World Bank Report - Business Transparency

2012

Doing business in a more transparent world

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

© 2012 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington, DC 20433 Telephone 202-473-1000 Internet www.worldbank.org All rights reserved. 1 2 3 4 08 07 06 05 A copublication of The World Bank and the International Finance Corporation. This volume is a product of the staff of the World Bank Group. The ﬁndings, interpretations and conclusions expressed in this volume do not necessarily reﬂect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-5222422; e-mail: pubrights@worldbank.org. Additional copies of Doing Business 2012: Doing Business in a More Transparent World, Doing Business 2011: Making a Difference for Entrepreneurs, Doing Business 2010: Reforming through Difficult Times, Doing Business 2009, Doing Business 2008, Doing Business 2007: How to Reform, Doing Business in 2006: Creating Jobs, Doing Business in 2005: Removing Obstacles to Growth and Doing Business in 2004: Understanding Regulations may be purchased at www.doingbusiness.org. ISBN: 978-0-8213-8833-4 E-ISBN: 978-0-8213-8834-1 DOI: 10.1596/978-0-8213-8833-4 ISSN: 1729-2638 Printed in the United States

2012

Doing business in a more transparent world

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
A COPUBLICATION OF THE WORLD BANK AND THE INTERNATIONAL FINANCE CORPORATION

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DOING BUSINESS 2012

THE DOING BUSINESS WEBSITE Current features News on the Doing Business project http://www.doingbusiness.org Rankings How economies rank—from 1 to 183 http://www.doingbusiness.org/Rankings Doing Business reforms Short summaries of DB2011 reforms, lists of reforms since DB2008 http://www.doingbusiness.org/Reforms Historical data Customized data sets since DB2004 http://www.doingbusiness.org/Custom-Query Methodology and research The methodology and research papers underlying Doing Business http://www.doingbusiness.org/Methodology http://www.doingbusiness.org/Research

Download reports Access to Doing Business reports as well as subnational and regional reports, reform case studies and customized economy and regional proﬁles http://www.doingbusiness.org/Reports Subnational and regional projects Differences in business regulations at the subnational and regional level http://www.doingbusiness.org/Subnational-Reports Law library Online collection of laws and regulations relating to business and gender issues http://www.doingbusiness.org/Law-library http://wbl.worldbank.org Local partners More than 9,000 specialists in 183 economies who participate in Doing Business http://www.doingbusiness.org/Local-Partners/ Doing-Business Business Planet Interactive map on the ease of doing business

http://rru.worldbank.org/businessplanet

Doi Doing B Business
2012
Contents v 1 16 26 26 29 32 35 38 41 62 65 77 140 148 Preface Executive summary About Doing Business: measuring for impact Economy case studies Korea: better business regulation and improved competitiveness FYR Macedonia: major changes spurred by regional integration Mexico: unleashing regulatory reform at the local level The United Kingdom: rethinking regulation References Data notes Ease of doing business and distance to frontier Summaries of Doing Business reforms in 2010/11 Country tables Employing workers data Acknowledgments

Doing Business 2012 is the ninth 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 regulation and the protection of property rights that can be compared across 183 economies—from Afghanistan to Zimbabwe—and 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 (formerly closing a business) and employing workers. The employing workers data are not included in this year’s ranking on the ease of doing business.

Data in Doing Business 2012 are current as of June 1, 2011. The indicators are used to analyze economic outcomes and identify what reforms of business regulation have worked, where and why. Chapters exploring these issues for each of the 11 Doing Business topics—as well as showing global trends—are being published online this year. The chapters are available on the Doing Business website at http:/ /www.doingbusiness.org. The methodology for the dealing with construction permits, getting credit and paying taxes indicators changed for Doing Business 2012. See the data notes for details.

v

Preface

Enabling private sector growth—and ensuring that poor people can participate in its beneﬁts— requires a regulatory environment where new entrants with drive and good ideas, regardless of their gender or ethnic origin, can get started in business and where ﬁrms can invest and grow, generating more jobs. Doing Business 2012 is the ninth in a series of annual reports benchmarking the regulations that enhance business activity and those that constrain it. The report presents quantitative indicators on business regulation and the protection of property rights for 183 economies—from Afghanistan to Zimbabwe. The data are current as of June 2011. A fundamental premise of Doing Business is that economic activity requires good rules—rules that establish and clarify property rights and reduce the cost of resolving disputes; rules that increase the predictability of economic interactions and provide contractual partners with certainty and protection against abuse. The objective is regulations designed to be efficient, accessible to all and simple in their implementation. In some areas Doing Business gives higher scores for regulation providing stronger protection of investor rights, such as stricter disclosure requirements in related-party transactions. Doing Business takes the perspective of domestic, primarily smaller companies and measures the regulations applying to them through their life cycle. This year’s report ranks economies on the basis of 10 areas of regulation—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 (formerly closing a business). In addition, data are presented for regulations on employing workers. Doing Business is limited in scope. It does not attempt to measure all costs and beneﬁts of a particular law or regulation to society as a whole. Nor does it measure all aspects of the business environment that matter to ﬁrms and investors or affect the competitiveness of an economy. Its aim is simply to supply business leaders and policy makers with a fact base for informing policy making and to provide open data for research on how business regulations and institutions affect such economic outcomes as productivity, investment, informality, corruption, unemployment and poverty. Through its indicators, Doing Business has tracked changes to business regulation around the world, recording more than 1,750 improvements since 2004. Against the backdrop of the global ﬁnancial and economic crisis, policy makers around the world continue to reform business regulation at the level of the ﬁrm, in some areas at an even faster pace than before. These continued efforts prompt questions: How has business regulation changed around the world—and how have the changes affected ﬁrms and economies? Drawing on a now longer time series, the report introduces a measure to illustrate how the regulatory environment for business has changed in absolute terms in each economy over the 6 years since Doing Business 2006 was published in 2005. The “distance to frontier” measure, which assesses the level of change in each economy’s regulatory environment as measured by Doing Business, complements the aggregate ranking on the ease of doing business, which benchmarks each economy’s current performance on the indicators against that of all other economies in the

vi

DOING BUSINESS 2012

Doing Business sample (for more detail, see the chapter on the ease of doing business and distance to frontier). There still remains an unﬁnished agenda for research into what regulations constitute binding constraints, what package of regulatory reforms is most effective and how these issues are shaped by the context in an economy. To stimulate new research in this area, Doing Business plans a conference for the fall of 2012. Its aim will be to deepen our understanding of the connections between business regulation reforms and broader economic outcomes. Doing Business would not be possible without the expertise and generous input of a network of more than 9,000 local experts, including lawyers, business consultants, accountants, freight forwarders, government officials and other professionals routinely administering or advising on the relevant legal and regulatory requirements in the 183 economies covered. In particular, the Doing Business team would like to thank its global contributors: Allen & Overy LLP; Baker & McKenzie; Cleary Gottlieb Steen & Hamilton LLP ; Ernst & Young; Ius Laboris, Alliance of Labor, Employment, Beneﬁts 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 Toboc Inc. The project also beneﬁted throughout the past year from advice and input from governments and policy makers around the world. In particular, the team would like to thank the governments of the Republic of Korea, the former Yugoslav Republic of Macedonia, Mexico and the United Kingdom for providing input and feedback on the economy case studies. The team would also like to thank the more than 60 governments that contributed detailed information on business regulation reforms in 2010/11. This volume is a product of the staff of the World Bank Group. The team would like to thank all World Bank Group colleagues from the regional departments and networks for their contributions to this effort.

Janamitra Devan Vice President and Head of Network Financial & Private Sector Development The World Bank Group

1

Executive summary

Over the past year a record number of governments in Sub-Saharan Africa changed their economy’s regulatory environment to make it easier for domestic ﬁrms to start up and operate. In a region where relatively little attention was paid to the regulatory environment only 8 years ago, regulatory reforms making it easier to do business were implemented in 36 of 46 economies between June 2010 and May 2011. That represents 78% of economies in the region, compared with an average of 56% over the previous 6 years (ﬁgure 1.1). Worldwide, regulatory reforms aimed at streamlining such processes as starting a business, registering property or dealing with construction permits are still the most common. But more and more economies are focusing their reform efforts on strengthening legal institutions such as courts and insolvency regimes and enhancing legal protections of investors and property rights. This shift has been particularly pronounced in low- and lower-middle-income economies,
FIGURE 1.1

where 43% of all reforms recorded by Doing Business in 2010/11 focused on aspects captured by the getting credit, protecting investors, enforcing contracts and resolving insolvency indicators (ﬁgure 1.2). Overall in 2010/11, governments in 125 economies implemented 245 institutional and regulatory reforms as measured by Doing Business—13% more than in the previous year (box 1.1). A faster pace of regulatory reform is good news for entrepreneurs in developing economies. Starting a business is a leap of faith under any circumstances. For the poor, starting a business or ﬁnding a job is an important way out of poverty.1 In most parts of the world small and medium-size businesses are often the main job creators.2 Yet entrepreneurs in developing economies tend to encounter greater obstacles than their counterparts in high-income economies. Finding qualiﬁed staff and dealing with lack of adequate infrastructure are among the challenges. Overly burdensome regulations and inefficient institutions that

discourage the creation and expansion of businesses compound the problems. Through indicators benchmarking 183 economies, Doing Business measures and tracks changes in the regulations applying to domestic companies in 11 areas in their life cycle (box 1.2). A fundamental premise of Doing Business is that economic activity requires good rules that are transparent and accessible to all. Such regulations should be efficient, striking a balance between safeguarding some important aspects of the business environment and avoiding distortions that impose unreasonable costs on businesses. Where business regulation is burdensome and competition limited, success depends more on whom you know than on what you can do. But where regulations are relatively easy to comply with and accessible to all who need to use them, anyone with talent and a good idea should be able to start and grow a business in the formal sector.

A large number of economies in Sub-Saharan Africa reformed business regulation in 2010/11 Share of economies with at least 1 Doing Business reform making it easier to do business

88% OECD high income 68% Middle East 61% & North Africa 78% 53% Latin America & Caribbean Sub-Saharan Africa

Eastern Europe & Central Asia 63%

Share of economies in Sub-Saharan Africa Business with at least 1 Doing Business reform making it easier to do business (%) by Doing Business report year
78 67 61 52 33 63 59

South Asia

East Asia 58% & Pacific

This map was produced by the Map Design Unit of The World Bank. The boundaries, colors, denominations and any other information shown on this map do not imply, on the part of The World Bank Group, any judgment on the legal status of any territory, or any endorsement or acceptance of such boundaries.

6

7

8

DB

Source: Doing Business database.

DB

0 20 11 DB 20 12 DB

20 0

20 0

20 0

20 0

9

DB

DB

DB

20 1

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DOING BUSINESS 2012

Across regions, entrepreneurs in developing economies face a regulatory environment that is on average less business-friendly than those in OECD high-income economies. This means costlier and more bureaucratic procedures to start a business, deal with construction permits, register property, trade across borders and pay taxes. Getting an electricity connection, a new dimension in this year’s ease of doing business ranking, costs more on average in Sub-Saharan Africa than in any other part of the world—more than 5,400% of income per capita (the average in OECD high-income economies is 93% of income per capita). Local businesses complete more complex formalities to get an electricity connection in many Eastern European and Central Asian economies than anywhere else in the world. But it is not just about complex formalities or red tape. A less business-friendly regulatory environment also means weaker legal protections of minority shareholders and weaker collateral laws and institutions such as courts, credit bureaus and collateral registries. Globally, more efficient regulatory processes often go hand in hand with stronger legal institutions and property rights protections. There is an association between the strength of legal institutions and property rights protections in an economy as captured by several sets of Doing Business indicators (getting credit, protecting investors, enforcing contracts and resolving insolvency) and the complexity and cost of regulatory processes as captured by several others (starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders). OECD high-income economies, by a large margin, have the world’s most business-friendly environment on both dimensions (ﬁgure 1.3). At the other end of the spectrum, economies in Sub-Saharan Africa and South Asia are most likely to have both weaker legal institutions and more complex regulatory processes as measured by Doing Business. Some regions break away from the general trend. One is the Middle East and North Africa, a region where reform efforts over the past 6 years have focused mainly on simplifying regulation. Today economies in the region often combine relatively weaker legal institutions

FIGURE 1.2

In 2010/11 economies worldwide increasingly focused reform efforts on strengthening legal institutions and property rights protections Doing Business reforms making it easier to do business by type
Reforms strengthening legal institutions Reforms increasing efficiency of regulatory processes Number of reforms 65% 67% 36% 24% 42% 28% 46% 18% 2010/11 2009/10 64% 76% 58% 72% 54% 82%

High income

35% 33%

51 53 63 65 81 57 50 41

Upper middle income

Lower middle income

Low income

Note: Reforms strengthening legal institutions are those in the areas of getting credit, protecting investors, enforcing contracts and resolving insolvency. Reforms increasing efﬁciency of regulatory processes are those in the areas of starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders. Source: Doing Business database.

BOX 1.1 Key ﬁndings in this year’s report • In Sub-Saharan Africa 36 of 46 governments improved their economy’s regulatory environment for domestic businesses in 2010/11—a record number since 2005. This is good news for entrepreneurs in the region, where starting and running a business is still costlier and more complex than in any other region of the world.

• Worldwide, 125 economies implemented 245 reforms making it easier to do business in 2010/11,
13% more than in the previous year. In low- and lower-middle-income economies a greater share of these changes were aimed at strengthening courts, insolvency regimes and investor protections than in earlier years. The pickup in the pace of regulatory reform is especially welcome for small and medium-size businesses, the main job creators in many parts of the world.

• Against the backdrop of the global ﬁnancial and economic crisis, more economies strengthened their insolvency regime in 2010/11 than in any previous year. Twenty-nine economies implemented insolvency reforms, up from 16 the previous year and 18 the year before. Most were OECD high-income economies or in Eastern Europe and Central Asia. Research has shown that effective insolvency systems can inﬂuence the cost of debt, access to credit, and both the ability of an economy to recover from a recession and the speed of its recovery.

• New data show the importance of access to regulatory information. Fee schedules, documentation requirements and information relating to commercial cases and insolvency proceedings are most easily accessible in OECD high-income economies and least accessible in Sub-Saharan Africa and the Middle East and North Africa. The rise in e-government initiatives around the world provides an opportunity to increase access to information and transparency.

• A new measure shows that over the past 6 years, 94% of 174 economies covered by Doing Business have made their regulatory environment more business-friendly. These economies moved closer to the “frontier,” a synthetic measure based on the most business-friendly regulatory practices across 9 areas of business regulation—from starting a business to resolving insolvency.

• A broad, sustained approach to managing business regulation is common among the 20 economies that have the most business-friendly regulatory environment today and among those that made the greatest progress toward the “frontier” over the past 6 years. This year’s report highlights the experiences of the Republic of Korea, the former Yugoslav Republic of Macedonia, Mexico and the United Kingdom. Korea just joined the top 10 economies on the ease of doing business after streamlining business entry, tax administration and contract enforcement. FYR Macedonia is among the economies that improved the most in the ease of doing business over the past year.

• The economies that improved the most in the ease of doing business in 2010/11—with improvements in 3 or more areas of regulation measured by Doing Business—are Morocco, Moldova, FYR Macedonia, São Tomé and Príncipe, Latvia, Cape Verde, Sierra Leone, Burundi, the Solomon Islands, Korea, Armenia, and Colombia.

EXECUTIVE SUMMARY

3

FIGURE 1.3

Stronger legal institutions and property rights protections are associated with more efﬁcient regulatory processes Average ranking on sets of Doing Business indicators
Weaker legal institutions but less expensive regulatory processes Weaker legal institutions and more expensive regulatory processes

Weaker

Strength of legal institutions

Middle East & North Africa 93 East Asia & Pacific OECD high income 30 Stronger legal institutions and less expensive regulatory processes Simple and inexpensive

Latin America & Caribbean 95 87 117

137

Sub-Saharan Africa

South Asia

in education and training are critical. These investments typically take time to bear fruit. But economies that have made the transition from developing to high-income status have generally done so by boosting the skills and capabilities of their labor force. A critical way for policy makers to encourage entrepreneurship is by creating a regulatory environment conducive to the creation and growth of businesses—one that promotes rather than inhibits competition.4

77

Eastern Europe & Central Asia

OPPORTUNITIES FOR GREATER ACCESS TO INFORMATION IN BUSINESS REGULATION
Institutions play a major role in private sector development. Courts, registries, tax agencies and credit information bureaus are essential to make markets work. How efficient and transparent they are matters greatly to business. To improve the efficiency of processes and institutions, governments around the world—regardless of national income level—are making greater use of technology. More than 100 of the 183 economies covered by Doing Business use electronic systems for services ranging from business registration to customs clearance to court ﬁlings.5 This saves time and money for business and government alike. It also provides new opportunities to increase transparency as well as to facilitate access to information and compliance with regulation. But not all economies take advantage of the opportunities for openness provided by the new technologies. And at times ﬁscal constraints and budgetary priorities have prevented faster adoption of the latest technologies to improve the quality of public services. This year Doing Business researched how businesses can access information essential for complying with regulations and formalities, such as documentation requirements for trade or fee schedules for business start-up, construction permitting or electricity connections. Because some economies lack fully developed information technology infrastructure, the research also explored whether economies used other means to make such information easily accessible, such as posting fee schedules at the relevant agency or disseminating them through public notices.

Stronger

Stronger legal institutions but more expensive regulatory processes Complexity and cost of regulatory processes Complex and expensive

Note: Strength of legal institutions refers to the average ranking in getting credit, protecting investors, enforcing contracts and resolving insolvency. Complexity and cost of regulatory processes refers to the average ranking in starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders. The size of the bubble reﬂects the number of economies in each region and the number is the average ranking on the ease of doing business for the region. Correlation results for individual economies are signiﬁcant at the 1% level after controlling for income per capita. Source: Doing Business database.

BOX 1.2 Measuring regulation through the life cycle of a local business This year’s aggregate ranking on the ease of doing business is based on indicator sets that measure and benchmark regulations affecting 10 areas in the life cycle of a business: 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, which are not included in this year’s aggregate ranking. Doing Business encompasses 2 types of data and indicators. One set of indicators focuses on the strength of property rights and investor protections as measured by the treatment of a case scenario according to the laws and regulations on the books. Doing Business gives higher scores for stronger property rights and investor protections, such as stricter disclosure requirements in related-party transactions. The second set of indicators focuses on the cost and efficiency of regulatory processes such as starting a business, registering property and dealing with construction permits. 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 all relevant regulations. Any interaction of the company with external parties such as government agencies counts as 1 procedure. Cost estimates are recorded from official fee schedules where these apply. For a detailed explanation of the Doing Business methodology, see the data notes and the chapter “About Doing Business: measuring for impact.”

with relatively more efficient regulatory processes. In Eastern Europe and Central Asia, by contrast, economies have on average slightly stronger legal institutions and less efficient regulatory processes. In this region reform efforts over the past 6 years have put greater emphasis on strengthening legal institutions and protection of property rights than those in the Middle East and North Africa.3

Policy makers worldwide recognize the role that entrepreneurs play in creating economic opportunities for themselves and for others, and often take measures to improve the investment climate and boost productivity growth. Investments in infrastructure—ports, roads, telecommunications—are seen as a vital ingredient of private sector development. In an increasingly complex global economy, investments

4

DOING BUSINESS 2012

The ﬁndings are striking. In the majority of economies in Sub-Saharan Africa and the Middle East and North Africa, obtaining such information requires a meeting with an official. In all OECD high-income economies documentation requirements for trade are accessible online, at an agency or through public notices (ﬁgure 1.4). In the Middle East and North Africa this is the case in only about 30% of economies, and in Sub-Saharan Africa in less than 50% of economies. Documentation requirements for building permits are available online or through public notices in only about 40% of economies in these 2 regions. Easier access to fee schedules and lower fees tend to go hand in hand. In economies where fee schedules are easily accessible, starting a business costs 18% of income per capita on average; where they are not, it costs 66% of income per capita on average (ﬁgure 1.5). Beyond information that businesses need to comply with regulation, institutions such as courts provide information that helps increase transparency in the marketplace. Efficient and fair courts are essential for creating the trust needed for businesses to build

WHAT WERE THE TRENDS IN BUSINESS REGULATION REFORMS AROUND THE WORLD IN 2010/11? In Sub-Saharan Africa measures to improve the regulatory environment for local businesses in 2010/11 included the ﬁrst overhaul of a body of harmonized commercial laws in the region. The legal reform by the Organization for the Harmonization of Business Law in Africa (OHADA) required the consensus of its 16 member states.1 This ﬁrst stage simpliﬁed business entry and strengthened secured transaction laws. Overall in Sub-Saharan Africa, regulatory reform agendas have been broadening. Thirteen economies implemented reforms making it easier to do business in 3 or more areas measured by Doing Business— from business entry to exit—including postconﬂict economies such as Burundi, Liberia and Sierra Leone. South Africa introduced a new company act streamlining business incorporation and a new reorganization procedure facilitating the rehabilitation of ﬁnancially distressed companies. Against the backdrop of the global economic and ﬁnancial crisis, changes to insolvency regimes continued across Europe and among OECD high-income economies elsewhere.2 Worldwide, 29 economies improved insolvency regimes in 2010/11, more than in any previous year. These included Austria, Denmark, France, Italy, Poland, Slovenia and Switzerland as well as Bulgaria, Latvia, Lithuania, the former Yugoslav Republic of Macedonia, Moldova, Montenegro, Romania, Serbia and Ukraine. Iceland tightened approval requirements for related-party transactions. Greece, Portugal and Spain simpliﬁed business start-up. In other regions the pace of regulatory reform was uneven. In the Middle East and North Africa 61% of economies implemented regulatory changes making it easier to do business. In Latin America and the Caribbean the 3 economies with the most business-friendly regulatory environments, Chile, Peru and Colombia, made them more so—each through regulatory reforms in 3 areas measured by Doing Business. But there were no such reforms in Ecuador or the majority of the Caribbean states.3 Malaysia was one of the economies that took the lead in East Asia and the Paciﬁc, introducing electronic ﬁling in its courts, setting up specialized civil and commercial courts in Kuala Lumpur and merging company, tax, social security and employment fund registrations at the one-stop shop for business start-up. Several small island states—the Solomon Islands, Tonga and Vanuatu—implemented regulatory reforms in 3 or more areas, often supported by donor programs. In South Asia the pace of regulatory reform remained steady over the past year. Sri Lanka and Bhutan were the most active. Sri Lanka implemented tax changes and tightened disclosure requirements for transactions involving a conﬂict of interest. Bhutan launched a public credit registry and streamlined business start-up.
1. OHADA is a system of common business laws and implementing institutions adopted by treaties among 16 West and Central African nations. It was created by 14 initial member economies on October 17, 1993, in Port Louis, Mauritius. 2. According to the International Monetary Fund (IMF 2009), the ﬁnancial crisis resulted in a sharp increase in corporate and household defaults and ﬁrm bankruptcies. 3. No reforms making it easier to do business were recorded for Antigua and Barbuda, The Bahamas, Dominica, Grenada, Haiti, Jamaica, St. Lucia, St. Vincent and the Grenadines, Suriname or Trinidad and Tobago in 2010/11.

FIGURE 1.4

Access to documentation requirements for building permits and trading across borders easiest in OECD high-income economies
Share of economies where documentation requirements are easily accessible (%) 100 Average time to import goods (days)

94 75 63 67 78 71 56 58 52 42 49 38 33 21 41

OECD high income

South Asia

East Asia & Pacific

Eastern Europe Latin America Sub-Saharan Middle East & Central Asia & Caribbean Africa & North Africa For trade

For building permits

Not easily accessible Economies by accessibility of documentation requirements for trade

Easily accessible

Note: Documentation requirements 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 an appointment with an ofﬁcial. The data sample for building permits includes 159 economies, and that for trade 175 economies. Differences in the second panel are statistically signiﬁcant at the 5% level after controlling for income per capita. Source: Doing Business database.

EXECUTIVE SUMMARY

5

FIGURE 1.5

Easier access to fee schedules and lower fees tend to go hand in hand
Share of economies where fee schedules are easily accessible (%) Average cost to start a business (% of income per capita)

97 90 70 63 55 38 58 57 50 36 35 50 47 88

66

18 OECD high income South Asia East Asia Eastern Europe Latin America Sub-Saharan Middle East & Pacific & Central Asia & Caribbean Africa & North Africa For electricity connections Easily accessible Not easily accessible

For company incorporation

Economies by accessibility of fee schedules for company incorporation

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 an appointment with an ofﬁcial. The data sample for incorporation includes 174 economies, and that for electricity connections 181 economies. Differences in the second panel are statistically signiﬁcant at the 5% level after controlling for income per capita. Source: Doing Business database.

new relationships and expand their markets—and for investors to invest. But it is not only their role in efficient enforcement that matters. Doing Business ﬁnds that in close to 75% of a sample of 151 economies, courts are required by law to publicize the initiation of insolvency proceedings.

permits as well as strong legal protections of property rights. They also periodically review and update business regulations as part of a broader competitiveness agenda and take advantage of new technologies through e-government initiatives. Only 2 decades ago some of these 20 economies faced challenges similar to those in many lower-income economies today. Consider Norway’s property registry. Today it is one of the world’s most efficient. But in 1995 its paper records required 30 kilometers of shelving and were growing at a rate of 1 kilometer a year. Norway took steps to change this. First it merged the land department and survey information, then digitized title certiﬁcates. In 2002 it amended the 50-year-old Land Transfer Act to allow online titling. Online registration has been required by law since 2008. Sweden undertook a systematic review of all regulations in the 1980s. Any unjustiﬁed requirements were cut in a “guillotine” initiative. (Mexico took a similar approach in the 1990s.) In Korea the Presidential Council on National Competitiveness, created in 2008, identiﬁed regulatory reform as 1 of 4 pillars to improve the economy’s competitiveness, along with public sector innovation, investment promotion, and legal and institutional advancement. Reviewing Korea’s business

regulations, the council found that 15% had not been revised since 1998. The council applied sunset clauses to more than 600 regulations and 3,500 administrative rules (see the case study on Korea). Policy makers in some economies today consider regulatory reform a continual process and create dedicated committees or agencies such as Actal in the Netherlands and the Better Regulation Executive in the United Kingdom. These agencies not only routinely assess existing regulations. They also pay increasing attention to managing the ﬂow of new regulations. In the United Kingdom in 2005–10 a program reduced the burden of regulatory compliance on businesses by 25% according to the government.6 That amounted to savings for ﬁrms equivalent to £3.5 billion. New initiatives are under way, such as the “one in, one out” system and the Red Tape Challenge (see the case study on the United Kingdom). The European Union has also targeted a 25% reduction in the administrative burden that regulation imposes on business. The underlying principle is to have “smart” regulation, dispensing with cumbersome and costly regulations that impair the private sector’s capacity to innovate and grow while maintaining regulations that promote a level playing ﬁeld.7

HOW THE TOP 20 ECONOMIES MANAGE BUSINESS REGULATION
The 20 economies with the most businessfriendly regulation as reﬂected in their ranking on the ease of doing business are Singapore; Hong Kong SAR, China; New Zealand; the United States; Denmark; Norway; the United Kingdom; the Republic of Korea; Iceland; Ireland; Finland; Saudi Arabia; Canada; Sweden; Australia; Georgia; Thailand; Malaysia; Germany; and Japan (table 1.1). As noted elsewhere in this report, an economy’s ranking on the ease of doing business does not tell the whole story about its business environment. The underlying indicators do not account for all factors important to doing business, such as macroeconomic conditions, market size, workforce skills and security. But they do capture some key aspects of the regulatory and institutional environment that matter for ﬁrms. These 20 economies have implemented effective yet streamlined procedures for regulatory processes such as starting a business and dealing with construction

6

DOING BUSINESS 2012

TABLE 1.1

Rankings on the ease of doing business
DB2012 reforms 0 2 1 0 1 0 1 3 2 0 1 1 1 0 1 4 1 3 0 0 4 4 0 0 2 2 2 2 1 2 0 1 2 2 3 2 3 0 3 1 3 3 2 1 3 0 1 1 3 0 0 0 3 0 5 3 0 3 2 0 1 DB2012 DB2011 rank ranka Economy 62 59 Poland 63 60 Ghana 64 70 Czech Republic 65 64 Dominica 66 69 Azerbaijan 67 71 Kuwait 68 76 Trinidad and Tobago 69 91 Belarus 70 67 Kyrgyz Republic 71 73 Turkey 72 65 Romania 73 68 Grenada 74 81 Solomon Islands 75 66 St. Vincent and the Grenadines 76 75 Vanuatu 77 72 Fiji 78 74 Namibia 79 78 Maldives 80 79 Croatia 81 99 Moldova 82 77 Albania 83 86 Brunei Darussalam 84 80 Zambia 85 82 Bahamas, The 86 89 Mongolia 87 83 Italy 88 85 Jamaica 89 98 Sri Lanka 90 107 Uruguay 91 87 China 92 88 Serbia 93 92 Belize 94 115 Morocco 95 84 St. Kitts and Nevis 96 95 Jordan 97 93 Guatemala 98 90 Vietnam 99 94 Yemen, Rep. 100 101 Greece 101 97 Papua New Guinea 102 100 Paraguay 103 109 Seychelles 104 103 Lebanon 105 96 Pakistan 106 102 Marshall Islands 107 110 Nepal 108 105 Dominican Republic 109 106 Kenya 110 108 Egypt, Arab Rep. 111 104 Ethiopia 112 112 El Salvador 113 114 Argentina 114 113 Guyana 115 111 Kiribati 116 116 Palau 117 117 Kosovo 118 122 Nicaragua 119 129 Cape Verde 120 124 Russian Federation 121 121 Costa Rica 122 118 Bangladesh DB2012 reforms 2 0 2 0 0 0 0 3 0 2 2 0 4 0 3 0 1 0 1 4 1 1 0 0 1 1 0 2 2 0 2 1 3 1 2 0 1 1 2 0 2 2 1 0 0 1 1 1 0 0 1 0 1 0 0 0 3 3 4 2 0 DB2012 DB2011 rank ranka Economy 123 119 Uganda 124 123 Swaziland 125 127 Bosnia and Herzegovina 126 120 Brazil 127 125 Tanzania 128 130 Honduras 129 126 Indonesia 130 131 Ecuador 131 128 West Bank and Gaza 132 139 India 133 133 Nigeria 134 136 Syrian Arab Republic 135 135 Sudan 136 134 Philippines 137 144 Madagascar 138 138 Cambodia 139 132 Mozambique 140 137 Micronesia, Fed. Sts. 141 150 Sierra Leone 142 146 Bhutan 143 142 Lesotho 144 140 Iran, Islamic Rep. 145 141 Malawi 146 148 Mali 147 152 Tajikistan 148 143 Algeria 149 145 Gambia, The 150 151 Burkina Faso 151 155 Liberia 152 149 Ukraine 153 147 Bolivia 154 157 Senegal 155 161 Equatorial Guinea 156 160 Gabon 157 156 Comoros 158 153 Suriname 159 162 Mauritania 160 154 Afghanistan 161 165 Cameroon 162 158 Togo 163 174 São Tomé and Príncipe 164 159 Iraq 165 163 Lao PDR 166 164 Uzbekistan 167 170 Côte d’Ivoire 168 169 Timor-Leste 169 177 Burundi 170 167 Djibouti 171 168 Zimbabwe 172 171 Angola 173 172 Niger 174 166 Haiti 175 173 Benin 176 181 Guinea-Bissau 177 175 Venezuela, RB 178 176 Congo, Dem. Rep. 179 179 Guinea 180 178 Eritrea 181 180 Congo, Rep. 182 183 Central African Republic 183 182 Chad DB2012 reforms 1 1 2 1 1 2 1 0 0 1 0 1 0 1 2 1 0 0 4 2 1 0 2 2 1 1 3 3 3 4 0 4 1 1 1 0 1 1 2 2 4 0 0 1 3 2 4 1 0 2 1 0 2 2 0 3 1 0 1 3 2

DB2012 DB2011 rank ranka Economy 1 Singapore 1 2 2 Hong Kong SAR, China 3 New Zealand 3 4 4 United States 5 Denmark 5 6 7 Norway 6 United Kingdom 7 8 15 Korea, Rep. 13 Iceland 9 10 8 Ireland 14 Finland 11 12 10 Saudi Arabia 12 Canada 13 14 9 Sweden 11 Australia 15 16 17 Georgia 16 Thailand 17 18 23 Malaysia 19 Germany 19 20 20 Japan 31 Latvia 21 22 34 Macedonia, FYR 21 Mauritius 23 24 18 Estonia 24 Taiwan, China 25 26 22 Switzerland 25 Lithuania 27 28 27 Belgium 26 France 29 30 30 Portugal 29 Netherlands 31 32 28 Austria 35 United Arab Emirates 33 34 32 Israel 36 South Africa 35 36 38 Qatar 37 Slovenia 37 38 33 Bahrain 41 Chile 39 40 49 Cyprus 39 Peru 41 42 47 Colombia 42 Puerto Rico (U.S.) 43 44 45 Spain 50 Rwanda 45 46 40 Tunisia 47 58 Kazakhstan 43 Slovak Republic 48 49 53 Oman 44 Luxembourg 50 51 46 Hungary 48 St. Lucia 52 53 54 Mexico 52 Botswana 54 55 61 Armenia 56 Montenegro 56 57 51 Antigua and Barbuda 62 Tonga 58 59 57 Bulgaria 55 Samoa 60 61 63 Panama

Note: The rankings for all economies are benchmarked to June 2011 and reported in the country tables. This year’s rankings on the ease of doing business are the average of the economy’s rankings on the 10 topics included in this year’s aggregate ranking. a Last year’s rankings, shown in italics, are adjusted: they are based on 10 topics and reﬂect data corrections. The number of reforms excludes those making it more difﬁcult to do business. Source: Doing Business database.

EXECUTIVE SUMMARY

7

Other initiatives share the objective of making business regulation effective at the lowest possible cost for business. In Sweden the government recently commissioned the Swedish Agency for Growth Policy Analysis to conduct studies on the effect of rules on the enterprise sector.8 Canada and the United States have introduced impact assessments to prevent the introduction of regulations considered too costly to society. At all levels, much attention is being paid to transparent policy making. Governments are making business regulation and the regulatory process accessible, helped in many cases by e-government initiatives. The United Kingdom invites comment on regulatory proposals on the website of the Better Regulation Executive.9 Canada and the United States publish guidelines on the evaluation process underlying the costbeneﬁt analysis of new regulations.

Egypt, where starting a business is reasonably straightforward thanks to the implementation of an efficient one-stop shop. But dealing with construction permits takes about 7 months, and enforcing a contract through the courts takes almost 3 years on average. Egypt’s top 3 rankings (on starting a business, getting credit and trading across borders) average 54, while its lowest 3 (on dealing with construction permits, paying taxes and enforcing contracts) average 149. Indeed, reforms simplifying business entry have been high on the agenda since early on—particularly in common markets such as the European Union, where businesses are free to start and operate in any of the member states. Over time such business regulation reforms have increasingly been undertaken by low- and lower-middleincome economies. Many have been helped by peer learning among policy makers, which has picked up around the world. Every year corporate registrars from 31 economies meet to discuss challenges and solutions.11 Representatives from Canada, which ranks number 3 on the ease of starting a business, are now advising economies as diverse as Indonesia and Peru. In 2010/11, 53 economies made it easier to start a business (ﬁgure 1.7). Since 2005 the number of economies where starting a business takes 20 days or less has increased from 41 to 98. Improving the regulatory environment for business can be difficult and take time, particularly if the improvements involve substantial institutional or legal changes. Some require difficult political trade-offs. Outside pressures may be needed to push through legislative changes. So it is no surprise that times of crisis have often proved to be a time of opportunity. Against the backdrop of the global economic and ﬁnancial crisis, the number of insolvency reforms increased over the past 3 years, particularly in Europe and among OECD high-income economies elsewhere.12 In 2010/11, 29 economies around the world reformed their insolvency systems, more than in any previous year. Most focused on improving reorganization proceedings to allow viable ﬁrms to continue operating.

Differences across areas of business regulation provide an opportunity for policy makers interested in regulatory reform. Not surprisingly, different areas of business regulation interact. Some research suggests that business regulation reforms have greater impact if combined with effective regulation in other areas. For example, when India dismantled a strict licensing regime controlling business entry and production, the beneﬁts were greater in states that had more ﬂexible labor regulations. These states saw real output gains 17.8% larger than those in other states.13 In Mexico researchers found that a municipal license reform across states increased new ﬁrm registrations by 5% and employment by 2.2%.14 The effect was greater in states with less corruption and better governance.15 Beyond these country-speciﬁc studies, cross-country analysis found that a 10-day reduction in the time to start a business was associated with a 0.3 percentage point increase in the investment rate and a 0.36% increase in the GDP growth rate in relatively poor and well-governed economies.16 Another study points to synergistic effects between institutional reforms that reduce the costs of high-quality production and trade reforms. In many developing economies production of high-quality output is a precondition for ﬁrms to become exporters. Institutional deﬁciencies that raise the costs of high-quality production therefore limit the positive effect that trade facilitation can have on income.17

DIFFERENCES IN PERFORMANCE ACROSS AREAS OF BUSINESS REGULATION
The economies making such continued efforts, often over decades, often compare well with others across all 10 areas of business regulation included in this year’s ease of doing business ranking—and they do so over time, reﬂecting a more consistent and comprehensive approach to business regulation. In many of the other economies, by contrast, the degree to which regulations and institutions are business-friendly varies fairly widely across different areas of regulation.10 This shows up in comparisons of an economy’s 3 highest rankings on Doing Business topics with its 3 lowest rankings (ﬁgure 1.6). For example, Malaysia’s top 3 rankings (on getting credit, protecting investors and trading across borders) average 11, while its lowest 3 (on dealing with construction permits, getting electricity and registering property) average 77. For some economies this variance is due in part to the rapid pace of reform in some areas of business regulation. One such area is business entry: more than 80% of the 183 economies covered by Doing Business have made it easier to start a business since 2003. Among them is the Arab Republic of

CLOSING THE GAP—A GLOBAL TREND TOWARD BUSINESSFRIENDLY REGULATION
Policy makers often keep an eye on relative rankings that compare economies at a point in time. But they increasingly recognize the importance of improvements within economies over time. And results from recent years are encouraging. In the past 6 years policy makers in 163 economies made domestic regulations more business-friendly (ﬁgure 1.8). They lowered barriers to entry, operation and exit and strengthened protections of property and investor rights. Only a few economies moved in the opposite direction. República Bolivariana de Venezuela

8

DOING BUSINESS 2012

FIGURE 1.6

An economy’s regulatory environment may be business-friendly in some areas, less so in others Within-economy variation in rankings across Doing Business topics

180 160 140

MALAYSIA Average of bottom 3 rankings: Dealing with construction permits Getting electricity Registering property Average of all rankings

Average ranking across topics

120 100 80 60
Average of top 3 rankings: Getting credit Protecting investors Trading across borders

40 20 0
SINGAPORE HONG KONG SAR, CHINA NEW ZEALAND DENMARK UNITED STATES NORWAY UNITED KINGDOM KOREA, REP. FINLAND ICELAND SWEDEN AUSTRALIA IRELAND SAUDI ARABIA CANADA GEORGIA THAILAND MALAYSIA MAURITIUS ESTONIA GERMANY SWITZERLAND JAPAN LATVIA TAIWAN, CHINA MACEDONIA, FYR LITHUANIA PORTUGAL FRANCE NETHERLANDS BELGIUM AUSTRIA UNITED ARAB EMIRATES SLOVENIA CHILE BAHRAIN QATAR TUNISIA RWANDA SPAIN CYPRUS SOUTH AFRICA ISRAEL OMAN PERU KAZAKHSTAN LUXEMBOURG HUNGARY SAMOA TONGA COLOMBIA PUERTO RICO (U.S.) SLOVAK REPUBLIC ST. LUCIA BOTSWANA ANTIGUA AND BARBUDA MEXICO MONTENEGRO BULGARIA ARMENIA PANAMA ST. VINCENT AND THE GRENADINES DOMINICA GHANA GRENADA TURKEY BELARUS SOLOMON ISLANDS AZERBAIJAN POLAND CROATIA KUWAIT KYRGYZ REPUBLIC CZECH REPUBLIC TRINIDAD AND TOBAGO FIJI BRUNEI DARUSSALAM VANUATU ROMANIA NAMIBIA MALDIVES MONGOLIA BAHAMAS, THE JAMAICA YEMEN, REP. ZAMBIA ST. KITTS AND NEVIS JORDAN MARSHALL ISLANDS

FIGURE 1.7

Reforms making it easier to start a business were most common in 2010/11—and have shown results over time
Number of economies by time to start a business

Number of Doing Business reforms making it easier to do business in 2010/11, by topic Starting a business Getting credit Paying taxes Resolving insolvency Registering property Trading across borders Dealing with construction permits Protecting investors Enforcing contracts Getting electricity 0 9 10 20 30 40 50 60 15 13 11 18 41 20 29 33 44

53

98

2005

2011

61

45 36

22 13 < 20 days _ 21–40 days 41– 60 days 14 6 61–80 days > 80 days 12 12

Note: The data in the second panel refer to the 174 economies included in Doing Business 2006 (2005). Additional economies were added in subsequent years. Source: Doing Business database.

EXECUTIVE SUMMARY

9

y

ITALY MOLDOVA CHINA MOROCCO SEYCHELLES SERBIA BELIZE ALBANIA SRI LANKA VIETNAM PARAGUAY GREECE GUATEMALA PAPUA NEW GUINEA URUGUAY LEBANON ETHIOPIA DOMINICAN REPUBLIC NEPAL GUYANA EGYPT, ARAB REP. CAPE VERDE KIRIBATI PAKISTAN PALAU EL SALVADOR KENYA RUSSIAN FEDERATION ARGENTINA COSTA RICA KOSOVO NICARAGUA TANZANIA WEST BANK AND GAZA SWAZILAND BRAZIL ECUADOR UGANDA BANGLADESH INDONESIA MICRONESIA, FED. STS. PHILIPPINES HONDURAS BOSNIA AND HERZEGOVINA BHUTAN NIGERIA INDIA CAMBODIA MADAGASCAR SUDAN TAJIKISTAN SYRIAN ARAB REPUBLIC MALAWI BURKINA FASO MOZAMBIQUE IRAN, ISLAMIC REP. MALI GAMBIA, THE SIERRA LEONE EQUATORIAL GUINEA MAURITANIA LESOTHO LIBERIA COMOROS UKRAINE TIMOR-LESTE IRAQ SURINAME BOLIVIA ALGERIA GABON CAMEROON AFGHANISTAN LAO PDR SENEGAL UZBEKISTAN SÃO TOMÉ AND PRÍNCIPE TOGO CÔTE D’IVOIRE HAITI ZIMBABWE ANGOLA DJIBOUTI NIGER BURUNDI BENIN ERITREA VENEZUELA, RB GUINEA-BISSAU CONGO, DEM. REP. CONGO, REP. GUINEA CHAD CENTRAL AFRICAN REPUBLIC

Note: Figure illustrates the variability in the degree to which an economy’s regulatory environment is business-friendly compared with other economies across different areas of regulation. The vertical bars show the distance between the average of the highest 3 topic rankings and the average of the lowest 3 for each of 183 economies across the 10 topics included in this year’s aggregate ranking. Source: Doing Business database.

and Zimbabwe went the furthest in making business regulation less business-friendly. Some economies have gone particularly far in closing the gap with the regulatory systems of top-performing economies such as Singapore, New Zealand and the Northern European economies (ﬁgure 1.9). Many of them are developing economies that started off with relatively high levels of bureaucracy and weak protections of property rights as measured by Doing Business. In narrowing the gap, all these economies are moving closer to the frontier—a synthetic measure based on the most efficient practice or highest score observed for each indicator. For starting a business, for example, the bar is set by New Zealand on the time (1 day), Canada and New Zealand on the number of procedures (1), Denmark and Slovenia on the cost (0). Georgia, Norway, Portugal, Sweden and the United Arab Emirates set the bar on the number of procedures for registering property (1), France on the documents

required to export (2), Singapore on the time to enforce contracts (150 days). The frontier is thus a proxy for global good practice across all indicators. Economies making the greatest progress toward the frontier have been able to do so thanks to broad regulatory reform programs covering multiple areas of regulation and embedded in a long-term competitiveness strategy (ﬁgure 1.10). China, for example, implemented policy changes across 9 areas of business regulation in the years since 2005. The changes included a new company law in 2005, a new credit registry in 2006 and, in 2007, the ﬁrst bankruptcy law regulating the bankruptcy of private enterprises since 1949 (ﬁgure 1.11). More economies are taking this broad approach. In 2010/11, 35 economies implemented reforms making it easier to do business in 3 or more areas measured by Doing Business—12 of them in 4 or more

areas. Four years before, only 10 reformed in 3 or more areas. Also new are the comprehensive approach and high level of coordination and commitment that some developing and emerging market economies are bringing to regulatory reform. More than 2 dozen economies have put in place regulatory reform committees, often reporting directly to the president or prime minister—as in Colombia, Malaysia and Rwanda.18 And they have not shied away from radical legal reforms. Economies making the greatest strides in creating a more business-friendly regulatory environment have been revamping their regulatory and administrative systems in multiple areas to encourage private sector activity (box 1.3). That more and more developing economies are serious about business regulation reform is encouraging. Such broad thinking is good news for entrepreneurs and governments alike.

10

Percentage points

Percentage points

FIGURE 1.8

100

DOING BUSINESS 2012

FIGURE 1.9

GEORGIA RWANDA BELARUS BURKINA FASO MACEDONIA, FYR EGYPT, ARAB REP. COLOMBIA KYRGYZ REPUBLIC SAUDI ARABIA MALI CHINA SIERRA LEONE AZERBAIJAN GUINEA-BISSAU SENEGAL CROATIA TAJIKISTAN YEMEN, REP. KAZAKHSTAN MADAGASCAR ANGOLA INDIA RUSSIAN FEDERATION MOROCCO NIGER GUATEMALA GHANA CÔTE D’IVOIRE SYRIAN ARAB REPUBLIC PERU MOZAMBIQUE DOMINICAN REPUBLIC BURUNDI MEXICO FRANCE EQUATORIAL GUINEA NIGERIA MAURITIUS CZECH REPUBLIC SOLOMON ISLANDS TIMOR-LESTE ALBANIA CAMBODIA ARMENIA SLOVENIA INDONESIA JORDAN LATVIA CENTRAL AFRICAN REPUBLIC SÃO TOMÉ AND PRÍNCIPE LAO PDR MAURITANIA THAILAND SERBIA TOGO PORTUGAL CAMEROON URUGUAY TUNISIA UKRAINE BENIN AFGHANISTAN CAPE VERDE BOSNIA AND HERZEGOVINA KOREA, REP. VANUATU ZAMBIA ETHIOPIA PARAGUAY BHUTAN UNITED ARAB EMIRATES HONDURAS MALAYSIA MOLDOVA UZBEKISTAN POLAND NICARAGUA UGANDA BULGARIA MALAWI HONG KONG SAR, CHINA VIETNAM ROMANIA MALDIVES TAIWAN, CHINA BANGLADESH CONGO, DEM. REP. LEBANON CHAD

-10 10 15 20 25 30 0 5

90

80

70

60

50

40

30

20

10

-5

0

Distance to frontier, 2005 and 2011

In the past 6 years 163 economies moved closer to the frontier in regulatory practice

Who advanced the most in closing the gap to the frontier?

Progress in narrowing distance to frontier, 2005–11

SINGAPORE NEW ZEALAND IRELAND UNITED STATES HONG KONG SAR, CHINA UNITED KINGDOM CANADA NORWAY DENMARK FINLAND AUSTRALIA SWEDEN ICELAND JAPAN KOREA, REP. GERMANY AUSTRIA NETHERLANDS BELGIUM ESTONIA SWITZERLAND MALAYSIA LITHUANIA SOUTH AFRICA ISRAEL SPAIN LATVIA PUERTO RICO (U.S.) TAIWAN, CHINA SLOVAK REPUBLIC THAILAND PORTUGAL ST. LUCIA CHILE FIJI TONGA ANTIGUA AND BARBUDA MAURITIUS ITALY NAMIBIA DOMINICA FRANCE HUNGARY MEXICO BOTSWANA BELIZE GRENADA PANAMA BULGARIA JAMAICA OMAN MONGOLIA ROMANIA PERU ST. VINCENT AND THE GRENADINES SAUDI ARABIA UNITED ARAB EMIRATES SLOVENIA KUWAIT TUNISIA SAMOA VANUATU TURKEY ARMENIA POLAND CZECH REPUBLIC ST. KITTS AND NEVIS TRINIDAD AND TOBAGO PAKISTAN MALDIVES MACEDONIA, FYR KENYA KIRIBATI MOLDOVA GUYANA SEYCHELLES GHANA NEPAL VIETNAM COLOMBIA SRI LANKA PAPUA NEW GUINEA LEBANON ZAMBIA GREECE SOLOMON ISLANDS EL SALVADOR SWAZILAND PALAU

Source: Doing Business database.

Note: The distance to frontier measure illustrates the distance of an economy to the “frontier”—a synthetic measure based on the most efﬁcient practice or highest score achieved by any economy on each of the indicators in 9 Doing Business indicator sets (excluding the employing workers and getting electricity indicators) since 2005. The vertical axis represents the distance to the frontier, and 0 the most efﬁcient regulatory environment (frontier practice). The data refer to the 174 economies included in Doing Business 2006 (2005). Additional economies were added in subsequent years.

Source: Doing Business database.
2005
2005

Note: Figure shows the absolute difference for each economy between its distance to frontier in 2005 and that in 2011.
2011
2011

DENMARK BOTSWANA COSTA RICA OMAN GREECE LESOTHO TURKEY EL SALVADOR HUNGARY TANZANIA ECUADOR KENYA IRAN, ISLAMIC REP. SOUTH AFRICA CHILE ALGERIA SAMOA DJIBOUTI SLOVAK REPUBLIC MARSHALL ISLANDS SWAZILAND COMOROS HAITI GUINEA JAMAICA SWEDEN SPAIN SUDAN ARGENTINA ERITREA NEPAL GABON UNITED KINGDOM KUWAIT PAPUA NEW GUINEA WEST BANK AND GAZA NETHERLANDS ICELAND BELGIUM SEYCHELLES LITHUANIA FINLAND PAKISTAN MICRONESIA, FED. STS. CONGO, REP. SRI LANKA ISRAEL GAMBIA, THE TONGA BOLIVIA GUYANA GRENADA SINGAPORE MONGOLIA BELIZE CANADA KIRIBATI TRINIDAD AND TOBAGO PANAMA PHILIPPINES AUSTRALIA ST. VINCENT AND THE GRENADINES JAPAN UNITED STATES DOMINICA BRAZIL PUERTO RICO (U.S.) NEW ZEALAND ST. LUCIA ESTONIA SURINAME PALAU ANTIGUA AND BARBUDA AUSTRIA NAMIBIA IRELAND SWITZERLAND NORWAY ST. KITTS AND NEVIS GERMANY FIJI ITALY IRAQ ZIMBABWE VENEZUELA, RB

SERBIA KAZAKHSTAN JORDAN MARSHALL ISLANDS MOROCCO ALBANIA BANGLADESH TANZANIA DOMINICAN REPUBLIC ARGENTINA PARAGUAY CROATIA HONDURAS NICARAGUA ECUADOR BOSNIA AND HERZEGOVINA GUATEMALA ETHIOPIA IRAN, ISLAMIC REP. URUGUAY WEST BANK AND GAZA PHILIPPINES AZERBAIJAN CAPE VERDE GEORGIA UGANDA COSTA RICA SUDAN LESOTHO GABON KYRGYZ REPUBLIC ALGERIA INDONESIA RUSSIAN FEDERATION BOLIVIA GAMBIA, THE MALAWI BRAZIL YEMEN, REP. CHINA BHUTAN NIGERIA MICRONESIA, FED. STS. ZIMBABWE MADAGASCAR IRAQ MOZAMBIQUE BELARUS UKRAINE CAMBODIA COMOROS INDIA SURINAME EGYPT, ARAB REP. SYRIAN ARAB REPUBLIC VENEZUELA, RB SIERRA LEONE DJIBOUTI CAMEROON EQUATORIAL GUINEA MAURITANIA RWANDA BENIN UZBEKISTAN GUINEA LAO PDR SENEGAL SÃO TOMÉ AND PRÍNCIPE TOGO HAITI CÔTE D’IVOIRE CONGO, REP. MALI ANGOLA BURUNDI TAJIKISTAN GUINEA-BISSAU AFGHANISTAN NIGER BURKINA FASO CENTRAL AFRICAN REPUBLIC CONGO, DEM. REP. TIMOR-LESTE ERITREA CHAD

EXECUTIVE SUMMARY

11

12

DOING BUSINESS 2012

FIGURE 1.10 Economies with broader and more sustained business regulation reforms moved a greater distance toward the frontier
Average number of areas with Doing Business reforms making it easier to do business, DB2006-DB2012
9 8 7 6 5 4 3 2 1 0 15 Progress in narrowing distance to frontier, 2005-11 Doing Business (percentage points)
Source: Doing Business database.

Average number of years with Doing Business reforms making it easier to do business, DB2006-DB2012
8 7 5.8 4.7 3.0

7.9

5.8

6 5

3.4

4 3 2 1 0 15 Progress in narrowing distance to frontier, 2005-11 Doing Business (percentage points)

Note: The data refer to the 174 economies included in Doing Business 2006 (2005). Additional economies were added in subsequent years.

BOX 1.3 Broad approach to regulatory reform over time in Rwanda and Georgia Rwanda’s broad and sustained approach to regulatory reform shows up in progress toward the frontier in a range of areas (see ﬁgure on Rwanda). The economy has undertaken ambitious land and judicial reforms, often years in the making. Since 2001 it has introduced new corporate, insolvency, civil procedure and secured transactions laws. And it has streamlined and remodeled institutions and processes for starting a business, registering property, trading across borders and enforcing a contract through the courts. Rwanda’s broad approach to making regulation business-friendly
Distance to frontier, 2005 and 2011
0 10 20 Percentage points 30 40 50 60 70 80 Percentage points 90 100
Starting Dealing Registering Getting Protecting Paying a with property credit investors taxes business construction permits Trading Enforcing Resolving across contracts insolvency borders

reported spending less than 2% of their time dealing with government regulations, down from about 10% in 2002 and the smallest share among economies in Eastern Europe and Central Asia. Only 4% of ﬁrms expected to make informal payments to public officials to get things done, compared with a regional average of 17%. Georgian ﬁrms participating in survey rounds in both 2005 and 2008 reported adding an average of 23 permanent workers (increasing the average from 61 to 84) during that period.1 They also reported a big drop in visits from or required meetings with tax officials, from an average of 8 in 2005 to only 0.4 in 2008. This result may be related to a new tax code that took effect at the start of 2005, reducing the categories of taxes from 21 to 9. Yet more remains to be done to improve the overall business environment. Enterprise surveys show that security and infrastructure remain among the top concerns of businesses in Georgia. How Georgia is closing the distance to the frontier
Distance to frontier, 2005 and 2011
0 10 20 30 40 50 60 70 80 90 100
Starting Dealing Registering Getting Protecting Paying a with property credit investors taxes business construction permits Trading Enforcing Resolving across contracts insolvency borders

2005

2011

Source: Doing Business database.

Georgia too has pursued broad-ranging business regulation reform (see ﬁgure on Georgia). Since 2005 the economy has introduced a new company law and customs code. A new property registry replaced a confusing system requiring duplicate approvals by multiple agencies. The economy’s ﬁrst credit information bureau and large-scale judicial reforms followed. In 2008 Georgian ﬁrms recognized the low levels of bureaucracy and ﬂexible business environment in enterprise surveys. Senior managers

2005

2011

Source: Doing Business database.

1. World Bank 2009c.

EXECUTIVE SUMMARY

13

FIGURE 1.11 China has been making steady progress toward the frontier
Distance to frontier, 2005–11

40 Percentage points 45 50 55 60 65 2005 2006 2007 2008 2009 2010

China Russian Federation Nigeria India Brazil

A friendly competition has emerged as economies adopt proven regulatory practices from others. Lessons from others have proved invaluable for such economies as Colombia, Georgia, the former Yugoslav Republic of Macedonia and Rwanda. Within larger economies good practices can often be found across state borders (see the case study on Mexico). Practitioners interested in learning from others have more resources to turn to. This year’s topic chapters provide the basis for web content and a new online database on practices and experiences in business regulation reform around the world. A series of case studies will explore how economies have integrated regulatory reform into broader competitiveness strategies or approached regulatory reform more generally. This year’s report presents the cases of Korea, FYR Macedonia, Mexico and the United Kingdom. These expanding resources, including a growing time series of data on business regulation, are allowing more empirical research that sheds light on synergies among different areas of regulation and on the effect of regulatory reform on such economic outcomes as informality, corruption, employment and economic growth. The evidence is encouraging. It suggests that if key bottlenecks

2011

Source: Doing Business database.

Among the 12 economies improving the most in the ease of doing business in 2010/11, two-thirds are low- or lower-middle-income economies. All implemented regulatory reforms making it easier to do business in 3 or more of the 10 areas included in this year’s aggregate ranking (table 1.2).

of what has worked and why in 11 areas of business regulation, from business entry to exit. These chapters also provide insights into the importance of each area and show global trends.19

WHAT TO EXPECT NEXT?
Doing Business has been measuring and tracking business regulation around the world for the past 9 years. During this time most economies have made their regulatory environment for local ﬁrms more businessfriendly. Firms create jobs, and policy makers play a key role in creating a regulatory environment that encourages their creation, growth and investment.

THE ADVANTAGE OF BEING A LATE STARTER
Many economies have the advantage today of being able to learn from the experience of others. And many are already adopting good practices from other economies (table 1.3). To help identify such practices, this year Doing Business is electronically publishing topic chapters that provide an overview
TABLE 1.2

Economies that improved the most across 3 or more areas measured by Doing Business in 2010/11
Ease of doing business rank
Dealing with construction permits

Reforms making it easier to do business
Trading across borders

DB2012

DB2011

Improvement

Starting a business

Getting electricity

Registering property

Getting credit

Protecting investors

Paying taxes

Enforcing contracts

Resolving insolvency

1 Morocco 2 Moldova 3 Macedonia, FYR 4 São Tomé and Príncipe 5 Latvia Cape Verde 6 Sierra Leone 7 Burundi 8 Solomon Islands Korea, Rep. 9 Armenia 10 Colombia

94 81 22 163 21 119 141 169 74 8 55 42

115 99 34 174 31 129 150 177 81 15 61 47

-21 -18 -12 -11 -10 -10 -9 -8 -7 -7 -6 -5

√ √ √ √ √ √ √ √ √ √ √ √ √ √ √

√

√ √ √ √ √ √ √ √ √ √ √ √

√ √ √ √ √ √ √

√

√ √ √ √ √ √ √ √

√

Note: Economies are ranked on the number of their net 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 year’s aggregate ranking (see box 1.2). Regulatory reforms making it more difﬁcult 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 using comparable rankings. The larger the improvement, the higher the ranking as the most improved. Source: Doing Business database.

14

DOING BUSINESS 2012

TABLE 1.3
Topic

Good practices around the world, by Doing Business topic
Practice Economiesa Examples

Making it easy to start a business

Putting procedures online Having a one-stop shop Having no minimum capital requirement

110 83 82 116 86 26 108 54 50 16 15 123 119 100 91 68 54 70 60 52 45 45 41 31 145 66 49 130d 97 49e 122f 87 16 103 64 45

Hong Kong SAR, China; Kuwait; FYR Macedonia; New Zealand; Peru; Puerto Rico (U.S.); Singapore Bahrain; Burkina Faso; Georgia; Republic of Korea; Uruguay; Vietnam Kenya; Madagascar; Portugal; Rwanda; United Arab Emirates; United Kingdom Croatia; Kenya; New Zealand; Republic of Yemen Armenia; Germany; Mauritius; Singapore Bahrain; Chile; Hong Kong SAR, China; Rwanda Jamaica; Sweden; United Kingdom Botswana; Guatemala; Indonesia Denmark; Lithuania; Malaysia Azerbaijan; Bulgaria; Georgia New Zealand; Russian Federation; Rwanda Australia; India; Nepal; Peru; Russian Federation; Serbia; Sri Lanka; United States Brazil; Bulgaria; Germany; Kenya; Malaysia; Sri Lanka; West Bank and Gaza China; Croatia; India; Italy; Jordan; Panama; South Africa Cambodia; Canada; Chile; Nigeria; Romania; Singapore; Vanuatu; Vietnam Bosnia and Herzegovina; Guatemala; Honduras; Marshall Islands; Federated States of Micronesia; Montenegro; New Zealand; Romania; Solomon Islands Fiji; Lithuania; Nicaragua; Rwanda; Saudi Arabia; Spain Brazil; Mauritius; Rwanda; United States France; Iceland; Indonesia; Lebanon; United Kingdom Hong Kong SAR, China; Israel; New Zealand; Singapore Chile; Ireland; Morocco; Peru; Poland Colombia; Malaysia; Mexico; United States; Vietnam Australia; Burundi; Arab Republic of Egypt; Norway Greece; Japan; South Africa; Sweden Argentina; Canada; China; Arab Republic of Egypt; Rwanda; Sri Lanka; Turkey Australia; Colombia; India; Lithuania; Mauritius; Singapore; Tunisia Hong Kong SAR, China; FYR Macedonia; Morocco; Namibia; Paraguay; United Kingdom Belize; Chile; Estonia; Pakistan; Turkey Morocco; Nigeria; Palau; Suriname; Vietnam Colombia; Ghana; Republic of Korea; Singapore Australia; Austria; Chile; Dominican Republic; Greece; Mozambique; Nigeria; Uruguay Burkina Faso; France; Lesotho; Saudi Arabia; Sierra Leone; Singapore Australia; Republic of Korea; Malaysia; Russian Federation; United Kingdom Bulgaria; Philippines; South Africa Cape Verde; Namibia Italy; Philippines

Making it easy to deal with construction permits Making it easy to register property

Having an organized set of building rules Using risk-based building approvals Having a one-stop shop Using an electronic database for encumbrances Setting effective time limits for registration Offering cadastre information online Offering expedited procedures Setting ﬁxed transfer fees

Making it easy to get credit

Allowing out-of-court enforcement Distributing data on loans below 1% of income per capita Distributing both positive and negative credit information Allowing a general description of collateral Maintaining a uniﬁed registry Distributing credit information from retailers, trade creditors or utilities as well as ﬁnancial institutions

Protecting investors

Allowing rescissionb of prejudicial related-party transactions Regulating approval of related-party transactions Requiring detailed disclosure Allowing access to all corporate documents during the trial Deﬁning clear duties for directors in case of related-party transactions Requiring external review of related-party transactions Allowing access to all corporate documents before the trial

Making it easy to pay taxes

Allowing self-assessment Allowing electronic ﬁling and payment Having one tax per tax base

Making it easy to trade across bordersc Making it easy to enforce contracts

Using electronic data interchange Using risk-based inspections Providing a single window Making judgments publicly available Maintaining specialized commercial court, division or judge Allowing electronic ﬁling of complaints

Making it easy to resolve insolvency

Allowing creditors’ committees a say in relevant decisions Requiring professional or academic qualiﬁcations for insolvency administrators by law Providing a legal framework for out-of-court workouts

Note: Good practices making it easy to get electricity will be included in Doing Business 2013.
a. Among 183 economies surveyed, unless otherwise speciﬁed. b. The right of parties involved in a contract to return to a state identical to that before they entered into the agreement. c. Among 159 economies surveyed for electronic data interchange, 152 for risk-based inspections and 150 for single window. d. Twenty-six have a full electronic data interchange system, 104 a partial one. e. Twenty have a single-window system that links all relevant government agencies, 29 a system that does not. f. Among 175 economies surveyed.

Source: Doing Business database; for starting a business, also World Bank (2009b).

EXECUTIVE SUMMARY

15

are identiﬁed, targeted changes can have a substantial effect on new ﬁrm creation, productivity and employment. Because many regulations interact, implementing regulatory reform in several areas has synergistic effects. It is also important to recognize that regulatory reforms can take time to translate into changes in the economy. 20 Other World Bank Group initiatives provide data complementing the Doing Business resources. Two global data sets support the exploration of other areas of analysis—one focusing on laws and regulations speciﬁc to women’s participation in the economy and the other on those relating to foreign companies’ engagement in the domestic economy.21 Enterprise surveys covering 125 economies over 9 years allow researchers and policy makers to assess what the private sector looks like in an economy at a given time—in terms of ﬁrm size, sector of activity and geographic location.22 Through direct interviews with more than 130,000 ﬁrms around the world, these surveys examine a range of issues relating to the business environment, including the biggest constraints as perceived by businesses. The agenda for research into what regulations constitute binding constraints, what package of regulatory reforms is most effective and how these issues are shaped by the context in an economy is still unfinished. To stimulate new research in this area, Doing Business plans to hold a conference in the fall of 2012. Its aim will be to deepen our understanding of the links between business regulation reforms and broader economic outcomes.

NOTES
1. Narayan and others 2000. 2. Ayyagari, Demirgüç-Kunt and Maksimovic

2011.
3. Only 27% of all regulatory reforms recorded

by Doing Business for economies in the Middle East and North Africa over the past 6 years were in the areas of getting credit, protecting investors, enforcing contracts and resolving insolvency. In Eastern Europe and Central Asia 38% of all regulatory reforms recorded were in these areas.
4. Research shows that business regulations of

public institutions, aspects of human capital and the sophistication of the business community. The United States and Japan, as leaders in technology, score extremely well on measures of innovation. But with large budget deﬁcits and high levels of public debt, they do less well on measures of macroeconomic stability.
11. Some members of the Corporate Registrars

the type measured by Doing Business affect the creation of new ﬁrms in the local market, the productivity levels of those ﬁrms and the creation of employment. Cross-country studies show that greater ease of entry is associated with a higher ﬁrm entry rate and greater business density on average. Encouraging evidence from economies as diverse as Colombia, India, Mexico and Portugal also supports these ﬁndings. For more on this and other relevant research, see the chapter “About Doing Business: measuring for impact.”
5. Public procurement, while not covered

Forum are Australia; Bangladesh; Bermuda; Botswana; the British Virgin Islands; Burkina Faso; Canada; the Cook Islands; Croatia; Hong Kong SAR, China; India; Jordan; FYR Macedonia; Malawi; Malaysia; Mauritius; Nepal; the Netherlands; New Zealand; Nigeria; Pakistan; Rwanda; Samoa; Singapore; South Africa; Sri Lanka; Tunisia; the United Arab Emirates; the United Kingdom; and Vanuatu. (http:// www.corporateregistersforum.org/ member-jurisdictions).
12. See also World Bank (2009a, 2010a). 13. Aghion and others 2008. 14. Bruhn 2011. 15. Kaplan, Piedra and Seira 2007. 16. Eifert 2009. 17. Rauch 2010. 18. These include economies across regions: In

by any of the Doing Business indicators, is another area in which a growing number of governments are using electronic platforms. The aim is to increase transparency in the relationships between public officials and suppliers.
6. Nineteen U.K. government departments

participated in the program, which started with an extensive quantiﬁcation exercise in the summer of 2005. In May 2010 the target was met: a total cost reduction for businesses of £3.5 billion. Based on this experience, a new target was set: to cut the ongoing costs of regulation by another £6.5 billion by 2015 (http://www.bis.gov.uk).
7. European Commission 2011. 8. The assignment was to compile the latest

East and South Asia, India; Malaysia; Sri Lanka; Taiwan, China; Thailand; and Vietnam. In the Middle East and North Africa, Egypt; Morocco; Saudi Arabia; the United Arab Emirates; and the Republic of Yemen. In Eastern Europe and Central Asia, Georgia; Kazakhstan; the Kyrgyz Republic; Moldova; and Tajikistan. In Sub-Saharan Africa, Botswana; Burundi; the Central African Republic; the Comoros; the Democratic Republic of Congo; Kenya; Liberia; Malawi; Mali; and Zambia. And in Latin America, Guatemala; Mexico; and Peru.
19. Topic chapters are available on the Doing

research ﬁndings on regulatory burden, regulatory simpliﬁcation and regulatory impact on business and to examine what effects direct and indirect costs have on businesses and the economy (Swedish Agency for Growth Policy Analysis 2010).
9. http://www.businesslink.gov.uk. 10. This pattern of relatively large variation

Business website (http://www.doing business.org).
20. For more information on relevant research,

see the chapter “About Doing Business: measuring for impact.”
21. The databases are Women, Business and

the Law (http://wbl.worldbank.org/) and Investing Across Borders (http://iab.worldbank.org/).
22. World Bank Enterprise Surveys

across indicator sets is not speciﬁc to Doing Business. A similar pattern can be discerned in, for example, the World Economic Forum’s Global Competitiveness Index, a broader measure capturing such factors as macroeconomic stability, the soundness of

(http://www.enterprisesurveys.org).

About Doing Business: measuring for impact

A vibrant private sector—with ﬁrms making investments, creating jobs and improving productivity—promotes growth and expands opportunities for poor people. To foster a vibrant private sector, governments around the world have implemented wide-ranging reforms, including price liberalization and macroeconomic stabilization programs. But governments committed to the economic health of their country and opportunities for its citizens focus on more than macroeconomic conditions. They also pay attention to the quality of laws, regulations and institutional arrangements that shape daily economic activity. Until 10 years ago, however, there were no globally available indicator sets for monitoring such microeconomic factors and analyzing their relevance. The ﬁrst efforts to address this gap, in the 1980s, drew on perceptions data from expert or business surveys that capture often one-time experiences of businesses. Such surveys can be useful gauges of economic and policy conditions. But few perception surveys provide indicators with a global coverage that are updated annually. The Doing Business project takes a different approach from perception surveys. It looks at domestic, primarily small and mediumsize companies and measures the regulations applying to them through their life cycle. Based on standardized case studies, it presents quantitative indicators on business regulation that can be compared across 183 economies and over time. This approach complements the perception surveys in exploring the major constraints for businesses, as experienced by the businesses themselves and as set out in the regulations that apply to them. Rules and regulations are under the direct control of policy makers—and 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 speciﬁc regulations or regulatory procedures that may lend themselves to reform (table 2.1). And its quantitative measures of business regulation enable research on how speciﬁc regulations affect ﬁrm behavior and economic outcomes. The ﬁrst Doing Business report, published in 2003, covered 5 indicator sets and 133 economies. This year’s report covers 11 indicator sets and 183 economies. Ten topics are included in the aggregate ranking on the ease of doing business and other summary measures.1 The project has beneﬁted from feedback from governments, academics, practitioners and reviewers.2 The initial goal remains: to provide an objective basis for understanding and improving the regulatory environment for business.

deﬁne and underpin the business environment. Whether the entrepreneur decides to move forward with the idea, to abandon it or to take it elsewhere might depend in large part on how simple it is to comply with the requirements for opening a new business or getting a construction permit and how efficient the mechanisms are for resolving commercial disputes or dealing with insolvency. Doing Business 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—as they apply to domestic small and medium-size enterprises.3 It also looks at regulations on employing workers. A fundamental premise of Doing Business is that economic activity requires good rules. These include rules that establish and clarify property rights and reduce the cost of resolving disputes, rules that increase the predictability of economic interactions and rules that provide contractual partners with core protections against abuse. The objective: regulations designed to be simple and efficient in implementation and accessible

WHAT DOING BUSINESS COVERS
An entrepreneur’s willingness to try a new idea may be inﬂuenced by many factors, including perceptions of how easy (or difficult) it will be to deal with the array of rules that
TABLE 2.1
Advantages

Doing Business methodology allows an objective but limited global comparison
Limitations

Transparent, based on factual information about laws and regulations (with an element of judgment on time estimates) Comparison and benchmarking valid thanks to standard assumptions Inexpensive and easily replicable Actionable: data highlight extent of speciﬁc obstacles, identify source, point to what might be changed Multiple interactions with local respondents to clarify potential misinterpretation Nearly complete coverage of world’s economies

Limited in scope: focuses on 11 areas of regulation affecting local businesses; does not measure all aspects of business environment or all areas of regulation Based on standardized case: transactions described in case scenario refer to speciﬁc set of issues and type of company Focuses on formal sector Only reforms related to indicators can be tracked

Assumes that business has full information on what is required and does not waste time when completing procedures Part of data obtained refer to an economy’s largest business city only

ABOUT DOING BUSINESS: MEASURING FOR IMPACT

17

to all who need to use them. Accordingly, some Doing Business indicators give a higher score for more regulation, such as stricter disclosure requirements in related-party transactions. Some give a higher score for a simpliﬁed way of implementing existing regulation, such as completing business start-up formalities in a one-stop shop. The Doing Business project encompasses 2 types of data. The ﬁrst come from readings of laws and regulations by both the local expert respondents and Doing Business. The second are time-and-motion indicators that measure the efficiency in achieving a regulatory goal (such as granting the legal identity of a business). Within the time-and-motion indicators, cost estimates are recorded from official fee schedules where applicable. A regulatory process such as starting a business or registering property is broken down into clearly deﬁned steps and procedures. The time estimates for each procedure are based on the informed judgment of expert respondents who routinely administer or advise on the relevant regulations.4 Here, Doing Business builds on Hernando de Soto’s pioneering work in applying the time-andmotion approach ﬁrst used by Frederick Taylor to revolutionize the production of the Model T Ford. De Soto used the approach in the 1980s to show the obstacles to setting up a garment factory on the outskirts of Lima.5
TABLE 2.2
Start-up

WHAT DOING BUSINESS DOES NOT COVER
Just as important as knowing what Doing Business does is to know what it does not do—to understand what limitations must be kept in mind in interpreting the data.

Limited in scope
Doing Business focuses on 11 topics, with the speciﬁc aim of measuring the regulation relevant to the life cycle of a domestic ﬁrm (table 2.2). Accordingly: • Doing Business does not measure all aspects of the business environment that matter to ﬁrms or investors—or all factors that affect competitiveness. It does not, for example, measure security, corruption, market size, macroeconomic stability, the state of the ﬁnancial system, the labor skills of the population or all aspects of the quality of infrastructure. Nor does it focus on regulations speciﬁc to foreign investment. • While Doing Business focuses on the quality of the regulatory framework, it is not all-inclusive; it does not cover all regulations in any economy. As economies and technology advance, more areas of economic activity are being regulated. For example, the European Union’s body of laws (acquis) has now grown to no fewer than 14,500 rule sets. Doing Business

covers 11 areas of a company’s life cycle, through 11 speciﬁc sets of indicators. These indicator sets do not cover all aspects of regulation in the area of focus. For example, the indicators on starting a business or protecting investors do not cover all aspects of commercial legislation. The employing workers indicators do not cover all areas of labor regulation. The current set of indicators does not, for example, include measures of regulations addressing safety at work or the right of collective bargaining. • Doing Business also does not attempt to measure all costs and beneﬁts of a particular law or regulation to society as a whole. The paying taxes indicators, for example, measure the total tax rate, which is a cost to business. The indicators do not measure, nor are they intended to measure, 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.

Based on standardized case scenarios
Doing Business indicators are built on the basis of standardized case scenarios with speciﬁc assumptions, such as the business being located in the largest business city of the economy. Economic indicators commonly make limiting assumptions of this kind. Inﬂation statistics, for example, are often based on prices of a set of consumer goods in a few urban areas. Such assumptions allow global coverage and enhance comparability. But they come at the expense of generality. Doing Business recognizes the limitations of including data on only the largest business city. Business regulation and its enforcement, particularly in federal states and large economies, may differ across the country. Recognizing governments’ interest in such variation, Doing Business has complemented its global indicators with subnational studies in a range of economies (box 2.1). This year Doing Business also conducted a pilot study on the second largest city in 3 large economies to assess within-country variations.

Doing Business—measuring 11 areas of business regulation
Expansion Operations Insolvency

• Starting a business
Minimum capital requirement Procedures, time and cost

• Registering property
Procedures, time and cost

• Dealing with construction permits Procedures, time and cost

• Resolving insolvency
Time, cost and recovery rate

• Getting credit
Credit information systems Movable collateral laws

• Getting electricity
Procedures, time and cost

• Paying taxes • Protecting investors
Disclosure and liability in related-party transactions Payments, time and total tax rate

• Trading across borders Documents, time and cost

• Enforcing contracts
Procedures, time and cost to resolve a commercial dispute

• Employing workers

ENTRY

PROPERTY RIGHTS ACCESS TO CREDIT INVESTOR PROTECTIONS

ADMINISTRATIVE BURDEN FLEXIBILITY IN HIRING

RECOVERY RATE REALLOCATION OF ASSETS

18

DOING BUSINESS 2012

In areas where regulation is complex and highly differentiated, the standardized case used to construct the Doing Business indicator needs to be carefully deﬁned. Where relevant, the standardized case assumes a limited liability company or its legal equivalent. This choice is in part empirical: private, limited liability companies are the most prevalent business form in many economies around the world. The choice also reﬂects one focus of Doing Business: expanding opportunities for entrepreneurship. Investors are encouraged to venture into business when potential losses are limited to their capital participation.

Focused on the formal sector
In constructing the indicators, Doing Business assumes that entrepreneurs are knowledgeable about all regulations in place and comply with them. In practice, entrepreneurs may spend considerable time ﬁnding out where to go and what documents to submit. Or they may avoid legally required procedures altogether—by not registering for social security, for example.

Where regulation is particularly onerous, levels of informality are higher. Informality comes at a cost: ﬁrms in the informal sector typically grow more slowly, have poorer access to credit and employ fewer workers— and their workers remain outside the protections of labor law.6 All this may be even more so for female-owned businesses, according to country-speciﬁc research.7 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 regulatory 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.8

our health. But it does measure something important for our health. And it puts us on watch to change behaviors in ways that will improve not only our cholesterol rating but also our overall health. One way to test whether Doing Business serves as a proxy for the broader business environment and for competitiveness is to look at correlations between the Doing Business rankings and other major economic benchmarks. Closest to Doing Business in what it measures is the set of indicators on product market regulation compiled by the Organisation for Economic Co-operation and Development (OECD). These indicators 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 simpliﬁcation 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.9 The rankings on these indicators—for the 39 countries that are

WHY THIS FOCUS
Doing Business functions as a kind of cholesterol test for the regulatory environment for domestic businesses. A cholesterol test does not tell us everything about the state of

BOX 2.1 Comparing regulation within economies: subnational Doing Business indicators and a multicity pilot study Subnational Doing Business studies are conducted at the request of a government and capture differences in business regulation across cities within the same economy or region. They build local capacity by involving government partners and local think tanks. Since 2005 subnational Doing Business reports have compared business regulation in states and cities within such economies as Brazil, China, Colombia, Egypt, India, Indonesia, Kenya, Mexico, Morocco, Nigeria, Pakistan and the Philippines.1 Subnational studies increasingly are being periodically updated to measure progress over time or to expand geographic coverage to additional cities. This year that is the case for the subnational studies in the Philippines; the regional report in Southeast Europe; the ongoing studies in Italy, Kenya and the United Arab Emirates; and the projects implemented jointly with local think tanks in Indonesia, Mexico and the Russian Federation. In 2011 Doing Business published subnational indicators for the Philippines and a regional report for 7 economies in Southeast Europe (Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Moldova, Montenegro and Serbia) that covers 22 cities. It also published a city proﬁle for Juba, in the Republic of South Sudan. To further explore variations in business regulation within economies, Doing Business this year collected data on all 10 indicator sets included in the ease of doing business ranking in an additional city in 3 large economies: in Rio de Janeiro in Brazil (in addition to São Paulo), Beijing in China (in addition to Shanghai) and St. Petersburg in the Russian Federation (in addition to Moscow). Subnational studies usually cover only a subset of indicators. The results show no variation between cities within each economy in areas governed by laws or regulations such as the civil procedure code, listing rules for companies and incorporation rules. For rules governing secured transactions, for example, entrepreneurs in Brazil all refer to the Civil Code of 2002, those in China to the Property Rights Law of 2007 and those in Russia to the Civil Code of 1994 and Law on Pledge of 1992. But the efficiency of regulatory processes—such as starting a business or dealing with construction permits—and that of institutions do differ across cities, because of differences either in local regulations or in the capacity of institutions to respond to business demand. In Russia, dealing with construction permits is more complex in Moscow than in St. Petersburg. In Brazil, starting a business, dealing with construction permits and getting electricity take less time in Rio de Janeiro than in the larger São Paulo. But property registration is slightly more efficient in São Paulo than in Rio de Janeiro. This is thanks to São Paulo’s digitized cadastre. In all 3 economies the number of taxes and contributions varies between cities. In China businesses in both cities have to comply with 3 state-administered taxes (value added tax, corporate tax and business tax). But while companies in Beijing need to comply with 6 locally administered taxes, those in Shanghai must comply with 7. Distance to the port plays a role in the time to import and export. The cities housing a main port—Rio de Janeiro, Shanghai and St. Petersburg—have faster and cheaper inland transport than those where entrepreneurs need to hire someone to go to another city to ship or receive their cargo— São Paulo (to Santos), Beijing (to Tianjin) and Moscow (to St. Petersburg).
1. Subnational reports are available on the Doing Business website at http:/ /www.doingbusiness.org/reports/subnational-reports.

