETTI & CRDOVA PSC Juan Aquino ONEILL & BORGES Antonio A. Arias-Larcada MCCONNELL VALDS LLC Luis Ariza ABF FREIGHT SYSTEMS, INC. James A. Arroyo TRANSUNION DE PUERTO RICO Vanessa Badillo ONEILL & BORGES Pedro Barcelo Hermann Bauer ONEILL & BORGES Nikos Buxeda Ferrer ADSUAR MUIZ GOYCO SEDA & PREZ-OCHOA, PSC Edward Calvesbert DEPARTAMENTO DE DESARROLLO ECONOMICO PUERTO RICO
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Rebeca Dan POP PEPA SCA ATTORNEYS-AT-LAW Crina Danila MUAT & ASOCIAII Peter De Ruiter PWC ROMANIA Adrian Deaconu TAXHOUSE SRL Georgiana Descultu PWC ROMANIA Luminita Dima NESTOR NESTOR DICULESCU KINGSTON PETERSEN Rodica Dobre PWC ROMANIA Ion Dragulin NATIONAL BANK OF ROMANIA Laura Adina Duca NESTOR NESTOR DICULESCU KINGSTON PETERSEN Serban Epure BIROUL DE CREDIT Georgiana Evi CLIFFORD CHANCE BADEA SCA Adriana Gaspar NESTOR NESTOR DICULESCU KINGSTON PETERSEN Monica Georgiadis DLA PIPER DINU SCA Sergiu Gidei D&B DAVID I BAIAS LAW FIRM Laura Gradinescu DLA PIPER DINU SCA Daniela Gramaticescu NESTOR NESTOR DICULESCU KINGSTON PETERSEN Mihai Guia LINA & GUIA SCA Horia Hispas UCA ZBRCEA & ASOCIAII Ana-Maria Hrituc SULICA PROTOPOPESCU VONICA Cristina Iacobescu POP PEPA SCA ATTORNEYS-AT-LAW Iulian Iosif MUAT & ASOCIAII Diana Emanuela Ispas NESTOR NESTOR DICULESCU KINGSTON PETERSEN Crenguta Leaua LEAUA & ASOCIATII Cristian Lina LINA & GUIA SCA Edita Lovin RETIRED JUDGE OF ROMANIAN SUPREME COURT OF JUSTICE Ileana Lucian MUAT & ASOCIAII Andreea-Maria Lupulet POP PEPA SCA ATTORNEYS-AT-LAW Smaranda Mandrescu POP PEPA SCA ATTORNEYS-AT-LAW Dumitru Viorel Manescu NATIONAL UNION OF CIVIL LAW NOTARIES OF ROMANIA Gelu Maravela MUAT & ASOCIAII Carmen Medar D&B DAVID I BAIAS LAW FIRM Raluca Mihaila PWC ROMANIA Ctlina Mihilescu UCA ZBRCEA & ASOCIAII Ana Mirea CLIFFORD CHANCE BADEA SCA
Tiberius Mitu-Dumitrescu OANCEA CIOCLTAN & ASOCIATII Amalia Musat DLA PIPER DINU SCA Mona Musat MUAT & ASOCIAII Razvan Nanescu NESTOR NESTOR DICULESCU KINGSTON PETERSEN Adriana Neagoe NATIONAL BANK OF ROMANIA Manuela Marina Nestor NESTOR NESTOR DICULESCU KINGSTON PETERSEN Theodor Catalin Nicolescu NICOLESCU & PERIANU LAW FIRM Tudor Oancea OANCEA CIOCLTAN & ASOCIATII Marius Ptrcanu MUAT & ASOCIAII Steven Pepa POP PEPA SCA ATTORNEYS-AT-LAW Laureniu Petre SVESCU VOINESCU I ASOCIAII Monica Pirvulescu POP PEPA SCA ATTORNEYS-AT-LAW Ana Maria Placintescu MUAT & ASOCIAII Carolina Pletniuc LINA & GUIA SCA Claudiu Pop POP PEPA SCA ATTORNEYS-AT-LAW Eugen Pop Alina Elena Popescu MUAT & ASOCIAII Mariana Popescu NATIONAL BANK OF ROMANIA Tiberiu Potyesz BITRANS LTD. Monica Preotescu NESTOR NESTOR DICULESCU KINGSTON PETERSEN Sebastian Radocea UCA ZBRCEA & ASOCIAII Cristian Radu UCA ZBRCEA & ASOCIAII Laura Radu STOICA & ASOCIAII - SOCIETATE CIVIL DE AVOCAI Alexandra Rimbu MUAT & ASOCIAII Angela Rosca TAXHOUSE SRL Adrian Rotaru CLIFFORD CHANCE BADEA SCA Andrei Svescu SVESCU VOINESCU I ASOCIAII Valentin Serban SALANS MOORE & ASOCIATII SCA Catalina Sodolescu NESTOR NESTOR DICULESCU KINGSTON PETERSEN Alexandru Stanciu LEAUA & ASOCIATII Anca Stanciulescu LAW OFFICES CORNEL TABARTA Lorena Stanciulescu LAW OFFICES CORNEL TABARTA Sorin Corneliu Stratula STRATULA MOCANU & ASOCIATII Mariana Sturza UCA ZBRCEA & ASOCIAII Miruna Suciu MUAT & ASOCIAII
Roxana Talasman NESTOR NESTOR DICULESCU KINGSTON PETERSEN Florin Tineghe DLA PIPER DINU SCA Andra Trantea DLA PIPER DINU SCA Oana Tudorache PWC ROMANIA Anca Maria Ulea MUAT & ASOCIAII Ionut Ursache PWC ROMANIA Cristina Vedel POP PEPA SCA ATTORNEYS-AT-LAW Cristina Virtopeanu NESTOR NESTOR DICULESCU KINGSTON PETERSEN
Ivan Ivanov FINEC Anton Kalanov INTEREXPERTIZA LLC, MEMBER OF AGN INTERNATIONAL Pavel Karpunin CAPITAL LEGAL SERVICES LLC Ekaterina Karunets BAKER & MCKENZIE - CIS, LIMITED Alexander Khretinin HERBERT SMITH CIS LLP Ruslan Kiss RUSSIAN LOGISTICS PROVIDER Olga Konkova ABU ACCOUNTING SERVICES Anastasia Konovalova NORTON ROSE (CENTRAL EUROPE) LLP Oksana Kostenko CMS LEGAL Alyona Kozyreva NORTON ROSE (CENTRAL EUROPE) LLP Alyona Kucher DEBEVOISE & PLIMPTON LLP Artem Kukin YUST Victoria Kushner PEPELIAEV GROUP Olga Laletina David Lasfargue GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Stepan Lubavsky FINEC Dmitry Lyakhov RUSSIN & VECCHI, LLC Igor N. Makarov BAKER & MCKENZIE - CIS, LIMITED Anna Maximenko DEBEVOISE & PLIMPTON LLP Mikhail Morozov Igor Nevsky MIKHAILOV & PARTNERS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Elena Novikova ALRUD LAW FIRM Elena Ogawa LEVINE BRIDGE Aleksandr Panarin LOGISTIC SERVICE Sergey Pankov ABU ACCOUNTING SERVICES Andrey Panov MONASTYRSKY, ZYUBA, STEPANOV & PARTNERS Roman Peikrishvili TNB-LINE Andrey Pestov ZAO 2B2 Sergey Petrachkov ALRUD LAW FIRM Oleg Petrov CMS LEGAL Olga Pimanova ALRUD LAW FIRM Sergey Pozdnyakov ZAO ZNAK Evgeny Saklakov WHITE & CASE LLC Andr Scholz RDL & PARTNER Vladimir Shikin NATIONAL BUREAU OF CREDIT HISTORIES Ksenia Sidorova YUST
Maria Sinyavskaya CMS LEGAL Victoria Sivachenko ALRUD LAW FIRM Alexey Soldatov ABU ACCOUNTING SERVICES Julia Solomkina LEVINE BRIDGE Maria Solovykh ALRUD LAW FIRM Ekaterina Starostina NATIONAL BUREAU OF CREDIT HISTORIES Tatiana Stepanenko RUSSIAN CONSULTING LLC Valentina Subbotina INTEREXPERTIZA LLC, MEMBER OF AGN INTERNATIONAL Victoria Subocheva RUSSIN & VECCHI, LLC Vitaliy Survillo PUBLIC NATIONWIDE ORGANIZATION BUSINESS RUSSIA Ivetta Tchistiakova-Berd GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Ivan Tertychny NORTON ROSE (CENTRAL EUROPE) LLP Pavel Timofeev HANNES SNELLMAN LLC Daria Trozanova LEVINE BRIDGE Alexander Tsakoev NORTON ROSE (CENTRAL EUROPE) LLP Olga Yudina CMS LEGAL Vladislav Zabrodin CAPITAL LEGAL SERVICES LLC Julia Zasukhina NORTON ROSE (CENTRAL EUROPE) LLP Andrey Zavalishin CMS LEGAL Marina Zaykova CLOSED STOCK COMPANY STS ENERGY Andrey Zelenin LIDINGS LAW FIRM Evgeny Zhilin YUST
RUSSIAN FEDERATION
Andrei Afanasiev BAKER & MCKENZIE - CIS, LIMITED Marat Agabalyan HERBERT SMITH CIS LLP Mike Allen RUSSIAN CONSULTING LLC Julia Andreeva CAPITAL LEGAL SERVICES LLC Anatoly E. Andriash NORTON ROSE (CENTRAL EUROPE) LLP Mikhail Anosov CAPITAL LEGAL SERVICES LLC Irina Anyukhina ALRUD LAW FIRM Igor Arakelov ALRUD LAW FIRM Stefan Bah PUBLISHING HOUSE CUSTOMS TERMINALS Konstantin Baranov CMS LEGAL Elena Barikhnovskaya SALANS Derek Bloom CAPITAL LEGAL SERVICES LLC Egor Bogdanov GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Julia Borozdna PEPELIAEV GROUP Sergey Budylin ROCHE & DUFFAY Maria Bykovskaya GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI David Craneld CMS LEGAL George Darasselia NORTON ROSE (CENTRAL EUROPE) LLP Irina Davidovskaya CHAMBER OF TAX ADVISERS OF RUSSIA Andrey Demusenko RUSSIAN CONSULTING LLC Irina Dmitrieva WHITE & CASE LLC Oleg Ganeles Roman Golovatsky DLA PIPER RUS LIMITED Maria Gorban GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Inna Havanova CHAMBER OF TAX ADVISERS OF RUSSIA Maria Ivakina ALRUD LAW FIRM
RWANDA BRALIRWA LTD.