ABOUT DOING BUSINESS: MEASURING FOR IMPACT

19

covered, several of them large emerging markets—are highly correlated with those on the ease of doing business (the correlation here is 0.72; ﬁgure 2.1). Similarly, there is a high correlation (0.82) between the rankings on the ease of doing business and those on the World Economic Forum’s 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 (ﬁgure 2.2).10 Economies that do well on the Doing Business indicators tend to do well on the OECD market regulation indicators and the Global Competitiveness Index and vice versa. A bigger question is whether the issues on which Doing Business focuses 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.11 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 growth—and ensuring that poor people can participate in its beneﬁts—requires an environment where new entrants with drive and good ideas, regardless of their gender or ethnic origin, can get started in business and where good ﬁrms can invest and grow, generating more jobs. Small and medium-size enterprises are key drivers of competition, growth and job creation, particularly in developing economies. But in these economies up to 80% of economic activity takes place in the informal sector. Firms may be prevented from entering the formal sector by excessive bureaucracy and regulation. Even ﬁrms operating in the formal sector might not have equal access to transparent rules and regulations affecting their ability to compete, innovate and grow. Where regulation is burdensome and competition limited, success tends to depend more on whom you know than on what you can do.12 But where regulation is transparent, efficient and implemented in a simple way, it becomes easier for any aspiring entrepreneurs, regardless of their connections, to

FIGURE 2.1

A strong correlation between Doing Business rankings and OECD rankings on product market regulation

Ranking on OECD product market regulation indicators
40 35 30 25 20 15 10 5 0 0 20 40 60 80 100 120 140

Note: Correlation is signiﬁcant at the 5% level when controlling for income per capita. Source: Doing Business database; OECD data.

FIGURE 2.2

A similarly strong correlation between Doing Business rankings and World Economic Forum rankings on global competitiveness

Ranking on Global Competitiveness Index
140 120 100 80 60 40 20 0 0 20 40 60 80 100 120 140 160 180 Ranking on the ease of doing business
Note: Correlation is signiﬁcant at the 5% level when controlling for income per capita. Source: Doing Business database; WEF 2010.

operate within the rule of law and to beneﬁt from the opportunities and protections that the law provides. Not surprisingly, higher rankings on the ease of doing business— based on 10 areas of business regulation measured by Doing Business—are correlated with better governance and lower levels of perceived corruption.13 In this sense Doing Business values good rules as a key to social inclusion. It also provides a basis for studying effects of regulations and their application. For example, Doing Business 2004 found that faster contract enforcement was associated with perceptions of greater judicial fairness—suggesting that justice delayed is justice denied.14

considered judgments on the policy options available, enhancing the ability to assess progress over time and make meaningful international comparisons, and contributing to public debate and the promotion of greater accountability. Since 2006 Doing Business has provided 2 takes 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, both by topic and in aggregate.15 In addition, as noted in the executive summary, this year’s report introduces a new measure—the distance to frontier measure—that illustrates how an economy’s regulatory environment has changed over time.16 Judgment is required in interpreting all 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

DOING BUSINESS AS A BENCHMARKING EXERCISE
Doing Business, in capturing some key dimensions of regulatory regimes, has been found useful for benchmarking—an aspect allowing decision makers to make more

20

DOING BUSINESS 2012

some topics. And some 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 strengthen and add to regulations to protect investor and property rights. Meanwhile, they ﬁnd more efficient ways to implement existing regulations and cut outdated ones. One ﬁnding of Doing Business: dynamic and growing economies continually reform and update their business regulations and their way of implementing them, 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 absolute terms matters more than their economy’s relative ranking on the overall ease of doing business. The distance to frontier measure aids in assessing such improvements over time by showing the distance of each economy to the “frontier,” which represents the highest performance observed on each of the Doing Business indicators across all economies and years included since 2005. Comparing the measure for an economy at 2 points in time allows users to assess how much the economy’s regulatory environment as measured by Doing Business has changed over time—how far it has moved toward (or away from) the most efficient practices and strongest regulations in the areas covered by Doing Business. The distance to frontier measure complements the yearly ease of doing business rankings that compare economies with one another at a point in time. Each indicator set covered by Doing Business measures a different aspect of the business regulatory environment. The rankings of each economy vary, sometimes signiﬁcantly, across the indicator sets. A quick way to assess the variability of an economy’s regulatory performance across the different areas of business regulation is to look at the topic rankings (see the country tables). Korea, for example, stands at 8 in the overall ease of doing business ranking. Its ranking is 2 on the ease of enforcing contracts, 4 on the ease of trading across borders and 8 on the ease of getting credit. At the same time, it

has a ranking of 24 on the ease of starting a business, 26 on the ease of dealing with construction permits, 38 on the ease of paying taxes and 71 on the ease of registering property. Variation in performance across the indicator sets reﬂects the different priorities that governments give to particular areas of business regulation as well as economy-speciﬁc circumstances that may allow a faster pace of reform in some areas than in others.

regulations improve ﬁrm productivity and macroeconomic performance.22 Simpler business registration translates into greater employment opportunities in the formal sector. Reducing start-up costs for new ﬁrms was found to result in higher take-up rates for education, higher rates of job creation for high-skilled labor and higher average productivity because new ﬁrms are often set up by high-skilled workers.23 Lowering entry costs can boost legal certainty: businesses entering the formal sector gain access to the legal system, to the beneﬁt of both themselves and their customers and suppliers.24 Assessing the impact of policy reforms poses challenges. While cross-country correlations can appear strong, it is difficult to isolate the effect of regulations given all the other potential factors that vary at the country level. Generally, cross-country correlations do not show whether a speciﬁc outcome is caused by a speciﬁc regulation or whether it coincides with other factors, such as a more positive economic situation. So how do we know whether things would have been different without a speciﬁc regulatory reform? Some studies have been able to test this by investigating variations within an economy over time. Other studies have investigated policy changes that affected only certain ﬁrms or groups. Several country-speciﬁc impact studies conclude that simpler entry regulations encourage the establishment of more new ﬁrms: • In Mexico one study found that a program that simpliﬁed municipal licensing led to a 5% increase in the number of registered businesses and a 2.2% increase in wage employment, while competition from new entrants lowered prices by 0.6% and the income of incumbent businesses by 3.2%.25 Other research found that the same licensing reform directly led to a 4% increase in new start-ups and that the program was more effective in municipalities with less corruption and cheaper additional registration procedures.26 • In India the progressive elimination of the “license raj” led to a 6% increase in new ﬁrm registrations, and highly productive ﬁrms entering the market saw larger increases in real output than less productive ﬁrms.27 Simpler entry regulation and

WHAT RESEARCH SHOWS ON THE EFFECTS OF BUSINESS REGULATION
Nine years of Doing Business data, together with other data sets, have enabled a growing body of research on how speciﬁc areas of business regulation—and regulatory reforms in those areas—relate to social and economic outcomes. Some 873 articles have been published in peer-reviewed academic journals, and about 2,332 working papers are available through Google Scholar.17 Much attention has been given to exploring links to microeconomic outcomes, such as ﬁrm creation and employment. Recent research focuses on how business regulations affect the behavior of ﬁrms by creating incentives (or disincentives) to register and operate formally, to create jobs, to innovate and to increase productivity.18 Many studies have also looked at the role played by courts, credit bureaus, and insolvency and collateral laws in providing incentives for creditors and investors to increase access to credit. The literature has produced a range of ﬁndings. Lower costs for business registration encourage entrepreneurship and enhance ﬁrm productivity. Economies with efficient business registration have a higher entry rate by new ﬁrms as well as greater business density.19 Economies where registering a new business takes less time have seen more businesses register in industries where the potential for growth is greatest, such as those that have experienced expansionary shifts in global demand or technology.20 Reforms making it easier to start a business tend to have a signiﬁcant positive effect on investment in product market industries such as transport, communications and utilities, which are often sheltered from competition.21 There is also evidence that more efficient business entry

ABOUT DOING BUSINESS: MEASURING FOR IMPACT

21

labor market ﬂexibility were found to be complementary. States with more ﬂexible employment regulations saw a 25% larger decrease in informal ﬁrms and 17.8% larger gains in real output than states with less ﬂexible labor regulations.28 The same licensing reform led to an aggregate productivity improvement of around 22% for ﬁrms affected by the reform.29 • In Colombia new ﬁrm registrations increased by 5.2% after the creation of a one-stop shop for businesses.30 • In Portugal the introduction of a one-stop shop for businesses led to a 17% increase in new ﬁrm registrations and 7 new jobs for every 100,000 inhabitants compared with economies that did not implement the reform.31 A sound regulatory environment leads to stronger trade performance. Efforts to streamline the institutional environment for trade (such as by increasing the efficiency of customs) have been shown to have positive effects on trade volumes.32 One study found that an inefficient trade environment was among the main factors in poor trade performance in Sub-Saharan African countries.33 Similarly, another study identiﬁed the government’s ability to formulate and implement sound policies and regulations that promote private sector development, customs efﬁciency, quality of infrastructure and access to ﬁnance as important factors in improving trade performance.34 The same study found that economies with more constrained access to foreign markets beneﬁt more from improvements in the investment climate than those with easier access. Research also shows that an economy’s ability to enforce contracts is an important determinant of its comparative advantage in the global economy: among comparable economies, those with good contract enforcement tend to produce and export more customized products than those with poor contract enforcement.35 Another study shows that in many developing economies production of high-quality output is a precondition for ﬁrms to become exporters: institutional reforms that lower the cost of high-quality production increase the positive effect that trade facilitation can have on income.36 Research shows that removing

barriers to trade needs to be accompanied by other reforms, such as making labor markets more ﬂexible, to achieve higher productivity and growth.37 Regulations and institutions that form part of the ﬁnancial market infrastructure—including courts, credit information systems, and collateral, creditor and insolvency laws—play a role in easing access to credit. Enterprise surveys conducted by the World Bank show that access to credit is a major constraint to businesses around the world.38 Good credit information systems and strong collateral laws can help alleviate ﬁnancing constraints. Analysis in 12 transition economies found that reforms strengthening collateral laws increased the supply of bank loans by 13.7% on average.39 Creditor rights and the existence of credit registries, whether public or private, are both associated with a higher ratio of private credit to GDP.40 And greater information sharing through credit bureaus is associated with higher bank proﬁtability and lower bank risk.41 Country-speciﬁc research assessed the effect of efficient debt recovery and exit processes in determining conditions of credit and in ensuring that less productive ﬁrms are either restructured or exit the market: • The establishment of specialized debt recovery tribunals in India sped up the resolution of debt recovery claims and allowed lenders to seize more collateral on defaulting loans. It also increased the probability of repayment by 28% and lowered interest rates on loans by 1–2 percentage points.42 • Following a broad bankruptcy reform in Brazil in 2005 that, among other things, improved the protection of creditors, the cost of debt fell by 22% and the aggregate level of credit rose by 39%.43 • The introduction of improved insolvency regimes that streamlined mechanisms for reorganization reduced the number of liquidations by 8.4% in Belgium and by 13.6% in Colombia as more viable ﬁrms opted for reorganization instead.44 In Colombia the new law better distinguished viable from nonviable ﬁrms, making survival more likely for ﬁnancially distressed but viable ﬁrms.

HOW GOVERNMENTS USE DOING BUSINESS
Quantitative data and benchmarking can be useful in stimulating debate about policy, both by exposing potential challenges and by identifying where policy makers might look for lessons and good practices. For governments, a common ﬁrst reaction to the Doing Business data is to ask questions about the quality and relevance of the data and about how the results are calculated. Yet the debate typically proceeds to a deeper discussion exploring the relevance of the data to the economy and areas where business regulation reform might make sense. Most reformers start out by seeking examples, and Doing Business helps in this (boxes 2.2 and 2.3). For example, Saudi Arabia used the company law of France as a model for revising its own. Many countries in Africa look to Mauritius—the region’s strongest performer on Doing Business indicators—as a source of good practices for business regulation reform. In the words of Luis Guillermo Plata, the former minister of commerce, industry and tourism of Colombia, It’s not like baking a cake where you follow the recipe. No. We are all different. But we can take certain things, certain key lessons, and apply those lessons and see how they work in our environment. Over the past 9 years there has been much activity by governments in reforming the regulatory environment for domestic businesses. Most reforms relating to Doing Business topics have been nested in broader programs of reform aimed at enhancing economic competitiveness, as in Colombia, Kenya and Liberia, for example. In structuring their reform programs for the business environment, governments use multiple data sources and indicators.45 And reformers respond to many stakeholders and interest groups, all of whom bring important issues and concerns to the reform debate. World Bank Group dialogue with governments on the investment climate is designed to encourage critical use of the data, sharpening judgment, avoiding a narrow focus on improving Doing Business rankings and encouraging broad-based reforms that enhance the investment climate. The World

22

DOING BUSINESS 2012

BOX 2.2 How economies have used Doing Business in regulatory reform programs To ensure the coordination of efforts across agencies, such economies as Colombia and Rwanda have formed regulatory reform committees, reporting directly to the president, that use the Doing Business indicators as one input to inform their programs for improving the business environment. More than 25 other economies have formed such committees at the interministerial level. These include economies across regions: In East and South Asia, India; Malaysia; Sri Lanka; Taiwan, China; Thailand; and Vietnam. In the Middle East and North Africa, Egypt; Morocco; Saudi Arabia; the United Arab Emirates; and the Republic of Yemen. In Eastern Europe and Central Asia, Georgia; Kazakhstan; the Kyrgyz Republic; Moldova; and Tajikistan. In Sub-Saharan Africa, Botswana; Burundi; the Central African Republic; the Comoros; the Democratic Republic of Congo; Kenya; Liberia; Malawi; Mali; and Zambia. And in Latin America, Guatemala; Mexico; and Peru. Governments have reported more than 300 regulatory reforms that have been informed by Doing Business since 2003.

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. With the open data initiative, all indicators and data are available to the public at http:// data.worldbank.org.

METHODOLOGY AND DATA
Doing Business covers 183 economies—including small economies and some of the poorest economies, for which little or no data are available in other data sets. The Doing Business data are based on domestic laws and regulations as well as administrative requirements. (For a detailed explanation of the Doing Business methodology, see the data notes.)

The Doing Business approach to data collection contrasts with that of ﬁrm surveys, which capture often one-time perceptions and experiences of businesses. A corporate lawyer registering 100–150 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 manager of a company who may have never undergone the process.

Doing Business respondents
Over the past 9 years more than 12,000 professionals in 183 economies have assisted in providing the data that inform the Doing Business indicators. This year’s report draws on the inputs of more than 9,000 professionals. Table 4.1 in the data notes lists the number of respondents for each indicator set. The Doing Business website indicates the number of respondents for each economy and each indicator. Respondents are professionals or government officials 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 speciﬁc 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 and other professionals answer the surveys related to trading across borders, taxes and construction permits.

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 ﬁll 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 indicators—for example, those on dealing with construction permits, enforcing contracts and resolving insolvency—the 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 and legally operating a business, 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.

BOX 2.3 How a regional economic forum uses Doing Business The Asia-Paciﬁc Economic Cooperation (APEC) organization uses Doing Business to identify potential areas of regulatory reform, to champion economies that can help others improve and to set measurable targets. In 2009 APEC launched the Ease of Doing Business Action Plan with the goal of making it 25% cheaper, faster and easier to do business in the region by 2015.1 The action plan sets speciﬁc targets, such as making it 25% faster to start a business by reducing the average time by 1 week. Drawing on a ﬁrm survey, planners identiﬁed 5 priority areas: starting a business, getting credit, enforcing contracts, trading across borders and dealing with construction permits. APEC economies then selected 6 “champion economies” for the priority areas: New Zealand and the United States (starting a business), Japan (getting credit), Korea (enforcing contracts), Singapore (trading across borders) and Hong Kong SAR, China (dealing with construction permits). In 2010 and 2011 several of the champion economies organized workshops to develop programs for building capacity in their area of expertise.
1. APEC 2010.

Development of the methodology
The methodology for calculating each indicator is transparent, objective and easily replicable. Leading academics collaborated in the development of the indicators, ensuring academic rigor. Eight of the background papers underlying the indicators have been published in leading economic journals.46 Doing Business uses a simple averaging approach for weighting component indicators and calculating rankings. Other approaches were explored, including using principal components and unobserved components.47 They turn out to yield results nearly identical

ABOUT DOING BUSINESS: MEASURING FOR IMPACT

23

to those of simple averaging. Thus Doing Business uses the simplest method: weighting all topics equally and, within each topic, giving equal weight to each of the topic components.48

includes changes in the ranking methodology for paying taxes. Employing workers methodology. With the aim of better capturing the balance between worker protection and efficient employment regulation that favors job creation, Doing Business has made a series of amendments to the methodology for the employing workers indicators over the past 4 years. In addition, the World Bank Group has been working with a consultative group—including labor lawyers, employer and employee representatives, and experts from civil society, the private sector, the International Labour Organization (ILO) and the OECD— to review the methodology and explore future areas of research.51 The consultative group completed its work this year, and its guidance has provided the basis for several changes in methodology (see also the data notes). A full report with the conclusions of the consultative group is available on the Doing Business website.52 Follow-on work is continuing to explore the measurement of worker protection to complement the measurement of the cost to employers of labor regulations. The data on worker protection will serve as a basis for the development of a joint analysis of worker protection by the World Bank Group and the ILO. Pending further progress on research in this area, this year’s 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 183 economies are available on the Doing Business website.53 Paying taxes methodology. Doing Business has beneﬁted from dialogue with external stakeholders, including participants in the International Tax Dialogue, on the survey instrument and methodology for the paying taxes indicators. As a result of these consultations, this year’s report introduces a threshold for the total tax rate for the purpose of calculating the ranking on the ease of paying taxes. All economies with a total tax rate below the threshold (which

Inclusion of getting electricity indicators
This year’s ease of doing business ranking includes getting electricity as a new topic. The getting electricity indicators were introduced as a pilot in Doing Business 2010 and Doing Business 2011, which presented the results in an annex. During the pilot phase the methodology was reviewed by experts, and data on the time, cost and procedures to obtain an electricity connection were collected for the full set of 183 economies. To avoid double counting, procedures related to getting an electricity connection have been removed from the dealing with construction permits indicators.49

will be calculated and adjusted on a yearly basis) will now receive the same ranking on the total tax rate indicator. Since the total tax rate is 1 of 32 indicators included in the ranking on the overall ease of doing business, this change has minimal effects on the overall rankings. The correlation between rankings on the ease of paying taxes with and without this threshold is 99%. The threshold is not based on any underlying theory. Instead, it is meant to emphasize the purpose of the indicator: to highlight economies where the tax burden on business is high relative to the tax burden in other economies. 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. For more details on the calculation of the threshold, see the data notes. In addition, this year Doing Business collected data on labor taxes and social security contributions paid by employees as well as employers. These data will be made available on the Doing Business website to enable analysis of the distribution of these contributions between employers and employees. Getting credit methodology. The strength of legal rights index measures certain rights of borrowers and lenders with respect to secured transactions. The index describes how well collateral and bankruptcy laws facilitate lending by measuring 10 aspects of these laws. One aspect of collateral law that is measured relates to whether secured creditors can continue individual court actions after a debtor starts a court-supervised reorganization procedure or whether they are subject to an automatic stay or a moratorium. Previously only economies where secured creditors can continue a court action in these circumstances were rewarded in the scoring for the strength of legal rights index. Now economies where secured creditors must stop individual court actions but their rights remain protected through other means are

Improvements to the methodology
The methodology has undergone continual improvement over the years.50 Changes have been made mainly in response to suggestions providing new insights. For enforcing contracts, for example, the amount of the disputed claim in the case study was increased from 50% to 200% of income per capita after the ﬁrst year of data collection, as it became clear that smaller claims were unlikely to go to court. Another change relates to starting a business. The minimum capital requirement can be an obstacle for potential entrepreneurs. Initially 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 reﬂect the actual potential barrier to entry, the paid-in minimum capital has been used rather than the required minimum capital. This year’s report includes improvements in the methodology for the employing workers indicators and the getting credit (legal rights) indicators, in addition to the removal of the procedures related to getting an electricity connection from the dealing with construction permits indicators. It also

24

DOING BUSINESS 2012

also rewarded (see the data notes for more details). The change aligns the methodology for this indicator with guidelines of the United Nations Commission on International Trade Law (UNCITRAL) and the World Bank Group.

8. http://www.enterprisesurveys.org. 9. OECD, “Indicators of Product Market

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 ﬁrst 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 yearto-year changes in income per capita. 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 conﬁrmed after a data veriﬁcation process, they are expeditiously corrected.

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.
10. The World Economic Forum’s Global

of doing business ranking and the ranking on the Control of Corruption Index is 0.62, and that between the ease of doing business ranking and the ranking on the Transparency International Corruption Perceptions Index 0.77. The positive correlation is statistically signiﬁcant at the 5% level.
14. World Bank 2003. 15. This year’s report does not present rankings

of economies on the employing workers indicators. Nor does it include this topic in the aggregate ranking on the ease of doing business.
16. For further details on the construction of the

indicators, the aggregate rankings and the distance to frontier measure, see the data notes and the chapter on the ease of doing business and distance to frontier.
17. According to searches on Google Scholar

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 6.2%).
11. Narayan and others 2000. 12. Hallward-Driemeier, Khun-Jush and

(http://scholar.google.com) and the Social Science Citation Index.
18. Djankov and others 2002; Alesina and oth-

NOTES
1. For more details on how the aggregate rank-

ings are created, see the chapter on the ease of doing business and distance to frontier.
2. This has included a review by the World

Bank Independent Evaluation Group (2008) as well as ongoing input from the International Tax Dialogue.
3. The resolving insolvency indicators measure

the time, cost and outcome of insolvency proceedings involving domestic entities. In previous reports this indicator set was referred to as closing a business. Resolving insolvency more accurately reﬂects the outcomes that are measured: a judicial procedure aimed at reorganization or rehabilitation, a judicial procedure aimed at liquidation or winding up, and debt enforcement or foreclosure (in or outside the courts).
4. Local experts in 183 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).
5. De Soto 2000. 6. Schneider 2005; La Porta and Shleifer 2008. 7. Amin 2011.

Pritchett (2010) analyze data from World Bank Enterprise Surveys for Sub-Saharan Africa and show that broadly de jure measures such as Doing Business indicators are not correlated with ex post firm-level responses. While countries that do better according to Doing Business generally perform better on enterprise surveys, for the majority of economies in the sample there is no correlation. Further, the authors find that the gap between de jure and de facto conditions grows with the formal regulatory burden. This suggests that more burdensome processes in Africa open up more space for making deals and that firms may not incur the official costs of compliance, but they still pay to avoid them. A few differences in the underlying methodologies should be kept in mind. The Doing Business methodology focuses on the main business city, while enterprise surveys typically cover the entire country. Doing Business gathers the considered views of experts who examine the laws and rules underlying the business regulatory framework in a narrow set of areas; enterprise surveys collect the views of enterprise managers and the question posed to the manager is seldom identical to the one being addressed by Doing Business contributors, which is in reference to a particular standardized case. World Bank Enterprise Surveys, available at http://www.enterprisesurveys.org, collect business data on more than 100,000 firms in 125 economies, covering a broad range of business environment topics.
13. The correlation coefficient between the ease

ers 2005; Perotti and Volpin 2005; Klapper, Laeven and Rajan 2006; Fisman and SarriaAllende 2010; Antunes and Cavalcanti 2007; Barseghyan 2008; Eifert 2009; Klapper, Lewin and Quesada Delgado 2009; Djankov, Freund and Pham 2010; Klapper and Love 2011; Chari 2011; Bruhn 2011.
19. Klapper, Lewin and Quesada Delgado

2009. Entry rate refers to newly registered ﬁrms as a percentage of total registered ﬁrms. Business density is deﬁned as the total number of businesses as a percentage of the working-age population (ages 18–65).
20. Ciccone and Papaioannou 2007. 21. Alesina and others 2005. 22. Loayza, Oviedo and Sérven 2005;

Barseghyan 2008.
23. Dulleck, Frijters and Winter-Ebmer 2006;

Calderon, Chong and Leon 2007; Micco and Pagés 2006.
24. Masatlioglu and Rigolini 2008; Djankov

2009.
25. Bruhn 2011. 26. Kaplan, Piedra and Seira 2007. 27. Aghion and others 2008. 28. Sharma 2009. 29. Chari 2011. 30. Cardenas and Rozo 2009. 31. Branstetter and others 2010. 32. Djankov, Freund and Pham 2010. 33. Iwanow and Kirkpatrick 2009. 34. Seker 2011. 35. Nunn 2007. 36. Rauch 2010. 37. Chang, Kaltani and Loayza 2009; Cuñat and

Melitz 2007.
38. http://www.enterprisesurveys.org.

ABOUT DOING BUSINESS: MEASURING FOR IMPACT

25

39. Haselmann, Pistor and Vig 2010. The

countries studied were Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, the Slovak Republic, Slovenia and Ukraine.
40.Djankov, McLiesh and Shleifer 2007;

and weighting methods is available on the Doing Business website (http://www .doingbusiness.org).
49. Previous years’ data on dealing with

Houston and others 2010.
41. Djankov, McLiesh and Shleifer 2007;

construction permits are adjusted to reﬂect this change. They are made available on the Doing Business website under “historical data” (http://www.doingbusiness.org).
50. All changes in methodology are explained

Houston and others 2010.
42. Visaria 2009. 43. Funchal 2008. 44.Dewaelheyns and Van Hulle (2008)

on Belgium; Giné and Love (2010) on Colombia.
45. One recent study using Doing Business

in the data notes in this year’s report and in previous years’ reports back to Doing Business 2007 (data notes and previous years’ reports are available at http://www .doingbusiness.org).
51. For the terms of reference and composi-

indicators illustrates the difficulties in using highly disaggregated indicators to identify reform priorities (Kraay and Tawara 2011).
46. All background papers are available on the

tion of the consultative group, see World Bank, “Doing Business Employing Workers Indicator Consultative Group,” http://www .doingbusiness.org.
52. http://www.doingbusiness.org/

Doing Business website (http://www .doingbusiness.org).
47. For more details, see the chapter on the ease

methodology/employing-workers.
53. http://www.doingbusiness.org.

of doing business and distance to frontier.
48. A technical note on the different aggregation

Economy case studies

KOREA: BETTER BUSINESS REGULATION AND IMPROVED COMPETITIVENESS
Rapid growth over the past 3 decades transformed Korea into the world’s 13th largest economy.1 Exports were a big driver of that growth, which averaged 6.4% a year between 1981 and 2009.2 Exports and imports together amounted to 83% of GDP in 2007, and by 2008 Korea had become the world’s 7th largest trader.3 But the economy’s heavy reliance on foreign trade made it especially vulnerable to the global economic crisis of 2008–09. During the height of the crisis, in the fall of 2008, the economy contracted by 15% as exports, hit by poor credit conditions and declining investor conﬁdence, plunged by 34%.4 The government’s policy response to the global economic crisis recognized the larger role played by small and medium-size enterprises, especially in employment—in contrast to before the 1997–98 East Asian ﬁnancial crisis, when the large conglomerates known as chaebol dominated. At the end of 2008 Korea’s 3 million small and mediumsize enterprises accounted for 99.9% of all companies in the economy, almost 90% of employment and about 50% of production.5 In the wake of the crisis the government took steps to reduce the tax and regulatory burden on these businesses, building on reforms begun earlier in the decade. Many of the reforms of business regulation, such as the launch of an online system for business registration and the introduction of an electronic single window to facilitate trade, reﬂect Korea’s broader push toward egovernment. A road map adopted in 2003 to create the “world’s best open e-government” included targets such as putting 85% of public services online.6 Korea’s advanced e-government provided the foundation for

implementing several of the recent reforms in business regulation.

The institutional framework
In 2008 newly elected President Lee Myung-bak established the Presidential Council on National Competitiveness with a broad mandate to revive the economy by improving Korea’s competitiveness. Regulatory reform was identiﬁed as 1 of 4 pillars for the initiative, along with public sector innovation, investment promotion, and legal and institutional advancement. The council’s ambition in 2008 was “to achieve a potential economic growth rate of 6–7% and a national competitiveness rank of 15 globally by 2012.”7 The council noted early on that of the economy’s 5,189 business regulations, 800 (15%) had not been revised in the 10 years since 1998. In an effort to bring regulations up to date, the council applied sunset clauses to more than 600 regulations and 3,500 administrative rules.8 For the past 3 years the council has been holding meetings twice a month to discuss Korea’s competitiveness strategy, bringing together representatives from the Employers Federation, trade unions, the Chamber of Commerce, the Federation of SMEs, the Ministry of Strategy and Finance, academia and the private sector. The Ministry of Strategy and Finance is responsible for improving the business environment by planning and implementing economic regulation, simplifying administrative procedures and reducing related costs. The Small & Medium Business Administration, created in 1996, focuses on promoting small and medium-size enterprises as the backbone of the economy.9 To further support the reform initiative, in 2008 the government, in collaboration with

the Korean Chamber of Commerce, established the public-private Regulatory Reform Task Force to monitor and resolve difficulties faced by businesses. Every year the council reports statistics on the issues the task force investigates and resolves through cooperation with relevant authorities.10

Multipronged regulatory reform
In recent years Korea has been implementing reforms that affect several areas of business regulation, including taxation, trade, investor protections, bankruptcy and business registration.

Lower and simpler taxes
As part of a stimulus package following the global crisis, Korea accelerated its 5-year corporate income tax reduction program to a 3-year program. It reduced the highest corporate tax rate from 25% to 22% in 2009, and the lowest rate from 11% to 10% in 2010. The plan is to further reduce the highest rate in 2012, from 22% to 20%. Korea also undertook efforts to lighten the administrative burden of taxes. In 1997 it had already implemented a system allowing taxpayers to ﬁle taxes electronically.11 In 2002 it launched a new one, the Hometax system.12 In 2010, thanks to increased use of the new system, the time to comply with tax obligations was reduced by 14% as measured by Doing Business. In parallel with introducing online taxation, Korea reorganized its tax administration, shifting from an organization by type of tax (such as personal income tax and corporate income tax) to one by tax function (collection, audit and so on). The introduction of online taxation and the functional reorganization of tax administration have substantially reduced the need for informal contact between government officials and taxpayers.

ECONOMY CASE STUDIES: KOREA

27

In 2010 and 2011 Korea took further steps to ease the administrative burden of taxes. It amended the Local Tax Law twice in 2010 to merge 4 local taxes into 2. And effective January 1, 2011, it made the National Health Insurance Corporation the consolidated collector for pension, health, unemployment and industrial accident insurance payments. This allows joint ﬁling and payment for 4 different labor taxes and contributions. As Korea started to recover from the crisis, the revenue collected from corporate income tax rose, exceeding the 2008 level in both 2009 and 2010. The number of companies registered for corporate income tax also rose, increasing by 7% from 2008 to 2009 and by 10% from 2009 to 2010.

January 2005. Minority investors can now ﬁle class actions for negligent external audits of a listed company, for insider trading and market manipulation and for false disclosure in the prospectuses or quarterly, semiannual and annual reports of listed companies. In October 2009 Korea amended its 2006 bankruptcy law in an effort to keep more companies operating during the global economic crisis. By the second half of 2008 both export and domestic companies had begun to feel the effect of the decline in international demand due to the global crisis and rising oil prices.16 Much as it had done after the East Asian ﬁnancial crisis, Korea modiﬁed its bankruptcy law to favor restructuring over liquidation, launched workout plans to save ailing ﬁnancial institutions and enhanced transparency among foreign and domestic creditors—a strategy that according to research helped to gradually revive investor conﬁdence.17 Under Korea’s new bankruptcy law, creditors lending money to distressed companies receive “superpriority” over other secured creditors. This makes it easier for such companies to obtain new loans and continue operating. The law also encourages reorganization by simplifying rules and allowing management to stay onboard to administer the company’s turnaround—while balancing creditors’ interests by allowing them to establish creditors’ committees during bankruptcy.18
TABLE 3.1

By 2010 more companies were able to continue operating. The number of reorganization ﬁlings in Korea rose from 366 in 2008 to 630 in 2010 (table 3.1). More important, the number of companies that kept operating after ﬁling for reorganization increased from 73 in 2008 to 223 in 2010, while the number ﬁling for liquidation grew by much less (from 191 in 2008 to 253 in 2010).

Easier and cheaper business start-up
In 2009 Korea made starting a business easier, particularly for joint stock companies, or jusik hoesa, which account for more than 90% of Korean companies.19 For these companies the minimum capital requirement was abolished, and the cost to start a business reduced from 17% of income per capita to 14.57%. Since 2009 notaries have no longer been required, strict time limits have applied for value added tax registration, and entrepreneurs have been able to pay registration taxes online. Online payment is very accessible in Korea, which has the world’s highest wireless broadband penetration rate.20 In February 2010 Korea made start-up even easier and less costly through an online system, Start-Biz Online, which is managed by the Small & Medium Business Administration.21 In the past, entrepreneurs starting a company had to manually ﬁll out more than 30 forms and visit 6 different agencies—which led 96% of company founders to hire a lawyer as their agent. Now they enter information once, and the online system automatically distributes it. Entrepreneurs can use the system to

Easier trade
In 2008 the Korea Customs Service launched a comprehensive reform plan aimed at establishing the world’s best customs clearance system.13 By 2009 the agency had moved from an “E-customs system”—an electronic data interchange system with access for subscribers only—to a “U-customs system”—a global internet-based customs portal linking ﬁnancial institutions, customs agencies, logistics companies and 23 government agencies.14 This international single window, known as UNI-PASS, allows importers and exporters to handle customs declarations and other trade-related requirements from anywhere at any time. UNI-PASS is one of the world’s few 100% electronic clearance portals. Its introduction reduced the average time to export from 11 days to 8, and the average time to import from 10 days to 8, as measured by Doing Business 2009. The Korea Customs Service estimates that it spent about $7.7 million in total on the single window in 2006–10, generating cost savings of about $70.5 million in 2010 alone.15

Reorganization and liquidation ﬁlings in the Republic of Korea, 2008–10
Companies ﬁling for reorganization Companies that kept operating after ﬁling for reorganization Companies ﬁling for liquidation

Year 2008 2009 2010

Seoul 111 192 155

All of Korea 366 669 630

Seoul 11 54 35

All of Korea 73 257 223

Seoul 74 122 122

All of Korea 191 226 253

Source: Ministry of Justice of Korea.

Greater protections for investors and creditors
Already in 2005 Korea had begun to adopt a range of measures to improve corporate governance, including supporting the nascent shareholder rights movement by giving minority shareholders more rights. Korea’s class action law came into effect in

TABLE 3.2

New companies registering and exiting in the Republic of Korea, 2008–10
Jusik hoesa registering Jusik hoesa exiting Yuhan hoesa registering Yuhan hoesa exiting

Year 2008 2009 2010

Seoul 17,567 19,313 20,789

All of Korea 47,739 52,976 57,828

Seoul 10,801 12,344 15,062

All of Korea 26,175 29,783 35,795

Seoul 538 998 838

All of Korea 2,766 3,361 2,765

Seoul 284 224 276

All of Korea 359 295 383

Note: Jusik hoesa are joint stock companies. Yuhan hoesa are limited liability companies. Source: Supreme Court of Korea.

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DOING BUSINESS 2012

conduct name searches, register a company, pay local taxes and the corporate registration tax—and more. As Korea started recovering from the crisis, the number of newly registered joint stock companies began steadily increasing. It grew by about 9% between 2009 and 2010 (table 3.2). More than a third of the new companies are located in Seoul. Besides making start-up easier for all companies, Korea plans to relax or abolish many industry-speciﬁc barriers to entry, in an effort to promote new business and revitalize the economy. For example, it will no longer restrict businesses selling petroleum to operate only in a speciﬁc region.22

NOTES
1. Based on 2010 GDP measured by purchas-

11. In 2009, 95% of corporate income tax

ing power parity (PPP) exchange rates. Data are from the International Monetary Fund, World Economic Outlook Database, http:// www.imf.org/.
2. World Bank, World Development Indicators

returns, 80% of individual income tax returns and 78% of value added tax returns were ﬁled electronically.
12. The Hometax system is available at http://

www.hometax.go.kr.
13. Korea Customs Service 2009b. 14. The U-customs system is being used as

database, http://data.worldbank.org/.
3. World Bank, World Development Indicators

database, http://data.worldbank.org/. The OECD average for exports and imports is about 50% of GDP.
4. See Bernanke (2009, p. 15); and Asian

a model by several economies seeking to improve their trade systems, including Dominica and Ecuador.
15. The cost of the single window fell after

Development Bank (2009, pp. 172–76).
5. Small & Medium Business Administration,

“Statistics,” http://eng.smba.go.kr/ (accessed July 2011).
6. Between 2003 and 2007, 31 new e-

the initial investment in 2006. The share of Korean export and import transactions processed through the single window increased from about 67% in 2009 to about 92% in 2010 (Korea Customs Service 2009a, 2010).
16. Kim 2009, p. 279. 17. See Cirmizi, Klapper and Uttamchandani

Smoother permitting
Korea also strengthened construction permitting, updating its building code in 2005/06. In May 2006 small construction projects were exempted from the requirement to apply for an advance building permit.23 This allows regulators to focus their energy on the more complex projects. In 2010 Korea started a general licensing reform (this does not yet apply to matters such as construction permitting). Until recently Korean licensing laws had “prohibition of a license” as the principle and “permission for license” as the exception. Permission became the principle in 2010.24 The goal for the coming years is to establish a licensing council, a one-stop shop that will bring together all administrative agencies and process applications within 20 days as a general rule.

government initiatives were implemented. In 2010 Korea ranked number 1 globally on the United Nations E-government Development Index (United Nations Department of Economic and Social Affairs 2010).
7. PCNC (2009) cites Korea’s “national

(2010); and Oh and Haliday (2009).
18. See Eunjai Lee and Wan Shik Lee,

“Restructuring and Insolvency: South Korea,” http://www.practicallaw.com/.
19. About 10% of companies are small or

competitiveness ranking on IMD’s World Competitiveness Yearbook (31 out of 55 in 2008), WEF’s Global Competitiveness report (13 out of 134) and WBG’s Doing Business report (23 out of 178)” (p. 11).
8. PCNC 2011. 9. Small & Medium Business Administration,

medium-size limited liability companies, or yuhan hoesa. In 2006–09 an average of 2,500 new yuhan hoesa a year were created in Korea.
20. OECD 2010. 21. http://www.startbiz.go.kr. 22. PCNC 2011, p. 14. 23. World Bank 2006b. 24. PCNC 2011. 25. See PCNC (2011), which cites International

http://eng.smba.go.kr/.
10. The statistics are included in annual reports

of the Presidential Council on National Competitiveness. In 2009 the task force undertook on-site inspections of companies in 30 areas and held 67 sectoral meetings, revealing 785 issues. It resolved 559 issues through cooperation with relevant authorities.

Monetary Fund data on 2010 growth rates in major economies.

Conclusion
In 2010, as the world economy slowly recovered from the crisis, Korea’s growth rate reached 6.1%, the highest among OECD members and up sharply from the 0.2% rate in 2009.25 The government aims to continue the regulatory reform process. At the October 2010 meeting of the Presidential Council on National Competitiveness, President Lee Myung-bak said, “In the process of recovery of the world economy, the competition will be ﬁercer. Therefore, we need to make an effort to be more competitive. We have to endeavor to make a country good for enterprise and investment.”

ECONOMY CASE STUDIES: FYR MACEDONIA

29

FYR MACEDONIA: MAJOR CHANGES SPURRED BY REGIONAL INTEGRATION
Regional integration efforts such as the accession process of the European Union can help drive reforms in business regulation. This has been the case in FYR Macedonia, which launched a comprehensive reform agenda after applying for EU membership. FYR Macedonia signed the Stabilization and Association Agreement with the European Union in April 2001 and received candidate country status in November 2005.1 Its reform agenda has been driven largely by requirements to ensure that the country’s laws are in line with the EU legal framework (acquis) and to fulﬁll certain macroeconomic criteria. Equally important has been the desire to attract investment and develop business activity to create jobs and achieve economic growth. Since 2004 the parliament has made important changes to legislation, including business regulations. The efforts are showing results. FYR Macedonia is among the 10 economies that made the biggest strides in creating a regulatory environment more favorable to business in the past 6 years.2 It moved up in the global ranking on the ease of doing business from 81 in Doing Business 2006 to 22 in this year’s report.3 Besides improving in the relative ranking, FYR Macedonia is also among the economies that closed the gap to the frontier the most in the past 6 years (see ﬁgure 1.9 in the executive summary).4 In addition to the EU acquis, FYR Macedonia has used the Doing Business reports to benchmark good practices and promote improvements to its regulatory framework to make it easier to do business. External assistance has contributed to the sustained success. The World Bank, the European Commission and the U.S. Agency for International Development (USAID) have provided funds and technical assistance for drafting new laws and implementing administrative reforms.

deputy prime minister for economic affairs has provided coordination to streamline the reform efforts, and the Ministries of Finance, Justice, Economy, and Transport and Communications have joined initiatives for reforming the legal and regulatory framework. Along with political will and capacity, there has been strong collaboration among ministries, particularly at the operational level. As the government pushed for change, its efforts triggered initiatives in ministries and agencies. Since November 2006 the government has implemented 3 phases of a “regulatory guillotine” project aimed at reducing the regulatory burden and cutting red tape and bureaucracy. As part of this, the Ministry of Transport and Communications initiated several legal reforms to simplify and speed up the process of obtaining a building permit.5 And the Customs Administration introduced several measures to increase the speed and efficiency of trade. In another initiative, the National Bank helped strengthen the ﬁnancial system by establishing a public credit registry in 2008. Thanks to a more recent effort initiated by the Ministry of Finance, a private credit bureau was formed by the association of commercial banks and started operating in 2011. E-government provided the platform for many of the reforms in the business regulatory environment. The government set out to transform public administration processes by establishing the Ministry of Information Society and Administration and implementing a number of e-government projects. The aim was to create more modern, integrated, efficient, transparent and secure processes. The ﬁrst step was to establish the infrastructure; the second was to roll out the e-services.6 Support was provided by USAID, which has funded the development of e-government through 11 projects so far.7 Achievements have included an electronic tax system created in 2008 to streamline the ﬁling and payment of taxes, an electronic cadastre for property registration introduced in 2010 and an online system for business registration that began operating in 2011. The government also implemented tax changes. In 2008 it reduced the corporate

income tax rate to 10%. The following year it reduced rates for social security contributions and integrated their payment with that of other taxes.

Judicial reforms
A comprehensive information technology system was introduced in 2007 as part of the government’s 2007–10 information technology strategy. This provided a foundation for reforms in judicial processes, especially through the introduction of electronic case management. Before reforms, the judicial system was plagued by inefficiencies. Procedures were slow, delaying access to justice. Getting ﬁnal decisions enforced was a long and difficult process. Courts were overburdened with minor cases, and case management was unorganized. There was too little use of information technology—and qualiﬁed human resources were scarce.8 FYR Macedonia tackled these inefficiencies through several reform initiatives for which EU legislation provided a framework.

Modernizing the courts
Judicial reforms began in 2003, with the donor-funded Macedonia Court Modernization Project. The project introduced new practices in pilot courts with the aim of demonstrating modern case management methods, increasing proactive court management by judges and administrative staff and showing how courts could improve access for the public by reducing case backlogs and eliminating unnecessary delays.9 In a separate initiative starting in 2004, the Ministry of Justice developed a judicial reform strategy focused on building capacity, strengthening court infrastructure and improving information technology systems. The ministry set up an advisory body made up of representatives of judicial institutions to review and provide input on the strategy. It also organized several public debates, as well as roundtables giving representatives of the legal and judicial professions an opportunity to provide feedback and suggestions.

The institutional framework
The government of FYR Macedonia has been the driving force behind the reforms, with the reform agenda receiving support at the highest political levels. The cabinet of the

Changing laws to speed up court proceedings
Enacting and amending laws on civil procedure and enforcement of judgments has also played an important part in improving the

30

DOING BUSINESS 2012

judicial environment. A new law on enforcement, coming into force on June 1, 2006, and amended in 2011, enabled creditors to initiate the process through private enforcement agents. This enforcement model has served as inspiration for other economies in the region, including Croatia. Overall, the changes have produced results. The time to enforce a contract fell from 509 days in 2004 to 370 days in 2009, as measured by Doing Business. A 2011 amendment to the law on civil procedure, the result of an analysis of court cases by the Ministry of Justice, is aimed at further reducing the cost and duration of court proceedings. The law sets deadlines for the different steps in a court case. One tool helping to meet those deadlines is software supporting electronic case management.10 While courts are more efficient and the case backlog smaller, the backlog still remains a major problem. But the Ministry of Justice estimates that the latest amendments to the law on enforcement—with the expected transfer of 402,000 cases from the courts to notaries or enforcement agents—will soon reduce the number of cases in the courts by more than 80% compared with 2006. That will allow faster enforcement of contracts and speedier reduction of the large case backlog.

trustees to sell all the assets of the bankrupt company and conclude the bankruptcy case to a maximum of 18 months.

Administrative reforms
Through the regulatory guillotine project, the government of FYR Macedonia has undertaken several reforms to streamline administrative processes, reduce costs and introduce the “silence is consent” rule. The most important achievements include reducing the complexity, time and cost of starting a business and registering property and speeding up the export and import process.

of property cases awaiting registration in Skopje shrank from 15,035 in 2005 to 2,082 in May 2011. The average time to process applications fell from 60 days in 2004 to 5 in 2011. All fees were cut by 50% in 2007 as part of the regulatory guillotine project and by another 10–72% in January 2010. These accomplishments won the cadastre an award of excellence from the World Bank in June 2010.13 The cadastre has introduced performance standards to motivate staff to work more efficiently. Staff exceeding the average can receive a salary increase of up to 25%. The cadastre has also worked to improve its public image, by holding “open days,” opening “hotlines” to answer questions and meeting with citizens in the municipalities of Skopje. A customer asked about his recent experience reported having to wait in line outside the cadastre for 4 hours in the summer heat—but considered that a huge improvement over a few years ago, when transferring property took several months. The most recent efforts to increase efficiency and effectiveness include launching an electronic cadastre and front desk in 2010. The “e-cadastre” is aimed at improving management of the workload and providing real-time dissemination and exchange of data. The “e–front desk,” supported by the Netherlands, includes electronic conveyance, recording and processing of applications. Among other things, it allows notaries to check information on encumbrances and the status of applications.

Making business registration one stop
As a ﬁrst step to streamline business registration, FYR Macedonia launched a central registry on January 1, 2006. A 2005 law had transferred business registration out of the courts—where the process was slow, expensive and overly complex—and made the registry the only body in the country responsible for registering companies.12 The government created a one-stop shop at the central registry, unifying and simplifying the procedures to register a company and its employees. This cut the number of procedures to start a business from 13 in 2004 to 3 in 2010, and the time from 48 days to 3, as measured by Doing Business. The new registry, along with legal changes such as abolishing the minimum capital requirement, enabled FYR Macedonia to join the top 6 economies worldwide on the ease of starting a business. In April 2011 the government further streamlined and reduced the cost of business registration by introducing an online system. Now there is no need to get corporate documents and signatures notarized. By July 2011 only a few applications for business registration had been received through the online system. But use of the system is expected to grow as its existence becomes more widely known.

Reforming bankruptcy
FYR Macedonia’s 2006 Bankruptcy Law greatly reduced the average duration of bankruptcy cases. According to the Ministry of Economy, concluding cases took an average of 1.4 years under the 2006 law— compared with 6.6 years under the 1997 Bankruptcy Law and 13.8 years under the 1989 Law on Forced Settlement, Bankruptcy and Liquidation.11 Recent amendments to the 2006 law are aimed at making the bankruptcy process even faster. The amended law, which came into force in 2011, requires bankruptcy trustees to use an electronic system to record all phases and actions during bankruptcy proceedings, increasing transparency. Trustees can log on to the system to upload documents and track cases. The amendments to the law reduced the legal time frame for

Increasing the speed and efficiency of trade
The Customs Administration has undertaken a range of measures to make importing and exporting faster and more efficient. In 2002 it introduced a risk-based inspection system to minimize the time to process customs declarations and prevent unnecessary delays in customs terminals. The Customs Administration uses various information technology systems for risk management and has continued to introduce guidelines for risk management in customs controls since 2005.14

Making property registration faster and easier
A series of changes at the real estate cadastre in Skopje have made registering property faster and easier. A 2008 law streamlined procedures and set time limits. The number

ECONOMY CASE STUDIES: FYR MACEDONIA

31

By using risk proﬁling, risk-based inspection systems can focus only on the riskier containers, reducing the need for physical inspections of cargo and allowing most traders to get their goods cleared more quickly. After analyzing potential risk factors, these systems typically direct containers through a “red channel” (for physical inspection), “yellow channel” (inspection of documents only) or “green channel” (no additional inspections). Since 2009 FYR Macedonia has also used a “blue channel” allowing goods to be released from customs without inspection and instead to undergo postclearance control. Imports going through the yellow channel are cleared in 1 hour on average, and exports in 23 minutes on average. In 2008 the Customs Administration introduced an electronic single window that allows traders to submit customs documents online. Early in the same year it introduced 4 mobile scanners and rationalized the customs fee schedule and permit structure. As a result of these changes, the time required to export fell from 19 days to 17 in 2008, and the time to import from 17 days to 15, as measured by Doing Business.

ongoing projects with international donors to digitize all property records and to establish a national geoportal allowing citizens to see the location of land plots and their surroundings online, a useful tool for builders and developers. But the process of EU accession will demand broader changes. The European Commission reported in 2010 that “limited progress” had been made in reforming the judiciary, a key priority of the accession partnership and a key remaining challenge to EU accession. It identiﬁed other areas of “limited progress” as social policy, employment and corruption. It also reported that implementation of the anticorruption legal framework remained deﬁcient.15 But there is good reason to be hopeful. FYR Macedonia has already shown itself capable of overcoming obstacles that are part of every reform process—through political will, a desire to change and coordination with stakeholders.

process and introduce a “silence is consent” rule for cases where the deadlines are missed.
6. Armenski, Gusev and Spasov 2007. 7. E-gov Project, http://www.egov.org.mk. 8. FYR Macedonia, Ministry of Justice 2005. 9. Between November 2003 and March 2006

the number of cases pending for more than 1 year in the pilot courts fell by 19%, and the number pending for more than 3 years by 48%. The Macedonia Court Modernization Project (2006) attributes these results to judges and lawyers working harder and focusing on older cases as well as new ones; measures to discourage multiple court appearances; the project’s employment of court coordinators to work with the judges and staff; the establishment of case ﬂow committees in each pilot court; a yearly backlog reduction plan tailored to the needs of each local court; the circulation of results from all pilot courts; and monthly tracking of pending and closed cases.
10. Following the introduction of electronic

NOTES
1. European Commission 2005. 2. FYR Macedonia was among the 10

case management, the Automated Court Case Management Information System (ACCMIS) software was introduced in 2009 and became fully operational in January 2010.
11. FYR Macedonia, Ministry of Economy 2011. 12. Under judicial authority the registration

Conclusion
It takes time for reforms to translate into changes in the economy. But FYR Macedonia has shown that it is on the right path—and more changes are soon to come. To make resolving insolvency faster and easier, FYR Macedonia plans to implement an electronic system for the sale of assets of bankrupt companies. The Ministry of Transport and Communications aims to launch an electronic process for building permit applications by July 2012. The cadastre continues to improve its operations and has several

economies that improved the most in the ease of doing business as measured in Doing Business 2008 and in Doing Business 2010.
3. The ease of doing business ranking cited

process required ﬁling documents and forms at several different institutions, leading to higher fees and longer wait times (USAID 2009).
13. Agency for Real Estate Cadastre Skopje

from Doing Business 2006 is the ranking published in the report, not a back-calculated ranking that has been adjusted for changes in methodology and data revisions.
4. For details on the distance to frontier

2011.
14. An automated risk-based inspection system,

measure, see the data notes.
5. The Law on Spatial and Urban Planning

(amended February 14, 2011) and Law on Construction (amended February 14, 2011) have streamlined the construction permitting process. Among other things, the amendments set deadlines for the approval

CDPS Risk-Based Selection for Red, Yellow, Green and Blue Channel Inspection, has been in place since 2002. Other information technology systems in place include the South-East European Messaging System, created by the European Commission’s EuropeAid Co-operation (AIDCO) and the European Union’s Customs and Fiscal Assistance Office (CAFAO).
15. European Commission 2010.

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DOING BUSINESS 2012

MEXICO: UNLEASHING REGULATORY REFORM AT THE LOCAL LEVEL
Governments around the world face challenges when pursuing broad regulatory reform: identifying bottlenecks, obtaining political support, getting the resources needed, gaining buy-in from stakeholders, bringing agencies together in one coordinated effort. Mexico illustrates the challenges of regulatory policy making when it involves different levels of government and regulation. Mexico’s 31 states and 2,441 municipalities, along with Mexico City, have extensive regulatory powers, allowing them to design, implement and enforce regulations.1 So regulatory reform has required not only horizontal coordination among ministries, agencies, and legislative and judicial bodies at the federal level, but vertical coordination with entities at the state and municipal levels. The regulatory reform initiative in Mexico has used an exercise of benchmarking business regulation in all 31 states and Mexico City to support this coordination and stimulate change.

no longer viable. Compounding the problem was the lack of outreach to other stakeholders: Congress, the judiciary and the public administration.3 In 2000 the Office of the President set up the Federal Commission for Regulatory Improvement (known by its Spanish acronym Cofemer) with the aim of establishing a long-lasting reform effort and a systematic approach to regulation. But while this agency became the main driver of change, continuing political obstacles at the local and national levels limited its effectiveness. In late 2003 the ﬁrst Doing Business report ranked Mexico above the global average on the ease of doing business. Yet Mexico trailed behind such competitors as Chile, Malaysia and Thailand—and even further behind OECD high-income economies such as the United Kingdom, Australia and Germany. The Office of the President saw an opportunity to use the Doing Business report to drive improvements. But because the president’s support in Congress eroded even further in the 2003 midterm elections, reforms failed to pass. With a national presidential election looming in mid-2006, the Office of the President simply did not have the political clout to carry out broad reforms, which usually take several years to plan and implement. Thanks to Mexico’s federal structure, however, states could start reform efforts immediately. In 2005 the Office of the President requested a subnational Doing Business report that would go beyond Mexico City. The ﬁrst such report, launched in 2005, benchmarked 12 states in addition to Mexico City. A second one extended coverage to all 31 states in 2006. A third report repeated the benchmarking in 2008. A fourth is under way.

Sharing experience
The subnational Doing Business project has provided a vehicle for peer-to-peer learning and sharing of good practices among Mexican states. Cofemer organizes a conference twice a year at which plenary sessions allow every state to share its experiences with regulatory reform, as well as lessons learned. Peer learning also takes place even more informally, on visits by policy makers to good performers such as Aguascalientes and Guanajuato. A visit to Sinaloa, where policy makers learned more about how this state issues land use authorizations electronically, led Colima to set up a similar system on its own website. Sharing experience makes sense, because differences across states in what entrepreneurs encounter in doing business can point to opportunities for improvement. For example, Doing Business in Mexico 2007 showed that business registration fees varied greatly from state to state. In Michoacán the registration cost for companies was the equivalent of $16; in Chihuahua it was $1,035, more than 60 times as much. And while some states set ﬁxed fees, others charged percentage-based fees, calculated on the basis of the company’s capital.4 The 5 states with the most expensive business start-up processes used percentage-based fees.5 The story was similar for property transfer fees. Yet a company registration or property transfer takes the same amount of work regardless of the size of the company’s capital or the value of the property. The many similarities across states—such as bottlenecks faced by entrepreneurs trying to start or expand a business—provided just as much reason for sharing experience. In registering a business or transferring property, the biggest hurdle was ﬁling documents with the company or property registry. Doing Business in Mexico 2007 reported that the property registration procedures with the public registry took between 73% and 87% of the total time for registering property. But Doing Business in Mexico 2009 could report that 13 states had focused on updating their property and commercial registries. Many states have also been working to consolidate procedures in one place. Most now have a

Gathering momentum
Regulatory reform efforts started as early as the 1980s as Mexico, seeking rapid integration with the global economy, joined large international trade agreements and the OECD. Greater openness to international markets and increased competition required measures to lower the cost of doing business for its 75 million people.2 In the early 1990s the reform initiative was led by the Office of the President and a small group of technical advisers. The consequences of the 1994–95 economic crisis helped intensify the focus on small and medium-size enterprises as an engine of employment growth. But the success of the reform efforts was undermined by lack of effective monitoring, transparency and public support. Changes in the political landscape after the 1997 midterm elections weakened the government’s support in Congress, where the president’s party lost its 68-year majority in the lower chamber. Now none of the 3 major political parties had an absolute majority. In this fragmented political environment the unilateral top-down approach was seen as

What has worked?
The subnational Doing Business reports, by providing a fact-based set of indicators that capture differences in local regulation and local implementation of national laws, prompted ﬁrst dialogue and then action on regulatory reform. Along the way they have also led to the sharing of experience, to competition and to collaboration, all of which have helped to promote and sustain change.

ECONOMY CASE STUDIES: MEXICO

33

one-stop shop that centralizes procedures and provides advice to entrepreneurs.

collaboration through Cofemer helped expand the system to more municipalities across more states. Today the system has been implemented in 186 municipalities across 30 states.6 According to a recent study, the SARE initiative has had a signiﬁcant impact.7 After the introduction of SARE’s one-stop shops, the number of registered businesses increased by 5% and wage employment by 2.2%. After a few years of steady improvement at the state and municipal levels, the Office of the President saw a need for broad regulatory reforms at the federal level. One impetus was a perception that the subnational reform efforts needed another boost. Mexico City’s poor performance in the subnational rankings on the ease of doing business pushed the federal government to collaborate more closely with Mexico City’s 16 boroughs to coordinate reform efforts. A second impetus was Mexico’s performance in the global rankings. While several regulatory reform programs had been introduced at the federal level in 2005–09, these had not been enough to propel Mexico into the ranks of the best performers—such as New Zealand, Korea and Denmark, which were then among the top 35 on the ease of doing business. In September 2009 the Office of the President announced its intention to transform Mexico’s regulatory environment. The aims were to build a regulatory framework centered on and involving the citizen, to increase competitiveness and to promote development. The Mexican government secured technical assistance from the World Bank Group to identify opportunities for regulatory reform and to provide expert advice. The initiative has already produced results in business registration. Previously there had been little coordination between federal agencies and the state and municipal organizations involved in the process. Now an online one-stop shop, Tuempresa, launched in August 2009, coordinates the federal procedures and is adding state and municipal procedures.8 Public notaries have been granted access. Today the online system processes about 100 new business registrations a month in Mexico City, or 7% of the

total. Mexico has also improved construction permitting, by merging and streamlining procedures related to zoning and utilities. More areas are being worked on. Reforms continue in trade, construction permitting, and business, property and collateral registration.

Creating competition
Competition between states was the biggest catalyst for reform. Faced by almost identical federal regulations, mayors and governors had difficulty explaining why it took longer or cost more to start a business or register property in their city or state. States that did poorly could not justify their poor performance, and they were inspired by the reform efforts of other states. This showed up in an accelerating pace of change. Doing Business in Mexico 2007 reported that 9 of 12 states (75%) had implemented reforms in at least one area measured by the report. Two years later, Doing Business in Mexico 2009 reported that 28 of 31 states (90%) as well as Mexico City had implemented Doing Business reforms. Mexican states were improving their regulatory environments, and the impulse for regulatory reform persisted even through changes in government. The pace of reform was maintained thanks in part to the regulatory reform units that states were beginning to create. Puebla set up the ﬁrst, in 2003. By 2005, 5 states had regulatory reform units. Today about 20 states do. Nuevo León created the most recent one, in 2010. All the units have been created at the state’s initiative, with technical assistance from the federal government through Cofemer.

Seeing results
There are encouraging signs that strengthening different areas of the business environment at the same time produces better overall results for business creation. A study performed after the introduction of SARE in several states found that the program had a signiﬁcantly greater effect on the number of new businesses created in areas with a better overall investment climate.9 Changes are also apparent for ﬁrms. The share of senior management’s time spent dealing with requirements imposed by government regulations fell from 20% in 2005 to 14% in 2009. During the same period the share of businesses that had applied for an operating license increased from 4% to 23%.10

Conclusion
Regulatory reform in Mexico has become an ongoing process. The government has taken steps to continue the subnational Doing Business project. In a ﬁrst for such projects, the methodology is being transferred to a reputable, independent think tank in Mexico, which expects to continue to do the study every 2–3 years. The federal and state governments have taken the lead on the funding side as well. The ﬁrst Doing Business in Mexico reports were ﬁnanced in part by donors (such as USAID) and the World Bank Group and in part by the Mexican government. The fourth is being fully funded by the federal and state ﬁnance ministries. The hope is that by tracking progress over time, continued periodic benchmarking by an independent third party will create incentives to maintain the reform effort through changes in government. The Doing Business in Mexico reports, capturing the progress of regulatory reform over time, show that it was not a one-time initiative—but instead an effort that has strengthened with continued benchmarking.

Promoting collaboration
Delegating the reform agenda to local authorities proved to be an essential part of the national reform effort. This fostered commitment, a sense of collaboration and better communication among federal, state and municipal authorities. Early on in the reform process the federal government collaborated with the states to improve business registration through the Rapid Business Opening System (SARE). A system of one-stop shops for local procedures, SARE was created to coordinate municipal procedures so that low-risk companies could get their license and start operating in a few days. The improved

34

DOING BUSINESS 2012

NOTES
1. García Villarreal 2010. Information on the

number of municipalities is from National Institute for Federalism and Municipal Development (INAFED), “Los últimos municipios creados,” http://www.e-local .gob.mx/.
2. Population in 1985 from World Bank 2010b. 3. Cordova and Haddou-Ruiz 2008. 4. World Bank 2006a. 5. World Bank 2008a. 6. Information provided by Cofemer. 7. Bruhn 2011. 8. http://tuempresa.gob.mx. 9. Kaplan, Piedra and Seira 2007. 10. World Bank Enterprise Surveys (http://www

.enterprisesurveys.org).

ECONOMY CASE STUDIES: THE UNITED KINGDOM

35

THE UNITED KINGDOM: RETHINKING REGULATION
The United Kingdom has consistently performed well on the Doing Business indicators—and this year again stands high in the ranking on the overall ease of doing business, at 7. But the new government believes that more can be done to relieve business from burdensome regulation. Because of the effects of the global ﬁnancial crisis, the public sector has limited scope to use spending to enable economic growth. While the government has made the difficult decisions necessary to reduce the deﬁcit and stabilize debt levels to create the conditions for sustainable growth,1 it has also adopted a complementary strategy based on the idea that by simplifying the regulatory system, it can free up the private sector’s capacity to innovate, diversify and expand.2 Regulation has a role in the modern economy. A framework of rules is necessary to promote competition and stability and to ensure transparency in market interactions. Well-targeted and sensibly designed regulations can deal with market failures, promote a level playing ﬁeld for businesses and support government objectives. The challenge is to do so in a way that does not impair the ability of businesses to operate, to create jobs and to grow. Striking the right balance between these objectives can also create a better balance of responsibility between the state, the business community and civil society. Where regulation is needed, the U.K. government intends to more closely scrutinize how regulations are designed and enforced.

One in, one out
The government’s strategy for easing the burden of regulation is aimed at the ﬂow of new regulations as well as the existing stock. The “one in, one out” system requires government departments to assess the net cost to business of complying with any new regulation that is proposed (an “in”). These calculations are validated by the independent Regulatory Policy Committee.3 If a new regulation means a cost to business, a deregulatory measure (an “out”) must be found that reduces the net cost by at least the same amount.4 One such “out” is a measure permitting credit unions to communicate with their members electronically. This is estimated to reduce the net cost to business by about £10.4 million, a calculation validated by the Regulatory Policy Committee.5 Other initiatives support the one-in, oneout system. For example, the government has introduced review and sunset clauses for new regulations. This means that policy makers must review the relevance of new regulations after a maximum of 7 years and justify their continuation rather than simply leaving them on the statute books.6 The one-in, one-out system focuses on domestic regulation. European Union regulations and directives as well as international agreements to which the United Kingdom is a party are managed through a different strand of work. The one-in, one-out system also excludes ﬁscal measures aimed at reducing the budget deﬁcit, regulatory measures aimed at addressing systemic ﬁnancial risk, civil emergency regulations or fees, and charges imposed by state bodies for cost recovery purposes only. In another measure, on April 1, 2011, the government introduced a 3-year moratorium on new domestic regulation affecting microenterprises (businesses with fewer than 10 employees, which account for half of total employment in the economy) and start-ups. Any breaches of the moratorium—allowed only in exceptional circumstances and if supported by a compelling argument—will require cabinet-level approval and sign-off by the Economic Affairs Committee, which is chaired by the chancellor of the exchequer.

The Red Tape Challenge
The government has also launched a ﬁrsttime initiative to scrutinize the entire stock of inherited regulations. The country has more than 21,000 regulations and statutory instruments on the books, spanning virtually the entire spectrum of economic activity and imposing a huge cost on business.7 Some of these have been on the books since World War II (those related to “trading with the enemy,” for example). Many have become obsolete or are otherwise not binding and serve no useful public policy purpose. In areas such as consumer protection the law has become complicated and confusing. The government estimates that in recent years an average of 6 regulations have been introduced every working day, with a particularly heavy burden in employment law, tax administration, and health and safety. According to a recent government review, “evidence also suggests that Government does not do all it can to support business when introducing new regulations. Often guidance is poorly designed, not provided, or provided late (i.e., after the regulation has come into force).”8 The same government review reports that a typical small enterprise spends 34 hours a month dealing with red tape and complying with regulations. When businesses need to hire consultants for expert advice on regulatory compliance, this adds to an already heavy cost burden. The government has begun to tackle the stock of regulation through the Red Tape Challenge. This comprehensive review is aimed at identifying regulations that could be removed, simpliﬁed or approached in a different way. Using a public website, the government is gathering the views of the business community and the public and inviting practical suggestions for alternatives. The feedback from those affected by regulation will inform government decision making. This exercise presumes that burdensome regulations will be removed if there are no good reasons for retaining them.

Reducing the stock and flow of regulations
The new government has taken a number of steps aimed at reducing the burden of regulation since taking office in early 2010. These have included abolishing regulations that are seen as impeding growth, introducing new regulations only where there are no sensible alternatives and as a last resort, reducing the volume of new regulations and reducing regulatory costs for business.

A watchful eye on EU legislation
The government is also taking steps to reduce the cost to U.K. business from EU legislation and continues to work with European partners to ensure that there is appropriate

36

DOING BUSINESS 2012

downward pressure on the volume and impact of EU regulations. For example, although the Red Tape Challenge focuses on domestic regulation, the public is also being encouraged to comment on how EU regulations and directives are implemented in the United Kingdom. The government will review any previous instances of “gold plating”—where U.K. regulation has gone beyond the minimum required by the EU legislation, imposing an unnecessary burden on U.K. businesses. This complements a wider government effort to end the gold plating of EU legislation, under the “Guiding Principles for EU Legislation.”9 Government departments responsible for implementing an EU law must satisfy the cabinet that they have identiﬁed the aims of the law and the relevant government policies and will harmonize them in a way that does not cause unintended consequences in the United Kingdom and that minimizes the cost to business. The government is also working with businesses to identify good practices for implementing EU rules and ways to make EU laws friendlier to economic growth.

The United Kingdom’s Primary Authority scheme plays a key part in changing how businesses experience regulatory inspections and enforcement. Businesses operating multiple sites in different local authority jurisdictions can ﬁnd themselves subject to varying—and at times contradictory— regulatory advice or judgments. To help resolve problems with inconsistent enforcement, the Primary Authority scheme allows businesses to partner with a single local authority that will operate as their sole point of advice and assured guidance. The aim is to support both business compliance and economic growth. In the ﬁrst 2 years of the scheme’s operation, businesses initiated more than 1,000 Primary Authority partnerships, far exceeding original projections. Building on this success and the initial experience, the government proposes to extend the scheme to allow more businesses access to assured regulatory advice. The emphasis will be on extending the beneﬁts to micro, small and medium-size enterprises.

align incentives in ways that support public policy objectives. This approach relies on a consideration of costs and beneﬁts—rather than the coercive power of rigid, sometimes difficult-to-enforce regulation—to shape decisions by individuals and businesses. As the U.K. authorities implement their strategy, one challenge they will face is to allay public concerns about whether adequate regulations remain in place to ensure stability in the ﬁnancial system, whose shortcomings are seen by many as a precipitating factor in the 2008–09 ﬁnancial crisis. Another need is to meet the challenges of climate change.

Conclusion
The government sees this new approach to business regulation as part of a broader effort to boost the competitiveness of the United Kingdom. This has been prompted by concerns about the rapidly rising levels of public debt brought about by the ﬁnancial crisis,10 the declining performance of British students in international rankings of excellence in science and mathematics, the erosion of manufacturing output and employment and the economy’s declining share of world exports.11 Public policies in the medium term are geared to reversing some of these trends. A comprehensive rethinking of the role of business regulation in empowering the private sector to boost productivity, innovation and growth is a key part of this effort.

Transforming regulatory enforcement
The U.K. government believes that reforming the implementation and enforcement of regulations is as important as reducing their stock and ﬂow—and has promised to end the culture of unthinking “tick box” regulation, adopted purely to satisfy convention rather than to ensure the right outcomes. Its aim is to ﬁnd new ways of achieving compliance that contribute to economic growth and remove unnecessary burdens on businesses and individuals. The government has already started to reform some of the most disproportionate enforcement systems and has commissioned independent external reviews to examine speciﬁc areas in detail. For example, it is adopting Lord Young’s proposals to reform the implementation of health and safety law and is reviewing the enforcement of employment law. And the government recently received the recommendations of the Farming Regulation Task Force on ways to ease heavy-handed enforcement of regulation in agriculture and food processing.

Thinking more creatively about regulation
Underpinning all these government measures is the idea that policy makers need to think more creatively about whether the traditional “command and control” approach to regulation—with its many unintended consequences—is the most effective way to achieve desired policy outcomes. Against the backdrop of a rapidly changing global economy, the policy papers supporting these initiatives ask whether a combination of nonregulatory policy instruments can achieve policy objectives more effectively, at lower cost and with less coercion. There are a range of alternatives. One is to use industry codes of conduct or other negotiated codes as mechanisms of selfregulation or (if some level of government involvement is seen to be necessary) coregulation. Another is to make more active use of information and education—supported by rating systems, better labeling and greater disclosure—to enable consumers to make informed decisions. And governments have sometimes used taxes, subsidies, quotas, auctions and other such instruments to

ECONOMY CASE STUDIES: THE UNITED KINGDOM

37

NOTES
1. See IMF (2011a). 2. U.K. Department for Business, Innovation

and Skills 2110b.
3. Regulatory Policy Committee website,

http://regulatorypolicycommittee .independent.gov.uk/.
4. U.K. Department for Business, Innovation

and Skills 2011a.
5. U.K. Department for Business, Innovation

and Skills 2011a, annex D, p. 18.
6. U.K. Department for Business, Innovation

and Skills 2010a.
7. U.K. Department for Business, Innovation

and Skills 2011b, p. 20.
8. U.K. Department for Business, Innovation

and Skills 2011b, p. 51.
9. U.K. Department for Business, Innovation

and Skills, “Guiding Principles for EU Legislation,” http://www.bis.gov.uk/.
10. According to the IMF (2011b), public debt

levels rose from 42.1% of GDP in 2005 to an estimated 77.2% in 2010 and are projected to rise to 83% in 2011.
11. U.K. Department for Business, Innovation

and Skills 2011b, p. 3.

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41

Data notes

The indicators presented and analyzed in Doing Business measure business regulation and the protection of property rights—and their effect on businesses, especially small and medium-size domestic ﬁrms. 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 data for all sets of indicators in Doing Business 2012 are for June 2011.1

conference calls, written correspondence and visits by the team. For Doing Business 2012 team members visited 40 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 speciﬁc regulatory obstacles to business but also identify their source and point to what might be reformed.
TABLE 4.1
Indicator set

ECONOMY CHARACTERISTICS Gross national income (GNI) per capita Doing Business 2012 reports 2010 income per capita as published in the World Bank’s World Development Indicators 2011. Income is calculated using the Atlas method (current US$). For cost indicators expressed as a percentage of income per capita, 2010 GNI in U.S. dollars is used as the denominator. Data were not available from the World Bank for Afghanistan; Australia; The Bahamas; Bahrain; Brunei Darussalam; Canada; Cyprus; Djibouti; the Islamic Republic of Iran; Kuwait; New Zealand; Oman; Puerto Rico (territory of the United States); Qatar; Saudi Arabia; Suriname; Taiwan, China; the United Arab Emirates; 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 Fund’s 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 classiﬁcations, available at http://www.world bank.org/data/countryclass. The World Bank does not assign regional classiﬁcations to high-income economies. For the purpose of the Doing Business report, high-income OECD economies are assigned the “regional” classiﬁcation 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 2012 reports midyear 2010 population statistics as published in World Development Indicators 2011.

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 time—with assumptions about the legal form of the business, its size, its location and the nature of its operations. Questionnaires are administered through more than 9,028 local experts, including lawyers, business consultants, accountants, freight forwarders, government officials and other professionals routinely administering or advising on legal and regulatory requirements (table 4.1). These experts have several rounds of interaction with the Doing Business team, involving

How many experts does Doing Business consult?
Contributors

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

1,755 837 782 1,257 1,277 1,139 1,276 868 1,088 1,044 1,092

42

DOING BUSINESS 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 economy’s largest business city and may not be representative of regulation in other parts of the economy. To address this limitation, subnational Doing Business indicators were created (box 4.1). Second, the data often focus on a speciﬁc business form—generally a limited liability company (or its legal equivalent) of a speciﬁed size—and 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 speciﬁc 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 2012 would differ from the recollection of entrepreneurs reported in the World Bank Enterprise Surveys or other perception surveys.

same ranking on the total tax rate indicator. The threshold is not based on any underlying theory. Instead, it is meant to emphasize the purpose of the indicator: to highlight economies where the tax burden on business is high relative to the tax burden in other economies. 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.

DATA CHALLENGES AND REVISIONS
Most laws and regulations underlying the Doing Business data are available on the Doing Business website at http:/ /www.doing business.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 website’s “Ask a Question” function at http:/ /www .doingbusiness.org. Doing Business publishes 8,967 indicators each year. To create these indicators, the team measures more than 52,000 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 ﬁrst 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 2011 and Doing Business 2012 is 7%.

CHANGES IN WHAT IS MEASURED
The methodology for 3 of the Doing Business topics was updated this year—getting credit, dealing with construction permits and paying taxes. First, for getting credit, the scoring of one of the 10 components of the strength of legal rights index was amended to recognize additional protections of secured creditors and borrowers. Previously the highest score of 1 was assigned if secured creditors were not subject to an automatic stay or moratorium on enforcement procedures when a debtor entered a court-supervised reorganization procedure. Now the highest score of 1 is also assigned if 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. Second, because the ease of doing business index now includes the getting electricity indicators, procedures, time and cost related to obtaining an electricity connection were removed from the dealing with construction permits indicators. Third, a threshold has been introduced for the total tax rate for the purpose of calculating the ranking on the ease of paying taxes. All economies with a total tax rate below the threshold (which will be calculated and adjusted on a yearly basis) will now receive the

BOX 4.1 Subnational Doing Business indicators This year Doing Business published a subnational study for the Philippines and a regional report for Southeast Europe covering 7 economies (Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Moldova, Montenegro and Serbia) and 22 cities. It also published a city proﬁle for Juba, in the Republic of South Sudan. The subnational studies point to differences in business regulation and its implementation—as well as in the pace of regulatory reform—across 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 the subnational studies in the Philippines; the regional report in Southeast Europe; the ongoing studies in Italy, Kenya and the United Arab Emirates; and the projects implemented jointly with local think tanks in Indonesia, Mexico and the Russian Federation. Besides the subnational Doing Business indicators, Doing Business conducted a pilot study this year on the second largest city in 3 large economies to assess within-country variations. The study collected data for Rio de Janeiro in addition to São Paulo in Brazil, for Beijing in addition to Shanghai in China and for St. Petersburg in addition to Moscow in Russia.

STARTING A BUSINESS
Doing Business records all procedures that are officially required for an entrepreneur to start up and formally operate an industrial or commercial business. These include obtaining all necessary licenses and permits and completing any required notiﬁcations,

DATA NOTES

43

FIGURE 4.1

Starting a business: getting a local limited liability company up and running
Rankings are based on 4 indicators

economy, the limited liability form most popular among domestic ﬁrms is chosen. Information on the most popular form is obtained from incorporation lawyers or the statistical office. • Operates in the economy’s largest business city. • Is 100% domestically owned and has 5 owners, none of whom is a legal entity.

TABLE 4.2

What do the starting a business indicators measure?

Procedures to legally start and operate a company (number)

Preregistration (for example, name veriﬁcation or reservation, notarization) Registration in the economy’s largest business city Postregistration (for example, social security registration, company seal)
Time required to complete each procedure (calendar days)

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 (or within 3 months), as % of income per capita

• Has start-up capital of 10 times income per capita at the end of 2010, 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 beneﬁts. • 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.

Does not include time spent gathering information Each procedure starts on a separate day Procedure completed once ﬁnal document is received No prior contact with ofﬁcials
Cost required to complete each procedure (% of income per capita)

Procedure is completed when final document is received

Ofﬁcial 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)

veriﬁcations 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 (ﬁgure 4.1). 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 requirements. 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 all agencies involved in the start-up process function without corruption. 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.

require separate ﬁlings, 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 4.2). 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 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 fulﬁll 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-speciﬁc 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.

Procedures
A procedure is deﬁned 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 offices 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

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

44

DOING BUSINESS 2012

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 ﬁnal document, such as the company registration certiﬁcate or tax number. If a procedure can be accelerated for an additional cost, the fastest procedure is chosen. 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.

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 ﬁrst year of operation. In Italy in June 2011 the minimum capital requirement for limited liability companies was €10,000, of which at least €2,500 was payable before registration. The paid-in minimum capital recorded for Italy is therefore €2,500, or 9.9% of income per capita. In Mexico the minimum capital requirement was 50,000 pesos, of which one-ﬁfth needed to be paid before registration. The paid-in minimum capital recorded for Mexico is therefore 10,000 pesos, or 8.4% 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 4.2

Dealing with construction permits: building a warehouse
Rankings are based on 3 indicators

Days to build a warehouse in main city 33.3% Time 33.3% Cost

As % of income per capita, no bribes included

33.3% Procedures

Procedure is completed when final document is received; construction permits, inspections and utility connections included

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.

DEALING WITH CONSTRUCTION PERMITS
Doing Business records all procedures required for a business in the construction industry to build a standardized warehouse. These procedures include submitting all relevant project-speciﬁc documents (for example, building plans and site maps) to the authorities; obtaining all necessary clearances, licenses, permits and certiﬁcates; completing all required notiﬁcations; and receiving all necessary inspections. Doing Business also records procedures for obtaining connections for water, sewerage and a ﬁxed telephone landline.2 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 (ﬁgure 4.2). Information is collected from experts in construction licensing, including architects, construction lawyers, construction ﬁrms, utility service providers and public officials

Assumptions about the construction company
The business (BuildCo): • Is a limited liability company. • Operates in the economy’s 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, accidental insurance for construction workers and third-person liability). • Owns the land on which the warehouse is built.

Cost
Cost is recorded as a percentage of the economy’s 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 speciﬁc regulations and fee schedules are used as sources for calculating costs. In the absence of fee schedules, a government officer’s estimate is taken as an ofﬁcial source. In the absence of a government officer’s 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.

Paid-in minimum capital
The paid-in minimum capital requirement reﬂects 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 economy’s income per capita. The amount is typically speciﬁed in

DATA NOTES

45

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 ﬂoor is 3 meters (9 feet, 10 inches) high. • Has road access and is located in the periurban area of the economy’s largest business city (that is, on the fringes of the city but still within its official limits). • 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).

• Will have a constant level of water demand and wastewater ﬂow throughout the year. The telephone connection: • Is 10 meters (32 feet, 10 inches) from the main telephone network. • Is a ﬁxed telephone landline.

Procedures
A procedure is any interaction of the company’s 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 4.3).

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). 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 economy’s 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 speciﬁc regulations and fee schedules are used as sources for costs. If several 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.

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
TABLE 4.3 What do the dealing with construction permits indicators measure?

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. • Does not require water for ﬁre protection reasons; a ﬁre extinguishing system (dry system) will be used instead. If a wet ﬁre protection system is required by law, it is assumed that the water demand speciﬁed below also covers the water needed for ﬁre protection. • Has an average water use of 662 liters (175 gallons) a day and an average wastewater ﬂow of 568 liters (150 gallons) a day. • Has a peak water use of 1,325 liters (350 gallons) a day and a peak wastewater ﬂow of 1,136 liters (300 gallons) a day.

Procedures to legally build a warehouse (number)

Submitting all relevant documents and obtaining all necessary clearances, licenses, permits and certiﬁcates Completing all required notiﬁcations and receiving all necessary inspections Obtaining utility connections for water, sewerage and a ﬁxed telephone landline Registering the warehouse after its completion (if required for use as collateral or for transfer of the warehouse)
Time required to complete each procedure (calendar days)

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 ﬁnal 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. The ranking on the ease of getting electricity is the

Does not include time spent gathering information Each procedure starts on a separate day Procedure completed once ﬁnal document is received No prior contact with ofﬁcials
Cost required to complete each procedure (% of income per capita)

Ofﬁcial costs only, no bribes

46

DOING BUSINESS 2012

simple average of the percentile rankings on its component indicators (ﬁgure 4.3). Data are collected from the electricity distribution utility, then completed and veriﬁed 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.

feet). The plot of land on which it is built is 929 square meters (10,000 square feet).

FIGURE 4.3

Getting electricity: obtaining an electricity connection
Rankings are based on 3 indicators

Assumptions about the electricity connection
The electricity connection: • Is a permanent one. • 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 customer’s 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.

Days to obtain an electricity connection in main city 33.3% Time 33.3% Cost

As % of income per capita, no bribes included

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

Assumptions about the warehouse
The warehouse: • Is owned by a local entrepreneur. • Is located in the economy’s largest business city. • Is located within the city’s official limits and in an area where other warehouses are located (a nonresidential area). • 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 owner’s 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 ﬁrst time. • Has 2 stories, both above ground, with a total surface area of approximately 1,300.6 square meters (14,000 square

Procedures
A procedure is deﬁned as any interaction of the company’s 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 ﬁrms.
TABLE 4.4 What do the getting electricity indicators measure?