NATIONAL BANK OF RWANDA
Alberto Basomingera CABINET DAVOCATS MHAYIMANA Pierre Clestin Bumbakare RWANDA REVENUE AUTHORITY Eric Cyaga K-SOLUTIONS AND PARTNERS Claudine Gasarabwe GASARABWE CLAUDINE & ASSOCIES Patrick Gashagaza GPO PARTNERS RWANDA LIMITED, AN INDEPENDENT CORRESPONDENT FIRM OF DELOITTE TOUCHE TOHMATSU Felix Gatanazi EWSA Jean Havugimana ECODESEP LTD. Suzanne Iyakaremye SDV TRANSAMI Francois Xavier Kalinda UNIVERSIT NATIONALE DU RWANDA Dsir Kamanzi KAMANZI, NTAGANIRA & ASSOCIATES
ACKNOWLEDGMENTS
257
Marcellin Kamanzi BUREAU DETUDES DARCHITECTURE ET DE RALISATION (BEAR) Julien Kavaruganda K-SOLUTIONS AND PARTNERS Rodolphe Kembukuswa SDV TRANSAMI Bernice Kimacia PWC Isae Mhayimana CABINET DAVOCATS MHAYIMANA Joseph Mpunga RWANDA DEVELOPMENT BOARD Donatien Mucyo MUCYO & ASSOCIS Paul Frobisher Mugambwa PWC UGANDA Alexandre Mugenzangabo MUCYO & ASSOCIS Richard Mugisha TRUST LAW CHAMBERS Lopold Munderere CABINET DAVOCATS-CONSEILS Pothin Muvara Ernest Mwiza TOWN NICE VIEW Jean Kizito Niyonshuti KAMANZI, NTAGANIRA & ASSOCIATES Martin Nkurunziza GPO PARTNERS RWANDA LIMITED, AN INDEPENDENT CORRESPONDENT FIRM OF DELOITTE TOUCHE TOHMATSU Marie Ange Nsengimana KAMANZI, NTAGANIRA & ASSOCIATES Jean Claude Nsengiyumva TRIBUNAL DE COMMERCE DE NYARUGENGE Paul Pavlidis CREDIT REFERENCE BUREAU AFRICA LTD. Lucien Ruterana EWSA Etienne Ruzibiza Sandrali Sebakara BUREAU DETUDES CAEDEC Florence Umurungi FREIGHT LOGISTIC SERVICES LTD. Ravi Vadgama CREDIT REFERENCE BUREAU AFRICA LTD.
Arthur R. Penn LESA MA PENN Faletasi Sao SAMOE REALTY ESTATE Wilber Stewart STEWART ARCHITECTURE Grace Stowers STEVENSONS LAWYERS Shan Shiraz Ali Usman TRADEPAC MARKETING LTD. Sieni Voorwinden MANAGER LEGAL
Abdulaziz Abdullatif AL-SOAIB LAW FIRM Asad Abedi THE ALLIANCE OF ABBAS F. GHAZZAWI & CO. AND HAMMAD, AL-MEHDAR & CO. Fayyaz Ahmad JONES LANG LASALLE Naeem Akhtar CAPITAL LOGISTICS & TRANSPORT Amer Abdulaziz Al Amr DLA PIPER Majed Al Hedayan CHAMBER OF COMMERCE & INDUSTRY Omar Al Saab LAW OFFICE OF MOHANNED BIN SAUD AL-RASHEED IN ASSOCIATION WITH BAKER BOTTS LLP Fouad Mohammed Al-Abdulqader SAUDI ELECTRICITY COMPANY Gihad Al-Amri DR. MOHAMED AL-AMRI & CO. Nam Al-Chami TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Sulaiman R. Al-Fraih AL-FRAIH LAW OFFICE Mohammed Al-Ghamdi FULBRIGHT & JAWORSKI LLP Abdullah Al-Hashim AL-JADAAN & PARTNERS LAW FIRM Tala Al-Hejailan DLA PIPER Mohammed Al-Jadaan AL-JADAAN & PARTNERS LAW FIRM Yousef A. Al-Jou AL-JOUFI LAW FIRM Fahad I. Al-Khudairy FADHA ENGINEERING CONSULTANTS Nabil Abdullah Al-Mubarak SAUDI CREDIT BUREAU - SIMAH Lamia Abdulaziz Al-Ogailee FULBRIGHT & JAWORSKI LLP Ayedh Al-Otaibi SAUDI ARABIAN GENERAL INVESTMENT AUTHORITY Ahmed A. Al-Sabti SAUDI ARABIAN GENERAL INVESTMENT AUTHORITY Abdullatif Bin Abdullah Al-Shelash DAR AL-ARKAN Mohammed Al-Soaib AL-SOAIB LAW FIRM Turki M. AlBallaa THE LAW OFFICE OF BANDER ALNOGAITHAN Fayez Aldebs PWC SAUDI ARABIA Omar AlHoshan ALHOSHAN CPAS & CONSULTANTS CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Bander A. Alnogaithan THE LAW OFFICE OF BANDER ALNOGAITHAN Wicki Andersen BAKER BOTTS LLP Abdul Moeen Arnous LAW OFFICE OF HASSAN MAHASSNI Arwa Aulaqi BAFAKIH & NASSIEF Karim Aziz Wael Fadl Bafakih BAFAKIH & NASSIEF
John Balouziyeh SNR DENTON Kamal El-Batnigi KPMG Majdi El-Shami OMRANIA & ASSOCIATES Imad El-Dine Ghazi LAW OFFICE OF HASSAN MAHASSNI Rahul Goswami LAW OFFICE OF HASSAN MAHASSNI Shadi Haroon LAW OFFICE OF MOHANNED BIN SAUD AL-RASHEED IN ASSOCIATION WITH BAKER BOTTS LLP John Harris JONES LANG LASALLE Kenny Hawsey PWC SAUDI ARABIA Chadi F. Hourani HOURANI & ASSOCIATES Amgad Husein SNR DENTON Samer Jamhour TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Mohammad Kamran Sial KPMG Zaid Mahayni LAW OFFICE OF HASSAN MAHASSNI Waheed M. Mallisho AL RASHID TRADING & CONTRACTING COMPANY Rukn Eldeen Mohammed OMRANIA & ASSOCIATES Nadine Murshid BAFAKIH & NASSIEF Eyad R. Reda DLA PIPER Mustafa Saleh EMDAD ARRIYADH Abdul Shakoor GLOBE MARINE SERVICES CO. Archana Sinha RCS PVT. LTD BUSINESS ADVISORS GROUP Peter Stanseld AL-JADAAN & PARTNERS LAW FIRM Neil Sturgeon DR. MOHAMED AL-AMRI & CO. Sameh M. Toban TOBAN, ATTORNEYS AT LAW & LEGAL ADVISORS Mohammed Yaghmour PWC SAUDI ARABIA Natasha Zahid BAKER BOTTS LLP Abdul Aziz Zaibag ALZAIBAG CONSULTANTS Soudki Zawaydeh PWC SAUDI ARABIA
Fidle Dieme SENELEC Adoul Aziz Dieng CENTRE DE GESTION AGR DE DAKAR Issa Dione SENELEC Fod Diop ART INGEGIERIE AFRIQUE Amadou Diop GAINDE 2000 Khadijatou Fary Diop Thiombane CABINET JURAFRIK CONSEIL EN AFFAIRES (JCA) Amadou Drame CABINET DAVOCAT CHEIKH FALL Cheikh Fall CABINET DAVOCAT CHEIKH FALL Assatou Fall PRICEWATERHOUSECOOPERS TAX & LEGAL SA Bakary Faye BDS Seynabou Faye CABINET DAVOCAT CHEIKH FALL Moustapha Faye SOCIT CIVILE PROFESSIONNELLE DAVOCATS FRANOIS SARR & ASSOCIS Elehadji Madiop Feme COSELEC Antoine Gomis SCP SENGHOR & SARR, NOTAIRES ASSOCIS Sylvie Gomis SCP SENGHOR & SARR, NOTAIRES ASSOCIS Matthias Hubert PRICEWATERHOUSECOOPERS TAX & LEGAL SA Abdou Dialy Kane CABINET MATRE ABDOU DIALY KANE Mahi Kane PRICEWATERHOUSECOOPERS TAX & LEGAL SA Mouhamed Kebe GENI & KEBE Ousseynou Lagnane BDS Moussa Mbacke ETUDE NOTARIALE MOUSSA MBACKE Mamadou Mbaye SCP MAME ADAMA GUEYE & ASSOCIS Dame Mbaye TRANSFRET DAKAR Ibrahima Mbodj AVOCAT LA COUR Aly Mar Ndiaye COMMISSION DE RGULATION DU SECTEUR DE LELECTRICIT Ndn Ndiaye Moustapha Ndoye AVOCAT LA COUR Josphine Ngom PRICEWATERHOUSECOOPERS TAX & LEGAL SA Babacar Sall BDS Mback Sene SENELEC Fatma Sene SOCIT CIVILE PROFESSIONNELLE DAVOCATS FRANOIS SARR & ASSOCIS Daniel-Sdar Senghor SCP SENGHOR & SARR, NOTAIRES ASSOCIS
SO TOM AND PRNCIPE GUICH NICO PARA EMPRESAS

Eudes Aguiar AGUIAR & PEDRONHO STUDIO Andr Aureliano Arago JURISCONSULTA & ADVOGADO Helder Batista DESPACHANTE HELDER BATISTA Sukayna Braganca BANCO INTERNACIONAL DE SO TOM E PRNCIPE Celiza Deus Lima JPALMS ADVOGADOS Saul Fonseca MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS - SOCIEDADE DE ADVOGADOS RL Amadeu Goncalves MANUEL ROQUE LTDA. Pedro Guiomar SUPERMARITIME SO TOM Fernando Lima da Trindade MINISTRY OF PUBLICS WORKS, GEOGRAPHICAL-CADASTRE, NATURAL RESOURCES, AND ENVIRONMENT Vtor Marques da Cruz FCB&A IN ASSOCIATION WITH POSSER DA COSTA & ASSOCIADOS Idalina Martinho DESPACHANTE HELDER BATISTA Raul Mota Cerveira MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS - SOCIEDADE DE ADVOGADOS RL Joo Branco Pedro NATIONAL LABORATORY OF CIVIL ENGINEERING Ana Rijo MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS - SOCIEDADE DE ADVOGADOS RL Hugo Rita TERRA FORMA Ana Roque MANUEL ROQUE LTDA. Jos Manuel Roque MANUEL ROQUE LTDA. Cludia Santos Malaquias MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS - SOCIEDADE DE ADVOGADOS RL Nayda Silveira DAlmeida AVM ADVOGADOS PORTUGAL Rui Verssimo SOARES DA COSTA Teresa Verssimo SOARES DA COSTA Antnio Vicente Marques AVM ADVOGADOS
SAMOA ELECTRIC POWER CORPORATION

LEAVAI LAW
Mike Betham TRANSAM LTD. Ferila Brown PLANNING AND URBAN MANAGEMENT AGENCY Lawrie Burich QUANTUM CONTRAX LTD Murray Drake DRAKE & CO. Ruby Drake DRAKE & CO. Fiona Ey CLARKE EY LAWYERS Heather Ikenasio-Heather MINISTRY OF NATURAL RESOURCES & ENVIRONMENT Silili Aumua Isaia Lameko MINISTRY OF COMMERCE, INDUSTRY AND LABOUR Sala Isitolo Leota PUBLIC ACCOUNTANT
SENEGAL BOLLOR AFRICA LOGISTICS

CABINET JOHN W. FFOOKS & CO.
Ahmadou Al Aminou Lo BCEAO Marie Ba BDO Magatte Dabo TRANSFRET DAKAR Ibrahima Diagne GAINDE 2000 Amadou Diould Diallo MINISTRE DE LURBANISME ET DE LASSAINISSEMENT
SAUDI ARABIA ELECTRICITY & CO-GENERATION REGULATORY AUTHORITY

TALAL BIN NAIF AL-HARBI LAW FIRM
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DOING BUSINESS 2013
Codou Sow-Seck GENI & KEBE Ibra Thiombane CABINET JURAFRIK CONSEIL EN AFFAIRES (JCA) Sokna Thiombane CABINET JURAFRIK CONSEIL EN AFFAIRES (JCA) Baba Traore TRANSFRET DAKAR Emmanuel Yehouessi BCEAO
Dimitrios Katsaros IKRP ROKAS & PARTNERS Nikola Kliska MARI, MALII & DOSTANI O.A.D. CORRESPONDENT LAW FIRM OF GIDE LOYRETTE NOUEL Vidak Kovacevic WOLF THEISS Ivan Krsikapa NINKOVI LAW OFFICE Dejan Krstic FREE LANCE LEGAL CONSULTANT Zach Kuvizi KUVIZIC & TADIC LAW OFFICE Krzysztof Lipka PWC SERBIA Rastko Malisic MARI, MALII & DOSTANI O.A.D. CORRESPONDENT LAW FIRM OF GIDE LOYRETTE NOUEL Aleksandar Manev PRICA & PARTNERS LAW OFFICE Ines Matijevi-Papulin HARRISON SOLICITORS Dimitrije Nikoli CARGO T. WEISS D.O.O. Djurdje Ninkovi NINKOVI LAW OFFICE Bojana Noskov WOLF THEISS Jelena Obradovi IVKOVI & SAMARDI LAW OFFICE Darija Ognjenovi PRICA & PARTNERS LAW OFFICE Igor Oljai ADVOKATSKA KANCELARIJA OLJAI Vladimir Peri PRICA & PARTNERS LAW OFFICE Mihajlo Prica PRICA & PARTNERS LAW OFFICE Ana Radivojevi PWC SERBIA Oliver Radosavljevic MARI, MALII & DOSTANI O.A.D. CORRESPONDENT LAW FIRM OF GIDE LOYRETTE NOUEL Stojan Semiz CMS CAMERON MCKENNA Dragana Stanojevi USAID BUSINESS ENABLING PROJECT (BY CARDNO EMERGING MARKETS USA) Milica Stelji ADVOKATSKA KANCELARIJA OLJAI Petar Stojanovi JOKSOVIC, STOJANOVIC AND PARTNERS Zoran Teodosijevi LAW OFFICES JANKOVI, POPOVI & MITI Ana Tomic JOKSOVIC, STOJANOVIC AND PARTNERS Sneana Toi SERBIAN BUSINESS REGISTERS AGENCY Sanja Vesic A.D. INTEREUROPA, BELGRADE Andreja Vrazalic MORAVEVI, VOJNOVI & ZDRAVKOVI U SARADNJI SA SCHONHERR Milenko Vucaj PD ELEKTRODISTRIBUCIJA BEOGRAD D.O.O. Sreko Vujakovi MORAVEVI, VOJNOVI & ZDRAVKOVI U SARADNJI SA SCHONHERR Tanja Vukoti Marinkovi SERBIAN BUSINESS REGISTERS AGENCY
Milo Vuli PRICA & PARTNERS LAW OFFICE Milo ivkovi IVKOVI & SAMARDI LAW OFFICE
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Angeline Soh ACCOUNTING & CORPORATE REGULATORY AUTHORITY, ACRA Douglas Tan STEVEN TAN PAC - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Hak Khoon Tan ENERGY MARKET AUTHORITY Pei Luan Tan DONALDSON & BURKINSHAW Sharon Tay DONALDSON & BURKINSHAW Shara Tay MINISTRY OF MANPOWER Siu Ing Teng SINGAPORE LAND AUTHORITY Magdalene Teo-Yong DONALDSON & BURKINSHAW Keith Tnee TAN KOK QUAN PARTNERSHIP Siew Kwong Wong ENERGY MARKET AUTHORITY Jennifer Yeo YEO-LEONG & PEH LLC Isaac Yong FIRE SAFETY & SHELTER DEPARTMENT Stefanie Yuen Thio TSMP LAW CORPORATION
Roman Konrad PROFINAM, S.R.O. Miroslav Kopac NATIONAL BANK OF SLOVAKIA Katarina Leitmannov GEODESY, CARTOGRAPHY AND CADASTRE AUTHORITY OF THE SLOVAK REPUBLIC Maria Malovcova PWC SLOVAKIA Jozef Mal DETVAI LUDIK MAL UDVAROS Pemysl Marek PETERKA & PARTNERS Tom Maretta ECHOV & PARTNERS, MEMBER OF LEX MUNDI AND WSG Nadezda Niksova GEODESY, CARTOGRAPHY AND CADASTRE AUTHORITY OF THE SLOVAK REPUBLIC Jaroslav Niznansky JNC LEGAL S.R.O. Katarna Novkov MONAREX AUDIT CONSULTING Katarna Novotn PETERKA & PARTNERS Veronika Pzmnyov WHITE & CASE S.R.O. Ladislav Pompura MONAREX AUDIT CONSULTING Simona Rapav WHITE & CASE S.R.O. ubomr atka WHITE & CASE S.R.O. Christiana Serugova PWC SLOVAKIA Michal Simunic ECHOV & PARTNERS, MEMBER OF LEX MUNDI AND WSG Lucia Skubkov MONAREX AUDIT CONSULTING Jaroslav kubal PRK PARTNERS S.R.O. Michaela petkov GEODESY, CARTOGRAPHY AND CADASTRE AUTHORITY OF THE SLOVAK REPUBLIC Andrea tefankov PETERKA & PARTNERS Lubica Suhajova PWC SLOVAKIA Andrea upkov DETVAI LUDIK MAL UDVAROS Zdenka vingalov MONAREX AUDIT CONSULTING Stanislava Valientov WHITE & CASE S.R.O. Otakar Weis PWC SLOVAKIA Ladislav Zhumensk WHITE & CASE S.R.O. Dagmar Zukalov ZUKALOV - ADVOKTSKA KANCELRIA S.R.O.
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Norman Nicholls SOLOMON ISLANDS ELECTRICITY AUTHORITY Maurice Nonipitu KRAMER AUSENCO Andrew Norrie BRIDGE LAWYERS Nele Paia OFFICE OF THE CHIEF MAGISTRATE Haelo Pelu MINISTRY OF JUSTICE AND LEGAL AFFAIRS Wilson Henry Rano RANO & COMPANY, BARRISTERS & SOLICITORS Peter Rockson COMMODITY EXPORT MARKETING AUTHORITY Roselle R. Rosales PACIFIC ARCHITECTS LTD. Livingston Saepio HONIARA CITY COUNCIL Leonard Saii SPARK ELECTRICAL SERVICES Martin B. Sam SOLOMON ISLANDS ELECTRICITY AUTHORITY Gregory Joseph Sojnocki MORRIS & SOJNOCKI CHARTERED ACCOUNTANTS, WITH THE SUPPORT OF ERNST & YOUNG Gerald Stenzel TRADCO SHIPPING Selwyn Takana MINISTRY OF FINANCE AND TREASURY Whitlam K. Togamae WHITLAM K TOGAMAE LAWYERS Jackson Vaikota MINISTRY OF JUSTICE AND LEGAL AFFAIRS Penny Vaughn PWC UNITED STATES Pamela Wilde MINISTRY FOR JUSTICE AND LEGAL AFFAIRS Yolande Yates GOH & PARTNERS
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Martina Behuliakov GEODESY, CARTOGRAPHY AND CADASTRE AUTHORITY OF THE SLOVAK REPUBLIC Peter Bollardt ECHOV & PARTNERS, MEMBER OF LEX MUNDI AND WSG Jn Budinsk SLOVAK CREDIT BUREAU, S.R.O. Peter Cavojsky CLS AVOJSK & PARTNERS, S.R.O. Katarna echov ECHOV & PARTNERS, MEMBER OF LEX MUNDI AND WSG Kristina ermkov PETERKA & PARTNERS Elena ervenov WHITE & CASE S.R.O. Matus Chmelo PETERKA & PARTNERS Ema Cveckova DEDK & PARTNERS Jana Fabianov ECHOV & PARTNERS, MEMBER OF LEX MUNDI AND WSG Matej Firicky WHITE & CASE S.R.O. Juraj Fuska WHITE & CASE S.R.O. Petronela Galambosova PANALPINA SLOVAKIA, S.R.O. Simona Halkov ECHOV & PARTNERS, MEMBER OF LEX MUNDI AND WSG Peter Hodl WHITE & CASE S.R.O. Vladimir Ivanco WHITE & CASE S.R.O. Miroslav Jalec ZAPADOSLOVENSKA ENERGETIKA, A.S. Tom Kamenec DEDK & PARTNERS Veronika Keszeliova ECHOV & PARTNERS, MEMBER OF LEX MUNDI AND WSG
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Marjan Babi AGENCY OF THE REPUBLIC OF SLOVENIA FOR PUBLIC LEGAL RECORDS AND RELATED SERVICES Erika Braniselj NOTARY OFFICE BRANISELJ Akos Burjan PWC SLOVENIA
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DOING BUSINESS 2013
Desiree FORWARDING AFRICAN TRANSPORT SERVICES (PTY) LTD. Tim Desmond GARLICKE & BOUSFIELD INC. Steve Donninger RAWLINS WALES & PARTNERS Claire Fawbert TRANSUNION Elise Gibson GROSSKOPFF LOMBART HUYBERECHTS & ASSOCIATES ARCHITECTS Tim Gordon-Grant BOWMAN GILFILLAN INC. Kim Goss BOWMAN GILFILLAN INC. Jenna Hamilton WHITE & CASE LLP Caron Harris FORWARDING AFRICAN TRANSPORT SERVICES (PTY) LTD. Julian Jones CLIFFE DEKKER HOFMEYR INC. Gillian Lumb CLIFFE DEKKER HOFMEYR INC. Kyle Mandy PWC SOUTH AFRICA Khaya Mantengu CLIFFE DEKKER HOFMEYR INC. Joey Mathekga CIPRO (COMPANIES & IPR REGISTRATION OFFICE) Duncan McMeekin BOWMAN GILFILLAN INC. Gabriel Meyer NORTON ROSE Glory Moumakwe CIPRO (COMPANIES & IPR REGISTRATION OFFICE) Twaambo Muleza BOWMAN GILFILLAN INC. Sanelisiwe Nyasulu GARLICKE & BOUSFIELD INC. Nancy Prohl EDWARD NATHAN SONNENBERGS INC. Eamonn David Quinn ATTORNEY-AT-LAW Hansuya Reddy DENEYS REITZ INC. / AFRICA LEGAL Mark Ross PWC SOUTH AFRICA Mytha Sajiwan TRANSUNION Andres Sepp OFFICE OF THE CHIEF REGISTRAR OF DEEDS Richard Shein BOWMAN GILFILLAN INC. Mathew Shepherd PATRON AIR Themba Sikhosana CLIFFE DEKKER HOFMEYR INC. Archana Sinha RCS PVT. LTD BUSINESS ADVISORS GROUP Rajat Ratan Sinha RCS PVT. LTD BUSINESS ADVISORS GROUP Jane Strydom TRANSUNION Roxanna Valayathum MERVYN TABACK INCORPORATED Muhammed Vally EDWARD NATHAN SONNENBERGS INC.
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Savantha De Saram D.L. & F. DE SARAM Chamari de Silva F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Kolitha Dissanayake F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Sadhini Edirisinghe F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Nilmini Ediriweera JULIUS & CREASY Chamindi Ekanayake NITHYA PARTNERS Amila Fernando JULIUS & CREASY Anjali Fernando F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Jivan Goonetilleke D.L. & F. DE SARAM Naomal Goonewardena NITHYA PARTNERS P. Mervyn Gunasekera LAN MANAGEMENT DEVELOPMENT SERVICE Priyanthi Guneratne F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Thilanka Namalie Haputhanthrie JULIUS & CREASY Dharshika Herath Gunarathna SUDATH PERERA ASSOCIATES Sonali Jayasuriya D.L. & F. DE SARAM Tudor Jayasuriya F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Shamalie Jayatunge TIRUCHELVAM ASSOCIATES Sanjaya Jayawardene PROGRESSIVE DESIGN ASSOCIATES Mahes Jeyadevan PWC SRI LANKA Yudhishtran Kanagasabai PWC SRI LANKA Neelakandan Kandiah MURUGESU & NEELAKANDAN Janaka Lakmal CREDIT INFORMATION BUREAU LTD. Ishara Madarasinghe F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Sasikala Mayadunne SUDATH PERERA ASSOCIATES Kaushalya Meedeniya SUDATH PERERA ASSOCIATES Fathima Amra Mohamed SUDATH PERERA ASSOCIATES Asiri Perera MIT CARGO (PVT) LTD. Jagath Perera MIT CARGO (PVT) LTD. Sudath Perera SUDATH PERERA ASSOCIATES Lilangi Randeni F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Hiranthi Ratnayake PWC SRI LANKA Paul Ratnayeke PAUL RATNAYEKE ASSOCIATES Neluka Seneviratne JULIUS & CREASY Shane Silva JULIUS & CREASY
SPAIN ALLEN & OVERY

Basilio Aguirre REGISTRO DE LA PROPIEDAD DE ESPAA Angel Alonso Hernndez URA & MENNDEZ, MEMBER OF LEX MUNDI Elena lvarez Fernndez ADDIENT Jos Luis Amrigo Snchez GMEZ-ACEBO & POMBO ABOGADOS Joana Andrade Correia RAPOSO BERNARDO & ASSOCIADOS Nuria Armas BANCO DE ESPAA Ana Armijo ASHURST LLP Cristina Ayo Ferrndiz URA MENNDEZ Denise Bejarano PREZ - LLORCA Alfonso Benavides CLIFFORD CHANCE Andrs Berral CLIFFORD CHANCE Vicente Bootello J & A GARRIGUES, S.L.P Agustn Bou JAUSAS Hctor Bouzo Cortejosa SOLCAISUR S.L. Laura Camarero BAKER & MCKENZIE Julio Cano Guillamn ASOCIACION/COLEGIO NACIONAL DE INGENIEROS DEL ICAI Ignacio Castrilln Jorge IBERDROLA S.A. Francisco Conde Viuelas CUATRECASAS, GONALVES PEREIRA Jaume Cornudella i Marques PWC SPAIN Juan Jose Corral Moreno CUATRECASAS, GONALVES PEREIRA Miguel Cruz Amors PWC SPAIN Rossanna DOnza BAKER & MCKENZIE Almudena del Ro Galn COLEGIO DE REGISTRADORES DE LA PROPIEDAD Y MERCANTILES DE ESPAA Agustn Del Ro Galeote GMEZ-ACEBO & POMBO ABOGADOS
SRI LANKA FREIGHT LINKS INTERNATIONAL (PTE) LTD.