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 4.4). The company’s 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 ﬁrm 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 than 50% of the time the utility has the material) and those followed in practice for connecting a warehouse to electricity are counted.

Procedures to obtain an electricity connection (number)

Submitting all relevant documents and obtaining all necessary clearances and permits Completing all required notiﬁcations and receiving all necessary inspections Obtaining external installation works and possibly purchasing material for these works Concluding any necessary supply contract and obtaining ﬁnal supply
Time required to complete each procedure (calendar days)

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

Is at least 1 calendar day Each procedure starts on a separate day Does not include time spent gathering information Reﬂects the time spent in practice, with little followup and no prior contact with ofﬁcials
Cost required to complete each procedure (% of income per capita)

Ofﬁcial costs only, no bribes Value added tax excluded

DATA NOTES

47

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.

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 ﬁnancial 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 2011 a customer requesting a 140-kVA electricity connection would have had to put up a security 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 18.87%. Over the 5 years of the contract this would imply a present value of lost interest earnings of L 73,423. 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.doing business.org.

Cost
Cost is recorded as a percentage of the economy’s 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 speciﬁc 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.

the necessary documents, such as a copy of the seller’s 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. The ranking on the ease of registering property is the simple average of the percentile rankings on its component indicators (ﬁgure 4.4). 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.

Assumptions about the parties
The parties (buyer and seller): • Are limited liability companies. • Are located in the periurban area of the economy’s largest business city. • Are 100% domestically and privately owned. • Have 50 employees each, all of whom are nationals. • Perform general commercial activities.

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 as a function of the customer’s estimated consumption. Doing Business does not record the full amount of the security deposit. If the deposit is based on the customer’s 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 ﬁrst monthly consumption bills, it is not recorded. To calculate the present value of the lost interest earnings, the end-2010 lending rates from the International Monetary Fund’s International Financial Statistics are used. In cases where the security deposit is returned with interest, the difference between the lending rate

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. • 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,

REGISTERING PROPERTY
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 buyer’s 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

48

DOING BUSINESS 2012

FIGURE 4.4

Registering property: transfer of property between 2 local companies
Rankings are based on 3 indicators

that the buyer does not employ an outside facilitator in the registration process unless legally or in practice required to do so.

Time
Days to transfer property in main city 33.3% Time 33.3% Cost As % of property value, no bribes included

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.

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

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.

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 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.

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 ﬁrst set of indicators describes how well collateral and bankruptcy laws facilitate lending. The second set measures the coverage, scope and accessibility of credit information available through public credit registries and private credit bureaus. The ranking on the ease of getting credit is based on the percentile rankings on its component indicators: the depth of credit information index (weighted at 37.5%) and the strength of legal rights index (weighted at 62.5%) (ﬁgure 4.5).3

Cost
Cost is recorded as a percentage of the property value, assumed to be equivalent to 50 times income per capita. Only official 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
TABLE 4.5 What do the registering property indicators measure?

LEGAL RIGHTS
The data on the legal rights of borrowers and lenders are gathered through a survey of ﬁnancial lawyers and veriﬁed through analysis of laws and regulations as well as public sources of information on collateral and bankruptcy laws. Survey responses are veriﬁed through several rounds of follow-up communication with respondents as well as by contacting third parties and consulting public sources. The survey data are conﬁrmed through teleconference calls or on-site visits in all economies.

Procedures
A procedure is deﬁned as any interaction of the buyer or the seller, their agents (if 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 4.5). 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

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 economy’s largest business city Postregistration procedures (for example, ﬁling title with municipality)
Time required to complete each procedure (calendar days)

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 4.6). 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 certain

Does not include time spent gathering information Each procedure starts on a separate day Procedure completed once ﬁnal document is received No prior contact with ofﬁcials
Cost required to complete each procedure (% of property value)

Ofﬁcial costs only, no bribes No value added or capital gains taxes included

DATA NOTES

49

FIGURE 4.5

Getting credit: collateral rules and credit information
Rankings are based on 2 indicators

Scope, quality and accessibility of credit information through public and private credit registries 37.5% Depth of credit information index (0–6) 62.5% Strength of legal rights index (0–10)

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.

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 accounts receivable or its inventory. ABC wants to keep both possession and ownership of the collateral. In economies where the law does not allow nonpossessory security interests in movable property, ABC and BizBank use a ﬁduciary transfer-of-title arrangement (or a similar substitute for nonpossessory security interests). 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, ﬂoating charge or any charge that gives BizBank a security interest over ABC’s combined movable assets (or as much of ABC’s movable assets as possible). ABC keeps ownership and possession of the assets. 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 ﬁnancial 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 speciﬁc description of the collateral. • The law allows a business to grant a nonpossessory security right in substantially all its movable assets, without requiring a speciﬁc 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, uniﬁed geographically and by asset type, with an electronic database indexed by debtors’ names. • Secured creditors are paid ﬁrst (for example, before general tax claims and employee claims) when a debtor defaults outside an insolvency procedure. • Secured creditors are paid ﬁrst (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.4 • 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.

economies the legal framework for secured transactions means that only case A or case B can 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 domestic, limited liability company. • The company has 100 employees. • ABC has its headquarters and only base of operations in the economy’s largest business city. • Both ABC and BizBank are 100% domestically owned.
TABLE 4.6 What do the getting credit indicators measure?

CREDIT INFORMATION
The data on credit information sharing are built in 2 stages. First, banking supervision authorities and public information sources are surveyed to conﬁrm the presence of a public credit registry or private credit bureau. Second, when applicable, a detailed survey on the public credit registry’s or private credit bureau’s structure, laws and associated rules is administered to the entity itself. Survey responses are veriﬁed through several rounds of follow-up communication with respondents as well as by contacting third parties and consulting public sources. The survey data are conﬁrmed through teleconference calls or on-site visits in all economies.

Strength of legal rights index (0–10)

Protection of rights of borrowers and lenders through collateral laws Protection of secured creditors’ rights through bankruptcy laws
Depth of credit information index (0–6)

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 ﬁrms listed in a public credit registry as percentage of adult population
Private credit bureau coverage (% of adults)

Depth of credit information index
The depth of credit information index measures rules and practices affecting the coverage, scope and accessibility of credit

Number of individuals and ﬁrms listed in largest private credit bureau as percentage of adult population

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DOING BUSINESS 2012

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): • 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 on both ﬁrms and individuals are distributed. • Data from retailers and utility companies as well as ﬁnancial 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 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 ﬁrms and individuals (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 private credit bureau does not distribute more than 2 years of historical data, the public credit registry does do so (a score of 1). Although the public credit registry has a threshold of 50,000 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.

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 officers and directors for misconduct (ease of shareholder suits index). 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 (ﬁgure 4.6). 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 ﬁrms 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 2010 according to the World Bank’s World Development Indicators). A public credit registry is deﬁned 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 ﬁrms) in the ﬁnancial system and facilitates the exchange of credit information among banks and other regulated ﬁnancial institutions. If no public registry operates, the coverage value is 0.

Assumptions about the business
The business (Buyer): • Is a publicly traded corporation listed on the economy’s most important stock exchange. If the number of publicly traded companies listed on that exchange is less than 10, or if there is no stock exchange in the economy, it is assumed that Buyer is a large private company with multiple shareholders. • Has a board of directors and a chief executive officer (CEO) who may legally act on behalf of Buyer where permitted, even if this is not speciﬁcally required by law. • Is a manufacturing company. • Has its own distribution network.

Private credit bureau coverage
The private credit bureau coverage indicator reports the number of individuals and ﬁrms 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 2010 according to the World Bank’s World Development Indicators). A private credit bureau is deﬁned as a private ﬁrm or nonproﬁt organization that maintains a database on the creditworthiness of borrowers (individuals or ﬁrms) in the ﬁnancial system and facilitates the exchange of credit information among creditors. Credit investigative bureaus and credit reporting ﬁrms that do not directly facilitate information exchange among banks and other ﬁnancial 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 dropdown list. This methodology was developed in Djankov, McLiesh and Shleifer (2007) and is adopted here with minor changes.

Assumptions about the transaction
• Mr. James is Buyer’s controlling shareholder and a member of Buyer’s board of directors. He owns 60% of Buyer and elected 2 directors to Buyer’s 5-member board. • 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 Seller’s unused ﬂeet of trucks to expand

DATA NOTES

51

FIGURE 4.6

Protecting investors: minority shareholder rights in related-party transactions
Rankings are based on 3 indicators

terms and Mr. James’s conﬂict 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. James’s conﬂict of interest; 2 if disclosure on both the terms and Mr. James’s conﬂict of interest is required. • Whether disclosure by Mr. James to the board of directors is required. A score of 0 is assigned if no disclosure is required; 1 if a general disclosure of the existence of a conﬂict of interest is required without any speciﬁcs; 2 if full disclosure of all material facts relating to Mr. James’s 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 conﬂict of interest (a score of 2). In its annual report Buyer must also disclose the terms of the transaction and Mr. James’s ownership in Buyer and Seller (a score of
TABLE 4.7 What do the protecting investors indicators measure?

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

2). Before the transaction Mr. James must disclose his conﬂict of interest to the other directors, but he is not required to provide speciﬁc 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.

Extent of director liability index
The extent of director liability index has 7 components:6 • 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 inﬂuenced 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 or the members of the board of directors) 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 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 conﬂict 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 proﬁts made from the transaction upon a successful claim by the shareholder plaintiff. A score of 0 is assigned if no; 1 if yes.

33.3% Ease of shareholder suits index

Type of evidence that can be collected before and during the trial

Buyer’s distribution of its products, a proposal to which Buyer agrees. The price is equal to 10% of Buyer’s assets and is higher than the market value. • The proposed transaction is part of the company’s 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.

Extent of disclosure index
The extent of disclosure index has 5 components (table 4.7): • 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 or shareholders must vote and Mr. James is permitted to vote; 2 if the board of directors must vote and Mr. James is not permitted to vote; 3 if shareholders must vote and Mr. James is not permitted to vote. • Whether immediate disclosure of the transaction to the public, the regulator or the shareholders is required.5 A score of 0 is assigned if no disclosure is required; 1 if disclosure on the terms of the transaction is required but not on Mr. James’s conﬂict of interest; 2 if disclosure on both the

Extent of disclosure index (0–10)

Who can approve related-party transactions Disclosure requirements in case of related-party transactions
Extent of director liability index (0–10)

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 proﬁts, ﬁnes and imprisonment) Ability of shareholders to sue directly or derivatively
Ease of shareholder suits index (0–10)

Direct access to internal documents of the company and use of a government inspector without ﬁling suit in court Documents and information available during trial
Strength of investor protection index (0–10)

Simple average of the extent of disclosure, extent of director liability and ease of shareholder suits indices

52

DOING BUSINESS 2012

• Whether both ﬁnes 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 company’s 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.

• Whether the plaintiff can obtain categories of relevant documents from the defendant without identifying each document speciﬁcally. A score of 0 is assigned if no; 1 if yes. • Whether shareholders owning 10% or less of the company’s share capital can request that a government inspector investigate the Buyer-Seller transaction without ﬁling suit in court. A score of 0 is assigned if no; 1 if yes. • Whether shareholders owning 10% or less of the company’s share capital have the right to inspect the transaction documents before ﬁling 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 directly prove facts in the plaintiff’s 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 speciﬁcally 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 Buyer’s shares can request that a government inspector review suspected mismanagement by Mr. James and the CEO without ﬁling 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.

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 medium-size 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.7 Taxes and contributions measured include the proﬁt or corporate income tax, social contributions and labor taxes paid by the employer, property taxes, property transfer taxes, dividend tax, capital gains tax, ﬁnancial transactions tax, waste collection taxes, vehicle and road taxes, and any other small taxes or fees. 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 (ﬁgure 4.7). The threshold is deﬁned as the highest total tax rate among the top 30% of economies in the ranking on the total tax rate. It will be calculated and adjusted on a yearly basis. This year’s threshold is 32.5%. For all economies with a total tax rate below this threshold, the total tax rate is set at 32.5% this year. The threshold is not based on any underlying theory. Instead, it is intended to mitigate the effect of very low tax rates on the ranking on the ease of paying taxes. Doing Business measures all taxes and contributions that are government mandated (at any level—federal, state or local) and that apply to the standardized business and have an impact in its ﬁnancial statements. In doing so, Doing Business goes beyond the traditional deﬁnition of a tax. As deﬁned for the purposes of government national accounts, taxes include only compulsory, unrequited payments to general government. Doing Business departs from this deﬁnition because it measures imposed charges that affect

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 speciﬁc 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.

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

DATA NOTES

53

FIGURE 4.7

Paying taxes: tax compliance for a local manufacturing company
Rankings are based on 3 indicators

about the business and the taxes and contributions are used. The methodology for the paying taxes indicators has beneﬁted from discussion with members of the International Tax Dialogue and other stakeholders, which led to a reﬁnement 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 (see discussion at the beginning of this section).

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

33.3% Payments

Number of tax payments per year

Assumptions about the business
The business: • Is a limited liability, taxable company. If there is more than one type of limited liability company in the economy, the limited liability form most common among domestic ﬁrms is chosen. The most common form is reported by incorporation lawyers or the statistical office. • Started operations on January 1, 2009. At that time the company purchased all the assets shown in its balance sheet and hired all its workers. • Operates in the economy’s largest business city. • Is 100% domestically owned and has 5 owners, all of whom are natural persons. • At the end of 2009, has a start-up capital of 102 times income per capita. • Performs general industrial or commercial activities. Speciﬁcally, it produces ceramic ﬂowerpots 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 2010, 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 beneﬁts apart from those related to the age or size of the company. • Has 60 employees—4 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 beneﬁt. In addition, in some economies reimbursable business travel and client entertainment expenses are considered fringe beneﬁts. When applicable, it is assumed that the company pays the fringe beneﬁt tax on this expense or that the beneﬁt becomes taxable income for the employee. The case study assumes no additional salary additions for meals, transportation, education or others. Therefore, even when such beneﬁts 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 ﬁrst 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 proﬁts as dividends to the owners at the end of the second year. • Sells one of its plots of land at a proﬁt 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 ﬁnancial 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 owner’s expenses are purely private, 20% are for entertaining customers and 60% for business travel).

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 requited private pension fund or workers’ insurance fund. The indicator includes, for example, Australia’s compulsory superannuation guarantee and workers’ compensation insurance. For the purpose of calculating the total tax rate (deﬁned 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 proﬁts of the business—that is, they are not reﬂected 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 economy’s tax compliance system. This case scenario uses a set of ﬁnancial statements and assumptions about transactions made over the course of the year. In each economy tax experts from a number of different ﬁrms (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 ﬁling and payments as well as time taken to comply with tax laws in an economy. To make the data comparable across economies, several assumptions

Assumptions about the taxes and contributions
• All the taxes and contributions recorded are those paid in the second year of operation (calendar year 2010). 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.

54

DOING BUSINESS 2012

• 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).

Tax payments
The tax payments indicator reﬂects the total number of taxes and contributions paid, the method of payment, the frequency of payment, the frequency of ﬁling and the number of agencies involved for this standardized case study company during the second year of operation (table 4.8). It includes consumption taxes paid by the company, such as sales tax or value added tax. These taxes are traditionally collected from the consumer 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 ﬁling. Where full electronic ﬁling 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 ﬁlings and payments are more frequent. For payments made through third parties, such as tax on interest paid by a ﬁnancial institution or fuel tax paid by a fuel distributor, only one payment is included even if payments are more frequent. Where 2 or more taxes or contributions are ﬁled 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 ﬁled for and paid together, only one of these contributions would be included in the number of payments.

collect all information necessary to compute the tax payable and to calculate the amount payable. If separate accounting books must be kept for tax purposes—or separate calculations made—the time associated with these processes is included. This extra time is included only if the regular accounting work is not enough to fulﬁll the tax accounting requirements. Filing time includes the time to complete all necessary tax return forms and ﬁle 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.

TABLE 4.8

What do the paying taxes indicators measure?

Tax payments for a manufacturing company in 2010 (number per year adjusted for electronic and joint ﬁling 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 ﬁling and payment
Time required to comply with 3 major taxes (hours per year)

Collecting information and computing the tax payable Completing tax return forms, ﬁling with proper agencies Arranging payment or withholding Preparing separate mandatory tax accounting books, if required
Total tax rate (% of proﬁt before all taxes)

Proﬁt or corporate income tax Social contributions and labor taxes paid by the employer Property and property transfer taxes Dividend, capital gains and ﬁnancial transactions taxes Waste collection, vehicle, road and other taxes

Total tax rate
The total tax rate measures the amount of taxes and mandatory contributions borne by the business in the second year of operation, expressed as a share of commercial proﬁt. Doing Business 2012 reports the total tax rate for calendar year 2010. 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: proﬁt 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).
TABLE 4.9

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 proﬁt. Data for Norway illustrate (table 4.9). Commercial proﬁt is essentially net proﬁt before all taxes borne. It differs from the conventional proﬁt before tax, reported in ﬁnancial statements. In computing proﬁt before tax, many of the taxes borne by a ﬁrm are deductible. In computing commercial proﬁt, these taxes are not deductible. Commercial proﬁt therefore presents a clear picture of the actual proﬁt of a business before any of the taxes it bears in the course of the ﬁscal year.

Computing the total tax rate for Norway
Statutory rate r Statutory tax base b NKr Actual tax payable a=rxb NKr Commercial proﬁt* c NKr Total tax rate t = a/c

Time
Time is recorded in hours per year. The indicator measures the time taken to prepare, ﬁle 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

Type of tax (tax base)

Corporate income tax (taxable income) Social security contributions (taxable wages) Fuel tax (fuel price) Total

28.1% 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

24.4% 15.9% 1.3% 41.6%

* Proﬁt before all taxes borne. Note: NKr is Norwegian kroner. Commercial proﬁt is assumed to be 59.4 times income per capita. Source: Doing Business database.

DATA NOTES

55

Commercial proﬁt 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 proﬁt 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 dropdown list. This methodology was developed in Djankov, Ganser and others (2010).

credit are taken into account. The ranking on the ease of trading across borders is the simple average of the percentile rankings on its component indicators (ﬁgure 4.8). 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 4.8

Trading across borders: exporting and importing by ocean transport
Rankings are based on 3 indicators
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

Assumptions about the business
The business: • Has at least 60 employees. • Is located in the economy’s largest business city. • Is a private, limited liability company. It does not operate in an export processing zone or an industrial estate with special export or import privileges. • Is domestically owned with no foreign ownership. • Exports more than 10% of its sales.

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 economy’s 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.
TABLE 4.10 What do the trading across borders indicators measure?

Documents
All documents required per shipment to export and import the goods are recorded (table 4.10). It is assumed that the contract has already been agreed upon and signed by both parties. Documents required for clearance by government ministries, customs authorities, port and container terminal authorities, health and technical control agencies, and banks are 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 renewed annually and that do not require renewal per shipment (for example, an annual tax clearance certiﬁcate) are not included.

TRADING ACROSS BORDERS
Doing Business measures the time and cost (excluding tariffs) associated with exporting and importing a standardized cargo of goods by ocean transport. The time and cost necessary to complete every official procedure for exporting and importing the goods—from the contractual agreement between the 2 parties to the delivery of goods—are recorded. All documents needed by the trader to export or import the goods 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 vessel’s arrival at the port of entry to the cargo’s delivery at the warehouse. The time and cost for ocean transport are not included. Payment is made by letter of credit, and the time, cost and documents required for the issuance or advising of a letter of

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 all the documents Inland transport and handling Customs clearance and inspections Port and terminal handling Does not include ocean transport time
Cost required to export and import (US$ per container)

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 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. Fast-track procedures applying to ﬁrms located in an export processing zone

All documentation Inland transport and handling Customs clearance and inspections Port and terminal handling Ofﬁcial costs only, no bribes

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DOING BUSINESS 2012

are not taken into account because they are not available to all trading companies. Ocean 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. The waiting time between procedures—for example, during unloading of the cargo—is included in the measure.

Assumptions about the case
• The value of the claim equals 200% of the economy’s income per capita. • The dispute concerns a lawful transaction between 2 businesses (Seller and Buyer), located in the economy’s largest business city. Seller sells goods worth 200% of the economy’s 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 economy’s income per capita). Buyer opposes Seller’s 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 economy’s largest business city with jurisdiction over commercial cases worth 200% of income per capita decides the dispute. • Seller attaches Buyer’s 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 Buyer’s movable assets (for example, office equipment and vehicles).

FIGURE 4.9

Enforcing contracts: resolving a commercial dispute through the courts
Rankings are based on 3 indicators

Days to resolve commercial sale dispute through the courts 33.3% Time

Attorney, court and enforcement costs as % of claim value 33.3% Cost

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 included. These include costs for documents, administrative fees for customs clearance and technical control, customs broker fees, terminal handling charges and inland transport. The cost does not include customs tariffs and duties or costs related to ocean transport. Only ofﬁcial 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.

33.3% Procedures

Steps to file claim, obtain judgment and enforce it

Procedures
The list of procedural steps compiled for each economy traces the chronology of a commercial dispute before the relevant court. A procedure is deﬁned as any interaction, required by law or commonly used in practice, between the parties or between them and the judge or court officer. This includes steps to ﬁle and serve the case, steps for trial and judgment and steps necessary to enforce the judgment (table 4.11). 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
TABLE 4.11 What do the enforcing contracts indicators measure?

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 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. The ranking on the ease of enforcing contracts is the simple average of the percentile rankings on its component indicators (ﬁgure 4.9). The name of the relevant court in each economy—the court in the largest business city with jurisdiction over commercial cases worth 200% of income per capita—is published at http:/ /www.doingbusiness.org/ ExploreTopics/EnforcingContracts/.

Procedures to enforce a contract through the courts (number)

Any interaction between the parties in a commercial dispute, or between them and the judge or court ofﬁcer Steps to ﬁle and serve the case Steps for trial and judgment Steps to enforce the judgment
Time required to complete procedures (calendar days)

Time to ﬁle 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, including expert fees Enforcement costs

DATA NOTES

57

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 number for economies that have specialized commercial courts, and 1 procedure for economies that allow electronic ﬁling of the initial complaint in court cases. Some procedural steps that take place simultaneously with or are included in other procedural steps are not counted in the total number of procedures.

RESOLVING INSOLVENCY (FORMERLY CLOSING A BUSINESS)
Doing Business studies the time, cost and outcome of insolvency proceedings involving domestic entities. The name of this indicator set was changed from closing a business to resolving insolvency to more accurately reﬂect 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 veriﬁed through a study of laws and regulations as well as public information on bankruptcy systems. The ranking on the ease of resolving insolvency is based on the recovery rate (ﬁgure 4.10). To make the data comparable across economies, several assumptions about the business and the case are used.

FIGURE 4.10 Resolving insolvency: time, cost and outcome of bankruptcy of 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

100% Recovery rate

Time
Time is recorded in calendar days, counted from the moment the plaintiff decides to ﬁle 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 ﬁle 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).

Note: Time and cost do not count separately for the rankings.

Assumptions about the case
The business is experiencing liquidity problems. The company’s loss in 2010 reduced its net worth to a negative ﬁgure. It is January 1, 2011. 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 2011 and 2012 as well. The amount outstanding under the loan agreement is exactly equal to the market value of the hotel business and represents 74% of the company’s 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).

Assumptions about the business
The business: • Is a limited liability company. • Operates in the economy’s 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. • 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 ﬂoating charge) in economies where such collateral is recognized or by the hotel property. If the laws of the economy do not speciﬁcally provide for a universal business charge but contracts commonly use some other provision to that effect, this provision is speciﬁed 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.

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 and expert fees that Seller (plaintiff) must advance to the court, regardless of the ﬁnal cost to Seller. Expert fees, if required by law or commonly used in practice, are included in court costs. Enforcement costs are all costs that Seller (plaintiff) must advance to enforce the judgment through a public sale of Buyer’s movable assets, regardless of the ﬁnal 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.

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

58

DOING BUSINESS 2012

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.

are sold piecemeal, the maximum amount that can be recovered will not exceed 70% of the bank’s claim, which translates into 70 cents on the dollar.

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 debtor’s 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 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-2010 lending rates from the International Monetary Fund’s International Financial Statistics, supplemented with data from central banks and the Economist Intelligence Unit.

Time
Time for creditors to recover their credit is recorded in calendar years (table 4.12). The period of time measured by Doing Business is from the company’s default until the payment of some or all of the money owed to the bank. Potential delay tactics by the parties, such as the ﬁling of dilatory appeals or requests for extension, are taken into consideration.

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 standards—8 conventions covering the right to collective bargaining, the elimination of forced labor, the abolition of child labor and equitable treatment in employment practices. Since 2009 the World Bank Group has been working with a consultative group—including labor lawyers, employer and employee representatives, and experts from the ILO, the OECD, civil society and the private sector—to review the employing workers methodology and explore future areas of research.8 The guidance of the consultative group has provided the basis for several changes in the methodology. The calculation of the minimum wage ratio was changed to ensure that no economy can receive the highest score if it has no minimum wage at all, if the law provides a regulatory mechanism for the minimum wage that is not enforced in practice, if there is only a customary minimum wage or if the minimum wage applies only to the public sector. A threshold was set for paid annual leave and a ceiling for working days allowed per week to ensure that no economy beneﬁts in the scoring from excessive ﬂexibility in these areas. Finally, the calculation of the redundancy cost and of the annual leave period for the rigidity of hours index was changed to refer to the average value for a worker with 1 year of tenure, a worker with 5 years and a worker with 10 years rather than the value for a worker with 20 years of tenure. A full report with the conclusions of the consultative group is available at http:// www.doingbusiness.org /methodology/ employing-workers. This year Doing Business collected additional data on regulations covering worker protection. The data will serve as a basis for developing a joint analysis of worker protection by

Cost
The cost of the proceedings is recorded as a percentage of the value of the debtor’s 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.

Outcome
Recovery by creditors depends on whether the hotel business emerges from the proceedings as a going concern or the company’s 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
TABLE 4.12 What do the resolving insolvency indicators measure?

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.

Time required to recover debt (years)

Measured in calendar years Appeals and requests for extension are included
Cost required to recover debt (% of debtor’s 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)

Measures the cents on the dollar recovered by creditors Present value of debt recovered Ofﬁcial 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

EMPLOYING WORKERS
Doing Business measures ﬂexibility in the regulation of employment, speciﬁcally as it affects the hiring and redundancy of workers and the rigidity of working hours. Since 2007 improvements have been made to align the methodology for the employing

DATA NOTES

59

the World Bank Group and the ILO and for developing measures of worker protection. Doing Business 2012 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. 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.

• Abides by every law and regulation but does not grant workers more beneﬁts than mandated by law, regulation or (if applicable) collective bargaining agreement.

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 Benin are provided as an example (table 4.13). 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 ﬁxed-term contracts are prohibited for permanent tasks; (ii) the maximum cumulative duration of ﬁxed-term contracts; and (iii) the ratio of the minimum wage for a trainee or ﬁrst-time employee to the average value added per worker.9 An economy is assigned a score of 1 if ﬁxed-term contracts are prohibited for permanent tasks and a score of 0 if they can be used for any task. A score
TABLE 4.13

Assumptions about the worker
The worker: • Is a full-time, employee male, nonexecutive

• Earns a salary plus beneﬁts equal to the economy’s 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 economy’s population. • Resides in the economy’s largest business city. • Is not a member of a labor union, unless membership is mandatory.

of 1 is assigned if the maximum cumulative duration of ﬁxed-term contracts is less than 3 years; 0.5 if it is 3 years or more but less than 5 years; and 0 if ﬁxed-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 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 ﬁrms 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.

What do the employing workers indicators measure?
Data for Benin Score for Benin

Rigidity of employment index (0–100) Simple average of the difﬁculty of hiring, rigidity of hours and difﬁculty of redundancy indices

29.66 39 + 10 + 40 39 No 4 years 0.58 0 0.5 0.67 10 0 0 0 0.5 40 0 2 0 2 11.66 11.66

Difﬁculty of hiring index (0–100)
Fixed-term contracts prohibited for permanent tasks? Maximum duration of ﬁxed-term contracts Ratio of minimum wage for trainee or ﬁrst-time employee to value added per worker

Rigidity of hours index (0–100) 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

No 6 days Yes 24 days Yes Yes No Yes

Assumptions about the business
The business: • Is a limited liability company. • Operates in the economy’s 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 ﬁrms not party to them.

Difﬁculty of redundancy index (0–100) Redundancy allowed as grounds for termination?
Notiﬁcation 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) Notice requirements, severance payments and penalties due when terminating a redundant worker, expressed in weeks of salary
Source: Doing Business database.

Yes

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DOING BUSINESS 2012

In Benin, for example, ﬁxed-term contracts are not prohibited for permanent tasks (a score of 0), and they can be used for a maximum of 4 years (a score of 0.5). The ratio of the mandated minimum wage to the value added per worker is 0.58 (a score of 0.67). Averaging the 3 values and scaling the index to 100 gives Benin a score of 39. 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 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 economy’s 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 between 22 and 26 working days and a score of 1 if it is less than 15 or more than 26 working days. For example, Benin does not impose any restrictions either on night work (a score of 0) or on weekly holiday work (a score of 0), allows 6-day workweeks (a score of 0), permits 50-hour workweeks for 2 months (a score of 0) and requires average paid annual leave of 24 working days (a score of 0.5). Averaging the scores and scaling the result to 100 gives a ﬁnal index of 10 for Benin. 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 Benin, 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), although the approval of a third party is not required in either of these cases (a score of 0). 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 ﬁnal index of 40.

to 8 or fewer weeks of salary and the workers cannot beneﬁt 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 Benin, for example, an employer is required to give an average of 1 month’s notice before a redundancy termination, and the average severance pay for a worker with 1 year of service, a worker with 5 years and a worker with 10 years equals 1.68 months of wages. No penalty is levied and the workers cannot beneﬁt from any type of unemployment protection. Altogether, the employer pays the equivalent of 11.66 weeks of salary to dismiss a worker. The data details on employing workers can be found for each economy at http://www .doingbusiness.org by selecting the economy in the drop-down list. The Doing Business website provides historical data sets adjusted for changes in methodology to allow comparison of data across years. This methodology was developed in Botero and others (2004) and is adopted here with changes.

NOTES
1. The data for paying taxes refer to January–

December 2010.
2. Because the ease of doing business index

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 beneﬁt from unemployment protection, a score of 0 is assigned, but the actual number of weeks is published. If the redundancy cost adds up

now includes the getting electricity indicators, procedures, time and cost related to obtaining an electricity connection were removed from the dealing with construction permits indicators.
3. The ranking is based on a straight average of

points from the strength of legal rights index and depth of credit information index.
4. The scoring on this aspect was revised this

year to bring it into line with UNCITRAL (2004, 2007) and World Bank (2011a).
5. This question is usually regulated by stock ex-

change or securities laws. Points are awarded only to economies with more than 10 listed ﬁrms in their most important stock exchange.

DATA NOTES

61

6. When evaluating the regime of liability for

company directors for a prejudicial relatedparty transaction, Doing Business assumes that the transaction was duly disclosed and approved. Doing Business does not measure director liability in the event of fraud.
7. PwC refers to the network of member ﬁrms

of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member ﬁrms of the PwC network. Each member ﬁrm is a separate legal entity and does not act as agent of PwCIL or any other member ﬁrm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member ﬁrms nor can it control the exercise of their professional judgment or bind them in any way. No member ﬁrm is responsible or liable for the acts or omissions of any other member ﬁrm nor can it control the exercise of another member ﬁrm’s professional judgment or bind another member ﬁrm or PwCIL in any way.
8. For the terms of reference and composi-

tion of the consultative group, see World Bank, “Doing Business Employing Workers Indicator Consultative Group,” http:/ /www .doingbusiness.org.
9. The average value added per worker is the

ratio of an economy’s GNI per capita to the working-age population as a percentage of the total population.

Ease of doing business and distance to frontier

This year’s report presents results for 2 aggregate measures: the aggregate ranking on the ease of doing business and a new measure, the “distance to frontier.” While the ease of doing business ranking compares economies with one another at a point in time, the distance to frontier measure shows how much the regulatory environment for local entrepreneurs in each economy has changed over time.

changes in methodology as well as additions of economies or topics.1

Construction of the ease of doing business index
Here is one example of how the ease of doing business index is constructed. In Korea it takes 5 procedures, 7 days and 14.6% of annual income per capita in fees to open a business. There is no minimum capital required. On these 4 indicators Korea ranks in the 18th, 14th, 53rd and 0 percentiles. So on average Korea ranks in the 21st percentile on the ease of starting a business. It ranks in the 12th percentile on getting credit, 25th percentile on paying taxes, 8th percentile on enforcing contracts, 7th percentile on resolving insolvency and so on. Higher rankings indicate simpler regulation and stronger protection of property rights. The simple average of Korea’s percentile rankings on all topics is 21st. When all economies are ordered by their average percentile rankings, Korea stands at 8 in the aggregate ranking on the ease of doing business. More complex aggregation methods—such as principal components and unobserved

components—yield 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 speciﬁc area—for example, insolvency—it 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 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 economy’s 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 ﬁnancial system, the security of property from theft and looting, macroeconomic conditions or the strength of underlying institutions.

EASE OF DOING BUSINESS
The ease of doing business index ranks economies from 1 to 183. 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 2012: starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and, new this year, getting electricity. The employing workers indicators are not included in this year’s aggregate ease of doing business ranking. In addition to this year’s ranking, Doing Business presents a comparable ranking for the previous year, adjusted for any
TABLE 5.1

Correlations between economy rankings on Doing Business topics
Dealing with construction permits Registering property Protecting investors Trading across borders Enforcing contracts Resolving insolvency Getting electricity

Getting credit

Paying taxes

Starting a business Dealing with construction permits Registering property Getting credit Protecting investors Paying taxes Trading across borders Enforcing contracts Resolving insolvency

0.39

0.32 0.22

0.45 0.19 0.39

0.59 0.25 0.29 0.47

0.37 0.36 0.31 0.20 0.37

0.45 0.45 0.27 0.41 0.39 0.40

0.42 0.20 0.49 0.42 0.29 0.27 0.35

0.45 0.33 0.33 0.52 0.37 0.33 0.50 0.42

0.28 0.40 0.24 0.24 0.20 0.40 0.56 0.21 0.32

Source: Doing Business database.

EASE OF DOING BUSINESS AND DISTANCE TO FRONTIER

63

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 signiﬁcantly, across indicator sets. The average correlation coefficient between the 10 indicator sets included in the aggregate ranking is 0.36, and the coefficients between any 2 sets of indicators range from 0.19 (between dealing with construction permits and getting credit) to 0.59 (between starting a business and protecting investors). These correlations suggest that economies rarely score universally well or universally badly on the indicators (table 5.1). Consider the example of Canada. It stands at 12 in the aggregate ranking on the ease of doing business. Its ranking is 3 on both starting a business and resolving insolvency, and 5 on protecting investors. But its ranking is only 59 on enforcing contracts, 42 on trading across borders and 156 on getting electricity. Figure 1.6 in the executive summary illustrates the degree of variability in each economy’s performance across the different areas of business regulation covered by Doing Business. The ﬁgure draws attention to economies with a particularly uneven performance by showing the distance between the average of the highest 3 topic rankings and the average of the lowest 3 for each of 183 economies across the 10 topics included in this year’s 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 narrowly focused 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 reﬂects 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 2010/11
Doing Business 2012 uses a simple method to calculate which economies improved the most in the ease of doing business. First, it selects the economies that in 2010/11 implemented regulatory reforms making it easier to do business in 3 or more of the 10 topics included in this year’s ease of doing business ranking.4 Thirty economies meet this criterion: Armenia, Burkina Faso, Burundi, Cape Verde, the Central African Republic, Chile, Colombia, the Democratic Republic of Congo, Côte d’Ivoire, The Gambia, Georgia, Korea, Latvia, Liberia, FYR Macedonia, Mexico, Moldova, Montenegro, Morocco, Nicaragua, Oman, Peru, Russia, São Tomé and Príncipe, Senegal, Sierra Leone, Slovenia, the Solomon Islands, South Africa and Ukraine. 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 economies with ongoing, broad-based reform programs.

Calculating the distance to frontier for each economy involves 2 main steps. First, individual indicator scores are normalized to a common unit. To do so, each of the 32 component indicators y is rescaled to (y − min)/(max − min), with the minimum value (min) representing the frontier—the highest performance on that indicator across all economies since 2005. Second, for each economy the scores obtained for individual indicators are aggregated through simple averaging into one distance to frontier score. An economy’s distance to the frontier is indicated on a scale from 0 to 100, where 0 represents the frontier and 100 the lowest performance. The difference between an economy’s distance to frontier score in 2005 and its score in 2011 illustrates the extent to which the economy has closed the gap to the frontier over 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 2011). The year 2005 was chosen as the baseline for the economy sample because it was the ﬁrst 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 deﬁned as the 95th percentile of the pooled data for all economies and all years for each indicator. Take Colombia, which has a score of 0.30 on the distance to frontier measure for 2011. This score indicates that the economy is 30 percentage points away from the frontier constructed from the best performances across all economies and all years. Colombia was further from the frontier in 2005, with a score of 0.46. The difference between the scores shows an improvement over time.

DISTANCE TO FRONTIER MEASURE
This year’s report introduces a new measure to illustrate how the regulatory environment for local businesses in each economy has changed over time. The distance to frontier measure illustrates the distance of an economy to the “frontier” and shows the extent to which the economy has closed this gap over time. 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), Denmark and Slovenia on the cost (0% of income per capita) and Australia on the paid-in minimum capital requirement (0% of income per capita).

64

DOING BUSINESS 2012

NOTES
1. In case of revisions to the methodology or cor-

rections to the underlying data, the data are back-calculated to provide a comparable time series since the year the relevant economy or topic was ﬁrst included in the data set. The time series is available on the Doing Business website (http://www.doingbusiness.org). The Doing Business report publishes yearly rankings for the year of publication as well as the previous year to shed light on year-to-year developments. 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

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 more or less importance in the context of a speciﬁc 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

difficult to do business are subtracted from the total number of those making it easier to do business.

components and unobserved components methods yield a ranking nearly identical

65

Summaries of Doing Business reforms in 2010/11

245 reforms in 2010/11 made it easier to do business
Starting a business 53 Armenia Benin Bhutan Bosnia and Herzegovina Burkina Faso Cameroon Central African Republic Chad Chile Colombia Congo, Dem. Rep. Côte d’Ivoire Dominican Republic Georgia Greece Guinea-Bissau Guyana Hong Kong SAR, China Indonesia Jordan Korea, Rep. Latvia Liberia Madagascar Malaysia Mali Moldova Montenegro Oman Panama Peru Portugal Puerto Rico (U.S.) Qatar Rwanda São Tomé and Príncipe Saudi Arabia Senegal Solomon Islands South Africa Spain Syrian Arab Republic Taiwan, China Tajikistan Thailand Timor-Leste Tonga Turkey Ukraine United Arab Emirates Uruguay Uzbekistan Vanuatu
Source: Doing Business database.

Dealing with construction permits 15 Armenia Bosnia and Herzegovina Burkina Faso Burundi Congo, Dem. Rep. Macedonia, FYR Mauritania Mexico Morocco Paraguay Portugal Puerto Rico (U.S.) São Tomé and Príncipe Taiwan, China United Kingdom Getting electricity 9 Afghanistan Brunei Darussalam Gambia, The Hong Kong SAR, China Latvia Lebanon Russian Federation Switzerland Tonga Registering property 20 Albania Angola Belarus Belgium Cape Verde Central African Republic Costa Rica Czech Republic Latvia Macedonia, FYR Nicaragua Russian Federation São Tomé and Príncipe Serbia Slovenia Solomon Islands South Africa Swaziland Uganda Vanuatu

Getting credit 44 Algeria Angola Armenia Benin Bhutan Brazil Burkina Faso Cambodia Cameroon Cape Verde Central African Republic Chad Chile Comoros Congo, Rep. Côte d’Ivoire Croatia Equatorial Guinea Gabon Georgia Guinea Guinea-Bissau Honduras Liberia Macedonia, FYR Madagascar Malawi Mali Mexico Moldova Mongolia Niger Oman Paraguay Qatar Rwanda Senegal Sierra Leone Slovak Republic Timor-Leste Togo Tonga United Arab Emirates Uruguay Protecting investors 13 Belarus Burundi Cyprus El Salvador Georgia Iceland

Kazakhstan Lithuania Morocco Peru Solomon Islands Sri Lanka Vietnam Paying taxes 33 Armenia Belarus Belize Burundi Canada Colombia Congo, Dem. Rep. Costa Rica Côte d’Ivoire Czech Republic Finland Gambia, The Georgia Greece Iceland India Korea, Rep. Mexico Montenegro Morocco New Zealand Nicaragua Oman Peru Romania Rwanda Seychelles Sri Lanka St. Kitts and Nevis Togo Turkey Ukraine Yemen, Rep. Trading across borders 18 Belgium Bulgaria Chile Djibouti Gambia, The Honduras Israel Jordan Liberia

Poland Russian Federation São Tomé and Príncipe Senegal Seychelles Sierra Leone Slovenia Tanzania Vanuatu Enforcing contracts 11 Kenya Korea, Rep. Lesotho Malaysia Moldova Nepal Nicaragua Russian Federation Senegal Sierra Leone Ukraine Resolving insolvency 29 Armenia Australia Austria Bulgaria Burundi Cape Verde Colombia Denmark France Israel Italy Latvia Lithuania Macedonia, FYR Malawi Malaysia Moldova Montenegro Namibia Philippines Poland Romania Serbia Sierra Leone Slovenia Solomon Islands South Africa Switzerland Ukraine

66

DOING BUSINESS 2012

Doing Business reforms affecting all sets of indicators included in this year’s ranking on the ease of doing business, implemented between June 2010 and May 2011.
✔

registration and obtaining a tax identiﬁcation number and by allowing for online company registration.
✔

BELARUS
✔

Doing Business reform making it easier to do business ✘

Doing Business reform making it more difficult to do business
✔

Dealing with construction permits Armenia made dealing with construction permits easier by eliminating the requirement to obtain an environmental impact assessment for small projects. Getting credit Armenia improved its credit information system by introducing a requirement to collect and distribute information from utility companies. Paying taxes Armenia made tax compliance easier for ﬁrms by reducing the number of payments for social security contributions and corporate income, property and land taxes and by introducing mandatory electronic ﬁling and payment for major taxes. Resolving insolvency Armenia amended its bankruptcy law to clarify procedures for appointing insolvency administrators, reduce the processing time for bankruptcy proceedings and regulate asset sales by auction.

Registering property Belarus simpliﬁed property transfer by doing away with the requirement to obtain the municipality’s approval for transfers of most commercial buildings in Minsk. Protecting investors Belarus strengthened investor protections by introducing requirements for greater corporate disclosure to the board of directors and to the public. Paying taxes Belarus abolished several taxes, including turnover and sales taxes, and simpliﬁed compliance with corporate income, value added and other taxes by reducing the frequency of ﬁlings and payments and facilitating electronic ﬁling and payment.

✔

AFGHANISTAN
✔

Getting electricity Afghanistan made getting electricity easier by improving the efficiency of the electricity department in Kabul and introducing a new fee schedule for connections.

✔

✔

ALBANIA
✘ Dealing with construction permits

✘ Enforcing contracts

In Albania dealing with construction permits became more difficult because the main authority in charge of issuing building permits has not met since April 2009.
✔

✔

Belarus modiﬁed its code of economic procedure, altering the time frames for commercial dispute resolution.

Registering property Albania made property registration easier by setting time limits for the land registry to register a title.

BELGIUM
✔

AUSTRALIA
✔

Registering property Belgium made property registration quicker for entrepreneurs by setting time limits and implementing its “e-notariat” system. Trading across borders Belgium made trading across borders faster by improving its risk-based proﬁling system for imports.

ALGERIA
✔

Getting credit Algeria improved its credit information system by guaranteeing by law the right of borrowers to inspect their personal data.

Resolving insolvency Australia clariﬁed the priority of claims of unsecured creditors over all shareholders’ claims and introduced further regulation of the profession of insolvency practitioners.

✔

ANGOLA
✔

AUSTRIA
✔

BELIZE
✔

Registering property Angola made transferring property less costly by reducing transfer taxes. Getting credit Angola strengthened its credit information system by adopting new rules for credit bureaus and guaranteeing the right of borrowers to inspect their data.

Resolving insolvency Austria passed a new law that simpliﬁes restructuring proceedings and gives preferential consideration to the interests of the debtors.

✔

Paying taxes Belize made paying taxes easier for ﬁrms by improving electronic ﬁling and payment for social security contributions, an option now used by the majority of taxpayers.

BAHAMAS, THE
✘ Registering property

BENIN
✔

ARGENTINA
✘ Registering property

The Bahamas made transferring property more costly by increasing the applicable stamp duty fees.

Argentina made transferring property more difficult by adding a requirement that the notary obtain the tax agency’s reference value for property before notarizing the sale deed.

BANGLADESH
✘ Getting electricity
✔

Starting a business Benin made starting a business easier by replacing the requirement for a copy of the founders’ criminal records with one for a sworn declaration at the time of the company’s registration. Getting credit Access to credit in Benin was improved through amendments to the OHADA (Organization for the Harmonization of Business Law in Africa) Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

ARMENIA
✔

Starting a business Armenia made starting a business easier by establishing a one-stop shop that merged the procedures for name reservation, business

Bangladesh made getting electricity more difficult by imposing a moratorium on new electricity connections from April 2010 to March 2011 because of an electricity supply shortage. This moratorium has led to long delays for customers and has increased the time to obtain an electricity connection.

SUMMARIES OF DOING BUSINESS REFORMS IN 2010/11

67

BHUTAN
✔

BURKINA FASO
✔

✔

Starting a business Bhutan eased the process of starting a business by making its criminal records search electronic and making the rubber company stamps available on the local market. Getting credit Bhutan improved its credit information system by launching the operation of a public credit registry.

✔

Starting a business Burkina Faso made starting a business easier by replacing the requirement for a copy of the founders’ criminal records with one for a sworn declaration at the time of the company’s registration. Dealing with construction permits Burkina Faso made dealing with construction permits less costly by reducing the fees to obtain a ﬁre safety study. Getting credit Access to credit in Burkina Faso was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

✔

Getting credit Access to credit in Cameroon was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

CANADA
✔

BOLIVIA
✘ Paying taxes

✔

Bolivia raised social security contribution rates for employers.

Paying taxes Canada made paying taxes easier and less costly for companies by reducing proﬁt tax rates, eliminating the Ontario capital tax and harmonizing sales taxes.

BOSNIA AND HERZEGOVINA
✔

CAPE VERDE
✔

Starting a business Bosnia and Herzegovina made starting a business easier by replacing the required utilization permit with a simple notiﬁcation of commencement of activities and by streamlining the process for obtaining a tax identiﬁcation number. Dealing with construction permits Bosnia and Herzegovina made dealing with construction permits easier by fully digitizing and revamping its land registry and cadastre.

BURUNDI
✔

Registering property Cape Verde made registering property faster by implementing time limits for the notaries and the land registry. Getting credit Cape Verde improved its credit information system by introducing a new online platform and by starting to provide 5 years of historical data. Resolving insolvency Cape Verde introduced qualiﬁcation requirements for insolvency administrators and a shorter time frame for liquidation proceedings.

✔

Dealing with construction permits Burundi made dealing with construction permits easier by reducing the cost to obtain a geotechnical study. Protecting investors Burundi strengthened investor protections by introducing new requirements for the approval of transactions between interested parties, by requiring greater corporate disclosure to the board of directors and in the annual report and by making it easier to sue directors in cases of prejudicial transactions between interested parties. Paying taxes Burundi made paying taxes easier for companies by reducing the payment frequency for social security contributions from monthly to quarterly. Resolving insolvency Burundi amended its commercial code to establish foreclosure procedures.

✔

✔

✔

BRAZIL
✔

Getting credit Brazil improved its credit information system by allowing private credit bureaus to collect and share positive information.

CENTRAL AFRICAN REPUBLIC
✔

✔

BRUNEI DARUSSALAM
✔

Getting electricity Brunei Darussalam made getting electricity easier by establishing a one-stop shop and reducing the time required to obtain an excavation permit.

Starting a business The Central African Republic made starting a business easier by reducing business registration fees and by replacing the requirement for a copy of the founders’ criminal records with one for a sworn declaration at the time of the company’s registration. Registering property The Central African Republic halved the cost of registering property. Getting credit Access to credit in the Central African Republic was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

✔

✔

BULGARIA
✔

CAMBODIA
✔

✔

Trading across borders Bulgaria made trading across borders faster by introducing online submission of customs declaration forms. Resolving insolvency Bulgaria amended its commerce act to extend further rights to secured creditors and increase the transparency of insolvency proceedings.

✔

Getting credit Cambodia strengthened its credit information system through a new regulation allowing credit bureaus to collect and distribute positive as well as negative credit information.

CAMEROON
✔

Starting a business Cameroon made starting a business easier by replacing the requirement for a copy of the founders’ criminal records with one for a sworn declaration at the time of the company’s registration, and by reducing publication fees.

68

DOING BUSINESS 2012

CHAD
✔

Starting a business Chad made starting a business easier by eliminating the requirement for a medical certiﬁcate and by replacing the requirement for a copy of the founders’ criminal records with one for a sworn declaration at the time of the company’s registration. Getting credit Access to credit in Chad was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

(including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.
✔

CONGO, DEM. REP.
✔

Paying taxes Côte d’Ivoire eliminated a tax on ﬁrms, the contribution for national reconstruction (contribution pour la reconstruction nationale).

✔

Starting a business The Democratic Republic of Congo made business start-up faster by reducing the time required to complete company registration and obtain a national identiﬁcation number. Dealing with construction permits The Democratic Republic of Congo reduced the administrative costs of obtaining a construction permit. Paying taxes The Democratic Republic of Congo made paying taxes easier for ﬁrms by replacing the sales tax with a value added tax.

CROATIA
✔

✔

Getting credit In Croatia the private credit bureau started to collect and distribute information on ﬁrms, improving the credit information system.

CYPRUS
✔

CHILE
✔

✔

Starting a business Chile made business start-up easier by starting to provide an immediate temporary operating license to new companies, eliminating the requirement for an inspection of premises by the tax authority before new companies can begin operations and allowing free online publication of the notice of a company’s creation. Getting credit Chile strengthened its secured transactions system by implementing a uniﬁed collateral registry and a new legal framework for nonpossessory security interests. Trading across borders Chile made trading across borders faster by implementing an online electronic data interchange system for customs operations.

Protecting investors Cyprus strengthened investor protections by requiring greater corporate disclosure to the board of directors, to the public and in the annual report.

CONGO, REP.
✘ Registering property

CZECH REPUBLIC
✔

The Republic of Congo made registering property more expensive by reversing a previous law that reduced the registration fee.
✔

✔

✔

Getting credit Access to credit in the Republic of Congo was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Registering property The Czech Republic speeded up property registration by computerizing its cadastral office, digitizing all its data and introducing electronic communications with notaries. Paying taxes The Czech Republic revised its tax legislation to simplify provisions relating to administrative procedures and relationships between tax authorities and taxpayers.

✔

DENMARK
✔

COLOMBIA
✔

COSTA RICA
✔

Starting a business Colombia reduced the costs associated with starting a business, by no longer requiring upfront payment of the commercial license fee. Paying taxes Colombia eased the administrative burden of paying taxes for ﬁrms by establishing mandatory electronic ﬁling and payment for some of the major taxes. Resolving insolvency Colombia amended regulations governing insolvency proceedings to simplify the proceedings and reduce their time and cost.

Registering property Costa Rica made transferring property easier and quicker by making property certiﬁcates available online through a single website. Paying taxes In Costa Rica online payment of social security contributions is now widespread and used by the majority of taxpayers.

Resolving insolvency Denmark introduced new rules on company reorganization, which led to the elimination of the suspension-of-payments regime.

DJIBOUTI
✘ Dealing with construction permits

✔

✔

Djibouti made dealing with construction permits costlier by increasing the fees for inspections and the building permit and adding a new inspection in the preconstruction phase.
✔

✔

CÔTE D’IVOIRE
✔

Starting a business Côte d’Ivoire made starting a business easier by reorganizing the court clerk’s office where entrepreneurs ﬁle their company documents. Getting credit Access to credit in Côte d’Ivoire was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral

Trading across borders Djibouti made trading across borders faster by developing a new container terminal.

DOMINICAN REPUBLIC
✔

COMOROS
✔

✔

Getting credit Access to credit in the Comoros was improved through amendments to the OHADA Uniform

Starting a business The Dominican Republic made starting a business easier by eliminating the requirement for a proof of deposit of capital when establishing a new company.

SUMMARIES OF DOING BUSINESS REFORMS IN 2010/11

69

EL SALVADOR
✔

Protecting investors El Salvador strengthened investor protections by allowing greater access to corporate information during the trial.

interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

GAMBIA, THE
✔

Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

EQUATORIAL GUINEA
✔

Getting credit Access to credit in Equatorial Guinea was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Getting electricity The Gambia made getting electricity faster by allowing customers to choose private contractors to carry out the external connection works. Paying taxes The Gambia reduced the minimum turnover tax and corporate income tax rates. Trading across borders The Gambia made trading across borders faster by implementing the Automated System for Customs Data (ASYCUDA).

GUINEA-BISSAU
✔

✔

Starting a business Guinea-Bissau made starting a business easier by establishing a one-stop shop, eliminating the requirement for an operating license and simplifying the method for providing criminal records and publishing the registration notice. Getting credit Access to credit in Guinea-Bissau was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

✔

✔

ESTONIA
✘ Paying taxes

GEORGIA
✔

In Estonia a municipal sales tax introduced in Tallinn made paying taxes costlier for ﬁrms, though a later parliamentary measure abolished local sales taxes effective January 1, 2012.

Starting a business Georgia simpliﬁed business start-up by eliminating the requirement to visit a bank to pay the registration fees. Getting credit Georgia expanded access to credit by amending its civil code to broaden the range of assets that can be used as collateral. Protecting investors Georgia strengthened investor protections by introducing requirements relating to the approval of transactions between interested parties. Paying taxes Georgia made paying taxes easier for ﬁrms by simplifying the reporting for value added tax and introducing electronic ﬁling and payment of taxes.

GUYANA
✔

✔

ETHIOPIA
✘ Getting electricity

In Ethiopia delays in providing new connections made getting electricity more difficult.

✔

Starting a business Guyana made starting a business easier by reducing the time needed for registering a new company and for obtaining a tax identiﬁcation number.

✘ Getting electricity

FIJI
✘ Starting a business

Guyana made getting electricity more expensive by tripling the security deposit required for a new connection.
✘ Registering property

Fiji made starting a business more difficult by adding a requirement to obtain a tax identiﬁcation number when registering a new company.

✔

In Guyana transferring property became slower because of a lack of personnel at the deed registry.

FINLAND
✔

Paying taxes Finland simpliﬁed reporting and payment for the value added tax and labor tax.

GHANA
✘ Starting a business

HAITI
✘ Dealing with construction permits

Ghana increased the cost to start a business by 70%.

FRANCE
✔

Haiti made dealing with construction permits costlier by increasing the fees to obtain a building permit.

Resolving insolvency France passed a law that enables debtors to implement a restructuring plan with ﬁnancial creditors only, without affecting trade creditors.

GREECE
✔

Starting a business Greece made starting a business easier by implementing an electronic platform that interconnects several government agencies. Paying taxes Greece reduced its corporate income tax rate.

GABON
✔

✔

Getting credit Access to credit in Gabon was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security

GUINEA
✔

Getting credit Access to credit in Guinea was improved through amendments to the OHADA Uniform

70

DOING BUSINESS 2012

HONDURAS
✔

INDIA
✔

✔

Getting credit Honduras strengthened its secured transactions system through a new decree establishing a centralized and computerized collateral registry and providing for out-of-court enforcement of collateral upon default.

Paying taxes India eased the administrative burden of paying taxes for ﬁrms by introducing mandatory electronic ﬁling and payment for value added tax.

Trading across borders Jordan made trading across borders faster by introducing X-ray scanners for risk management systems.

KAZAKHSTAN
✔

✘ Paying taxes

INDONESIA
✔

Honduras made paying taxes costlier for ﬁrms by raising the solidarity tax rate.
✔

Trading across borders Honduras made trading across borders faster by implementing a web-based electronic data interchange system and X-ray machines at the port of Puerto Cortes.

Starting a business Indonesia made starting a business easier by introducing a simpliﬁed application process allowing an applicant to simultaneously obtain both a general trading license and a business registration certiﬁcate.

Protecting investors Kazakhstan strengthened investor protections by regulating the approval of transactions between interested parties and making it easier to sue directors in cases of prejudicial transactions between interested parties.

KENYA
✔

✘ Getting electricity

✘ Enforcing contracts

Honduras adopted a new civil procedure code that modiﬁed litigation procedures for enforcing a contract.

Indonesia made getting electricity more difﬁcult by increasing connection fees.

IRAQ
✘ Starting a business

Enforcing contracts Kenya introduced a case management system that will help increase the efficiency and cost-effectiveness of commercial dispute resolution.

HONG KONG SAR, CHINA
✔

Starting a business Hong Kong SAR, China, made starting a business easier by introducing online electronic services for company and business registration. Getting electricity Hong Kong SAR, China, made getting electricity easier by increasing the efficiency of public agencies and streamlining the utility’s procedures with other government agencies.

In Iraq starting a business became more expensive because of an increase in the cost to obtain a name reservation certiﬁcate and in the cost for lawyers to draft articles of association.

KOREA, REP.
✔

Starting a business Korea made starting a business easier by introducing a new online one-stop shop, Start-Biz. Paying taxes Korea eased the administrative burden of paying taxes for ﬁrms by merging several taxes, allowing 4 labor taxes and contributions to be paid jointly and continuing to increase the use of the online tax payment system. Enforcing contracts Korea made ﬁling a commercial case easier by introducing an electronic case ﬁling system.

✔

✔

ISRAEL
✔

Trading across borders Israel made trading across borders easier by changing the method used to calculate port fees. Resolving insolvency Israel amended its courts law to establish specialized courts for dealing with economic matters.
✔

HUNGARY
✘ Getting credit

✔

Hungary reduced the amount of credit information available from private credit bureaus by shortening the period for retaining data on defaults and late payments (if repaid) from 5 years to 1 year.
✘ Paying taxes

KYRGYZ REPUBLIC ITALY
✔

✘ Paying taxes

Hungary made paying taxes costlier for ﬁrms by introducing a sector-speciﬁc surtax.

Resolving insolvency Italy has introduced debt restructuring and reorganization procedures as alternatives to bankruptcy proceedings.
✔

The Kyrgyz Republic made paying taxes costlier for ﬁrms by introducing a real estate tax, though it also reduced the sales tax rate.

LATVIA JAPAN
✘ Dealing with construction permits

ICELAND
✔

Protecting investors Iceland strengthened investor protections by introducing new requirements relating to the approval of transactions between interested parties. Paying taxes Iceland made paying taxes easier and less costly for ﬁrms by abolishing a tax.

Japan made dealing with construction permits costlier by increasing inspection fees.

Starting a business Latvia made starting a business easier by reducing the minimum capital requirement and introducing a common application for value added tax and company registration. Getting electricity Latvia made getting electricity faster by introducing a simpliﬁed process for approval of external connection designs.

JORDAN
✔

✔

✔

Starting a business Jordan made starting a business easier by reducing the minimum capital requirement from 1,000 Jordanian dinars to 1 dinar, of which only half must be deposited before company registration.

SUMMARIES OF DOING BUSINESS REFORMS IN 2010/11

71

✔

Registering property Latvia made transferring property easier by allowing electronic access to municipal tax databases that show the tax status of property, eliminating the requirement to obtain this information in paper format. Resolving insolvency Latvia adopted a new insolvency law that streamlines and expedites the insolvency process and introduces a reorganization option for companies.

MACEDONIA, FYR
✔

✘ Paying taxes

Dealing with construction permits FYR Macedonia made dealing with construction permits easier by transferring oversight processes to the private sector and streamlining procedures. Registering property FYR Macedonia made registering property easier by reducing notary fees and enforcing time limits. Getting credit FYR Macedonia improved its credit information system by establishing a private credit bureau. Resolving insolvency FYR Macedonia increased the transparency of bankruptcy proceedings through amendments to its company and bankruptcy laws.
✔

Malaysia made paying taxes costlier for ﬁrms by reintroducing the real estate capital gains tax—but also made tax compliance easier by improving electronic systems and the availability of software. Enforcing contracts Malaysia continued to improve the computerization of its courts by introducing a system making it possible to ﬁle complaints electronically. Resolving insolvency Malaysia established dedicated commercial courts to handle foreclosure proceedings.

✔

✔

✔

✔

LEBANON
✔

Getting electricity Lebanon made getting electricity less costly by reducing the application fees and security deposit for a new connection.

✔

MALI
✔

LESOTHO
✔

Enforcing contracts Lesotho made enforcing contracts easier by launching a specialized commercial court.

MADAGASCAR
✔

Starting a business Mali made starting a business easier by adding to the services provided by the one-stop shop. Getting credit Access to credit in Mali was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

LIBERIA
✔

Starting a business Liberia made starting a business easier by introducing a one-stop shop. Getting credit Liberia strengthened its legal framework for secured transactions by adopting a new commercial code that broadens the range of assets that can be used as collateral (including future assets) and extends the security interest to the proceeds of the original asset. Trading across borders Liberia made trading across borders faster by implementing online submission of customs forms and enhancing risk-based inspections.

Starting a business Madagascar made starting a business easier by eliminating the minimum capital requirement, but also made it more difficult by introducing a requirement to obtain a tax identiﬁcation number. Getting credit Madagascar improved its credit information system by eliminating the minimum threshold for loans included in the database and making it mandatory for banks to share credit information with the credit bureau.

✔

✔

✔

MAURITANIA
✔

MALAWI
✘ Registering property

Dealing with construction permits Mauritania made dealing with construction permits easier by opening a one-stop shop.

✔

Malawi did not sustain the previous year’s improvement in processing times for the compliance certiﬁcate at the Ministry of Lands, leading to slower property registration.
✔

MEXICO
✔

LITHUANIA
✘ Getting electricity

Lithuania made getting electricity more difﬁcult by abolishing the one-stop shop for obtaining technical conditions for utility services.
✔

Getting credit Malawi improved its credit information system by passing a new law allowing the creation of a private credit bureau. Resolving insolvency Malawi adopted new rules providing clear procedural requirements and time frames for winding up a company.

Dealing with construction permits Mexico made dealing with construction permits faster by consolidating internal administrative procedures. Getting credit Mexico strengthened its secured transactions system by implementing a centralized collateral registry with an electronic database that is accessible online. Paying taxes Mexico continued to ease the administrative burden of paying taxes for ﬁrms by ending the requirement to ﬁle a yearly value added tax return and reducing ﬁling requirements for other taxes.

✔

✔

Protecting investors Lithuania strengthened investor protections by introducing greater requirements for corporate disclosure to the public and in the annual report. Resolving insolvency Lithuania amended its reorganization law to simplify and shorten reorganization proceedings, grant priority to secured creditors and introduce professional requirements for insolvency administrators.

✔

MALAYSIA
✔

✔

Starting a business Malaysia made starting a business easier by merging company, tax, social security and employment fund registrations at the one-stop shop and providing same-day registration.

72

DOING BUSINESS 2012

MOLDOVA
✔

MOZAMBIQUE
✘ Getting electricity

OMAN
✔

Starting a business Moldova made starting a business easier by implementing a one-stop shop. Getting credit Moldova improved its credit information system by establishing its ﬁrst private credit bureau. Enforcing contracts Moldova made enforcement of judgments more efficient by introducing private bailiffs. Resolving insolvency Moldova amended its insolvency law to grant priority to secured creditors.

✔

Mozambique made getting electricity more difficult by requiring authorization of a connection project by the Ministry of Energy and by adding an inspection of the completed external works.

Starting a business Oman introduced online company registration, reducing the time it takes to register a business. Getting credit Oman improved its credit information system by launching the Bank Credit and Statistical Bureau System, which collects historical information on performing and nonperforming loans for both ﬁrms and individuals. Paying taxes Oman enacted a new income tax law that redeﬁned the scope of taxation.

✔

✔

NAMIBIA
✘ Registering property

Namibia made transferring property more expensive for companies.
✔

✔

✔

Resolving insolvency Namibia adopted a new company law that established clear procedures for liquidation.

MONGOLIA
✔

PAKISTAN NEPAL
✔

Getting credit Mongolia improved its credit information system by eliminating the minimum threshold for loans included in the database.

✘ Paying taxes

Enforcing contracts Nepal improved oversight and monitoring in the court, speeding up the process for ﬁling claims.

Pakistan increased the proﬁt tax rate for small ﬁrms.

PANAMA
✔

MONTENEGRO
✔

Starting a business Montenegro made starting a business easier by implementing a one-stop shop. Paying taxes Montenegro made paying taxes easier and less costly for ﬁrms by abolishing a tax, reducing the social security contribution rate and merging several returns into a single uniﬁed one. Resolving insolvency Montenegro passed a new bankruptcy law that introduces reorganization and liquidation proceedings, introduces time limits for these proceedings and provides for the possibility of recovery of secured creditors’ claims and settlement before completion of the entire bankruptcy procedure.

NEW ZEALAND
✔

Paying taxes New Zealand reduced its corporate income tax rate and fringe beneﬁt tax rate.
✔

Starting a business Panama extended the operating hours of the public registry, reducing the time required to register a new company.

✔

PARAGUAY NICARAGUA
✔

✔

Registering property Nicaragua made transferring property more efficient by introducing a fast-track procedure for registration. Paying taxes Nicaragua made paying taxes easier for companies by promoting electronic ﬁling and payment of the major taxes, an option now used by the majority of taxpayers. Enforcing contracts Nicaragua raised the monetary threshold for commercial claims that can be brought to the Managua local civil court, leaving lower-value claims in the local courts, where proceedings are simpler and faster.
✔

Dealing with construction permits Paraguay made dealing with construction permits easier by implementing a risk-based approval system and a single window for obtaining construction permits. Getting credit Paraguay improved its credit information system by establishing an online platform for ﬁnancial institutions to exchange information with the public credit registry.

✔

✔

✘ Paying taxes

MOROCCO
✔

Paraguay made paying taxes more burdensome for companies by introducing new tax declarations that must be ﬁled monthly.

Dealing with construction permits Morocco made dealing with construction permits easier by opening a one-stop shop. Protecting investors Morocco strengthened investor protections by allowing minority shareholders to obtain any nonconﬁdential corporate document during trial. Paying taxes Morocco eased the administrative burden of paying taxes for ﬁrms by enhancing electronic ﬁling and payment of the corporate income tax and value added tax.

PERU
✔

✔

NIGER
✔

✔

Getting credit Access to credit in Niger was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Starting a business Peru made starting a business easier by eliminating the requirement for micro and small enterprises to deposit start-up capital in a bank before registration. Protecting investors Peru strengthened investor protections through a new law allowing minority shareholders to request access to nonconﬁdential corporate documents.

✔

SUMMARIES OF DOING BUSINESS REFORMS IN 2010/11

73

✔

Paying taxes Peru made paying taxes easier for companies by improving electronic ﬁling and payment of the major taxes and promoting the use of the electronic option among the majority of taxpayers.

✘ Dealing with construction permits

✔

Qatar made dealing with construction permits more difficult by increasing the time and cost to process building permits.
✔

PHILIPPINES
✔

Resolving insolvency The Philippines adopted a new insolvency law that provides a legal framework for liquidation and reorganization of ﬁnancially distressed companies.

Getting credit Qatar improved its credit information system by starting to distribute historical data and eliminating the minimum threshold for loans included in the database.

Getting credit In Rwanda the private credit bureau started to collect and distribute information from utility companies and also started to distribute more than 2 years of historical information, improving the credit information system. Paying taxes Rwanda reduced the frequency of value added tax ﬁlings by companies from monthly to quarterly.

✔

ROMANIA
✘ Starting a business

SÃO TOMÉ AND PRÍNCIPE
✔

POLAND
✔

Trading across borders Poland made trading across borders faster by implementing electronic preparation and submission of customs documents. Resolving insolvency Poland amended its bankruptcy and reorganization law to simplify court procedures and extend more rights to secured creditors.

Romania made starting a business more difﬁcult by requiring a tax clearance certiﬁcate for a new company’s headquarters before company registration.
✔

✔

Paying taxes Romania made paying taxes easier for companies by introducing an electronic payment system and a uniﬁed return for social security contributions. It also abolished the annual minimum tax. Resolving insolvency Romania amended its insolvency law to shorten the duration of insolvency proceedings.

Starting a business São Tomé and Príncipe made starting a business easier by establishing a one-stop shop, eliminating the requirement for an operating license for general commercial companies and simplifying publication requirements. Dealing with construction permits São Tomé and Príncipe made dealing with construction permits easier by reducing the time required to process building permit applications. Registering property São Tomé and Príncipe made registering property less costly by lowering property transfer taxes. Trading across borders São Tomé and Príncipe made trading across borders faster by adopting legislative, administrative and technological improvements.

✔

✔

✔

PORTUGAL
✔

Starting a business Portugal made starting a business easier by allowing company founders to choose the amount of minimum capital and make their paid-in capital contribution up to 1 year after the company’s creation, and by eliminating the stamp tax on company’s share capital subscriptions. Dealing with construction permits Portugal made dealing with construction permits easier by streamlining its inspection system.

RUSSIAN FEDERATION
✔

Getting electricity Russia made getting electricity less costly by revising the tariffs for connection. Registering property Russia made registering property transfers easier by eliminating the requirement to obtain cadastral passports on land plots.

✔

✔

SAUDI ARABIA
✔

✔

✘ Paying taxes

Russia increased the social security contribution rate for employers.
✔

PUERTO RICO (U.S.)
✔

Starting a business Puerto Rico (territory of the United States) made starting a business easier by merging the name search and company registration procedures. Dealing with construction permits Puerto Rico (territory of the United States) made dealing with construction permits easier by creating the Office of Permits Management to streamline procedures.

Trading across borders Russia made trading across borders easier by reducing the number of documents needed for each export or import transaction and lowering the associated cost. Enforcing contracts Russia made ﬁling a commercial case easier by introducing an electronic case ﬁling system.

Starting a business Saudi Arabia made starting a business easier by bringing together representatives from the Department of Zakat and Income Tax and the General Organization of Social Insurance at the Uniﬁed Center to register new companies with their agencies.

SENEGAL
✔

✔

✔

RWANDA
✔

Starting a business Senegal made starting a business easier by replacing the requirement for a copy of the founders’ criminal records with one for a sworn declaration at the time of the company’s registration. Getting credit Access to credit in Senegal was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

QATAR
✔

Starting a business Rwanda made starting a business easier by reducing the business registration fees.

✔

Starting a business Qatar made starting a business easier by combining commercial registration and registration with the Chamber of Commerce and Industry at the one-stop shop.

✘ Registering property

Rwanda made transferring property more expensive by enforcing the checking of the capital gains tax.

74

DOING BUSINESS 2012

✔

Trading across borders Senegal made trading across borders less costly by opening the market for transport, which increased competition. Enforcing contracts Senegal made enforcing contracts easier by launching specialized commercial chambers in the court.

SLOVENIA
✔

SRI LANKA
✔

✔

Registering property Slovenia made transferring property easier and less costly by introducing online procedures and reducing fees. Trading across borders Slovenia made trading across borders faster by introducing online submission of customs declaration forms. Resolving insolvency Slovenia simpliﬁed and streamlined the insolvency process and strengthened professional requirements for insolvency administrators.

Protecting investors Sri Lanka strengthened investor protections by requiring greater corporate disclosure on transactions between interested parties. Paying taxes Sri Lanka made paying taxes less costly for businesses by abolishing the turnover tax and social security contribution and by reducing corporate income tax, value added tax and national building tax rates.

✔

✔

SERBIA
✔

✔

Registering property Serbia made transferring property quicker by offering an expedited option. Resolving insolvency Serbia adopted legislation introducing professional requirements for insolvency administrators and regulating their compensation.

ST. KITTS AND NEVIS
✔

✔

SOLOMON ISLANDS
✔

SEYCHELLES
✔

Starting a business The Solomon Islands made starting a business easier by implementing an online registration process. Registering property The Solomon Islands made registering property faster by separating the land registry from the business and movable property registries. Protecting investors The Solomon Islands strengthened investor protections by increasing shareholder access to corporate information. Resolving insolvency The Solomon Islands adopted a new law that simpliﬁed insolvency proceedings.

Paying taxes St. Kitts and Nevis made paying taxes easier by introducing a value added tax.

SWAZILAND
✔

Paying taxes The Seychelles made paying taxes less costly for ﬁrms by eliminating the social security tax. Trading across borders The Seychelles made trading across borders faster by introducing electronic submission of customs documents.

✔

Registering property Swaziland made transferring property quicker by streamlining the process at the land registry.

✔

✔

SWEDEN
✘ Registering property

✘ Enforcing contracts

Sweden increased the cost of transferring property between companies.

The Seychelles expanded the jurisdiction of the lower court, increasing the time required to enforce contracts.

✔

SWITZERLAND
✔

SIERRA LEONE
✔

SOUTH AFRICA
✔

Getting electricity Switzerland made getting electricity less costly by revising the conditions for connections. Resolving insolvency Switzerland introduced a uniﬁed civil procedure code and made a number of changes to its federal bankruptcy law.

Getting credit Sierra Leone improved its credit information system by enacting a new law providing for the creation of a public credit registry. Trading across borders Sierra Leone made trading across borders faster by implementing the Automated System for Customs Data (ASYCUDA). Enforcing contracts Sierra Leone made enforcing contracts easier by launching a fast-track commercial court. Resolving insolvency Sierra Leone established a fast-track commercial court in an effort to expedite commercial cases, including insolvency proceedings.

✔

Starting a business South Africa made starting a business easier by implementing its new company law, which eliminated the requirement to reserve a company name and simpliﬁed the incorporation documents. Registering property South Africa made transferring property less costly and more efficient by reducing the transfer duty and introducing electronic ﬁling. Resolving insolvency South Africa introduced a new reorganization process to facilitate the rehabilitation of ﬁnancially distressed companies.

✔

✔

SYRIAN ARAB REPUBLIC
✔

✔

✔

Starting a business Syria made starting a business less costly by reducing both the minimum capital requirement and the cost of publication for the registration notice.

✔

TAIWAN, CHINA
✔

SPAIN SLOVAK REPUBLIC
✔ ✔

Getting credit The Slovak Republic improved its credit information system by guaranteeing by law the right of borrowers to inspect their own data.

Starting a business Spain made starting a business easier by reducing the cost and by reducing the minimum capital requirement.

Starting a business Taiwan, China, made starting a business easier by implementing an online one-stop shop for business registration. Dealing with construction permits Taiwan, China, made dealing with construction permits easier by creating a one-stop center.

✔

SUMMARIES OF DOING BUSINESS REFORMS IN 2010/11

75

TAJIKISTAN
✔

TONGA
✔

UKRAINE
✔

Starting a business Tajikistan made starting a business easier by allowing entrepreneurs to pay in their capital up to 1 year after the start of operations, thereby eliminating the requirements related to opening a bank account.

✘ Getting credit

Starting a business Tonga made starting a business easier by implementing an electronic system at the registry, which reduced the time required for veriﬁcation of the uniqueness of the company name and for registration of the company. The costs for the name search, company registration and business license increased, however. Getting electricity Tonga made getting electricity faster by implementing a time limit for the safety inspection.

Starting a business Ukraine made starting a business easier by eliminating the requirement to obtain approval for a new corporate seal. Paying taxes Ukraine made paying taxes easier and less costly for ﬁrms by revising and unifying tax legislation, reducing corporate income tax rates and unifying social security contributions.

✔

Access to credit using movable property in Tajikistan became more complicated because the movable collateral registry stopped its operations in January 2011.

✔

✘ Trading across borders

TANZANIA
✔

✘ Registering property

Tonga made transferring property more costly.
✔

Ukraine made trading across borders more difficult by introducing additional inspections for customs clearance of imports.
✔

Trading across borders Tanzania made trading across borders faster by implementing the Pre-Arrival Declaration (PAD) system and electronic submission of customs declarations.

Getting credit Tonga strengthened its secured transactions system by passing a new law that allows a general description of the obligation in the security agreement and gives secured creditors priority outside bankruptcy.

Enforcing contracts Ukraine amended legislation to streamline commercial dispute resolution and increase the efficiency of enforcement procedures. Resolving insolvency Ukraine amended its legislation on enforcement, introducing more guarantees for secured creditors.

✔

THAILAND
✔

Starting a business Thailand made starting a business easier by introducing a one-stop shop.

TRINIDAD AND TOBAGO
✘ Dealing with construction permits

✘ Registering property

Thailand made registering property more expensive by increasing the registration fee.

Trinidad and Tobago made dealing with construction permits costlier by increasing the fees for building permit approvals.

UNITED ARAB EMIRATES
✔

TURKEY TIMOR-LESTE
✔ ✔

Starting a business Timor-Leste made starting a business faster by improving the registration process. Getting credit Timor-Leste improved its credit information system by establishing a public credit registry.
✔

Starting a business Turkey made starting a business less costly by eliminating notarization fees for the articles of association and other documents. Paying taxes Turkey lowered the social security contribution rate for companies by offering them a 5% rebate.

Starting a business The United Arab Emirates made starting a business easier by merging the requirements to ﬁle company documents with the Department for Economic Development, to obtain a trade license and to register with the Dubai Chamber of Commerce and Industry. Getting credit The United Arab Emirates improved its credit information system through a new law allowing the establishment of a federal credit bureau under the supervision of the central bank.

✔

✔

TOGO
✔

UGANDA
✘ Starting a business

UNITED KINGDOM
✔

Getting credit Access to credit in Togo was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement. Paying taxes Togo reduced its corporate income tax rate.

Uganda introduced changes that added time to the process of obtaining a business license, slowing business start-up. But it simpliﬁed registration for a tax identiﬁcation number and for value added tax by introducing an online system.
✔

Dealing with construction permits The United Kingdom made dealing with construction permits easier by increasing efficiency in the issuance of planning permits.

URUGUAY
✔

✔

Registering property Uganda increased the efficiency of property transfers by establishing performance standards and recruiting more officials at the land office.

Starting a business Uruguay made starting a business easier by establishing a one-stop shop for general commercial companies. Getting credit Uruguay improved its credit information system by introducing a new online platform allowing access to credit reports for ﬁnancial institutions, public utilities and borrowers.

✔

76

DOING BUSINESS 2012

UZBEKISTAN
✔

✔

Starting a business Uzbekistan made starting a business easier by reducing the minimum capital requirement, eliminating 1 procedure and reducing the cost of registration.

Registering property Vanuatu made registering property easier by computerizing the land registry. Trading across borders Vanuatu made trading across borders faster by upgrading Port-Vila’s wharf infrastructure, which increased the efficiency of port and terminal handling activities.

YEMEN, REP.
✔

✔

Paying taxes The Republic of Yemen enacted a new tax law that reduced the general corporate tax rate from 35% to 20% and abolished all tax exemptions except those granted under the investment law for investment projects.

VANUATU
✔

Starting a business Vanuatu made starting a business easier by reducing the time required for company registration at the Vanuatu Financial Services Commission and issuing provisional licenses at the Department of Customs.

ZAMBIA VENEZUELA, RB
✘ Paying taxes ✘ Registering property

República Bolivariana de Venezuela made paying taxes costlier for ﬁrms by doubling the municipal economic activities tax (sales tax).

Zambia made registering property more costly by increasing the property transfer tax rate.

✘ Dealing with construction permits

Vanuatu made dealing with construction permits more difficult by increasing the number of procedures and the cost to obtain a building permit.

VIETNAM
✔

Protecting investors Vietnam strengthened investor protections by requiring higher standards of accountability for company directors.