REGISTRAR GENERAL
Ayomi Aluwihare-Gunawardene F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Nihal Sri Ameresekere CONSULTANTS 21 LTD. Gerard David SJMS ASSOCIATES
ACKNOWLEDGMENTS
261
Bharatha Subasinghe D. P. R. CONSULTANTS (PVT) LIMITED J.M. Swaminathan JULIUS & CREASY Bandula S. Tilakasena CEYLON ELECTRICITY BOARD Shehara Varia F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Charmalie Weerasekera SUDATH PERERA ASSOCIATES John Wilson JOHN WILSON PARTNERS Tilak Wimalagunaratne JULIUS & CREASY
Gerard Bergasse TROPICAL SHIPPING Shannon Chitolie GORDON & GORDON CO. Swithin Donelly MINISTRY OF ECONOMIC AFFAIRS, ECONOMIC PLANNING & NATIONAL DEVELOPMENT Peter I. Foster PETER I. FOSTER & ASSOCIATES Peterson D. Francis PETERSON D. FRANCIS WORLDWIDE SHIPPING & CUSTOMS SERVICES LTD. Carol J. Gedeon CHANCERY CHAMBERS Ulric George TROPICAL SHIPPING Michael B.G. Gordon GORDON & GORDON CO. Claire Greene-Malaykhan PETER I. FOSTER & ASSOCIATES Anderson Lake BANK OF SAINT LUCIA LIMITED Charlene Mae Magnaye PWC ST. LUCIA Bradley Paul BRADLEY PAUL ASSOCIATES Richard Peterkin PWC ST. LUCIA Eldris Pierre-Mauricette TROPICAL SHIPPING Candace Polius NICHOLAS JOHN & CO. Catherine Sealys PROCUREMENT SERVICES INTERNATIONAL Michael Sewordor MINISTRY OF COMMUNICATIONS WORKS TRANSPORT AND PUBLIC UTILITIES Anya Trim PWC ST. LUCIA Leandra Gabrielle Verneuil CHAMBERS OF JENNIFER REMY & ASSOCIATES Andie A. Wilkie GORDON & GORDON CO. Brenda M. Williams BDO ST. LUCIA
Andrea Young-Lewis COMMERCE & INTELLECTUAL PROPERTY OFFICE (CIPO)
TRANSUNION ITC
Eddie Chiringah DHL Susanne DeBeer MNS GROUP Veli Dlamini INTERFREIGHT PTY. LTD. Phumlile Tina Khoza STANDARD BANK Mbuso Kingsley LANG MITCHELL ASSOCIATES Paul Lewis PWC SWAZILAND Andrew Linsey PWC SWAZILAND Zodwa Mabuza FEDERATION OF SWAZILAND EMPLOYERS AND CHAMBER OF COMMERCE Nhlanhla Maphanga LANG MITCHELL ASSOCIATES Sabelo Masuku MAPHANGA HOWE MASUKU NSIBANDE Mduduzi Mtsetfwa SWAZILAND ELECTRICITY COMPANY Bongani Mtshali FEDERATION OF SWAZILAND EMPLOYERS AND CHAMBER OF COMMERCE George Mzungu M&E CONSULTING ENGINEERS Zakes Nkosi FEDERATION OF SWAZILAND EMPLOYERS AND CHAMBER OF COMMERCE Knox Nxumalo ROBINSON BERTRAM Emmanuel Ofori KOBLA QUASHIE AND ASSOCIATES Kobla Quashie KOBLA QUASHIE AND ASSOCIATES John Resting BICON CONSULTING ENGINEERS Jos Rodrigues RODRIGUES & ASSOCIATES Bongani Simelane MUNICIPAL COUNCIL OF MBABANE Muzi Simelane WARING SIMELANE Manene Thwala THWALA ATTORNEYS Bradford Mark Walker BRAD WALKER ARCHITECTS
Jenny Dangr ADVOKATFIRMAN VINGE KB, MEMBER OF LEX MUNDI Martin Ekdahl PWC SWEDEN Anna Eklund SWEDISH ASSOCIATION OF LOCAL AUTHORITIES AND REGIONS Peder Hammarskild HAMMARSKILD & CO. Lars Hartzell ELMZELL ADVOKATBYR AB, MEMBER OF IUS LABORIS Emil Hedberg ROSCHIER SWEDEN Erik Hygrell WISTRAND ADVOKATBYR Anders Isgren BAKER & MCKENZIE Magnus Johnsson PWC SWEDEN Almira Kashani MILLER ROSENFALCK LLP Niklas Krling SETTERWALLS ADVOKATBYR Caroline Lagergren ELMZELL ADVOKATBYR AB, MEMBER OF IUS LABORIS Jasmine Lawson PWC SWEDEN Rikard Lindahl ADVOKATFIRMAN VINGE KB, MEMBER OF LEX MUNDI Inger Lindhe LANTMTERIET Jens Malmqvist ADVOKATFIRMAN LINDAHL Andra Nicolin ADVOKATFIRMAN VINGE KB, MEMBER OF LEX MUNDI Eric dling ADVOKATFIRMAN VINGE KB, MEMBER OF LEX MUNDI Ola Lo Olsson ELMZELL ADVOKATBYR AB, MEMBER OF IUS LABORIS Karl-Arne Olsson GRDE WESSLAU ADVOKATBYR Mattias rnulf HKERBERG & SDERQVIST ADVOKATBYR KB Sara Ribbeklint MAQS LAW FIRM ADVOKATBYR AB Jesper Schnbeck ADVOKATFIRMAN VINGE KB, MEMBER OF LEX MUNDI Lennart Svantesson PWC SWEDEN Bo Thomaeus GRDE WESSLAU ADVOKATBYR Astrid Trolle Adams MILLER ROSENFALCK LLP Albert Wllgren ADVOKATFIRMAN VINGE KB, MEMBER OF LEX MUNDI
SUDAN TRISTAR
Omer Abdel Ati OMER ABDEL ATI SOLICITORS Abdalla Abuzeid ABDALLA A. ABUZEID & ASSOCIATES Mohamed Ibrahim Adam DR. ADAM & ASSOCIATES Ahmed Ahmed Elmohtar Adbdelhammed MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES Al Fadel Ahmed Al Mahdi AL MAHDI LAW OFFICE Abdalla Bashir Ibrahim Alataya MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES Nour Eldin A. Idris MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES Ahmed Mahdi MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES Nasa Omer OMER ABDEL ATI SOLICITORS Rayan Omer OMER ABDEL ATI SOLICITORS Amel M. Sharif MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES
ST. KITTS AND NEVIS ST. KITTS ELECTRICITY DEPARTMENT

Michella Adrien THE LAW OFFICES OF MICHELLA ADRIEN Launlia Archibald CUSTOMS AND EXCISE DEPARTMENT Rublin Audain AUDAIN & ASSOCIATES Nicholas Brisbane BRISBANE OGARRO ALVARANGA Neil Coates PWC ANTIGUA Tamara Daniel HENDERSON LEGAL CHAMBERS Jan Dash LIBURD AND DASH Kennedy de Silva CUSTOMS AND EXCISE DEPARTMENT K. Gregory Hardtman HARDTMAN & ASSOCIATES Rodney Harris CUSTOMS AND EXCISE DEPARTMENT Marsha T. Henderson HENDERSON LEGAL CHAMBERS Dahlia Joseph DANIEL BRANTLEY & ASSOCIATES Mahailia Pencheon PWC ANTIGUA Sandrine Powell-Huggins HENDERSON LEGAL CHAMBERS Nervin Rawlins INLAND REVENUE AUTHORITY Larkland M. Richards LARKLAND M. RICHARDS & ASSOCIATES Reginald Richards R & R ELECTRICAL ENGINEERING AIR CONDITIONING & REFRIGERATION SERVICES LTD. Arlene Ross-Daisley LEX CARIBBEAN Tavo Sargeant CUSTOMS AND EXCISE DEPARTMENT Warren Thompson CONSTRUCTION MANAGEMENT AND CONSULTING AGENCY INC (CMCAI) Charles Walwyn PWC ANTIGUA Leonora Walwynlaw WALWYNLAW Collin Williams ROYAL LOGISTICS
SURINAME HANDELS-, KREDIET- EN INDUSTRIE BANK (HAKRINBANK) N.V.

G. Clide Cambridge PARAMARIBO CUSTOM BROKER & PACKER Anoeschka Debipersad A.E. DEBIPERSAD & ASSOCIATES Marcel K. Eyndhoven N.V. ENERGIEBEDRIJVEN SURINAME Johan Kastelein KASTELEIN DESIGN B.M. Oemraw N.V. GLOBAL EXPEDITION Joanne Pancham CHAMBER OF COMMERCE & INDUSTRY Adiel Sakoer N.V. GLOBAL EXPEDITION Inder Sardjoe N.V. EASY ELECTRIC Dennis Singh DELOITTE SURINAME Prija Soechitram CHAMBER OF COMMERCE & INDUSTRY Albert D. Soedamah LAWFIRM SOEDAMAH & ASSOCIATES Radjen A. Soerdjbalie NOTARIAAT R.A. SOERDJBALIE Carol-Ann Tjon-Pian-Gi LAWYER & SWORN TRANSLATOR Jennifer van Dijk-Silos LAW FIRM VAN DIJK-SILOS Carel van Hest CAREL VAN HEST ARCHITECTEN N.V. Dayenne Wielingen - Verwey VERENIGING SURINAAMS BEDRIJFSLEVEN, SURINAME TRADE & INDUSTRY ASSOCIATION Andy Wong N.V. ENERGIEBEDRIJVEN SURINAME
ST. VINCENT AND THE GRENADINES

Kay R.A. Bacchus-Browne KAY BACCHUS-BROWNE CHAMBERS Aurin Bennett AURIN BENNETT ARCHITECTS Allan P. Burke PERRYS CUSTOMS AND SHIPPING AGENCY, LTD. Bernadine Dublin LABOUR DEPARTMENT Tamara Gibson-Marks HIGH COURT REGISTRAR Errol E. Layne ERROL E. LAYNE CHAMBERS Isaac Legair DENNINGS Charlene Mae Magnaye PWC ST. LUCIA Moulton Mayers MOULTON MAYERS ARCHITECTS Richard Peterkin PWC ST. LUCIA Martin Sheel COMMERCE & INTELLECTUAL PROPERTY OFFICE (CIPO)
SWEDEN VATTENFALL ELDISTRIBUTION AB

Stig kerman BOVERKET- SWEDISH NATIONAL BOARD OF HOUSING, BUILDING AND PLANNING Nicklas Anth PANALPINA AB Martin Bergander GRDE WESSLAU ADVOKATBYR Simon Bergstrm HAMMARSKILD & CO. Mats Berter MAQS LAW FIRM Karl Bjrlin ADVOKATFIRMAN LINDAHL Helena Brnnvall ADVOKATFIRMAN VINGE KB, MEMBER OF LEX MUNDI Alexander Broch RESUNDS REDOVISNING AB Sandra Carln MAQS LAW FIRM ADVOKATBYR AB Ake Dahlqvist UC
SWITZERLAND BAUDIREKTION KANTON ZRICH

ERNST & YOUNG
Rashid Bahar BR&KARRERAG Beat M. Barthold FRORIEP RENGGLI Marc Bernheim STAIGER, SCHWALD & PARTNER LTD. Frdric Btrisey BAKER & MCKENZIE
ST. LUCIA LUCELEC

Clive Antoine MINISTRY OF COMMUNICATIONS WORKS TRANSPORT AND PUBLIC UTILITIES Thaddeus M. Antoine FRANCIS & ANTOINE
SWAZILAND OFFICE OF THE REGISTRAR SWAZILAND
262
DOING BUSINESS 2013
Sbastien Bettschart ABELS AVOCATS Myriam Bchi-Bnteli PWC SWITZERLAND Lucas Bhlmann PWC SWITZERLAND Andrea Cesare Canonica SWISS CUSTOMS Sonia de la Fuente ABELS AVOCATS Fiona Deucher ALTENBURGER LTD. LEGAL AND TAX Stefan Eberhard ABELS AVOCATS Suzanne Eckert WENGER PLATTNER Andrea Elvedi VISCHER ATTORNEYS AT LAW Jana Essebier VISCHER AG Benjamin Fehr PWC SWITZERLAND Peter Flckiger ECONOMIESUISSE Robert Furter PESTALOZZI, MEMBER OF LEX MUNDI Gaudenz Geiger STAIGER, SCHWALD & PARTNER LTD. Debora Ghilardotti MOLINO ADAMI GALANTE Erwin Griesshammer VISCHER ATTORNEYS AT LAW Olivier Hari SCHELLENBERG WITTMER Nicolas Herzog HERZOG & GOZZI Mark W. Hippenmeyer ALTENBURGER LTD. LEGAL AND TAX Jakob Hoehn PESTALOZZI, MEMBER OF LEX MUNDI Patrick Hnerwadel LENZ & STAEHELIN David Jenny VISCHER AG Michael Kramer PESTALOZZI, MEMBER OF LEX MUNDI Andrea Molino MOLINO ADAMI GALANTE Georg Naegeli HOMBURGER Roland Niklaus NCMB NOTAIRES ASSOCIS Gema Olivar Pascual PWC SWITZERLAND Daniela Reinhardt PWC SWITZERLAND Joseph Riedweg AUDICONSULT SA - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Patricia Roberty VISCHER AG Guy-Philippe Rubeli PESTALOZZI, MEMBER OF LEX MUNDI Marc Schenk PWC SWITZERLAND Daniel Schmitz PWC SWITZERLAND Roland Stadler MIGROS-GENOSSENSCHAFTS-BUND Meinrad Vetter ECONOMIESUISSE Patrick Weber EKZ ELEKTRIZITTSWERKE DES KANTONS ZRICH
Marc Widmer FRORIEP RENGGLI
Chun-Yih Cheng FORMOSA TRANSNATIONAL Chia Yi Chiang PRICEWATERHOUSECOOPERS LEGAL Ying-Che Chiu TAIPEI CITY GOVERNMENT Yu-Chung Chiu MINISTRY OF THE INTERIOR Cindy Chou CHEN, SHYUU & PUN Dennis Chou EIGER LAW Peter Dernbach WINKLER PARTNERS Rosamund Fan PWC TAIWAN Philip T. C. Fei FEI & CHENG ASSOCIATES Steven Go PWC TAIWAN Mark Harty LCS & PARTNERS James Hong CHEN, SHYUU & PUN Sophia Hsieh TSAR & TSAI LAW FIRM, MEMBER OF LEX MUNDI Barbara Hsu SDV LOGISTICS Robert Hsu SDV LOGISTICS Tony Hsu PAMIR LAW GROUP Margaret Huang LCS & PARTNERS T.C. Huang HUANG & PARTNERS Ya-Ting Huang FORMOSA TRANSNATIONAL Charlotte J. Lin LCS & PARTNERS Joan Jing PRICEWATERHOUSECOOPERS LEGAL Nathan Kaiser EIGER LAW Chih-Shan Lee WINKLER PARTNERS Michael D. Lee PAMIR LAW GROUP Vivian Lee HUANG & PARTNERS Yu Lee TAIPEI CITY GOVERNMENT Che-Wei Liang JUDICIAL YUAN Justin Liang BAKER & MCKENZIE Frank Lin REXMED INDUSTRIES CO., LTD. Lilian Lin FINANCIAL SUPERVISORY COMMISSION, BANKING BUREAU Ming-Yen Lin DEEP & FAR, ATTORNEYS-AT-LAW Nelson J Lin HUANG & PARTNERS Nicole M. Lin TAI E INTERNATIONAL PATENT & LAW OFFICE Rich Lin LCS & PARTNERS Yishian Lin PWC TAIWAN Mark Ohlson YANGMING PARTNERS
Lawrence S. Ong PRICEWATERHOUSECOOPERS LEGAL Patrick Pai-ChiangChu LEE AND LI J. F. Pun CHEN, SHYUU & PUN Tanya Y. Teng HUANG & PARTNERS Bee Leay Teo BAKER & MCKENZIE C.F. Tsai DEEP & FAR, ATTORNEYS-AT-LAW Eric Tsai PRICEWATERHOUSECOOPERS LEGAL Joe Tseng LCS & PARTNERS Sean Tung LCS & PARTNERS Chao-Yu Wang YANGMING PARTNERS Richard Watanabe PWC TAIWAN Ja Lin Wu COUNCIL FOR ECONOMIC PLANNING & DEVELOPMENT Pei-Yu Wu BAKER & MCKENZIE Quiao-ling Wu DEEP & FAR, ATTORNEYS-AT-LAW Alex Yeh LCS & PARTNERS Shih-Ming You MINISTRY OF THE INTERIOR
Jamshed Rahmonberdiev SOMON CAPITAL JSC Ravshan Rashidov LAW FIRM LEX Zimfera Rizvanova REPUBLICAN COMMITTEE OF LABOR UNION OF TAJIKISTAN Emin Sanginov MINISTRY OF LABOR & SOCIAL PROTECTION Marina Shamilova LEGAL CONSULTING GROUP Kamila Tursunkulova PWC KAZAKHSTAN Azim Usmanov COLIBRI LAW FIRM Aliya Utegaliyeva PWC KAZAKHSTAN Arlan Yerzhanov GRATA LAW FIRM Abdurakhmon Yuldoshev MINISTRY OF LABOR & SOCIAL PROTECTION
SYRIAN ARAB REPUBLIC ERNST & YOUNG