77

Country tables

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult 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)

160 30 4 7 25.8 0.0 162 12 334 4,876.4 104 4 109 3,956.8

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 proﬁt)

172 9 250 5.0 150 6 0 0.0 0.0 183 1 1 1 1.0 63 8 275 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)

517 30.6 179 10 74 3,545 10 77 3,830 161 47 1,642 25.0 105 2.0 25 26.5

✔ Getting electricity (rank) Procedures (number) Time (days) Cost (% of income per capita)

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)

82 61 5 5 29.0 0.0 183
NO PRACTICE NO PRACTICE NO PRACTICE

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)

118 6 33 11.9 24 9 4 12.0 0.0 16 8 9 5 7.3

✘ 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)

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)

4,000 3.2 76 7 19 745 8 18 730 85 39 390 35.7 64 2.0 10 40.2

154 6 177 585.6

Paying taxes (rank) 152 Payments (number per year) 44 Time (hours per year) 371 Total tax rate (% of proﬁt) 38.5 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

78

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

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)

148 153 14 25 12.1 30.6 118 19 281 23.1 164 6 159 1,579.0

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 proﬁt)

167 10 48 7.1 150 3 3 0.3 0.0 79 6 6 4 5.3 164 29 451 72.0

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)

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)

4,460 35.4 127 8 17 1,248 9 27 1,318 122 45 630 21.9 59 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)

172 167 8 68 118.9 25.3 115 11 321 180.3 120 8 48 890.5

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 proﬁt)

129 7 184 3.2 126 3 4 2.4 0.0 65 5 6 6 5.7 149 31 282 53.2

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)

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)

3,960 19.0 163 11 48 1,850 8 45 2,690 181 46 1,011 44.4 160 6.2 22 6.9

ANTIGUA AND BARBUDA
Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

57 80 8 21 12.5 0.0 21 10 134 26.8 16 4 42 150.1

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)

124 7 26 10.9 98 8 0 0.0 0.0 29 4 8 7 6.3

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)

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)

10,610 0.1 71 5 16 1,202 5 15 1,633 70 45 351 22.7 81 3.0 7 35.0

Paying taxes (rank) 135 Payments (number per year) 57 Time (hours per year) 207 Total tax rate (% of proﬁt) 41.5 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

79

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

ARGENTINA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

113 146 14 26 11.9 2.2 169 25 365 107.7 58 6 67 20.4

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 proﬁt)

139 7 53 7.0 67 4 6 35.9 100.0 111 6 2 6 4.7 144 9 415 108.2

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)

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)

8,450 40.7 102 7 13 1,480 7 16 1,810 45 36 590 16.5 85 2.8 12 32.9

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)

ARMENIA

55 10 3 8 2.9 0.0 57 18 79 57.1 150 6 242 257.8

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 proﬁt)

5 3 7 0.3 40 6 6 23.7 46.6 97 5 2 8 5.0 153 34 500 40.9

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)

3,090 3.1 104 5 13 1,815 8 18 2,195 91 49 440 19.0 62 1.9 4 40.3

AUSTRALIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

15 2 2 2 0.7 0.0 42 15 147 9.9 37 5 81 9.2

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)

38 5 5 5.0 8 9 5 0.0 100.0 65 8 2 7 5.7

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)

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)

43,740 22.3 30 6 9 1,060 5 8 1,119 17 28 395 21.8 17 1.0 8 80.8

Paying taxes (rank) 53 Payments (number per year) 11 Time (hours per year) 109 Total tax rate (% of proﬁt) 47.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

80

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✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

AUSTRIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

32 134 8 28 5.2 52.0 76 13 194 60.8 21 5 23 110.8

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 proﬁt)

35 3 21 4.6 24 7 6 1.7 51.6 133 3 5 4 4.0 82 14 170 53.1

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)

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)

46,710 8.4 25 4 7 1,180 5 8 1,195 9 25 397 18.0 21 1.1 18 72.7

AZERBAIJAN
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) 66 18 6 8 2.7 0.0 172 30 212 335.2 173 9 241 677.6

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 proﬁt)

9 4 11 0.2 48 6 5 15.6 0.0 24 7 5 8 6.7 81 18 225 40.0

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)

5,180 8.9 170 8 38 2,905 10 42 3,405 25 39 237 18.5 95 2.7 8 29.7

BAHAMAS, THE

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

85 73 7 31 8.7 0.0 79 17 181 29.5 105 8 69 99.9

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)

177 7 122 14.1 78 9 0 0.0 0.0 111 2 5 7 4.7

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)

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)

21,879 0.3 48 5 19 930 5 13 1,405 123 49 427 28.9 34 5.0 4 54.7

Paying taxes (rank) 56 Payments (number per year) 18 Time (hours per year) 58 Total tax rate (% of proﬁt) 47.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

81

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

BAHRAIN

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

38 82 7 9 0.7 259.8 7 12 43 10.7 49 5 90 63.6

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 proﬁt)

30 2 31 2.7 126 4 3 0.0 40.0 79 8 4 4 5.3 18 25 36 15.0

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)

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)

20,475 0.8 49 6 11 955 7 15 995 114 48 635 14.7 25 2.5 10 66.0

BANGLADESH

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

122 86 7 19 30.6 0.0 82 11 201 154.5 182 7 372 3,526.1

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 proﬁt)

173 8 245 6.6 78 7 2 0.6 0.0 24 6 7 7 6.7 100 21 302 35.0

Dealing with construction permits (rank) Procedures (number) Time (days) Cost (% of income per capita)

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)

640 164.4 115 6 25 965 8 31 1,370 180 41 1,442 63.3 107 4.0 8 25.8

✘ Getting electricity (rank)
Procedures (number) Time (days) Cost (% of income per capita)

BELARUS

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

69 9 5 5 1.3 0.0 44 13 140 41.0 175 7 254 1,383.8

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)

4 2 10 0.0 98 3 5 49.5 0.0 79 7 1 8 5.3

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)

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)

6,030 9.6 152 9 15 2,210 10 30 2,615 14 29 275 23.4 82 5.8 22 33.5

✘ Enforcing contracts (rank)
Procedures (number) Time (days) Cost (% of claim) Resolving insolvency (rank) Time (years) Cost (% of estate) Recovery rate (cents on the dollar)

156 ✔ Paying taxes (rank) Payments (number per year) 18 Time (hours per year) 654 Total tax rate (% of proﬁt) 62.8 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

82

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✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

BELGIUM

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

28 36 3 4 5.2 18.9 51 12 169 53.6 87 6 88 95.3

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 proﬁt)

174 8 64 12.7 48 7 4 72.6 0.0 17 8 6 7 7.0 77 11 156 57.3

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)

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)

45,420 10.9 36 4 8 1,429 5 8 1,600 20 26 505 17.7 8 0.9 4 87.3

BELIZE
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) 93 152 9 44 51.2 0.0 9 8 91 29.1 53 5 66 395.4

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 proﬁt)

137 8 60 4.7 98 8 0 0.0 0.0 122 3 4 6 4.3 55 29 147 33.2

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)

3,740 0.3 107 6 21 1,505 6 21 1,650 168 51 892 27.5 29 1.0 23 63.7

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)

BENIN

175 154 6 29 149.9 280.4 117 12 372 132.6 140 4 158 15,205.3

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)

130 4 120 11.8 126 6 1 10.7 0.0 155 6 1 3 3.3

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)

750 9.2 129 7 30 1,049 8 32 1,496 176 42 795 64.7 127 4.0 22 20.2

Paying taxes (rank) 170 Payments (number per year) 55 Time (hours per year) 270 Total tax rate (% of proﬁt) 66.0 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

83

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

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)

BHUTAN

142 83 8 36 7.2 0.0 135 22 180 108.6 145 6 101 1,265.4

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 proﬁt)

83 3 92 5.0 126 3 4 6.4 0.0 147 4 3 4 3.7 67 6 274 40.8

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)

1,920 0.7 169 8 38 2,230 12 38 2,805 35 47 225 0.1 183
NO PRACTICE NO PRACTICE

0.0

BOLIVIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

153 169 15 50 90.4 2.3 107 14 249 77.5 124 8 42 1,181.2

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)

138 7 92 4.8 126 1 6 11.8 35.9 133 1 5 6 4.0 179 42 1,080 80.0

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)

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)

1,790 10.0 126 8 19 1,425 7 23 1,747 135 40 591 33.2 65 1.8 15 39.3

✘ Paying taxes (rank)
Payments (number per year) Time (hours per year) Total tax rate (% of proﬁt)

Ease of doing business (rank) ✔ Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

BOSNIA AND HERZEGOVINA

125 162 12 40 17.0 29.4 163 18 181 1,112.9 157 8 125 497.6

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)

100 7 33 5.3 67 5 5 35.3 39.6 97 3 6 6 5.0

✔ 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)

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)

4,790 3.8 108 8 15 1,240 9 16 1,200 125 37 595 40.4 80 3.3 9 35.0

Paying taxes (rank) 110 Payments (number per year) 40 Time (hours per year) 422 Total tax rate (% of proﬁt) 25.0 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

84

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

BOTSWANA
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) 54 90 10 61 1.8 0.0 132 22 145 203.0 91 5 121 408.9

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 proﬁt)

50 5 16 5.0 48 7 4 0.0 59.6 46 7 8 3 6.0 22 19 152 19.4

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)

6,890 2.0 150 6 28 3,185 8 41 3,420 65 28 625 28.1 28 1.7 15 64.5

BRAZIL

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

126 120 13 119 5.4 0.0 127 17 469 40.2 51 6 34 130.3

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 proﬁt)

114 13 39 2.3 98 3 5 36.1 61.5 79 6 7 3 5.3 150 9 2,600 67.1

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)

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)

9,390 194.9 121 7 13 2,215 8 17 2,275 118 45 731 16.5 136 4.0 12 17.9

BRUNEI DARUSSALAM

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

83 136 15 101 11.8 0.0 83 31 163 4.2 28 5 56 42.9

East Asia & Paciﬁc 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)

107 7 298 0.6 126 7 0 0.0 0.0 122 3 2 8 4.3

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)

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)

31,238 0.4 35 6 19 680 6 15 745 151 47 540 36.6 44 2.5 4 47.2

Paying taxes (rank) 20 Payments (number per year) 27 Time (hours per year) 96 Total tax rate (% of proﬁt) 16.8 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

85

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

BULGARIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

59 49 4 18 1.5 0.0 128 23 120 317.0 133 6 130 366.6

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 proﬁt)

66 8 15 3.0 8 8 6 52.8 28.8 46 10 1 7 6.0 69 17 500 28.1

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)

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)

6,240 7.6 91 5 21 1,551 6 17 1,666 87 39 564 23.8 90 3.3 9 31.4

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)

BURKINA FASO

150 116 3 13 47.7 373.3 59 12 98 345.0 139 4 158 13,356.8

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 proﬁt)

111 4 59 12.8 126 6 1 1.8 0.0 147 6 1 4 3.7 147 46 270 43.6

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)

550 16.3 175 10 41 2,412 10 49 4,030 108 37 446 81.7 103 4.0 9 27.3

BURUNDI

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

169 108 9 14 116.8 0.0 159 22 135 4,065.7 151 4 188 34,477.0

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)

109 5 94 5.6 166 3 1 0.3 0.0 46 8 6 4 6.0

✔ 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)

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)

160 8.5 174 9 35 2,965 10 54 4,855 172 44 832 38.6 183
NO PRACTICE NO PRACTICE

0.0

125 ✔ Paying taxes (rank) Payments (number per year) 24 Time (hours per year) 274 Total tax rate (% of proﬁt) 46.2 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

86

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

CAMBODIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

138 171 9 85 109.7 31.3 149 21 652 40.6 130 4 183 3,062.5

East Asia & Paciﬁc 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 proﬁt)

110 7 56 4.3 98 8 0 0.0 0.0 79 5 9 2 5.3 54 39 173 22.5

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)

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)

760 14.1 120 9 22 732 10 26 872 142 44 401 103.4 149 6.0 15 12.6

CAMEROON
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) 161 128 5 15 45.5 182.9 92 11 147 1,096.2 66 4 67 1,854.5

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 proﬁt)

154 5 93 19.2 98 6 2 3.6 0.0 122 6 1 6 4.3 171 44 654 49.1

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)

1,160 20.0 156 11 23 1,379 12 25 2,167 174 43 800 46.6 147 3.2 34 13.6

CANADA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

13 3 1 5 0.4 0.0 25 12 73 57.5 156 8 168 143.9

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)

41 6 17 1.8 24 7 6 0.0 0.0 5 8 9 8 8.3

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)

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)

46,215 34.2 42 3 7 1,610 4 11 1,660 59 36 570 22.3 3 0.8 4 90.7

8 ✔ Paying taxes (rank) Payments (number per year) 8 Time (hours per year) 131 Total tax rate (% of proﬁt) 28.8 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

87

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

CAPE VERDE

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

119 131 8 11 17.0 39.0 116 17 122 523.8 70 5 58 1,121.3

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 proﬁt)

61 6 31 3.9 126 2 5 20.2 0.0 133 1 5 6 4.0 104 41 186 37.8

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)

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)

3,160 0.5 61 5 19 1,200 5 18 1,000 37 37 425 19.8 183
NO PRACTICE NO PRACTICE

0.0

Ease of doing business (rank) ✔ Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

CENTRAL AFRICAN REPUBLIC

182 160 7 21 175.5 452.9 136 18 203 112.2 162 6 102 12,852.1

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 proﬁt)

132 5 75 11.0 98 6 2 2.2 0.0 133 6 1 5 4.0 177 54 504 54.6

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)

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)

460 4.5 182 9 54 5,491 17 62 5,554 173 43 660 82.0 183 4.8 76 0.0

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)

CHAD

183 183 11 66 208.5 345.0 122 13 154 5,756.5 117 5 67 13,123.8

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)

143 6 44 18.1 98 6 2 1.0 0.0 155 6 1 3 3.3

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)

600 11.5 178 8 75 5,902 11 101 8,525 163 41 743 45.7 183 4.0 60 0.0

Paying taxes (rank) 180 Payments (number per year) 54 Time (hours per year) 732 Total tax rate (% of proﬁt) 65.4 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

88

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

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)

CHILE

39 27 7 7 5.1 0.0 90 17 155 79.0 41 6 31 77.6

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 proﬁt)

53 6 31 1.3 48 6 5 35.6 25.8 29 8 6 5 6.3 45 9 316 25.0

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)

9,940 17.1 62 6 21 795 6 20 795 67 36 480 28.6 110 4.5 15 25.5

CHINA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

91 151 14 38 3.5 100.4 179 33 311 444.1 115 5 145 640.9

East Asia & Paciﬁc 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 proﬁt)

40 4 29 3.6 67 6 4 82.5 0.0 97 10 1 4 5.0 122 7 398 63.5

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)

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)

4,260 1,338.3 60 8 21 500 5 24 545 16 34 406 11.1 75 1.7 22 36.1

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)

COLOMBIA

42 65 9 14 8.0 0.0 29 8 46 338.9 134 5 165 1,081.3

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)

51 7 15 2.0 67 5 5 0.0 71.2 5 8 8 9 8.3

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)

5,510 46.3 87 5 14 2,270 6 13 2,830 149 34 1,346 47.9 12 1.3 1 82.8

95 ✔ Paying taxes (rank) Payments (number per year) 9 Time (hours per year) 193 Total tax rate (% of proﬁt) 74.8 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

89

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

COMOROS

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

157 172 11 24 176.2 252.9 74 15 155 62.8 100 3 120 2,685.1

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 proﬁt)

74 4 30 10.5 150 6 0 0.0 0.0 133 6 1 5 4.0 99 20 100 217.9

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)

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)

820 0.7 139 10 30 1,207 10 21 1,191 153 43 506 89.4 183
NO PRACTICE NO PRACTICE

0.0

CONGO, DEM. REP.
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) 178 148 10 65 551.4 0.0 77 11 117 1,670.7 145 6 58 28,801.5

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 proﬁt)

121 6 54 6.8 174 3 0 0.0 0.0 155 3 3 4 3.3 165 32 336 339.7

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)

180 67.8 167 8 44 3,055 9 63 3,285 170 43 610 151.8 166 5.2 29 1.2

CONGO, REP.

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

181 175 10 160 85.2 88.0 103 14 186 157.7 152 5 129 5,224.0

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)

156 6 55 20.6 98 6 2 8.2 0.0 155 6 1 3 3.3

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)

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)

2,310 3.8 181 11 50 3,818 10 62 7,709 159 44 560 53.2 134 3.3 25 17.9

Paying taxes (rank) 182 Payments (number per year) 61 Time (hours per year) 606 Total tax rate (% of proﬁt) 65.9 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

90

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

COSTA RICA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

121 122 12 60 11.1 0.0 141 20 188 164.5 43 5 62 299.5

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 proﬁt)

46 5 20 3.4 98 3 5 25.5 78.9 166 2 5 2 3.0 138 31 246 55.0

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)

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)

6,580 4.6 73 6 13 1,190 7 15 1,190 129 40 852 24.3 121 3.5 15 22.2

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)

CÔTE D’IVOIRE

167 170 10 32 132.6 200.4 169 18 583 204.8 73 5 33 4,002.3

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 proﬁt)

158 6 62 13.9 126 6 1 2.6 0.0 155 6 1 3 3.3 159 62 270 44.3

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)

1,070 21.6 161 10 25 1,969 9 36 2,577 124 33 770 41.7 70 2.2 18 37.6

CROATIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

80 67 6 7 8.6 13.8 143 12 317 591.1 56 5 70 328.6

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)

102 5 104 5.0 48 6 5 0.0 100.0 133 1 5 6 4.0

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)

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)

13,760 4.4 100 7 20 1,300 8 16 1,180 48 38 561 13.8 94 3.1 15 29.7

Paying taxes (rank) 32 Payments (number per year) 17 Time (hours per year) 196 Total tax rate (% of proﬁt) 32.3 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

91

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

CYPRUS

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

40 33 6 8 13.1 0.0 78 9 677 47.5 96 5 247 95.3

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 proﬁt)

123 6 42 10.3 78 9 0 0.0 0.0 29 8 4 7 6.3 37 27 149 23.1

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)

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)

28,237 0.9 19 5 7 790 7 5 900 105 43 735 16.4 23 1.5 15 70.8

CZECH REPUBLIC
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) 64 138 9 20 8.4 30.7 68 33 120 10.9 148 6 279 186.2

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 proﬁt)

34 4 25 3.0 48 6 5 6.1 95.7 97 2 5 8 5.0 119 8 557 49.1

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)

17,870 10.5 70 4 17 1,060 7 20 1,165 78 27 611 33.0 33 3.2 17 56.0

DENMARK

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

5 31 4 6 0.0 25.0 10 5 67 59.1 13 4 38 120.6

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)

11 3 16 0.6 24 9 4 0.0 7.3 29 7 5 7 6.3

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)

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)

58,980 5.6 7 4 5 744 3 5 744 32 35 410 23.3 9 1.0 4 87.3

Paying taxes (rank) 14 Payments (number per year) 10 Time (hours per year) 135 Total tax rate (% of proﬁt) 27.5 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

92

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

DJIBOUTI

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

170 179 11 37 169.8 434.0 142 15 172 2,285.7 143 4 180 8,799.1

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 proﬁt)

148 7 40 13.0 177 1 1 0.2 0.0 179 5 2 0 2.3 70 35 82 38.7

✘ 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)

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)

1,383 0.9 37 5 18 836 5 18 911 160 40 1,225 34.0 141 5.0 18 16.5

DOMINICA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

65 48 5 14 21.8 0.0 18 9 165 10.8 65 5 61 849.7

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 proﬁt)

116 5 42 13.2 78 9 0 0.0 0.0 29 4 8 7 6.3 73 37 120 37.5

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)

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)

4,960 0.1 88 7 13 1,340 8 15 1,350 167 47 681 36.0 98 4.0 10 28.3

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)

DOMINICAN REPUBLIC

108 140 7 19 18.2 55.7 105 14 216 82.1 123 7 87 356.7

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)

105 7 60 3.7 78 3 6 35.9 54.3 65 5 4 8 5.7

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)

4,860 10.2 45 6 8 1,040 7 10 1,150 83 34 460 40.9 154 3.5 38 9.5

Paying taxes (rank) 94 Payments (number per year) 9 Time (hours per year) 324 Total tax rate (% of proﬁt) 41.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

93

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

ECUADOR

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

130 164 13 56 28.8 4.3 91 16 128 184.0 128 6 89 785.3

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 proﬁt)

75 9 16 2.1 78 3 6 0.0 57.9 133 1 5 6 4.0 88 8 654 35.3

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)

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)

4,510 13.8 123 8 20 1,455 7 25 1,432 100 39 588 27.2 139 5.3 18 17.2

EGYPT, ARAB REP.

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

110 21 6 7 5.6 0.0 154 22 218 155.3 101 7 54 455.5

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 proﬁt)

93 7 72 0.8 78 3 6 3.5 13.7 79 8 3 5 5.3 145 29 433 43.6

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)

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)

2,340 84.5 64 8 12 613 9 12 755 147 41 1,010 26.2 137 4.2 22 17.7

EL SALVADOR

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

112 136 8 17 45.1 3.0 144 33 157 168.3 130 7 78 533.3

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)

54 5 31 3.7 48 5 6 23.9 81.1 166 3 0 6 3.0

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)

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)

3,360 6.2 69 8 14 845 8 10 845 66 34 786 19.2 88 4.0 9 31.5

Paying taxes (rank) 146 Payments (number per year) 53 Time (hours per year) 320 Total tax rate (% of proﬁt) 35.0 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

94

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

EQUATORIAL GUINEA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

155 178 21 137 101.4 14.6 100 15 166 150.6 88 5 106 571.1

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 proﬁt)

80 6 23 6.2 98 6 2 2.9 0.0 147 6 1 4 3.7 167 46 492 46.0

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)

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)

14,680 0.7 134 7 29 1,411 7 48 1,411 74 40 553 18.5 183
NO PRACTICE NO PRACTICE

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) 180 182 13 84 62.6 243.0 183
NO PRACTICE NO PRACTICE NO PRACTICE

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 proﬁt)

178 11 78 9.1 177 2 0 0.0 0.0 111 4 5 5 4.7 121 18 216 84.5

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)

340 5.2 165 10 50 1,431 12 59 1,581 47 39 405 22.6 183
NO PRACTICE NO PRACTICE

96 5 59 4,436.6

0.0

ESTONIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

24 44 5 7 1.8 24.4 89 13 148 278.6 48 4 111 222.5

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)

13 3 18 0.4 40 7 5 0.0 33.1 65 8 3 6 5.7

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)

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)

14,360 1.3 3 3 5 725 4 5 725 29 35 425 22.3 72 3.0 9 36.9

51 Payments (number per year) 8 Time (hours per year) 85 Total tax rate (% of proﬁt) 58.6 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

✘ Paying taxes (rank)

COUNTRY TABLES

95

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

ETHIOPIA
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) 111 99 5 9 12.8 333.5 56 9 128 369.1 93 4 95 3,386.0

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 proﬁt)

113 10 41 2.1 150 4 2 0.2 0.0 122 4 4 5 4.3 40 19 198 31.1

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)

380 85.0 157 7 42 1,760 9 44 2,660 57 37 620 15.2 89 3.0 15 31.4

✘ Getting electricity (rank)
Procedures (number) Time (days) Cost (% of income per capita)

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)

FIJI

77 119 9 45 25.1 0.0 73 17 148 46.3 110 5 82 2,147.9

East Asia & Paciﬁc 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 proﬁt)

52 3 68 2.0 67 7 3 0.0 67.6 46 3 8 7 6.0 80 33 163 38.3

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)

3,610 0.9 113 10 22 655 10 23 635 64 34 397 38.9 126 1.8 38 20.5

FINLAND
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) 11 39 3 14 1.0 7.3 45 16 66 66.6 25 5 53 31.7

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 proﬁt)

25 3 14 4.0 40 8 4 0.0 20.5 65 6 4 7 5.7 28 8 93 39.0

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)

47,170 5.4 6 4 8 540 5 8 620 11 33 375 13.3 5 0.9 4 89.1

Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

96

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

FRANCE

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

29 25 5 7 0.9 0.0 30 10 184 13.6 62 5 123 40.2

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 proﬁt)

149 8 59 6.1 48 7 4 43.3 0.0 79 10 1 5 5.3 58 7 132 65.7

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)

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)

42,390 64.9 24 2 9 1,078 2 11 1,248 6 29 331 17.4 46 1.9 9 45.8

GABON

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

156 156 9 58 17.3 26.4 58 13 201 21.5 137 6 160 256.0

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 proﬁt)

134 7 39 10.5 98 6 2 24.2 0.0 155 6 1 3 3.3 141 26 488 43.5

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)

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)

7,760 1.5 133 7 20 1,945 8 22 1,955 150 38 1,070 34.3 144 5.0 15 15.2

GAMBIA, THE

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

149 120 8 27 206.1 0.0 88 14 143 192.9 127 5 78 6,070.8

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 proﬁt)

119 5 66 7.7 159 5 0 0.0 0.0 174 2 1 5 2.7 178 50 376 283.5

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)

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)

440 1.8 78 6 23 831 7 21 885 69 33 434 37.9 129 3.0 15 19.3

Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

97

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business 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)

GEORGIA

16 7 2 2 4.3 0.0 4 9 74 20.2 89 5 97 751.3

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 proﬁt)

1 1 2 0.1 8 8 6 0.0 29.6 17 9 6 6 7.0 42 4 387 16.5

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)

2,690 4.4 54 4 10 1,595 4 13 1,715 41 36 285 29.9 109 3.3 4 25.5

GERMANY

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

19 98 9 15 4.6 0.0 15 9 97 49.7 2 3 17 49.9

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 proﬁt)

77 5 40 5.2 24 7 6 1.3 100.0 97 5 5 5 5.0 89 12 221 46.7

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)

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)

43,330 81.6 12 4 7 872 5 7 937 8 30 394 14.4 36 1.2 8 53.8

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)

GHANA

63 104 7 12 17.3 5.5 156 16 218 560.3 68 4 78 1,218.5

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 proﬁt)

36 5 34 0.7 48 8 3 0.0 3.3 46 7 5 6 6.0 90 33 224 33.6

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)

1,240 24.3 90 6 19 1,013 7 29 1,315 45 36 487 23.0 106 1.9 22 26.0

Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

98

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business 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)

GREECE

100 135 10 10 20.1 22.8 41 14 169 3.4 77 6 77 59.2

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 proﬁt)

150 11 18 12.0 78 4 5 0.0 82.4 155 1 4 5 3.3 83 10 224 46.4

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)

27,240 11.3 84 5 20 1,153 6 25 1,265 90 39 819 14.4 57 2.0 9 41.8

GRENADA
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) 73 60 6 15 25.1 0.0 11 8 123 23.5 39 5 49 357.8

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 proﬁt)

154 8 47 7.4 98 8 0 0.0 0.0 29 4 8 7 6.3 91 30 140 45.3

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)

5,560 0.1 40 5 10 876 5 12 2,028 162 47 688 32.6 119 3.0 25 22.7

GUATEMALA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

97 165 12 37 52.5 22.3 151 19 165 541.7 30 4 39 624.9

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 proﬁt)

23 4 23 0.9 8 8 6 17.3 8.9 133 3 3 6 4.0 124 24 344 40.9

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)

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)

2,740 14.4 119 10 17 1,127 9 17 1,302 97 31 1,459 26.5 101 3.0 15 27.9

Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

99

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

GUINEA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

179 181 12 40 118.0 407.3 174 29 287 275.8 119 5 69 10,421.7

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 proﬁt)

152 6 59 14.4 150 6 0 0.0 0.0 174 6 1 1 2.7 176 56 416 54.3

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)

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)

380 10.3 130 7 35 855 9 32 1,391 127 49 276 45.0 130 3.8 8 19.3

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)

GUINEA-BISSAU

176 149 9 9 49.8 398.7 107 12 170 1,032.7 180 7 455 2,049.5

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 proﬁt)

179 8 210 10.6 126 6 1 1.0 0.0 133 6 1 5 4.0 137 46 208 45.9

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)

540 1.6 117 6 23 1,448 6 22 2,006 142 40 1,715 25.0 183
NO PRACTICE NO PRACTICE

0.0

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)

GUYANA

114 87 8 26 14.6 0.0 28 8 195 17.5 144 7 109 518.7

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)

104 6 75 4.6 166 4 0 0.0 0.0 79 5 5 6 5.3

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)

3,270 0.8 82 7 19 730 8 22 745 73 36 581 25.2 138 3.0 29 17.6

✘ Getting electricity (rank)
Procedures (number) Time (days) Cost (% of income per capita)

Paying taxes (rank) 115 Payments (number per year) 35 Time (hours per year) 263 Total tax rate (% of proﬁt) 36.1 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

100

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

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) 174 180 12 105 314.2 23.2 139 9 1,129 764.5 75 4 66 4,032.8

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 proﬁt)

131 5 301 6.6 159 3 2 0.7 0.0 166 2 3 4 3.0 118 46 184 40.8

✘ 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)

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)

650 10.0 145 8 33 1,185 10 31 1,545 96 35 530 42.6 162 5.7 30 5.8

HONDURAS

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

128 150 13 14 46.7 17.0 70 14 94 309.8 114 8 33 1,082.2

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)

94 7 23 5.7 8 8 6 16.3 31.2 166 0 5 4 3.0 140 47 224 44.0

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)

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)

1,880 7.6 103 6 18 1,242 8 22 1,420 177 47 920 35.2 131 3.8 15 19.2

✘ Enforcing contracts (rank)
Procedures (number) Time (days) Cost (% of claim) Resolving insolvency (rank) Time (years) Cost (% of estate) Recovery rate (cents on the dollar)

✘ Paying taxes (rank)
Payments (number per year) Time (hours per year) Total tax rate (% of proﬁt)

Ease of doing business (rank) ✔ Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

HONG KONG SAR, CHINA

2 5 3 3 1.9 0.0 1 6 67 17.8 4 4 43 1.7

East Asia & Paciﬁc 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)

57 5 36 4.1 4 10 5 0.0 86.3 3 10 8 9 9.0

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)

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)

32,900 7.0 2 4 5 575 4 5 565 5 26 280 21.2 16 1.1 9 81.2

Paying taxes (rank) 3 Payments (number per year) 3 Time (hours per year) 80 Total tax rate (% of proﬁt) 23.0 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

101

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

HUNGARY

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

51 39 4 4 7.6 9.7 55 29 102 5.8 103 5 252 120.3

OECD high income High income Registering property (rank) Procedures (number) Time (days) Cost (% of property value)

43 4 17 5.0 48 7 4 0.0 16.1 122 2 4 7 4.3 117 13 277 52.4

✘ Getting credit (rank)
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) 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)

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)

12,990 10.0 74 6 16 1,015 7 18 1,085 19 35 395 15.0 66 2.0 15 39.2

✘ Paying taxes (rank)
Payments (number per year) Time (hours per year) Total tax rate (% of proﬁt)

ICELAND

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

9 37 5 5 3.3 12.6 34 17 74 20.6 1 4 22 13.6

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 proﬁt)

11 3 4 2.4 40 7 5 0.0 100.0 46 7 5 6 6.0 35 29 140 31.8

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)

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)

33,870 0.3 81 5 19 1,532 5 14 1,674 3 27 417 8.2 11 1.0 4 84.5

INDIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

132 166 12 29 46.8 149.6 181 34 227 1,631.4 98 7 67 216.2

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)

97 5 44 7.3 40 8 4 0.0 15.1 46 7 4 7 6.0

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)

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)

1,340 1,170.9 109 8 16 1,095 9 20 1,070 182 46 1,420 39.6 128 7.0 9 20.1

147 ✔ Paying taxes (rank) Payments (number per year) 33 Time (hours per year) 254 Total tax rate (% of proﬁt) 61.8 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

102

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

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)

INDONESIA

129 155 8 45 17.9 46.6 71 13 158 105.3 161 7 108 1,379.0

East Asia & Paciﬁc 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 proﬁt)

99 6 22 10.8 126 3 4 31.8 0.0 46 10 5 3 6.0 131 51 266 34.5

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)

2,580 232.5 39 4 17 644 7 27 660 156 40 570 122.7 146 5.5 18 13.8

✘ Getting electricity (rank)
Procedures (number) Time (days) Cost (% of income per capita)

IRAN, ISLAMIC REP.

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

144 53 6 8 3.8 0.7 164 16 320 355.6 162 7 140 1,058.5

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 proﬁt)

163 9 36 10.5 98 4 4 26.5 24.4 166 5 4 0 3.0 126 20 344 44.1

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)

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)

4,741 73.9 138 7 25 1,275 8 32 1,885 50 39 505 17.0 118 4.5 9 23.1

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)

IRAQ

164 176 11 77 115.7 35.5 120 13 187 469.8 46 5 47 609.9

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)

98 5 51 6.9 174 3 0 0.0 0.0 122 4 5 4 4.3

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)

2,320 32.3 180 10 80 3,550 10 83 3,650 140 51 520 28.1 183
NO PRACTICE NO PRACTICE

0.0

Paying taxes (rank) 49 Payments (number per year) 13 Time (hours per year) 312 Total tax rate (% of proﬁt) 28.4 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

103

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

IRELAND

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

10 13 4 13 0.4 0.0 27 10 141 33.1 90 5 205 91.1

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 proﬁt)

81 5 38 6.5 8 9 5 0.0 100.0 5 10 6 9 8.3 5 8 76 26.3

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)

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)

40,990 4.5 21 4 7 1,109 4 12 1,121 62 21 650 26.9 10 0.4 9 86.9

ISRAEL

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

34 43 5 34 4.4 0.0 137 19 212 90.8 93 6 132 12.2

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 proﬁt)

147 7 144 5.0 8 9 5 0.0 100.0 5 7 9 9 8.3 59 33 235 31.2

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)

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)

27,340 7.6 10 5 10 610 4 10 545 94 35 890 25.3 45 4.0 23 47.2

ITALY

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

87 77 6 6 18.2 9.9 96 11 258 138.1 109 5 192 327.2

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)

84 7 27 4.5 98 3 5 23.0 100.0 65 7 4 6 5.7

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)

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)

35,090 60.6 63 4 20 1,245 4 18 1,245 158 41 1,210 29.9 30 1.8 22 61.1

Paying taxes (rank) 134 Payments (number per year) 15 Time (hours per year) 285 Total tax rate (% of proﬁt) 68.5 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

104

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

JAMAICA
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) 88 23 6 7 7.2 0.0 49 8 145 227.5 112 6 96 354.6

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 proﬁt)

103 6 37 7.5 98 8 0 0.0 0.0 79 4 8 4 5.3 172 72 414 45.6

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)

4,750 2.7 97 6 21 1,410 6 22 1,420 126 35 655 45.6 26 1.1 18 65.3

JAPAN

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

20 107 8 23 7.5 0.0 63 14 193 27.9 26 3 117 0.0

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 proﬁt)

58 6 14 5.7 24 7 6 0.0 99.0 17 7 6 8 7.0 120 14 330 49.1

✘ 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)

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)

42,150 127.4 16 3 10 880 5 11 970 34 30 360 32.2 1 0.6 4 92.7

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)

JORDAN

96 95 7 12 13.9 0.0 93 17 70 534.2 36 5 43 274.2

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)

101 7 21 7.5 150 4 2 1.6 0.0 122 5 4 4 4.3

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)

4,350 6.1 58 6 13 825 7 15 1,335 130 38 689 31.2 104 4.3 9 27.2

Paying taxes (rank) 21 Payments (number per year) 25 Time (hours per year) 116 Total tax rate (% of proﬁt) 27.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

105

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

KAZAKHSTAN

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

47 57 6 19 0.8 0.0 147 32 189 93.2 86 6 88 88.4

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 proﬁt)

29 4 40 0.1 78 4 5 0.0 37.6 10 9 6 9 8.0 13 7 188 28.6

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)

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)

7,440 16.3 176 9 76 3,130 12 62 3,290 27 36 390 22.0 54 1.5 15 42.7

KENYA
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) 109 132 11 33 37.8 0.0 37 8 125 160.9 115 4 163 1,419.2

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 proﬁt)

133 8 64 4.3 8 10 4 0.0 4.5 97 3 2 10 5.0 166 41 393 49.6

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)

780 40.9 141 8 26 2,055 7 24 2,190 127 40 465 47.2 92 4.5 22 30.9

KIRIBATI

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

115 141 7 31 22.2 21.1 106 16 170 163.7 159 6 97 5,162.7

East Asia & Paciﬁc 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)

69 5 513 0.0 159 5 0 0.0 0.0 46 6 5 7 6.0

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)

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)

2,010 0.1 85 6 21 1,120 7 21 1,120 75 32 660 25.8 183
NO PRACTICE NO PRACTICE

0.0

Paying taxes (rank) 6 Payments (number per year) 7 Time (hours per year) 120 Total tax rate (% of proﬁt) 31.8 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

106

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

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)

KOREA, REP.

8 24 5 7 14.6 0.0 26 12 30 79.5 11 4 49 38.6

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 proﬁt)

71 7 11 5.1 8 8 6 0.0 100.0 79 7 2 7 5.3 38 12 225 29.7

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)

19,890 48.9 4 3 7 680 3 7 695 2 33 230 10.3 13 1.5 4 82.3

KOSOVO

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

117 168 10 58 26.7 104.6 171 17 301 775.8 124 7 60 1,016.8

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 proﬁt)

73 8 33 0.6 24 8 5 20.5 0.0 174 3 2 3 2.7 46 33 164 15.4

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)

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)

3,300 1.8 131 8 17 2,270 8 16 2,280 157 53 420 61.2 31 2.0 15 57.4

KUWAIT

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

67 142 12 32 1.2 71.8 121 24 130 121.8 57 7 42 48.2

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)

88 8 47 0.5 98 4 4 0.0 29.0 29 7 7 5 6.3

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)

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)

36,412 2.9 112 7 16 1,085 10 19 1,242 117 50 566 18.8 48 4.2 1 43.9

Paying taxes (rank) 15 Payments (number per year) 15 Time (hours per year) 118 Total tax rate (% of proﬁt) 15.5 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

107

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

KYRGYZ REPUBLIC

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

70 17 2 10 3.5 0.0 62 12 142 171.8 181 7 337 2,545.6

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)

17 4 5 2.2 8 10 4 0.0 18.7 13 8 7 8 7.7 162 52 210 69.0

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)

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)

880 5.4 171 8 63 3,210 9 72 3,450 48 38 260 29.0 150 4.0 15 11.7

✘ Paying taxes (rank)
Payments (number per year) Time (hours per year) Total tax rate (% of proﬁt)

LAO PDR

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

165 89 7 93 7.6 0.0 80 23 108 52.4 138 5 134 2,381.6

East Asia & Paciﬁc 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 proﬁt)

72 5 98 1.1 166 4 0 0.0 0.0 182 2 1 2 1.7 123 34 362 33.3

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)

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)

1,010 6.4 168 9 44 1,880 10 46 2,035 110 42 443 31.6 183
NO PRACTICE NO PRACTICE

0.0

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)

LATVIA

21 51 4 16 2.6 0.0 112 23 205 21.0 84 5 108 439.1

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)

32 5 18 2.0 4 10 5 59.7 0.0 65 5 4 8 5.7

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)

11,620 2.2 15 5 10 600 6 11 801 17 27 369 23.1 32 3.0 13 56.2

Paying taxes (rank) 67 Payments (number per year) 7 Time (hours per year) 290 Total tax rate (% of proﬁt) 37.9 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

108

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

LEBANON

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

104 109 5 9 67.1 35.3 161 19 219 234.9 47 5 75 99.9

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 proﬁt)

105 8 25 5.8 78 4 5 11.0 0.0 97 9 1 5 5.0 30 19 180 30.2

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)

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)

9,020 4.3 93 5 22 1,050 7 32 1,250 120 37 721 30.8 125 4.0 22 20.6

LESOTHO
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) 143 144 7 40 24.9 11.2 157 12 510 1,038.7 141 5 140 2,456.7

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 proﬁt)

150 6 101 8.0 150 6 0 0.0 0.0 147 2 1 8 3.7 61 21 324 16.0

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)

1,080 2.1 147 8 31 1,680 8 35 1,665 102 40 785 19.5 71 2.6 8 37.4

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)

LIBERIA

151 35 4 6 68.4 0.0 123 23 75 694.1 153 4 586 4,455.2

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)

176 10 50 13.1 98 7 1 0.6 0.0 147 4 1 6 3.7

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)

190 4.1 116 10 15 1,220 9 14 1,200 166 41 1,280 35.0 158 3.0 43 8.4

Paying taxes (rank) 98 Payments (number per year) 33 Time (hours per year) 158 Total tax rate (% of proﬁt) 43.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

109

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

LITHUANIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

27 101 6 22 2.8 35.7 47 15 142 25.5 81 5 148 63.3

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 proﬁt)

7 3 3 0.8 48 5 6 15.0 75.6 65 7 4 6 5.7 62 11 175 43.9

Dealing with construction permits (rank) Procedures (number) Time (days) Cost (% of income per capita)

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)

11,400 3.3 28 6 9 870 6 9 980 15 30 275 23.6 40 1.5 7 50.9

✘ Getting electricity (rank)
Procedures (number) Time (days) Cost (% of income per capita)

LUXEMBOURG

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

50 81 6 19 1.9 21.2 33 12 157 19.5 63 5 120 58.8

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 proﬁt)

134 8 29 10.1 150 6 0 0.0 0.0 122 6 4 3 4.3 17 23 59 20.8

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)

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)

79,510 0.5 31 5 6 1,420 4 6 1,420 1 26 321 9.7 49 2.0 15 43.5

MACEDONIA, FYR

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

22 6 3 3 2.4 0.0 61 10 117 552.7 121 5 151 847.4

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)

49 4 40 3.1 24 7 6 34.3 0.0 17 9 7 5 7.0

✔ 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)

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)

4,520 2.1 67 6 12 1,376 6 11 1,380 60 37 370 31.1 55 2.0 10 42.0

Paying taxes (rank) 26 Payments (number per year) 28 Time (hours per year) 119 Total tax rate (% of proﬁt) 9.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

110

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

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)

MADAGASCAR

137 20 3 8 12.1 0.0 131 16 172 422.2 179 6 450 8,390.9

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 proﬁt)

146 6 74 10.6 177 2 0 0.1 0.0 65 5 6 6 5.7 75 23 201 36.6

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)

440 20.1 111 4 21 1,197 9 24 1,555 155 38 871 42.4 148 2.0 30 13.5

MALAWI

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

145 139 10 39 90.9 0.0 167 18 200 1,077.5 177 6 244 9,665.8

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 proﬁt)

95 6 69 3.2 126 7 0 0.0 0.0 79 4 7 5 5.3 23 19 157 28.2

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)

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)

330 14.9 164 10 41 1,675 9 51 2,570 121 42 312 94.1 132 2.6 25 18.5

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)

MALAYSIA

18 50 4 6 16.4 0.0 113 22 260 7.1 59 6 51 95.5

East Asia & Paciﬁc 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)

59 5 48 3.3 1 10 6 49.4 83.4 4 10 9 7 8.7

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)

7,900 27.9 29 6 17 450 7 14 435 31 29 425 27.5 47 1.5 15 44.6

41 Payments (number per year) 13 Time (hours per year) 133 Total tax rate (% of proﬁt) 34.0 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

✘ Paying taxes (rank)

COUNTRY TABLES

111

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

MALDIVES

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

79 59 5 9 8.9 3.5 20 8 174 12.7 132 6 101 708.8

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 proﬁt)

152 6 57 16.7 166 4 0 0.0 0.0 79 0 8 8 5.3 1 3 9.3

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)

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)

4,270 0.3 137 8 21 1,550 9 22 1,526 92 41 665 16.5 41 1.5 4 50.4

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)

MALI

146 115 4 8 90.5 348.3 95 11 179 439.3 113 4 120 4,397.7

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 proﬁt)

91 5 29 12.1 126 6 1 3.7 0.0 147 6 1 4 3.7 163 59 270 51.8

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)

600 15.4 146 6 26 2,202 9 31 3,067 132 36 620 52.0 111 3.6 18 24.9

MARSHALL ISLANDS

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

106 52 5 17 17.7 0.0 8 8 87 29.1 76 5 67 1,010.0

East Asia & Paciﬁc 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)

183
NO PRACTICE NO PRACTICE NO PRACTICE

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)

78 9 0 0.0 0.0 155 2 0 8 3.3

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)

2,990 0.1 66 5 21 945 5 25 970 63 36 476 27.4 135 2.0 38 17.9

Paying taxes (rank) 96 Payments (number per year) 21 Time (hours per year) 128 Total tax rate (% of proﬁt) 64.9 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

112

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

MAURITANIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

159 159 9 19 48.3 334.9 64 18 119 49.9 122 5 75 7,310.9

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 proﬁt)

59 4 49 4.7 166 3 1 0.2 0.0 147 5 3 3 3.7 175 37 696 68.3

✔ 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)

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)

1,060 3.4 143 8 34 1,520 8 38 1,523 79 46 370 23.2 152 8.0 9 10.3

MAURITIUS
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) 23 15 5 6 3.6 0.0 53 16 136 30.6 44 4 91 328.5

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 proﬁt)

67 4 22 10.6 78 6 3 49.8 0.0 13 6 8 9 7.7 11 7 161 25.0

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)

7,740 1.3 21 5 13 737 6 13 689 61 36 645 17.4 79 1.7 15 35.1

MEXICO

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

53 75 6 9 11.2 8.4 43 10 81 333.1 142 7 114 395.5

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)

140 7 74 5.3 40 6 6 0.0 98.1 46 8 5 5 6.0

✔ 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)

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)

9,330 108.5 59 5 12 1,450 4 12 1,780 81 38 415 32.0 24 1.8 18 67.1

109 ✔ Paying taxes (rank) Payments (number per year) 6 Time (hours per year) 347 Total tax rate (% of proﬁt) 52.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

113

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

MICRONESIA, FED. STS

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

140 102 7 16 142.8 0.0 19 11 114 33.2 40 3 75 456.9

East Asia & Paciﬁc 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 proﬁt)

183
NO PRACTICE NO PRACTICE NO PRACTICE

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 7 0 0.0 0.0 174 0 0 8 2.7 92 21 128 58.7

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)

2,700 0.1 106 5 30 1,295 6 30 1,295 146 34 885 66.0 164 5.3 38 3.4

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)

MOLDOVA

81 88 7 9 9.1 9.9 164 27 291 79.2 160 7 140 660.6

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 proﬁt)

18 5 5 0.9 40 8 4 0.0 3.0 111 7 1 6 4.7 83 48 228 31.3

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)

1,810 3.6 134 6 32 1,545 7 35 1,740 26 30 352 28.6 91 2.8 9 31.3

MONGOLIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

86 97 7 13 2.9 36.0 119 19 208 50.1 171 8 156 1,104.6

East Asia & Paciﬁc 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)

26 5 11 2.1 67 6 4 51.4 0.0 29 5 8 6 6.3

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)

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)

1,890 2.7 159 8 46 2,265 8 47 2,400 33 32 314 30.6 124 4.0 8 21.1

Paying taxes (rank) 57 Payments (number per year) 41 Time (hours per year) 192 Total tax rate (% of proﬁt) 24.6 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

114

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

MONTENEGRO
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) 56 47 6 10 1.8 0.0 173 17 267 1,469.9 71 5 71 533.4

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 proﬁt)

108 7 71 3.1 8 10 4 26.4 0.0 29 5 8 6 6.3 108 42 372 22.3

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)

6,690 0.6 34 6 14 805 6 14 915 133 49 545 25.7 52 2.0 8 43.3

MOROCCO

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

94 93 6 12 15.7 10.7 75 15 97 234.6 107 5 71 2,588.6

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 proﬁt)

144 8 75 4.9 98 3 5 0.0 14.6 97 7 2 6 5.0 112 17 238 49.6

✔ 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)

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)

2,850 32.4 43 6 11 577 8 16 950 89 40 510 25.2 67 1.8 18 38.3

MOZAMBIQUE

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)

139 70 9 13 11.7 0.0 126 13 370 123.0 172 9 117 2,558.0

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)

156 8 42 8.7 150 2 4 3.8 0.0 46 5 4 9 6.0

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)

440 23.4 136 7 23 1,100 10 28 1,545 131 30 730 142.5 143 5.0 9 15.5

✘ Getting electricity (rank)
Procedures (number) Time (days) Cost (% of income per capita)

Paying taxes (rank) 107 Payments (number per year) 37 Time (hours per year) 230 Total tax rate (% of proﬁt) 34.3 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

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NAMIBIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

78 125 10 66 17.2 0.0 52 12 139 103.0 105 7 55 525.8

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 proﬁt)

145 7 39 13.7 24 8 5 0.0 61.5 79 5 5 6 5.3 102 37 375 9.8

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)

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)

4,650 2.2 142 9 29 1,800 7 24 1,905 40 33 270 35.8 56 1.5 15 41.9

NEPAL

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

107 100 7 29 37.4 0.0 140 13 222 753.3 99 5 70 1,995.8

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 proﬁt)

24 3 5 5.0 67 7 3 0.0 0.3 79 6 1 9 5.3 86 34 326 31.5

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)

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)

490 29.9 162 9 41 1,960 9 35 2,095 137 39 910 26.8 112 5.0 9 24.5

NETHERLANDS

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

31 79 6 8 5.5 50.4 99 15 176 107.8 67 5 143 30.7

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)

48 5 7 6.1 48 6 5 0.0 83.2 111 4 4 6 4.7

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)

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)

49,720 16.6 13 4 6 895 5 6 975 28 26 514 23.9 7 1.1 4 87.7

Paying taxes (rank) 43 Payments (number per year) 9 Time (hours per year) 127 Total tax rate (% of proﬁt) 40.5 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

116

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✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

NEW ZEALAND
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) 3 1 1 1 0.4 0.0 2 6 64 34.4 31 5 50 79.1

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 proﬁt)

3 2 2 0.1 4 10 5 0.0 100.0 1 10 9 10 9.7 36 8 172 34.4

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)

32,145 4.4 27 7 10 855 5 9 825 10 30 216 22.4 18 1.3 4 78.8

NICARAGUA
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) 118 130 8 39 107.9 0.0 150 16 218 428.7 136 6 70 1,653.8

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 proﬁt)

122 8 49 4.1 98 3 5 10.5 31.9 97 4 5 6 5.0 155 42 207 66.8

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)

1,080 5.8 83 5 24 1,140 5 23 1,220 52 37 409 26.8 78 2.2 15 35.1

NIGER

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

173 163 9 17 114.4 584.2 158 12 326 2,214.5 111 4 120 4,211.8

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)

86 4 35 11.0 126 6 1 0.9 0.0 155 6 1 3 3.3

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)

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)

360 15.9 173 8 59 3,545 10 64 3,545 139 39 545 59.6 123 5.0 18 21.9

Paying taxes (rank) 142 Payments (number per year) 41 Time (hours per year) 270 Total tax rate (% of proﬁt) 43.8 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

117

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

NIGERIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

133 116 8 34 70.6 0.0 84 15 85 504.8 176 8 260 1,056.0

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 proﬁt)

180 13 82 20.8 78 9 0 0.1 0.0 65 5 7 5 5.7 138 35 938 32.7

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)

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)

1,180 158.3 149 10 24 1,263 9 39 1,440 97 40 457 32.0 99 2.0 22 28.2

NORWAY

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

6 41 5 7 1.8 19.4 60 11 250 33.1 12 4 66 7.1

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 proﬁt)

8 1 3 2.5 48 7 4 0.0 100.0 24 7 6 7 6.7 27 4 87 41.6

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)

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)

85,380 4.9 9 4 7 830 4 7 729 4 34 280 9.9 4 0.9 1 90.6

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)

OMAN

49 68 5 8 3.1 271.7 64 14 174 45.7 61 6 62 62.5

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 proﬁt)

21 2 16 3.0 98 4 4 18.9 0.0 97 8 5 2 5.0 9 14 62 22.0

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)

18,657 2.9 47 8 10 745 8 9 680 107 51 598 13.5 76 4.0 4 35.7

Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

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✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

PAKISTAN

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

105 90 10 21 11.2 0.0 104 11 222 262.5 166 6 206 1,346.0

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)

125 6 50 7.7 67 6 4 6.9 2.0 29 6 6 7 6.3 158 47 560 35.3

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)

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)

1,050 173.4 75 7 21 660 8 18 705 154 46 976 23.8 74 2.8 4 36.4

✘ Paying taxes (rank)
Payments (number per year) Time (hours per year) Total tax rate (% of proﬁt)

PALAU

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

116 124 8 28 5.8 15.5 39 22 71 5.2 80 5 125 145.9

East Asia & Paciﬁc 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 proﬁt)

20 5 14 0.4 182 1 0 0.0 0.0 174 0 0 8 2.7 97 19 128 73.0

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)

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)

6,460 0.02 124 6 29 1,070 10 33 1,030 144 38 810 35.3 61 1.0 23 40.5

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)

PANAMA

61 29 6 8 9.9 0.0 71 17 113 95.5 15 5 35 15.4

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 proﬁt)

120 8 32 5.3 48 5 6 0.0 53.8 111 1 4 9 4.7 169 53 482 45.2

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)

6,990 3.5 11 3 9 615 4 9 965 119 31 686 50.0 83 2.5 18 33.3

Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

119

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

PAPUA NEW GUINEA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

101 84 6 51 15.6 0.0 138 21 219 65.6 20 4 66 66.9

East Asia & Paciﬁc 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 proﬁt)

87 4 72 5.1 98 5 3 0.0 1.8 46 5 5 8 6.0 106 33 194 42.3

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)

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)

1,300 6.9 99 7 26 664 9 29 722 163 42 591 110.3 116 3.0 23 23.7

PARAGUAY

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

102 106 7 35 47.2 0.0 66 12 137 239.9 23 4 53 224.6

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)

64 6 46 1.9 78 3 6 15.7 48.5 65 6 5 6 5.7 132 35 387 35.0

✔ 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)

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)

2,940 6.5 154 8 33 1,440 10 33 1,750 106 38 591 30.0 140 3.9 9 16.6

✘ Paying taxes (rank)
Payments (number per year) Time (hours per year) Total tax rate (% of proﬁt)

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)

PERU

41 55 5 26 11.9 0.0 101 16 188 76.3 82 5 100 441.6

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 proﬁt)

22 4 7 3.3 24 7 6 28.5 36.0 17 8 5 8 7.0 85 9 309 40.7

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)

4,710 29.5 56 6 12 860 8 17 880 111 41 428 35.7 100 3.1 7 28.0

Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

120

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

PHILIPPINES

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

136 158 15 35 19.1 5.2 102 30 85 110.5 54 5 50 762.0

East Asia & Paciﬁc 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 proﬁt)

117 8 39 4.8 126 4 3 0.0 8.2 133 2 2 8 4.0 136 47 195 46.5

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)

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)

2,050 93.6 51 7 15 630 8 14 730 112 37 842 26.0 163 5.7 38 4.7

POLAND

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

62 126 6 32 17.3 14.0 160 30 301 53.6 64 4 143 209.3

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 proﬁt)

89 6 152 0.4 8 9 5 0.0 74.8 46 7 2 9 6.0 128 29 296 43.6

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)

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)

12,420 38.2 46 5 17 1,050 5 16 1,000 68 37 830 12.0 87 3.0 15 31.5

PORTUGAL
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) 30 26 5 5 2.3 0.0 97 14 255 47.2 34 5 64 54.6

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)

31 1 1 7.3 126 3 4 86.2 21.5 46 6 5 7 6.0

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)

21,860 10.6 26 4 16 685 5 15 899 22 31 547 13.0 22 2.0 9 70.9

Paying taxes (rank) 78 Payments (number per year) 8 Time (hours per year) 275 Total tax rate (% of proﬁt) 43.3 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

121

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

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)

PUERTO RICO

43 12 6 6 0.6 0.0 152 18 189 369.1 35 5 32 392.4

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 proﬁt)

126 8 194 0.9 24 8 5 0.0 72.3 17 7 6 8 7.0 113 16 218 63.1

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)

17,280 4.0 101 6 15 1,300 10 16 1,300 97 39 620 25.6 27 3.8 8 64.7

Ease of doing business (rank) ✔ Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

QATAR

36 116 8 12 8.3 64.0 24 17 70 1.1 18 3 90 4.1

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 proﬁt)

37 7 13 0.3 98 4 4 32.2 0.0 97 5 6 4 5.0 2 3 36 11.3

✘ 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)

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)

76,168 1.5 57 5 21 860 7 20 730 95 43 570 21.6 37 2.8 22 53.1

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)

ROMANIA

72 63 6 14 3.0 0.8 123 16 287 73.0 165 7 223 556.9

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)

70 8 26 1.2 8 9 5 15.2 42.0 46 9 5 4 6.0

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)

7,840 21.4 72 5 12 1,485 6 13 1,495 56 31 512 28.9 97 3.3 11 28.6

154 ✔ Paying taxes (rank) Payments (number per year) 113 Time (hours per year) 222 Total tax rate (% of proﬁt) 44.4 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

122

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

RUSSIAN FEDERATION
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) 120 111 9 30 2.0 1.6 178 51 423 183.8 183 10 281 1,852.4

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)

45 5 43 0.2 98 3 5 0.0 35.8 111 6 2 6 4.7 105 9 290 46.9

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)

9,910 141.8 160 8 36 1,850 10 36 1,800 13 36 281 13.4 60 2.0 9 41.5

✘ Paying taxes (rank)
Payments (number per year) Time (hours per year) Total tax rate (% of proﬁt)

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)

RWANDA

45 8 2 3 4.7 0.0 84 12 164 312.0 50 4 30 4,696.8

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 proﬁt)

61 5 25 6.3 8 8 6 1.4 0.0 29 7 9 3 6.3 19 18 148 31.3

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)

540 10.3 155 8 29 3,275 8 31 4,990 39 24 230 78.7 165 3.0 50 3.2

SAMOA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

60 22 4 9 9.7 0.0 68 21 87 59.2 32 4 34 857.1

East Asia & Paciﬁc 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)

26 5 15 1.6 126 7 0 0.0 0.0 29 5 6 8 6.3

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)

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)

2,930 0.2 96 7 27 820 7 31 848 80 44 455 19.7 145 2.5 38 15.1

Paying taxes (rank) 66 Payments (number per year) 37 Time (hours per year) 224 Total tax rate (% of proﬁt) 18.9 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

123

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

Ease of doing business (rank) ✔ Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

SÃO TOMÉ AND PRÍNCIPE

163 105 4 10 24.5 336.0 134 13 211 536.8 74 4 89 1,252.8

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 proﬁt)

160 7 62 8.9 177 2 0 0.0 0.0 155 3 1 6 3.3 113 42 424 32.5

✔ 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)

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)

1,200 0.2 94 8 26 690 8 28 577 179 43 1,185 50.5 159 6.2 22 7.4

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)

SAUDI ARABIA

12 10 3 5 5.9 0.0 4 9 75 19.4 18 4 71 18.1

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 proﬁt)

1 2 2 0.0 48 5 6 0.0 16.0 17 9 8 4 7.0 10 14 79 14.5

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)

16,996 26.0 18 5 13 615 5 17 686 138 43 635 27.5 73 1.5 22 36.8

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)

SENEGAL

154 93 3 5 68.0 203.0 125 13 210 435.2 168 6 125 5,938.9

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)

171 6 122 20.3 126 6 1 4.5 0.0 166 6 1 2 3.0

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)

1,050 12.9 65 6 11 1,098 5 14 1,740 145 43 780 26.5 86 3.0 7 32.0

Paying taxes (rank) 174 Payments (number per year) 59 Time (hours per year) 666 Total tax rate (% of proﬁt) 46.0 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

124

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

SERBIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

92 92 7 13 7.8 6.0 175 19 279 1,603.8 79 4 131 545.7

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 proﬁt)

39 6 11 2.8 24 8 5 0.0 100.0 79 7 6 3 5.3 143 66 279 34.0

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)

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)

5,820 7.3 79 6 12 1,433 6 14 1,609 104 36 635 31.3 113 2.7 23 24.4

SEYCHELLES

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)

103 113 10 39 16.0 0.0 54 17 126 30.3 149 6 147 504.7

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 proﬁt)

63 4 33 7.0 166 4 0 0.0 0.0 65 4 8 5 5.7 16 21 76 32.2

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)

9,490 0.1 33 5 16 876 5 17 876 84 37 915 15.4 183
NO PRACTICE NO PRACTICE

✘ Enforcing contracts (rank)
Procedures (number) Time (days) Cost (% of claim) Resolving insolvency (rank) Time (years) Cost (% of estate) Recovery rate (cents on the dollar)

0.0

SIERRA LEONE

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

141 72 6 12 93.3 0.0 167 20 238 272.6 174 8 137 2,466.3

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)

169 7 86 11.8 126 7 0 0.0 0.0 29 6 7 6 6.3

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)

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)

340 5.8 132 7 24 1,573 7 27 1,639 141 39 515 149.5 155 2.6 42 9.2

Paying taxes (rank) 76 Payments (number per year) 29 Time (hours per year) 357 Total tax rate (% of proﬁt) 32.1 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

125

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

SINGAPORE
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) 1 4 3 3 0.7 0.0 3 11 26 18.1 5 4 36 31.1

East Asia & Paciﬁc 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 proﬁt)

14 3 5 2.8 8 10 4 0.0 53.8 2 10 9 9 9.3 4 5 84 27.1

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)

40,920 5.1 1 4 5 456 4 4 439 12 21 150 25.8 2 0.8 1 91.3

SLOVAK REPUBLIC

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

48 76 6 18 1.8 20.9 50 11 286 7.2 102 5 177 242.2

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 proﬁt)

10 3 17 0.0 24 9 4 2.6 56.1 111 3 4 7 4.7 130 31 231 48.8

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)

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)

16,220 5.4 95 6 17 1,560 7 17 1,540 71 32 565 30.0 35 4.0 18 54.3

SLOVENIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

37 28 2 6 0.0 43.6 81 13 199 64.9 27 5 38 119.1

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)

79 5 110 2.0 98 4 4 3.3 100.0 24 3 9 8 6.7

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)

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)

23,860 2.1 50 6 16 710 8 15 765 58 32 1,290 12.7 39 2.0 4 51.1

Paying taxes (rank) 87 Payments (number per year) 22 Time (hours per year) 260 Total tax rate (% of proﬁt) 34.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

126

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

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)

SOLOMON ISLANDS

74 110 7 43 34.1 0.0 36 9 58 347.8 42 4 39 1,982.1

East Asia & Paciﬁc 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 proﬁt)

168 10 87 4.9 78 9 0 0.0 0.0 46 3 7 8 6.0 25 33 80 26.2

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)

1,030 0.5 86 7 24 1,030 5 21 1,237 108 37 455 78.9 115 1.0 38 23.8

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)

SOUTH AFRICA

35 44 5 19 0.3 0.0 31 13 127 21.2 124 4 226 1,651.5

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 proﬁt)

76 6 23 5.6 1 10 6 0.0 52.0 10 8 8 8 8.0 44 9 200 33.1

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)

6,100 50.0 144 8 30 1,531 8 32 1,795 81 29 600 33.2 77 2.0 18 35.2

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)

SPAIN

44 133 10 28 4.7 13.2 38 8 182 51.8 69 5 101 231.9

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)

56 5 13 7.1 48 6 5 54.7 11.4 97 5 6 4 5.0

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)

31,650 46.2 55 6 9 1,221 7 10 1,221 54 39 515 17.2 20 1.5 11 75.6

Paying taxes (rank) 48 Payments (number per year) 8 Time (hours per year) 187 Total tax rate (% of proﬁt) 38.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

127

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

SRI LANKA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

89 38 4 35 4.7 0.0 111 18 217 40.6 95 4 132 1,191.8

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 proﬁt)

161 8 83 5.1 78 4 5 0.0 29.4 46 6 5 7 6.0 173 71 256 105.2

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)

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)

2,290 20.5 53 6 21 715 6 19 745 136 40 1,318 22.8 42 1.7 5 48.3

ST. KITTS AND NEVIS

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

95 64 7 19 11.5 0.0 16 11 139 6.8 33 5 18 383.5

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 proﬁt)

164 6 81 13.3 126 7 0 0.0 0.0 29 4 8 7 6.3 133 36 203 52.7

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)

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)

9,980 0.05 44 5 11 850 5 12 2,138 114 47 578 20.5 183
NO PRACTICE NO PRACTICE

0.0

ST. LUCIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

52 53 5 15 24.4 0.0 13 7 125 31.6 13 4 25 241.0

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)

115 8 17 7.4 98 8 0 0.0 0.0 29 4 8 7 6.3

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)

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)

4,970 0.2 110 5 14 1,700 8 18 2,745 165 47 635 37.3 58 2.0 9 41.7

Paying taxes (rank) 52 Payments (number per year) 32 Time (hours per year) 92 Total tax rate (% of proﬁt) 34.4 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

128

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

ST. VINCENT AND THE GRENADINES
Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

75 58 7 10 22.3 0.0

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 proﬁt)

141 7 38 11.9 126 7 0 0.0 0.0 29 4 8 7 6.3 73 36 111 38.7

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)

6 8 112 12.2 21 3 52 307.9

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)

4,850 0.1 38 5 12 1,075 4 12 1,605 101 45 394 30.3 183
NO PRACTICE NO PRACTICE

0.0

SUDAN

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

135 126 10 36 31.4 0.0 130 16 270 88.0 107 5 70 3,949.3

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 proﬁt)

41 6 9 3.0 166 4 0 0.0 0.0 155 0 6 4 3.3 103 42 180 36.1

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)

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)

1,270 43.6 151 7 32 2,050 7 46 2,900 148 53 810 19.8 84 2.0 20 33.2

SURINAME

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

158 173 13 694 115.0 0.5 98 11 461 72.0 38 4 58 647.1

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)

170 6 197 13.8 159 5 0 0.0 0.0 181 1 0 5 2.0

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)

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)

6,975 0.5 105 8 25 995 6 25 1,065 178 44 1,715 37.1 157 5.0 30 8.6

Paying taxes (rank) 34 Payments (number per year) 17 Time (hours per year) 199 Total tax rate (% of proﬁt) 27.9 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

129

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

SWAZILAND

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

124 161 12 56 29.2 0.5 47 13 95 115.2 158 6 137 1,302.0

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 proﬁt)

128 9 21 7.1 48 6 5 0.0 43.2 122 2 5 6 4.3 60 33 104 36.8

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)

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)

2,600 1.2 148 9 18 1,855 9 27 2,030 171 40 972 56.1 69 2.0 15 38.2

SWEDEN
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) 14 46 3 15 0.6 14.0 23 7 116 81.6 8 3 52 20.7

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 proﬁt)

19 1 7 4.3 48 7 4 0.0 100.0 29 8 4 7 6.3 50 4 122 52.8

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)

49,930 9.4 8 3 8 697 3 6 735 54 30 508 31.2 19 2.0 9 75.8

SWITZERLAND

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

26 85 6 18 2.1 26.9 46 13 154 40.1 6 3 39 62.7

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)

14 4 16 0.4 24 8 5 0.0 27.3 166 0 5 4 3.0

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)

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)

70,350 7.8 41 4 8 1,537 5 9 1,540 23 32 390 24.0 43 3.0 4 47.5

Paying taxes (rank) 12 Payments (number per year) 19 Time (hours per year) 63 Total tax rate (% of proﬁt) 30.1 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

130

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

Ease of doing business (rank) ✔ Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

SYRIAN ARAB REPUBLIC

134 129 7 13 17.1 127.7 133 23 104 504.1 83 5 71 940.4

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 proﬁt)

82 4 19 27.9 174 1 2 3.7 0.0 111 7 5 2 4.7 111 19 336 39.7

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)

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)

2,640 21.6 122 8 15 1,190 9 21 1,625 175 55 872 29.3 102 4.1 9 27.5

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)

TAIWAN, CHINA

25 16 3 10 2.5 0.0 87 25 125 41.9 3 4 23 52.4

East Asia & Paciﬁc 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 proﬁt)

33 3 5 6.2 67 5 5 0.0 90.9 79 7 4 5 5.3 71 15 245 35.6

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)

18,458 23.2 23 6 12 655 6 12 720 88 45 510 17.7 14 1.9 4 82.1

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)

TAJIKISTAN

147 70 5 24 33.3 0.0 177 26 228 849.9 178 9 238 1,297.9

Eastern Europe & Central Asia Low income Registering property (rank) Procedures (number) Time (days) Cost (% of property value)

90 6 37 5.3 177 2 0 0.0 0.0 65 8 3 6 5.7

✘ 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)

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)

780 7.1 177 11 82 3,850 9 83 4,550 42 35 430 25.5 68 1.7 9 38.2

Paying taxes (rank) 168 Payments (number per year) 69 Time (hours per year) 224 Total tax rate (% of proﬁt) 84.5 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

131

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

TANZANIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

127 123 12 29 28.8 0.0 176 19 303 1,170.1 78 4 109 1,040.5

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 proﬁt)

158 9 73 4.4 98 8 0 0.0 0.0 97 3 4 8 5.0 129 48 172 45.5

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)

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)

530 45.0 92 6 18 1,255 6 24 1,430 36 38 462 14.3 122 3.0 22 22.0

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)

THAILAND

17 78 5 29 6.2 0.0 14 8 157 9.5 9 4 35 77.6

East Asia & Paciﬁc 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 proﬁt)

28 2 2 6.3 67 5 5 0.0 41.7 13 10 7 6 7.7 100 23 264 37.5

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)

4,210 68.1 17 5 14 625 5 13 750 24 36 479 12.3 51 2.7 36 43.3

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)

TIMOR-LESTE

168 157 10 103 4.5 227.3 114 19 238 25.0 55 3 63 1,818.2

East Asia & Paciﬁc 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)

183
NO PRACTICE NO PRACTICE NO PRACTICE

159 2 3 1.8 0.0 133 3 4 5 4.0

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)

2,200 1.2 89 6 25 1,010 7 26 1,015 183 51 1,285 163.2 183
NO PRACTICE NO PRACTICE

0.0

Paying taxes (rank) 31 Payments (number per year) 6 Time (hours per year) 276 Total tax rate (% of proﬁt) 0.2 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

132

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

TOGO

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

162 174 7 84 177.2 484.5 146 12 309 994.0 92 4 74 6,023.2

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 proﬁt)

162 5 295 13.0 126 6 1 2.5 0.0 147 6 1 4 3.7 161 53 270 49.5

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)

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)

440 6.8 98 6 24 940 8 28 1,109 151 41 588 47.5 93 3.0 15 30.5

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)

TONGA

58 33 4 16 10.3 0.0 32 9 69 251.5 29 5 42 111.3

East Asia & Paciﬁc 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 proﬁt)

141 4 108 15.2 78 9 0 0.0 0.0 111 3 3 8 4.7 29 20 164 25.7

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)

3,380 0.1 77 7 20 775 6 24 775 53 37 350 30.5 108 2.7 22 25.6

TRINIDAD AND TOBAGO

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

68 74 9 43 0.9 0.0 93 17 297 6.0 24 5 61 7.9

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)

175 8 162 7.0 40 8 4 0.0 46.0 24 4 9 7 6.7

✘ 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)

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)

15,380 1.3 52 5 14 843 6 19 1,260 169 42 1,340 33.5 133 4.0 25 17.9

Paying taxes (rank) 65 Payments (number per year) 39 Time (hours per year) 210 Total tax rate (% of proﬁt) 29.1 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

133

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

TUNISIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

46 56 10 11 4.2 0.0 86 17 88 260.6 45 4 65 894.1

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 proﬁt)

65 4 39 6.1 98 3 5 27.3 0.0 46 5 7 6 6.0 64 8 144 62.9

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)

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)

4,070 10.5 32 4 13 773 7 17 858 76 39 565 21.8 38 1.3 7 52.2

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)

TURKEY

71 61 6 6 11.2 8.7 155 24 189 197.7 72 5 70 624.4

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 proﬁt)

44 6 6 3.3 78 4 5 23.8 60.5 65 9 4 4 5.7 79 15 223 41.1

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)

9,500 75.7 80 7 14 990 8 15 1,063 51 36 420 27.9 120 3.3 15 22.3

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)

UGANDA

123 143 16 34 84.5 0.0 109 15 125 946.8 129 5 91 5,130.1

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)

127 13 48 2.9 48 7 4 0.0 3.0 133 2 5 5 4.0

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)

490 33.8 158 7 37 2,880 9 34 3,015 116 38 490 44.9 63 2.2 30 40.2

Paying taxes (rank) 93 Payments (number per year) 32 Time (hours per year) 213 Total tax rate (% of proﬁt) 35.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

134

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

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)

UKRAINE

152 112 9 24 4.4 1.8 180 21 375 1,462.3 169 11 274 229.2

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 proﬁt)

166 10 117 3.9 24 9 4 0.0 17.0 111 5 2 7 4.7 181 135 657 57.1

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)

3,010 45.8 140 6 30 1,865 8 33 2,155 44 30 343 41.5 156 2.9 42 8.9

Ease of doing business (rank) ✔ Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

UNITED ARAB EMIRATES

33 42 7 13 5.6 0.0 12 14 46 5.2 10 4 55 14.6

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 proﬁt)

6 1 2 2.0 78 4 5 9.0 29.2 122 4 7 2 4.3 7 14 12 14.1

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)

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)

59,717 4.7 5 4 7 630 5 7 635 134 49 537 26.2 151 5.1 30 11.0

UNITED KINGDOM

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

7 19 6 13 0.7 0.0 22 9 99 63.8 60 5 109 72.3

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)

68 6 29 4.7 1 10 6 0.0 100.0 10 10 7 7 8.0

✔ 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)

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)

38,540 62.2 13 4 7 950 4 6 1,045 21 28 399 24.8 6 1.0 6 88.6

Paying taxes (rank) 24 Payments (number per year) 8 Time (hours per year) 110 Total tax rate (% of proﬁt) 37.3 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

135

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

UNITED STATES

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

4 13 6 6 1.4 0.0 17 15 26 12.8 17 4 68 16.8

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 proﬁt)

16 4 12 0.8 4 9 6 0.0 100.0 5 7 9 9 8.3 72 11 187 46.7

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)

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)

47,140 309.7 20 4 6 1,050 5 5 1,315 7 32 300 14.4 15 1.5 7 81.5

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)

URUGUAY

90 32 5 7 24.9 0.0 153 27 234 74.4 7 4 48 15.9

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 proﬁt)

165 8 66 7.1 67 4 6 28.6 100.0 97 3 4 8 5.0 160 53 336 42.0

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)

10,590 3.4 125 9 17 1,100 9 22 1,330 103 41 720 19.0 50 2.1 7 43.4

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)

UZBEKISTAN

166 96 6 14 6.4 27.2 145 25 243 57.0 170 9 117 1,783.3

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)

136 12 78 0.9 159 2 3 5.0 3.6 133 4 1 7 4.0

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)

1,280 28.2 183 10 71 3,150 11 92 4,650 43 42 195 22.2 117 4.0 10 23.7

Paying taxes (rank) 157 Payments (number per year) 41 Time (hours per year) 205 Total tax rate (% of proﬁt) 97.5 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

136

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

Ease of doing business (rank) ✔ Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

VANUATU

76 114 8 35 47.1 0.0 40 11 39 341.7 147 5 257 1,171.3

East Asia & Paciﬁc 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 proﬁt)

111 4 118 7.0 78 9 0 0.0 0.0 79 5 6 5 5.3 32 31 120 8.4

✘ 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)

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)

2,760 0.2 128 7 21 1,690 8 20 1,690 71 30 430 56.0 53 2.6 38 42.7

VENEZUELA, RB

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

177 147 17 141 26.1 0.0 109 10 381 161.9 155 6 125 1,341.1

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)

91 8 38 2.5 182 1 0 0.0 0.0 179 3 2 2 2.3 183 70 864 63.5

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)

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)

11,590 28.8 166 8 49 2,590 9 71 2,868 77 30 510 43.7 161 4.0 38 6.2

✘ Paying taxes (rank)
Payments (number per year) Time (hours per year) Total tax rate (% of proﬁt)

VIETNAM

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

98 103 9 44 10.6 0.0 67 10 200 109.0 135 5 142 1,343.0

East Asia & Paciﬁc 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)

47 4 57 0.6 24 8 5 29.8 0.0 166 6 1 2 3.0

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)

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)

1,100 88.4 68 6 22 580 8 21 670 30 34 295 28.5 142 5.0 15 16.5

Paying taxes (rank) 151 Payments (number per year) 32 Time (hours per year) 941 Total tax rate (% of proﬁt) 40.1 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

137

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

WEST BANK AND GAZA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

131 177 11 49 96.0 218.8 129 18 119 1,000.5 85 5 63 1,627.8

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 proﬁt)

78 7 47 0.8 166 1 3 5.5 0.0 46 6 5 7 6.0 39 27 154 16.8

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)

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)

1,523 4.2 114 6 23 1,310 6 40 1,295 93 44 540 21.2 183
NO PRACTICE NO PRACTICE

0.0

YEMEN, REP.

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

99 66 6 12 83.8 0.0 35 12 116 61.1 52 4 35 4,569.8

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 proﬁt)

55 6 19 3.8 159 3 2 0.7 0.0 133 6 4 2 4.0 116 44 248 32.9

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)

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)

1,060 24.3 118 6 27 890 9 25 1,475 38 36 520 16.5 114 3.0 8 24.1

ZAMBIA

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

84 69 6 18 27.4 0.0 148 14 196 2,015.2 118 5 117 1,317.9

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)

96 5 40 8.3 8 9 5 0.0 4.3 79 3 6 7 5.3

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)

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)

1,070 12.9 153 6 44 2,678 8 56 3,315 85 35 471 38.7 96 2.7 9 29.3

Paying taxes (rank) 47 Payments (number per year) 37 Time (hours per year) 132 Total tax rate (% of proﬁt) 14.5 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

138

DOING BUSINESS 2012

✔ Reform making it easier to do business ✘ Reform making it more difﬁcult to do business

ZIMBABWE

Ease of doing business (rank) Starting a business (rank) Procedures (number) Time (days) Cost (% of income per capita) Minimum capital (% of income per capita)

171 144 9 90 148.9 0.0 166 12 614 6,154.3 167 6 125 5,305.5

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 proﬁt)

85 5 31 8.0 126 7 0 0.0 0.0 122 8 1 4 4.3 127 49 242 35.6

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)

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)

460 12.6 172 8 53 3,280 9 73 5,101 112 38 410 113.1 153 3.3 22 10.0

Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes.

COUNTRY TABLES

139

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Employing workers data

EMPLOYING WORKERS DATA

141

Employing workers data Difﬁculty of hiring index
Fixed-term contracts prohibited for permanent tasks? Maximum length of ﬁxed-term contracts (months) a 50-hour workweek allowed? c Premium for work on weekly rest day (% of hourly pay) d Dismissal due to redundancy allowed by law?

Rigidity of hours index

Difﬁculty of redundancy index
Retraining or reassignment? f

Redundancy cost

Priority rules for reemployment?

Priority rules for redundancies?

Afghanistan Albania Algeria Angola Antigua and Barbuda Argentina Armenia Australia Austria Azerbaijan Bahamas, The Bahrain Bangladesh Belarus Belgium Belize Benin Bhutan Bolivia g Yes No No Yes No No No No Cambodia No Bosnia and Herzegovina Botswana Brazil Brunei Darussalam Bulgaria Burkina Faso Burundi No No limit 24 24 No limit 24 No limit 36 No limit No limit 24 No 48 No No limit 289.5 66.5 0.0 110.2 520.1 100.6 299.6 0.0 167.2 63.0 3.0 43.0 No No limit 1,725.4 No No limit 163.3 0.23 0.30 0.56 0.57 0.00 0.44 0.92 0.11 0.26 0.00 0.22 0.71 0.13 0.43 Yes No limit 23.1 0.28 No No limit 0.0 0.00 Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No limit 695.8 0.26 Yes No 60 103.9 0.17 Yes 6 5.5 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 No No limit 715.5 0.12 Yes 5.5 No No limit 1,597.1 0.30 Yes 7 0 17 40 0 50 0 20 4 0 0 0 30 30 0 20 0 10 0 30 30 Yes No limit 88.1 0.23 Yes 6 30 Yes 60 456.9 0.42 Yes 6 13 50 100 0 100 150 0 0 0 100 100 50 0 0 100 20 100 100 50 0 0 0 100 No No limit 572.5 0.41 Yes 6 0 0 Yes 12 126.9 0.20 Yes 6 25 100 Yes No No No No No Yes No No No No No No No No No No No Yes No Yes No No No Yes No limit 204.8 0.38 No 6 0 0 No Yes No limit 198.4 0.40 Yes 6 50 25 Yes

No

No limit

0.0

0.00

Yes

6

25

50

No

No No No Yes No No No No No No No No No No Yes No No No No No No No No No No Yes No

20.0 20.0 22.0 22.0 12.0 18.0 20.0 20.0 25.0 17.0 11.7 18.3 17.0 18.0 20.0 10.0 24.0 15.0 21.7 18.0 15.0 26.0 13.3 20.0 22.0 21.0 19.3

Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes

Yes No Yes Yes No No No No Yes No Yes No Yes No No No Yes Yes n.a. No Yes No No No No No No

No No No Yes No No No No No No No No No No No No No No n.a. No No No No No No No No

Yes No Yes Yes No No No No Yes No Yes No Yes No No No Yes Yes n.a. Yes Yes No No No Yes Yes Yes

Yes No No Yes No No No No No No No No No No No No No No n.a. No No No No No No No No

No No Yes No Yes No Yes Yes No No No No No Yes No No No No n.a. Yes No No No No No No No

No

Yes

4.3

17.3

No

Yes

10.1

10.7

Yes

No

4.3

13.0

Yes

Yes

4.3

11.6

Yes

No

3.4

12.8

No

No

7.2

23.1

No

No

6.0

No

No

3.0

Yes

Yes

2.0

Yes

No

8.7

13.0

No

Yes

2.0

10.7

No

No

4.3

Yes

Yes

4.3

26.7

Yes

No

8.7

13.0

No

No

6.3

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

16.8

No

No

4.3

No

No

3.0

No

No

4.3

Yes

Yes

4.3

Yes

Yes

8.7

Yes

Yes

7.9

11.4

Severance pay for redundancy dismissal (weeks of salary) e Third-party notiﬁcation if 9 workers are dismissed? Third-party approval if 9 workers are dismissed? Third-party notiﬁcation if 1 worker is dismissed? Third-party approval if 1 worker is dismissed? Paid annual leave (working days) e

Notice period for redundancy dismissal (weeks of salary) e

Ratio of minimum wage to value added per worker

Minimum wage for a 19-year-old worker or an apprentice (US$/month) b

Premium for night work (% of hourly pay) d

Major restrictions on weekly holiday work? d

Maximum working days per week

Major restrictions on night work? d

5.0

8.7

0.0

0.0

0.0

5.0

7.3

0.0

n.a.

7.2

8.9

0.0

3.2

6.1

7.2

Employing workers data Difﬁculty of hiring index
Fixed-term contracts prohibited for permanent tasks? Maximum length of ﬁxed-term contracts (months) a 50-hour workweek allowed? c Premium for work on weekly rest day (% of hourly pay) d Dismissal due to redundancy allowed by law?

Rigidity of hours index

Difﬁculty of redundancy index
Retraining or reassignment? f

Redundancy cost

Priority rules for reemployment?

Priority rules for redundancies?

Cameroon Canada Cape Verde Central African Republic Chad Chile China Colombia Comoros Congo, Dem. Rep. Congo, Rep. Costa Rica Côte d’Ivoire Croatia Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt, Arab Rep. DOING BUSINESS 2012 El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Yes No No Yes Yes Yes Yes Yes No Yes 24 No limit No limit 24 No limit No limit 24 No limit 120 No limit No No limit No 24 No 30 0.0 439.2 0.0 0.0 290.9 215.8 253.6 31.8 80.8 236.0 0.0 389.9 0.0 Yes 36 534.2 No 24 0.0 0.00 0.32 0.00 0.21 0.00 0.00 0.45 0.33 0.42 0.10 0.17 0.11 0.00 0.22 0.00 Yes 12 387.7 0.48 Yes 24 102.5 0.30 Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 48 65.0 2.20 Yes No 36 60.8 0.52 Yes 6 5 6 6 6 6 6 6 6 6 6 6 5 6 6 6 6 5 6 No No limit 260.8 0.37 Yes 6 No No limit 182.5 0.37 Yes 6 39 35 0 25 0 0 38 10 0 10 0 0 0 0 25 0 25 25 0 25 0 No 24 0.0 0.00 Yes 6 0 No 48 124.2 1.28 Yes 6 0 100 0 100 75 0 0 50 100 0 35 0 10 0 0 100 100 100 0 100 50 0 0 0 Yes 48 39.3 0.57 Yes 5 0 50 No No No No No No No No Yes No No No No No No No No No No Yes Yes No Yes No Yes 60 0.0 0.00 Yes 6 25 100 No No No limit 1,903.5 0.34 Yes 6 0 0 No

No

48

59.9

0.34

Yes

6

50

0

No

No No No Yes No No No No Yes No Yes No No Yes No No No No No Yes No No Yes Yes No No No

26.0 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 15.0 14.0 12.3 24.0 11.0 22.0 19.0 24.0 18.3

Yes Yes Yes Yes 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 Yes Yes Yes Yes Yes No Yes Yes Yes No No Yes Yes No No Yes No No No Yes No Yes 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 No Yes No No No

Yes No Yes Yes Yes Yes Yes No Yes Yes Yes No Yes Yes Yes No No Yes No No Yes Yes No Yes Yes No Yes

Yes No Yes Yes No No No No No Yes Yes No No No No No No No No No Yes Yes No Yes Yes No No

No No Yes No No No Yes No No No No No No Yes Yes No No No No No No No No No No Yes Yes

Yes

Yes

6.1

No

No

5.0

Yes

No

6.4

23.1

Yes

Yes

4.3

17.3

Yes

Yes

7.2

No

No

4.3

12.0

Yes

Yes

4.3

23.1

No

No

0.0

16.7

Yes

Yes

13.0

23.1

Yes

Yes

10.3

Yes

Yes

4.3

No

No

4.3

14.4

No

Yes

5.8

Yes

Yes

7.9

No

Yes

5.7

No

No

8.7

13.0

No

No

0.0

No

Yes

4.3

Yes

Yes

5.8

No

No

4.0

22.2

Yes

Yes

4.3

31.8

Yes

No

10.1

26.7

No

No

0.0

22.9

Yes

Yes

4.3

34.3

No

No

3.1

12.3

Yes

No

8.6

Yes

No

10.1

10.5

142

Severance pay for redundancy dismissal (weeks of salary) e Third-party notiﬁcation if 9 workers are dismissed? Third-party approval if 9 workers are dismissed? Third-party notiﬁcation if 1 worker is dismissed? Third-party approval if 1 worker is dismissed? Paid annual leave (working days) e

Notice period for redundancy dismissal (weeks of salary) e

Ratio of minimum wage to value added per worker

Minimum wage for a 19-year-old worker or an apprentice (US$/month) b

Premium for night work (% of hourly pay) d

Major restrictions on weekly holiday work? d

Maximum working days per week

Major restrictions on night work? d

8.1

5.0

5.8

0.0

6.5

7.3

7.2

0.0

0.0

0.0

9.3

4.3

EMPLOYING WORKERS DATA

143

Employing workers data Difﬁculty of hiring index
Fixed-term contracts prohibited for permanent tasks? Maximum length of ﬁxed-term contracts (months) a 50-hour workweek allowed? c Premium for work on weekly rest day (% of hourly pay) d Dismissal due to redundancy allowed by law?

Rigidity of hours index

Difﬁculty of redundancy index
Retraining or reassignment? f

Redundancy cost

Priority rules for reemployment?

Priority rules for redundancies?

Fiji Finland France Gabon Gambia, The Georgia Germany Ghana Greece Grenada Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong SAR, China Hungary Iceland India Indonesia Iran, Islamic Rep. Iraq Ireland Israel Italy Jamaica Japan No Yes No Yes No No Yes No No No No 60 24 No limit 36 No limit No limit No limit No limit 44 No limit No limit No No limit Yes 24 279.3 0.0 394.0 1,406.7 29.9 132.7 318.3 98.7 1,536.1 1,014.0 1,641.4 215.0 1,547.6 No No Limit 125.6 No No limit 0.0 0.00 1.38 1.04 0.00 0.25 0.34 0.17 0.41 0.57 0.28 0.31 0.28 0.37 0.34 0.29 Yes 12 0.0 0.00 No 24 0.0 0.00 Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No limit 185.5 0.44 Yes Yes No limit 223.5 0.31 Yes 6 6 6 6 7 6 6 6 5 6 6 6 6 5 6 5.5 6 6 6 Yes No limit 986.9 0.29 Yes 5 No No limit 27.6 0.15 Yes 5 0 25 0 0 20 25 0 50 25 0 40 80 0 0 23 100 0 0 15 0 25 No 24 1,145.5 0.21 Yes 6 13 No No limit 23.4 0.07 Yes 7 0 0 100 0 20 0 50 45 50 100 50 100 0 100 80 0 0 40 50 0 50 50 100 35 No No limit 0.0 0.00 Yes 5 0 0 No 48 41.0 0.04 Yes 6 50 100 No No No No No No No Yes No No No No Yes No No No No No No No No No Yes No No Yes 18 782.0 0.14 No 6 0 0 No Yes 60 1,989.5 0.34 Yes 6 8 100 No

No

No Limit

336.5

0.71

Yes

6

3

100

No

No No Yes No No No No No Yes No Yes Yes No No No No No No No No No No No No Yes No No No

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 21.3 24.0 15.0 12.0 24.0 22.0 20.0 18.0 20.3 11.7 15.3

Yes Yes Yes Yes Yes Yes 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 Yes Yes No Yes Yes No No No Yes Yes Yes No Yes No No No Yes Yes Yes Yes Yes No No No Yes

No No No Yes No No No Yes No No No No Yes No No Yes No No No Yes Yes Yes No No No No No No

Yes Yes Yes Yes Yes No Yes Yes Yes No No Yes Yes Yes No Yes No No No Yes Yes Yes Yes Yes No Yes No Yes

No No No Yes No No No Yes Yes No No Yes Yes No No Yes No No No Yes Yes Yes No No No No No No

No Yes Yes No No No Yes No Yes No No No No No No No No No No No Yes No No No No Yes No Yes

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

11.6

No

No

3.6

46.2

Yes

No

11.6

No

No

7.2

No

No

0.0

27.0

Yes

Yes

2.1

Yes

Yes

0.0

26.0

No

No

4.3

12.3

No

No

10.1

No

No

7.2

23.1

No

No

4.3

No

No

6.2

No

No

10.1

Yes

Yes

4.3

11.4

No

No

0.0

57.8

No

No

0.0

23.1

No

No

0.0

No

No

4.0

No

No

4.3

23.1

Yes

Yes

7.2

No

No

4.0

10.0

No

No

4.3

Severance pay for redundancy dismissal (weeks of salary) e Third-party notiﬁcation if 9 workers are dismissed? Third-party approval if 9 workers are dismissed? Third-party notiﬁcation if 1 worker is dismissed? Third-party approval if 1 worker is dismissed? Paid annual leave (working days) e

Notice period for redundancy dismissal (weeks of salary) e

Ratio of minimum wage to value added per worker

Minimum wage for a 19-year-old worker or an apprentice (US$/month) b

Premium for night work (% of hourly pay) d

Major restrictions on weekly holiday work? d

Maximum working days per week

Major restrictions on night work? d

5.3

0.0

4.6

4.3

0.0

4.3

7.9

5.3

5.8

0.0

1.5

7.2

0.0

0.0

2.8

0.0

0.0

Employing workers data Difﬁculty of hiring index
Fixed-term contracts prohibited for permanent tasks? Maximum length of ﬁxed-term contracts (months) a 50-hour workweek allowed? c Premium for work on weekly rest day (% of hourly pay) d Dismissal due to redundancy allowed by law?

Rigidity of hours index

Difﬁculty of redundancy index
Retraining or reassignment? f

Redundancy cost

Priority rules for reemployment?

Priority rules for redundancies?

Jordan Kazakhstan Kenya Kiribati Korea, Rep. Kosovo Kuwait Kyrgyz Republic Lao PDR Latvia Lebanon Lesotho Liberia Lithuania Luxembourg Macedonia, FYR Madagascar Malawi Malaysia Maldives Mali Marshall Islands DOING BUSINESS 2012 Mauritania Mauritius Mexico Micronesia, Fed. Sts. Moldova Mongolia No Yes No No No Yes No Yes No No Yes No Limit No limit 24 72 No limit 24 No limit No limit No limit No limit No limit Yes 24 No 60 167.5 37.9 30.4 0.0 0.0 14.9 0.0 74.5 170.5 121.6 227.3 91.3 95.6 Yes 24 2,389.3 No 60 325.4 0.24 0.25 0.31 0.56 0.56 0.00 0.00 0.16 0.00 0.49 0.19 0.10 0.60 0.44 0.42 No No Limit 52.0 1.78 No No limit 93.7 0.59 Yes Yes No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No 24 318.0 0.29 Yes Yes 36 408.2 0.29 Yes 5.5 6 6 6 5.5 5.5 6 6 6 6 6 6 7 6 6 6 7 6 5 No No limit 63.7 0.44 Yes 6 Yes 60 11.5 0.10 Yes 6 50 15 50 0 0 0 50 15 35 30 0 0 0 0 0 100 0 0 0 50 0 No No limit 166.2 0.04 Yes 6 0 No No limit 0.0 0.00 No 6 30 0 50 100 150 0 50 100 50 100 70 50 40 100 0 50 0 0 50 100 25 0 100 50 No 24 558.5 0.24 Yes 6 50 50 No No limit 0.0 0.00 Yes 7 0 0 No Yes No No No No Yes No Yes No No No Yes No No No No No No Yes No Yes No Yes No No No limit 78.9 0.66 Yes 6 0 0 No No No limit 0.1 0.00 Yes 6 50 100 No

No

No limit

199.9

0.34

Yes

6

0

150

No

No No No No No No Yes No No No No No No No Yes No No No No No No No No No No No Yes No

18.7 18.0 21.0 0.0 17.0 21.0 26.0 20.0 15.0 20.0 15.0 12.0 16.0 20.7 25.0 20.0 24.0 15.0 13.3 30.0 22.0 0.0 18.0 22.0 12.0 0.0 20.0 16.0

Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

Yes Yes Yes Yes Yes No No No Yes Yes No No Yes No Yes No No Yes No No Yes No Yes Yes Yes No Yes No

Yes No No Yes No No No No Yes No No No No No No No No No No No No No No No Yes No No No

Yes Yes Yes Yes Yes No No No Yes Yes Yes No Yes No Yes Yes Yes Yes Yes No Yes No Yes Yes Yes No Yes No

Yes No No Yes No No No No Yes No No No No No No No Yes No No No No No No No Yes No No No

No Yes No No No Yes No No No Yes No Yes No Yes No No No No No No No No No No No No Yes No

No

Yes

4.3

No

No

4.3

Yes

No

4.3

11.4

No

No

4.3

No

Yes

4.3

23.1

Yes

Yes

4.3

No

No

13.0

15.1

No

No

4.3

13.0

No

No

6.4

40.7

Yes

No

1.0

Yes

Yes

8.7

No

No

4.3

10.7

Yes

Yes

4.3

21.3

Yes

No

8.7

15.9

No

Yes

17.3

No

No

4.3

Yes

Yes

3.4

No

No

4.3

12.3

No

No

6.7

17.2

No

No

5.8

Yes

Yes

4.3

No

No

0.0

Yes

Yes

4.3

No

No

4.3

Yes

Yes

0.0

22.0

No

No

0.0

Yes

No

8.7

13.9

No

No

4.3

144

Severance pay for redundancy dismissal (weeks of salary) e Third-party notiﬁcation if 9 workers are dismissed? Third-party approval if 9 workers are dismissed? Third-party notiﬁcation if 1 worker is dismissed? Third-party approval if 1 worker is dismissed? Paid annual leave (working days) e

Notice period for redundancy dismissal (weeks of salary) e

Ratio of minimum wage to value added per worker

Minimum wage for a 19-year-old worker or an apprentice (US$/month) b

Premium for night work (% of hourly pay) d

Major restrictions on weekly holiday work? d

Maximum working days per week

Major restrictions on night work? d

0.0

4.3

0.0

7.2

8.7

0.0

4.3

8.7

8.9

0.0

9.3

0.0

6.1

6.3

0.0

4.3

EMPLOYING WORKERS DATA

145

Employing workers data Difﬁculty of hiring index
Fixed-term contracts prohibited for permanent tasks? Maximum length of ﬁxed-term contracts (months) a 50-hour workweek allowed? c Premium for work on weekly rest day (% of hourly pay) d Dismissal due to redundancy allowed by law?

Rigidity of hours index

Difﬁculty of redundancy index
Retraining or reassignment? f

Redundancy cost

Priority rules for reemployment?

Priority rules for redundancies?

Montenegro Morocco Mozambique Namibia Nepal Netherlands New Zealand Nicaragua 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 São Tomé and Príncipe No Yes No No Yes Yes No No Yes Yes Yes 60 No limit 24 36 Yes No Limit No No Limit 116.4 191.9 200.3 181.6 386.2 789.6 No Limit 1,256.7 No limit 36 60 No limit No Limit 36 0.0 222.9 139.0 18.5 131.7 0.0 Yes 12 370.6 No No Limit 474.5 0.56 0.41 0.62 0.48 0.33 0.66 0.27 0.29 0.58 0.00 0.24 0.12 0.23 0.30 0.00 Yes 9 41.8 0.28 No No Limit 506.9 0.21 Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes 48 3,608.9 0.34 Yes No No limit 126.5 0.70 Yes 6 6 6 6 7 6 6 6 6 6 6 6 7 6 5 6 6 6 6 Yes 24 59.6 0.96 No 6 No No limit 132.8 0.89 Yes 6 0 38 0 0 50 0 0 0 0 30 35 10 20 25 0 0 25 20 0 0 25 No No limit 1,379.3 0.41 Yes 7 0 No 36 1,041.5 0.17 Yes 5.5 0 0 0 100 0 0 0 100 100 0 50 0 100 100 30 100 100 100 0 100 100 0 100 100 Yes No limit 57.0 0.83 Yes 6 0 50 No No limit 0.0 0.00 Yes 6 6 100 No No Yes No Yes No No Yes No No No Yes No Yes No No No No No No No No No No No Yes 72 80.5 1.16 Yes 6 0 100 No Yes 12 246.5 0.69 Yes 6 0 0 No

No

No limit

303.9

0.37

Yes

6

40

0

No

No Yes Yes Yes No Yes No Yes No No Yes No Yes No Yes No No No No No Yes No No No No No No Yes

19.0 19.5 21.3 20.0 18.0 20.0 20.0 30.0 22.0 20.0 21.0 18.3 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

Yes Yes Yes Yes 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 Yes Yes Yes Yes No No Yes No No No No No Yes No Yes Yes Yes No Yes No No No Yes No No Yes

No No No No Yes Yes No No No No No No No No Yes No Yes Yes No No No No No No No No No Yes

No Yes Yes Yes Yes Yes No No Yes Yes No No No No Yes No Yes Yes Yes No Yes No No No Yes No No Yes

No Yes No No Yes Yes No No No No No No No No Yes No Yes Yes No No No No No No No No No Yes

Yes Yes No No No Yes Yes No Yes No Yes No Yes No No No No No No Yes Yes No No Yes Yes No No No

Yes

No

2.1

26.0

Yes

Yes

7.2

13.5

No

No

4.3

36.8

No

No

4.3

Yes

Yes

4.3

22.9

Yes

No

8.7

No

No

0.0

No

No

0.0

14.9

Yes

Yes

4.3

Yes

No

4.0

12.2

Yes

Yes

8.7

No

No

4.3

Yes

Yes

4.3

22.9

No

No

0.0

Yes

No

0.0

19.0

No

No

3.3

No

Yes

7.5

18.6

No

Yes

0.0

11.4

Yes

No

4.3

23.1

Yes

Yes

10.1

Yes

Yes

7.9

26.0

Yes

Yes

0.0

No

No

7.2

16.0

Yes

Yes

4.0

Yes

No

8.7

Yes

No

4.3

No

No

5.8

No

Yes

4.3

26.0

Severance pay for redundancy dismissal (weeks of salary) e Third-party notiﬁcation if 9 workers are dismissed? Third-party approval if 9 workers are dismissed? Third-party notiﬁcation if 1 worker is dismissed? Third-party approval if 1 worker is dismissed? Paid annual leave (working days) e

Notice period for redundancy dismissal (weeks of salary) e

Ratio of minimum wage to value added per worker

Minimum wage for a 19-year-old worker or an apprentice (US$/month) b

Premium for night work (% of hourly pay) d

Major restrictions on weekly holiday work? d

Maximum working days per week

Major restrictions on night work? d

5.3

0.0

0.0

5.8

0.0

0.0

0.0

9.2

0.0

0.0

4.3

8.7

8.7

0.0

Employing workers data Difﬁculty of hiring index
Fixed-term contracts prohibited for permanent tasks? Maximum length of ﬁxed-term contracts (months) a 50-hour workweek allowed? c Premium for work on weekly rest day (% of hourly pay) d Dismissal due to redundancy allowed by law?

Rigidity of hours index

Difﬁculty of redundancy index
Retraining or reassignment? f

Redundancy cost

Priority rules for reemployment?

Priority rules for redundancies?

Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovak Republic Slovenia Solomon Islands South Africa Spain Sri Lanka St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines No No No No No No No Yes Yes Yes Yes Yes Togo Yes No limit No limit 24 120 60 12 No limit 0 No limit No limit 48 48 79.4 0.0 83.7 0.0 0.0 205.8 561.2 18.1 58.9 79.5 0.0 59.7 No Limit 173.5 Sudan Suriname Swaziland Sweden Switzerland Syrian Arab Republic Taiwan, China DOING BUSINESS 2012 Tajikistan Tanzania Thailand Timor-Leste No No limit 0.0 0.00 0.28 0.43 0.00 0.22 0.00 0.00 0.58 0.26 0.17 0.70 0.16 0.00 0.92 No No limit 505.1 0.39 No No limit 35.6 0.13 Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes 12 1,044.0 0.27 Yes Yes No limit 543.1 0.69 Yes 6 5.5 5.5 7 6 6 6 6 5.5 5.5 6 6 6 6 6 6 6 6 No No limit 96.2 0.65 Yes 6 Yes 24 1,038.0 0.37 Yes 6 30 0 0 25 0 0 0 0 0 0 0 0 0 0 0 0 5 0 0 38 No 24 429.2 0.23 Yes 6 20 No No limit 0.0 0.00 Yes 6 0 100 0 50 0 100 0 50 0 150 0 0 100 0 0 0 100 100 100 100 0 100 60 Yes No limit 10.7 0.21 Yes 5 15 0 Yes No limit 337.2 0.27 Yes 6 0 100 No No No No No No Yes Yes No No No No No No No No No No No Yes No No No No Yes 12 188.0 0.26 Yes 6 26 26 No Yes 48 77.3 0.48 Yes 6 38 0 No

No

No limit

0.0

0.00

Yes

6

0

0

No

No Yes No No No No No Yes No No Yes Yes No No No No No No Yes No Yes No No No No No No

20.7 24.3 20.0 21.0 21.7 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

Yes Yes Yes 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 Yes No Yes Yes No Yes No Yes Yes Yes Yes No No No Yes Yes No No No Yes Yes Yes Yes No Yes Yes

No No No Yes No No No No No No No Yes No No No Yes Yes No No No Yes No No Yes No Yes No

No Yes No Yes Yes No Yes No Yes Yes Yes Yes No No Yes Yes Yes Yes Yes No Yes Yes Yes Yes No Yes Yes

No No No Yes No No No No No No No Yes No No No Yes Yes No No No Yes No No Yes No Yes No

No Yes Yes 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

No

4.3

15.2

Yes

Yes

3.2

10.5

Yes

Yes

0.0

No

No

4.3

Yes

Yes

8.7

34.8

No

No

3.0

No

No

11.6

11.6

Yes

Yes

5.7

No

No

4.3

10.7

No

No

4.0

No

No

2.1

15.2

Yes

No

4.3

54.2

No

Yes

8.7

No

No

3.7

No

Yes

4.0

10.0

No

No

4.3

21.7

No

No

0.0

Yes

No

5.9

Yes

Yes

14.4

No

No

10.1

No

No

8.7

No

Yes

3.8

18.8

Yes

No

8.7

No

No

4.0

No

No

4.3

31.7

No

No

4.3

Yes

Yes

4.3

146

Severance pay for redundancy dismissal (weeks of salary) e Third-party notiﬁcation if 9 workers are dismissed? Third-party approval if 9 workers are dismissed? Third-party notiﬁcation if 1 worker is dismissed? Third-party approval if 1 worker is dismissed? Paid annual leave (working days) e

Notice period for redundancy dismissal (weeks of salary) e

Ratio of minimum wage to value added per worker

Minimum wage for a 19-year-old worker or an apprentice (US$/month) b

Premium for night work (% of hourly pay) d

Major restrictions on weekly holiday work? d

Maximum working days per week

Major restrictions on night work? d

7.7

9.1

0.0

5.7

5.3

0.0

9.3

8.8

8.7

0.0

0.0

0.0

6.9

5.3

0.0

7.3

EMPLOYING WORKERS DATA

147

Employing workers data Difﬁculty of hiring index
Fixed-term contracts prohibited for permanent tasks? Maximum length of ﬁxed-term contracts (months) a 50-hour workweek allowed? c Premium for work on weekly rest day (% of hourly pay) d Dismissal due to redundancy allowed by law?

Rigidity of hours index

Difﬁculty of redundancy index
Retraining or reassignment? f

Redundancy cost

Priority rules for reemployment?

Priority rules for redundancies?

Tonga Trinidad and Tobago Tunisia Turkey Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Venezuela, RB g Yes No No No No No No limit No limit No limit 74.9 91.5 74.9 24 0.0 72 49.9 0.37 0.00 0.46 0.52 1.09 24 303.5 0.20 Vietnam West Bank and Gaza Yemen, Rep. Zambia Zimbabwe No No limit 254.0 0.64 Yes Yes Yes Yes Yes Yes Yes Yes 60 29.0 0.18 Yes Yes No limit 294.1 0.21 Yes 6 6 6 6 6 6 6 5.5 6 No No limit 1,242.6 0.21 Yes 6 No No limit 1,655.0 0.34 Yes 6 0 0 0 50 75 30 30 0 15 4 0 No No limit 0.0 0.00 Yes 6 0 Yes No limit 122.5 0.34 No 5.5 20 100 50 0 0 100 100 50 50 100 150 100 100 0 No No limit 2.9 0.03 Yes 6 0 0 Yes No limit 550.6 0.47 Yes 6 0 100 Yes No No No No No No Yes No Yes No Yes No No No No 48 115.9 0.24 Yes 6 0 0 No No No limit 0.0 0.00 Yes 6 0 100 No

No

No limit

0.0

0.00

Yes

6

0

0

No

Yes No No No No No Yes No No No No No No No Yes No No No

0.0 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 Yes No Yes Yes Yes Yes Yes

No No Yes No No Yes No No No No No No n.a. No Yes Yes Yes Yes

No No Yes No No No No No No No No No n.a. No No No No Yes

No Yes Yes No No Yes No No No No Yes No n.a. Yes Yes Yes Yes Yes

No No Yes No No No No No No No No No n.a. Yes No No No Yes

No No Yes Yes No Yes No No No No Yes No n.a. Yes No No No Yes

No

No

0.0

Yes

No

6.4

14.1

Yes

Yes

4.3

No

Yes

6.7

23.1

No

No

8.7

Yes

Yes

8.7

No

No

4.3

No

No

5.3

No

No

0.0

No

No

0.0

20.8

Yes

No

8.7

13.0

No

No

9.3

23.1

n.a.

n.a.

n.a.

Yes

No

0.0

23.1

No

No

4.3

23.1

No

Yes

4.3

23.1

No

No

4.3

46.2

No

No

13.0

69.3

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 questions are not applicable (“n.a.”) for economies where dismissal due to redundancy is not allowed. Source: Doing Business database.

Severance pay for redundancy dismissal (weeks of salary) e Third-party notiﬁcation if 9 workers are dismissed? Third-party approval if 9 workers are dismissed? Third-party notiﬁcation if 1 worker is dismissed? Third-party approval if 1 worker is dismissed? Paid annual leave (working days) e

Notice period for redundancy dismissal (weeks of salary) e

Ratio of minimum wage to value added per worker

Minimum wage for a 19-year-old worker or an apprentice (US$/month) b

Premium for night work (% of hourly pay) d

Major restrictions on weekly holiday work? d

Maximum working days per week

Major restrictions on night work? d

0.0

7.8

0.0

4.3

0.0

2.7

0.0

n.a.

Acknowledgments
Contact details for local partners are available on the Doing Business website at http:/ /www.doingbusiness.org

Doing Business would not be possible without the expertise and generous input of a network of more than 9,000 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 183 economies covered. Contact details for local partners are available on the Doing Business website at http:/ /www .doingbusiness.org. Doing Business 2012 was prepared by a team led by Sylvia Solf, Neil Gregory (through March 2011) and Augusto Lopez Claros (from April 2011) under the general direction of Janamitra Devan. The team comprised Beatriz Mejia Asserias, Andres Baquero Franco, Karim O. Belayachi, Iryna Bilotserkivska, Mariana Carvalho, Maya Choueiri, Santiago Croci, Fernando Dancausa Diaz, Marie-Lily Delion, Raian Divanbeigi, Alejandro Espinosa-Wang, Margherita Fabbri, Caroline Frontigny, Carolin Geginat, Cemile Hacibeyoglu, Jamal Haidar, Betina Hennig, Sabine Hertveldt, Hussam Hussein, Joyce Ibrahim, Fakhriyar Jabbarov, Ludmila Jantuan, Nan Jiang, Hervé Kaddoura, Nadezhda Lissogor, Jean Michel Lobet, Jean-Philippe Lodugnon-Harding, Valerie Erica Marechal, Frédéric Meunier, Robert Murillo, Joanna Nasr, Nuria de Oca, Mikiko Imai Ollison, Pilar Salgado-Otónel, Valentina Saltane, Lucas Seabra, Paula Garcia Serna, Anastasia Shegay, Jayashree Srinivasan, Susanne Szymanski, Tea Trumbic, Marina Turlakova, Julien Vilquin and Yasmin Zand. Donny Eryastha, Rong Li, Justin Liang, Chang Liu, Yukihiro Nakamura, Alexandre Revia, Fang Xia and Beijing Zhu assisted in the months before publication. The online service of the Doing Business database is managed by Preeti Endlaw, Graeme Littler, Kunal H. Patel, Vinod Thottikkatu and Hashim Zia. The Doing Business 2012 report media and marketing strategy is managed by Nadine Ghannam. The events and roadshow strategy is managed by Jamile Ramadan.

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 Alejandro Alvarez de la Campa, Sudeshna Ghosh Banerjee, Alexander Berg, Lada Busevac, Dobromir Christow, Fabrizio Fraboni, Jose Maria Garrido, Heike Gramkow, Akvile Gropper, Olivier Hartmann, Neville Howlett, Dahlia Khalifa, Arvo Kuddo, Charles Kunaka, Oscar Madeddu, Andres Federico Martinez, Tadatsugu Matsudaira, Gerard McLinden, Andrei Mikhnev, Nina Mocheva, Riz Mokal, Fredesvinda Fatima Montes Herraiz, Thomas Moullier, Monica Alina Mustra, Jean Denis Pesme, Maria Teresa Goodman Pincetich, Colin Ewell Wesley Raymond, Francesca Recanatini, Shalini Sankaranarayanan, Raha Shahidsaless, Peter Douglas Sheerin, Victoria Stanley, Susan Symons, Ignacio Jose Tirado, Mahesh Uttamchandani, Barry Raymond Walsh and Ulrich Matthias Zeisluft. Oliver Hart and Andrei Shleifer provided academic advice on the project. The paying taxes project was conducted in collaboration with PwC, led by Robert Morris. The development of the getting electricity indicators was ﬁnanced by the Norwegian Trust Fund. The governments of Korea, FYR Macedonia, Mexico and the United Kingdom commented on the economy case studies. Alison Strong copyedited the manuscript. Corporate Vision, 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 ﬁrms that have completed multiple surveys in their various offices around the world.

ACKNOWLEDGMENTS

149

GLOBAL CONTRIBUTORS ALLEN & OVERY LLP
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 PWC RAPOSO BERNARDO & ASSOCIADOS RUSSELL BEDFORD INTERNATIONAL SDV INTERNATIONAL LOGISTICS TOBOC INC.

Farah Siddiq MAVERICK ENTREPRISES Qasem Toddaye USAID ECONOMIC GROWTH AND GOVERNANCE INITIATIVE Gulrahman Totakhail USAID ECONOMIC GROWTH AND GOVERNANCE INITIATIVE Shah Wali Wardak BARRISTER OFFICE Najibullah Wardak LARA Abdul Fatah Waziry CIVIL ENGINEER Mohammadi Khan Yaqoobi DA AFGHANISTAN BANK Badruddin Yasini DA AFGHANISTAN BANK Abdul Salam Zahed AFGHANISTAN INVESTMENT SUPPORT AGENCY Mir Nasiruddin Ziwari APPEAL COURT OF KABUL

Ilir Johollari HOXHA, MEMI & HOXHA Neritan Kallfa TONUCCI & PARTNERS Erlind Kodhelaj BOGA & ASSOCIATES Sabina Lalaj BOGA & ASSOCIATES Fatos Lazimi KALO & ASSOCIATES Renata Leka BOGA & ASSOCIATES Petrit Malaj P.B.M. LTD., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Dorjana Maliqi A&B BUSINESS CONSULTING Evis Melonashi (Zaja) OPTIMA LEGAL AND FINANCIAL Andi Memi HOXHA, MEMI & HOXHA Dairida Metalia PWC ALBANIA Aigest Milo KALO & ASSOCIATES Blerta Nesho WOLF THEISS Loreta Peci PWC ALBANIA Florian Piperi OPTIMA LEGAL AND FINANCIAL Laura Qorlaze AVANNTIVE CONSULTING SH.P.K. Artila Rama BOGA & ASSOCIATES Loriana Robo KALO & ASSOCIATES Anisa Rrumbullaku KALO & ASSOCIATES Ergis Sefa ERG, LLC Enkelejd Seitllari KALO & ASSOCIATES Ardjana Shehi KALO & ASSOCIATES Gentian Sinani A&B BUSINESS CONSULTING Majlinda Sulstarova TONUCCI & PARTNERS Besa Tauzi BOGA & ASSOCIATES Paul Tobin PWC BULGARIA Ketrin Topçiu BOZO & ASSOCIATES LAW FIRM Ened Topi BOGA & ASSOCIATES Fioralba Trebicka HOXHA, MEMI & HOXHA Alketa Uruçi BOGA & ASSOCIATES Gerhard Velaj BOGA & ASSOCIATES Silva Velaj BOGA & ASSOCIATES Aspasi Xhori CEZ SHPERNDARJE SH.A Selena Ymeri HOXHA, MEMI & HOXHA Enida Zeneli BOZO & ASSOCIATES LAW FIRM

Branka Achari-Djokic BANQUE D’ALGÉRIE Samina Allam NOTARY BOUCHALI Mohamed Atbi ETUDE NOTARIALE MOHAMED ATBI Djamila Azzouz CABINET D’AUDIT AZZOUZ, CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Mohammed Salim Azzouz CABINET D’AUDIT AZZOUZ, CORRESPONDENT OF RUSSELL BEDFORD INTERNATIONAL Khodja Bachir SNC KHODJA & CO. Hassan Djamel Belloula CABINET BELLOULA Nabil Belloula CABINET BELLOULA Tayeb Belloula CABINET BELLOULA Adnane Bouchaib BOUCHAIB LAW FIRM Bouchali NOTARY BOUCHALI Amine Bouhaddi ENTREPRISE BOUHADDI Said Dib BANQUE D’ALGÉRIE Arezki Djadour GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Brahim Embouazza MCDCONSULTING Halim Faidi STUDIO A Nicolas Granier LANDWELL & ASSOCIÉS Mohamed El-Amine Haddad CABINET AVOCAT AMINE HADDAD Sakina Haddad CRÉDIT POPULAIRE D’ALGERIE Samir Hamouda CABINET D’AVOCATS SAMIR HAMOUDA Imendassen NOTARY IMENDASSEN Nabila Kerri PALATINE INTERNATIONAL SERVICES Goussanem Khaled LAW FIRM GOUSSANEM & ALOUI Samy Laghouati GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Mohamed Lanouar LEFÈVRE PELLETIER & ASSOCIÉS Karine Lasne LANDWELL & ASSOCIÉS Vincent Lunel LEFÈVRE PELLETIER & ASSOCIÉS Ahmed Mekerba GHELLAL & MEKERBA Tahar Melakhessou NOTAIRE MELAKHESSOU Narimane Naas GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Hassane Nait Ibrahim UNIVERSAL TRANSIT Fares Ouzegdouh BÉJAIA MEDITERRANEAN TERMINAL Aloui Salima LAW FIRM GOUSSANEM & ALOUI Mourad Seghir GHELLAL & MEKERBA Benabid Mohammed Tahar CABINET MOHAMMED TAHAR BENABID

REGIONAL CONTRIBUTORS A.P. MOLLER-MAERSK GROUP
EAST AFRICA LAW SOCIETY GARCÍA & BODÁN GLOBALINK TRANSPORTATION & LOGISTICS WORLDWIDE LLP GRATA LAW FIRM IKRP ROKAS & PARTNERS PRIVATE INVESTORS FOR AFRICA (PIA) SALANS INTERNATIONAL LAW FIRM TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) TRANSUNION INTERNATIONAL WOLF THEISS

ALBANIA KUEHNE + NAGEL LTD.
MANETCI (MANE TRADING CONSTRUCTION & INVESTMENT)
Iris Ago A&B BUSINESS CONSULTING Artur Asllani TONUCCI & PARTNERS Sabina Baboci KALO & ASSOCIATES

AFGHANISTAN
Taqi Ahmad A.F. FERGUSONS & CO. Naseem Akbar AFGHANISTAN INVESTMENT SUPPORT AGENCY Mohammad Zarif Alam Stanikzai AFGHAN BAR ASSOCIATION Mirwais Alami DA AFGHANISTAN BRESHNA SHERKAT Ziaullah Astana AFGHAN LAND CONSULTING ORGANIZATION (ALCO) Tor Bahdrey PROPERTY CONSULTING AFGHANISTAN Katherine Blanchette DELOITTE CONSULTING LLP Jay Doeden DELOITTE CONSULTING LLP Abdullah Dowrani FINANCIAL DISPUTES RESOLUTION COMMISSION (FDRC) Khan Hadawal BANK MILLE AFGHAN Zabiullah Hamdard AHMAD JAVED Abdul Hanan AFGHAN LAND CONSULTING ORGANIZATION (ALCO) Abdul Wassay Haqiqi HAQIQI AUDITING & CONSULTING CO. Saduddin Haziq AFGHAN UNITED BANK Rashid Ibrahim A.F. FERGUSONS & CO. Sanzar Kakar AFGHANISTAN FINANCIAL SERVICES, LLC Maryam Kargar USAID ECONOMIC GROWTH AND GOVERNANCE INITIATIVE Mohammed Masood Khwaja DA AFGHANISTAN BRESHNA SHERKAT

Gulya Kolakova ARROW GENERAL SUPPLIES COMPANY Prakash LB USAID Zahoor Malla GLOBALINK LOGISTICS GROUP Immamudin Masaheb MASAHEB BARRISTER OFFICE Zabihullah Modaser USAID ECONOMIC GROWTH AND GOVERNANCE INITIATIVE Tali Mohammed AFGHANISTAN INVESTMENT SUPPORT AGENCY Shekeeb Nessar DA AFGHANISTAN BRESHNA SHERKAT Gul Pacha AFGHANISTAN INVESTMENT SUPPORT AGENCY Hussain Rahmani ARAZI Tamsil Rashid AFGHANISTAN INTERNATIONAL BANK Mudassir Rizwan A.F. FERGUSONS & CO. Abdul Sami Saber DA AFGHANISTAN BANK Ahmad Javed Sadeqi DELOITTE CONSULTING LLP Zakaria Sahibzada ARROW GENERAL SUPPLIES COMPANY Abdul Saleem USAID ECONOMIC GROWTH AND GOVERNANCE INITIATIVE Richard Scarth PROPERTY CONSULTING AFGHANISTAN Shaﬁqullah Seddiqi Khalil Sediq AFGHANISTAN INTERNATIONAL BANK Sharifullah Shirzad DA AFGHANISTAN BANK

Redjan Basha A&B BUSINESS CONSULTING Ledia Beçi HOXHA, MEMI & HOXHA Alban Bello KPMG ALBANIA SHPK Jona Bica KALO & ASSOCIATES Artan Bozo BOZO & ASSOCIATES LAW FIRM Ilir Daci OPTIMA LEGAL AND FINANCIAL Sajmir Dautaj TONUCCI & PARTNERS Dael Dervishi OPTIMA LEGAL AND FINANCIAL Erinda Duraj BOZO & ASSOCIATES LAW FIRM Sokol Elmazaj BOGA & ASSOCIATES Alba Fagu BANK OF ALBANIA Lorena Gega PWC ALBANIA Irsida Gjino KALO & ASSOCIATES Aurela Gjokutaj AL-TAX STUDIO Eduart Gjokutaj AL-TAX STUDIO Valbona Gjonçari BOGA & ASSOCIATES Emel Haxhillari KALO & ASSOCIATES Eljon Hila BOZO & ASSOCIATES LAW FIRM Blerina Hilaj A&B BUSINESS CONSULTING Shpati Hoxha HOXHA, MEMI & HOXHA Elona Hoxhaj BOGA & ASSOCIATES

ALGERIA
Chaﬁka Abdat CABINET D’AVOCATS SAMIR HAMOUDA

150

DOING BUSINESS 2012

Nabiha Zerigui CABINET D’AVOCATS SAMIR HAMOUDA

Joy Dublin JAMES & ASSOCIATES Vernon Edwards Jr. FREIGHT FORWARDING & DECONSOLIDATING Gilbert Findlay KPMG Ann Henry HENRY & BURNETTE Cecile Hill LAND REGISTRY Sherelyn Hughes Thomas ANTIGUA AND BARBUDA INVESTMENT AUTHORITY Alfred McKelly James JAMES & ASSOCIATES Lisa M. John Weste THOMAS, JOHN & CO. Hugh C. Marshall MARSHALL & CO. Girvan Pigott ANTIGUA PUBLIC UTILITY AUTHORITY Marsha Prince-Thomas PWC ANTIGUA Septimus A. Rhudd RHUDD & ASSOCIATES Andrea Roberts ROBERTS & CO. Lesroy Samuel INTERNAL REVENUE DEPARTMENT Lestroy Samuel ANTIGUA AND BARBUDA INVESTMENT AUTHORITY Cathrona Samuel ANTIGUA PUBLIC UTILITY AUTHORITY Sharon Simmons LAND REGISTRY Patricia Simon-Forde CHAMBERS PATRICIA SIMON-FORDE Denzil Solomon DEVELOPMENT CONTROL AUTHORITY Arthur Thomas THOMAS, JOHN & CO. Cherissa Thomas ANTIGUA & BARBUDA BAR ASSOCIATION Charles Walwyn PWC ANTIGUA

Ignacio Fernández Borzese LUNA REQUENA & FERNÁNDEZ BORZESE TAX LAW FIRM Mariano Bourdieu SEVERGNINI ROBIOLA GRINBERG & LARRECHEA Nicolás Bühler HOPE, DUGGAN & SILVA Luis Bullrich NICHOLSON Y CANO ABOGADOS Iván Burín ZANG, BERGEL & VIÑES ABOGADOS Adriana Estefanía Camaño CANOSA ABOGADOS Javier Canosa CANOSA ABOGADOS Federico Carenzo LEONHARDT, DIETL, GRAF & VON DER FECHT Mariano E. Carricart FORNIELES LAW FIRM Gustavo Casir QUATTRINI, LAPRIDA & ASOCIADOS Agustín Castro Bravo ESTUDIO BECCAR VARELA Luciano Cativa LUNA REQUENA & FERNÁNDEZ BORZESE TAX LAW FIRM Pablo L. Cavallaro ESTUDIO CAVALLARO ABOGADOS Celeste Cicania ALLONCA ESQUIVEL ABOGADOS. LEGAL & BUSINESS CONSULTING Guadalupe Cores QUATTRINI, LAPRIDA & ASOCIADOS Roberto H. Crouzel ESTUDIO BECCAR VARELA Valeria D’Alessandro MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI Nicolás de Ezcurra ESTUDIO BECCAR VARELA Ángeles del Prado ZANG, BERGEL & VIÑES ABOGADOS Carola Del Rio SEVERGNINI ROBIOLA GRINBERG & LARRECHEA Oscar Alberto del Río CENTRAL BANK OF ARGENTINA Leonardo Damián Diaz PRICEWATERHOUSECOOPERS JURÍDICO FISCAL S.R.L Andrés Edelstein PWC ARGENTINA Joaquín Eppens MURRAY, D´ANDRÉ & SIRITO DE ZAVALÍA Juan M. Espeso JEBSEN & CO. Diego Etchepare PWC ARGENTINA Domingo Fernandez y Rajo FERNANDEZ Y RAJO Y ASOCIADOS Diego M. Fissore G. BREUER Alejandro D. Fiuza MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI Nicolás Fossatti SEVERGNINI ROBIOLA GRINBERG & LARRECHEA Victoria Funes M. & M. BOMCHIL Ignacio Funes de Rioja FUNES DE RIOJA & ASOCIADOS, MEMBER OF IUS LABORIS

Martín Gastaldi ESTUDIO BECCAR VARELA Javier M. Gattó Bicain CANDIOTI GATTO BICAIN & OCANTOS María Soledad Gonzalez MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI Laura González QUATTRINI, LAPRIDA & ASOCIADOS Matías Grinberg SEVERGNINI ROBIOLA GRINBERG & LARRECHEA Eduardo Guglielmini Sandra S. Guillan DE DIOS & GOYENA ABOGADOS CONSULTORES Daniel Intile DANIEL INTILE & ASSOC., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Martín Jebsen JEBSEN & CO. Santiago Laclau MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI Ernesto Leconte MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI Bastiana Locurscio RATTAGAN, MACCHIAVELLO AROCENA & PEÑA ROBIROSA ABOGADOS Alvaro Luna Requena LUNA REQUENA & FERNÁNDEZ BORZESE TAX LAW FIRM Dolores Madueño JEBSEN & CO. Rodrigo Marchan META Patricio Martin M. & M. BOMCHIL Pablo Mastromarino ESTUDIO BECCAR VARELA Soledad Matteozzi ALFARO ABOGADOS Pedro Mazer ALFARO ABOGADOS Julian Melis CANDIOTI GATTO BICAIN & OCANTOS José Oscar Mira CENTRAL BANK OF ARGENTINA Jorge Miranda CLIPPERS S.A. Enrique Monsegur CLIPPERS S.A. Mariana Morelli ALFARO ABOGADOS Natalia Virginia Muller DE DIOS & GOYENA ABOGADOS CONSULTORES Pablo Murray FIORITO MURRAY & DIAZ CORDERO Miguel P. Murray MURRAY, D´ANDRÉ & SIRITO DE ZAVALÍA Isabel Muscolo QUATTRINI, LAPRIDA & ASOCIADOS Damián Mauricio Najenson ESTUDIO SPOTA Ingrid Nardelli ALLONCA ESQUIVEL ABOGADOS. LEGAL & BUSINESS CONSULTING Alfredo Miguel O’Farrell MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI Gonzalo Oliva Beltran RATTAGAN, MACCHIAVELLO AROCENA & PEÑA ROBIROSA ABOGADOS

Guillermo Pavan BRONS & SALAS ABOGADOS Angel Pereira MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI Javier Martín Petrantonio M. & M. BOMCHIL Juan Pedro Pomes HOPE, DUGGAN & SILVA Luis Ponsati J.P. O’FARRELL ABOGADOS José Miguel Puccinelli ESTUDIO BECCAR VARELA Julio Alberto Pueyrredón PRICEWATERHOUSECOOPERS JURÍDICO FISCAL S.R.L Juan Manuel Quintana ZANG, BERGEL & VIÑES ABOGADOS Federico José Reibestein REIBESTEIN ASOCIADOS Flavia Ríos J.P. O’FARRELL ABOGADOS Sebastián Rodrigo ALFARO ABOGADOS Ignacio Rodriguez PWC ARGENTINA Mariana Sanchez QUATTRINI, LAPRIDA & ASOCIADOS Jorge Sanchez Diaz ECOBAMBOO S.A. Esteban Aguirre Saravia LUNA REQUENA & FERNÁNDEZ BORZESE TAX LAW FIRM Rodrigo Solá Torino MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI Pablo Staszewski STASZEWSKI & ASOC. Maria Alejandra Stefanich MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI Javier Tarasido SEVERGNINI ROBIOLA GRINBERG & LARRECHEA Adolfo Tombolini DANIEL INTILE & ASSOC., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Martín Torres Girotti M. & M. BOMCHIL Marcelo Torterola QUATTRINI, LAPRIDA & ASOCIADOS María Paola Trigiani ALFARO ABOGADOS Susana Urresti EDESUR ELECTRICIDAD DISTRIBUIDORA SUR S.A. Emilio Beccar Varela ESTUDIO BECCAR VARELA Gustavo Vayo HOPE, DUGGAN & SILVA Hernan Verly ALFARO ABOGADOS Paz Villamil RATTAGAN, MACCHIAVELLO AROCENA & PEÑA ROBIROSA ABOGADOS Eduardo J. Viñales FUNES DE RIOJA & ASOCIADOS, MEMBER OF IUS LABORIS Silvana Wasersztrom ZANG, BERGEL & VIÑES ABOGADOS Saúl Zang ZANG, BERGEL & VIÑES ABOGADOS Joaquín Emilio Zappa J.P. O’FARRELL ABOGADOS Carlos Zima PWC ARGENTINA

ANGOLA BANCO NACIONAL DE ANGOLA
EDEL-EP F. CASTELO BRANCO & ASSOCIADOS
José Rodrigues Alentejo CÂMARA DE COMÉRCIO E INDÚSTRIA DE ANGOLA Sika Awoonor GLOBAL CHOICE SERVICES LLC Fernando Barros PWC ANGOLA Alain Brachet SDV LOGISTICS Pedro Calixto PWC ANGOLA Anacleta Cipriano FBL ADVOGADOS Patricia Dias AVM ADVOGADOS Lourdes Caposso Fernandes LOURDES CAPOSSO FERNANDES & ASSOCIADOS Sónia Neto Foreid AVM ADVOGADOS Victor Leonel ORDEM DOS ARQUITECTOS Paulette Lopes FBL ADVOGADOS Teresinha Lopes FBL ADVOGADOS Joaquim Mahando AVM ADVOGADOS Manuel Malufuene ORDEM DOS ARQUITECTOS Vítor Marques da Cruz FCB&A IN ASSOCIATION WITH EDUARDO VERA-CRUZ ADVOGADOS Luis Miguel Nunes AVM ADVOGADOS Soﬁa Oliveira FBL ADVOGADOS Eduardo Paiva PWC ANGOLA Laurinda Prazeres Cardoso FBL ADVOGADOS Elisa Rangel Nunes ERN ADVOGADOS Cristina Teixeira PWC ANGOLA N’Gunu Tiny CFRA ADVOGADOS ASSOCIADOS António Vicente Marques AVM ADVOGADOS Filomena Victor ERN ADVOGADOS

ARGENTINA
María Victoria Abudara M. & M. BOMCHIL Fernando Aguinaga ZANG, BERGEL & VIÑES ABOGADOS Dolores Aispuru PRICEWATERHOUSECOOPERS JURÍDICO FISCAL S.R.L Lisandro A. Allende BRONS & SALAS ABOGADOS María Florencia Angélico CANOSA ABOGADOS Natalia Artmann ALFARO ABOGADOS Vanesa Balda VITALE, MANOFF & FEILBOGEN Federico Martín Basile M. & M. BOMCHIL Néstor J. Belgrano M. & M. BOMCHIL Nicolás Belgrano M. & M. BOMCHIL Gabriela Bindi ZANG, BERGEL & VIÑES ABOGADOS Sebastián Bittner JEBSEN & CO. Pilar Etcheverry Boneo MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI

ANTIGUA AND BARBUDA CLARKE & CLARKE
Vernon Bird SURVEY DEPARTMENT (MINISTRY OF AGRICULTURE, LANDS, HOUSING & THE ENVIRONMENT) Ricki Camacho ANTIGUA & BARBUDA INTELLECTUAL PROPERTY & COMMERCE (ABIPCO) Neil Coates PWC ANTIGUA Nicolette Doherty NICOLETTE M. DOHERTY ATTORNEY AT LAW AND NOTARY PUBLIC Terence Dornellas CONSOLIDATED MARITIME SERVICES Brian D’Ornellas OBM INTERNATIONAL, ANTIGUA LTD.

ACKNOWLEDGMENTS

151

ARMENIA CENTRAL BANK OF ARMENIA
ELECTRIC NETWORKS OF ARMENIA PUBLIC SERVICES REGULATORY COMMISSION OF ARMENIA
Mher Abrahamyan CENTRAL BANK OF ARMENIA Armen Alaverdyan STATE REVENUE COMMITTEE OF THE GOVERNMENT OF THE REPUBLIC OF ARMENIA Sevak Alexanian INVESTMENT LAW GROUP LLC Artak Arzoyan ACRA CREDIT BUREAU Sedrak Asatryan CONCERN-DIALOG LAW FIRM Musayan Ashot STATE COMMITTEE OF THE REAL PROPERTY CADASTRE Eduard Avetisyan KPMG Inessa Avzhiyan GLOBAL SPC Sayad S. Badalyan INVESTMENT LAW GROUP LLC Karapet Badalyan PRUDENCE LEGAL Seda Baghdasaryan GLOBAL SPC Anna Baghdasaryan TER-TACHATYAN LEGAL AND BUSINESS CONSULTING Vardan Bezhanyan LAW FACULTY, YEREVAN STATE UNIVERSITY Hovhannes Burmanyan CORPORATE INTEGRAL SOLUTIONS LLC Peter Burnie PWC KAZAKHSTAN Vahe Chibukhchyan MINISTRY OF ECONOMY OF ARMENIA Andrew Coxshall KPMG Vahe Danielyan MINISTRY OF ECONOMY OF ARMENIA Kristina Dudukchyan KPMG Aikanush Edigaryan TRANS-ALLIANCE Shoghik Gharibyan KPMG Vahe Ghavalyan PARADIGMA ARMENIA CJSC Hayk Ghazazyan KPMG Suren Gomtsyan CONCERN-DIALOG LAW FIRM Tigran Grigoryan AMERIA CJSC Andranik Grigoryan CENTRAL BANK OF ARMENIA Sargis Grigoryan GPARTNERS Armine Grigoryan STATE COMMITTEE OF THE REAL PROPERTY CADASTRE Narek Grigoryan STATE COMMITTEE OF THE REAL PROPERTY CADASTRE Sargis H. Martirosyan TRANS-ALLIANCE Armine Hakobyan GLOBAL SPC Monica Harutyunyan HSBC BANK

Hasmik Harutyunyan PARADIGMA ARMENIA CJSC Davit Harutyunyan PWC ARMENIA Isabella Hovhannisyan INVESTMENT LAW GROUP LLC Davit Iskandarian HSBC BANK Paruyr Jangulyan MINISTRY OF ECONOMY OF ARMENIA Artashes F. Kakoyan INVESTMENT LAW GROUP LLC Vahe G. Kakoyan INVESTMENT LAW GROUP LLC Arshak Karapetyan INVESTMENT LAW GROUP LLC Karen Khachaturyan STATE COMMITTEE OF THE REAL PROPERTY CADASTRE Karen Martirosyan AMERIA CJSC Lilit Martirosyan HOVNANIAN INTERNATIONAL LTD. Lilit Matevosya PWC ARMENIA Armen Melkumyan PRUDENCE LEGAL Gurgen Migranovich Minasyan UNION OF BUILDERS OF ARMENIA Armen Mkoyan ELITE GROUP Edward Mouradian PRUDENCE CJSC Vahe Movsisyan INVESTMENT LAW GROUP LLC Rajiv Nagri GLOBALINK LOGISTICS GROUP Nerses Nersisyan PWC ARMENIA Marianna Nikoghosyan GLOBAL SPC Karen Petrosyan INVESTMENT LAW GROUP LLC Vahe Petrosyan LOGICON DEVELOPMENT LLC Anahit Petrosyan PARADIGMA ARMENIA CJSC Naira Petrosyan PARADIGMA ARMENIA CJSC Apetnak Poghosyan CORPORATE INTEGRAL SOLUTIONS LLC Aram Poghosyan GRANT THORNTON LLP Artak Poghosyan MINISTRY OF ECONOMY OF ARMENIA Arman Porsughyan AMERIA CJSC Gagik Sahakyan AMERIA CJSC David Sargsyan AMERIA CJSC Ruben Shahmuradyan R&V COMFORT Nelly Stepanyan PARADIGMA ARMENIA CJSC Aleqsey Suqoyan COURT OF FIRST INSTANCE Hakob Tadevosyan GRANT THORNTON LLP Altaf Tapia PWC GEORGIA Arsen Tavadyan TER-TACHATYAN LEGAL AND BUSINESS CONSULTING

Armen Ter-Tachatyan TER-TACHATYAN LEGAL AND BUSINESS CONSULTING Lilit Tunyan “FINCA” UNIVERSAL CREDIT ORGANIZATION CJSC Artur Tunyan JUDICIAL REFORM PROJECT Araik Vardanyan CHAMBER OF COMMERCE AND INDUSTRY OF THE REPUBLIC OF ARMENIA Tserun Voskanyan ELECTRIC NETWORKS OF ARMENIA Liana Yordanyan TER-TACHATYAN LEGAL AND BUSINESS CONSULTING Anush Zadoyan GLOBAL SPC Samuel Zakarian GLOBAL SPC Karen Zakaryan THE NASDAQ OMX GROUP ARMENIA Robert Zakharyan TER-TACHATYAN LEGAL AND BUSINESS CONSULTING Arman Zargaryan STATE REVENUE COMMITTEE OF THE GOVERNMENT OF THE REPUBLIC OF ARMENIA

Erica Henshilwood MARQUE LAWYERS Eva Hucker BAKER & MCKENZIE Ian Humphreys BLAKE DAWSON Stephen Jauncey HENRY DAVIS YORK Doug Jones CLAYTON UTZ, MEMBER OF LEX MUNDI Morgan Kelly FERRIER HODGSON LIMITED Sanjay Kinger AMERINDE CONSOLIDATED, INC. Przemek Kucharski ALLENS ARTHUR ROBINSON Peter Leonard GILBERT TOBIN John Lobban BLAKE DAWSON John Martin THOMSON PLAYFORD Mitchell Mathas Nathan Mattock MARQUE LAWYERS Kylie McPherson MARQUE LAWYERS Stephanie Newton PWC AUSTRALIA Maria Nicolof GILBERT TOBIN Kylie Parker LOGICCA CHARTERED ACCOUNTANTS Meredith Paynter MALLESONS STEPHEN JACQUES Mark Pistilli CHANG, PISTILLI & SIMMONS Michael Quinlan ALLENS ARTHUR ROBINSON John Reid OFFICE OF STATE REVENUE, NSW TREASURY Mitch Riley ALLENS ARTHUR ROBINSON Louise Rumble MARQUE LAWYERS Tim Short GILBERT TOBIN Mattew Speirs PWC AUSTRALIA Amy Spira ALLENS ARTHUR ROBINSON Damian Sturzaker MARQUE LAWYERS Nick Thomas CLAYTON UTZ, MEMBER OF LEX MUNDI Simon Truskett CLAYTON UTZ, MEMBER OF LEX MUNDI David Twigg ENERGYAUSTRALIA Craig Weston W. T. EXPORTERS Andrew Wheeler PWC AUSTRALIA Katarina Zlatar GILBERT TOBIN

Alexander Brezman BINDER GRÖSSWANG RECHTSANWÄLTE GMBH Doris Buxbaum HEGER & PARTNER Werner Christlbauer COLUMBUS CARGO INTERNATIONAL SPEDITION GMBH Martin Eckel E|N|W|C NATLACEN WALDERDORFF CANCOLA RECHTSANWÄLTE GMBH Agnes Eigner BRANDSTETTER PRITZ & PARTNER Tibor Fabian BINDER GRÖSSWANG RECHTSANWÄLTE GMBH Julian Feichtinger CHSH CERHA HEMPEL SPIEGELFELD HLAWATI Ferdinand Graf GRAF & PITKOWITZ RECHTSANWÄLTE GMBH Herbert Greinecker PWC AUSTRIA Andreas Hable BINDER GRÖSSWANG RECHTSANWÄLTE GMBH Friedrich Helml SAXINGER, CHALUPSKY, WEBER & PARTNERS Herbert Herzig AUSTRIAN CHAMBER OF COMMERCE Meinrad Meinrad HÖfferer CHAMBER OF COMMERCE OF CARINTHIA Alexander Hofmann RA DR. ALEXANDER HOFMANN, LL.M. Alexander Isola GRAF & PITKOWITZ RECHTSANWÄLTE GMBH Rudolf Kaindl KOEHLER, KAINDL, DUERR & PARTNER, CIVIL LAW NOTARIES Susanne Kappel KUNZ SCHIMA WALLENTIN RECHTSANWÄLTE OG, MEMBER OF IUS LABORIS Alexander Klauser BRAUNEIS KLAUSER PRÄNDL RECHTSANWÄLTE GMBH Ulrike Koller PWC AUSTRIA Rudolf Krickl PWC AUSTRIA Peter Madl SCHOENHERR Patrick Mandl BPV HÜGEL RECHTSANWÄLTE OG Elena Martino LIMAR CONSULTING GMBH Tanja Melber GRAF & PITKOWITZ RECHTSANWÄLTE GMBH Wolfgang Messeritsch NATIONAL BANK OF AUSTRIA Elke Napokoj BPV HÜGEL RECHTSANWÄLTE OG Michael Podesser PWC AUSTRIA Barbara Pogacar Martina Raczova GRAF & PITKOWITZ RECHTSANWÄLTE GMBH Gottfried Schellmann BRAUNEIS KLAUSER PRÄNDL RECHTSANWÄLTE GMBH Georg Schima KUNZ SCHIMA WALLENTIN RECHTSANWÄLTE OG, MEMBER OF IUS LABORIS

AUSTRALIA ALLEN & OVERY
FAYMAN INTERNATIONAL PTY. LTD.
Zeallie Ainsworth CHANG, PISTILLI & SIMMONS Matthew Allison VEDA ADVANTAGE Ameet Awasthi AMERINDE CONSOLIDATED, INC. Rasa Baranauskaite AMERINDE CONSOLIDATED, INC. Lynda Brumm PWC AUSTRALIA David Buda RBHM COMMERCIAL LAWYERS Joe Catanzariti CLAYTON UTZ, MEMBER OF LEX MUNDI Fiona Chung ALLENS ARTHUR ROBINSON Gaibrielle Cleary GOULD RALPH PTY. LTD., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Vanessa Coffey MALLESONS STEPHEN JACQUES Rachel Cornes BLAKE DAWSON Tim Cox PWC AUSTRALIA Mark Dalby OFFICE OF STATE REVENUE, NSW TREASURY Anne Davis CLAYTON UTZ, MEMBER OF LEX MUNDI Jenny Davis ENERGYAUSTRALIA Ian Farmer PWC AUSTRALIA Joan Fitzhenry BAKER & MCKENZIE Helen Foy MARQUE LAWYERS Mike Gooley MCKENZIE GROUP Owen Hayford CLAYTON UTZ, MEMBER OF LEX MUNDI Jason Henniker ENERGYAUSTRALIA

AUSTRIA AUSTRIAN REGULATORY AUTHORITY
Clemens Baerenthaler DLA PIPER WEISS-TESSBACH RECHTSANWÄLTE GMBH Georg Brandstetter BRANDSTETTER PRITZ & PARTNER

152

DOING BUSINESS 2012

Stephan Schmalzl GRAF & PITKOWITZ RECHTSANWÄLTE GMBH Ernst Schmidt HALPERN & PRINZ Christian Schuppich CHSH CERHA HEMPEL SPIEGELFELD HLAWATI Franz Schwarzinger REVISIONSTREUHAND, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Benedikt Spiegelfeld CHSH CERHA HEMPEL SPIEGELFELD HLAWATI Felix Steinlechner TECHNISCHES BÜRO FILOS Alexander Teutsch GRAF & PITKOWITZ RECHTSANWÄLTE GMBH Wolfgang Tichy SCHOENHERR Thomas Trettnak CHSH CERHA HEMPEL SPIEGELFELD HLAWATI Christoph Twaroch TECHNICAL UNIVERSITY VIENNA Alexandra Vacek KSV 1870 Birgit Vogt-Majarek KUNZ SCHIMA WALLENTIN RECHTSANWÄLTE OG, MEMBER OF IUS LABORIS Gerhard Wagner KSV 1870 Anton Zeilinger MINISTRY OF FINANCE

Nigar Hajiyeva BAKER & MCKENZIE - CIS, LIMITED Faig Huseynov UNIBANK Ruhiyya Isayeva SALANS Delara Israﬁlova BM INTERNATIONAL LLC Vagif Karimli BAKER & MCKENZIE - CIS, LIMITED Gunduz Karimov BAKER & MCKENZIE - CIS, LIMITED Natik Mamedov BAKER & MCKENZIE Kamal Mamedzade SALANS Javanshir Mammadov GRATA LAW FIRM Kamil Mammadov MAMMADOV & PARTNERS LAW FIRM Faiq S. Manafov UNIBANK Daniel Matthews BAKER & MCKENZIE - CIS, LIMITED Aysu Memmedova MINISTRY OF TAXES Farhad Mirzayev BM INTERNATIONAL LLC Ruslan Mukhtarov BM INTERNATIONAL LLC Rauf Namazov MINISTRY OF TAXES Movlan Pashayev PWC AZERBAIJAN Naida Sadigova SALANS Leyla Safarova BAKER & MCKENZIE - CIS, LIMITED Mustafa Salamov BM INTERNATIONAL LLC Vakhid Saparov GRATA LAW FIRM Emma Silyayeva SALANS Yekaterina V. Kim MICHAEL WILSON & PARTNERS LTD. Matlab Valiyev PWC AZERBAIJAN Kamil Valiyev STATE OIL COMPANY OF AZERBAIJAN REPUBLIC Ilkin Veliyev MINISTRY OF TAXES Murad Yahyayev UNIBANK Mahmud Yusiﬂi BAKER & MCKENZIE - CIS, LIMITED Ulvia Zeynalova-Bockin SALANS Nazim Ziyadov OMNI LAW FIRM

Tara Cooper Burnside HIGGS & JOHNSON Erica Culmer-Curry PWC BAHAMAS Makeba Darville LENNOX PATON Surinder Deal HIGGS & JOHNSON Craig G. Delancy THE COMMONWEALTH OF THE BAHAMAS, MINISTRY OF WORKS & TRANSPORT John Delaney HIGGS & JOHNSON Amos J. Ferguson Jr. FERGUSON ASSOCIATES & PLANNERS Wendy Forsythe IMPORT EXPORT BROKERS LTD. Vann P. Gaitor HIGGS & JOHNSON Audley Hanna, Jr HIGGS & JOHNSON Portia Nicholson HIGGS & JOHNSON Michael L. Paton LENNOX PATON Castino D. Sands LENNOX PATON Kevin Seymour PWC BAHAMAS Everette B. Sweeting BAHAMAS ELECTRICITY CORPORATION Debi Williams WILLIAMS LAW CHAMBERS

Seema Isa Al-Thawadi MINISTRY OF MUNICIPALITIES & AGRICULTURE AFFAIRS. MUNICIPAL ONE STOP SHOP Jawad Habib Jawad BDO JAWAD HABIB Ebrahim Karolia PWC BAHRAIN Ming Huey Lim PWC BAHRAIN Saifuddin Mahmood HASSAN RADHI & ASSOCIATES Mohammed Mirza Abdul Hussain MINISTRY OF MUNICIPALITIES & AGRICULTURE AFFAIRS. MUNICIPAL ONE STOP SHOP Eman Omar QAYS H. ZU’BI ATTORNEYS & LEGAL CONSULTANTS Hassan Ali Radhi HASSAN RADHI & ASSOCIATES Najib Saade ASAR – AL RUWAYEH & PARTNERS Mohamed Salahuddin MOHAMED SALAHUDDIN CONSULTING ENGINEERING BUREAU Thamer Salahuddin MOHAMED SALAHUDDIN CONSULTING ENGINEERING BUREAU Hamza Saleem QAYS H. ZU’BI ATTORNEYS & LEGAL CONSULTANTS Ali Asghar Sheikh ASAR – AL RUWAYEH & PARTNERS Judith Tosh NORTON ROSE Hatim S. Zu’bi HATIM S. ZU’BI & PARTNERS

Moin Ghani DR. KAMAL HOSSAIN & ASSOCIATES K M A Halim UPRIGHT TEXTILE SUPPORTS Aneek Haque HAQUE & ASSOCIATES Kamal Hossain Abdul Hye BANK OF BANGLADESH Arif Imtiaz FM ASSOCIATES Amir-Ul Islam AMIR & AMIR LAW ASSOCIATES, MEMBER OF LEX MUNDI Seema Karim AMIR & AMIR LAW ASSOCIATES, MEMBER OF LEX MUNDI Sohel Kasem A. QASEM & CO. Asif Khan A. QASEM & CO. Amina Khatoon DOULAH & DOULAH ADVOCATES Shahjahan Mia DHAKA ELECTRICITY SUPPLY COMPANY LTD. (DESCO) Nahid Monjur AMIR & AMIR LAW ASSOCIATES, MEMBER OF LEX MUNDI Eva Quasem AMIR & AMIR LAW ASSOCIATES, MEMBER OF LEX MUNDI Ahmedur Rahim REGISTRAR, JOINT STOCK COMPANIES & FIRMS Al Amin Rahman FM ASSOCIATES Habibur Rahman THE LAW COUNSEL Nazmul Hasan Serneabat PROTEX INTERNATIONAL Imran Siddiq THE LAW COUNSEL Shahriar Syeed V-TEAC FASHION PVT LTD. Sabrina Zarin AL AMIN SABRINA & ASSOCIATES

AZERBAIJAN ERNST & YOUNG
Sabit Abdullayev OMNI LAW FIRM Aliagha Akhundov BAKER & MCKENZIE - CIS, LIMITED Rashid Aliyev BAKER & MCKENZIE - CIS, LIMITED Elnur Aliyev BHM BAKU LAW CENTRE LLC Aykhan Asadov BAKER & MCKENZIE - CIS, LIMITED Anar Baghirov BHM BAKU LAW CENTRE LLC Samir Balayev UNIBANK Johanna Cronin BHM BAKU LAW CENTRE LLC Zaur Fatizadeh MINISTRY OF TAXES Rashad Gafarov PANALPINA CENTRAL ASIA EC BLACK AND CASPIAN SEA AREA Sevil Gasimova BAKER & MCKENZIE - CIS, LIMITED Fidan Gayibova BM INTERNATIONAL LLC Rizvan Gubiyev PWC AZERBAIJAN Abbas Guliyev BAKER & MCKENZIE - CIS, LIMITED Arif Guliyev PWC AZERBAIJAN Gulnar Gurbanova BHM BAKU LAW CENTRE LLC Elchin Habibov NATIONAL BANK OF AZERBAIJAN Samir Hadjiyev MICHAEL WILSON & PARTNERS LTD.

BAHRAIN AGILITY LOGISTICS
ELECTRICITY & WATER AUTHORITY ERNST & YOUNG
Noora Abdulla QAYS H. ZU’BI ATTORNEYS & LEGAL CONSULTANTS Najma AbdulRedha Hassan MINISTRY OF MUNICIPALITIES & AGRICULTURE AFFAIRS. MUNICIPAL ONE STOP SHOP Amel Al Aseeri ZEENAT AL MANSOORI & ASSOCIATES Faten Al Haddad TALAL ABU-GHAZALEH LEGAL (TAG-LEGAL) Zeenat Al Mansoori ZEENAT AL MANSOORI & ASSOCIATES Reem Al Rayes ZEENAT AL MANSOORI & ASSOCIATES Raju Alagarsamy HASSAN RADHI & ASSOCIATES Ebtihal Al-Hashimi MINISTRY OF MUNICIPALITIES & AGRICULTURE AFFAIRS. MUNICIPAL ONE STOP SHOP Haider Alnoaimi MOHAMED SALAHUDDIN CONSULTING ENGINEERING BUREAU Shaji Alukkal PANALPINA WORLD TRANSPORT LLP Michael Durgavich ASAR – AL RUWAYEH & PARTNERS Simon Green NORTON ROSE Qays H. Zu’bi QAYS H. ZU’BI ATTORNEYS & LEGAL CONSULTANTS Hessa Hussain THE BENEFIT COMPANY

BANGLADESH MULTI TRADE
Md. Abdul Maleque Mian Abdullah BANK OF BANGLADESH Zainul Abedin A. QASEM & CO. Ishrat Ahmed AMIR & AMIR LAW ASSOCIATES, MEMBER OF LEX MUNDI Sahahuddin Ahmed DR. KAMAL HOSSAIN & ASSOCIATES Afrin Akhter A. QASEM & CO. Sharmin Akter AMIR & AMIR LAW ASSOCIATES, MEMBER OF LEX MUNDI Tanjib-ul Alam DR. KAMAL HOSSAIN & ASSOCIATES Md. Shaﬁul Alam THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD. MD. Nurul Amin DEVELOPMENT CONSTRUCTIONS LTD. Mehedy Amin DEVELOPMENT CONSTRUCTIONS LTD. Saady Amin DEVELOPMENT CONSTRUCTIONS LTD. Jennifer Ashraf FM ASSOCIATES Noorul Azhar AZHAR & ASSOCIATES Sharif Bhuiyan DR. KAMAL HOSSAIN & ASSOCIATES Badrud Doulah DOULAH & DOULAH ADVOCATES Nasirud Doulah DOULAH & DOULAH ADVOCATES Shamsud Doulah DOULAH & DOULAH ADVOCATES

BELARUS MINSK CABLE (ELECTRICAL) NETWORK
NADEZNYI KONTAKT
Tatiana Aleksnina CHSH CERHA HEMPEL SPIEGELFELD HLAWATI Alexey Anischenko SORAINEN & PARTNERS FLLC Aleksandr Anisovitch PROMAUDIT Aleksander V. Antushevich NATIONAL BANK OF THE REPUBLIC OF BELARUS Kiryl Apanasevich VLASOVA MIKHEL & PARTNERS Dmitry Arkhipenko REVERA CONSULTING GROUP Vladimir G. Biruk CAPITAL GROUP Denis Bogdanov REVERA CONSULTING GROUP Dmitry Bokhan BUSINESSCONSULT LAW FIRM Elena Bortnovskaya REVERA CONSULTING GROUP Alexander Botian BOROVTSOV & SALEI LAW OFFICES Alexey Daryin REVERA CONSULTING GROUP

BAHAMAS, THE GRAHAM, THOMPSON & CO.
SUPREME COURT OF FREEPORT
David F. Allen BAHAMAS LAW CHAMBERS Kevin Basden BAHAMAS ELECTRICITY CORPORATION Lisa Bostwick BOSTWICK AND BOSTWICK Rodney W. Braynen DESIGN HÄUS Jilian Chase-Johnson HIGGS & JOHNSON

ACKNOWLEDGMENTS

153

Sergey Dubovik NATIONAL BANK OF THE REPUBLIC OF BELARUS Marina Dymovich BOROVTSOV & SALEI LAW OFFICES Andrej Ermolenko VLASOVA MIKHEL & PARTNERS Kirill Golovko REVERA CONSULTING GROUP Oleg Gvozd PWC BELARUS Elena Hmeleva BUSINESSCONSULT LAW FIRM Antonina Ivanova LAW FIRM DICSA Elena Kagarlitskaya LAW FIRM SHERSTNEV AND PARTNERS LTD. Marina Kalinovskaya JURZNAK LAW FIRM LLC Uljana Karpekina REVERA CONSULTING GROUP Michael Karpuk REVERA CONSULTING GROUP Dmitry Khalimonchyk JURZNAK LAW FIRM LLC Maria Khomenko PWC BELARUS Alexander Khrapoutski STEPANOVSKI, PAPAKUL AND PARTNERS LTD. Alexander Kirilenko AGENCY OF TERNAROUND TECHNOLOGIES Nina Knyazeva BUSINESSCONSULT LAW FIRM Irina Koikova LAW FIRM DICSA Oksana Kotel REVERA CONSULTING GROUP Dmitry Kovalchik STEPANOVSKI, PAPAKUL AND PARTNERS LTD. Mikhail Kozlov ASSTRA WEISSRUSSLAND LTD. Kristina Kriščiūnaitė PWC LITHUANIA Ronaldas Kubilius PWC LITHUANIA Olga Kuchinskaya VLASOVA MIKHEL & PARTNERS Vladimir Kukuruzin CHSH CERHA HEMPEL SPIEGELFELD HLAWATI Elena Kulchitskaya ASSTRA WEISSRUSSLAND LTD. Egidijus Kundelis PWC LITHUANIA Tatsiana Kuushynava REVERA CONSULTING GROUP Sergei Makarchuk CHSH CERHA HEMPEL SPIEGELFELD HLAWATI Olga Mankevich JURZNAK LAW FIRM LLC Mikalai Markounik VLASOVA MIKHEL & PARTNERS Dmitry Matveyev LAW GROUP ARGUMENT Konstantin Mikhel VLASOVA MIKHEL & PARTNERS Aleksandr Mironichenko MINISTRY OF ECONOMY OF REPUBLIC OF BELARUS Dmitry Montik INDIVIDUAL ENTREPRENEUR Helen Mourashko REVERA CONSULTING GROUP Valiantsina Neizvestnaya AUDIT AND CONSULTING LTD., BELARUS

Sergei Oditsov PWC BELARUS Yulia Ovseichyk REVERA CONSULTING GROUP Sergey Pinchuk LAWYER Antonina Raduk JURZNAK LAW FIRM LLC Maksim Salahub VLASOVA MIKHEL & PARTNERS Vassili I. Salei BOROVTSOV & SALEI LAW OFFICES Yury Samkov BOROVTSOV & SALEI LAW OFFICES Katerina Sereda LAW FIRM SHERSTNEV AND PARTNERS LTD. Denis Sherstnev LAW FIRM SHERSTNEV AND PARTNERS LTD. Kristina Shibeko REVERA CONSULTING GROUP Dmitry Skorodulin BELARUS STATE UNIVERSITY Anna Skorodulina JURZNAK LAW FIRM LLC Vyacheslav Slabodnik UNIVEST-M Sergey Strelchik VALEX CONSULT Andrey Sviridov SLONIM TRADE CENTER Natalia Talai VLASOVA MIKHEL & PARTNERS Pavel Tsarev REVERA CONSULTING GROUP Alesia Tsekhanava LAW FIRM DICSA Natalia Ulasevich GLIMSTEDT Eugenia Urodnich GLIMSTEDT Sviatlana Valuyeva STEPANOVSKI, PAPAKUL AND PARTNERS LTD. Alexander Vasilevsky VALEX CONSULT Igor Verkhovodko BUSINESSCONSULT LAW FIRM Maria Yurieva SORAINEN & PARTNERS FLLC Pavel S. Yurkevich THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF BELARUS Ekaterina Zabello VLASOVA MIKHEL & PARTNERS Darya Zhuk GLIMSTEDT Maxim Znak JURZNAK LAW FIRM LLC Nadezhda Znak JURZNAK LAW FIRM LLC

Yves Brosens DLA PIPER UK LLP Tim Carnewal NOTAIRES ASSOCIÉS CVBA/SCRL Adriaan Dauwe ALTIUS Arnaud Dawans LUCID - LAB FOR USER COGNITION AND INNOVATIVE DESIGN Kris De Schutter LOYENS & LOEFF Didier De Vliegher NAUTADUTILH Olivier Debray CLAEYS & ENGELS, MEMBER OF IUS LABORIS Jean-Michel Detry DLA PIPER UK LLP Frank Dierckx PWC BELGIUM Camille Dümm NATIONAL BANK OF BELGIUM David DuPont ASHURST Jürgen Egger LAGA Aline Etienne NAUTADUTILH Pierrette Fraisse SPF FINANCES - AGDP Alain François EUBELIUS ATTORNEYS Christel Godfroid HVG ADVOCATEN/AVOCATS, WITH THE SUPPORT OF ERNST & YOUNG Conny Grenson EUBELIUS ATTORNEYS Kurt Grillet ALTIUS Sandrine Hirsch SIMONT BRAUN Thibaut Hollanders de Ouderaen DLA PIPER UK LLP An Jacobs LIEDEKERKE WOLTERS WAELBROECK KIRKPATRICK, MEMBER OF LEX MUNDI Erika Leenknecht EUBELIUS ATTORNEYS Stephan Legein FEDERAL PUBLIC SERVICE FINANCE Luc Legon PWC BELGIUM Axel Maeterlinck SIMONT BRAUN Sabine Martin CREG Dominique Mougenot COMMERCIAL COURT MONS Sabrina Otten PWC BELGIUM Stéphane Robyns DLA PIPER UK LLP Peter Rooryck MONARD-D’HULST Julien Sad MCGUIRE WOODS LLP Frédéric Souchon PWC BELGIUM Nicolas Stoffels PWC BELGIUM William Timmermans ALTIUS Jan Van Celst DLA PIPER UK LLP Peter Van Melkebeke NOTAIRES BERQUIN

Bart Van Rossum B.T.V. Sibylle Vandenberghe PWC BELGIUM Grégory Vandenbussche AREN ARCHITECTS AND ENGINEERS SPRL Marie-Noëlle Vanderhoven PWC BELGIUM Tom Vantroyen ALTIUS Isabel Vergooghe ASHURST Katrien Vorlat STIBBE Bram Vuylsteke NOTARY BRAM VUYLSTEKE Herman De Wilde HVG ADVOCATEN/AVOCATS, WITH THE SUPPORT OF ERNST & YOUNG Christian Willems LOYENS & LOEFF Dirk Wouters WOUTERS, VAN MERODE & CO. BEDRIJFSREVISOREN B.V.B.A, MEMBER OF RUSSELL BEDFORD INTERNATIONAL

Saidi Vaccaro ARGUELLES & COMPANY LLC C. Phillip Waight WAIGHT & ASSOCIATES Ryan Wrobel WROBEL & CO., ATTORNEYS-AT-LAW Carlton Young YOUNG’S ENGINEERING CONSULTANCY LTD.