Maysa Abu Baker CENTRAL BANK OF SYRIA Sulafah Akili MINISTRY OF ECONOMY & TRADE Boulos Al Ashhab AUDITING CONSULTING ACCOUNTING CENTER Mouazza Al Ashhab AUDITING CONSULTING ACCOUNTING CENTER Bisher Al-Houssami AL-ISRAA INTERNATIONAL FREIGHT FORWARDER Ahnaf Al-Sarraj Tarek AlHamwi KARAWANI LAW OFFICE Serene Almaleh KARAWANI LAW OFFICE Ghada Armali SARKIS & ASSOCIATES Mohammad Khaled Darwicheh TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Nuhad Dimashkiyyah UNDP Anas Ghazi MEETHAK - LAWYERS & CONSULTANTS Ebraheem Ziad Habeeb Abdul Raouf Hamwi CIVIL ENGINEERING OFFICE Osama Karawani KARAWANI LAW OFFICE Raed Karawani KARAWANI LAW OFFICE Mazen N. Khaddour INTERNATIONAL LEGAL BUREAU Loubna Khoury AUDITING CONSULTING ACCOUNTING CENTER Moussa Mitry UNIVERSITY OF DAMASCUS / LOUKA & MITRY LAW OFFICE Gabriel Oussi OUSSI LAW FIRM Yasser Quwaider TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Housam Safadi SAFADI BUREAU Fadi Sarkis SARKIS & ASSOCIATES
TANZANIA ERNST & YOUNG

ISHENGOMA, KARUME, MASHA & MAGAI ADVOCATES
Abdul Abdallah CRB AFRICA LEGAL UmmiKulthum Abdallah AKO LAW IN ASSOCIATION WITH CLYDE & CO. Zukra Ally PWC TANZANIA Said Athuman TANZANIA REVENUE AUTHORITY Aloys Bahebe LA LAW ASSOCIATES ADVOCATES Tadjidine Ben Mohamed AVOCAT LA COUR Ibrahim Bendera M & B LAW CHAMBERS Albina Burra MINISTRY OF LANDS & HUMAN SETTLEMENTS DEVELOPMENT Vijendra J. Cholera PKF ACCOUNTANTS & BUSINESS ADVISOR TANZANIA Magori Cosmas TRADE FACILITATION UNIT, CUSTOMS Moses Dancan GAPCS Theresia Dominic UNIVERSITY OF DAR ES SALAAM Esteriano Emmanuel Mahingila MINISTRY OF INDUSTRY & TRADE Bosco R. Gadi MINISTRY OF INDUSTRY & TRADE Santosh Gajjar SUMAR VARMA ASSOCIATES Christopher Giattas REX ATTORNEYS Syed Hasan RAIS SHIPPING SERVICES (TANZANIA) LTD. Beatus Idana PKF ACCOUNTANTS & BUSINESS ADVISOR TANZANIA Lincoln P. Irungu DL SHIPPING COMPANY LTD. Protase R. G. Ishengoma ISHENGOMA, KARUME, MASHA & MAGAI ADVOCATES Edward John Urio TANZANIA FREIGHT FORWARDERS ASSOCIATION
TAJIKISTAN NATIONAL BANK OF TAJIKISTAN

TAJIKHYDROELEKTROMONTAJ
Bakhtiyor Abdulloev ABM TRANS SERVICE LLC Zarrina Adham HUMO AND PARTNERS Zulya Akchurina GRATA LAW FIRM Shavkat Akhmedov AKHMEDOV, AZIZOV & ABDULHAMIDOV ATTORNEYS Farhad Azizov AKHMEDOV, AZIZOV & ABDULHAMIDOV ATTORNEYS Denis Bagrov COLIBRI LAW FIRM Abdulbori Baybayev LAW FIRM LEX Jienshoh Bukhoriev USAID BEI BUSINESS ENVIRONMENT IMPROVEMENT PROJECT (BY PRAGMA CORPORATION) Yunus Ernazarov AKHMEDOV, AZIZOV & ABDULHAMIDOV ATTORNEYS Sobir Abduvaliyevich Haitov AGROINVESTBANK Amirhonov Ilhom ABM TRANS SERVICE LLC Elena Kaeva PWC KAZAKHSTAN Assel Khamzina PWC KAZAKHSTAN Parviz Kuliev MASHVARAT LIMITED LIABILITY COMPANY Farhod Mirfozilov BARKI TOJIK Rahmon Muratov KN IBRAKOM FZCO.
TAIWAN, CHINA YANG & ASSOCIATES CONSULTING ENGINEERS

Olivier Beydon YANGMING PARTNERS Mark Brown WINKLER PARTNERS Jersey Chang PRICEWATERHOUSECOOPERS LEGAL Victor Chang LCS & PARTNERS Edgar Y. Chen TSAR & TSAI LAW FIRM, MEMBER OF LEX MUNDI Hui-ling Chen WINKLER PARTNERS Nicholas V. Chen PAMIR LAW GROUP Yo-Yi Chen FORMOSA TRANSNATIONAL
ACKNOWLEDGMENTS
263
John R. Kahyoza HIGH COURT OF TANZANIA COMMERCIAL DIVISION Kamanga K. Kapinga CRB AFRICA LEGAL Wilbert B. Kapinga MKONO & CO ADVOCATES Edward Kateka CRB AFRICA LEGAL David Kibebe EPITOME ARCHITECTS Shani Kinswaga PWC TANZANIA Barney Laseko PRIVATE SECTOR DEVELOPMENT AND INVESTMENT DIVISION, PRIME MINISTERS OFFICE Simon Lazaro MINISTRY OF LANDS & HUMAN SETTLEMENTS DEVELOPMENT Amalia Lui FB ATTORNEYS Christine M.S. Shekidele TANZANIA REVENUE AUTHORITY Victoria Makani VELMA LAW CHAMBERS Robert Makaramba HIGH COURT OF TANZANIA COMMERCIAL DIVISION Hyacintha Benedict Makileo NATIONAL CONSTRUCTION COUNCIL G.O.L. Masangwa MOLLEL ELECTRICAL CONTRACTORS LTD. Lydia Massawe BLUELINE ATTORNEYS Peter S. Matinde PSM ARCHITECTS CO. LTD. Sophia Mgonja TANESCO LTD. Nyaga Mawalla MAWALLA & ASSOCIATES ADVOCATES Ayoub Mftaya NEXLAW ADVOCATES Lucia Minde AKO LAW IN ASSOCIATION WITH CLYDE & CO. Steven Mlote ENGINEERS REGISTRATION BOARD Angela Mndolwa AKO LAW IN ASSOCIATION WITH CLYDE & CO. Chris Mnyanga MINISTRY OF LANDS & HUMAN SETTLEMENTS DEVELOPMENT George Mpeli Kilindu REX ATTORNEYS Khalfan Msumi M & B LAW CHAMBERS Octavian Mushukuma CRB AFRICA LEGAL Bumi Mwaisaka MINISTRY OF LANDS & HUMAN SETTLEMENTS DEVELOPMENT Gerald Mwakipesile MINISTRY OF LANDS & HUMAN SETTLEMENTS DEVELOPMENT Lugano J.S. Mwandambo REX ATTORNEYS Shabani Mwatawala PSM ARCHITECTS CO. LTD. Gerald Nangi FB ATTORNEYS Maningo Nassoro NATIONAL CONSTRUCTION COUNCIL Stephen Ngatunga TANZANIA FREIGHT FORWARDERS ASSOCIATION
Alex Thomas Nguluma REX ATTORNEYS Sweetbert Nkuba LEXGLOBE LLP TANZANIA Neema Nyiti CRB AFRICA LEGAL Cyril Pesha CRB AFRICA LEGAL Katarina T. Revocati HIGH COURT OF TANZANIA COMMERCIAL DIVISION Frederick Ringo ADEPT CHAMBERS Charles R.B. Rwechungura CRB AFRICA LEGAL Emmy Salewi NORPLAN TANZANIA LIMITED Amish Shah ADEPT CHAMBERS Rishit Shah PWC TANZANIA Thadeus J. Shio CQS SERVICES LIMITED Geoffrey Sikira CRB ATTORNEYS Aliko Simon AKO LAW IN ASSOCIATION WITH CLYDE & CO. Eve Hawa Sinare REX ATTORNEYS Richard Sisa GAPCS Joseph T. Tango CQS SERVICES LIMITED David Tarimo PWC TANZANIA Reginald Tarimo BANK OF TANZANIA Mustafa Tharoo ADEPT CHAMBERS Joseph Thomas Klerruu MINISTRY OF LANDS & HUMAN SETTLEMENTS DEVELOPMENT Sarah Thomas Massamu ADEPT CHAMBERS Irene Mutalemwa Woerle MKONO & CO ADVOCATES Sinare Zaharan REX ATTORNEYS
Frederic Favre VOVAN & ASSOCIES Seetha Gopalakrishnan PWC THAILAND Amlie Guardiola VOVAN & ASSOCIES Yothin Intaraprasong CHANDLER & THONG-EK Muncharee Ittipalin APL Tanach Kanjanasiri DLA THAILIAND LLP Chaiwat Keratisuthisathorn TILLEKE & GIBBINS Suwat Kerdphon DEPARTMENT OF LANDS Natchar Leedae ALLENS ARTHUR ROBINSON / SIAM PREMIER INTERNATIONAL LAW OFFICE LIMITED William Lehane ALLENS ARTHUR ROBINSON / SIAM PREMIER INTERNATIONAL LAW OFFICE LIMITED Sakchai Limsiripothong WEERAWONG, CHINNAVAT & PEANGPANOR LTD. Steven Miller MAYER BROWN JSM Surapol Opasatien NATIONAL CREDIT BUREAU CO. LTD. Nipa Pakdeechanuan DEJ-UDOM & ASSOCIATES Tanadee Pantumkomol CHANDLER & THONG-EK Thidarat Patjaisomboon APL Santhapat Periera TILLEKE & GIBBINS Thawatchai Pittayasophon SECURITIES AND EXCHANGE COMMISSION Thunsamorn Pochjanapanichakul VICKERY & WORACHAI LTD. Ratana Poonsombudlert CHANDLER & THONG-EK Cynthia M. Pornavalai TILLEKE & GIBBINS Supan Poshyananda SECURITIES AND EXCHANGE COMMISSION Somboonpoonpol Pratumporn SIAM CITY LAW OFFICES LTD. Chitchai Punsan TILLEKE & GIBBINS Sahachthorn Putthong RATCHABURI ELECTRICITY GENERATING HOLDING PCL. Anake Rattanajitbanjong TILLEKE & GIBBINS Panuwat Rattanawechasit DLA THAILIAND LLP Suraphon Rittipongchusit DLA THAILIAND LLP Thavorn Rujivanarom PWC THAILAND Arnon Rungthanakarn SIAM CITY LAW OFFICES LTD. Maythawee Sarathai MAYER BROWN JSM Maprang Sombatthai DLA THAILIAND LLP Kowit Somwaiya LAWPLUS LTD. Pattanapong Srinam DLA THAILIAND LLP
Pornchai Srisawang TILLEKE & GIBBINS Rachamarn Suchitchon SECURITIES AND EXCHANGE COMMISSION Picharn Sukparangsee SIAM CITY LAW OFFICES LTD. Luxsiri Supakijjanusorn SIAM CITY LAW OFFICES LTD. Naddaporn Suwanvajukkasikij LAWPLUS LTD. Hunt Talmage CHANDLER & THONG-EK Jinjutha Techakumphu SIAM CITY LAW OFFICES LTD. Kobkit Thienpreecha TILLEKE & GIBBINS Paisan Tulapornpipat BLUE OCEAN LOGISTICS CO., LTD. Sutharm Valaisathien INTERNATIONAL LEGAL COUNSELLORS Pattara Vasinwatanapong VICKERY & WORACHAI LTD. Harold K. Vickery Jr. VICKERY & WORACHAI LTD. Patcharaporn Vinitnuntarat SIAM CITY LAW OFFICES LTD. Pimvimol Vipamaneerut TILLEKE & GIBBINS Auradee Wongsaroj CHANDLER & THONG-EK Ahmet Yesilkaya TILLEKE & GIBBINS Somchai Yungkarn CHANDLER & THONG-EK
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EDTL MINISTRY OF INFRASTRUCTURE MINISTRY OF JUSTICE MINISTRY OF TOURISM, TRADE AND INDUSTRY (MTCI) PORT AUTHORITY
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CABINET JOHN W. FFOOKS & CO.
Jean-Marie Adenka CABINET ADENKA Edzodzi Dlato Adonsou DIRECTION DE LHABITAT ET DU PATRIMOINE IMMOBILIER Koudzo Mawuna Agbemaple AUTORIT DE RGLEMENTATION DU SECTEUR DE LELECTRICIT Kokou Gadmon Agbessi CABINET LUCREATIF Fo-Koffi Wolass Agboli AQUEREBURU AND PARTNERS CABINET DAVOCATS Prosper Gato Amegnido GROUPE GATO Martial Akakpo SCP MARTIAL AKAKPO & ASSOCIS Ahmadou Al Aminou Lo BCEAO Coffi Alexis Aquereburu AQUEREBURU AND PARTNERS CABINET DAVOCATS Ccile Assogbavi ETUDE NOTARIALE ASSOGBAVI Sylvanus Dodzi Awutey CABINET LUCREATIF Koli-Yidaou Bako COMPAGNIE ENERGIE ELECTRIQUE DU TOGO (CEET) Tiem Bolidja COMPAGNIE ENERGIE ELECTRIQUE DU TOGO (CEET) Customer Service Department TOGO TLCOM Sockna Diaby PWC CTE DIVOIRE Koffi Joseph Dogbevi CABINET LUCREATIF
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Janist Aphornratana PWC THAILAND Roi Bak DEJ-UDOM & ASSOCIATES Chanakarn Boonyasith SIAM CITY LAW OFFICES LTD. Chalee Chantanayingyong SECURITIES AND EXCHANGE COMMISSION Chinnavat Chinsangaram WEERAWONG, CHINNAVAT & PEANGPANOR LTD. Wachakorn Chiramongkolkul PWC THAILAND Kanphassorn Chotwathana PWC THAILAND Ramin Chuayriang METROPOLITAN ELECTRICITY AUTHORITY David Duncan TILLEKE & GIBBINS Alexandre Dupont LAW SOLUTIONS LTD. Jennifer Erickson TILLEKE & GIBBINS
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Aminiasi Kefu CROWN LAW Peni Lavakeiaho Makoni MINISTRY OF WORKS Fisilau Leone KRAMER AUSENCO TONGA Rod Lowe TONGA POWER LTD. Temaleti Manakovi Patiulu SUPREME COURT Salesi Mataele OCEANTRANZ TONGA LTD. Sione Tomasi Naite Fakahua FAKAHUA-FAOTUSIA & ASSOCIATES Laki M. Niu LAKI NIU OFFICES Michael OShannassy INLAND REVENUE TONGA Sipiloni Raass JAIMI ASSOCIATES - ARCHITECTS Jemma San Jose ELECTRICITY COMMISSION Alani Schaumkel DATELINE TRANS- AM SHIPPING Dana Stephenson STEPHENSON ASSOCIATES Ralph Stephenson STEPHENSON ASSOCIATES Hiva Tatila TONGA DEVELOPMENT BANK Alisi Numia Taumoepeau TMP LAW Fine Tohi DATELINE TRANS- AM SHIPPING Lesina Tonga LESINA TONGA LAW FIRM Distquaine P. Tuihalamaka MINISTRY OF LABOUR, COMMERCE AND INDUSTRIES Jennifer Tupou JKCA Kisione Tupou JKCA Petunia Tupou FUNGATEIKI LAW OFFICE John Fanua Uele MINISTRY OF LANDS, SURVEY, NATURAL RESOURCES & ENVIRONMENT Christine Utaatu UTAATU & ASSOCIATES Lepaola B. Vaea INLAND REVENUE TONGA Jone Vuli WESTPAC BANK OF TONGA Dianna Warner SKIPS CUSTOM JOINERY LTD. Paul Wilkinson WESTPAC BANK OF TONGA
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TUNISIA
Samir Abdelly ABDELLY & ASSOCIES Ilhem Abderrahim SOCIT TUNISIENNE DE LELECRICIT ET DU GAZ (STEG) Mohamed Ammar SOCIT TUNISIENNE DE LELECRICIT ET DU GAZ (STEG) Mohamed Moncef Barouni ACR Adly Bellagha ADLY BELLAGHA & ASSOCIATES Hend Ben Achour ADLY BELLAGHA & ASSOCIATES Ismail Ben Farhat ADLY BELLAGHA & ASSOCIATES Wassim Ben Mahmoud ARCHITECT Leila Ben Mbarek LEGALYS Abdelfetah Benahji FERCHIOU & ASSOCIS Manel Bondi PWC TUNISIA Salaheddine Caid Essebsi CAID ESSEBSI AND PARTNERS LAW FIRM Salma Chaari ABDELLY & ASSOCIES Elyes Chafter CHAFTER RAOUADI LAW FIRM Zine el Abidine Chafter CHAFTER RAOUADI LAW FIRM Afef Challouf SOCIT TUNISIENNE DE LELECRICIT ET DU GAZ (STEG) Abdelmalek Dahmani DAHMANI TRANSIT INTERNATIONAL Mohamed Derbel BDO Mohamed Lot El Ajeri EL AJERI LAWYERS, PARTENAIRE DE DS AVOCATS Yassine El Ha ADLY BELLAGHA & ASSOCIATES Myriam Escheikh LEGALYS Abderrahmen Fendri PWC TUNISIA Noureddine Ferchiou FERCHIOU & ASSOCIS Slim Gargouri CPA Imene Hana LEGALYS Anis Jabnoun GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Atf Jebali Nasri LEGALYS Badis Jedidi GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Najla Jezi ACR Sami Kallel KALLEL & ASSOCIATES Faycal Karoui SOCIT TUNISIENNE DE LELECRICIT ET DU GAZ (STEG) Larbi Khedira CHAFTER RAOUADI LAW FIRM Mabrouk Maalaoui PWC TUNISIA
TURKEY
Emre Akarkarasu PWC TURKEY Basak Akin AYDA LIMAN KURMAN ATTORNEYS AT LAW Deniz Akman BENER LAW OFFICE, MEMBER OF IUS LABORIS Sezin Akolu PEKIN & PEKIN Mjdem Aksoy CERRAHOLU LAW FIRM Seza Ceren Akta PRICEWATERCOOPERS Simge Akyz DEVRES LAW OFFICE Inci Alaloglu TABOGLU & DEMIRHAN Kenan Alpdndar CENTRAL BANK OF THE REPUBLIC OF TURKEY Ekin Altnta PWC TURKEY Selin Barlin Aral PAKSOY LAW FIRM Ilkay Arslantasl KPMG Cinar Aslan SEDAS Melis Atasagun PEKIN & BAYAR LAW FIRM Melis Avunduk PRICEWATERCOOPERS Aybike Aygun SARIIBRAHIMOLU LAW OFFICE Basak Aygun DLGER LAW FIRM Elvan Aziz PAKSOY LAW FIRM Derya Baks TARLAN BAKSI LAW FIRM Z. layda Balkan ADMD LAW FIRM Naz Bandik AKMAK AVUKATLIK BROSU
TONGA
Inoke Afu PACIFIC FINANCE & INVESTMENT LTD. Rosamond Bling MINISTRY OF LANDS, SURVEY, NATURAL RESOURCES & ENVIRONMENT Lord Dalgety ELECTRICITY COMMISSION Paula Feaomoeata SUPREME COURT Taniela Fonna KRAMER AUSENCO TONGA Kolotia Fotu MINISTRY OF LABOUR, COMMERCE AND INDUSTRIES Nailasikau Halatuituia MINISTRY OF LANDS, SURVEY, NATURAL RESOURCES & ENVIRONMENT
TRINIDAD AND TOBAGO ERNST & YOUNG