BENIN
Saﬁa Abdoulaye CABINET D’AVOCATS Diaby Aboubakar BCEAO Ganiou Adechy ETUDE DE ME GANIOU ADECHY Isbatou Adjaho Maliki CABINET DE ME ISBATOU ADJAHO MALIKI A. Abdou Kabir Adoumbou CABINET MAÎTRE RAFIKOU ALABI Agathe Affougnon Ago CABINET AGATHE AFFOUGNON AGO Saïdou Agbantou CABINET D’AVOCATS Rodolphe Kadoukpe Akoto COMAN S.A. Sybel Akuesson CABINET FIDUCIAIRE D’AFRIQUE Raﬁkou Agnila Alabi CABINET MAÎTRE RAFIKOU ALABI Jacques Moïse Atchade CABINET DE MAÎTRE ATCHADE Godefroy Chekete SOCIETE BENINOISE D’ENERGIE ELECTRIQUE (SBEE) Alice Codjia-Sohouenou CABINET D’AVOCATS ME ALICE CODJIA SOHOUÉNOU Michel Djossouvi CABINET DE MAÎTRE MICHEL DJOSSOUVI Henri Fadonougbo TRIBUNAL DE PREMIÈRE INSTANCE DE COTONOU Jean Claude Gnamien PWC CÔTE D’IVOIRE Marcel Sègbégnon Hounnou CABINET D’AVOCATS Camille Kpogbemabou SOCIETE BENINOISE D’ENERGIE ELECTRIQUE (SBEE) Loukmanou Ladany CABINET DE ME LOUKMANOU LADANY Taoïdi Osseni SOCIETE BENINOISE D’ENERGIE ELECTRIQUE (SBEE) Olagnika Salam OFFICE NOTARIAL OLAGNIKA Adegbindin Saliou CABINET DES EXPERTS ASSOCIÉS - CEA SARL Ousmane Samba Mamadou BCEAO Zakari Djibril Sambaou Didier Sterlingot SDV LOGISTICS Nelly Tagnon Gambor CABINET FIDUCIAIRE D’AFRIQUE Dominique Taty PWC CÔTE D’IVOIRE Jean-Bosco Todjinou ECOPLAN SARL José Tonato IMPACT CONSULTANTS Emmanuel Yehouessi BCEAO

BELIZE
Navid Ahmadiyeh BELIZE ELECTRICITY LTD. Emil Arguelles ARGUELLES & COMPANY LLC John Avery PUBLIC UTILITIES COMMISSION José A. Bautista PKF INTERNATIONAL Emory K. Bennett YOUNG’S ENGINEERING CONSULTANCY LTD. Claude Burrell CASTILLO SANCHEZ & BURRELL, LLP. Christopher Coye COURTENAY COYE LLP Sherman Ferguson BELIZE ELECTRICITY LTD. Gian C. Gandhi INTERNATIONAL FINANCIAL SERVICES COMMISSION Glenn D Godfrey S.C. GLENN D. GODFREY & CO. LLP Rodolfo Gutierrez BELIZE ELECTRICITY LTD. Mirna Lara EUROCARIBE SHIPPING SERVICES, LTD. Russell Longsworth CARIBBEAN SHIPPING AGENCIES LTD. Fred Lumor FRED LUMOR & CO. Reynaldo F. Magana RFMAGANA & ASSOCIATES Andrew Marshalleck BARROW & CO., ATTORNEYS-AT-LAW Tania Moody BARROW & WILLIAMS Jose Moreno BELIZE ELECTRICITY LTD. Patricia Rodriguez BELIZE COMPANIES AND CORPORATE AFFAIRS REGISTRY Oscar Sabido S.C. SABIDO & COMPANY Dawn Sampson BELIZE ELECTRICITY LTD. Giacomo Sanchez CASTILLO SANCHEZ & BURRELL, LLP. Janelle Tillett EUROCARIBE SHIPPING SERVICES, LTD. Robert Tillett PUBLIC UTILITIES COMMISSION

BELGIUM COUR DE CASSATION
HVG ADVOCATEN / AVOCATS, WITH THE SUPPORT OF ERNST & YOUNG SIBELGA
Hubert André-Dumont MCGUIRE WOODS LLP Géraldine Blairvacq SPF FINANCES - AGDP Erik Bomans DEMINOR INTERNATIONAL SCRL Hakim Boularbah LIEDEKERKE WOLTERS WAELBROECK KIRKPATRICK, MEMBER OF LEX MUNDI Charlotte Boumal ALTIUS

154

DOING BUSINESS 2012

Wassi Yessoufou SOCIETE BENINOISE D’ENERGIE ELECTRIQUE (SBEE)

Deki Wangmo BHUTAN NATIONAL BANK Karma Yeshey MINISTRY OF ECONOMIC AFFAIRS Tashi Yezer ROYAL SECURITIES EXCHANGE OF BHUTAN LTD. Yishay Wangdi Yontan NIMA CONSTRUCTION COMPANY Tshering Zam NATIONAL LAND COMMISSION SECRETARIAT

Paola Justiniano Arias SANJINÉS & ASOCIADOS SOC. CIV. ABOGADOS Mario Kempff C.R. & F. ROJAS, MEMBER OF LEX MUNDI Maria Kim SHIN WÜRTH KIM COSTA DU RELS Julio César Landívar Castro GUEVARA & GUTIÉRREZ S.C. Sandra Leiton SUPERINTENDENCIA DE BANCOS Y ENTIDADES FINANCIERAS Alex Linares Cabrera SANJINÉS & ASOCIADOS SOC. CIV. ABOGADOS César Lora Moretto PWC BOLIVIA Daniel Mariaca CRIALES, URCULLO & ANTEZANA Gonzalo Mendieta Romero ESTUDIO DE ABOGADOS MENDIETA ROMERO & ASOCIADOS Ariel Morales Vasquez C.R. & F. ROJAS, MEMBER OF LEX MUNDI Ana Carola Muñoz WÜRTH KIM COSTA DU RELS Jaime Muñoz-Reyes G. CORPORATIVE LAW BOLIVIA CONSULTORES ASOCIADOS Daniela Murialdo Lopez ESTUDIO DE ABOGADOS MENDIETA ROMERO & ASOCIADOS Orlando Pérez ELECTROPAZ S.A. Oscar Antonio Plaza Ponte ENTIDAD DE SERVICIOS DE INFORMACIÓN ENSERBIC S.A. Julio Quintanilla Quiroga QUINTANILLA, SORIA & NISHIZAWA SOC. CIV Diego Rojas C.R. & F. ROJAS, MEMBER OF LEX MUNDI Patricio Rojas C.R. & F. ROJAS, MEMBER OF LEX MUNDI Mariela Rojas ENTIDAD DE SERVICIOS DE INFORMACIÓN ENSERBIC S.A. Pilar Salasar BUFETE AGUIRRE SOC. CIV. Esteban Salazar-Machicado SALAZAR, SALAZAR & ASOCIADOS, SOC. CIV. 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 Rodolfo Raúl Sanjinés Elizagoyen SANJINÉS & ASOCIADOS SOC. CIV. ABOGADOS Claudio Sejas BERATERS Jorge Nelson Serrate WÜRTH KIM COSTA DU RELS A. Mauricio Torrico Galindo QUINTANILLA, SORIA & NISHIZAWA SOC. CIV Javier Urcullo CRIALES, URCULLO & ANTEZANA Lenny Valdivia SUPERINTENDENCIA DE BANCOS Y ENTIDADES FINANCIERAS Lizet Vanessa Villarroel BALDIVIA UNZAGA & ASOCIADOS

Roberto Viscafé Ureña PWC BOLIVIA Karla Würth WÜRTH KIM COSTA DU RELS Mauricio Zambrana Cuéllar INFOCRED - SERVICIO DE INFORMACION CREDITICIA BIC S.A.

Nedžada Kapidžić NOTARY Kerim Karabdić ADVOKAT KARABDIC KERIM Almedina Karšić LAW OFFICE OF EMIR KOVAČEVIĆ Muhidin Karšić LAW OFFICE OF EMIR KOVAČEVIĆ Damir Koldžo GAVRANKAPETANOVIC KOLDZO Damir Konjičanin MUNICIPALITY OF CENTAR Emir Kovačević LAW OFFICE OF EMIR KOVAČEVIĆ Fariz Kulenović TRILAND DEVELOPEMENT Krzysztof Lipka PWC SERBIA Anja Margetić CENTRAL BANK OF BOSNIA AND HERZEGOVINA Branko Marić MARIĆ & CO. LAW FIRM Zoran Mićević ARCHITECT Sead Miljković WOLF THEISS D.O.O. Džemaludin Mutapčić NOTARY Mehmed Omeragic COVJEK I PROSTOR Ermin Omeragic FEDEX EXPRESS Indir Osmic CMS REICH-ROHRWIG HAINZ D.O.O. Mirsad Pitić MUNICIPALITY OF NOVO SARAJEVO Edin Praso N.P. PROJEKT D.O.O. MOSTAR Đorđe Racković CENTRAL BANK OF BOSNIA AND HERZEGOVINA Alma Ramezić PWC BOSNIA AND HERZEGOVINA Faruk Sahinagic FEDEX EXPRESS Goran Salihovic SARAJEVO MUNICIPAL COURT Nedžida Salihović-Whalen CMS REICH-ROHRWIG HAINZ D.O.O. Hasib Salkić JUMP LOGISTICS D.O.O. Arijana Selimic JP ELEKTROPRIVREDA BIH PODRUŽNICA “ELEKTRODISTRIBUCIJA” SARAJEVO Maja Šimunac WOLF THEISS D.O.O. Berna Šljokić PKF INTERNATIONAL Džana Smailagić-Hromić MARIĆ & CO. LAW FIRM Emir Spaho LAW OFFICE SPAHO Mehmed Spaho LAW OFFICE SPAHO Selma Spaho LAW OFFICE SPAHO Anisa Strujić MARIĆ & CO. LAW FIRM Bojana Tkalčić-Djulić LAWYERS’ OFFICE BOJANA TKALCIC DJULIC, OLODAR PREBANIC, ADELA RIZVIC & ARELA JUSUFBASIC - GOLOMAN Vildana Uščuplić WOLF THEISS D.O.O.

BHUTAN
Loknath Chapagai MINISTRY OF ECONOMIC AFFAIRS Tashi Chenzom MINISTRY OF LABOUR AND HUMAN RESOURCES Dawa Dakpa ROYAL SECURITIES EXCHANGE OF BHUTAN LTD. Tashi Delek OFFICE OF LEGAL AFFAIRS Eden Dema ROYAL MONETARY AUTHORITY OF BHUTAN Ugyen Dhendup BHUTAN DEVELOPMENT FINANCE CORPORATION LTD. Bhim L. Dhungel ZORIG CONSULTANCY Tashi Dorji DISTRICT COURT OF THIMPHU Lhundub Dorji EAST - WEST CONSTRUCTION Kencho Dorji LEKO PACKERS Sonam Tobgay Dorji NIMA CONSTRUCTION COMPANY Tashi Dorji TASHI LOGISTICS SERVICES Chheku Dukpa CONSTRUCTION ASSOCIATION OF BHUTAN N. B. Gurung GLOBAL LOGISTICS Rebecca Gurung ZORIG CONSULTANCY Sonam Gyeltshen BHUTAN POWER CORPORATION LTD. Sonam Letho BHUTAN DEVELOPMENT FINANCE CORPORATION LTD. Shera Lhendup SAYANG LAW CHAMBERS Sonam Lhundrup DRUK HOLDING AND INVESTMENTS Jigme Thinlye Namgyal G-C PROJECT Tashi Pem MINISTRY OF FINANCE Sonam Pema THIMPHU CITY CORPORATION Dorji Phuntsho ROYAL SECURITIES EXCHANGE OF BHUTAN LTD. T. B. Rai ZORIG CONSULTANCY Pelzore Rumba BHUTAN NATIONAL BANK Yeshey Selden MINISTRY OF ECONOMIC AFFAIRS Lalit Singhal BHUTAN ELECTRIC COMPANY Sonam Tobgay BHUTAN NATIONAL BANK Dorji Tshering BHUTAN POWER CORPORATION LTD. Gem Tshering BHUTAN POWER CORPORATION LTD. Sonam Tshering MINISTRY OF FINANCE Sonam P. Wangdi MINISTRY OF ECONOMIC AFFAIRS Reezang Wangdi THIMPHU CITY CORPORATION

BOSNIA AND HERZEGOVINA DERK (STATE ELECTRICITY REGULATORY COMMISSION)
FERK (REGULATORY COMMISSION FOR ELECTRICITY IN THE FEDERATION OF BOSNIA AND HERZEGOVINA) KN KARANOVIĆ & NIKOLIĆ
Aida Ajanović IKRP ROKAS & PARTNERS Dunja Arnaut LAW OFFICE SPAHO Ankush Bahl INTERLINER AGENCIES D.O.O. Amar Bajramović LAW OFFICE MILJKOVIĆ Samir Bajrović LAW OFFICE FEMIL CURT (PART OF DLA PIPER GROUP) Dario Biščević DB SCHENKER Petar Bosnić USAID TAX AND FISCAL PROJECT IN BIH (TAF) Mubera Brković PWC BOSNIA AND HERZEGOVINA Zlatko Čengić UNIONINVEST D.D Višnja Dizdarević MARIĆ & CO. LAW FIRM Ozren Dolic FEDEX EXPRESS Dula Dukić FEDERAL MINISTRY OF TRADE Feđa Dupovac LAW OFFICE SPAHO Dina Duraković Morankić LAW OFFICE DURAKOVIC Almir Gagula ADVOKATSKI URED MUJARIC & GAGULA Jasmina Gabela UNIONINVEST D.D Igor Gavran FOREIGN TRADE CHAMBER OF BOSNIA AND HERZEGOVINA INTERNATIONAL FREIGHT FORWARDERS ASSOCIATION Alen Glinac ŠIRBEGOVIĆ GROUP Dzemila Gavrankapetanovic GAVRANKAPETANOVIC KOLDZO Emin Hadžić MARIĆ & CO. LAW FIRM Edin Hatibović INTERLINER AGENCIES D.O.O. Senada Havić Hrenovica LRC CREDIT BUREAU Munevera Hodzic MUNICIPALITY OF CENTAR Ismeta Huremović LAND REGISTRY OFFICE OF THE SARAJEVO MUNICIPAL COURT Amra Isic MARIĆ & CO. LAW FIRM Arela Jusufbasić-Goloman LAWYERS’ OFFICE BOJANA TKALCIC DJULIC, OLODAR PREBANIC, ADELA RIZVIC & ARELA JUSUFBASIC - GOLOMAN Lejla Kaknjo PKF INTERNATIONAL

BOLIVIA
Fernando Aguirre BUFETE AGUIRRE SOC. CIV. Ignacio Aguirre BUFETE AGUIRRE SOC. CIV. Carolina Aguirre Urioste BUFETE AGUIRRE SOC. CIV. David Alcózer CRIALES, URCULLO & ANTEZANA Christian Amestegui ASESORES LEGALES CP Daniela Aragones Cortez SANJINÉS & ASOCIADOS SOC. CIV. ABOGADOS Eduardo Aramayo PWC BOLIVIA Miguel Arduz ELECTROPAZ S.A. Johnny Arteaga Carola Ayaroa Mantilla Raúl A. Baldivia BALDIVIA UNZAGA & ASOCIADOS Maria del Carmen Ballivián C.R. & F. ROJAS, MEMBER OF LEX MUNDI Adrián Barrenechea CRIALES, URCULLO & ANTEZANA Armando Berdecio DeMartini VANGUARD MUEBLES Hugo Berthin BDO BERTHIN AMENGUAL & ASOCIADOS Marco Blaker Mariela Castro SUPERINTENDENCIA DE BANCOS Y ENTIDADES FINANCIERAS Mauricio Costa du Rels WÜRTH KIM COSTA DU RELS Dorian de Rojas GAVA BOLIVIA Jose Luis Diaz Romero SERVICIOS GENERALES EN ELECTRICIDAD Y CONSTRUCCIÓN (SGEC) Ewaldo Fischer WÜRTH KIM COSTA DU RELS Roberto Gomez-Justiniano SALAZAR, SALAZAR & ASOCIADOS, SOC. CIV. Primitivo Gutiérrez GUEVARA & GUTIÉRREZ S.C. Ana Carola Guzman Gonzales SALAZAR, SALAZAR & ASOCIADOS, SOC. CIV. Rachel Hardcastle WÜRTH KIM COSTA DU RELS Marcelo Hurtado-Sandoval SALAZAR, SALAZAR & ASOCIADOS, SOC. CIV. Jorge Luis Inchauste GUEVARA & GUTIÉRREZ S.C. Jaime M. Jiménez Alvarez COLEGIO DE INGENIEROS ELECTRICISTAS Y ELECTRÓNICOS LA PAZ Rodrigo Jimenez-Cusicanqui SALAZAR, SALAZAR & ASOCIADOS, SOC. CIV.

ACKNOWLEDGMENTS

155

Sabina Viteskic MUNICIPALITY OF ILIDZA

Pedro Vitor Araujo da Costa VITOR COSTA ADVOGADOS Fernanda Azevedo RAYES, FAGUNDES & OLIVEIRA RAMOS ADVOGADOS Bruno Balduccini PINHEIRO NETO ADVOGADOS Priscyla Barbosa VEIRANO ADVOGADOS Valmir Souza Barbosa ADCCONT Julio Henrique Batista GUERRA E BATISTA ADVOGADOS Celina Bernardes 18O OFICIO DE NOTAS Guilherme Bertolini Fernandes dos Santos FLEURY MALHEIROS, GASPARINI, DE CRESCI E NOGUEIRA DE LIMA ADVOGADOS Bernardo Bessa FELSBERG, PEDRETTI, MANNRICH E AIDAR ADVOGADOS E CONSULTORES LEGAIS Camila Biral DEMAREST E ALMEIDA ADVOGADOS Richard Blanchet LOESER E PORTELA ADVOGADOS Adriano Boni De Souza NORONHA ADVOGADOS Adriano Borges DE VIVO, WHITAKER, CASTRO E GONÇALVES ADVOGADOS Altimiro Boscoli DEMAREST E ALMEIDA ADVOGADOS Sergio Bronstein VEIRANO ADVOGADOS Joao Henrique Brum DOMINGES E PINHO CONTADORES Clarissa Abrahão Bruzzi NORONHA ADVOGADOS Júlio César Bueno PINHEIRO NETO ADVOGADOS Gisela Velloso Cafe C. BARRETO AVOGADOS ASSOCIADOS Ronaldo Camargo PREFEITURA DO MUNICIPIO DE SAO PAULO Paulo Campana FELSBERG, PEDRETTI, MANNRICH E AIDAR ADVOGADOS E CONSULTORES LEGAIS Renato Canizares DEMAREST E ALMEIDA ADVOGADOS Paulo Henrique Carvalho Pinto MACHADO MEYER SENDACZ E OPICE ADVOGADOS Debora Casseb FELSBERG, PEDRETTI, MANNRICH E AIDAR ADVOGADOS E CONSULTORES LEGAIS Marina Castro Aranha SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Veridiana Celestino VEIRANO ADVOGADOS Fernanda Cirne Montorfano GOUVÊA VIEIRA ADVOGADOS Ricardo E. Vieira Coelho PINHEIRO NETO ADVOGADOS Gilberto Deon Corrêa Jr. VEIRANO ADVOGADOS Tiago Cortez KLA-KOURY LOPES ADVOGADOS Gladztone Oliveira da Silva AGS BRAZIL Jose Lusiano da Silva GOVERNO DO ESTADO DO RIO DE JANEIRO Adriana Daiuto DEMAREST E ALMEIDA ADVOGADOS

Cleber Dal Rovere Peluzo CUNHA ORICCHIO RICCA LOPES ADVOGADOS Bruno Henrique de Aguiar RAYES, FAGUNDES & OLIVEIRA RAMOS ADVOGADOS Joao Luis Ribeiro de Almeida DEMAREST E ALMEIDA ADVOGADOS Flavio Coelho de Almeida PINHEIRO NETO ADVOGADOS Jose Constantino de Bastos Jr. GOVERNO DO ESTADO DE SAO PAULO Rafael De Conti DE CONTI LAW OFFICE Aldo de Cresci Neto FLEURY MALHEIROS, GASPARINI, DE CRESCI E NOGUEIRA DE LIMA ADVOGADOS Ingrid E. T. Schwartz de Mendonca NORONHA ADVOGADOS Beatriz Gross Bueno de Moraes Visnevski DE VIVO, WHITAKER, CASTRO E GONÇALVES ADVOGADOS Marcelo Viveiros de Moura PINHEIRO NETO ADVOGADOS Flavia Soeiro de Nascimento DEMAREST E ALMEIDA ADVOGADOS Paulo Marcelo de Oliveira Bento SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Andreza de Souza Ribeiro SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Nadia Demoliner Lacerda MESQUITA BARROS ADVOGADOS, MEMBER OF IUS LABORIS Eduardo Depassier LOESER E PORTELA ADVOGADOS Ubajara Arcas Dias FLEURY MALHEIROS, GASPARINI, DE CRESCI E NOGUEIRA DE LIMA ADVOGADOS Alexandre Augusto Dias Ramos Huffell Viola FLEURY MALHEIROS, GASPARINI, DE CRESCI E NOGUEIRA DE LIMA ADVOGADOS Antonio Donizetti DAS CONSULTORIA José Ricardo dos Santos Luz Júnior DUARTE GARCIA, CASELLI GUIMARÃES E TERRA ADVOGADOS Brigida Melo e Cruz PINHEIRO NETO ADVOGADOS Joao Paulo F.A. Fagundes RAYES, FAGUNDES & OLIVEIRA RAMOS ADVOGADOS Vanessa Felício VEIRANO ADVOGADOS Thomas Benes Felsberg FELSBERG, PEDRETTI, MANNRICH E AIDAR ADVOGADOS E CONSULTORES LEGAIS Alexsander Fernandes de Andrade DUARTE GARCIA, CASELLI GUIMARÃES E TERRA ADVOGADOS Glaucia Ferreira DEMAREST E ALMEIDA ADVOGADOS Silvia Rajsfeld Fiszman MACHADO MEYER SENDACZ E OPICE ADVOGADOS Álvaro Luis Fleury Malheiros FLEURY MALHEIROS, GASPARINI, DE CRESCI E NOGUEIRA DE LIMA ADVOGADOS Gabriella Florence Victorino Read SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Clarissa Freitas MACHADO MEYER SENDACZ E OPICE ADVOGADOS

Fernando Frugiuele Pascowitch SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Rafael Gagliardi DEMAREST E ALMEIDA ADVOGADOS Alessandra Ganz VEIRANO ADVOGADOS Thelma Eliza Gatuzzo LOESER E PORTELA ADVOGADOS Thiago Giantomassi Medeiros DEMAREST E ALMEIDA ADVOGADOS Michelle Giraldi Lacerda PWC BRAZIL Claudio R. F. Golgo GOLGO ADVOGADOS Rodrigo Gomes Maia NORONHA ADVOGADOS Agildo Goncalves A. GONCALVES ASSESSORIA & CONTABILIDADE LTDA. Jorge Eduardo Gouvêa Vieira GOUVÊA VIEIRA ADVOGADOS Vanessa Grosso da Silveria Lardosa GOUVÊA VIEIRA ADVOGADOS Eduardo Ferraz Guerra GUERRA E BATISTA ADVOGADOS Luis Guidetti TMF GROUP - BRAZIL Enrique Hadad LOESER E PORTELA ADVOGADOS Daniel Henrique Calvoso Alvarenga NORONHA ADVOGADOS Ricardo Higashitani KLA-KOURY LOPES ADVOGADOS Luiz Felipe Horta Maia RAYES, FAGUNDES & OLIVEIRA RAMOS ADVOGADOS Carlos Alberto Iacia PWC BRAZIL Marcelo Inglez de Souza DEMAREST E ALMEIDA ADVOGADOS Maria Cristina Junqueira KLA-KOURY LOPES ADVOGADOS Eduardo Takemi Kataoka CASTRO, BARROS, SOBRAL, GOMES ADVOGADOS Fernando Koury Lopes KLA-KOURY LOPES ADVOGADOS Miguel Kreling PINHEIRO NETO ADVOGADOS Leonardo Kriuger AGS BRAZIL Everaldo Lacerda CARTORIO MARITIMO José Paulo Lago Alves Pequeno NORONHA ADVOGADOS Flavio Lantelme PREFEITURA DA CIDADE DE SAO PAULO Jose Augusto Leal CASTRO, BARROS, SOBRAL, GOMES ADVOGADOS Fernando Loeser LOESER E PORTELA ADVOGADOS Ricardo Loureiro SERASA S.A. Marina Maccabelli DEMAREST E ALMEIDA ADVOGADOS Pedro Maciel VEIRANO ADVOGADOS Joao Gabriel A. L. Clark Magon DEMAREST E ALMEIDA ADVOGADOS André Marques PINHEIRO NETO ADVOGADOS Ana Paula Martins Quintão PREFEITURA DO MUNICIPIO DO RIO DE JANERIO

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Antonio Aires DEMAREST E ALMEIDA ADVOGADOS Carlos Alberto Alvares Vono ADCCONT Julio Cesar Alves NORONHA ADVOGADOS Antonio Amendola FELSBERG, PEDRETTI, MANNRICH E AIDAR ADVOGADOS E CONSULTORES LEGAIS Marco Antonio Sabino KLA-KOURY LOPES ADVOGADOS Mariana Aranha MACHADO MEYER SENDACZ E OPICE ADVOGADOS

156

DOING BUSINESS 2012

Raphael Polito RAYES, FAGUNDES & OLIVEIRA RAMOS ADVOGADOS Durval Portela LOESER E PORTELA ADVOGADOS José Ribeiro do Prado Junior MACHADO MEYER SENDACZ E OPICE ADVOGADOS Rodrigo Eduardo Pricoli RAYES, FAGUNDES & OLIVEIRA RAMOS ADVOGADOS Daniela Prieto VEIRANO ADVOGADOS Ana Paula Martins Quintao RIO PREFEITURA Dario Rabay SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Fernanda Rabelo PINHEIRO GUIMARÃES ADVOGADOS Ronaldo Rayes RAYES, FAGUNDES & OLIVEIRA RAMOS ADVOGADOS Domingos Fernando Reﬁnetti MACHADO MEYER SENDACZ E OPICE ADVOGADOS Eliane Ribeiro Gago DUARTE GARCIA, CASELLI GUIMARÃES E TERRA ADVOGADOS Laura Ribeiro Vissotto 1º CARTÓRIO DE NOTAS DE SÃO JOSÉ DOS CAMPOS Viviane Rodrigues SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Ana Carolina Rua Rodriguez Rochedo NORONHA ADVOGADOS Cezar Roedel HALLEY DO BRASIL Raphael Roque CASTRO, BARROS, SOBRAL, GOMES ADVOGADOS Tulio Fernandes Rosa AGS BRAZIL Andrea Giamondo Massei Rossi MACHADO MEYER SENDACZ E OPICE ADVOGADOS Lia Roston RAYES, FAGUNDES & OLIVEIRA RAMOS ADVOGADOS Marcos Sader ULHÔA CANTO, REZENDE E GUERRA-ADVOGADOS José Samurai Saiani MACHADO MEYER SENDACZ E OPICE ADVOGADOS Bruno Sanchez Belo NORONHA ADVOGADOS Sérgio Savi CASTRO, BARROS, SOBRAL, GOMES ADVOGADOS Joana Scarpa VEIRANO ADVOGADOS Gabriel Seijo Leal de Figueiredo SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Robson Silva Campos AGRURAL Raissa Simões Tavares de Melo DEMAREST E ALMEIDA ADVOGADOS Sydney Simonaggio AES ELETROPAULO Keila Fonseca Soares NORONHA ADVOGADOS Beatriz Souza SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS

Renato Souza Coelho SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Walter Stuber WALTER STUBER CONSULTORIA JURÍDICA Milena Tesser RAYES, FAGUNDES & OLIVEIRA RAMOS ADVOGADOS Heloisa Tourinho C. BARRETO AVOGADOS ASSOCIADOS Ivandro Trevelim SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Suslei Tufaniuk AES ELETROPAULO Luiz Fernando Valente De Paiva PINHEIRO NETO ADVOGADOS Vitor Hugo Erlich Varella DEMAREST E ALMEIDA ADVOGADOS Ronaldo C. Veirano VEIRANO ADVOGADOS Pedro Vieira CASTRO, BARROS, SOBRAL, GOMES ADVOGADOS José Carlos Wahle VEIRANO ADVOGADOS Eduardo Guimarães Wanderley VEIRANO ADVOGADOS Thiago Wscieklica SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Celso Xavier DEMAREST E ALMEIDA ADVOGADOS Karin Yamauti Hatanaka SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS Alessandra Zequi Salybe de Moura SOUZA, CESCON, BARRIEU & FLESCH ADVOGADOS

Rostaina Pg Hj Duraman THE JUDICIAL DEPARTMENT See Tiat Quek PWC SINGAPORE Alan Ross PWC SINGAPORE Martin Sinnung Jr. BRUNEI TRANSPORTING COMPANY Shazali Sulaiman KPMG Cecilia Wong TRICOR Soon Teck Yu PETAR PERUNDING SDN BHD Joanita Zain THE BRUNEI ECONOMIC DEVELOPMENT BOARD

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BRUNEI DARUSSALAM ERNST & YOUNG
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Danny Chua BRUNEI TRANSPORTING COMPANY Nur al-Ain Haji Abdullah ATTORNEY GENERAL’S CHAMBERS Amiriah Haji Ali ATTORNEY GENERAL’S CHAMBERS Haji Abidin Haji Saidin ABCI Ridzlan Ibrahim RIDZLAN & CO. ADVOCATES AND SOLICITORS Cynthia Kong WIDDOWS KONG & ASSOCIATES Nancy Lai LEE CORPORATEHOUSE ASSOCIATES Kin Chee Lee LEE CORPORATEHOUSE ASSOCIATES Lennon Lee PWC SINGAPORE Yew Choh Lee Y.C. LEE & LEE ADVOCATES & SOLICITORS Kelvin Lim K. LIM & CO. Siew Yen Lim THE JUDICIAL DEPARTMENT Chris Loh PWC SINGAPORE Naimah Md Ali ATTORNEY GENERAL’S CHAMBERS Yong Muhd. Robin ABCI Colin Ong DR. COLIN ONG LEGAL SERVICES

ACKNOWLEDGMENTS

157

Adeline Messou PWC CÔTE D’IVOIRE Ange Laure M’Pow SCPA YAGUIBOU & YANOGO S. Al Nadia CABINET D’AVOCATS MOUMOUNY KOPIHO Marie Ouedraogo BARREAU DU BURKINA FASO Pascal Ouedraogo CABINET D’AVOCATS BARTHÉLEMY KERE Oumarou Ouedraogo CABINET OUEDRAOGO Thierry Ismael Ouedraogo DIRECTION GÉNÉRALE DU TRÉSOR ET DE LA COMPTABILITÉ PUBLIQUE Denise Ouedraogo ETUDE DE MAÎTRE OUEDRAOGO Ousmane Honore Ouedraogo MAISON DE L’ENTREPRISE DU BURKINA FASO Moussa Ouedraogo SCPA YAGUIBOU & YANOGO François de Salle Ouedraogo SONABEL Martin Ouedraogo UNION INTERNATIONALE DE NOTARIAT LATIN Roger Omer Ouédraogo ASSOCIATION PROFESSIONNELLE DES TRANSITAIRES & COMMISSIONNAIRES EN DOUANE AGRÉES Alain Serge Paré CABINET YAGUIBOU & YANOGO Sawadogo W. Pulchérie TRIBUNAL D’INSTANCE DE OUAGADOUGOU Ousmane Samba Mamadou BCEAO Bénéwendé S. Sankara CABINET MAÎTRE SANKARA Hermann Lambert Sanon GROUPE HAGE Dieudonné Sawadogo CABINET D’AVOCATS MOUMOUNY KOPIHO Moussa Ousmane Sawadogo DIRECTION GÉNÉRALE DES IMPÔTS Noël Soumnere SONABEL Olga Tamini SCPA YAGUIBOU & YANOGO Hyppolite Tapsoba TRIBUNAL D’INSTANCE DE OUAGADOUGOU Dominique Taty PWC CÔTE D’IVOIRE Kassoum Traore DIRECTION GÉNÉRALE DES IMPÔTS Moussa Traore DIRECTION GÉNÉRALE DES IMPÔTS Moussa Traore MAISON DE L’ENTREPRISE DU BURKINA FASO Emmanuel Yehouessi BCEAO K. Cyrille Zangre CABINET D’AVOCATS MOUMOUNY KOPIHO Bassinaly Zerbo SONABEL Ousmane Prosper Zoungrana TRIBUNAL DE GRANDE INSTANCE DE OUAGADOUGOU Jean Celéstin Zoure OFFICE NOTARIAL ME JEAN CELESTIN ZOURE Théophane Noël Zoure OFFICE NOTARIAL ME JEAN CELESTIN ZOURE

BURUNDI REGIDESO-BURUNDI
Joseph Bahizi BANQUE DE LA RÉPUBLIQUE DU BURUNDI Sylvestre Banzubaze AVOCAT AU BARREAU DU BURUNDI Cyprien Bigirimana TRIBUNAL DE GRANDE INSTANCE DE GITEGA Mélance Bukera INTERCONTACT SERVICES, S.A. Ange Gakundwakazi DELOITTE LLP Gerard Handika DELOITTE LLP René Claude Madebari MKONO & CO. ADVOCATES Kelly Mategeko LE GENIE CIVIL, SPRL Ildephonse Nahimana BANQUE DE LA RÉPUBLIQUE DU BURUNDI Patrick Ndayishimiye Bonaventure Nicimpaye INTERCONTACT SERVICES, S.A. Lambert Nigarura MKONO & CO. ADVOCATES Claver Nigarura RUBEYA & CO. - ADVOCATES Charles Nihangaza Gustave Niyonzima MKONO & CO. ADVOCATES Prosper Niyoyankana Jocelyne Ntibangana CABINET DE ME NTIBANGANA Antoine Ntisigana SODETRA LTD. Happy Ntwari MKONO & CO. ADVOCATES François Nyamoya AVOCAT À LA COUR Gilbert L.P. Nyatanyi MKONO & CO. ADVOCATES Déogratias Nzemba ATTORNEY-AT-LAW Prosper Ringuyeneza LE GENIE CIVIL, SPRL Willy Rubeya RUBEYA & CO. - ADVOCATES Benjamin Rufagari DELOITTE LLP Thierry Rujerwaka LABORATOIRE NATIONAL DU BÂTIMENT ET DES TRAVAUX PUBLICS (LNBTP) BURUNDI Fabien Segatwa ETUDE ME SEGATWA Gabriel Sinarinzi CABINET ME GABRIEL SINARINZI Egide Uwimana TRIBUNAL DU TRAVAIL DE BUJUMBURA

Leanghor Hak LINEHAUL EXPRESS (CAMBODIA) CO., LTD. Hour Naryth Hem BNG LEGAL Sokpheaneath Huon CAMBODIAN FEDERATION OF EMPLOYERS AND BUSINESS ASSOCIATIONS Phalla Im SCIARONI & ASSOCIATES Sophealeak Ing BUN & ASSOCIATES Visal Iv ELECTRICITE DU CAMBODGE Phoung Wattey Kemnay BNG LEGAL Chhorpornpisey Keo ACLEDA BANK PLC. Sonya Kim ARBITRATION COUNCIL FOUNDATION Vicheka Lay Michael Liam Garvey BNG LEGAL Long Mom RAF INTERNATIONAL FORWARDING (CAMBODIA) INC. Vichhra Mouyly ARBITRATION COUNCIL FOUNDATION Sokvirak Peang PWC CAMBODIA Thea Pheng BNG LEGAL Sotheaphal Pho SCIARONI & ASSOCIATES Muny Samreth PWC CAMBODIA Chanthy Sin LINEHAUL EXPRESS (CAMBODIA) CO., LTD. Chea Sinhel ELECTRICITE DU CAMBODGE Lor Sok ARBITRATION COUNCIL FOUNDATION Chamnan Som CAMBODIAN FEDERATION OF EMPLOYERS AND BUSINESS ASSOCIATIONS Ny Som SDV LOGISTICS Vannaroth Sovann BNG LEGAL Ousaphea Suos ACLEDA BANK PLC. Bridie Sweetman BNG LEGAL Michael Tan RAF INTERNATIONAL FORWARDING (CAMBODIA) INC. Chesda Teng ARBITRATION COUNCIL FOUNDATION Rathvisal Thara BNG LEGAL Heng Thy PWC CAMBODIA Janvibol Tip TIP & PARTNERS Sokhan Uch ACLEDA BANK PLC. Bun Youdy BUN & ASSOCIATES Potim Yun DFDL MEKONG LAW GROUP

Pierre Aloma GUICHET UNIQUE DES OPERATIONS DU COMMERCE EXTERIEUR-GIE Daniel Ambassa Kedy LAFARGE Gilbert Awah Bongam ACHU AND FON-NDIKUM LAW FIRM Thomas Didier Remy Batoumbouck CADIRE Mohaman Bello LAFARGE Pierre Bertin Simbafo BICEC Isidore Biyiha GUICHET UNIQUE DES OPERATIONS DU COMMERCE EXTERIEUR-GIE Hiol Bonheur FIDUCIAIRE RATIO Miafo Bonny Bonn BONNY BONN ENTERPRISES David Boyo BOYO & PATIMARK LLP Bernard Burinyuy Ngaibe THE ABENG LAW FIRM Anne Marie Diboundje Njocke CABINET EKOBO Paul Marie Djamen MOBILE TELEPHONE NETWORKS CAMEROON (MTN) Aurelien Djengue Kotte CABINET EKOBO Joseph Djeuga LAFARGE Etienne Donfack GIEA Laurent Dongmo JING & PARTNERS Régine Dooh Collins ETUDE ME RÉGINE DOOH COLLINS William Douandji LAFARGE Lisette Catherine Elobo MINISTRY OF SMALL AND MEDIUM-SIZED ENTERPRISES, SOCIAL ECONOMY AND HANDICRAFTS Marie Marceline Enganalim ETUDE ME ENGANALIM MARCELINE Pascal Enpe Mboule Reagan Esone CABINET D’AVOCATS HENRI JOB Lucas Florent Essomba CABINET ESSOMBA & ASSOCIÉS Joël Etoke ETUDE ME ETOKE Marie-Claude Etoke ETUDE ME ETOKE Hyacinthe Clément Fansi Ngamou NGASSAMNJIKE & ASSOCIÉS Oréol Marcel Fetue NIMBA CONSEIL SARL Atsishi Fon Ndikum ACHU AND FON-NDIKUM LAW FIRM Georges Fopa GIEA Bertrand Gieangnitchoke GIEA Kingue Godor Dummas LEGAL POWER LAW FIRM Samuel Iyug Iyug GROUPEMENT DES ENTREPRISES DE FRET ET MESSAGERIE DU CAMEROUN (GEFMCAM) Henri Pierre Job CABINET D’AVOCATS HENRI JOB

Serge Jokung CABINET MAÎTRE MARIE ANDRÉE NGWE Eugene Romeo Kengne Sikadi NIMBA CONSEIL SARL Julienne Kengue Piam NIMBA CONSEIL SARL Jean Aime Kounga CABINET D’AVOCATS ABENG ROLAND Kéedji à Moudji Mathurin CAGES Alain Serges Mbebi CADIRE Jean Michel Mbock Biumla M&N LAW FIRM Patrick Menyeng Manga THE ABENG LAW FIRM Jules Minamo KARVAN FINANCE A.D. Monkam ETUDE DE NOTAIRE WO’O Jacqueline Moussinga Bapes Jean Jacques Mpanjo Lobe MCA AUDIT & CONSEIL Marie Agathe Ndeme CADIRE Marcelin Yoyo Ndoum ETUDE DE NOTAIRE WO’O Simon Pierre Nemba CABINET MAÎTRE MARIE ANDRÉE NGWE Pierre Roger Ngangwou PWC CAMEROON Virgile Ngassam Njiké NGASSAMNJIKE & ASSOCIÉS Julius Ngu Tabe Achu ACHU AND FON-NDIKUM LAW FIRM Marie-Andrée Ngwe CABINET MAÎTRE MARIE ANDRÉE NGWE Mosely Njebayi CSE Eugénie Carolle Njignou Mdojang NIMBA CONSEIL SARL Noupoue Ngaffa Richard LEGAL POWER LAW FIRM Ndie Tadmi LEGAL POWER LAW FIRM Joseph Mbi Tanyi TANYI MBI & PARTNERS Dominique Taty PWC CÔTE D’IVOIRE Pierre Morgant Tchuikwa CADIRE Nadine Tinen PRICEWATERHOUSECOOPERS TAX & LEGAL SARL Chrétien Toudjui AFRIQUE AUDIT CONSEIL BAKER TILLY Tamfu Ngarka Tristel Richard LEGAL POWER LAW FIRM Jean Vincent Whassom LAFARGE Eliane Yomsi KARVAN FINANCE Philippe Zouna PWC CAMEROON

CAMBODIA ACLEDA BANK PLC.
ERNST & YOUNG
Kearath Chan LINEHAUL EXPRESS (CAMBODIA) CO., LTD. Phanin Cheam MUNICIPALITY OF PHNOM PENH BUREAU OF URBAN AFFAIRS Rithy Chey BNG LEGAL Susanna Coghlan AAA CAMBODIA LTD. Antoine Fontaine BUN & ASSOCIATES

CANADA SDV LOGISTICS (CANADA) INC.
Saad Ahmad BLAKE, CASSELS & GRAYDON, MEMBER OF LEX MUNDI Marlon Alfred PWC CANADA David Bish TORYS LLP

CAMEROON LA BANQUE DES ETATS DE L’AFRIQUE CENTRALE
Roland Abeng THE ABENG LAW FIRM

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Ann Borooah TORONTO CITY HALL Colin L. Campbell SUPERIOR COURT OF JUSTICE OF ONTARIO Allan Coleman OSLER, HOSKIN & HARCOURT LLP John Craig HEENAN BLAIKIE LLP, MEMBER OF IUS LABORIS Aaron Dovell BERRIS MANGAN, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Abe Dube AMERINDE LAW GROUP David G. Ellis OXFORD PROPERTIES Diedier Eric Isabelle Foley CORPORATIONS CANADA Jeremy Fraiberg OSLER, HOSKIN & HARCOURT LLP Kelly Francis MCMILLAN LLP Paul Gasparatto ONTARIO ENERGY BOARD Marlow Gereluk MACLEOD DIXON Anne Glover BLAKE, CASSELS & GRAYDON, MEMBER OF LEX MUNDI Yoine Goldstein MCMILLAN LLP Karen Grant TRANSUNION Pamela S. Hughes BLAKE, CASSELS & GRAYDON, MEMBER OF LEX MUNDI Robert Hughes OSLER, HOSKIN & HARCOURT LLP Dino Infanti BERRIS MANGAN, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Andrew Kent MCMILLAN LLP Matthew Kindree BAKER & MCKENZIE Joshua Kochath COMAGE CONTAINER LINES Susan Leslie FIRST CANADIAN TITLE Craig Lockwood OSLER, HOSKIN & HARCOURT LLP Rebecca Ma BAKER & MCKENZIE Patrick Mangan BERRIS MANGAN, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Terry McCann MLG ENTERPRISES LTD. William McCarthy FIRST CANADIAN TITLE Dave McKechnie MCMILLAN LLP Patricia Meehan PWC CANADA Michael Nowina BAKER & MCKENZIE Eric Paton PWC CANADA Saul Plener PWC CANADA Martin Post ELECTRICAL SAFETY AUTHORITY Antonin Pribetic STEINBERG MORTON HOPE & ISRAEL LLP

Christopher Richter WOODS LLP Damian Rigolo OSLER, HOSKIN & HARCOURT LLP Jenifer Robertson ELECTRICAL SAFETY AUTHORITY Harris M. Rosen FOGLER RUBINOFF Paul Schabas BLAKE, CASSELS & GRAYDON, MEMBER OF LEX MUNDI Nicholas Scheib MCMILLAN LLP Lincoln Schreiner PWC CANADA Shane Todd HEENAN BLAIKIE LLP, MEMBER OF IUS LABORIS Dmitry Uduman PWC CANADA Randal S. Van de Mosselaer MACLEOD DIXON Sharon Vogel BORDEN LADNER GERVAIS LLP George Waggot MCMILLAN LLP

Zilmar D. Silva Lopes AMADO & MEDINA ADVOGADAS Luís Filipe Sousa PWC PORTUGAL Jose Spinola FPS Frantz Tavares INOVE - CONSULTORES EMPRESARIAIS João Carlos Tavares Fidalgo BANCO CENTRAL DE CABO VERDE Liza Helena Vaz PWC PORTUGAL Leendert Verschoor PWC PORTUGAL

Theophile B. Bongoro CABINET NOTARIAL BONGORO Oscar D’estaing Deffosso PRICEWATERHOUSECOOPERS TAX & LEGAL SARL Thomas Dingamgoto CABINET THOMAS DINGAMGOTO Mahamat Ousman Djidda CABINET D’ARCHITECTURE & URBANISME N’Doningar Djimasna FACULTÉ DE DROIT, UNIVERSITÉ DE N’DJAMENA Mahamat Nour Idriss Haggar SOCIÉTÉ TCHADIENNE D’EAU ET D’ELECTRICITÉ (STEE) Delphine K. Djiraibe AVOCATE À LA COUR Francis Kadjilembaye CABINET THOMAS DINGAMGOTO Gérard Leclaire CABINET D’ARCHITECTURE & URBANISME Béchir Madet OFFICE NOTARIAL Athanase Mbaigangnon CABINET NOTARIAL BONGORO Issa Ngarmbassa ETUDE ME ISSA NGAR MBASSA Tchouaﬁene Pandare CABINET NOTARIAL BONGORO Nissaouabé Passang ETUDE ME PASSANG Nastasja Schnorfeil-Pauthe PRICEWATERHOUSECOOPERS TAX & LEGAL SARL Gilles Schwarz SDV LOGISTICS Senoussi Ahmat Senoussi CABINET D’ARCHITECTURE & URBANISME Amos D. Tatoloum Onde SOCIETE AFRICAINE D’ARCHITECTURE ET D’INGENIERIE Dominique Taty PWC CÔTE D’IVOIRE Nadine Tinen PRICEWATERHOUSECOOPERS TAX & LEGAL SARL Masrangue Trahogra CABINET D’AVOCATS ASSOCIÉS Issouf Traore IMPERIAL TOBACCO Sobdibé Zoua CABINET SOBDIBE ZOUA Patedjore Zoukalne DIRECTION DE L’ENREGISTREMENT DES DOMAINES, DU TIMBRE ET DE LA CONSERVATION FONCIERE

Manuel Brunet Boﬁll CÁMARA CHILENA DE LA CONSTRUCCIÓN Rodrigo Cabrera Ortiz CHILECTRA Joseﬁna Campos CLARO & CIÁ., ABOGADOS, MEMBER OF LEX MUNDI Miguel Capo Valdes BESALCO S.A. Javier Carrasco NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Héctor Carrasco SUPERINTENDENCIA DE BANCOS Y INSTITUCIONES FINANCIERAS CHILE Andrés Chirgwin CHIRGWIN RECART ABOGADOS SPA Cristobal Correa Echavarria GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ ABOGADOS Sergio Cruz CRUZ & CIA. ABOGADOS Bernardita Dittus ALESSANDRI & COMPAÑÍA Fernando Echeverria CÁMARA CHILENA DE LA CONSTRUCCIÓN Alejandro Eliash CÁMARA CHILENA DE LA CONSTRUCCIÓN Claudia Paz Escobar CHIRGWIN RECART ABOGADOS SPA Jaime Espina PWC CHILE Cristián S. Eyzaguirre EYZAGUIRRE & CÍA. Maria Teresa Fernandez BAHAMONDEZ, ALVAREZ & ZEGERS Benjamín Ferrada GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ ABOGADOS Pamela Flores PWC CHILE Rodrigo Galleguillos NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Nicolás García NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Gianfranco Gazzana GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ ABOGADOS Andrés González NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Mauricio Hederra CRUZ & CIA. ABOGADOS Christian Hermansen Rebolledo ACTIC CONSULTORES Manuel Hinojosa NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Javier Hurtado CÁMARA CHILENA DE LA CONSTRUCCIÓN Fernando Jamarne ALESSANDRI & COMPAÑÍA Andrés Jara GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ ABOGADOS José Ignacio Jiménez GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ ABOGADOS Pedro Lagos YRARRÁZAVAL, RUIZ-TAGLE, GOLDENBERG, LAGOS & SILVA Jose Luis Letelier CARIOLA DIEZ PEREZ-COPATOS & CIA Gianfranco Lotito CLARO & CIÁ., ABOGADOS, MEMBER OF LEX MUNDI Luis Maldonado Croquevielle CONSERVADOR DE BIENES RAÍCES Y COMERCIO DE SANTIAGO

CENTRAL AFRICAN REPUBLIC LA BANQUE DES ETATS DE L’AFRIQUE CENTRALE
Blaise Banguitoumba ENERCA (ENERGIE CENTRAFRICAINE) Thierry Chaou CABINET G.E.C. SA FIDUCIAIRE Maurice Dibert-Dollet MINISTÈRE DE LA JUSTICE Christiane Doraz-Serefessenet CABINET NOTAIRE DORAZ-SEREFESSENET Emile Doraz-Serefessenet CABINET NOTAIRE DORAZ-SEREFESSENET Dolly Gotilogue AVOCAT À LA COUR Théodore Lawson CABINET LAWSON & ASSOCIÉS Jean Paul Maradas Nado MINISTÈRE DE L’URBANISME Timothee M’beto TTCI Serge Médard Missamou CLUB OHADA RÉPUBLIQUE CENTRAFRICAINE Yves Namkomokoina TRIBUNAL DE COMMERCE DE BANGUI Jacob Ngaya MINISTÈRE DES FINANCES - DIRECTION GÉNÉRALE DES IMPÔTS ET DES DOMAINES Marcelin Ngondang MINISTÈRE DES FINANCES - DIRECTION GÉNÉRALE DES IMPÔTS ET DES DOMAINES Gina Roosalem CHAMBRE DES NOTAIRES DE CENTRAFRIQUE François Sabegala GUICHET UNIQUE DE FORMALITÉS DES ENTREPRISES (GUFE) Ghislain Samba Mokamanede BAMELEC Bandiba Max Symphorien CLUB OHADA RÉPUBLIQUE CENTRAFRICAINE Nicolas Tiangaye NICOLAS TIANGAYE LAW FIRM Marcial Zoba MINISTÈRE DES FINANCES - DIRECTION GÉNÉRALE DES IMPÔTS ET DES DOMAINES

CAPE VERDE EMPRESA DE ELECTRICIDADE E AGUA (ELECTRA)
Hermínio Afonso PWC CAPE VERDE Ana Cristina Almada D. HOPFFER ALMADA & ASSOCIADOS Bruno Andrade Alves PWC PORTUGAL José Manuel Andrade NÚCLEO OPERACIONAL DA SOCIEDADE DE INFORMAÇÃO Susana Caetano PWC PORTUGAL Liver Canuto PWC PORTUGAL Ana Catarina Carnaz PWC PORTUGAL Ana Raquel Costa PWC PORTUGAL Ilidio Cruz ILIDIO CRUZ & ASSOCIADOS-SOCIEDADE DE ADVOGADOS RL Jorge Lima Delgado Lopes NÚCLEO OPERACIONAL DA SOCIEDADE DE INFORMAÇÃO John Duggan PWC PORTUGAL Florentino Jorge Fonseca Jesus MUNICIPALITY OF PRAIA João Gomes D. HOPFFER ALMADA & ASSOCIADOS Julio Martins Jr. RAPOSO BERNARDO & ASSOCIADOS João Medina NEVILLE DE ROUGEMONT & ASSOCIADOS Francisco Guimarães Melo PWC PORTUGAL Fernando Aguiar Monteiro ADVOGADOS ASSOCIADOS Ana Pinto Morais PWC PORTUGAL Catarina Nunes PWC PORTUGAL Ana Rita Reis NEVILLE DE ROUGEMONT & ASSOCIADOS Armando J.F. Rodrigues PWC CAPE VERDE Henrique Semedo Borges LAW FIRM SEMEDO BORGES

CHILE BOLETIN COMERCIAL
Leticia Acosta Aguirre REDLINES GROUP Tania Almuna CRUZ & CIA. ABOGADOS Luis Avello PWC CHILE Angeles Barría PHILIPPI, YRARRAZAVAL, PULIDO & BRUNNER, ABOGADOS LTDA. José Benitez PWC CHILE Enrique Benitez Urrutia URRUTIA & CÍA Jorge Benitez Urrutia URRUTIA & CÍA Mario Bezanilla ALCAÍNO, RODRÍGUEZ & SAHLI LIMITADA

CHAD LA BANQUE DES ETATS DE L’AFRIQUE CENTRALE
Mahamat Hassan Abakar CABINET ME MAHAMAT HASSAN ABAKAR Dana Abdelkader Waya CABINET NOTARIAL BONGORO Adoum Daoud Adoum Haroun S.C.G.A.D.A. ET FILS Abdelkerim Ahmat SDV LOGISTICS Atadet Azarak Mogro SOCIÉTÉ TCHADIENNE D’EAU ET D’ELECTRICITÉ (STEE)

ACKNOWLEDGMENTS

159

Juan Ignacio Marín GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ ABOGADOS Nicolas Maturana CHIRGWIN RECART ABOGADOS SPA Consuelo Maze NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Enrique Munita PHILIPPI, YRARRAZAVAL, PULIDO & BRUNNER, ABOGADOS LTDA. Rodrigo Muñoz NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Alberto Oltra DHL GLOBAL FORWARDING Felipe Ossa CLARO & CIÁ., ABOGADOS, MEMBER OF LEX MUNDI Gerardo Ovalle Mahns YRARRÁZAVAL, RUIZ-TAGLE, GOLDENBERG, LAGOS & SILVA Luis Parada Hoyl BAHAMONDEZ, ALVAREZ & ZEGERS Miguel Pavez RUSSELL BEDFORD CHILE, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Carmen Paz Cruz Lozano CÁMARA CHILENA DE LA CONSTRUCCIÓN Alberto Pulido A. PHILIPPI, YRARRAZAVAL, PULIDO & BRUNNER, ABOGADOS LTDA. Alfonso Reymond Larrain CHADWICK & ALDUNATE ABOGADOS Sebastián Riesco EYZAGUIRRE & CÍA. Ricardo Riesco PHILIPPI, YRARRAZAVAL, PULIDO & BRUNNER, ABOGADOS LTDA. Constanza Rodriguez PHILIPPI, YRARRAZAVAL, PULIDO & BRUNNER, ABOGADOS LTDA. Edmundo Rojas García CONSERVADOR DE BIENES RAÍCES Y COMERCIO DE SANTIAGO Pamela Rubio NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Carlos Saavedra CRUZ & CIA. ABOGADOS Bernardita Saez ALESSANDRI & COMPAÑÍA Marco Salgado ALCAÍNO, RODRÍGUEZ & SAHLI LIMITADA Adriana Salias REDLINES GROUP Hugo Salinas PWC CHILE Andrés Sanfuentes PHILIPPI, YRARRAZAVAL, PULIDO & BRUNNER, ABOGADOS LTDA. Martín Santa María O. GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ ABOGADOS Francisco Selamé PWC CHILE Marcela Silva PHILIPPI, YRARRAZAVAL, PULIDO & BRUNNER, ABOGADOS LTDA. Luis Fernando Silva Ibañez YRARRÁZAVAL, RUIZ-TAGLE, GOLDENBERG, LAGOS & SILVA Alan Smith AGENCIA DE ADUANA SMITH Y CIA. LTDA. Cristobal Smythe BAHAMONDEZ, ALVAREZ & ZEGERS Alan Spencer ALESSANDRI & COMPAÑÍA Victor Tavera CHILECTRA

Ricardo Tisi L. CARIOLA DIEZ PEREZ-COPATOS & CIA Esteban Tomic Errázuriz CRUZ & CIA. ABOGADOS Carlos Torres REDLINES GROUP Sebastián Valdivieso YRARRÁZAVAL, RUIZ-TAGLE, GOLDENBERG, LAGOS & SILVA Matias Valenzuela ALESSANDRI & COMPAÑÍA Luis Felipe Vergara CONSERVADOR DE BIENES RAÍCES Y COMERCIO DE SANTIAGO Arturo Yrarrázaval Covarrubias YRARRÁZAVAL, RUIZ-TAGLE, GOLDENBERG, LAGOS & SILVA Jean Paul Zalaquett CHILECTRA Matías Zegers BAHAMONDEZ, ALVAREZ & ZEGERS

Edward E. Lehman LEHMAN, LEE & XU Ian Lewis MAYER BROWN JSM Qing Li JUN HE LAW OFFICE, MEMBER OF LEX MUNDI Jane Li NORONHA ADVOGADOS Audry Li ZHONG LUN LAW FIRM Mark Li ZHONG LUN LAW FIRM Frankie Lin ZHECHEM Grace Liu HUA-ANDER CPAS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Li Liu JINGJIANG TAIGOO IMPORT & EXPORT TRADING COMPANY Jingtao Liu JONES LANG LASALLE Zhiqiang Liu KING & WOOD PRC LAWYERS Lucy Lu KING & WOOD PRC LAWYERS Hongli Ma JUN HE LAW OFFICE, MEMBER OF LEX MUNDI Natalie Ma PWC CHINA Mark Ma YANTAI I.G. PRODUCE CO., LTD. Thomas Man Matthew Murphy MMLC GROUP Stephen Rynhart JONES LANG LASALLE Han Shen DAVIS POLK & WARDWELL Tina Shi MAYER BROWN JSM Jack Sun HOGAN LOVELLS Jessie Tang GLOBAL STAR LOGISTICS CO. LTD. Terence Tung MAYER BROWN JSM Felicity Wang AG LOGISTICS Xuehua Wang BEIJING HUANZHONG & PARTNERS Fenghe Wang DACHENG LAW OFFICES Guoqi Wang HUA-ANDER CPAS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL George Wang JUN HE LAW OFFICE, MEMBER OF LEX MUNDI Xin Wang PINSENT MASONS Celia Wang PWC CHINA William Wang PWC CHINA Max Wong JONES LANG LASALLE Chris Wong LEHMANBROWN Anthea Wong PWC CHINA Cassie Wong PWC CHINA

Kent Woo GUANGDA LAW FIRM Christina Wu CAPITAL LAW & PARTNERS Bruce Wu JIANGSU HONGTENG FOOD CO., LTD. Elisa Xiao HUA-ANDER CPAS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Wang Xiaolei PEOPLE’S BANK OF CHINA Emily Xiong SHENZHEN QIFENG STONE MATERIAL CO, LTD. Hua Xuan MMLC GROUP Maggie Yan HUA-ANDER CPAS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Frank Yang MAYER BROWN JSM Queenie Yip EXPORT/IMPORT Ricky Yiu BAKER & MCKENZIE Hai Yong BAKER & MCKENZIE Tian Yongsheng Y-AXIS INTERNATIONAL TRADING CO. Eugenia Yu HKS Xia Yu MMLC GROUP Natalie Yu SHU JIN LAW FIRM Yvonne Zeng LEHMANBROWN Honglei Zhang BEIJING HUANZHONG & PARTNERS Sarah Zhang HOGAN LOVELLS Yi Zhang KING & WOOD PRC LAWYERS Sheng Hui Zhao BEIJING HUANZHONG & PARTNERS Zoe Zhu JOINWAY LAWFIRM Judy Zhu MAYER BROWN JSM Alina Zhu ZHONG LUN LAW FIRM

María Camila Bagés BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Luis Alfredo Barragán BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Daniel Bayona MUÑOZ TAMAYO & ASOCIADOS Fernando Bermúdez Durana MUÑOZ TAMAYO & ASOCIADOS Joe Ignacio Bonilla Gálvez MUÑOZ TAMAYO & ASOCIADOS Carolina Camacho POSSE HERRERA & RUIZ Claudia Marcela Camargo PWC COLOMBIA Pablo Cárdenas BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Darío Cárdenas CÁRDENAS & CÁRDENAS Daniel Cardoso PWC COLOMBIA Carlos Carvajal JOSE LLOREDA CAMACHO & CO. Felipe Cuberos PRIETO & CARRIZOSA S.A. Maria Cristina Cuestas DHL GLOBAL FORWARDING Andrés de la Rosa CAVELIER ABOGADOS Lorena Diaz JOSE LLOREDA CAMACHO & CO. María Helena Díaz Méndez PWC COLOMBIA Paula Duarte NIETO & CHALELA Karla Soﬁa Escobar Arango POSSE HERRERA & RUIZ Jairo Flechas GENELEC LTDA. Carlos Fradique-Méndez BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Luis Hernando Gallo Medina GALLO MEDINA ABOGADOS ASOCIADOS Hermes García CAVELIER ABOGADOS Yamile Andrea Gómez PRODUCTOS STAHL DE COLOMBIA S.A. Santiago Gutiérrez JOSE LLOREDA CAMACHO & CO. Natalia Gutierrez de Larrauri BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Monica Hernandez ARRIETA BUSTAMANTE Laura Villaveces Hollman BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Jorge Lara-Urbaneja LARA CONSULTORES Ernesto López CÁRDENAS & CÁRDENAS Adriana Lopez Moncayo CURADURIA URBANA 3 Carlos Mantilla MUÑOZ TAMAYO & ASOCIADOS Luis Mendoza JOSE LLOREDA CAMACHO & CO. Maria Montejo GÓMEZ-PINZÓN ZULETA ABOGADOS S.A. Luis Gabriel Morcillo-Méndez BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Sandra Marcela Murcia Mora CIBERGESTION COLOMBIA S.A.S.

CHINA ALLEN & OVERY LLP
BYZ DIGITAL TECHNOLOGY
Russell Brown LEHMANBROWN Rico Chan BAKER & MCKENZIE Rex Chan PWC CHINA Jie Chen JUN HE LAW OFFICE, MEMBER OF LEX MUNDI Elliott Youchun Chen JUN ZE JUN LAW OFFICES Donald Chen NINGBO SUNSEA APPAREL Grace Cheng CAPITAL LAW & PARTNERS Ke Deng AG LOGISTICS Robert Du HKS Yu Du MMLC GROUP Xi Jun Duan AG LOGISTICS Hongtao Fan JOINWAY LAWFIRM Elwin Feng QINGHE COUNTY BAOSHIDA AUTOMOBILE PARTS CO. LTD. Wei Gao Lawrence Linjun Guo JADE & FOUNTAIN PRC LAWYERS Joanna Guo ZHONG LUN LAW FIRM Jennifer He LEHMANBROWN Kian Heong Hew PINSENT MASONS Vivian Ho BAKER & MCKENZIE Sheng Ho SHANGHAI TRICO BARIUM SALTS BUSINESS DEPARTMENT Jinquan Hu KING & WOOD PRC LAWYERS Felix Hu SHENZHEN EONVER CO. LTD. Marvin Jiang TELOON CHEMICALS Liu Jing BEIJING HUANZHONG & PARTNERS

COLOMBIA EINCE LTDA.
LEWIN & WILLS, ABOGADOS
Julio César Acosta DHL GLOBAL FORWARDING Enrique Alvarez JOSE LLOREDA CAMACHO & CO. Jaime Mauricio Angulo Sanchez COMPUTEC - DATACRÉDITO Lorena Arambula CÁRDENAS & CÁRDENAS Alexandra Arbeláez Cardona RUSSELL BEDFORD COLOMBIA, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Jorge Mauricio Arenas Sanchez CODENSA S.A. ESP Manuela Arizmendi POSSE HERRERA & RUIZ Patricia Arrázola-Bustillo GÓMEZ-PINZÓN ZULETA ABOGADOS S.A. Bernardo Avila PARRA RODRIGUEZ & CAVELIER

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Diana Navas JOSE LLOREDA CAMACHO & CO. Luis Carlos Neira Mejía HOLGUÍN, NEIRA & POMBO ABOGADOS María Neira Tobón HOLGUÍN, NEIRA & POMBO ABOGADOS Luis E. Nieto NIETO & CHALELA Adriana Carolina Ospina Jiménez BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Felipe Payan CAVELIER ABOGADOS Mónica Pedroza Garcés CORPORACIÓN EXCELENCIA EN LA JUSTICIA Carolina Posada POSSE HERRERA & RUIZ Raul Quevedo JOSE LLOREDA CAMACHO & CO. Daniel Reyes CURADURIA URBANA 3 Catalina Reyes JOSE LLOREDA CAMACHO & CO. Irma Rivera BRIGARD & URRUTIA, MEMBER OF LEX MUNDI Luis Carlos Robayo Higuera RUSSELL BEDFORD COLOMBIA, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Jaime Rodriguez NOTARIA 13 DE BOGOTÁ Bernardo Rodriguez PARRA RODRIGUEZ & CAVELIER Maria Isabel Rodriguez POSSE HERRERA & RUIZ Sonia Elizabeth Rojas Izaquita GALLO MEDINA ABOGADOS ASOCIADOS Carolina Romero GÓMEZ-PINZÓN ZULETA ABOGADOS S.A. Juan Carlos Ruiz JOSE LLOREDA CAMACHO & CO. Angela Salazar Blanco JOSE LLOREDA CAMACHO & CO. Paola Spada CORPORACIÓN EXCELENCIA EN LA JUSTICIA Raúl Alberto Suárez Arcila Gustavo Tamayo Arango JOSE LLOREDA CAMACHO & CO. Marcel Tangarife PARRA RODRIGUEZ & CAVELIER Jose Alejandro Torres POSSE HERRERA & RUIZ Carolina Villadiego Burbano CORPORACIÓN EXCELENCIA EN LA JUSTICIA Alberto Zuleta CÁRDENAS & CÁRDENAS Diana Zuleta PARRA RODRIGUEZ & CAVELIER

Mohamed Ahamada Baco LAWYER Ali Mohamed Choibou ETUDE MAÎTRE CHOIBOU Ali Abdou Elaniou CABINET ELANIOU Remy Grondin VITOGAZ COMORES Adili Hassani ELECTRICITÉ ET EAU DES COMORES Youssouf Ismael DIRECTION GÉNÉRALE DES IMPÔTS Madiane Mohamed Issa LAWYER Faouzi Mohamed Lakj TRIBUNAL DE COMMERCE COMOROS Abdoulabastoi Moudjahid CLUB OHADA COMORES Said Mohamed Nassur ENERGIE COMOROS Siti-Kalathoumi Soidri AVOCAT À LA COUR Daoud Saidali Toihiri MINISTRY OF PROMOTION AND EMPLOYMENT Mohamed Youssouf ETUDE MAÎTRE ABDOURAZAK

Antoine Mandemvo SOCIÉTÉ NATIONALE D’ELECTRICITÉ (SNEL) Roger Masamba Makela CABINET MASAMBA Jean Claude Mbaki Siluzaku CABINET MBAKI ET ASSOCIÉS Didier Mopiti MBM CONSEIL Gérard Mosolo MBM CONSEIL Louman Mpoy MPOY LOUMAN & ASSOCIÉS Emery Mukendi Wafwana CABINET EMERY MUKENDI WAFWANA & ASSOCIÉS Hilaire Mumvudi Mulangi MINISTÉRE DE L’URBANISME ET DE L’HABITAT Eric Mumwena Kasonga Bassu CABINET EMERY MUKENDI WAFWANA & ASSOCIÉS Jacques Munday CABINET NTOTO ET NSWAL Jean Pierre Muyaya CABINET EMERY MUKENDI WAFWANA & ASSOCIÉS Ilunga Israel Ndambi S.I.E.C. SPRL Victorine Bibiche Nsimba Kilembe BARREAU DE KINSHASA/MATETE Adam Ntumba ANAPI Laurent Okitonembo CABINET DJUNGA & RISASI Otton Oligo Mbelia Kanalia ANAPI R. Rigo Pierre Risasi CABINET DJUNGA & RISASI Dominique Taty PWC CÔTE D’IVOIRE Antoine Tshibuabua Mbuyi SOCIÉTÉ NATIONALE D’ELECTRICITÉ (SNEL)

Jean Prosper Mabassi ORDRE NATIONAL DES AVOCATS DU CONGO BARREAU DE BRAZZAVILLE Ado Patricia Marlene Matissa CABINET NOTARIAL MATISSA François Ngaka LA BANQUE DES ETATS DE L’AFRIQUE CENTRALE Regina Nicole Okandza Yoka DIRECTION GÉNÉRALE DES IMPÔTS Armand Robert Okoko CABINET ARMAND ROBERT OKOKO Jean Petro CABINET D’AVOCATS JEAN PETRO Chimène Prisca Nina Pongui ETUDE DE ME CHIMÈNE PRISCA NINA PONGUI Andre Francois Quenum CABINET ANDRE FRANCOIS QUENUM

V. Andrés Gómez PWC COSTA RICA Andrea González BLP ABOGADOS Randall González BLP ABOGADOS David Gutierrez BLP ABOGADOS Paola Gutiérrez Mora LEX COUNSEL Mario Gutiérrez Quintero LEX COUNSEL Jorge Guzmán LEX COUNSEL Roy Guzman Ramirez COMPAÑÍA NACIONAL DE FUERZA Y LUZ Randall Zamora Hidalgo COSTA RICA ABC Milena Hidalgo TELETEC S.A. Anneth Jimenez BLP ABOGADOS Vivian Jiménez OLLER ABOGADOS Elvis Eduardo Jiménez Gutiérrez SUPERINTENDENCIA GENERAL DE ENTIDADES FINANCIERAS Ivannia Méndez Rodríguez OLLER ABOGADOS Andres Mercado OLLER ABOGADOS Gabriela Miranda OLLER ABOGADOS Jaime Molina PROYECTOS ICC S.A. Jorge Montenegro SCGMT ARQUITECTURA Y DISEÑO Eduardo Montoya Solano SUPERINTENDENCIA GENERAL DE ENTIDADES FINANCIERAS Freddy Morales JAPDEVA CARIBBEAN PORT AUTHORITY Cecilia Naranjo LEX COUNSEL Pedro Oller OLLER ABOGADOS Ramón Ortega PWC DOMINICAN REPUBLIC Andrea Paniagua PWC DOMINICAN REPUBLIC Felix Pecou Johnson JAPDEVA CARIBBEAN PORT AUTHORITY Laura Perez CINDE Sergio Pérez ANDRÉ TINOCO ABOGADOS Mainor Quesada TELETEC S.A. Alvaro Quesada Loría AGUILAR CASTILLO LOVE Mauricio Quiros QUIROS ABOGADOS CENTRAL LAW Rafael Quiros QUIROS ABOGADOS CENTRAL LAW Ana Quiros Vaglio TRANSUNION Manrique Rojas ANDRÉ TINOCO ABOGADOS Miguel Ruiz Herrera LEX COUNSEL Mauricio Salas BLP ABOGADOS Jose Luis Salinas SCGMT ARQUITECTURA Y DISEÑO Walter Anderson Salomons JAPDEVA CARIBBEAN PORT AUTHORITY

COSTA RICA AUTORIDAD REGULADORA DE LOS SERVICIOS PUBLICOS (ARESEP)
FACIO & CAÑAS, MEMBER OF LEX MUNDI
Aisha Acuña ANDRÉ TINOCO ABOGADOS Arnoldo André ANDRÉ TINOCO ABOGADOS Alejandro Antillon PACHECO COTO Carlos Araya QUIROS ABOGADOS CENTRAL LAW Alvaro Barrantes AUTORIDAD REGULADORA DE LOS SERVICIOS PUBLICOS (ARESEP) Carlos Barrantes PWC COSTA RICA Ignacio Beirute QUIROS ABOGADOS CENTRAL LAW Alejandro Bettoni Traube DONINELLI & DONINELLI - ASESORES JURÍDICOS ASOCIADOS Gerardo Bogantes BLP ABOGADOS Eduardo Calderón-Odio BLP ABOGADOS Bernardo Calvo M. GRUPO MEGA DE COSTA RICA BR, S.A Juan José Carreras BLP ABOGADOS Adriana Castro BLP ABOGADOS Juan Jose Castro EDIFICAR S.A. Leonardo Castro OLLER ABOGADOS Silvia Chacon ALFREDO FOURNIER & ASOCIADOS Daniel Chaves CINDE Luis Fernando Escalante J. GRUPO MEGA DE COSTA RICA BR, S.A Roberto Esquivel OLLER ABOGADOS Freddy Fachler PACHECO COTO Elizabeth Fallas QUIROS ABOGADOS CENTRAL LAW Irene Fernández LEX COUNSEL Alejandro Fernández de Castro PWC DOMINICAN REPUBLIC Octavio Fournier ALFREDO FOURNIER & ASOCIADOS Alfredo Fournier-Beeche ALFREDO FOURNIER & ASOCIADOS

CONGO, DEM. REP.
Louise Abonzore Alebam MINISTÉRE DE L’URBANISME ET DE L’HABITAT Alphin Babala Mangala GTS EXPRESS Romain Battajon CABINET BATTAJON Prince Bintene CABINET MASAMBA Patrick Bondonga Lesambo CABINET EMERY MUKENDI WAFWANA & ASSOCIÉS Deo Bukayafwa MBM CONSEIL Edmond Cibamba Diata CABINET EMERY MUKENDI WAFWANA & ASSOCIÉS Claudine Dipo MINISTÉRE DE L’URBANISME ET DE L’HABITAT Prosper Djuma Bilali CABINET MASAMBA Irénée Falanka CABINET IRÉNÉE FALANKA Patrick Gérenthon SDV LOGISTICS Ngalamulume Kalala Emmanuel BARREAU DE KINSHASA/MATETE Robert Katambu CABINET ROBERT KATAMBU & ASSOCIÉS Pierrot Kazadi Tshibanda CABINET MASAMBA Kamba Kitabi Clovis CABINET ROBERT KATAMBU & ASSOCIÉS Jean-Délphin Lokonde Mvulukunda CABINET MASAMBA Francis Lugunda Lubamba CABINET LUGUNDA LUBAMBA Serge Mwankana Lulu AVOCAT Aubin Mabanza KLAM & PARTNERS AVOCATS Béatrice Mabanza KLAM & PARTNERS AVOCATS Andre Malangu Muabila CABINET FAMILLE

CONGO, REP. LA BANQUE DES ETATS DE L’AFRIQUE CENTRALE
SOCIÉTÉ NATIONALE D’ELECTRICITÉ (SNEL)
Jean Roger Bakoulou LA BANQUE DES ETATS DE L’AFRIQUE CENTRALE Prosper Bizitou PWC CONGO (DEMOCRATIC REPUBLIC OF) Claude Coelho CABINET D’AVOCATS CLAUDE COELHO Mohammad Daoudou PWC CONGO (DEMOCRATIC REPUBLIC OF) Mathias Essereke CABINET D’AVOCATS CLAUDE COELHO Henriette Lucie Arlette Galiba OFFICE NOTARIAL ME GALIBA Gaston Gapo ATELIER D’ARCHITECTURE ET D’URBANISME Moise Kokolo PWC CONGO (DEMOCRATIC REPUBLIC OF) Karelle Koubatika OFFICE 2K ARCHITECTURE & DESIGN Christian Eric Locko BRUDEY, ONDZIEL GNELENGA, LOCKO CABINET D’AVOCATS Salomon Louboula SCP SENGHOR & SARR, NOTAIRES ASSOCIÉS

COMOROS
Chabani Abdallah Halifa GROUPE HASSANATI SOILIHI - GROUPE HASOIL Mohamed Abdallah Halifa GROUPE HASSANATI SOILIHI - GROUPE HASOIL Issiaka Abdourazak ETUDE MAÎTRE ABDOURAZAK Hilmy Aboudsaid COMORES CARGO INTERNATIONAL Yassian Ahamed DIRECTION DE L’ENERGIE Mouzaoui Amroine ORGANISATION PATRONALE DES COMORES Said Ali Said Athouman UNION OF THE CHAMBER OF COMMERCE

ACKNOWLEDGMENTS

161

Fernando Sanchez Castillo RUSSELL BEDFORD COSTA RICA, ABBQ CONSULTORES, S.A, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Luis Sibaja LEX COUNSEL Dagoberto Sibaja Morales REGISTRO NACIONAL DE COSTA RICA Alonso Vargas ANDRÉ TINOCO ABOGADOS Marianela Vargas PWC COSTA RICA Rocio Vega GRUPO MEGA DE COSTA RICA BR, S.A. Jafet Zúñiga Salas SUPERINTENDENCIA GENERAL DE ENTIDADES FINANCIERAS

Andrea August FINANCIAL AGENCY - CENTRE FOR HITRO.HR Zoran Avramović MINISTRY OF JUSTICE Emir Bahtijarević DIVJAK, TOPIĆ & BAHTIJAREVIĆ Ivana Bandov JURIC AND PARTNERS ATTORNEYS AT LAW Hrvoje Bardek CMS LEGAL Ivo Bijelic PWC CROATIA Marko Borsky DIVJAK, TOPIĆ & BAHTIJAREVIĆ Marijana Božić DIVJAK, TOPIĆ & BAHTIJAREVIĆ Linda Brcic DIVJAK, TOPIĆ & BAHTIJAREVIĆ Lana Brlek PWC CROATIA Nana Bulat ČAČIĆ & PARTNERS Belinda Čačić ČAČIĆ & PARTNERS Ivan Ćuk VUKMIR & ASOCIATES LAW FIRM Stefanija Čukman JURIC AND PARTNERS ATTORNEYS AT LAW Saša Divjak DIVJAK, TOPIĆ & BAHTIJAREVIĆ Anela Dizdarević SIHTAR ATTORNEYS AT LAW Ronald Given WOLF THEISS Tonka Gjoić GLINSKA & MIŠKOVIĆ LTD. Ivan Gjurgjan GJURGJAN & ŠRIBAR RADIĆ LAW FIRM Kresimir Golubić GOLMAX D.O.O. Tom Hadzija KORPER & PARTNERI LAW FIRM Lidija Hanžek HROK D.O.O. Jana Hitrec ČAČIĆ & PARTNERS Branimir Iveković IVEKOVIĆ LAW OFFICE Irina Jelčić HANŽEKOVIĆ & PARTNERS LTD., MEMBER OF LEX MUNDI Ivica Jelovcic DAMCO Saša Jovičić WOLF THEISS Sanja Jurkovic PWC CROATIA Anela Kedić WOLF THEISS Branko Kirin ČAČIĆ & PARTNERS Ozren Kobsa DIVJAK, TOPIĆ & BAHTIJAREVIĆ Dina Korper KORPER & PARTNERI LAW FIRM Marija Krizanec JURIC AND PARTNERS ATTORNEYS AT LAW Anita Krizmanić MAČEŠIĆ & PARTNERS, ODVJETNICKO
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Josip Marohnić GLINSKA & MIŠKOVIĆ LTD. Andrej Matijevich MATIJEVICH LAW OFFICE Jan Mokos KORPER & PARTNERI LAW FIRM Marija Mušec CMS LEGAL Tatjana Pahljina TRANSADRIA Tomislav Pedišić VUKMIR & ASOCIATES LAW FIRM Miroslav Plašćar ŽURIĆ I PARTNERI Marko Praljak ATTORNEY PARTNERSHIP Branimir Puskaric KORPER & PARTNERI LAW FIRM Hrvoje Radić GJURGJAN & ŠRIBAR RADIĆ LAW FIRM Kristina Rihtar IVEKOVIĆ LAW OFFICE Gordan Rotkvić PWC CROATIA Davor Rukonić DIVJAK, TOPIĆ & BAHTIJAREVIĆ Boris Sarovic ŠAVORIĆ & PARTNERS Ana Sihtar SIHTAR ATTORNEYS AT LAW Andrej Skočić MERVIS D.O.O., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Vladimir Skočić MERVIS D.O.O., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Toni Smrcek ŠAVORIĆ & PARTNERS Manuela Špoljarić LEKO I PARTNERI ATTORNEYS AT LAW Irena Šribar Radić GJURGJAN & ŠRIBAR RADIĆ LAW FIRM Tihana Svetek LEKO I PARTNERI ATTORNEYS AT LAW Marin Svić PRALJAK & SVIĆ Tena Tomek DIVJAK, TOPIĆ & BAHTIJAREVIĆ Branka Tutek JURIC AND PARTNERS ATTORNEYS AT LAW Ivana Urem ASSONO LTD. CROATIA Hrvoje Vidan IVEKOVIĆ LAW OFFICE Zeljko Vrban HEP DISTRIBUTION SYSTEM OPERATOR LTD. Zrinka Vrtaric CMS LEGAL Mario Vukelić HIGH COMMERCIAL COURT OF THE REPUBLIC OF CROATIA Marin Vukovic DIVJAK, TOPIĆ & BAHTIJAREVIĆ Gorana Vukušić LEKO I PARTNERI ATTORNEYS AT LAW Eugen Zadravec EUGEN ZADRAVEC LAW FIRM

CÔTE D’IVOIRE CABINET RAUX, AMIEN & ASSOCIÉS
ETUDE DE MAÎTRE KONE MAHOUA
Diaby Aboubakar BCEAO César Asman CABINET N’GOAN, ASMAN & ASSOCIÉS Binta Nany Bakayoko CLK AVOCATS Kizito Brizoua-Bi BILE-AKA, BRIZOUA-BI & ASSOCIÉS Michel Brizoua-Bi BILE-AKA, BRIZOUA-BI & ASSOCIÉS Lassiney Kathann Camara CLK AVOCATS Aminata Cone SCPA DOGUÉ-ABBÉ YAO & ASSOCIÉS Dorothée K. Dreesen ETUDE MAÎTRE DREESEN Olivier Germanos BOLLORÉ AFRICA LOGISTICSCI Barnabe Kabore NOVELEC SARL Fatoumata Konate Toure-B. ETUDE DE ME KONATE TOURE-B. FATOUMATA Dogbémin Gérard Kone SCPA NAMBEYA-DOGBEMIN & ASSOCIES Arsène Dablé Kouassi SCPA DOGUÉ-ABBÉ YAO & ASSOCIÉS Charlotte-Yolande Mangoua ETUDE DE MAÎTRE MANGOUA Adeline Messou PWC CÔTE D’IVOIRE André Monso PWC CÔTE D’IVOIRE Georges N’Goan CABINET N’GOAN, ASMAN & ASSOCIÉS Ousmane Samba Mamadou BCEAO Simon Dognima Silué BILE-AKA, BRIZOUA-BI & ASSOCIÉS Dominique Taty PWC CÔTE D’IVOIRE Fousséni Traoré PWC CÔTE D’IVOIRE Jean Christian Turkson CIE Koffi Noël Yao CABINET YZAS BAKER TILLY Emmanuel Yehouessi BCEAO Seydou Zerbo SCPA DOGUÉ-ABBÉ YAO & ASSOCIÉS

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Vladimír Ambruz AMBRUZ & DARK LAW FIRM Tomas Babacek AMBRUZ & DARK LAW FIRM Michaela Baranyková EURO-TREND, S. R. O., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Libor Basl BAKER & MCKENZIE Stanislav Bednár PETERKA & PARTNERS Tomáš Běhounek BNT - PRAVDA & PARTNER, S.R.O. Stanislav Beran PETERKA & PARTNERS Jan Beres KOCIAN SOLC BALASTIK

CROATIA ERNST & YOUNG

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Martin Bohuslav AMBRUZ & DARK LAW FIRM Jiří Černý PETERKA & PARTNERS Ivan Chalupa SQUIRE, SANDERS & DEMPSEY, V.O.S.
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Petr Měšťánek KINSTELLAR Veronika Mistova PRK PARTNERS S.R.O. ADVOKÁTNÍ
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Ole Borch BECH-BRUUN LAW FIRM Frants Dalgaard-Knudsen PLESNER Mogens Ebeling BRUUN & HJEJLE Alice Folker GORRISSEN FEDERSPIEL Anne Birgitte Gammeljord GORRISSEN FEDERSPIEL Ata Ghilassi KROMANN REUMERT, MEMBER OF LEX MUNDI Anne Louise Haack Andersen LETT LAW FIRM Lita Misozi Hansen PWC DENMARK Annette Hastrup MAGNUSSON Anders Hjortsholm KROMANN REUMERT, MEMBER OF LEX MUNDI Jens Hjortskov PHILIP LAW FIRM Heidi Hoelgaard EXPERIAN NORTHERN EUROPE Peter Honoré KROMANN REUMERT, MEMBER OF LEX MUNDI Jens Steen Jensen KROMANN REUMERT, MEMBER OF LEX MUNDI Poul Jespersen Camilla Jørgensen PHILIP LAW FIRM Lars Kjaer BECH-BRUUN LAW FIRM Alexander Troeltzsch Larsen BECH-BRUUN LAW FIRM Mikkel Stig Larsen KROMANN REUMERT, MEMBER OF LEX MUNDI Susanne Schjølin Larsen KROMANN REUMERT, MEMBER OF LEX MUNDI Morten Bang Mikkelsen PWC DENMARK Andreas Nielsen BRUUN & HJEJLE Susanne Nørgaard PWC DENMARK Jim Øksnebjerg ADVOKATAKTIESELSKABET HORTEN Carsten Pedersen BECH-BRUUN LAW FIRM Lars Lindencrone Petersen BECH-BRUUN LAW FIRM Jette H. Ronøe BECH-BRUUN LAW FIRM Kim Sejberg Louise Krarup Simonsen KROMANN REUMERT, MEMBER OF LEX MUNDI Martin Sørensen 2M EL-INSTALLATION A/S Christel Tegler KROMANN REUMERT, MEMBER OF LEX MUNDI Anette Thorburn Henrik Thuesen Kim Trenskow KROMANN REUMERT, MEMBER OF LEX MUNDI Knud Villemoes Hansen NATIONAL SURVEY AND CADASTRE

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Eugene G. Royer EUGENE G. ROYER CHARTERED ARCHITECT Duncan G. Stowe STOWE & CO. Dawn Yearwood YEARWOOD CHAMBERS

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Souleiman Idriss Abdi MSC DJIBOUTI Fatouma Ahmed SERVICE DES DOMAINES, DJIBOUTI Houmed Abdallah Bourhan CONSERVATION FONCIERE, DJIBOUTI Wabat Daoud AVOCAT À LA COUR Bruno Detroyat SOCIÉTÉ MARITIME L. SAVON & RIES Daniel Dubois ATELIER D’ARCHITECTURE Hassam Mohamed Egaeh DIRECTION LEGISLATION & CONTENTIEUX DE LA DIRECTIONS DES IMPOTS Félix Emok N’Dolo CHD GROUP Mourad Farah Malik Garad BANQUE CENTRALE DE DJIBOUTI Habib Ibrahim Mohamed DIRECTION DE L’HABITAT ET DE L’URBANISME Ismael Mahamoud UNIVERSITE DE DJIBOUTI Fatouma Mahamoud Hassan Alain Martinet CABINET D’AVOCATS MARTINET & MARTINET Marie-Paule Martinet CABINET D’AVOCATS MARTINET & MARTINET Mayank Metha SOCIÉTÉ MARITIME L. SAVON & RIES Ibrahim Mohamed Omar CABINET CECA Abdallah Mohammed Kamil ETUDE NOTARIALE Mohamed Omar Mohamed Ahmed Osman BANQUE CENTRALE DE DJIBOUTI Lantosoa Hurﬁn Ralaiarinosy GROUPEMENT COSMEZZ DJIBOUTI S.A. Harilalao Ravalison CABINET D’AVOCATS MARTINET & MARTINET Aicha Youssouf Abdi CABINET CECA

Pavlína Mišutová WHITE & CASE Marie Mrázková PETERKA & PARTNERS Lenka Mrazova PWC CZECH REPUBLIC David Musil PWC CZECH REPUBLIC Jarmila Musilova CZECH NATIONAL BANK Lenka Navrátilová AMBRUZ & DARK LAW FIRM Robert Nemec PRK PARTNERS S.R.O. ADVOKÁTNÍ
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Rhadys Abreu de Polanco UNION INTERNACIONAL DEL NOTARIADO LATINO Cristian Alvarez RC ADVISORS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Odalys Burgos PWC DOMINICAN REPUBLIC Ana Isabel Caceres TRONCOSO Y CACERES Giselle Castillo SUPERINTENDENCIA DE BANCOS Ramon Ceballos CEBALLOS & SÁNCHEZ, INGENIERÍA Y ENERGÍA, C. POR A. Laureana Corral DANNA CONSULTING Mariano Corral DANNA CONSULTING Leandro Corral ESTRELLA & TUPETE José Cruz Campillo JIMÉNEZ CRUZ PEÑA Robinson Cuello Shanlatte PROGRAMA DE CONSOLIDACION DE LA JURISDICCION INMOBILIARIA PODER JUDICIAL Richard De la Cruz RC ADVISORS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Marcos de Leon SUPERINTENDENCIA DE BANCOS Sarah de León Perelló HEADRICK RIZIK ALVAREZ & FERNÁNDEZ Raúl De Moya ARQUITECTURA & PLANIFICACIÓN Juan Carlos De Moya GONZÁLEZ & COISCOU Rosa Díaz JIMÉNEZ CRUZ PEÑA Ana Esther Dominguez BIAGGI & MESSINA Joaquín Guillermo Estrella Ramia ESTRELLA & TUPETE Alejandro Fernández de Castro PWC DOMINICAN REPUBLIC Mary Fernández Rodríguez HEADRICK RIZIK ALVAREZ & FERNÁNDEZ Jose Ernesto Garcia A. TRANSGLOBAL LOGISTIC Gloria Gasso HEADRICK RIZIK ALVAREZ & FERNÁNDEZ Jetti Gomez BIAGGI & MESSINA Pablo Gonzalez Tapia GONZÁLEZ & COISCOU Ralvin Gross HEADRICK RIZIK ALVAREZ & FERNÁNDEZ Luis Heredia Bonetti RUSSIN & VECCHI, LLC. María Elisa Holguín López RUSSIN & VECCHI, LLC. José Antonio Logroño Morales ADAMS GUZMAN & LOGROÑO José Ramón Logroño Morales ADAMS GUZMAN & LOGROÑO Annie Luna PELLERANO & HERRERA, MEMBER OF LEX MUNDI

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Martina Pavelkova PANALPINA CZECH S.R.O. Marketa Penazova AMBRUZ & DARK LAW FIRM Veronika Plešková HAVEL, HOLÁSEK & PARTNERS S.R.O.,
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Pavel Ficek PANALPINA CZECH S.R.O. Michal Forýtek KINSTELLAR Jakub Hajek AMBRUZ & DARK LAW FIRM Michal Hanko BUBNIK, MYSLIL & PARTNERS Jarmila Hanzalova PRK PARTNERS S.R.O. ADVOKÁTNÍ
KANCELÁŘ

Jan Procházka AMBRUZ & DARK LAW FIRM Markéta Protivankova VEJMELKA & WÜNSCH, S.R.O. Zdenek Rosicky SQUIRE, SANDERS & DEMPSEY, V.O.S.
ADVOKÁTNÍ KANCELÁŘ

Jitka Hlavova PRK PARTNERS S.R.O. ADVOKÁTNÍ
KANCELÁŘ

Petra Schneiderova AMBRUZ & DARK LAW FIRM Paul Sestak WOLF THEISS Leona Ševčíková PANALPINA CZECH S.R.O. Robert Sgariboldi PANALPINA CZECH S.R.O. Dana Sládečková CZECH NATIONAL BANK Ladislav Smejkal WHITE & CASE Petra Sochorova HAVEL, HOLÁSEK & PARTNERS S.R.O.,
ADVOKÁTNÍ KANCELÁŘ

Vít Horáček GLATZOVÁ & CO. Radek Horký NOTARY CHAMBER, CZECH REPUBLIC Michal Hrnčíř AMBRUZ & DARK LAW FIRM Pavel Jakab PETERKA & PARTNERS Kateřina Jarolímková NOTÁŘSKÁ KOMORA ČESKÉ REPUBLIKY Ludvik Juřička AMBRUZ & DARK LAW FIRM Jitka Korejzova PRK PARTNERS S.R.O. ADVOKÁTNÍ
KANCELÁŘ

Erik Steger WOLF THEISS Martin Štěpaník PETERKA & PARTNERS Paul Stewart PWC CZECH REPUBLIC Stanislav Travnicek ENERGY REGULATOR OFFICE CZECH REPUBLIC Růžena Trojánková KINSTELLAR Klara Valentova AMBRUZ & DARK LAW FIRM Ludek Vrána VRÁNA & PELIKÁN Vaclav Zaloudek WHITE & CASE

Adela Krbcová PETERKA & PARTNERS Martin Krechler GLATZOVÁ & CO. Tomáš Kren WHITE & CASE Aleš Kubáč AMBRUZ & DARK LAW FIRM Petr Kucera CCB - CZECH CREDIT BUREAU Petr Kuhn WHITE & CASE Bohumil Kunc NOTARY CHAMBER, CZECH REPUBLIC Irena Lazurova LAW OFFICE IRENA LAZUROVA Zuzana Luklova AMBRUZ & DARK LAW FIRM Ondřej Mánek WOLF THEISS Jiří Markvart AMBRUZ & DARK LAW FIRM Peter Maysenhölder BNT - PRAVDA & PARTNER, S.R.O.

DOMINICA
Joelle A.V. Harris HARRIS & HARRIS Jerry Brisbane O.D. BRISBANE & SONS Marvlyn Estrado KPB CHARTERED ACCOUNTANTS F. Adler Hamlet REALCO COMPANY LIMITED Sandra Julien COMPANIES AND INTELLECTUAL PROPERTY OFFICE Charlene Mae Magnaye PWC ST. LUCIA Severin McKenzie MCKENZIE ARCHITECTURAL & CONSTRUCTION SERVICES INC. Richard Peterkin PWC ST. LUCIA Joan K.R. Prevost PREVOST & ROBERTS

DENMARK
Elsebeth Aaes-Jørgensen NORRBOM VINDING, MEMBER OF IUS LABORIS Niels Bang GORRISSEN FEDERSPIEL Thomas Bang LETT LAW FIRM Peter Bang PLESNER

ACKNOWLEDGMENTS

163

Fernando Marranzini HEADRICK RIZIK ALVAREZ & FERNÁNDEZ Carlos Marte AGENCIA DE COMERCIO EXTERIOR CM Jesús Geraldo Martínez SUPERINTENDENCIA DE BANCOS Laura Medina JIMÉNEZ CRUZ PEÑA Fabiola Medina MEDINA & RIZEK, ABOGADOS Doris Miranda GONZÁLEZ & COISCOU Natia Núñez HEADRICK RIZIK ALVAREZ & FERNÁNDEZ Ramón Ortega PWC DOMINICAN REPUBLIC Andrea Paniagua PWC DOMINICAN REPUBLIC Luis R. Pellerano PELLERANO & HERRERA, MEMBER OF LEX MUNDI Carolina Pichardo BIAGGI & MESSINA Edward Piña Fernandez BIAGGI & MESSINA Julio Pinedo PWC DOMINICAN REPUBLIC Maria Portes CASTILLO Y CASTILLO Alejandro Miguel Ramirez Suzaña RAMIREZ SUZAÑA & ASOC. Nelson Rodriguez GAMEI Wendy Sánchez TRANSUNION Carolina Silié HEADRICK RIZIK ALVAREZ & FERNÁNDEZ Maricell Silvestre Rodriguez JIMÉNEZ CRUZ PEÑA Juan Tejada PWC DOMINICAN REPUBLIC Vilma Verras Terrero JIMÉNEZ CRUZ PEÑA Nathalie Vidal GONZÁLEZ & COISCOU Chery Zacarías MEDINA & RIZEK, ABOGADOS

Miguel Falconi-Puig FALCONI PUIG ABOGADOS Martin Galarza Lanas PUENTE REYES & GALARZA ATTORNEYS AT LAW CIA. LTDA. Leopoldo González R. PAZ HOROWITZ ABOGADOS Alvaro Jarrín SUPERINTENDENCIA DE BANCOS Y SEGUROS María Isabel Machado Tovar FALCONI PUIG ABOGADOS Juan Manuel Marchán PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF LEX MUNDI Luis Marin-Tobar PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF LEX MUNDI Sansone Massimiliano Romina Meuti PWC ECUADOR Francisco Javier Naranjo Grijalva PAZ HOROWITZ ABOGADOS María Dolores Orbe VIVANCO & VIVANCO Esteban Ortiz PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF LEX MUNDI Pablo Padilla Muirragui ECUADOR CARGO SYSTEM Jorge Paz Durini PAZ HOROWITZ ABOGADOS Bruno Pineda-Cordero PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF LEX MUNDI Xavier Amador Pino ESTUDIO JURIDICO AMADOR Daniel Pino Arroba CORONEL Y PÉREZ Ramiro Pinto PINTO & GARCES ASOC. CIA LTDA., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Patricia Ponce Arteta BUSTAMANTE & BUSTAMANTE Juan Carlos Proaño PANALPINA WORLD TRANSPORT LLP Angel Alfonso Puente Reyes PUENTE REYES & GALARZA ATTORNEYS AT LAW CIA. LTDA. Juan Jose Puente Reyes PUENTE REYES & GALARZA ATTORNEYS AT LAW CIA. LTDA. Falconi Puig FALCONI PUIG ABOGADOS Sandra Reed PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF LEX MUNDI Gustavo Romero ROMERO ARTETA PONCE Montserrat Sánchez CORONEL Y PÉREZ Michelle Semanate FALCONI PUIG ABOGADOS Leonardo Sempértegui SEMPÉRTEGUI ONTANEDA Esteban Alejandro Torres Valencia PUENTE REYES & GALARZA ATTORNEYS AT LAW CIA. LTDA. Ruth Urbano SEMPÉRTEGUI ONTANEDA

Ghada Abdel Aziz IBRACHY & DERMARKAR LAW FIRM Sara Abdel Gabbar NOUR LAW OFFICE, MANAGED BY TROWERS & HAMLINS Ibrahim Mustafa Ibrahim Abdel Khalek GENERAL AUTHORITY FOR INVESTMENT GAFI Sayed Abuelkomsan MINISTRY OF INDUSTRY AND FOREIGN TRADE Nermine Abulata MINISTRY OF INDUSTRY AND FOREIGN TRADE Ghada Adel PWC EGYPT Shaimaa Ali MINISTRY OF INDUSTRY AND FOREIGN TRADE Osama Abd Al-Monem MINISTRY OF INDUSTRY AND FOREIGN TRADE Abdoul Karim Alpha Gado GEREC-AFRIKIYA Abd El Wahab Aly Ibrahim ABD EL WAHAB SONS Sarah Ammar AL KAMEL LAW OFFICE Sayed Ammar AL KAMEL LAW OFFICE Tim Armsby NOUR LAW OFFICE, MANAGED BY TROWERS & HAMLINS Khaled Balbaa KPMG Karim Dabbous SHERIF DABBOUS, AUDITORS & FINANCIAL CONSULTANCIES, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Sherif Dabbous SHERIF DABBOUS, AUDITORS & FINANCIAL CONSULTANCIES, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Sameh Dahroug IBRACHY & DERMARKAR LAW FIRM Abdallah El Adly PWC EGYPT Amany El Bagoury AL KAMEL LAW OFFICE Cherine El Dib SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Ahmed El Gammal SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Mohamed Refaat El Houshy THE EGYPTIAN CREDIT BUREAU I-SCORE Hassan El Maraashly AAW CONSULTING ENGINEERS Zienab El Oraby SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Emad El Shalakany 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 Soheir Elbanna IBRACHY LAW FIRM Samir El-Gammal MINISTRY OF INDUSTRY AND FOREIGN TRADE

Ashraf Elibrachy IBRACHY LAW FIRM Sara Elmatbouly NOUR LAW OFFICE, MANAGED BY TROWERS & HAMLINS Rana Elnahal IBRACHY LAW FIRM Mostafa Elshafei IBRACHY LAW FIRM Amany Elwessal MINISTRY OF INDUSTRY AND FOREIGN TRADE Hassan Fahmy MINISTRY OF INVESTMENT Mariam Fahmy SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Ghada Farouk SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Tarek Gadallah IBRACHY LAW FIRM Ashraf Gamal El-Din EGYPTIAN INSTITUTE OF DIRECTORS Mahmoud Gamal El-Din MINISTRY OF INDUSTRY AND FOREIGN TRADE Dena Ghobashy DLA MATOUK BASSIOUNY (PART OF DLA PIPER GROUP) Zeinab Saieed Gohar CENTRAL BANK OF EGYPT Mohamed Gomaa Ali MINISTRY OF INDUSTRY AND FOREIGN TRADE Farah Ahmed Haggag MINISTRY OF INDUSTRY AND FOREIGN TRADE Mohamed Hashish TELELAWS Maha Hassan AFIFI WORLD TRANSPORT ALEXANDRIA Emad Hassan MINISTRY OF STATE FOR ADMINISTRATIVE DEVELOPMENT Tarek Hassib AL KAMEL LAW OFFICE Omneia Helmy EGYPTIAN CENTER FOR ECONOMIC STUDIES Mohamed Hisham Hassan MINISTRY OF INVESTMENT Mohamed Ibrahim DLA MATOUK BASSIOUNY (PART OF DLA PIPER GROUP) Badawi Ibrahim MINISTRY OF INDUSTRY AND FOREIGN TRADE Ahmed Ibrahim NOUR LAW OFFICE, MANAGED BY TROWERS & HAMLINS Stephan Jäger AMERELLER RECHTSANWÄLTE Mohamed Kamal SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Mohamed Kamel AL KAMEL LAW OFFICE Shahira Khaled AL KAMEL LAW OFFICE Mohanad Khaled BDO, KHALED & CO. Taha Khaled BDO, KHALED & CO. Minas Khatchadourian EGYPT LEGAL DESK Adel Kheir ADEL KHEIR LAW OFFICE

Mustafa Makram BDO, KHALED & CO. John Matouk DLA MATOUK BASSIOUNY (PART OF DLA PIPER GROUP) Mostafa Mostafa AL KAMEL LAW OFFICE Mostafa Mohamed Mostafa AL KAMEL LAW OFFICE Marwa Omara TELELAWS Alya Rady MINISTRY OF INDUSTRY AND FOREIGN TRADE Mohamed Ramadan DLA MATOUK BASSIOUNY (PART OF DLA PIPER GROUP) Ingy Rasekh MENA ASSOCIATES, MEMBER OF AMERELLER RECHTSANWÄLTE Menha Samy IBRACHY & DERMARKAR LAW FIRM Mohamed Serry SERRY LAW OFFICE Mohamed Shaﬁk MINISTRY OF INDUSTRY AND FOREIGN TRADE Abdallah Shalash ABDALLAH SHALASH & CO. (CHARTERED ACCOUNTANTS - TAX CONSULTANTS BUSINESS ADVISORS) Ramy Shalash ABDALLAH SHALASH & CO. (CHARTERED ACCOUNTANTS - TAX CONSULTANTS BUSINESS ADVISORS) Abdelrahman Sherif MENA ASSOCIATES, MEMBER OF AMERELLER RECHTSANWÄLTE Omar Sherif SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Adham Shetehy AASTMT Sharif Shihata SHALAKANY LAW OFFICE, MEMBER OF LEX MUNDI Frédéric Soliman TELELAWS Emile Tadros TADROS & KHATCHADOURIAN LAW FIRM Amira Thabet SHERIF DABBOUS, AUDITORS & FINANCIAL CONSULTANCIES, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Randa Tharwat NACITA CORPORATION Tarek Zahran AL KAMEL LAW OFFICE Mona Zobaa MINISTRY OF INVESTMENT

ECUADOR ACREDITA BURÓ DE INFORMACIÓN CREDITICIA S.A.
EMPRESA ELÉCTRICA “QUITO” S.A.
Pablo Aguirre PWC ECUADOR Gerardo Aguirre VIVANCO & VIVANCO Natalia Almeida PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF LEX MUNDI Xavier Bravo SUPERINTENDENCIA DE BANCOS Y SEGUROS Xavier Andrade Cadena ANDRADE VELOZ & ASOCIADOS Patricio Carrion Pablo Chiriboga Dechiara PUENTE REYES & GALARZA ATTORNEYS AT LAW CIA. LTDA. Fernando Coral PANALPINA WORLD TRANSPORT LLP Lucía Cordero Ledergerber FALCONI PUIG ABOGADOS Renato Coronel PINTO & GARCES ASOC. CIA LTDA, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Fernando Del Pozo Contreras GALLEGOS, VALAREZO & NEIRA

EL SALVADOR
Miguel Angel ALE CARGO S.A. DE C.V. Ana Margoth Arévalo SUPERINTENDENCIA DEL SISTEMA FINANCIERO Francisco Armando Arias Rivera ARIAS & MUÑOZ Irene Arrieta de Díaz Nuila ARRIETA BUSTAMANTE Francisco José Barrientos AGUILAR CASTILLO LOVE Abraham Bichara AES EL SALVADOR Carlos Roberto Alfaro Castillo AGUILAR CASTILLO LOVE Francesca Cedrola PWC EL SALVADOR

EGYPT, ARAB REP. TALAL ABU GHAZALEH LEGAL (TAG-LEGAL)
Abdel Aal Aly AFIFI WORLD TRANSPORT ALEXANDRIA Naguib Abadir NACITA CORPORATION

164

DOING BUSINESS 2012

Ricardo Cevallos CONSORTIUM CENTRO AMÉRICA ABOGADOS Walter Chávez GOLD SERVICE David Claros GARCÍA & BODÁN Porﬁrio Diaz Fuentes DLM, ABOGADOS, NOTARIOS & CONSULTORES Gabriel Dominguez RUSCONI, MEDINA & ASOCIADOS Roberta Gallardo de Cromeyer ARIAS & MUÑOZ Carlos Hernán Gil LEXINCORP Karla Guzmán Martinez ARRIETA BUSTAMANTE Erwin Alexander Haas Quinteros RUSCONI, MEDINA & ASOCIADOS Carlos Henriquez GOLD SERVICE America Hernandez ALE CARGO S.A. DE C.V. Luis Lievano ASSOCIACION DE INGENIEROS Y ARQUITECTOS Thelma Dinora Lizama de Osorio SUPERINTENDENCIA DEL SISTEMA FINANCIERO Jerson Lopez GOLD SERVICE Mario Lozano ARIAS & MUÑOZ Mónica Pineda Machuca Fidel Márquez ARIAS & MUÑOZ Luis Alonso Medina Lopez RUSCONI, MEDINA & ASOCIADOS Astrud María Meléndez ASOCIACIÓN PROTECTORA DE CRÉDITOS DE EL SALVADOR (PROCREDITO) Mauricio Melhado GOLD SERVICE Camilo Mena GOLD SERVICE Antonio R. Mendez Llort ROMERO PINEDA & ASOCIADOS, MEMBER OF LEX MUNDI Edgar Mendoza PWC GUATEMALA Miriam Eleana Mixco Reyna GOLD SERVICE Jocelyn Mónico AGUILAR CASTILLO LOVE Fernando Montano ARIAS & MUÑOZ Ramón Ortega PWC DOMINICAN REPUBLIC Andrea Paniagua PWC DOMINICAN REPUBLIC Jessica Margarita Pineda Machuca ACZALAW Jose Antonio Polanco LEXINCORP Ana Patricia Portillo Reyes GUANDIQUE SEGOVIA QUINTANILLA Hector Rios CONSORTIUM CENTRO AMÉRICA ABOGADOS Emilio Rivera PWC EL SALVADOR Flor de Maria Rodriguez ARIAS & MUÑOZ

Roxana Romero ROMERO PINEDA & ASOCIADOS, MEMBER OF LEX MUNDI Kelly Beatriz Romero RUSCONI, MEDINA & ASOCIADOS Mario Enrique Sáenz SÁENZ & ASOCIADOS Ana Guadalupe Sáenz Padilla SÁENZ & ASOCIADOS Oscar Samour CONSORTIUM CENTRO AMÉRICA ABOGADOS Alonso V. Saravia ASOCIACIÓN SALVADOREÑA DE INGENIEROS Y ARQUITECTOS (ASIA) Manuel Telles Suvillaga LEXINCORP Oscar Torres GARCÍA & BODÁN María Alejandra Tulipano CONSORTIUM CENTRO AMÉRICA ABOGADOS Mauricio Antonio Urrutia SUPERINTENDENCIA DEL SISTEMA FINANCIERO Julio Vargas GARCÍA & BODÁN Juan Vásquez GOLD SERVICE Rene Velasquez ARIAS & MUÑOZ Luis Mario Villalta CONSORTIUM CENTRO AMÉRICA ABOGADOS Ligia Villeda ARRIETA BUSTAMANTE

Berhane Gila-Michael BERHANE GILA-MICHAEL LAW FIRM Fessahaie Habte ATTORNEY-AT-LAW AND LEGAL CONSULTANT Mulgheta Hailu TEFERI BERHANE & MULGHETA HAILU LAW FIRM Tekeste Mesghenna MTD ENTERPRISES PLC Akberom Tedla CHAMBER OF COMMERCE Isac Tesfazion

Tanja Kriisa PWC ESTONIA Paul Künnap LAW FIRM SORAINEN Timo Kullerkupp MAQS LAW FIRM Piia Kulm LEXTAL LAW OFFICE Peeter Kutman ATTORNEYS AT LAW BORENIUS Priit Lepasepp LAW FIRM SORAINEN Erik Lepik LAWIN Gerda Liik RAIDLA LEJINS & NORCOUS Liina Linsi LAWIN Karin Madisson LAW FIRM SORAINEN Mart Maidla EESTI ENERGIA JAOTUSVÕRK OÜ (DISTRIBUTION GRID) Olger Marjak LAW OFFICE TARK GRUNTE SUTKIENE Marko Mehilane LAWIN Veiko Meos KREDIIDIINFO A.S. Jaanus Mody ATTORNEYS AT LAW BORENIUS Margus Mugu ATTORNEYS AT LAW BORENIUS Arne Ots RAIDLA LEJINS & NORCOUS Karina Paatsi ATTORNEYS AT LAW BORENIUS Priit Pahapill ATTORNEYS AT LAW BORENIUS Sven Papp RAIDLA LEJINS & NORCOUS Evelin Pärn-Lee MAQS LAW FIRM Kirsti Pent LAW OFFICE TARK GRUNTE SUTKIENE Leho Pihkva LAW FIRM SORAINEN Tiina Pukk LEXTAL LAW OFFICE Kristiina Puuste KPMG Kaidi Reiljan-Sihvart LAWIN Dmitri Rozenblat LAWIN Merle Saaliste LAW FIRM SORAINEN Piret Saartee Katrin Sarap MAQS LAW FIRM Martin Simovart LAWIN Monika Tamm LAWIN Tarvi Thomberg EESTI ENERGIA JAOTUSVÕRK OÜ (DISTRIBUTION GRID) Holger Tilk LAWIN Villi Tõntson PWC ESTONIA Triin Toomemets LAW FIRM SORAINEN

Veikko Toomere MAQS LAW FIRM Karolina Ullman MAQS LAW FIRM Neve Uudelt RAIDLA LEJINS & NORCOUS Ingmar Vali REGISTRITE JA INFOSUSTEEMIDE KESKUS Aleksander Vares LAW OFFICE VARES & PARTNERID Mirjam Vili BNT KLAUBERG KRAUKLIS ADVOKAADIBÜROO Ago Vilu PWC ESTONIA Vesse Võhma LAWIN Urmas Volens LAW FIRM SORAINEN Joel Zernask KPMG

ESTONIA ESTONIAN LOGISTICS AND FREIGHT FORWARDING ASSOCIATION
Ott Aava ATTORNEYS AT LAW BORENIUS Katrin Altmets LAW FIRM SORAINEN Aet Bergmann LAW OFFICE BERGMANN Mark Butzmann BNT KLAUBERG KRAUKLIS ADVOKAADIBÜROO Jane Eespõld LAW FIRM SORAINEN Indrek Ergma LAW FIRM SORAINEN Alger Ers AE PROJEKTI INSENER Diana Freivald MINISTRY OF JUSTICE Helen Ginter LAW FIRM SORAINEN Heili Haabu ATTORNEYS AT LAW BORENIUS Kristjan Hänni KAWE KAPITAL Pirkko-Liis Harkmaa LAWIN Triinu Hiob LAWIN Risto Hübner LAW OFFICE TARK GRUNTE SUTKIENE Annika Jaanson ATTORNEYS AT LAW BORENIUS Andres Juss ESTONIAN LAND BOARD Riina Käämer LAW OFFICE VARES & PARTNERID Erica Kaldre HOUGH, HUTT & PARTNERS OU Helerin Kaldvee RAIDLA LEJINS & NORCOUS Aidi Kallavus KPMG Meelis Kaps EESTI ENERGIA JAOTUSVÕRK OÜ (DISTRIBUTION GRID) Kadri-Catre Kasak MINISTRY OF JUSTICE Kersti Kerstna-Vaks TARTU COUNTY COURT Kilvar Kessler LAW OFFICE TARK GRUNTE SUTKIENE Gerli Kilusk LAWIN Igor Kostjuk HOUGH, HUTT & PARTNERS OU Villu Kõve ESTONIAN SUPREME COURT Ksenia Kravtshenko LAW OFFICE VARES & PARTNERID

ETHIOPIA ERNST & YOUNG
Woubishet Amanuel BETE SAM PLC Nassir Jemal Amdehun AMDEHUN GENERAL TRADING Bekure Assefa BEKURE ASSEFA LAW OFFICE Teshome Gabre-Mariam Bokan TESHOME GABRE-MARIAM LAW FIRM Tesfaye Dagnachew DAGNACHEW TESFAYE LAW OFFICE Teferra Demiss LEGAL AND INSURANCE CONSULTANT AND ATTORNEY Solomon Desta NATIONAL BANK OF ETHIOPIA Berhane Ghebray BERHANE GHEBRAY & ASSOCIATES Zekarias Keneaa ADDIS ABABA UNIVERSITY Taddesse Lencho ADDIS ABABA UNIVERSITY Molla Mengistu ADDIS ABABA UNIVERSITY Belachew Moges EEPCO. Hailye Sahle Seifu ATTORNEY-AT-LAW Eyasu Tequame JEHOIACHIN TECHNO PVT. LTD. CO. Elias Tesfaye NATIONAL BANK OF ETHIOPIA Amanuel Teshome AMAN & PARTNERS Meheret Tewodros ADDIS ABABA UNIVERSITY Shimelis Tilahun NET CONSULT Abuye Tsehay UNIVERSITY OF TRENTO Merga Wakweya NATIONAL BANK OF ETHIOPIA

EQUATORIAL GUINEA LA BANQUE DES ETATS DE L’AFRIQUE CENTRALE
SEGESA (SOCIEDAD DE ELECTRICIDAD DE GUINEA ECUATORIAL)
Angel Mba Abeso CENTURION LLP Gabriel Amugu INTERACTIVOS GE N.J. Ayuk CENTURION LLP Eddy Garrigo PRICEWATERHOUSECOOPERS TAX & LEGAL SARL Sébastien Lechêne PRICEWATERHOUSECOOPERS TAX & LEGAL SARL Paulino Mbo Obama OFICINA DE ESTUDIEOS - ATEG François Münzer PRICEWATERHOUSECOOPERS TAX & LEGAL SARL Maria Nchana CENTURION LLP Gustavo Ndong Edu AFRI LOGISTICS Jacinto Ona CENTURION LLP

ERITREA BERHANE WOLDU, WITH THE SUPPORT OF ERNST & YOUNG
Rahel Abera BERHANE GILA-MICHAEL LAW FIRM Senai Andemariam UNIVERSITY OF ASMARA Tadesse Beraki Biniam Fessehazion Ghebremichael ERITREAN AIRLINES Tesfai Ghebrehiwet DEPARTMENT OF ENERGY

FIJI ERNST & YOUNG
David Aidney WILLIAMS & GOSLING LTD. Caroll Sela Ali CROMPTONS SOLICITORS Eddielin Almonte PWC FIJI Lisa Apted KPMG

ACKNOWLEDGMENTS

165

Jon Apted MUNRO LEYS Nehla Basawaiya MUNRO LEYS Mahendra Chand MUNRO LEYS Jeremy Chang SUVA CITY COUNCIL William Wylie Clarke HOWARDS LAWYERS Delores Elliott Isireli Fa THE FIJI LAW SOCIETY / FA & COMPANY BARRISTERS & SOLICITORS Vamarasi Faktaufon Q. B. BALE & ASSOCIATES Florence Fenton MUNRO LEYS Dilip Jamnadas JAMNADAS AND ASSOCIATES Jerome Kado PWC FIJI Viren Kapadia SHERANI & CO. Releshni Karan MISHRA PRAKASH & ASSOCIATES Usenia Losalini MINISTRY OF JUSTICE Paul McDonnell CROMPTONS SOLICITORS Richard Naidu MUNRO LEYS Anuleshni Neelum Neelta NEELTA LAW Jon Orton ORTON ARCHITECTS Pradeep Patel PKF INTERNATIONAL Ramesh Prakash MISHRA PRAKASH & ASSOCIATES Ramesh Prasad Lal CARPENTERS SHIPPING Colin Radford LARSEN HOLTEN MAYBIN & COMPANY LTD. Abhi Ram COMPANIES REGISTRAR Varun Shandil MUNRO LEYS Shelvin Singh PARSHOTAM & CO. James Sloan SIWATIBAU & SLOAN Narotam Solanki PWC FIJI Shayne Sorby MUNRO LEYS Mark Swamy LARSEN HOLTEN MAYBIN & COMPANY LTD. Eparama Tawake FEA (FIJI ELECTRICITY AUTHORITY) Vulisere Tukama SUVA CITY COUNCIL Chirk Yam PWC FIJI Eddie Yuen WILLIAMS & GOSLING LTD.

Manne Airaksinen ROSCHIER ATTORNEYS LTD., MEMBER OF LEX MUNDI Tuomo Åvall WABUCO OY, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Kasper Björkstén HELEN SÄHKÖVERKKO OY Claudio Busi CASTRÉN & SNELLMAN ATTORNEYS LTD. Marja Eskola PWC FINLAND Johannes Frände ROSCHIER ATTORNEYS LTD., MEMBER OF LEX MUNDI Esa Halmari HEDMAN PARTNERS Pekka Halme Johanna Haltia-Tapio HANNES SNELLMAN LLC Joni Hatanmaa HEDMAN PARTNERS Berndt Heikel HANNES SNELLMAN LLC Leenamaija Heinonen ROSCHIER ATTORNEYS LTD., MEMBER OF LEX MUNDI Harri Hirvonen PWC FINLAND Jani Hovila HANNES SNELLMAN LLC Mia Hukkinen ROSCHIER ATTORNEYS LTD., MEMBER OF LEX MUNDI Nina Isokorpi ROSCHIER ATTORNEYS LTD., MEMBER OF LEX MUNDI Pekka Jaatinen CASTRÉN & SNELLMAN ATTORNEYS LTD. Nina Järvinen CARGOWORLD AB/OY Juuso Jokela SUOMEN ASIAKASTIETO OY Tanja Jussila WASELIUS & WIST Sakari Kauppinen NATIONAL BOARD OF PATENTS & REGISTRATION Aki Kauppinen ROSCHIER ATTORNEYS LTD., MEMBER OF LEX MUNDI Antti Kivipuro ENERGY MARKET AUTHORITY Gisela Knuts ROSCHIER ATTORNEYS LTD., MEMBER OF LEX MUNDI Markku Korvenmaa HH PARTNERS, ATTORNEYS-AT-LAW LTD. Arto Kukkonen HH PARTNERS, ATTORNEYS-AT-LAW LTD. Jouni Lehtinen HELEN SÄHKÖVERKKO OY Tiina Leppälahti HELEN SÄHKÖVERKKO OY Jan Lilius HANNES SNELLMAN LLC Patrik Lindfors LINDFORS & CO., ATTORNEYS-AT-LAW LTD. Risto Löf PWC FINLAND Tuomas Lukkarinen NATIONAL LAND SURVEY OF FINLAND Anna Lumijärvi KROGERUS ATTORNEYS LTD. Jyri Makela CONFEDERATION OF FINNISH CONSTRUCTION INDUSTRIES

Kimmo Mettälä KROGERUS ATTORNEYS LTD. Ville Mykkänen WABUCO OY, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Emma Niemistö CASTRÉN & SNELLMAN ATTORNEYS LTD. Linda Nyman WASELIUS & WIST Ilona Paakkala PWC FINLAND Laura Peltonen PWC FINLAND Elina Pesonen CASTRÉN & SNELLMAN ATTORNEYS LTD. Ilkka Pesonen WABUCO OY, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Markku Pulkkinen HEDMAN PARTNERS Mikko Reinikainen PWC FINLAND Veli-Pekka Saajo ENERGY MARKET AUTHORITY Petri Taivalkoski ROSCHIER ATTORNEYS LTD., MEMBER OF LEX MUNDI Seija Vartiainen PWC FINLAND Helena Viita ROSCHIER ATTORNEYS LTD., MEMBER OF LEX MUNDI Anna Vuori HEDMAN PARTNERS Marko Vuori KROGERUS ATTORNEYS LTD. Christoffer Waselius WASELIUS & WIST Gunnar Westerlund ROSCHIER ATTORNEYS LTD., MEMBER OF LEX MUNDI Kai Wist PWC FINLAND

Sylvie Ghesquiere BANQUE DE FRANCE Kevin Grossmann MAYER BROWN Philippe Guibert FIEEC Sabrina Henocq DELSOL AVOCATS Marc Jobert JOBERT & ASSOCIÉS Carol Khoury JONES DAY Daniel Arthur Laprès CABINET D’AVOCATS Julien Maire du Poset SMITH VIOLET Jean-Louis Martin JONES DAY Nathalie Morel MAYER BROWN Jerome Orsel SCHENKER Arnaud Pèdron TAJ, MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Arnaud Pelpel PELPEL AVOCATS Caroline Poncelet MAYER BROWN Hugues Roux BANQUE DE FRANCE Carole Sabbah MAYER BROWN Pierre-Nicolas Sanzey HERBERT SMITH PARIS LLP Isabelle Smith Monnerville SMITH VIOLET Agnes Soizic ASHURST Camille Sparfel CAPSTAN Caroline Stéphane DELSOL AVOCATS Jean Luc Vallens COUR D’APPEL DE COLMAR Philippe Xavier-Bender GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Claire Zuliani TRANSPARENCE, A MEMBER OF RUSSELL BEDFORD INTERNATIONAL

Pélagie Massamba Mouckocko PRICEWATERHOUSECOOPERS TAX & LEGAL SA Jean Mbagou BANQUE INTERNATIONALE POUR LE COMMERCE ET L’INDUSTRIE DU GABON Jean-Joel Mebaley DESTINY EXECUTIVES ARCHITECTS - AGENCE DU BORD DE MER Célestin Ndelia ETUDE MAÎTRE NDELIA CÉLESTIN Ruben Mindonga Ndongo CABINET ME ANGUILER Thierry Ngomo ARCHIPRO INTERNATIONAL Lubin Ntoutoume AVOCAT Josette Cadie Olendo Marie-Jose Ongo Mendou BUSINESS CONSULTING Laurent Pommera PRICEWATERHOUSECOOPERS TAX & LEGAL SA Christophe A. Relongoué PRICEWATERHOUSECOOPERS TAX & LEGAL SA Yala Tchimbakala ETUDE BIKALOU

GAMBIA, THE
Gideon Ayi-Owoo PWC GHANA Christiana Baah PWC GHANA Alpha Amadou Barry DT ASSOCIATES, INDEPENDENT CORRESPONDENCE FIRM OF DELOITTE TOUCHE TOHMATSU LIMITED Amie N.D. Bensouda AMIE BENSOUDA & CO. Abdul Aziz Bensouda Bakary Demba GAMBIA SHIPPING AGENCIES Ida Denise Drameh IDA D. DRAMEH & ASSOCIATES Abdul Aleem Faye GAMBIA SHIPPING AGENCIES Jon Goldy AMIE BENSOUDA & CO. Cherno Alieu Jallow DT ASSOCIATES, INDEPENDENT CORRESPONDENCE FIRM OF DELOITTE TOUCHE TOHMATSU LIMITED Alhaji Jallow 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. Lamin Keita MSITA ENTERPRISE Mary Kwarteng PWC GHANA George Kwatia PWC GHANA Prossie Namakula PWC GHANA Omar Njie LAW FIRM OMAR NJIE Miriam Nortey PWC GHANA

FRANCE ALLEN & OVERY LLP
BRÉMOND & ASSOCIÉS
Anne Antoni GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Nicolas Barberis ASHURST Andrew Booth ANDREW BOOTH ARCHITECT Guillaume Bordier CAPSTAN Franck Buffaud DELSOL AVOCATS Stèphanie Chatelon TAJ, MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Frédérique Chifflot Bourgeois LAWYER AT THE BAR OF PARIS Michel Combe LANDWELL & ASSOCIÉS Raphaëlle de Ruffi de Pontevès LANDWELL & ASSOCIÉS Nicolas Deshayes AJASSOCIÉS Olivier Everaere AGENCE EPURE SARL Benoit Fauvelet BANQUE DE FRANCE Ingrid Fauvelière GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI

GABON LA BANQUE DES ETATS DE L’AFRIQUE CENTRALE
NOTARY
Marcellin Massila Akendengue SEEG, SOCIÉTÉ D’ENERGIE ET D’EAU DU GABON Gianni Ardizzone SATRAM Marie Carmel Ketty Ayimambenwe BANQUE INTERNATIONALE POUR LE COMMERCE ET L’INDUSTRIE DU GABON Albert Bikalou ETUDE BIKALOU Benoît Boulikou SEEG, SOCIÉTÉ D’ENERGIE ET D’EAU DU GABON Daniel Chevallon MATELEC Gilbert Erangah ETUDE MAÎTRE ERANGAH Augustin Fang Michael Jeannot MATELEC

FINLAND
Markku Aaltonen CONFEDERATION OF FINNISH CONSTRUCTION INDUSTRIES Ville Ahtola CASTRÉN & SNELLMAN ATTORNEYS LTD. Mikko Äijälä KROGERUS ATTORNEYS LTD.

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Mary Abdoulie Samba-Christensen LEGAL PRACTITIONER Hawa Sisay-Sabally LAWYER Salieu Taal TEMPLE LEGAL PRACTITIONERS Darcy White PWC GHANA

Tinatin Petriashvili MGALOBLISHVILI, KIPIANI, DZIDZIGURI (MKD) LAW FIRM Irakli Pipia DLA PIPER GEORGIA LP Joseph Salukvadze TBILISI STATE UNIVERSITY Natia Samushia CHANCELLERY OF THE GOVERNMENT OF GEORGIA Manzoor Shah GLOBALINK LOGISTICS GROUP Vakhtang Shevardnadze MGALOBLISHVILI, KIPIANI, DZIDZIGURI (MKD) LAW FIRM Manana Shurghulaia AGENCY FOR FREE TRADE AND COMPETITION Eka Siradze GRATA GEORGIA LLC Rusa Sreseli GDC SOLUTIONS Avto Svanidze DLA PIPER GEORGIA LP Anna Tabidze MGALOBLISHVILI, KIPIANI, DZIDZIGURI (MKD) LAW FIRM Altaf Tapia PWC GEORGIA Tamara Tevdoradze BGI LEGAL Tato Urjumelashvili STATE PROCUREMENT AGENCY

Markus J. Goetzmann C·B·H RECHTSANWÄLTE Andrea Gruss MERGET + PARTNER Klaus Günther OPPENHOFF & PARTNER Henrich C. Heggemann GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Ilka Heinemeyer SJ BERWIN LLP Manfred Heinrich DEUTSCHE BUNDESBANK Silvanne Helle OPPENHOFF & PARTNER Götz-Sebastian Hök DR. HÖK STIEGLMEIER & PARTNER Peter Holzhäuser PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Markus Jakoby JAKOBY RECHTSANWÄLTE Christof Kautzsch SALANS Henrik Kirchhoff LATHAM & WATKINS LLP Britta Klatte SCHUFA HOLDING AG Johann Klein BEEH & HAPPICH GMBH WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT STEUERBERATUNGSGESELLSCHAFT, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Jörg Kraffel WHITE & CASE Holger Kühl GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Carsten Liersch GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Peter Limmer NOTARE DR. LIMMER & DR. FRIEDERICH Frank Lohrmann CLEARY GOTTLIEB STEEN & HAMILTON LLP Cornelia Marquardt NORTON ROSE Jan Geert Meents DLA PIPER UK LLP Dirk Meyer-Claassen SENATSVERWALTUNG FÜR STADTENTWICKLUNG BERLIN Thomas Miller KROHN RECHTSANWÄLTE Peter Mussaeus PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Eike Najork C·B·H RECHTSANWÄLTE Wolfgang Nardi KIRKLAND & ELLIS LLP GERMANY MUNICH Dirk Otto NORTON ROSE LLP Laura Pﬁrrmann CLEARY GOTTLIEB STEEN & HAMILTON LLP Peter Polke CLEARY GOTTLIEB STEEN & HAMILTON LLP Sebastian Prügel WHITE & CASE Jörn Radloff PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT

Michael Rinas PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Michael Roemer VATTENFALL EUROPE DISTRIBUTION HAMBURG GMBH Christoph Schauenburg CLEARY GOTTLIEB STEEN & HAMILTON LLP Ulrich Schroeder GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Thomas Schulz NÖRR STIEFENHOFER LUTZ, MEMBER OF LEX MUNDI Kirstin Schwedt LINKLATERS LLP Ingrid Seitz DEUTSCHE BUNDESBANK Hyeon-Won Song PWC GERMANY Kai Sebastian Staak PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Susanne Stellbrink PWC GERMANY Dirk Stiller PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Dieter Straub Tobias Taetzner PWC GERMANY Nora Thies GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Holger Thomas SJ BERWIN LLP Matthias Thorns BDA | CONFEDERATION OF GERMAN EMPLOYERS Arne Vogel PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Heiko Vogt PANALPINA WELTTRANSPORT GMBH Annekatren Werthmann-Feldhues PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Gerlind Wisskirchen CMS HASCHE SIGLE Uwe Witt PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Christian Zeissler C·B·H RECHTSANWÄLTE

Kweku Ainuson MISSISSIPPI STATE UNIVERSITY Godwin Prince 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 LAWFIELDS CONSULTING Fred Asiamah-Koranteng BANK OF GHANA Elsie A. Awadzi LAWFIELDS CONSULTING Gideon Ayi-Owoo PWC GHANA Christiana Baah PWC GHANA Rachel Baddoo LARYEA, LARYEA & CO. P.C. Ellen Bannerman BRUCE-LYLE BANNERMAN & ASSOCIATES Reginald Bannerman BRUCE-LYLE BANNERMAN & ASSOCIATES Kojo Bentsi-Enchill BENTSI-ENCHILL, LETSA & ANKOMAH, MEMBER OF LEX MUNDI Joe Biney BAJ FREIGHT & LOGISTICS Binditi Chitor AB LEXMALL & ASSOCIATES Nana Ato Dadzie AB LEXMALL & ASSOCIATES Ras Afful Davis CLIMATE SHIPPING & TRADING Appiah Densu APDCONSULT GHANA LTD. Emmanuel Dorsu TOWN AND COUNTRY PLANNING DEPT Clifford Gershon Fiadjoe ANDAH AND ANDAH CHARTERED ACCOUNTANTS Emmanuel Fiati PUBLIC UTILITIES REGULATORY COMMISSION OF GHANA Angela Gyasi BENTSI-ENCHILL, LETSA & ANKOMAH, MEMBER OF LEX MUNDI Adam Imoru-Ayarna SAFMARINE CONTAINER LINES Cynthia Jumu BEYUO JUMU & CO. Farida Karim CROWN AGENTS LTD. Dorothy Kingsley Nyinah COMMERCIAL DIVISION, HIGH COURT Emmanuel Kissi-Boateng PUBLIC UTILITIES REGULATORY COMMISSION OF GHANA Rosa Kudoadzi BENTSI-ENCHILL, LETSA & ANKOMAH, MEMBER OF LEX MUNDI Mary Kwarteng PWC GHANA Emmanuel Manu LAW TRUST COMPANY Prossie Namakula PWC GHANA Miriam Nortey PWC GHANA

GEORGIA
Mushﬁg Aliyev PWC AZERBAIJAN Natalia Babakishvili MGALOBLISHVILI, KIPIANI, DZIDZIGURI (MKD) LAW FIRM Niko Bakashvilli AUDITORIAL FIRM BAKASHVILI & CO. Zaza Bibilashvili BGI LEGAL Temur Bolotashvili USAID ECONOMIC PROSPERITY INITIATIVE Kakha Damenia GDC SOLUTIONS Lasha Gogiberidze BGI LEGAL Mamuka Gordeziani ITM GLOBAL LOGISTICS Bela Gutidze GDC SOLUTIONS Irakli Gvilia ALLIANCE GROUP HOLDING Gia Jandieri NEW ECONOMIC SCHOOL - GEORGIA Revaz Javelidze GRATA GEORGIA LLC Aleksandre Kacharava CHANCELLERY OF THE GOVERNMENT OF GEORGIA David Kakabadze Grigol Kakauridze MINISTRY OF ECONOMIC DEVELOPMENT GEORGIA Mari Khardziani NATIONAL AGENCY OF PUBLIC REGISTRY Victor Kipiani MGALOBLISHVILI, KIPIANI, DZIDZIGURI (MKD) LAW FIRM Anastasia Kipiani PWC GEORGIA Koba Koakhidze JSC CREDIT INFO GEORGIA Sergi Kobakhidze PWC GEORGIA Aieti Kukava ALLIANCE GROUP HOLDING Vakhtang Lejava CHANCELLERY OF THE GOVERNMENT OF GEORGIA Nino Lortkipanidze PWC GEORGIA Vano Mechurchishvili GEORGIA NATIONAL ENERGY AND WATER SUPPLY REGULATORY COMMISSION Ekaterina Meskhidze NATIONAL AGENCY OF PUBLIC REGISTRY Kakhaber Nariashvili Merab Narmania CHANCELLERY OF THE GOVERNMENT OF GEORGIA Vachtang Okreshidze GEORGIA NATIONAL ENERGY AND WATER SUPPLY REGULATORY COMMISSION Maia Okruashvili GEORGIAN LEGAL PARTNERSHIP Vakhtang Paresishvili DLA PIPER GEORGIA LP

GERMANY SENATSVERWALTUNG FÜR STADTENTWICKLUNG BERLIN
Bassem Al Abed GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Friedhold E. Andreas FREILING, ANDREAS & PARTNER Stephan Bank CLEARY GOTTLIEB STEEN & HAMILTON LLP Henning Berger WHITE & CASE Jennifer Bierly GSK STOCKMANN + KOLLEGEN Joerg Boehmer Arnd Böken GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Cord-Henning Brandes GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Thomas Büssow PWC GERMANY Lorenz Czajka GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Helge Dammann PRICEWATERHOUSECOOPERS LEGAL AKTIENGESELLSCHAFT RECHTSANWALTSGESELLSCHAFT Stefan Ditsch PWC GERMANY Dieter Endres PWC GERMANY Shahzadi Firdous GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Peter Fissenewert BUSE HEBERER FROMM Alexander Freiherr von Aretin GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Björn Gaul CMS HASCHE SIGLE

GHANA
Samuel Abbiaw ANDAH AND ANDAH CHARTERED ACCOUNTANTS George K. Acquah LARYEA, LARYEA & CO. P.C. Larry Adjetey LAW TRUST COMPANY Stephen N. Adu PUBLIC UTILITIES REGULATORY COMMISSION OF GHANA George Ahiafor XDSDATA GHANA LTD. Brigitte Ainuson AB LEXMALL & ASSOCIATES Kwesi Ainuson KGA EXCELLENCE CONSULT

ACKNOWLEDGMENTS

167

Woodsworth Odame Larbi LANDS COMMISSION Akosua Poku BENTSI-ENCHILL, LETSA & ANKOMAH, MEMBER OF LEX MUNDI Jacob Saah SAAH & CO. Marc Tankam Darcy White PWC GHANA

Christina Lampropoulou POTAMITISVEKRIS Vassiliki G. Lazarakou ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Konstantinos Logaras ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Evangelia Martinovits IKRP ROKAS & PARTNERS Panorea Mastora KREMALIS LAW FIRM, MEMBER OF IUS LABORIS Emmanuel Mastromanolis ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Margarita Matsi KELEMENIS & CO. John Mazarakos ELIAS PARASKEVAS ATTORNEYS 1933 Makariou Panagiota GRANT THORNTON LLP Panayis Panagiotopoulos KREMMYDAS-DORIS & ASSOCIATES LAW FIRM Elena Papachristou ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Eleftheria Papakanellou INTERSEA CONTAINER SERVICES Dimitris E. Paraskevas ELIAS PARASKEVAS ATTORNEYS 1933 Michalis Pattakos ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Katerina Politi KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM Chryssiis Poulakou KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM Mary Psylla PWC GREECE Soﬁa Pyriochou KREMALIS LAW FIRM, MEMBER OF IUS LABORIS Vasiliki Salaka KARATZAS & PARTNERS Constantine Sarantis ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Anastasia Stamou ATHENS EXCHANGE SA Nehtarios Stefanidis NEHTARIOS Alexia Stratou KREMALIS LAW FIRM, MEMBER OF IUS LABORIS Fotini Trigazi NOTARY John Tripidakis JOHN M. TRIPIDAKIS AND ASSOCIATES Antonios Tsavdaridis IKRP ROKAS & PARTNERS Ioannis Vekris POTAMITISVEKRIS Kalliopi Vlachopoulou KELEMENIS & CO. Soﬁa Xanthoulea JOHN M. TRIPIDAKIS AND ASSOCIATES Vicky Xourafa KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM Fredy Yatracou PWC GREECE

W.R. Agostini AGOSTINI W.R. FCCA James Bristol HENRY, HENRY & BRISTOL Thaddus Charles INLAND REVENUE DEPARTMENT Christopher DeRiggs MINISTRY OF FINANCE, PLANNING, ECONOMY, ENERGY, FOREIGN TRADE & CO-OPERATIVES Richard W. Duncan GRENADA CO-OPERATIVE BANK LIMITED Ruggles Ferguson CIBONEY CHAMBERS Keisha Greenidge GRENADA CO-OPERATIVE BANK LIMITED Annette Henry MINISTRY OF LEGAL AFFAIRS Winston Hosten HOSTEN’S (ELECTRICAL SERVICES) LTD Kelvin Jacobs CREATIVE DESIGN Claudette Joseph AMICUS ATTORNEYS Henry Joseph PKF INTERNATIONAL Michell Julien MINISTRY OF FINANCE, PLANNING, ECONOMY, ENERGY, FOREIGN TRADE & CO-OPERATIVES Kurt LaBarrie CREATIVE DESIGN Sonia Roden GRENADA INDUSTRIAL DEVELOPMENT CORPORATION Ian H. Sandy AMICUS ATTORNEYS Valentino Sawney TRADSHIP INTERNATIONAL David Sinclair SINCLAIR ENTERPRISES LIMITED Trevor St. Bernard LEWIS & RENWICK Phinsley St. Louis ST. LOUIS SERVICE Lisa Telesford SUPREME COURT REGISTRY

Eva Cacacho González QUIÑONES, IBARGÜEN, LUJÁN & MATA, S.C. Rodrigo Callejas Aquino CARRILLO & ASOCIADOS José Alfredo Cándido Durón SUPERINTENDENCIA DE BANCOS Juan Pablo Carrasco de Groote DÍAZ-DURÁN & ASOCIADOS CENTRAL LAW Francisco José Castillo Chacón CASTILLO LOVE ABOGADOS Juan Carlos Castillo Chacón CASTILLO LOVE ABOGADOS Paola van der Beek de Andrino CÁMARA GUATEMALTECA DE LA CONSTRUCCIÓN Fanny de Estrada ASOCIACIÓN GUATEMALTECA DE EXPORTADORES Karla de Mata CPS LOGISTICS Cristóbal Fernández MAYORA & MAYORA S.C. Walter Figueroa CÁMARA GUATEMALTECA DE LA CONSTRUCCIÓN Hugo Daniel Figueroa Estrada SUPERINTENDENCIA DE BANCOS Lorena Flores Estrada DÍAZ-DURÁN & ASOCIADOS CENTRAL LAW Rodolfo Fuentes PROTECTORA DE CRÈDITO COMERCIAL Rafael Garavito BUFETE GARAVITO Wendy Garcia RUSSELL BEDFORD GUATEMALA GARCÍA SIERRA Y ASOCIADOS, S.C., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Oscar Ernesto Garcia Sierra RUSSELL BEDFORD GUATEMALA GARCÍA SIERRA Y ASOCIADOS, S.C., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Raúl Stuardo Juárez Leal SUPERINTENDENCIA DE BANCOS Christian Lanuza DÍAZ-DURÁN & ASOCIADOS CENTRAL LAW María Isabel Luján Zilbermann QUIÑONES, IBARGÜEN, LUJÁN & MATA, S.C. Víctor Manuel Mancilla Castro SUPERINTENDENCIA DE BANCOS Marco Antonio Martinez CPS LOGISTICS Eduardo Mayora Alvarado MAYORA & MAYORA S.C. Guillermo Melgar CÁMARA GUATEMALTECA DE LA CONSTRUCCIÓN Edgar Mendoza PWC GUATEMALA Hugo Menes MAYORA & MAYORA S.C. Christian Michelangeli CARRILLO & ASOCIADOS María José Morales Guillén CASTILLO LOVE ABOGADOS Anajoyce Oliva MUNICIPALIDAD DE GUATEMALA Marco Antonio Palacios PALACIOS & ASOCIADOS Jose Enrique Pensabene PALACIOS & ASOCIADOS Rita Pérez ARAGÓN & ARAGÓN Melida Pineda CARRILLO & ASOCIADOS

Evelyn Rebuli QUIÑONES, IBARGÜEN, LUJÁN & MATA, S.C. Edgar Alfredo Rodríguez REGISTRO GENERAL DE LA PROPIEDAD DE GUATEMALA Alfredo Rodríguez Mahuad CONSORTIUM - RACSA Rodrigo Salguero PWC GUATEMALA Salvador A. Saravia Castillo Salvador Augusto Saravia Castillo SARAVIA & MUÑOZ José Augusto Toledo Cruz ARIAS & MUÑOZ Allan F. Unfried DHL GLOBAL FORWARDING Elmer Vargas ACZALAW Julio Zaldaña REGISTRO GENERAL DE LA PROPIEDAD DE GUATEMALA

GREECE
George Apostolakos APOSTOLAKOS ARCHITECTS Ioanna Argyraki KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM Antonis Bavas STEPHENSON HARWOOD, PIRAEUS Marilena Bellou DRAKOPOULOS LAW FIRM Stefanos Charaktiniotis ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Ira Charisiadou CHARISIADOU LAW OFFICE Alkistis - Marina Christoﬁlou IKRP ROKAS & PARTNERS 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 Panagiotis Drakopoulos DRAKOPOULOS LAW FIRM Anastasia Dritsa KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM Margarita Flerianou ECONOMOU INTERNATIONAL SHIPPING AGENCIES Sotiris Gioussios GRANT THORNTON LLP Yanos Gramatidis BAHAS, GRAMATIDIS & PARTNERS Marinela Kampadelli Vanessa Kapnoutzi M & P BERNITSAS LAW OFFICES Evangelos Karaindros EVANGELOS KARAINDROS LAW FIRM Artemis Karathanassi PWC GREECE Constantine Karydis PWC GREECE Nikos Klironomos MARITIMESUN Alexandra Kondyli KARATZAS & PARTNERS Nicholas Kontizas ZEPOS & YANNOPOULOS LAW FIRM, MEMBER OF LEX MUNDI Panos Koromantzos BAHAS, GRAMATIDIS & PARTNERS Olga Koromilia PWC GREECE Yannis Kourniotis M & P BERNITSAS LAW OFFICES Dimitrios Kremalis L.L.M KREMALIS LAW FIRM, MEMBER OF IUS LABORIS

GUINEA ERNST & YOUNG
Aminatou Bah NIMBA CONSEIL SARL Aminata Bah Tall NIMBA CONSEIL SARL Boubacar Barry JURIFIS CONSULT GUINEE Lousseny Cisse NIMBA CONSEIL SARL Aïssata Diakite NIMBA CONSEIL SARL Mohamed Kadialiou Diallo ELECTRICITÉ DE GUINÉE Ahmadou Diallo El Hajj Barry Djoudja AICHFEET Soukeina Fofana BANQUE CENTRALE DE GUINEE - B.C.R.G. Jean Baptiste Jocamey CABINET KOÛMY Lansana Kaba CARIG Abdel Aziz Kaba NIMBA CONSEIL SARL Mariama Ciré Keita Diallo NIMBA CONSEIL SARL Nounké Kourouma ADMINISTRATION ET CONTRÔLE DES GRANDS PROJETS Mohamed Lahlou PWC GUINEA Guy Piam NIMBA CONSEIL SARL Raffi Raja CABINET KOÛMY Assiatou Sow MINISTÈRE DE LA CONSTRUCTION, DE L’URBANISME ET HABITAT Dominique Taty PWC CÔTE D’IVOIRE Hakilas Paul Tchagna PWC CÔTE D’IVOIRE Abdourahamane Tounkara GUINÉE CONSULTING Aboubacar Salimatou Toure NIMBA CONSEIL SARL Yansane Fatoumata Yari Soumah OFFICE NOTARIAL

GUATEMALA EMPRESA ELÉCTRICA DE GUATEMALA, S. A.
ERNST & YOUNG
Gabriella Aguirre CONSORTIUM - RACSA Pedro Aragón ARAGÓN & ARAGÓN Mario R. Archila Cruz CONSORTIUM - RACSA Oscar Arriaga COMISIÓN NACIONAL DE ENERGÍA ELÉCTRICA Elias Arriaza CONSORTIUM - RACSA Ruby María Asturias Castillo ACZALAW María de los Angeles Barillas Buchhalter SARAVIA & MUÑOZ Amaury Barrera DHV CONSULTANTS Jorge Rolando Barrios BONILLA, MONTANO, TORIELLO & BARRIOS Julio Roberto Berduo PALACIOS & ASOCIADOS Mario Adolfo Búcaro Flores DÍAZ-DURÁN & ASOCIADOS CENTRAL LAW

GRENADA DANNY WILLIAMS & CO.

GUINEA-BISSAU ELECTRICIDADE E AGUAS DA GUINE-BISSAU

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DOING BUSINESS 2012

Diaby Aboubakar BCEAO José Alves Té MINISTÉRIO DA JUSTIÇA Emílio Ano Mendes GB LEGAL - MIRANDA ALLIANCE Abú Camará MINISTÉRIO DAS INFRAESTRUTURAS Humiliano Alves Cardoso GABINETE ADVOCACIA Adelaida Mesa D’Almeida JURISCONTA SRL Radu Krohne INTEC Octávio Lopes GB LEGAL - MIRANDA ALLIANCE Suzette Maria Lopes da Costa Graça MINISTÉRIO DA JUSTIÇA Jorge Mandinga MANDINGA EMPREITEROS SA Miguel Mango AUDI - CONTA LDA Vítor Marques da Cruz FCB&A IN ASSOCIATION WITH ARMANDO MANGO & ASSOCIADOS Joaozinho Mendes MINISTERIO DA JUSTICA - DIRECCAO GERAL DE IDENTIFICACAO CIVIL, REGISTRO E NOTARIADO Francisco Mendes MINISTRY OF FOREIGN AFFAIRS Ismael Mendes de Medina GB LEGAL - MIRANDA ALLIANCE Eduardo Pimentel CENTRO DE FORMALIZAÇÃO DE EMPRESAS (C.F.E.) Osiris Francisco Pina Ferreira CONSELHO JUDICIAL DA MAGISTRADURA, REPÚBLICA DA GUINÉ - BISSAU Armando Procel REPÚBLICA DA GUINÉ-BISSAU Augusto Regala Rogério Reis ROGÉRIO REIS DESPACHANTE Ousmane Samba Mamadou BCEAO Suleimane Seide MINISTRY OF FINANCE Fernando Tavares TRANSMAR SERVICES Djunco Suleiman Ture MUNICIPALITY OF BISSAU Carlos Vamain GOMES & VAMAIN ASSOCIADOS Emmanuel Yehouessi BCEAO

Teni Housty FRASER, HOUSTY & YEARWOOD ATTORNEYS-AT-LAW Rexford Jackson SINGH, DOODNAUTH LAW FIRM Cliffton Mortimer Llewelyn John ATTORNEY-AT-LAW Kalam Azad Juman-Yassin GUYANA OLYMPIC ASSOCIATION Kashir Khan Rakesh Latchana RAM & MCRAE Alexis Monize GUYANA OFFICE FOR INVESTMENT Colin Murray COASTAL CONSTRUCTION SERVICES Harry Noel Narine PKF INTERNATIONAL Clarence Antony Nigel Hughes HUGHES FIELDS & STOBY Carolyn Paul AMICE LEGAL CONSULTANTS INC. R.N. Poonai POONAI & POONAI Christopher Ram RAM & MCRAE Vishwamint Ramnarine PFK BARCELLOS, NARINE & CO. Reginald Roach R&D ENGINEERING SERVICES Albert Rodrigues RODRIGUES ARCHITECTS LTD. Shaundell Stephenson OFFICE OF THE PRIME MINISTER Germene Stewart CENTRAL HOUSING & PLANNING AUTHORITY Gidel Thomside NATIONAL SHIPPING CORPORATION LTD. Josephine Whitehead CAMERON & SHEPHERD Troy Williams RAM & MCRAE Roger Yearwood BRITTON, HAMILTON & ADAMS

Enerlio Gassant CABINET GASSANT Giordani Gilbert Emile ETUDE BRISSON CASSAGNOL Emile Giordani Marc Hebert Ignace BANQUE DE LA RÉPUBLIQUE D’HAITI Luciner Joseph MAIRIE DE PETIONVILLE Robert Laforest CABINET LAFOREST Camille Leblanc CABINET LEBLANC & ASSOCIÉS Wilhelm E. Lemke, Jr ENMARCOLDA (D’ADESKY) Louis Gary Lissade CABINET LISSADE Roberson Louis CABINET GASSANT Kathia Magloire CABINET GASSANT Alexandrine Nelson CHATELAIN CARGO SERVICES Joseph Paillant BUCOFISC Micosky Pompilus CABINET D’AVOCATS CHALMERS Jean Frederic Sales CABINET SALES Salim Succar CABINET LISSADE Antoine Turnier FIRME TURNIER - COMPTABLE PROFESSIONNELS AGRÉÉS CONSEILS DE DIRECTION

Jorge Hernandez CNBS - COMISION NACIONAL DE BANCOS Y SEGUROS Camilo Janania AGUILAR CASTILLO LOVE Carmen Jovel PWC HONDURAS Juan Diego Lacayo González AGUILAR CASTILLO LOVE Evangelina Lardizábal ARIAS & MUÑOZ German E. Leitzelar H. DESPACHO LEGAL LEITZELAR Y ASOCIADOS Dennis Matamoros Batson ARIAS & MUÑOZ Juan Carlos Mejía Cotto INSTITUTO DE LA PROPIEDAD Iván Alfredo Vigíl Molina ABOGADO Ricardo Montes ARIAS & MUÑOZ Ramón E. Morales PWC HONDURAS Vanessa Oquelí GARCÍA & BODÁN Ramón Ortega PWC DOMINICAN REPUBLIC Jose Ramon Paz CONSORTIUM CENTRO AMÉRICA ABOGADOS Jessica Ramos Guifarro CONSORTIUM CENTRO AMÉRICA ABOGADOS Daniel Rivera PWC HONDURAS José Rafael Rivera Ferrari CONSORTIUM CENTRO AMÉRICA ABOGADOS Enrique Rodriguez Burchard AGUILAR CASTILLO LOVE Fanny Rodríguez del Cid ARIAS & MUÑOZ René Serrano ARIAS & MUÑOZ Godofredo Siercke GARCÍA & BODÁN Cristian Stefan Handal ZACARÍAS & ASOCIADOS Gricelda Urquía TRANSUNION Roberto Manuel Zacarías Urrutia ZACARÍAS & ASOCIADOS Mario Rubén Zelaya ENERGÍA INTEGRAL S. DE R.L. DE C.V.

Jimmy Chung RUSSELL BEDFORD HONG KONG LIMITED, JAMES NGAI & PARTNERS CPA LIMITED, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Greta Gerazimaite AMERINDE CONSOLIDATED, INC. Vivian Ho BAKER & MCKENZIE Keith Man Kei Ho WILKINSON & GRIST Tam Yuen Hung GUANGDONG AND HONG KONG FEEDER ASSOCIATION LTD. Basil Hwang DECHERT Edita Jauniute AMERINDE CONSOLIDATED, INC. Salina Ko APL Howard Lam LINKLATERS Billy Lam MAYER BROWN JSM 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 Tommy Li EDMUND W. H. CHOW & CO Maurice Loo HONG KONG ECONOMIC & TRADE OFFICE Kennic L H Lui KLC KENNIC LUI & CO James Ngai RUSSELL BEDFORD HONG KONG LIMITED, JAMES NGAI & PARTNERS CPA LIMITED, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Kok Leong Ngan CLP POWER HONG KONG LIMITED Kenneth Poon THE LAND REGISTRY OF HONG KONG Martinal Quan METOPRO ASSOCIATES LIMITED Ashish Sahi TOP IMPETUS Bassanio So HONG KONG ECONOMIC & TRADE OFFICE Derek Tsang MAYER BROWN JSM Anita Tsang PWC HONG KONG Laurence Tsong TRANSUNION HONG KONG Paul Tsui HONG KONG ASSOCIATION OF FREIGHT FORWARDING & LOGISTICS LTD. (HAFFA) Yuen-ho Wan RUSSELL BEDFORD HONG KONG LIMITED, JAMES NGAI & PARTNERS CPA LIMITED, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Jackson Wong HONG KONG ECONOMIC & TRADE OFFICE James Wong THE HONG KONG POLYTECHNIC UNIVERSITY Patrick Wong MAYER BROWN JSM Fergus Wong PWC HONG KONG Ricky Yiu BAKER & MCKENZIE

HONDURAS EMPRESA NACIONAL DE ENERGÍA ELÉCTRICA
José Antonio Abate ABAS CONSULTORES Juan José Alcerro Milla AGUILAR CASTILLO LOVE Jose Miguel Alvarez CONSORTIUM CENTRO AMÉRICA ABOGADOS José Simón Azcona INMOBILIARIA ALIANZA SA César Augusto Cabrera Zapata TRANSUNION Janeth Castañeda de Aquino GRUPO CROPA PANALPINA Graciela Cruz GARCÍA & BODÁN Ramón Discua BATRES, DISCUA, MARTINEZ ABOGADOS Gilda Espinal Veliz ASJ - ASOCIACION PARA UNA SOCIEDAD MAS JUSTA Alejandro Fernández de Castro PWC DOMINICAN REPUBLIC Lillizeth Garay CNBS - COMISION NACIONAL DE BANCOS Y SEGUROS Doris García CONSORTIUM CENTRO AMÉRICA ABOGADOS Oscar Armando Girón ASOCIACIÓN HONDUREÑA DE COMPAÑÍAS Y REPRESENTANTES NAVIEROS (AHCORENA) Jose Ramon Gonzales CNBS - COMISION NACIONAL DE BANCOS Y SEGUROS Jessica Handal ARIAS & MUÑOZ

HAITI MÉROVÉ-PIERRE - CABINET D’EXPERTS-COMPTABLES
Claudette Belfont CABINET PIERRE DELVA Karine Jadotte Bouchereau BENJAMIN-JADOTTE ARCHITECTE ET INGÉNIEURS ASSOCIÉS Jean Baptiste Brown BROWN LEGAL GROUP Martin Camille Cangé ELECTRICITÉ D’HAÏTI Monique César Guillaume PAGS - CABINET D’EXPERTS COMPATBLES Robinson Charles BANQUE DE LA RÉPUBLIQUE D’HAITI Djacaman Charles CABINET GASSANT Karine Chenet Martine Chevalier CABINET LEBLANC & ASSOCIÉS Diggan d’Adesky D’ADESKY IMPORT EXPORT S.A. Inelor Dorval Jean Gerard Eveillard CABINET EVEILLARD Lucien Fresnel CABINET GASSANT

HONG KONG SAR, CHINA ALLEN & OVERY
David Bateson MALLESONS STEPHEN JACQUES Rico Chan BAKER & MCKENZIE WC Chan HONG KONG FINANCIAL SECRETARY Albert P.C. Chan THE HONG KONG POLYTECHNIC UNIVERSITY Vashi Ram Chandi EXCELLENCE INTERNATIONAL Deborah Y. Cheng SQUIRE, SANDERS & DEMPSEY L.L.P. Winnie Cheung THE LAND REGISTRY OF HONG KONG Robert Chu ECONOMIC ANALYSIS AND BUSINESS FACILITATION UNIT, HONG KONG SAR GOVERNMENT Anna Chu MAYER BROWN JSM

GUYANA
Faye Barker HUGHES FIELDS & STOBY Marcel Bobb FRASER, HOUSTY & YEARWOOD ATTORNEYS-AT-LAW Ashton Chase LAW OFFICE OF ASHTON CHASE ASSOCIATES Lucia Desir-John D & J SHIPPING SERVICES Orin Hinds ORIN HINDS & ASSCOIATES ARCH. LTD. Gary Holder ORIN HINDS & ASSCOIATES ARCH. LTD. Renford Homer GUYANA POWER & LIGHT INC.

ACKNOWLEDGMENTS

169

Hai Yong BAKER & MCKENZIE Peter Yu PWC HONG KONG Frank Yuen KLC KENNIC LUI & CO. Gordon Zhu AMERINDE CONSOLIDATED, INC.

Tamás Pásztor NAGY ÉS TRÓCSÁNYI LAW OFFICE, MEMBER OF LEX MUNDI István Sándor KELEMEN, MESZAROS, SANDOR & PARTNERS Zsolt Sóki BDO HUNGARY Krisztina Stacho BPV | LEGAL JÁDI NÉMETH Tibor Szabó RETI, ANTALL AND PARTNERS LAW FIRM András Szecskay SZECSKAY ATTORNEYS AT LAW Ágnes Szent-Ivány SÁNDOR SZEGEDI SZENT-IVÁNY KOMÁROMI EVERSHEDS Viktória Szilágyi NAGY ÉS TRÓCSÁNYI LAW OFFICE, MEMBER OF LEX MUNDI Gábor Varga BISZ CENTRAL CREDIT INFORMATION (PLC) Blanka Zombori PWC HUNGARY Antonia Zsigmon BPV | LEGAL JÁDI NÉMETH

Lára V. Júlíusdóttir LÖGMENN LAUGAVEGI 3 EHF. Ásta Kristjánsdóttir PWC ICELAND Jóhann Magnús Jóhannsson LOGOS, MEMBER OF LEX MUNDI Benedetto Nardini BBA LEGAL Dagbjört Oddsdóttir BBA LEGAL Dögg Páksdóttir REYKJAVIK UNIVERSITY Kristján Pálsson JÓNAR TRANSPORT Margrét Ragnarsdóttir LOGOS, MEMBER OF LEX MUNDI Fridgeir Sigurdsson PWC ICELAND Eyvindur Sólnes LVA-LEGAL SERVICES Jóhannes Stephensen CREDITINFO ICELAND Gunnar Sturluson LOGOS, MEMBER OF LEX MUNDI Rúnar Svavar Svavarsson ORKUVEITA REYKJAVÍKUR, DISTRIBUTIONELECTRICAL SYSTEM Stefán A. Svensson JURIS LAW OFFICE Einor Thor Sverisson JONSSON & HALL LAW FIRM

Ugen Bhutia FOXMANDAL LITTLE Rewati Bobde JURIS CORP Nidhi Bothra VINOD KOTHARI & CO., COMPANY SECRETARIES Bharat Budholia JURIS CORP Rajarshi Chakrabarti KOCHHAR & CO. Harshala Chandorkar CREDIT INFORMATION BUREAU LTD. Bidan Chandran SINGHANIA & PARTNERS LLP SOLICITORS & ADVOCATES Prashant Chauhan ADVOCATE Manjula Chawla PHOENIX LEGAL Daizy Chawla SINGH & ASSOCIATES ADVOCATES AND SOLICITORS Jijo Cherian PHOENIX LEGAL Ipsita Chowdhury TRILEGAL Sachin Chugh SINGHI CHUGH & KUMAR, CHARTERED ACCOUNTANTS Manish Dadhania PRECISION SINTERED PRODUCTS Ketan Dalal PWC INDIA Vishwang Desai DESAI & DIWANJI Devendra Deshmukh KHAITAN & CO. Prashant Dharia ANANT INDUSTRIES Suruchi Dhavale JURIS CORP Farida Dholkawala DESAI & DIWANJI Rajendran Dorai SUPRIYA CONSTRUCTION Siddharth Dubey SINGHANIA & PARTNERS LLP SOLICITORS & ADVOCATES Thambi Durai T. DURAI & CO. Nehal Gandhi A-1 ELECTRICALS Vir Gandhi PROFOUND OUTSOURCING SOLUTIONS PVT. LTD. Ritika Ganju PHOENIX LEGAL Rahul Garg PWC INDIA Tanushree Ghildiyal KNM & PARTNERS, LAW OFFICES Karanvir Gill KHAITAN & CO. Vijay Goel SINGHANIA & CO. LLP Chandrika Gogia PWC INDIA Trupti Guha KOCHHAR & CO. Sameer Guha TRILEGAL Arun Gupta CORPORATE PROFESSIONALS Deepak Gupta PWC INDIA

Nikhil Gupta PWC INDIA Ruchira Gupta THE JURIS SOCIIS Atul Gupta TRILEGAL Adarsh Hathi HATHI & ASSOCIATES Kabir Hathi HATHI & ASSOCIATES Akil Hirani MAJMUDAR & CO. Raina Jain AMERINDE CONSOLIDATED, INC. Ruchi Jain PWC INDIA Vipin Jain SHREE BHIKSHU MARBLE AND GRANITES Ashok Jain VEEPLUS INDUSTRIES PVT., LTD RUNTAI INDUSTRY CO., LTD Yogesh Jare SUHASINI IMPEX Anil Jarial JURIS CORP H. Jayesh JURIS CORP Dharmendra Johari STONEX INC. Rajat Joneja KNM & PARTNERS, LAW OFFICES Jayesh Karandikar KOCHHAR & CO. Rajas Kasbekar LITTLE & CO. Mukund Kasture HITECH EQUIPMENTS Charandeep Kaur TRILEGAL Mitalee Kaushal KNM & PARTNERS, LAW OFFICES Arun Kedia VAV LIFE SCIENCES P. LTD. Amruta Kelkar JURIS CORP Anup Khanna MAJMUDAR & CO. Gautam Khattar PWC INDIA Bhavna Kohli PWC INDIA Ravinder Komaragiri THE TATA POWER COMPANY LIMITED Vinod Kothari VINOD KOTHARI & CO., COMPANY SECRETARIES Madan Krishna RAYTHEON Mukesh Kumar KNM & PARTNERS, LAW OFFICES Ra Kumar SINGHANIA & PARTNERS LLP SOLICITORS & ADVOCATES Harsh Kumar SINGHI CHUGH & KUMAR, CHARTERED ACCOUNTANTS 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

HUNGARY JONES LANG LASALLE
MALTACOURT HUNGARY MORLEY ALLEN & OVERY IRODA
Péter Bárdos LAW FIRM DR. PÉTER AND RITA BÁRDOS Marianna Bártfai BDO HUNGARY Sándor Békési PARTOS & NOBLET HOGAN LOVELLS Péter Berethalmi NAGY ÉS TRÓCSÁNYI LAW OFFICE, MEMBER OF LEX MUNDI Hedi Bozsonyik SZECSKAY ATTORNEYS AT LAW Jan Burmeister BNT SZABÓ TOM BURMEISTER ÜGYVÉDI IRODA Zsuzsanna Cseri BÁRD, CSERI & PARTNERS LAW FIRM András Elekes IMMOBILIA REAL ESTATE DEVELOPMENT KFT Gabriella Erdos PWC HUNGARY Ágnes Fábry PRK PARTNERS / FÁBRY LAW OFFICE György Fehér PRK PARTNERS / FÁBRY LAW OFFICE Ernő Garamvölgyi BUDAPEST IX DISTRICT MUNICIPALITY Anna Gáspár BUILD-ECON LTD. Zoltán Gerendy BDO HUNGARY Csaba Attila Hajdu BNT SZABÓ TOM BURMEISTER ÜGYVÉDI IRODA Tamas Halmos PARTOS & NOBLET HOGAN LOVELLS Vilma Hasuly PRK PARTNERS / FÁBRY LAW OFFICE Dóra Horváth RETI, ANTALL AND PARTNERS LAW FIRM Norbert Izer PWC HUNGARY David Kerpel SZECSKAY ATTORNEYS AT LAW Dorottya Kovacsics PARTOS & NOBLET HOGAN LOVELLS Russell Lambert PWC HUNGARY Petra Lencs BÁRD, CSERI & PARTNERS LAW FIRM Andrea Májer BDO HUNGARY Dóra Máthé PWC HUNGARY László Mohai Robert Nagy BISZ CENTRAL CREDIT INFORMATION (PLC) Sándor Németh SZECSKAY ATTORNEYS AT LAW Christopher Noblet PARTOS & NOBLET HOGAN LOVELLS

ICELAND
Halla Ýr Albertsdóttir PRICEWATERHOUSECOOPERS LEGAL EHF Jón Gunnar Ásbjörnsson BBA LEGAL Arnar Bjarnason FRAKT.IS Þórður Búason REYKJAVIK CONSTRUCTION AGENCY Eymundur Einarsson ENDURSKOÐUN OG RÁÐGJÖF EHF, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Ólafur Eiríksson LOGOS, MEMBER OF LEX MUNDI Skuli Th. Fjeldsted FJELDSTED, BLÖNDAL & FJELDSTED Benedikt Geirsson ISTAK Gier Gestsson JONSSON & HALL LAW FIRM Erlendur Gíslason LOGOS, MEMBER OF LEX MUNDI Elísabet Guðbjörnsdóttir PRICEWATERHOUSECOOPERS LEGAL EHF Sindri Gudjónsson LOGOS, MEMBER OF LEX MUNDI Guðrún Guðmundsdóttir JÓNAR TRANSPORT Hjördís Gulla Gylfadóttir BBA LEGAL Gisli Gudni Hall JONSSON & HALL LAW FIRM Ragnar Halldor Hall JONSSON & HALL LAW FIRM Reynir Haraldsson JÓNAR TRANSPORT Hordur Felix Hardarson JONSSON & HALL LAW FIRM Margrét Hauksdóttir THE LAND REGISTRY OF ICELAND Thora Jónsdóttir JURIS LAW OFFICE Jóhanna Áskels Jónsdóttir PRICEWATERHOUSECOOPERS LEGAL EHF Gestur Jonsson JONSSON & HALL LAW FIRM Gunnar Jonsson JONSSON & HALL LAW FIRM

INDIA FOXMANDAL LITTLE
G. D. INTERNATIONAL MAHAMUNI EXPORT IMPORT TRANSWORLD VENTURES
Subramaniam A. SUBRAMANIAM IMPORTERS John Agana YURI-ENGA ENGA ENTERPRISE Amit Agarwal PWC INDIA Bhavuk Agarwal SINGHANIA & CO. LLP Fraser Alexander JURIS CORP Clarence Anthony JURIS CORP Mansij Arya KNM & PARTNERS, LAW OFFICES Pavithra B. MAHARANI LAXMI AMMANNI CENTRE FOR SOCIAL SCIENCE RESEARCH Madhu Bansal PWC INDIA Daksha Bara MAHARANI LAXMI AMMANNI CENTRE FOR SOCIAL SCIENCE RESEARCH Meghalee Barthakur PWC INDIA Sumant Batra KESAR DASS B & ASSOCIATES Shruti Baya JURIS CORP Abhishek Bhalla PHOENIX LEGAL Pradeep Bhandari PROTEAM CONSULTING PRIVATE LIMITED Gopa Bhardwaz INTERNATIONAL LAW AFFILIATES Sushil Bhasin BHASIN INTERNATIONAL Prabjot Bhullar KHAITAN & CO.