Israiell Ali TRINIDAD & TOBAGO ELECTRICITY COMMISSION Michael Andrew INTERNATIONAL CARGO SERVICES LIMITED Harjinder S. Atwal REGULATED INDUSTRIES COMMISSION Steve Beckles DELOITTE LLP Ashrini Beharry J.D. SELLIER & CO. Cecil Camacho JOHNSON, CAMACHO & SINGH
ACKNOWLEDGMENTS
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Gunhan Gonul AKMAK AVUKATLIK BROSU Zeki Gunduz PWC TURKEY Remzi Orkun Guner ADMD LAW FIRM mer Grbz MEHMET GN & PARTNERS Ayegl Grsoy CERRAHOLU LAW FIRM Glah Gven DLGER LAW FIRM Tugce Hepsusler PRICEWATERCOOPERS Ece Ilter PWC TURKEY Gl Incesulu AKMAK AVUKATLIK BROSU Baris Kalayci MEHMET GN & PARTNERS Ibrahim Kara KREDIT KAYIT BUREAU Firat Baris Kavlak KAVLAK LAW FIRM Aslan Kaya DMF SYSTEM INTERNATIONAL, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Betl Kencebay YASED - INTERNATIONAL INVESTORS ASSOCIATION Burak Kepkep KEPKEP INTERNATIONAL LEGAL COUNSELING Asena Aytug Keser MEHMET GN & PARTNERS klim Kili SARIIBRAHIMOLU LAW OFFICE zlem Kzl Voyvoda AKMAK AVUKATLIK BROSU idem Koar CENTRAL BANK OF THE REPUBLIC OF TURKEY Burcak Kurt SOMAY HUKUK BROSU mit Kurt JONES LANG LASALLE Mert Kutlar ADMD LAW FIRM Altan Liman AYDA LIMAN KURMAN ATTORNEYS AT LAW Orhan Yavuz Maviolu ADMD LAW FIRM Dilek Mente CERRAHOLU LAW FIRM ila Muratolu BAYIRLI & MURATOLU LAW FIRM Melis Oget Koc SERAP ZUVIN LAW OFFICES Glin zlem Ouzlar TURUN LAW OFFICE Ozgecan Oksuz ZEL & ZEL ATTORNEYS AT LAW M. Bigen Onder CERRAHOLU LAW FIRM Nee Onder MEHMET GN & PARTNERS Mert Oner KPMG Selin zdamar SALANS Caner zen ZEL & ZEL ATTORNEYS AT LAW Okan zkan PRICEWATERCOOPERS
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UGANDA ERNST & YOUNG

Claire Amanya KAMPALA ASSOCIATED ADVOCATES Leria Arinaitwe SEBALU & LULE ADVOCATES AND LEGAL CONSULTANTS Doreen Atuhurra PWC UGANDA Justine Bagyenda BANK OF UGANDA Bernard Baingana PWC UGANDA Matovu Emmy MARMA TECHNICAL SERVICES Sarfaraz Jiwani SEYANI BROTHERS & CO. (U) LTD. Lwanga John Bosco MARMA TECHNICAL SERVICES Charles Kalu Kalumiya KAMPALA ASSOCIATED ADVOCATES Francis Kamulegeya PWC UGANDA Phillip Karugaba MMAKS ADVOCATES Edwin Karugire KIWANUKA & KARUGIRE ADVOCATES Baati Katende KATENDE, SSEMPEBWA & CO. ADVOCATES David Katende ENVIROKAD Sim K. Katende KATENDE, SSEMPEBWA & CO. ADVOCATES Peter Kauma KIWANUKA & KARUGIRE ADVOCATES Kiryowa Kiwanuka KIWANUKA & KARUGIRE ADVOCATES Brigitte Kusiima Byarugaba SHONUBI, MUSOKE & CO. ADVOCATES Ida Kussima KATENDE, SSEMPEBWA & CO. ADVOCATES Hakim Lugemwa UGANDA ENTREPRENEURS BUSINESS FOUNDATION Michael Malan COMPUSCAN CRB LTD. Paul Mbuga SEBALU & LULE ADVOCATES AND LEGAL CONSULTANTS John Mpambala KAMPALA CITY COUNCIL Andrew Munanura Kamuteera SEBALU & LULE ADVOCATES AND LEGAL CONSULTANTS Peters Musoke SHONUBI, MUSOKE & CO. ADVOCATES Rachel Mwanje Musoke MMAKS ADVOCATES Benon Mutambi ELECTRICITY REGULATORY AUTHORITY Jimmy M. Muyanja MUYANJA & ASSOCIATES Noah Mwesigwa SHONUBI, MUSOKE & CO. ADVOCATES Plaxeda Namirimu PWC UGANDA Sophia Nampijja KATENDE, SSEMPEBWA & CO. ADVOCATES
UKRAINE
Yaroslav Abramov ILF INTEGRITES Oleg Y. Alyoshin VASIL KISIL & PARTNERS Andrey Astapov ASTAPOV LAWYERS INTERNATIONAL LAW GROUP Viktoriya Baliuk VASIL KISIL & PARTNERS Ron J. Barden PWC UKRAINE Olena Basanska CMS CAMERON MCKENNA Irina Batmanova SALANS Yevgen Blok ILF INTEGRITES Timur Bondaryev ARZINGER & PARTNERS Lilia Boulakh DLA PIPER UKRAINE LLC Alexander Buryak PWC UKRAINE Serhiy Chorny BAKER & MCKENZIE Vladimir Didenko EGOROV PUGINSKY AFANASIEV & PARTNERS Dmytro Donets DLA PIPER UKRAINE LLC Igor Dykunskyy BNT & PARTNER Julia Goptarenko CHALAS AND PARTNERS LAW FIRM Oleksandra Gorak DLA PIPER UKRAINE LLC Volodymyr Grabchak ARZINGER & PARTNERS Sergiy Gryshko CMS CAMERON MCKENNA Valeriia Gudiy ILYASHEV & PARTNERS
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WHITE & BLACK LEGAL LLP
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Isabel Abarno OLIVERA ABOGADOS Juan Achugar BANCO CENTRAL DEL URUGUAY Marta Alvarez ADMINISTRACIN NACIONAL DE USINAS Y TRANSMISIN ELCTRICA (UTE) Bernardo Amorn OLIVERA ABOGADOS Sebastin Arcia ARCIA STORACE FUENTES MEDINA ABOGADOS Cecilia Arias GUYER & REGULES, MEMBER OF LEX MUNDI Alicia Badanian ESTUDIO BERGSTEIN Fernando Bado ESTUDIO DR. MEZZERA Pablo Balao Gay PANALPINA WORLD TRANSPORT Martn Balmaceda ESTUDIO BERGSTEIN Leticia Barrios Bentancourt ESTUDIO BERGSTEIN Ady Beitler ESTUDIO BERGSTEIN Juan Bonet GUYER & REGULES, MEMBER OF LEX MUNDI Soa Borba SOFIA BORBA Virginia Brause JIMNEZ DE ARCHAGA, VIANA & BRAUSE Ricardo Marcelo Bregani ESTUDIO BLANCO & ETCHEVERRY Luis Burastero Servetto LUIS BURASTERO & ASOC. Martn Colombo FERRERE ABOGADOS Leonardo Couto JOSE MARIA FACAL & CO. Jorge De Vita JORGE DE VITA STUDIO Mara Durn HUGHES & HUGHES Maria Jose Echinope JIMNEZ DE ARCHAGA, VIANA & BRAUSE Noelia Eiras HUGHES & HUGHES Gabriel Ejgenberg ESTUDIO BERGSTEIN Pilar Etcheverry GUYER & REGULES, MEMBER OF LEX MUNDI Agustn Etcheverry Reyes ESTUDIO BLANCO & ETCHEVERRY Anala Fernndez ESTUDIO BERGSTEIN Javier Fernndez Zerbino BADO, KUSTER, ZERBINO & RACHETTI Hector Ferreira HUGHES & HUGHES Juan Federico Fischer FISCHER & SCHICKENDANTZ Federico Florin GUYER & REGULES, MEMBER OF LEX MUNDI Sergio Franco PWC URUGUAY Andres Fuentes ARCIA STORACE FUENTES MEDINA ABOGADOS
Diego Galante GALANTE & MARTINS Pablo Galmarini GALMARINI Enrique Garcia Pini ADMINISTRACIN NACIONAL DE USINAS Y TRANSMISIN ELCTRICA (UTE) Nelson Alfredo Gonzalez SDV URUGUAY Andrs Hessdrfer ARCIA STORACE FUENTES MEDINA ABOGADOS Marcela Hughes HUGHES & HUGHES Maria Ibarra STAVROS MOYAL Y ASOCIADOS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Ignacio Imas FERRERE ABOGADOS Ariel Imken SUPERINTENDENCIA DE SERVICIOS FINANCIEROS - BANCO CENTRAL DEL URUGUAY Alfredo Inciarte Blanco ESTUDIO PREZ DEL CASTILLO, INCIARTE, GARI ABOGADOS Richard Iturria BADO, KUSTER, ZERBINO & RACHETTI Elas Mantero OLIVERA ABOGADOS Enrique Martnez Schickendantz ASOCIACIN DE DESPACHANTES DE ADUANA DEL URUGUAY Leonardo Melos ESTUDIO BERGSTEIN Ricardo Mezzera ESTUDIO DR. MEZZERA Matilde Milicevic Santana EQUIFAX - CLEARING DE INFORMES Pamela Moreira FERRERE ABOGADOS Matias Morgare SDV URUGUAY Pablo Mosto ADMINISTRACIN NACIONAL DE USINAS Y TRANSMISIN ELCTRICA (UTE) Pablo Moyal STAVROS MOYAL Y ASOCIADOS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Agustin Muzio PWC URUGUAY Juan Martn Olivera OLIVERA ABOGADOS Mara Concepcin Olivera OLIVERA ABOGADOS Ricardo Olivera Garca OLIVERA ABOGADOS Federico Otegui PWC URUGUAY Domingo Pereira ESTUDIO BERGSTEIN Hugo Pereira ARCIA STORACE FUENTES MEDINA ABOGADOS Alli Rebollo STILER Alejandro Santi Estefan OLIVERA ABOGADOS Carolina Sarroca ARCIA STORACE FUENTES MEDINA ABOGADOS Eliana Sartori PWC URUGUAY Beatriz Spiess GUYER & REGULES, MEMBER OF LEX MUNDI
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Lynne H. Glass DESPACHO DE ABOGADOS MIEMBROS DE NORTON ROSE, S.C. Ybeth Gonzalez BAKER & MCKENZIE Andres Gonzalez Crespo CASAS RINCON GONZALEZ RUBIO & ASOCIADOS Diego Gonzalez Crespo CASAS RINCON GONZALEZ RUBIO & ASOCIADOS Enrique Gonzalez Rubio CASAS RINCON GONZALEZ RUBIO & ASOCIADOS Andres Felipe Guevara BAKER & MCKENZIE Alfredo Hurtado HURTADO ESTEBAN & ASOCIADOS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Maigualida Ill PWC VENEZUELA Enrique Itriago RODRIGUEZ & MENDOZA Gabriela Longo PALACIOS, ORTEGA Y ASOCIADOS Ana Lugo HOET PELAEZ CASTILLO & DUQUE Maritza Meszaros BAKER & MCKENZIE Patricia Milano Hernndez DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES Lorena Mingarelli Lozzi DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES John R. Pate DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES Thomas J. Pate Pez DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES Fernando Pelaez-Pier HOET PELAEZ CASTILLO & DUQUE Bernardo Pisani RODRIGUEZ & MENDOZA Juan Carlos Pr-Rsquez DESPACHO DE ABOGADOS MIEMBROS DE NORTON ROSE, S.C. Jos Alberto Ramirez HOET PELAEZ CASTILLO & DUQUE Francisco Seijas AMERICAS INTERACTIVA Laura Silva Aparicio HOET PELAEZ CASTILLO & DUQUE Ral Stolk Nevett HOET PELAEZ CASTILLO & DUQUE Oscar Ignacio Torres TRAVIESO EVANS ARRIA RENGEL & PAZ Sara Trimboli BAKER & MCKENZIE John Tucker HOET PELAEZ CASTILLO & DUQUE Carlos Velandia Sanchez ASOCIACIN VENEZOLANA DE DERECHO REGISTRAL AVEDER Jos Vivas
VANUATU DEPARTMENT OF ENVIRONMENTAL PROTECTION & CONSERVATION (DEPC)

ENTREPRISE DINH VAN TU FR8 LOGISTICS LTD. VANUATU FINANCIAL SERVICES COMMISSION
Barry Amoss SOUTH SEA SHIPPING LTD. Loc Bernier CAILLARD & KADDOUR Andy Cottam NATIONAL BANK OF VANUATU Frederic Derousseau VATE ELECTRICS David Hudson HUDSON & SUGDEN Jonathan Law LAW PARTNERS Colin B. Leo COLIN BRIGHT LEO LAWYERS Philippe Mehrenberger UNELCO Mark Pardoe SOUTH SEA SHIPPING LTD. Harold Qualao QUALAO CONSULTING LTD. QCL Katua Rezel DEPARTMENT OF LANDS, SURVEYS & RECORDS Martin Saint Hilaire CABINET AJC, AN INDEPENDENT CORRESPONDENT MEMBER OF DFK INTERNATIONAL Mark Stafford BARRETT & PARTNERS Mandes Tangaras MUNICIPALITY OF PORT VILA
UZBEKISTAN GLOBALINK LOGISTICS GROUP

PWC MONGOLIA PWC UZBEKISTAN UZBEKENERGO
Askar K. Abdusagatov OOO PROGRESS-DEVELOPMENT Mels Akhmedov BAS LAW FIRM Natalya Apukhtina SNR DENTON WILDE SAPTE & CO Renata Gafarova M&M Irina Gosteva SNR DENTON WILDE SAPTE & CO Nodir B. Hakimov EUROPEAN ELITE CONSTRUCTION Nail Hassanov LEGES ADVOKAT LAW FIRM Mouborak Kambarova SNR DENTON WILDE SAPTE & CO Babur Karimov GRATA LAW FIRM Khurshid Kasimdzhanov M&M Alisher T. Kasimov EUROPEAN ELITE CONSTRUCTION Nurali Eshibaevich Khalmuratov NATIONAL INSTITUTE OF CREDIT INFORMATION OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN Davron Khasanov MUKHAMEDJANOV & PARTNERS LAW FIRM Oscar Khusnullin HOLOS Tatyana Lee LEGALMAX LAW FIRM Ibrahim Mukhamedjanov MUKHAMEDJANOV & PARTNERS LAW FIRM Behruz Nizamutdinov M&M Valeriya Ok LEGALMAX LAW FIRM Mirzaaziz Ruziev GRATA LAW FIRM Azamat Salaev CHAMBER OF COMMERCE & INDUSTRY OF THE REPUBLIC OF UZBEKISTAN Alexander Samborsky NATIONAL CENTRE OF GEODESY & CARTOGRAPHY
VENEZUELA, RB
Jorge Acedo-Prato HOET PELAEZ CASTILLO & DUQUE Tamara Adrian ADRIAN & ADRIAN Juan Enrique Aigster HOET PELAEZ CASTILLO & DUQUE Servio T. Altuve Jr. SERVIO T. ALTUVE R. & ASOCIADOS Carlos Bachrich Nagy DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES Arturo De Sola Lander DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES Juan Domingo Cordero BAKER & MCKENZIE Carlos Domnguez Hernndez HOET PELAEZ CASTILLO & DUQUE Carlos Flores COMPUTEC - DATACRDITO VENEZUELA Selma Flores Ferreira Jose Garcia PWC VENEZUELA Jose Alfredo Giral BAKER & MCKENZIE
VIETNAM PANALPINA WORLD TRANSPORT LLP

Katrina Alday VILAF - HONG DUC LAW FIRM Hong Ngan Anh INDOCHINE COUNSEL Nguyen Anh Thu UNIVERSITY OF ECONOMICS AND BUSINESS, VNU
ACKNOWLEDGMENTS
269
Ken Atkinson GRANT THORNTON LLP Pham Nghiem Xuan Bac VISION & ASSOCIATES Pham Quoc Bao HO CHI MINH CITY POWER CORPORATION (EVN HCMC) Frederick Burke BAKER & MCKENZIE Samantha Campbell GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Giles Thomas Cooper DUANE MORRIS LLC Thi Thu Quyen Dang EPLEGAL Trong Hieu Dang VISION & ASSOCIATES Nguyen Dang Viet BIZCONSULT LAW FIRM Van Dinh Thi Quynh PWC VIETNAM Linh Do KTC ASSURANCE & BUSINESS ADVISORS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Linh Doan LVN & ASSOCIATES Ngoan Doan GRANT THORNTON LLP Dang The Duc INDOCHINE COUNSEL Minh Duong ALLENS ARTHUR ROBINSON Thanh Long Duong ALIAT LEGAL Tieng Thu Duong VISION & ASSOCIATES Huong Duong Thi Mai LUATVIET - ADVOCATES & SOLICITORS Ngoc Hai Ha BAKER & MCKENZIE Thu Ha Quang Ha Dang GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Giang Ha Thi Phuong PWC VIETNAM Kevin B. Hawkins MAYER BROWN JSM Hoa Hoang LVN & ASSOCIATES Tam Hoang KTC ASSURANCE & BUSINESS ADVISORS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL Nguyen Hoang Kim Oanh BAKER & MCKENZIE Bui Ngoc Hong INDOCHINE COUNSEL Le Hong Phong BIZCONSULT LAW FIRM Nguyen Thi Hong Van YKVN Tran Quang Huy VILAF - HONG DUC LAW FIRM Kim Ngoan Huynh GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Tuong Long Huynh GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Jean Claude Junin SDV LOGISTICS Hai Long Khuat INDOCHINE COUNSEL
Tho Khuc Duong LUATVIET - ADVOCATES & SOLICITORS Tran Trung Kien S&B LAW Matt King ASIAN TIGERS TRANSPO INTERNATIONAL LTD. Milton Lawson FRESHFIELDS BRUCKHAUS DERINGER Anh Tuan Le CREDIT INFORMATION CENTRE - STATE BANK OF VIETNAM Phuc Le Hong LUATVIET - ADVOCATES & SOLICITORS Thuy Le Nguyen Huy INDOCHINE COUNSEL Phuoc Le Van HO CHI MINH CITY POWER CORPORATION (EVN HCMC) Le Thi Loc YKVN Nguyen Phan Manh Long HUNG & PARTNERS Tien Ngoc Luu VISION & ASSOCIATES Le Thi Luyen HO CHI MINH CITY POWER CORPORATION (EVN HCMC) Tran Dinh Muoi SEAREFICO Duy Minh Ngo VB LAW Thuy Ngo Quang NT TRADE LAW LLC Bui Thi Thanh Ngoc DS AVOCATS Dao Nguyen MAYER BROWN JSM Duy Ninh Nguyen NAM TIEN ARCHITECTURE & CONSULTANTS Hong Hai Nguyen DUANE MORRIS LLC Huong Nguyen MAYER BROWN JSM Khai Nguyen GRANT THORNTON LLP Linh D. Nguyen VILAF - HONG DUC LAW FIRM Minh Tuan Nguyen VIET PREMIER LAW LTD. Oanh Nguyen BAKER & MCKENZIE Quoc Phong Nguyen ALIAT LEGAL Thanh Hai Nguyen BAKER & MCKENZIE Tien Hoa Nguyen S&B LAW Trang Nguyen CREDIT INFORMATION CENTRE - STATE BANK OF VIETNAM Tram Nguyen Huyen GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Tam Nguyen Tinh GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Long Nguyen Vinh LUATVIET - ADVOCATES & SOLICITORS Eddie OShea MAYER BROWN JSM Hung Duy Pham KTC ASSURANCE & BUSINESS ADVISORS - MEMBER OF RUSSELL BEDFORD INTERNATIONAL
Viet D. Phan LUATPVD Vu Anh Phan INDOCHINE COUNSEL Hyunh Truong Que Phuong PRIME CONSTRUCTION & TRADING CO, LTD. Cristian Predan Truong Nhat Quang YKVN Nguyen Que Tam CHEN SHAN & PARTNERS Yee Chung Seck BAKER & MCKENZIE Chau Ta DFDL MEKONG LAW GROUP Tran Thi Than Niem DFDL MEKONG LAW GROUP Le Thi Nhat Linh BAN MAI CO. LTD. Nhung Thieu Hong PWC VIETNAM Tan Heng Thye CHEN SHAN & PARTNERS Antoine Toussaint GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Binh Minh Tran VIETIN BANK Chi Anh Tran BAKER & MCKENZIE Quang Tuong Tran INDOCHINE COUNSEL Bac Tran Phuong LUATVIET - ADVOCATES & SOLICITORS Nguyen Thu Trang S&B LAW Nam Hoai Truong INDOCHINE COUNSEL Vo Huu Tu INDOCHINE COUNSEL Nguyen Anh Tuan DP CONSULTING LTD. Ngo Thanh Tung VILAF - HONG DUC LAW FIRM Chi Vo Ngoc Phuong GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Anh Thu Vu MAYER BROWN LLP Dzung Vu LVN & ASSOCIATES Thang Vu BAKER & MCKENZIE Le Vu Anh PWC VIETNAM Son Ha Vuong VISION & ASSOCIATES Matthew Williams MAYER BROWN JSM
Mohammad Amarneh Moayad Amouri PW C Nada Atrash ARCHITECTURE & DESIGN Hanna Atrash CMG Nizam Ayoob MINISTRY OF NATIONAL ECONOMY Ali Faroun PALESTINIAN MONETARY AUTHORITY George Handal BETHLEHEM FREIGHT Samir Hulileh PADICO HOLDINGS Hiba I. Husseini HUSSEINI & HUSSEINI Mohamed Khader LAUSANNE TRADING CONSULTANTS Zahi Khouri NATIONAL BEVERAGES COMPANY Munib Masri PADICO HOLDINGS Nabil A. Mushahwar LAW OFFICES OF NABIL A. MUSHAHWAR Absal Nusseibeh HUSSEINI & HUSSEINI Michael F. Orfaly PW C Wael Saadi PW C Samir Sahhar OFFICE OF SAMIR SAHHAR Nadeem Shehadeh A.F. & R. SHEHADEH LAW OFFICE Maysa Sirhan PALESTINIAN MONETARY AUTHORITY
Yousra Salem LUQMAN LEGAL ADVOCATES & LEGAL CONSULTANTS Khaled Mohammed Salem Ali LUQMAN LEGAL ADVOCATES & LEGAL CONSULTANTS Muhammad Saqib MOHAMED TAHA HAMOOD & CO. Khaled Hassan Zaid YEMEN CHAMBER OF SHIPPING
ZAMBIA
Chewe K. Bwalya D.H. KEMP & CO. Mwelwa Chibesakunda CHIBESAKUNDA & COMPANY, MEMBER OF DLA PIPER GROUP Sydney Chisenga CORPUS LEGAL PRACTITIONERS Emmanuel Chisenga Chulu PWC ZAMBIA Eddie Musonda Chunga MINISTRY OF LAND Harjinder Dogra PWC ZAMBIA Arshad A. Dudhia MUSA DUDHIA & COMPANY Robin Durairajah CHIBESAKUNDA & COMPANY, MEMBER OF DLA PIPER GROUP Charles Haanyika UTILINK LIMITED Diane Harrington SDV LOGISTICS Mubanga Kangwa CHIBESAKUNDA & COMPANY, MEMBER OF DLA PIPER GROUP Mutale Kasonde CHIBESAKUNDA & COMPANY, MEMBER OF DLA PIPER GROUP Mumba Makumba PACRA Sylvester Mashamba NATIONAL COUNCIL FOR CONSTRUCTION Clyde Mbazima CHIBESAKUNDA & COMPANY, MEMBER OF DLA PIPER GROUP Bonaventure Mbewe BARCLAYS BANK Jyoti Mistry PWC ZAMBIA Gerald Mkandawire SDV LOGISTICS Mwape Mondoloka BARCLAYS BANK Michael Mwape Moono Mutule Museba CORPUS LEGAL PRACTITIONERS Eustace Ngoma CHIBESAKUNDA & COMPANY, MEMBER OF DLA PIPER GROUP Kanti Patel CHRISTOPHER, RUSSELL COOK & CO. Solly Patel CHRISTOPHER, RUSSELL COOK & CO. Aleksandar Perunicic SDV LOGISTICS Rodwyn Peterson CHIBESAKUNDA & COMPANY, MEMBER OF DLA PIPER GROUP Miriam Sabi ZRA-CUSTOMER SERVICE CENTER John Serlemitsos PLATINUM GOLD EQUITY Valerie Sesia CUSTOMIZED CLEARING AND FORWARDING LTD.
YEMEN, REP.
Khalid Abdullah SHEIKH MOHAMMED ABDULLAH SONS (EST. 1927) Tariq Abdullah LAW OFFICES OF SHEIKH TARIQ ABDULLAH Shaq Adat LAW OFFICES OF SHEIKH TARIQ ABDULLAH Khaled Al Buraihi KHALED AL BURAIHI FOR ADVOCACY & LEGAL SERVICES Yaser Al-Adimi ABDUL GABAR A. AL-ADIMI FOR CONSTRUCTION & TRADE Hamzah Al-Anesi DR. HAMZAH SHAHER LAW FIRM Mohamed Taha Hamood Al-Hashimi MOHAMED TAHA HAMOOD & CO. Abdulkader Al-Hebshi ADVOCACY AND LEGAL CONSULTATIONS OFFICE (ALCO) Ali Al-Hebshi ADVOCACY AND LEGAL CONSULTATIONS OFFICE (ALCO) Rashad Khalid Al-Howiadi Mohamed Ali MAS FREIGHT INTERNATIONAL Abdulla Farouk Luqman LUQMAN LEGAL ADVOCATES & LEGAL CONSULTANTS Esam Nadeesh ADVOCACY AND LEGAL CONSULTATIONS OFFICE (ALCO) Sami Abdullah Sabeha SAS FOR CARGO SERVICES
WEST BANK AND GAZA

Kareem Abdel Hadi JEDICO Hani Abdel Jaldeh Salha Aboushi PWC Murad Abu Mwis MINISTRY OF NATIONAL ECONOMY Ata Al Biary Haytham L. Al-Zubi AL-ZUBI LAW OFFICE, ADVOCATES & LEGAL CONSULTANTS
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Juliana Shoko Chilombo MINISTRY OF LAND Mildred Stephenson CREDIT REFERENCE BUREAU AFRICA LTD. Johannas Steyn APOLLO ENTERPRISES LTD. Liu Yang SDV LOGISTICS Enos Zulu PACRA
Peter Cawood PWC ZIMBABWE Innocent Chagonda ATHERSTONE & COOK Benjamin Chikowero GUTU & CHIKOWERO Grant Davies MANICA AFRICA PTY. LTD. Beloved Dhlakama DHLAKAMA B. ATTORNEYS Paul Fraser LOFTY & FRASER Obert Chaurura Gutu GUTU & CHIKOWERO R.T. Katsande ZIMBABWE ELECTRICITY TRANSMISSION & DISTRIBUTION COMPANY Peter Lloyd GILL, GODLONTON & GERRANS
Manuel Lopes PWC ZIMBABWE Memory Mafo SCANLEN & HOLDERNESS Mordecai Pilate Mahlangu GILL, GODLONTON & GERRANS Vimbai Makora GUTU & CHIKOWERO Gertrude Maredza GUTU & CHIKOWERO David Masaya PWC ZIMBABWE Gloria Mawarire MAWERE & SIBANDA LEGAL PRACTITIONERS Jim McComish PEARCE MCCOMISH ARCHITECTS
Lloyd Mhishi DUBE, MANIKAI AND HWACHA LEGAL PRACTITIONERS - DMH COMMERCIAL LAW CHAMBERS Honour P. Mkushi SAWYER & MKUSHI Evans Talent Moyo SCANLEN & HOLDERNESS Sternford Moyo SCANLEN & HOLDERNESS Alec Muchadehama MBIDZO MUCHADEHAMA & MAKONI Benjamin Mukandi FREIGHT WORLD (PVT) LTD. T. Muringani SPEARTEC Ostern Mutero SAWYER & MKUSHI
Alec Tafadzwa Muza MAWERE & SIBANDA LEGAL PRACTITIONERS Namatirai Muzarakuza GUTU & CHIKOWERO Phathisile Paula Ncube MAWERE & SIBANDA LEGAL PRACTITIONERS Maxwell Ngorima BDO TAX & ADVISORY SERVICES (PVT) LTD. Vanani Nyangulu V.S. NYANGULU & ASSOCIATES Archford Rutanhira SCANLEN & HOLDERNESS Unity Sakhe KANTOR & IMMERMAN
ZIMBABWE BCHOD AND PARTNERS

Richard Beattie THE STONE/BEATTIE STUDIO Tim Boulton MANICA AFRICA PTY. LTD.
WWW.DOINGBUSINESS.ORG
Doin Doing Bu n s Business
CO AR MP
Doing business in a more transparent world
COMPARING REGULATION IN 183 ECONOMIES
ING REG UL ATI ON IN 175 ECO NO MIE S
DOING BUSINESS 2013

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2007
C O M PA R I N G R E G U L AT I O N F O R D O M E S T I C F I R M S I N 1 8 3 E C O N O M I E S
2008 2006
2010
2004
2013
10TH EDITION
ISBN 978-0-8213-9615-5
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DOING BUSINESS 2013

Smarter Regulations for Small and Medium-Size Enterprises

COMPARING BUSINESS REGULATIONS FOR DOMESTIC FIRMS IN 185 ECONOMIES

Smarter Regulations for Small and Medium-Size Enterprises

COMPARING BUSINESS REGULATIONS FOR DOMESTIC FIRMS IN 185 ECONOMIES

98 101 106 131 135 145 207 216

DOING BUSINESS 2013

Business regulatory practices have been slowly converging as economies with

Among the categories of business regulatory practices measured by Doing Business,

DOING BUSINESS 2013

WHAT ARE SMART RULES FOR BUSINESSES?

WHO NARROWED THE REGULATORY GAP IN 2011/12?

TABLE 1.1 Rankings on the ease of doing business

DOING BUSINESS 2013

Eastern Europe & Central Asia

29 OECD high income

Strength of legal institutions

Size of bubble reflects number of economies

East Asia & Pacific

Middle East & North Africa

Complex and expensive

Complexity and cost of regulatory processes

Simple and inexpensive

55 81 137 154 159 110 76 78 86 49

Average of highest 3 topic rankings

DOING BUSINESS 2013

WHO HAS NARROWED THE GAP OVER THE LONG RUN?

East Asia & Pacific

OECD Eastern Europe high income & Central Asia

DOING BUSINESS 2013

Enforcing Protecting Getting Resolving contracts investors credit insolvency

50 0 2005 2006 2007 2008 2009 2010 2011 2012

DOING BUSINESS 2013

Strength of legal institutions

40 30 Weaker 20 20 30 40 Complex and expensive

80 90 100 Simple and inexpensive

Complexity and cost of regulatory processes

strengthened the process of resolving insolvency.

IN WHAT AREAS IS THE GAP NARROWING THE MOST?

FIGURE 1.8 Strong convergence across economies since 2005

WHAT IS THE IMPACT ON ECONOMIC OUTCOMES?

DOING BUSINESS 2013

Strength of legal institutions

Lower middle income

Qatar Oman Bahrain United Arab Emirates

Iran, Islamic Rep.

Syrian Arab Republic Iraq Complexity and cost of regulatory processes

Complex and expensive

Simple and inexpensive

106 91 88 135 86 31 104b 103 96 40 108 50 16 10 122 92 67

Making it easy to register property Making it easy to get credit

123 105 55 73 60 53 46 43 30 28 156 74 48 149e 133 71f 121g 82 19 109 107 94 82

DOING BUSINESS 2013

Bangladesh Rwanda -3 -2 Years before reform -1 0 1 2 Years after reform 3

WHATS NEW IN THIS YEARS REPORT?

About Doing Business: measuring for impact

DOING BUSINESS 2013

WHAT DOING BUSINESS COVERS

ADAPTABLEregulations that adapt to changes in the environment

ABOUT DOING BUSINESS: MEASURING FOR IMPACT