170

DOING BUSINESS 2012

Sumit Kumar Vij FOXMANDAL LITTLE Sougata Kundu PWC INDIA Shreedhar Kunte SHARP AND TANNAN, MEMBER OF RUSSELL BEDFORD Harjeet Lall AXON PARTNERS LLP Chandni Lochan TRILEGAL Rajiv Luthra LUTHRA & LUTHRA Neha Madan KESAR DASS B & ASSOCIATES Ravi Mahto TRILEGAL Shipra Makkar SINGH & ASSOCIATES ADVOCATES AND SOLICITORS Jignesh Makwana SWIFTINDIAINC CORPORATE SERVICES PRIVATE LIMITED Aditi Manchanda JURIS CORP Som Mandal FOXMANDAL LITTLE Vipender Mann KNM & PARTNERS, LAW OFFICES Rishabh G Mastaram NAIK NAIK AND COMPANY Preeti G. Mehta KANGA & CO. Dara Mehta LITTLE & CO. Vikas Mehta PRADEEP TRADERS Jitesh Mehta SOURCE INDIA Sharad Mishra NEO MULTIMEDIAN Saurabh Misra SAURABH MISRA & ASSOCIATES, ADVOCATES Atul Mittal PWC INDIA Shyamal Mukherjee PWC INDIA Sudip Mullick KHAITAN & CO. Rajiv Mundhra CROWN AGENTS LTD. Ramaratnam Muralidharan PWC INDIA Vidya Nashimath TOBOC Madhav Pande Girija Shankar Pandey Janak Pandya NISHITH DESAI ASSOCIATES Tejas R. Parekh NISHITH DESAI ASSOCIATES Amir Z. Singh Pasrich INTERNATIONAL LAW AFFILIATES Swagateeka Patel KESAR DASS B & ASSOCIATES Shreyas Patel MAJMUDAR & CO. Sanjay Patil BDH INDUSTRIES LIMITED Dhruv Paul TRILEGAL Francisca Philip SINGHANIA & PARTNERS LLP SOLICITORS & ADVOCATES

Bhadrinath Madhusudan Pogul KALKI INTERNATIONAL Madhavi Pogul KALKI INTERNATIONAL Madhusudan Venkatesh Pogul KALKI INTERNATIONAL M. Prabhakaran CONSULTA JURIS Ajay Raghavan TRILEGAL Anil Raj PHOENIX LEGAL Mohan Rajasekharan PHOENIX LEGAL J.T. Rajasuriya J.T.RAJASURIYA & ASSOCIATES Ashok Ramgir HARSH IMPEX Harsh Ramgir HARSH IMPEX Ami Ranjan SINGHANIA & PARTNERS LLP SOLICITORS & ADVOCATES Dipak Rao SINGHANIA & PARTNERS LLP SOLICITORS & ADVOCATES Ragini Rastogi PWC INDIA Prem Rath AMERINDE CONSOLIDATED, INC. Tanya Rath AMERINDE CONSOLIDATED, INC. Rahul Renavikar PWC INDIA Sameer Sah MAJMUDAR & CO. Richie Sancheti NISHITH DESAI ASSOCIATES Aayushi Sehgal KHAITAN & CO. Vandana Sekhri JURIS CORP Ramani Seshadri Manav Shah KOCHHAR & CO. Parag Shah PARAG G SHAH AND ASSOCIATES Prakash Shah PARIJAT MARKETING SERVICES Vikram Shroff NISHITH DESAI ASSOCIATES Manjosh K Sidhu Ankita Singh FOXMANDAL LITTLE Praveen Singh FOXMANDAL LITTLE Nirmal Singh PWC INDIA Harsimran Singh SINGH & ASSOCIATES ADVOCATES AND SOLICITORS Kaviraj Singh TRUSTMAN & CO Mukesh Singhal KNM & PARTNERS, LAW OFFICES Ravinder Singhania SINGHANIA & PARTNERS LLP SOLICITORS & ADVOCATES Ankit Singhi CORPORATE PROFESSIONALS Arvind Sinha RCS PVT. LTD. BUSINESS ADVISORS GROUP Rajat Ratan Sinha RCS PVT. LTD. BUSINESS ADVISORS GROUP

Vinay Sirohia AXON PARTNERS LLP Veena Sivaramakrishnan JURIS CORP Harshita Srivastava NISHITH DESAI ASSOCIATES Prashant Suthar INDIAN ARTISANAL Niranjan Talati SHREEJI MARKETING Sandhya Tanwar PWC INDIA Rajesh Tayal KNM & PARTNERS, LAW OFFICES Chetan Thakkar KANGA & CO. Piyush Thareja NEERAJ BHAGAT & CO. Richa Tiwari PWC INDIA Praveen Kumar Tiwary FOXMANDAL LITTLE Dhirajkumar Totala JURIS CORP Suhas Tuljapurkar LEGASIS SERVICES PVT. LTD. Rahul Tyagi FOXMANDAL LITTLE Kanisshka Tyagi KESAR DASS B & ASSOCIATES Harsh Vijayvargiya FOXMANDAL LITTLE Ramesh Babu Vishwanathula VISHWANATH & GLOBAL ATTORNEYS Rajat Vohra TRILEGAL Saral Kumar Yadav INFOSOL INFORMATION SOLUTION WORD Aashii Yadav KESAR DASS B & ASSOCIATES Amit Yadkikar DESAI & DIWANJI

Ayik Gunadi ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Didik S. Hadiwidodo PT. NASIO KARYA PRATAMA Dedet Hardiansyah BUDIMAN AND PARTNERS Michael Hasian Giovanni BRIGITTA I. RAHAYOE & PARTNERS Ray Headifen PWC INDONESIA Erwandi Hendarta HADIPUTRANTO, HADINOTO & PARTNERS Mohammad Kamal Hidayat FURNITURE FIKAMAR Rahayuningsih Hoed MAKARIM & TAIRA S. Alexander Hutauruk HADIPUTRANTO, HADINOTO & PARTNERS Brigitta Imam Rahayoe BRIGITTA I. RAHAYOE & PARTNERS Robert Buana Jaya BUDIDJAJA & ASSOCIATES LAW OFFICES Timothy Jhansen PT POST CYCLE GLOBAL Iswahjudi A. Karim KARIMSYAH LAW FIRM Mirza Karim KARIMSYAH LAW FIRM Herry N. Kurniawan ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Rudy Kusmanto MAKARIM & TAIRA S. Winita E. Kusnandar KUSNANDAR & CO. Eddy M. Leks LEKS & CO. Ferry P. Madian ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Marshel Tristant Makaminan BUDIDJAJA & ASSOCIATES LAW OFFICES Ella Melany HANAFIAH PONGGAWA & PARTNERS Karen Mills KARIMSYAH LAW FIRM Norma Mutalib MAKARIM & TAIRA S. Julinus Omrie Napitupulu BUDIDJAJA & ASSOCIATES LAW OFFICES Chandra Nataadmadja SURIA NATAADMADJA & ASSOCIATES Suria Nataadmadja SURIA NATAADMADJA & ASSOCIATES Mia Noni Yuniar BRIGITTA I. RAHAYOE & PARTNERS Doddy B. Pangaribuan PT PERUSAHAAN LISTRIK NEGARA Meiske Panggabean BAHAR & PARTNERS Ilman Rakhmat KARIMSYAH LAW FIRM Sophia Rengganis PWC INDONESIA Arno F. Rizaldi KUSNANDAR & CO. Kelvin Santoso PWC INDONESIA Gatot Sanyoto KUSNANDAR & CO. Mahardikha K. Sardjana HADIPUTRANTO, HADINOTO & PARTNERS Nur Asyura Anggini Sari BANK INDONESIA

Marinza Savanthy WIDYAWAN & PARTNERS Natasha A. Sebayang SOEWITO SUHARDIMAN EDDYMURTHY KARDONO Indra Setiawan ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Kevin Omar Sidharta ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Ricardo Simanjuntak RICARDO SIMANJUNTAK & PARTNERS Terman Siregar JAKARTA INVESTMENT AND PROMOTION BOARD Dyah Sitawati PWC INDONESIA Yukiko Lyla Usman Tambunan BANK INDONESIA Yuliana Tjhai BAHAR & PARTNERS Hanum Ariana Tobing BUDIDJAJA & ASSOCIATES LAW OFFICES Gatot Triprasetio WIDYAWAN & PARTNERS Heru Tumbelaka SURIA NATAADMADJA & ASSOCIATES Pudji Wahjuni Purbo MAKARIM & TAIRA S. Sony Panji Wicaksono BANK INDONESIA Fransiska Ade Kurnia Widodo BUDIDJAJA & ASSOCIATES LAW OFFICES Aditya Kesha Wijayanto WIDYAWAN & PARTNERS

IRAN, ISLAMIC REP. MORADI LAWYER COMPANY
Camellia Abdolsamad INTERNATIONAL LAW OFFICE OF DR. BEHROOZ AKHLAGHI & ASSOCIATES Hamid Reza Adabi Allah Mohammad Aghaee IRANIAN NATIONAL TAX ADMINISTRATION Ahmadi Ahmadi IRAN CREDIT SCORING Nazem Ahmadian Nasrabadi STATE ORGANIZATION FOR REGISTRATION OF DEEDS & PROPERTIES OF ISLAMIC REPUBLIC OF IRAN Behrooz Akhlaghi INTERNATIONAL LAW OFFICE OF DR. BEHROOZ AKHLAGHI & ASSOCIATES Ali Amani DAYARAYAN AUDITING & FINANCIAL SERVICES Mahdi Amouri IRANIAN NATIONAL TAX ADMINISTRATION Abbas Arbabsoleimani IRANIAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS Gholam Ali Asghari GREAT TEHRAN ELECTRICITY DISTRIBUTION COMPANY (GTEDC) Mir Rostam Assadollahzadeh Bali Saeed Astaraki KHAYBAR Hassan Badamchi HAMI LEGAL SERVICES Mohammad Badamchi HAMI LEGAL SERVICES Behrooz Bagheri EHSAGARANE DANESH AFROOZ Peyman Barazandeh GHODS NIROO CONSULTING ENGINEERS

INDONESIA CV. FORTUNE ENTERPRISE
Naﬁs Adwani ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Retno Anggraeni LEKS & CO. Jhony Anugrah PT SENTRA ANUGRAH MOTOR Hamud M. Balfas ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, MEMBER OF LEX MUNDI Simon Barrie KARIMSYAH LAW FIRM Fabian Buddy Pascoal HANAFIAH PONGGAWA & PARTNERS Ita Budhi PWC INDONESIA Prianto Budi PT PRATAMA INDOMITRA KONSULTAN, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Tony Budidjaja BUDIDJAJA & ASSOCIATES LAW OFFICES Juni Dani BUDIDJAJA & ASSOCIATES LAW OFFICES Utari Dyah Kusuma BRIGITTA I. RAHAYOE & PARTNERS Ira A. Eddymurthy SOEWITO SUHARDIMAN EDDYMURTHY KARDONO Sani Eka Duta BANK INDONESIA

ACKNOWLEDGMENTS

171

Mohammad Hossein Barkhordar MOHAMMAD HOSSEIN Gholamhossein Davani DAYARAYAN AUDITING & FINANCIAL SERVICES Morteza Dezfoulian MORTEZA Mahmoud Ebadi Tabrizi M. EBADI TABRIZI & ASSOCIATES Mona Ebrahimi INTERNATIONAL LAW OFFICE OF DR. BEHROOZ AKHLAGHI & ASSOCIATES Maryam Ebrahimi TEHRAN STOCK EXCHANGE (TSE) Mohammadali Eshaghi THE STATE ORGANIZATION FOR REGISTRATION OF DEEDS AND PROPERTIES Sarah Eshaghi THE STATE ORGANIZATION FOR REGISTRATION OF DEEDS AND PROPERTIES Mahmoud Eskandari IRAN TRADE PROMOTION ORGANIZATION Shirzad Eslami 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 Nematollah Hajali TEHRAN INSOLVENCY AFFAIRS LIQUIDATION OFFICE, GENERAL DIRECTORATE OF INSOLVENCY AFFAIRS LIQUIDATION, THE JUDICIARY OF IRAN Mahdiyar Hosseini NOTARY OFFICE NO. 1286 OF TEHRAN Behboud Hosseinpour PORTS AND MARITIME ORGANIZATION Soraya Hosseinpour Kolli MORTEZA Mohammad Javad Hosseynzade TEHRAN INSOLVENCY AFFAIRS LIQUIDATION OFFICE, GENERAL DIRECTORATE OF INSOLVENCY AFFAIRS LIQUIDATION, THE JUDICIARY OF IRAN Nassim Jahanbani GREAT TEHRAN ELECTRICITY DISTRIBUTION COMPANY (GTEDC) Mohammad Jalili IRAN CREDIT SCORING Farid Kani ATIEH ASSOCIATES Kiumars Kermanshahi IRAN TRADE PROMOTION ORGANIZATION Kheirollah Khadem IRAN TRADE PROMOTION ORGANIZATION Fatemeh Khademi AFTABE EDALAT Behnam Khatami ATIEH ASSOCIATES Amir Kheirollahy HT CO, LTD. Masoud Kiumarthi CENTRAL BANK OF THE ISLAMIC REPUBLIC OF IRAN Majid Mahallati MAHALLATI & CO. CHARTERED ACCOUNTANTS Amir Ahmad Mahdian Rad SOHRAB SEPEHRI Shahrzad Majdameli INTERNATIONAL LAW OFFICE OF DR. BEHROOZ AKHLAGHI & ASSOCIATES

Gholam Reza Malekshoar CENTRAL BANK OF THE ISLAMIC REPUBLIC OF IRAN Seyed Ali MirshaﬁeI TEHRAN CHAMBER OF COMMERCE, INDUSTRY AND MINES Younes Gharbali Moghadam PORTS AND MARITIME ORGANIZATION Seyedeh Fatemeh Moghimi SADID BAR INT TRANSPORT Seyed Iman Mohamadian INTERNATIONAL LAW OFFICE OF DR. BEHROOZ AKHLAGHI & ASSOCIATES Mozaffar Mohammadian TEEMA BAR INTERNATIONAL TRANSPORT Majid Mohebi GREAT TEHRAN ELECTRICITY DISTRIBUTION COMPANY (GTEDC) Mehrdad Mostaghimi GHODS NIROO CONSULTING ENGINEERS Seyed Mohamad Sadegh Mousavianfar TEHRAN INSOLVENCY AFFAIRS LIQUIDATION OFFICE, GENERAL DIRECTORATE OF INSOLVENCY AFFAIRS LIQUIDATION, THE JUDICIARY OF IRAN Babak Namazi ATIEH ASSOCIATES Rassoul Nowroozi IRAN TRADE PROMOTION ORGANIZATION Ahmad Parkhideh IRAN CHAMBER OF COMMERCE Mohammad Reza Pasban ALLAME TABATABAEI UN.- IRANIAN CENTRAL BAR ASSOCIATION Farmand Pourkarim TEHRAN MUNICIPALITY Yahya Rayegani FARJAM LAW OFFICE Aria Roustapour PORTS AND MARITIME ORGANIZATION Encyeh Seyed Sadr INTERNATIONAL LAW OFFICE OF DR. BEHROOZ AKHLAGHI & ASSOCIATES Cyrus Shaﬁzadeh ATIEH ASSOCIATES Ali Shahabi INTERNATIONAL LAW OFFICE OF DR. BEHROOZ AKHLAGHI & ASSOCIATES Abolfazl Shahrabadi TEHRAN STOCK EXCHANGE (TSE) Javad Bahar Shanjani FARJAM LAW OFFICE Narges Shariati INTERNATIONAL LAW OFFICE OF DR. BEHROOZ AKHLAGHI & ASSOCIATES Alireza Shariaty Eivari Rajat Ratan Sinha RCS PVT. LTD. BUSINESS ADVISORS GROUP Pedram Soltani PERSOL CORPORATION 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)

Farhad Yazdi Azadeh Zarei IRAN TRADE PROMOTION ORGANIZATION

Eoin Cunneen LK SHIELDS SOLICITORS, MEMBER OF IUS LABORIS Richard Curran LK SHIELDS SOLICITORS, MEMBER OF IUS LABORIS Patrick Daly ARTHUR COX, MEMBER OF LEX MUNDI Kiara Daly DANIEL MURPHY SOLICITORS Gavin Doherty EUGENE F. COLLINS SOLICITORS John Doyle DILLON EUSTACE Ray Duffy THE PROPERTY REGISTRATION AUTHORITY Bryan Dunne MATHESON ORMSBY PRENTICE Garret Farrelly MATHESON ORMSBY PRENTICE Frank Flanagan MASON HAYES+CURRAN Sarah Gallagher DILLON EUSTACE Micheál Grace MASON HAYES+CURRAN Sinéad Greene LK SHIELDS SOLICITORS, MEMBER OF IUS LABORIS Darren Isaacson ARTHUR COX, MEMBER OF LEX MUNDI Thomas Johnson IRISH BUILDING CONTROL INSTITUTE William Johnston ARTHUR COX, MEMBER OF LEX MUNDI Georgina Kabemba MATHESON ORMSBY PRENTICE Ian Lavelle LK SHIELDS SOLICITORS, MEMBER OF IUS LABORIS Niamh Loughran DILLON EUSTACE Paul McCutcheon L.K. SHIELDS SOLICITORS Elaine McGrath REDDY CHARLTON MCKNIGHT Kevin Meehan COMPASS MARITIME LTD. Gavan Neary PWC IRELAND Michael O’Connor MATHESON ORMSBY PRENTICE Matt O’Keeffe PWC IRELAND Deirdre O’Mahony ARTHUR COX, MEMBER OF LEX MUNDI Feargal Orourke PWC IRELAND Robert O’Shea MATHESON ORMSBY PRENTICE Maurice Phelan MASON HAYES+CURRAN Matthew Ryan DILLON EUSTACE Brendan Sharkey REDDY CHARLTON MCKNIGHT Gavin Simons DANIEL MURPHY SOLICITORS Caroline Sommers MATHESON ORMSBY PRENTICE Lorcan Tiernan DILLON EUSTACE Mark Traynor A&L GOODBODY Colm Walsh IRISH INTERNATIONAL FREIGHT ASSOCIATION

Barry Walsh MASON HAYES+CURRAN Maeve Walsh REDDY CHARLTON MCKNIGHT Emma Weld-Moore DANIEL MURPHY SOLICITORS

IRAQ ERNST & YOUNG
IRAQI ASSOCIATION OF SECURITIES DEALERS TALAL ABU GHAZALEH LEGAL (TAG-LEGAL)
Hadeel Salih Abboud Al-Janabi MENA ASSOCIATES, MEMBER OF AMERELLER RECHTSANWÄLTE Ahmed Al-Jannabi MENA ASSOCIATES, MEMBER OF AMERELLER RECHTSANWÄLTE Florian Amereller AMERELLER RECHTSANWÄLTE Munther B. Hamoudi AL ATTAR REAL ESTATE OFFICE Ali Baker AL-FURAT FOR LEGAL AND BUSINESS CONSULTANCY LLC Majed Butrous Ahmed Dawood BAET AL HIKMA FOR LEGAL SERVICES AND CONSULTANCY LLC Ninos Hozaya BCC LOGISTICS Stephan Jäger AMERELLER RECHTSANWÄLTE Jamal Mehdi Shalal AL ATTAR REAL ESTATE OFFICE Mohammad Murad AL RAFIDAIN BROKERS Ibrahim Musa Qadori Ahmed AL RAWDHA REAL-ESTATE OFFICE Ammar Naji AL-FURAT FOR LEGAL AND BUSINESS CONSULTANCY LLC Auday Najim Ali ASHUR INTERNATIONAL BANK Oday Najim Ali ASHUR INTERNATIONAL BANK Arin Pinto KHUDAIRI GROUP Ahmed Salih Al-Janabi MENA ASSOCIATES, MEMBER OF AMERELLER RECHTSANWÄLTE David Salman ASHUR INTERNATIONAL BANK Abdelrahman Sherif MENA ASSOCIATES, MEMBER OF AMERELLER RECHTSANWÄLTE Khaled Yaseen IRAQI NATIONAL INVESTMENT COMMISSION

ISRAEL PUBLIC UTILITY AUTHORITY-ELECTRICITY
Ofer Bar-On SHAVIT BAR-ON GAL-ON TZIN YAGUR, LAW OFFICES Jacob Ben-Chitrit YIGAL ARNON & CO. Jeremy Benjamin GOLDFARB LEVY ERAN MEIRI TZAFRIR & CO. Marina Benvenisti RUTH CARGO Yitzchak Chikorel DELOITTE LLP Koby Cohen PWC ISRAEL Doron Cohon RAVEH, RAVID & CO. CPAS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Danny Dilbary GOLDFARB LEVY ERAN MEIRI TZAFRIR & CO. Ido Gonen GOLDFARB LEVY ERAN MEIRI TZAFRIR & CO. Amos Hacmun HESKIA-HACMUN LAW FIRM Roee Hecht SHAVIT BAR-ON GAL-ON TZIN YAGUR, LAW OFFICES Yossi Katsav RUTH CARGO Zeev Katz PWC ISRAEL Vered Kirshner PWC ISRAEL Adam Klein GOLDFARB LEVY ERAN MEIRI TZAFRIR & CO. Gideon Koren GIDEON KOREN & CO. LAW OFFICES Orna Kornreich-Cohen SHAVIT BAR-ON GAL-ON TZIN YAGUR, LAW OFFICES Michael Lagon THE ISRAEL ELECTRIC CORPORATION LTD.DAN DISTRICT Aaron Lampert NASCHITZ, BRANDES & CO., WITH THE SUPPORT OF ERNST & YOUNG Benjamin Leventhal GIDEON FISHER & CO. Michelle Liberman S. HOROWITZ & CO., MEMBER OF LEX MUNDI Danielle Loewenstein S. HOROWITZ & CO., MEMBER OF LEX MUNDI Rotem Muntner RUTH CARGO Marcelle Noussimovitch RAPHAEL KATZ & CO. CUSTOMS BROKERS LTD. Meir Nussbaum DELOITTE LLP Helen Raziel NASCHITZ, BRANDES & CO., WITH THE SUPPORT OF ERNST & YOUNG Yoav Razin NASCHITZ, BRANDES & CO., WITH THE SUPPORT OF ERNST & YOUNG

IRELAND ESB NETWORKS
IRISH CREDIT BUREAU
Margaret Austin EUGENE F. COLLINS SOLICITORS Andrew Bates DILLON EUSTACE Roisin Bennett REDDY CHARLTON MCKNIGHT 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

172

DOING BUSINESS 2012

Matt Rosenbaum HACOHEN & WOLF LAW OFFICES Liat Rothschild GOLDFARB LEVY ERAN MEIRI TZAFRIR & CO. Gerry Seligman PWC ISRAEL Amir Shani AMIT (PANALPINA) Edward Shtaif THE ISRAEL ELECTRIC CORPORATION LTD.DAN DISTRICT Daniel Singerman BUSINESS DATA ISRAEL + PERSONAL CHECK Ayelet Suissa PWC ISRAEL Daphna Tsarfaty GOLDFARB LEVY ERAN MEIRI TZAFRIR & CO. Eylam Weiss WEISS-PORAT & CO. Zeev Weiss WEISS-PORAT & CO. Dave Wolf HACOHEN & WOLF LAW OFFICES Shlomi Zehavi PWC ISRAEL

Alessandro Caridi TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Cecilia Carrara LEGANCE Ana Carretero STUDIO LEGALE SINATRA Gennaro Cassiani GC ARCHITECTURE BURO Lucia Ceccarelli PORTOLANO COLELLA CAVALLO Giorgio Cherubini PIROLA PENNUTO ZEI & ASSOCIATI Domenico Colella PORTOLANO COLELLA CAVALLO Fabrizio Colonna LCA - LEGA COLUCCI E ASSOCIATI Mattia Colonnelli de Gasperis COLONNELLI DE GASPERIS STUDIO LEGALE Fabio Corno STUDIO CORNO, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Barbara Corsetti PORTOLANO COLELLA CAVALLO Filippo Corsini CHIOMENTI STUDIO LEGALE Barbara Cortesi STUDIO LEGALE GUASTI Massimo Cremona PIROLA PENNUTO ZEI & ASSOCIATI Salvatore Cuzzocrea TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Elena Davanzo STUDIO LEGALE TRIBUTARIO ASSOCIATO Daniele de Benedetti STUDIO BENESSIA - MACCAGNO Antonio de Martinis SPASARO DE MARTINIS LAW FIRM Francesca De Paolis INTERNATIONAL CENTRE FOR DISPUTE RESOLUTION Claudio Di Falco CLEARY GOTTLIEB STEEN & HAMILTON LLP Massimiliano Di Tommaso CLEARY GOTTLIEB STEEN & HAMILTON LLP Iacopo Donati CLEARY GOTTLIEB STEEN & HAMILTON LLP Sunil Dutt Sharma PARAM OVERSEAS Emanuele Ferrari STUDIO NOTARILE FERRARI Maddalena Ferrari STUDIO NOTARILE FERRARI Paola Flora ASHURST Pier Andrea Fré Torelli Massini CARABBA & PARTNERS Linda Nicoletta Frigo GRUPPO PAM S.P.A. Cristina Fugazza STUDIO LEGALE SINATRA Andrea Gangemi PORTOLANO COLELLA CAVALLO Enrica Maria Ghia GHIA LAW FIRM Lucio Ghia GHIA LAW FIRM Vincenzo Fabrizio Giglio GIGLIO & SCOFFERI STUDIO LEGALE DEL
LAVORO

Valentino Guarini TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Federico Guasti STUDIO LEGALE GUASTI Goffredo Guerra STUDIO LEGALE TRIBUTARIO ASSOCIATO Christian Iannacccone STUDIO LEGALE TRIBUTARIO ASSOCIATO Francesco Iodice CLEARY GOTTLIEB STEEN & HAMILTON LLP Giovanni Izzo ABBATESCIANNI STUDIO LEGALE E TRIBUTARIO Paramjeet Kaur PARAM OVERSEAS Ignazio la Candia PIROLA PENNUTO ZEI & ASSOCIATI Enrico Lodi CRIF S. P. A. Artemisia Lorusso TONUCCI & PARTNERS, IN ALLIANCE WITH MAYER BROWN LLP Paolo Lucarini TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Stefano Macchi di Cellere JONES DAY Matteo Magistrelli PORTOLANO COLELLA CAVALLO Donatella Martinelli ALEGAL - INTERNATIONAL LAW FIRM Pietro Masi PORTOLANO COLELLA CAVALLO Patrizia Masselli CLEARY GOTTLIEB STEEN & HAMILTON LLP Gennaro Mazzuoccolo NORTON ROSE Stefano Merli TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Andrea Messuti LCA - LEGA COLUCCI E ASSOCIATI Mario Miccoli NOTAIO MICCOLI Federica Micoli LAWYER Nunzia Moliterni JONES LANG LASALLE Marco Monaco Sorge TONUCCI & PARTNERS, IN ALLIANCE WITH MAYER BROWN LLP Micael Montinari PORTOLANO COLELLA CAVALLO Valeria Morosini TOFFOLETTO E SOCI LAW FIRM, MEMBER OF IUS LABORIS Gianmatteo Nunziante NUNZIANTE MAGRONE Francesco Nuzzolo TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Ferdinando Offredi VENOSTA R.E. S.RL Fabiana Padroni RISTUCCIA & TUFARELLI Marcella Panucci CONFINDUSTRIA (NATIONAL BUSINESS ASSOCIATION) Luciano Panzani TORINO COURT OF FIRST INSTANCE Paolo Pasqualis NOTARY Giovanni Patti ABBATESCIANNI STUDIO LEGALE E TRIBUTARIO

Yan Pecoraro PORTOLANO COLELLA CAVALLO Federica Peres PORTOLANO COLELLA CAVALLO Davide Petris PORTOLANO COLELLA CAVALLO Martina Pivetti TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Laura Prosperetti CLEARY GOTTLIEB STEEN & HAMILTON LLP Sharon Reilly TOFFOLETTO E SOCI LAW FIRM, MEMBER OF IUS LABORIS Davide Rossini APL SRL Gianluca Russo CLEARY GOTTLIEB STEEN & HAMILTON LLP Mike Salerno KRCOM Silvia Sandrin ASHURST Mario Scofferi GIGLIO & SCOFFERI STUDIO LEGALE DEL
LAVORO

Gavin Goffe MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Nicole Goodin JAMAICA PUBLIC SERVICE COMPANY LIMITED Herbert Winston Grant GRANT, STEWART, PHILLIPS & CO. Errol Greene KINGSTON AND ST. ANDREW CORPORATION Kerry-Ann Heavens MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Corrine N. Henry MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Hopeton Heron OFFICE OF UTILITIES REGULATION Alicia P. Hussey MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Donovan Jackson NUNES, SCHOLEFIELD, DELEON & CO. ATTORNEY-AT-LAW Joan Lawla MANAGER, ACADEMICIAN Noelle Llewellyn Heron TAX ADMINISTRATION SERVICES DEPARTMENT Melinda Lloyd JAMAICA PUBLIC SERVICE COMPANY LIMITED Zaila McCalla THE SUPREME COURT OF JAMAICA Andrine McLaren KINGSTON AND ST. ANDREW CORPORATION Sandra Minott-Phillips MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Deborah Newland LEX CARIBBEAN Lorna Phillips NICHOLSON PHILLIPS, ATTORNEYS-AT-LAW Gina Phillips Black MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Judith Ramlogan COMPANIES OFFICE OF JAMAICA Hilary Reid MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Heather Rowe JAMAICA PUBLIC SERVICE COMPANY LIMITED Lisa N. Russell MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI Oneil Sherman GLOBAL TRADING Arturo Stewart GRANT, STEWART, PHILLIPS & CO. Humprey Taylor TAYLOR CONSTRUCTION LTD. Donovan Wignal MAIRTRANS INTERNATIONAL LOGISTICS LTD. Maliaca Wong MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI

Susanna Servi CARABBA & PARTNERS Massimiliano Silvetti NUNZIANTE MAGRONE Carlo Sinatra STUDIO LEGALE SINATRA Pierluigi Sodini UNIONCAMERE Piervincenzo Spasaro SPASARO DE MARTINIS LAW FIRM Maria Antonietta Tanico STUDIO LEGALE TANICO Andrea Tedioli TEDIOLI LAW FIRM Francesca Tironi TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Giacinto Tommasini ALEGAL - INTERNATIONAL LAW FIRM Luca Tufarelli RISTUCCIA & TUFARELLI Rachele Vacca de Dominicis GRIECO E ASSOCIATI Mario Valentini PIROLA PENNUTO ZEI & ASSOCIATI Vito Vittore NUNZIANTE MAGRONE Angelo Zambelli DEWEY & LEBOEUF Filippo Zucchinelli TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI

ITALY PARAM OVERSEAS
STUDIO DELL’AVVOCATO ANTICH
Marianna Abbaticchio RISTUCCIA & TUFARELLI Fabrizio Acerbis TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Mario Altavilla UNIONCAMERE Roberto Argeri CLEARY GOTTLIEB STEEN & HAMILTON LLP Gaetano Arnò TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Maria Pia Ascenzo BANK OF ITALY 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 COLELLA CAVALLO Sylvia Beccio STUDIO LEGALE SINATRA Alvise Becker TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Susanna Beltramo STUDIO LEGALE BELTRAMO Stefano Biagioli TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Gianluca Borghetto NUNZIANTE MAGRONE Paola Calabrese CALABRESE LAW FIRM Sergio Calderara ALMAVIVA S.P.A. - DIREZIONE AFFARI LEGALI Stefano Cancarini TLS - ASSOCIAZIONE PROFESSIONALE DI AVVOCATI E COMMERCIALISTI Alessandro Cardia GRIECO E ASSOCIATI

JAMAICA
Cheronne Allen JAMAICA PROMOTIONS CORPORATION (JAMPRO) Roy K. Anderson THE SUPREME COURT OF JAMAICA Paul Barton GLOBAL TRADING Garﬁeld Bryan OFFICE OF UTILITIES REGULATION Mitzie W. Gordon Burke-Green JAMAICA TRADING SERVICES LTD. Nicole Foga FOGA DALEY Dave García MYERS, FLETCHER & GORDON, MEMBER OF LEX MUNDI David Geddes OFFICE OF UTILITIES REGULATION

JAPAN ERNST & YOUNG
TOKYO ELECTRIC POWER COMPANY INC.
Miho Arimura HATASAWA & WAKAI LAW FIRM Toyoki Emoto ATSUMI & PARTNERS Miho Fujita ADACHI, HENDERSON, MIYATAKE & FUJITA

Antonio Grieco GRIECO E ASSOCIATI Tommaso Gualco BRE-ENGINEERING SRL

ACKNOWLEDGMENTS

173

Tatsuya Fukui ATSUMI & PARTNERS Shinnosuke Fukuoka NISHIMURA & ASAHI Mika Haga DAVIS & TAKAHASHI Tamotsu Hatasawa HATASAWA & WAKAI LAW FIRM Kan Hayashi PWC JAPAN Takashi Hirose OH-EBASHI LPC & PARTNERS Kenichi Homan ADACHI, HENDERSON, MIYATAKE & FUJITA Taro Honda ATSUMI & PARTNERS Hiroyasu Horimoto CITY-YUWA PARTNERS Michiya Iwasaki ATSUMI & PARTNERS Tomomi Kagawa Aya Kamimura NISHIMURA & ASAHI Yosuke Kanegae OH-EBASHI LPC & PARTNERS Hideki Thurgood Kano ANDERSON MORI & TOMOTSUNE Chie Kasahara ATSUMI & PARTNERS Shigenobu Kataoka ENGINEER, INC. Takahiro Kato NISHIMURA & ASAHI Susumi Kawaguchi OBAYASHI CORPORATION Kohei Kawamura NISHIMURA & ASAHI Yasuyuki Kuribayashi CITY-YUWA PARTNERS Yukie Kurosawa O’MELVENY & MYERS LLP Yoji Maeda O’MELVENY & MYERS LLP Nobuaki Matsuoka OSAKA INTERNATIONAL LAW OFFICES Kazuya Miyakawa PWC JAPAN Toshio Miyatake ADACHI, HENDERSON, MIYATAKE & FUJITA Tsuyoshi Mizoguchi PWC JAPAN Michihiro Mori NISHIMURA & ASAHI Taeko Morita NISHIMURA & ASAHI Masahiro Murashima KITAHAMA PARTNERS Hirosato Nabika CITY-YUWA PARTNERS Yukie Nakagawa ATSUMI & PARTNERS Kazutoshi Nishijima ADACHI, HENDERSON, MIYATAKE & FUJITA Miho Niunoya ATSUMI & PARTNERS Takashi Saito CITY-YUWA PARTNERS Yuka Sakai CITY-YUWA PARTNERS 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 & PARTNERS Yuri Sugano NISHIMURA & ASAHI Sachiko Sugawara ATSUMI & PARTNERS Yuri Suzuki ATSUMI & PARTNERS Hiroyuki Suzuki PWC JAPAN Shunji Suzuki PWC JAPAN Mikio Tasaka NITTSU RESEARCH INSTITUTE AND CONSULTING, INC. Atsushi Tempaku NIPPON EXPRESS CO., LTD. Junichi Tobimatsu MORI HAMADA & MATSUMOTO Yoshito Tsuji OBAYASHI CORPORATION Masatoshi Ujimori ATSUMI & PARTNERS Kenji Utsumi NAGASHIMA OHNO & TSUNEMATSU Jun Yamada ANDERSON MORI & TOMOTSUNE Michi Yamagami ANDERSON MORI & TOMOTSUNE Akio Yamamoto KAJIMA CORPORATION Yusuke Yukawa NISHIMURA & ASAHI

Mohammad Al-Said Khaled Asfour ALI SHARIF ZU’BI, ADVOCATES & LEGAL CONSULTANTS, MEMBER OF LEX MUNDI Micheal T. Dabit MICHAEL T. DABIT & ASSOCIATES Anwar Elliyan THE JORDANIAN ELECTRIC POWER CO. LTD. (JEPCO) Tariq Hammouri HAMMOURI & PARTNERS 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 Ahmed Khalifeh HAMMOURI & PARTNERS Youssef S. Khalilieh RAJAI DAJANI & ASSOCIATES LAW OFFICE Hussein Kofahy CENTRAL BANK OF JORDAN Rasha Laswi ZALLOUM & LASWI LAW FIRM Emad Majid PWC JORDAN Firas Malhas INTERNATIONAL BUSINESS LEGAL ASSOCIATES Nizar Musleh HAZBOUN & CO. FOR INTERNATIONAL LEGAL BUSINESS CONSULTATIONS Amer Nabulsi (NEN) AL WAGAYAN, AL AWADHI, AL SAIF, MEMBER OF DLA PIPER GROUP Ahmed Naiemat LAW & ARBITRATION CENTRE Omar B. Naim NATIONAL CONSTRUCTION COMPANY Ridha Nasair LAW GATE ATTORNEYS ORG Laith Nasrawin ALJAZY & CO. ADVOCATES & LEGAL CONSULTANTS Khaldoun Nazer KHALIFEH & PARTNERS Mutasem Nsair KHALIFEH & PARTNERS Akram Obeidat KHALIFEH & PARTNERS Osama Y. Sabbagh THE JORDANIAN ELECTRIC POWER CO. LTD. (JEPCO) Mohammad Sawafeen LAND AND SURVEY DIRECTORATE Ali Shishani CROWN LOGISTICS Stephan Stephan PWC JORDAN Bassil Swaiss INTERNATIONAL BUSINESS LEGAL ASSOCIATES Mohammed Tarawneh Mahmoud Wafa CUSTOMS DEPARTMENT Azzam Zalloum ZALLOUM & LASWI LAW FIRM Faris Zaru FARIS AND FARIS Malek Zreiqat ALI SHARIF ZU’BI, ADVOCATES & LEGAL CONSULTANTS, MEMBER OF LEX MUNDI

Kareem Zureikat

Saule Mukhambetzhan MARKA AUDIT ACF LLP Ruslan Murzashev BMF GROUP LLP Daniyar Mussakhan MACLEOD DIXON Assel Mussina SNR DENTON KAZAKHSTAN LIMITED Alina Mustafayeva SIGNUM LAW FIRM Nazira Nurbayeva PWC KAZAKHSTAN Zhanar Ordabayeva BMF GROUP LLP Yuliya V. Petrenko BMF GROUP LLP Olga Salimova ORIS LAW FIRM Ernur Seysenov DESA EC Gennadiy Shestakov KAZAKHSTAN LOGISTICS SERVICE Karina Sultanaliyeva AEQUITAS LAW FIRM Amir Tussupkhanov ORIS LAW FIRM Zhaniya Ussen ASSISTANCE, LLC LAW FIRM Yekaterina V. Kim MICHAEL WILSON & PARTNERS LTD. Marla Valdez SNR DENTON KAZAKHSTAN LIMITED Arlan Yerzhanov GRATA LAW FIRM Dubek Zhabykenov Liza Zhumakhmetova PWC KAZAKHSTAN Soﬁya Zhylkaidarov SIGNUM LAW FIRM

KAZAKHSTAN
Yerkin Abdrakhmanov PWC KAZAKHSTAN Askar Abubakirov AEQUITAS LAW FIRM Zulﬁya Akchurina GRATA LAW FIRM Aktan Akhmetov FIRST CREDIT BUREAU Aman Aliev ASSISTANCE, LLC LAW FIRM Jypar Beishenalieva MICHAEL WILSON & PARTNERS LTD. Gulnur Bekmukhanbetova BMF GROUP LLP Assel Bekturganova GRATA LAW FIRM Peter Burnie PWC KAZAKHSTAN Yelena Bychkova AEQUITAS LAW FIRM Shaimerden Chikanayev GRATA LAW FIRM Richard Chudzynski MICHAEL WILSON & PARTNERS LTD. Walter Daniel PWC KAZAKHSTAN Botakoz Dykanbayeva GRATA LAW FIRM Ardak Dyussembayeva AEQUITAS LAW FIRM Vladimir P. Furman BMF GROUP LLP Sevil Gassanova MACLEOD DIXON Karina Iliusizova PWC KAZAKHSTAN Semion Issyk AEQUITAS LAW FIRM Vladimir Ivlev FIRST CREDIT BUREAU Kamil Jambakiyev MACLEOD DIXON Dinara M. Jarmukhanova BMF GROUP LLP Thomas Johnson SNR DENTON KAZAKHSTAN LIMITED Elena Kaeva PWC KAZAKHSTAN Marina Kahiani GRATA LAW FIRM Assel Kazbekova MICHAEL WILSON & PARTNERS LTD. Tatyana Kim MARKA AUDIT ACF LLP Marina Kolesnikova GRATA LAW FIRM Yerbol Konarbayev SNR DENTON KAZAKHSTAN LIMITED Anna Kravchenko GRATA LAW FIRM Gulﬁya Kurmanova HALYK BANK KAZAKHSTAN Irina Latipova MARKA AUDIT ACF LLP Aigerim Malikova PWC KAZAKHSTAN Saule Marka MARKA AUDIT ACF LLP Vsevolod Markov BMF GROUP LLP Bolat Miyatov GRATA LAW FIRM

JORDAN ERNST & YOUNG
Tamara Abbadi HAZBOUN & CO. FOR INTERNATIONAL LEGAL BUSINESS CONSULTATIONS Hassan Abdullah THE JORDANIAN ELECTRIC POWER CO. LTD. (JEPCO) Hayja’a Abu AlHayja’a TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Nayef Abu Alim PREMIER LAW FIRM LLP Osama Abu Rub LAW & ARBITRATION CENTRE Ibrahim Abunameh LAW & ARBITRATION CENTRE Maha Al Abdallat CENTRAL BANK OF JORDAN Arwa Al-Azzeh RAJAI DAJANI & ASSOCIATES LAW OFFICE Tamara Al-Banna KHALIFEH & PARTNERS Eman M. Al-Dabbas INTERNATIONAL BUSINESS LEGAL ASSOCIATES Omar Aljazy ALJAZY & CO. ADVOCATES & LEGAL CONSULTANTS Sabri S. Al-Khassib AMMAN CHAMBER OF COMMERCE Mohamed Al-Kurdi GARDENIA CLEARANCE

KENYA
George Akoto AKOTO & AKOTO ADVOCATES Philip Aluku SDV TRANSAMI Oliver Fowler KAPLAN & STRATTON Hilary Gachiri KAPLAN & STRATTON Peter Gachuhi KAPLAN & STRATTON Francis Gichuhi PRISM DESIGNS AFRICA Edmond Gichuru POST BANK William Ikutha Maema ISEME, KAMAU & MAEMA ADVOCATES Shellomith Irungu ANJARWALLA & KHANNA ADVOCATES Nigel Jeremy DALY & FIGGIS ADVOCATES Karori Kamau ISEME, KAMAU & MAEMA ADVOCATES Benson Kamau PWC KENYA Judith Kavuki KOKA KOIMBURI & CO. Hamish Keith DALY & FIGGIS ADVOCATES Morris Kimuli B.M. MUSAU & CO. ADVOCATES Owen Koimburi KOKA KOIMBURI & CO. Nicholas Malonza SISULE MUNYI KILONZO & ASSOCIATES

174

DOING BUSINESS 2012

Rosemary Mburu INSTITUTE OF TRADE DEVELOPMENT James Mburu Kamau ISEME, KAMAU & MAEMA ADVOCATES Lilian Membo SDV TRANSAMI Richard Miano ISEME, KAMAU & MAEMA ADVOCATES Mansoor A. Mohamed RUMAN SHIP CONTRACTORS LIMITED Bernard Muange ANJARWALLA & KHANNA ADVOCATES Davies Mugo LAFARGE Benjamin Musau B.M. MUSAU & CO. ADVOCATES Muteti Mutisya B.M. MUSAU & CO. ADVOCATES Wachira Ndege CREDIT REFERENCE BUREAU AFRICA LTD. Christina Ndiho KAPLAN & STRATTON Joseph Ng’ang’ira DALY & FIGGIS ADVOCATES Kenneth Nganzi UNILEVER KENYA LTD. Beatrice Bosibori Nyabira ISEME, KAMAU & MAEMA ADVOCATES Conrad Nyukuri CHUNGA ASSOCIATES Julius Odawo LAFARGE Gilbert Okello LAFARGE Sam Omukoko METROPOL CORPORATION LTD. Tom Odhiambo Onyango OCHIENG, ONYANGO, KIBET & OHAGA Robert Osiro LAFARGE Cephas Osoro CROWE HORWATH EA, MEMBER CROWE HORWATH INTERNATIONAL Don Priestman THE KENYA POWER AND LIGHTING COMPANY LTD. Sonal Sejpal ANJARWALLA & KHANNA ADVOCATES Rajesh Shah PWC KENYA Deepen Shah WALKER KONTOS ADVOCATES Christopher Siambe CROWN AGENTS LTD. David Tanki LAN-X AFRICA LTD. Joseph Taracha CENTRAL BANK OF KENYA 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 Moanataake Beiabure MINISTRY OF PUBLIC WORKS AND UTILITIES Taake Cama MINISTRY OF FINANCE Kiata Tebau Kabure KK & SONS Willie Karakaua Maen MOEL TRADING CO. LTD. Tekeeua Kauongo ANZ BANK (KIRIBATI) LTD. Iaokiri Koreaua KIRIBATI CUSTOMS SERVICE (KCS) Terence Low ANZ BANK (KIRIBATI) LTD. Paul McLaughlin CA’BELLA BETIO CONSTRUCTION Debrah Mercurio OFFICE OF THE PEOPLE’S LAWYER Tekaai Mikaer SWIRE SHIPPING LTD. Lawrence Muller OCEANIC SHIPPING SERVICE Tetiro Semilota HIGH COURT OF KIRIBATI Eliza Takotaake BETIO TOWN COUNCIL Tieri Tamoa MINISTRY OF COMMERCE, INDUSTRY AND COOPERATIVES Martin Tekanene KIRIBATI PROVIDENT FUND Batitea Tekanito DEVELOPMENT BANK OF KIRIBATI Moaniti Teuea JOYCE SHIPPING LINE Reei Tioti MINISTRY OF ENVIRONMENT, LANDS & AGRICULTURE DEVELOPMENT (MELAD)

Sang Wook Kang KOREAN ELECTRICAL CONTRACTORS ASSOCIATION Sung Won Kim HANARO TNS Se Jin Kim HWANG MOK PARK P.C. Yoon Young Kim HWANG MOK PARK P.C. Hyo-Sang Kim KIM & CHANG Jung-In Kim KOREA CREDIT BUREAU Miok Kim KIM & CHANG Yong-Chul Kim KOREA CUSTOMS SERVICE Kyu-Dong Kim SAMIL PRICEWATERHOUSECOOPERS Wan-Seok Kim SAMIL PRICEWATERHOUSECOOPERS Young-Sik Kim SAMIL PRICEWATERHOUSECOOPERS S.E. Stephan Kim SOJONG PARTNERS Kwang Soo Kim WOOSUN ELECTRIC COMPANY LTD. Wonhyung Kim YOON & YANG LLC. Joong Hoon Kwak LEE & KO Ki Hyun Kwon CHEON JI ACCOUNTING CORPORATION, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Hye Jeong Lee AHNSE LAW OFFICES Sung Whan Lee AHNSE LAW OFFICES Jung-Un Lee KIM & CHANG Seung Yoon Lee KIM & CHANG Kyu Wha Lee LEE & KO Hongyou Lee PANALPINA IAF LTD. Jin-Young Lee SAMIL PRICEWATERHOUSECOOPERS Jong Ho Lee SOJONG PARTNERS Ji Woong Lim YULCHON Chul-Gue Maeng KOREA CUSTOMS SERVICE Ho Joon Moon LEE & KO Yon-Kyun Oh KIM & CHANG Joo Seok Paik SOJONG PARTNERS Ji Yeoun Park HWANG MOK PARK P.C. Sang Il Park HWANG MOK PARK P.C. Soo-Hwan Park SAMIL PRICEWATERHOUSECOOPERS Jeong Seo KIM & CHANG Brian Shim CHEON JI ACCOUNTING CORPORATION, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Won-Il Sohn YULCHON

Bong Woo Song HANJIN SHIPPING CO. LTD. Jiwon Suh MINISTRY OF STRATEGY AND FINANCE Kyung Hee Suh YULCHON Huh Uoung-uhk KEPCO ECONOMY MANAGEMENT RESEARCH INSTITUTE (KEMRI) Dong-Suk Wang KOREA CREDIT BUREAU Jee Yeon Yu KIM & CHANG

Jeton Vokshi INTEREUROPA KOSOVA LLC Shaha Zylﬁu CENTRAL BANK OF THE REPUBLIC OF KOSOVO

KUWAIT CREDIT INFORMATION NETWORK
ERNST & YOUNG FREIGHT EXCEL LOGISTICS
Labeed Abdal THE LAW FIRM OF LABEED ABDAL Hossam Abduel Fetouh Mahmoud Abdulfattah THE LAW OFFICES OF MISHARI AL-GHAZALI Hossam Abdullah ASAR – AL RUWAYEH & PARTNERS Waleed Abdulrahim ABDULLAH KH. AL-AYOUB & ASSOCIATES, MEMBER OF LEX MUNDI Lina A.K. Adlouni KIPCO ASSET MANAGEMENT COMPANY K.S.C Abdullah Musﬁr Al Hayyan KUWAIT UNIVERSITY Faten Al Naqeeb ALI & PARTNERS Fahad Al Zumai GUST UNIVERSITY Aiman Alaraj KEO INTERNATIONAL CONSULTANTS 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 Ammar Al-Fouzan THE LAW OFFICES OF MISHARI AL-GHAZALI Mishari M. Al-Ghazali THE LAW OFFICES OF MISHARI AL-GHAZALI Reema Ali ALI & PARTNERS Akusa Batwala ASAR – AL RUWAYEH & PARTNERS Christoph Birk PANALPINA WORLD TRANSPORT (KUWAIT) WLL Nada Bourahmah THE LAW OFFICES OF MISHARI AL-GHAZALI Luis Nene Cunha ASAR – AL RUWAYEH & PARTNERS Paul Day ASAR – AL RUWAYEH & PARTNERS Mahmoud Ezzat BURGAN BANK Yaser Farook GEC DAR Sam Habbas ASAR – AL RUWAYEH & PARTNERS Chirine Krayem Moujaes THE LAW OFFICES OF MISHARI AL-GHAZALI Dany Labaki THE LAW OFFICE OF AL-ESSA & PARTNERS Dany Labaky THE LAW OFFICE OF AL-ESSA & PARTNERS Amer Nabulsi (NEN) AL WAGAYAN, AL AWADHI, AL SAIF, MEMBER OF DLA PIPER GROUP

KOSOVO KOSOVO ENERGY CORPORATION J.S.C.
SHYQIRI BYTYQI VALA CONSULTING
Muhamed Disha KOSOVO INVESTMENT PROMOTION AGENCY Sokol Elmazaj BOGA & ASSOCIATES Mirjeta Emini BOGA & ASSOCIATES Lorena Gega PWC ALBANIA Maliq Gjyshinca INTEREUROPA KOSOVA LLC Mustafa Hasani KOSOVO INVESTMENT PROMOTION AGENCY Ahmet Hasolli KALO & ASSOCIATES Virtyt Ibrahimaga AVOKATURA I.O.T. Bejtush Isuﬁ INTERLEX ASSOCIATES L.L.C. Besarta Kllokoqi BOGA & ASSOCIATES Agron Krasniqi BOGA & ASSOCIATES Sabina Lalaj BOGA & ASSOCIATES Abedin Matoshi INTERLEX ASSOCIATES L.L.C. Fitore Mekaj BOGA & ASSOCIATES Dairida Metalia PWC ALBANIA Ilir Murseli MURSELI ARCHITECTS & PARTNERS Arben Mustafa INTEREUROPA KOSOVA LLC Gazmend Nushi KALO & ASSOCIATES Besim Osmani INTERLEX ASSOCIATES L.L.C. Andi Pacani BOGA & ASSOCIATES Gazmend Pallaska PALLASKA & ASSOCIATES Loreta Peci PWC ALBANIA Mehdi Pllashniku KOSOVO BUSINESS REGISTARTION AGENCY Vigan Rogova ETHEM ROGOVA LAW FIRM Iliriana Osmani Serreqi AVOKATURA I.O.T. Flakron Sylejmani LAW FIRM IBRAHIMAGA/OSAMNI/TIGANI Kreshnik Thaqi KOSOVO INVESTMENT PROMOTION AGENCY Anita Tigani LAW FIRM IBRAHIMAGA/OSAMNI/TIGANI Paul Tobin PWC BULGARIA

KOREA, REP.
Yong Seok Ahn LEE & KO Cheolhyo Ahn YULCHON Jong-Hyun Baek JEIL BROKER Min-Sook Chae KOREA CREDIT BUREAU Min-Jeong Cho KOREA CREDIT BUREAU Hyeong-Tae Cho SAMIL PRICEWATERHOUSECOOPERS Hyoung-Kyun Choi KOREA CUSTOMS SERVICE Han-Jun Chon SAMIL PRICEWATERHOUSECOOPERS Eui Jong Chung BAE, KIM & LEE LLC Sang-goo Han YOON & YANG LLC. C.W. Hyun KIM & CHANG James I.S. Jeon SOJONG PARTNERS Goo-Chun Jeong KOREA CUSTOMS SERVICE In Beom Jin CHEON JI ACCOUNTING CORPORATION, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Bo Moon Jung KIM & CHANG

KIRIBATI KIRIBATI PORTS AUTHORITY (KPA)
PUBLIC UTILITIES BOARD
Kibae Akaaka MINISTRY OF FINANCE Mary Amanu MOEL TRADING CO. LTD. Neiran Areta MINISTRY OF COMMERCE, INDUSTRY AND COOPERATIVES

ACKNOWLEDGMENTS

175

Anupama Nair ABDULLAH KH. AL-AYOUB & ASSOCIATES, MEMBER OF LEX MUNDI Mohammed Ramadan AL MARKAZ LAW FIRM Shafeek Rhaman MAY INTERNATIONAL A-Z FREIGHT SOLUTIONS Abdul Qayyum Saeed GHF LAWYERS David Walker ASAR – AL RUWAYEH & PARTNERS

Kamila Tursunkulova PWC KAZAKHSTAN Gulnara Uskenbaeva AUDIT PLUS Azim Usmanov GRATA LAW FIRM Ali Ramazanovich Vodyanov ELECTROSILA

Martins Aljens RAIDLA LEJINS & NORCOUS Laura Ausekle LATVIJAS BANKA Ieva Balcere LAW FIRM SORAINEN Ilona Bauda Elina Bedanova RAIDLA LEJINS & NORCOUS Eva Berlaus LAW FIRM SORAINEN Andis Burkevics LAW FIRM SORAINEN Andis Čonka LATVIJAS BANKA Ingrida Dimina PWC LATVIA Valters Diure LAWIN KLAVINS & SLAIDINS Zane Džule ATTORNEYS AT LAW BORENIUS Zlata Elksnina-Zascirinska PWC LATVIA Valters Gencs GENCS VALTERS LAW FIRM Andris Ignatenko ESTMA LTD. Janis Irbe LATVENERGO AS, SADALES TIKLS Zinta Jansons LAWIN KLAVINS & SLAIDINS Helmuts Jauja LATVIAN INSOLVENCY ADMINISTRATION Sandis Jermuts PUBLIC UTILITIES COMMISSION LATVIA Aris Kakstans EVERSHEDS BITĀNS Dace Kalnmeiere ATTORNEYS AT LAW BORENIUS Irina Kostina LAWIN KLAVINS & SLAIDINS Gunda Leite GENCS VALTERS LAW FIRM Dainis Leons LATVENERGO AS, SADALES TIKLS Indrikis Liepa ATTORNEYS AT LAW BORENIUS Janis Loze Irina Olevska ATTORNEYS AT LAW BORENIUS Sergejs Rudans ATTORNEYS AT LAW BORENIUS Lāsma Rugāte LAW FIRM SORAINEN Dace Silava-Tomsone RAIDLA LEJINS & NORCOUS Anita Sondore GENCS VALTERS LAW FIRM Mihails Špika JSC DZINTARS Sarmis Spilbergs LAWIN KLAVINS & SLAIDINS Zane Štālberga – Markvarte MARKVARTE LEXCHANGE LAW OFFICE Anatolij Strelin COLLIERS INTERNATIONAL Ruta Teresko AZ SERVICE SIA Maija Tipaine RAIDLA LEJINS & NORCOUS Ziedonis Udris SKUDRA & UDRIS LAW OFFICES Maris Vainovskis EVERSHEDS BITĀNS

Krista Zariņa LAWIN KLAVINS & SLAIDINS Agate Ziverte PWC LATVIA Daiga Zivtina LAWIN KLAVINS & SLAIDINS

Georges Kadige KADIGE & KADIGE LAW FIRM Michel Kadige KADIGE & KADIGE LAW FIRM Najib Khattar KHATTAR ASSOCIATES Josephine Khoury TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Albert Laham Georges Mallat HYAM G. MALLAT LAW FIRM Nabil Mallat HYAM G. MALLAT LAW FIRM Fares Moawad Fadi Moghaizel MOGHAIZEL LAW FIRM, MEMBER OF LEX MUNDI Mario Mohanna PATRIMOINE CONSEIL SARL Rita Moukarzel BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Andre Nader NADER LAW OFFICE Rana Nader NADER LAW OFFICE Touﬁc Nehme LAW OFFICE OF ALBERT LAHAM Hala Raphael-Abillama RAPHAËL & ASSOCIÉS Mireille Richa TYAN & ZGHEIB LAW FIRM Jihane 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 RACHED SARKIS - CONSULTANT Antoine Sfeir BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES George Tannous BEIRUT INTERNATIONAL MOVERS Bassel Tohme MENA CITY LAWYERS Nady Tyan TYAN & ZGHEIB LAW FIRM Rania Yazbeck TYAN & ZGHEIB LAW FIRM

LEBANON ELECTRICITÉ DU LIBAN
ERNST & YOUNG KORDAHI EST. COMPANY
Nadim Abboud LAW OFFICE OF A. ABBOUD & ASSOCIATES Hanan Abboud PWC LEBANON Nada Abdelsater-Abusamra RAPHAËL & ASSOCIÉS Wassim Abou Nader MENA CITY LAWYERS Wadih Abou Nasr PWC LEBANON Karen Baroud PWC LEBANON Jean Baroudi BAROUDI & ASSOCIATES Tarek Baz HYAM G. MALLAT LAW FIRM Katia Bou Assi MOGHAIZEL LAW FIRM, MEMBER OF LEX MUNDI Melynda BouAoun BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Najib Choucair CENTRAL BANK OF LEBANON Sanna 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 Chadia El Meouchi BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Sarah Fakhry BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Dania George PWC LEBANON Abdallah Hayek HAYEK GROUP Antoine Hayek RAPHAËL & ASSOCIÉS Alexa Hechaime HECHAIME LAW FIRM Wajih Hechaime HECHAIME LAW FIRM Walid Honein BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Maher Hoteit MENA CITY LAWYERS Dany Issa MOGHAIZEL LAW FIRM, MEMBER OF LEX MUNDI Marie-Anne Jabbour BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Fady Jamaleddine MENA CITY LAWYERS Edgard Joujou KPMG PCC Elie Kachouh ELC TRANSPORT SERVICES SAL

LAO PDR ENTERPRISE REGISTRY OFFICE
John Biddle LS HORIZON LIMITED (LAO) John Bowes KPMG LAO CO. LTD. Xaynari Chanthala LS HORIZON LIMITED (LAO) Sithong Chanthasouk Aristotle David DFDL MEKONG LAW GROUP Sornpheth Douangdy Daodeuane Duangdara PRICEWATERHOUSECOOPERS (LAO) LTD. William D. Greenlee, Jr. DFDL MEKONG LAW GROUP Somdy Inmyxay SME PROMOTION AND DEVELOPMENT OFFICE Latsamy Inthavong EDL UTILITY AND NETWORKS Ganesan Kolandevelu KPMG LAO CO. LTD. Litsamy Latsavong Khamkhong Liemphrachan R&T KHOUN MUANG LAO CO.,LTD. Chris Manley DFDL MEKONG LAW GROUP Varavudh Meesaiyati PRICEWATERHOUSECOOPERS (LAO) LTD. Somlack Nhoybouakong LAO FREIGHT FORWARDER CO. LTD. Somphone Phasavath LAO FREIGHT FORWARDER CO. LTD. Khamphaeng Phochanthilath DFDL MEKONG LAW GROUP Ketsana Phommachanh MINISTRY OF JUSTICE Phasith Phommarak Thavorn Rujivanarom PWC THAILAND Vichit Sadettan LAO FREIGHT FORWARDER CO. LTD. Ei Ei (Jessica) San KPMG LAO CO. LTD. Khamsene Sayavong LAO LAW & CONSULTANCY GROUP Siri Sayavong LAO LAW & CONSULTANCY GROUP Sivath Sengdouangchanh CONSULTANT Darika Soponawat PRICEWATERHOUSECOOPERS (LAO) LTD. Phonxay Southiphong DESIGN GROUP CO. LTD. Sengdara Tiamtisack LAO FREIGHT FORWARDER CO. LTD. Andrea Wilson DFDL MEKONG LAW GROUP

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 Nurlan Alymbaev ANDASH MAINING COMPANY LLC Iskender Batyrbekov LORENZ INTERNATIONAL LAW FIRM Richard Bregonje PWC KAZAKHSTAN Peter Burnie PWC KAZAKHSTAN Samara Dumanaeva LORENZ INTERNATIONAL LAW FIRM Akjoltoi Elebesova CREDIT INFORMATION BUREAU ISHENIM Leyla Gulieva LORENZ INTERNATIONAL LAW FIRM Saltanat Ismailova PWC KAZAKHSTAN Nurbek Ismankulov M&M TRANSPORT LOGISTIC SERVICES Elena Kaeva PWC KAZAKHSTAN Gulnara Kalikova KALIKOVA & ASSOCIATES LAW FIRM Assel Khamzina PWC KAZAKHSTAN Nurdin Kumushbekov USAID BUSINESS ENVIRONMENT IMPROVEMENT PROJECT THE PRAGMA CORPORATION Svetlana Lebedeva LORENZ INTERNATIONAL LAW FIRM Marina Lim KALIKOVA & ASSOCIATES LAW FIRM Asel Momoshova KALIKOVA & ASSOCIATES LAW FIRM Almas Nakipov PWC KAZAKHSTAN Karlygash Ospankulova KALIKOVA & ASSOCIATES LAW FIRM Nurbek Sabirov KALIKOVA & ASSOCIATES LAW FIRM Kanat Seidaliev GRATA LAW FIRM Temirbek Shabdanaliev ASSOCIATION OF CARRIERS AND FREIGHTFORWARDERS OF KYRGYZSTAN Elvira Sharshekeeva GRATA LAW FIRM Maksim Smirnov KALIKOVA & ASSOCIATES LAW FIRM Aisuluu Sydygalieva USAID BEI BUSINESS ENVIRONMENT IMPROVEMENT PROJECT (BY PRAGMA CORPORATION) Ulan Tilenbaev KALIKOVA & ASSOCIATES LAW FIRM

LESOTHO ERNST & YOUNG
HARLEY & MORRIS WEBBER NEWDIGATE
Lebereko Lethobane LABOUR COURT LESOTHO Qhalehang Letsika MEI & MEI ATTORNEYS INC. Sechaba Makhabane SELLO-MAFATLE ATTORNEYS Bokang Makhaketso MINISTRY OF JUSTICE Thakane Makume LESOTHO ELECTRICITY COMPANY (PTY) LTD. Moeketsi Marumo POWERCONSULT (PTY) LTD. Andrew Marumo SHEERAN & ASSOCIATES

LATVIA ERNST & YOUNG
Ilze Abika SKUDRA & UDRIS LAW OFFICES

176

DOING BUSINESS 2012

Thandiwe Metsing Molomo Mohale SYSTEMATIC ARCHITECTS Sentsuoe Lenka Mohau REGISTRAR - GENERAL M.R. Mokhethi MASERU CITY COUNCIL Phillip Mophethe PHILLIPS CLEARING & FORWARDING AGENT (PTY) LTD. Phelane Phomane Duduzile Seamatha SHEERAN & ASSOCIATES Tiisetso Sello-Mafatle SELLO-MAFATLE ATTORNEYS Marorisang Thekiso SHEERAN & ASSOCIATES Phoka Thene Mahlape Tjela NEDBANK LESOTHO LTD.

G. Lahaison Waritay MINISTRY OF PUBLIC WORKS T. Negbalee Warner PIERRE, TWEH & ASSOCIATES Darcy White PWC GHANA

Jurgita Kiškiūnaitė LAW FIRM ZABIELA, ZABIELAITE & PARTNERS Monika Knyzelyte AMERINDE CONSOLIDATED, INC. Kristina Kriščiūnaitė PWC LITHUANIA Ronaldas Kubilius PWC LITHUANIA Egidijus Kundelis PWC LITHUANIA Kęstutis Kvainauskas. ECOVIS MISKINIS, KVAINAUSKAS IR
PARTNERIAI ADVOKATU KONTORA

Giedre Zalpyte BNT HEEMANN KLAUBERG KRAUKLIS APB Agnietė Žukauskaitė LAW FIRM SORAINEN Audrius Žvybas GLIMSTEDT

Wim Piot PWC LUXEMBOURG Judith Raijmakers LOYENS & LOEFF Jean-Luc Schaus PIERRE THIELEN AVOCATS Phillipe Schmit ARENDT & MEDERNACH Alex Schmitt BONN SCHMITT STEICHEN, MEMBER OF LEX MUNDI Elodie Simonian OPF PARTNERS Alessandro Sorcinelli LINKLATERS Davide Visin PWC LUXEMBOURG Frank von Roesgen SCHROEDER & ASSOCIÉS Cynetta Walters FITZWILLIAM STONE FURNESS-SMITH & MORGAN

LITHUANIA ERNST & YOUNG
Kęstutis Adamonis LAW FIRM SORAINEN Dovile Alekniene GENCS VALTERS LAW FIRM Dovile Aukstuolyte ECOVIS MISKINIS, KVAINAUSKAS IR
PARTNERIAI ADVOKATU KONTORA

LUXEMBOURG ALLEN & OVERY LUXEMBOURG
INSTITUT LUXEMBOURGEOIS DE RÉGULATION PAUL WURTH S.A. ENGINEERING & PROJECT MANAGEMENT
Clemens Abt KUEHNE + NAGEL KN LUXEMBOURG Lara Aherne BONN SCHMITT STEICHEN, MEMBER OF LEX MUNDI Guy Arendt BONN SCHMITT STEICHEN, MEMBER OF LEX MUNDI Jalila Bakkali PWC LUXEMBOURG Louis Berns ARENDT & MEDERNACH Sabrina Bodson ARENDT & MEDERNACH Eleonora Broman LOYENS & LOEFF Olivier Buscheman PWC LUXEMBOURG Guy Castegnaro IUS LABORIS LUXEMBOURG, CASTEGNARO Christel Dumont OPF PARTNERS Gérard Eischen CHAMBER OF COMMERCE OF THE GRANDDUCHY OF LUXEMBOURG Annie Elfassi LOYENS & LOEFF Martine Gerber Lemaire OPF PARTNERS Anabela Fernandes Gonçalves PWC LUXEMBOURG Alain Grosjean BONN SCHMITT STEICHEN, MEMBER OF LEX MUNDI Véronique Hoffeld LOYENS & LOEFF Anthony Husianycia PWC LUXEMBOURG Renata Jokubauskaite BONN SCHMITT STEICHEN, MEMBER OF LEX MUNDI Pierre-Alexandre Lechantre LINKLATERS Michaël Lockman PWC LUXEMBOURG Tom Loesch LINKLATERS Slke Metzdorf KUEHNE + NAGEL KN LUXEMBOURG Séverine Moca PWC LUXEMBOURG Charles Monnier LINKLATERS Peter Moons LOYENS & LOEFF Anne Murrath PWC LUXEMBOURG Laurent Paquet PWC LUXEMBOURG Simon Paul LOYENS & LOEFF Françoise Pfeiffer SPEECHLY BIRCHAM PFEIFFER & PARTNERS

Žilvinas Kvietkus RAIDLA LEJINS & NORCOUS Gytis Malinauskas LAW FIRM SORAINEN Linas Margevicius LEGAL BUREAU OF LINAS MARGEVICIUS Marius Matiukas TARK GRUNTE SUTKIENE Rūta Matonienė VILNIUS CITY MUNICIPALITY Vaidotas Melynavicius AAA BALTIC SERVICE COMPANY -LAW
FIRM

Pavel Balbatunov UAB CONVENTUS Petras Baltusevičius DSV TRANSPORT UAB Donatas Baranauskas VILNIAUS MIESTO 14 - ASIS NOTARU BIURAS Kim Bartholdy DSV TRANSPORT UAB Vilius Bernatonis TARK GRUNTE SUTKIENE Andrius Bogdanovičius JSC “CREDITINFO LIETUVA” Ina Budelinaitė LAW FIRM SORAINEN Dovilė Burgienė LAW FIRM LAWIN Jurate Burnell AMERINDE CONSOLIDATED, INC. Dovile Cepulyte LAW FIRM LAWIN Giedre Cerniauske LAW FIRM LAWIN Robertas Čiočys LAW FIRM LAWIN Giedre Dailidenaite VARUL Lina Daruliene AAA BALTIC SERVICE COMPANY - LAW
FIRM

LIBERIA CENTRAL BANK OF LIBERIA
LIBERIA LAW SERVICES
Amos P. Andrews ECOBANK Gideon Ayi-Owoo PWC GHANA Christiana Baah PWC GHANA F. Augustus Caesar, Jr. CAESAR ARCHITECTS, INC. Henry Reed Cooper COOPER & TOGBAH LAW OFFICE Peter Doe-Sumah GBEHZON HOLDINGS (LIBERIA) INC. Uzoma Ebeku COOPER & TOGBAH LAW OFFICE Patrick S. Fallah ECOBANK Christine Sonpon Freeman COOPER & TOGBAH LAW OFFICE Anthony Henry CUTTINGTON UNIVERSITY GRADUATE SCHOOL Cyril Jones JONES & JONES Abu Kamara MINISTRY OF COMMERCE & INDUSTRY Elijah Karnley MINISTRY OF PUBLIC WORKS Samuel T. K. Kortimai COOPER & TOGBAH LAW OFFICE Mary Kwarteng PWC GHANA George Kwatia PWC GHANA Prossie Namakula PWC GHANA Miriam Nortey PWC GHANA Sylvanus O’Connor AEP CONSULTANTS INC. Sylvester Rennie COOPER & TOGBAH LAW OFFICE Bloh Sayeh CENTER FOR NATIONAL DOCUMENTS & RECORDS (NATIONAL ARCHIVES) Yancy Seeboe NATIONAL CUSTOM BROKERS ASSOCIATION OF LIBERIA Benjamin M. Togbah COOPER & TOGBAH LAW OFFICE Jerome Verdier VERDIER AND ASSOCIATES

MACEDONIA, FYR ERNST & YOUNG
Slavica Bogoeva MACEDONIAN CREDIT BUREAU AD SKOPJE

Tomas Mieliauskas LAW FIRM FORESTA Bronislovas Mikūta Jurate Misionyte TARK GRUNTE SUTKIENE Asta Misiukiene MINISTRY OF ECONOMY OF THE REPUBLIC OF LITHUANIA Žygimantas Pacevičius ATTORNEYS AT LAW BORENIUS Rytis Paukste LAW FIRM LAWIN Algirdas Pekšys LAW FIRM SORAINEN Mantas Petkevičius LAW FIRM SORAINEN Angelija Petrauskienė VILNIUS CITY MUNICIPALITY Andrius Pilkauskas ATTORNEYS AT LAW BORENIUS Diana Puodziunaite AMERINDE CONSOLIDATED, INC. Amanda Revalde GENCS VALTERS LAW FIRM Marius Rindinas LAW FIRM ZABIELA, ZABIELAITE & PARTNERS Rimantas Simaitis RAIDLA LEJINS & NORCOUS Egle Sliogeryte AMERINDE CONSOLIDATED, INC. Julija Solovjova PWC LITHUANIA Alius Stamkauskas UAB ELMONTA Jonas Stamkauskas UAB ELMONTA Marius Stračkaitis LITHUANIAN NOTARY CHAMBER Mindaugas Vaiciunas ATTORNEYS AT LAW BORENIUS Vilija Vaitkutė Pavan LAW FIRM LAWIN Adrijus Vegys BANK OF LITHUANIA Darius Zabiela LAW FIRM ZABIELA, ZABIELAITE & PARTNERS

PWC MACEDONIA
Zivko Ackoski NOTARY OFFICE ACKOSKI Mitko Aleksov MACEDONIAN CHAMBERS OF COMMERCE Nada Andonovska IKRP ROKAS & PARTNERS Zoran Andonovski POLENAK LAW FIRM Natasha Andreeva NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Zlatko Antevski LAWYERS ANTEVSKI Rubin Atanasoski TIMELPROJECT ENGINEERING Dragan Blažev TIMELPROJECT ENGINEERING Jela Boskovic IKRP ROKAS & PARTNERS Biljana Briskoska-Boskovski MINISTRY OF JUSTICE, REPUBLIC OF MACEDONIA Biljana Čakmakova CAKMAKOVA ADVOCATES Tanja Cenova-Mitrovska AGENCY FOR REAL ESTATE CADASTRE Ema Cubrinovska ENERGO DIZAJN Aleksandar Dimić POLENAK LAW FIRM Josip Dimitrovski LIKVIDAT DOOEL – BITOLA Elena Dimova CAKMAKOVA ADVOCATES Dragi Dimovski TP DRAGI ALEKSANDAR DIMOVSKI Jakup Fetai AGENCY FOR REAL ESTATE CADASTRE Vesna Gavriloska CAKMAKOVA ADVOCATES Ljupco Georgievski AGENCY FOR REAL ESTATE CADASTRE Radica Lazareska Gerovska MINISTRY OF JUSTICE, REPUBLIC OF MACEDONIA Marijana Gjoreska CENTRAL REGISTRY OF THE REPUBLIC OF MACEDONIA

Gintaras Daugela BANK OF LITHUANIA Goda Deltuvaitė LAW FIRM SORAINEN Giedre Domkute AAA BALTIC SERVICE COMPANY - LAW
FIRM

Ieva Dosinaite RAIDLA LEJINS & NORCOUS Dalia Foigt-Norvaišienė ATTORNEYS AT LAW BORENIUS Valters Gencs GENCS VALTERS LAW FIRM Simas Gudynas LAW FIRM LAWIN Arturas Gutauskas ECOVIS MISKINIS, KVAINAUSKAS IR
PARTNERIAI ADVOKATU KONTORA

Frank Heemann BNT HEEMANN KLAUBERG KRAUKLIS APB Indrė Jonaitytė LAW FIRM LAWIN Agne Jonaitytė LAW FIRM SORAINEN Povilas Junevičius LAW FIRM LAWIN Romualdas Kasperavičius Jonas Kiauleikis ATTORNEYS AT LAW BORENIUS

ACKNOWLEDGMENTS

177

Goce Gruevski AGENCY FOR REAL ESTATE CADASTRE Verica Hadzi Vasileva-Markovska AAG - ANALYSIS AND ADVISORY GROUP Ana Hadzieva POLENAK LAW FIRM Slobodan Hristovski POLENAK LAW FIRM Biljana Ickovska LAW OFFICE NIKOLOVSKI & ASSOCIATES Aleksandar Ickovski Marjan Ivanov EURO CONSULT Nena Ivanovska JUDICIAL REFORM IMPLEMENTATION PROJECT Dragan Ivanovski CUSTOMS ADMINISTRATION Maja Jakimovska CAKMAKOVA ADVOCATES Ilija Janoski CUSTOMS ADMINISTRATION Dragana Jasevic LAW OFFICE NIKOLOVSKI & ASSOCIATES Biljana Joanidis LAW & PATENT OFFICE JOANIDIS Svetlana Jovanoska REPUBLIC OF MACEDONIA, MUNICIPALITY OF GAZI BABA - SKOPJE Aneta Jovanoska Trajanovska LAWYERS ANTEVSKI Aleksandar Kcev POLENAK LAW FIRM Dejan Knezović LAW OFFICE KNEZOVIC & ASSOCIATES Sead Kocan MACEDONIAN CHAMBERS OF COMMERCE Vancho Kostadinovski CENTRAL REGISTRY OF THE REPUBLIC OF MACEDONIA Lidija Krstevska AGENCY FOR REAL ESTATE CADASTRE Dragan Manailov SINTEK Irena Mitkovska LAWYERS ANTEVSKI Martin Monevski MONEVSKI LAW FIRM Valerjan Monevski MONEVSKI LAW FIRM Elena Mucheva NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Gorgi Naumovski CUSTOMS ADMINISTRATION Svetlana Neceva LAW OFFICE PEPELJUGOSKI Ilija Nedelkoski CAKMAKOVA ADVOCATES 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 Valentin Pepeljugoski LAW OFFICE PEPELJUGOSKI Sonja Peshevska LAW OFFICE PEPELJUGOSKI Nesa Petrusevska AGENCY FOR REAL ESTATE CADASTRE

Kristijan Polenak POLENAK LAW FIRM Tatjana Popovski Buloski POLENAK LAW FIRM Zorica Pulejkova REPUBLIC OF MACEDONIA NOTARY PUBLIC Gligor Ralev AGENCY FOR REAL ESTATE CADASTRE Viktor Ristovski CAKMAKOVA ADVOCATES Ljubica Ruben MENS LEGIS LAW FIRM Biljana Saraginova MONEVSKI LAW FIRM Natasa Simonovska IKRP ROKAS & PARTNERS Tatjana Siskovska POLENAK LAW FIRM Dejan Stojanoski LAW OFFICE PEPELJUGOSKI Aleksandar Stojanov AGENCY FOR REAL ESTATE CADASTRE Ljupka Stojanovska LAW OFFICE NIKOLOVSKI & ASSOCIATES Zika Stojanovski REPUBLIC OF MACEDONIA, MUNICIPALITY OF ILINDEN Suzana Stojkoska MARKOVSKA & ANDREVSKI Margareta Taseva CAKMAKOVA ADVOCATES Dragica Tasevska NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Zoja Andreeva Trajkovska NOTARY OFFICE TRAJKOVSKA Toni Trajkovski REPUBLIC OF MACEDONIA, MUNICIPALITY OF GAZI BABA - SKOPJE Vladimir Vasilevski BETASPED DOO Metodija Velkov POLENAK LAW FIRM Zlatko Veterovski CUSTOMS ADMINISTRATION

Danielle Rakotomanana CABINET RAKOTOMANANA Tojo Rakotomamonjy ETUDE RAZANADRAKOTO RIJA Heritiana Rakotosalama LEGISLINK CONSULTING Mamisoa Rakotosalama LEGISLINK CONSULTING Lanto Tiana Ralison PWC MADAGASCAR Gérard Ramarijaona PRIME LEX Michel Ramboa MADAGASCAR LAW OFFICES Tsiry Ramiadanarivelo GROWIN’ MADAGASCAR Rivolalaina Randrianarisoa PWC MADAGASCAR William Randrianarivelo PWC MADAGASCAR Sahondra Rasoarisoa DELTA AUDIT DELOITTE Joseph Ratsimandresy PRIME LEX Mialy Ratsimba PWC MADAGASCAR Théodore Raveloarison JARY - BUREAU D’ETUDES ARCHITECTURE INGENIERIE Andriamisa Ravelomanana PWC MADAGASCAR Jean Marcel Razaﬁmahenina DELTA AUDIT DELOITTE Rija Nirina Razanadrakoto ETUDE RAZANADRAKOTO RIJA Rivolala Razanatsimba JIRO SY RANO MALAGASY (JIRAMA) Louis Sagot CABINET D’AVOCAT LOUIS SAGOT Ida Soamiliarimana MADAGASCAR CONSEIL INTERNATIONAL

Alfred Majamanda MBENDERA & NKHONO ASSOCIATES James Masumbu TEMBENU, MASUMBU & CO. Joseph Malinga Moyo QUANT CONSULT ASSOCIATES Misheck Msiska PWC MALAWI Arthur Alick Msowoya WILSON & MORGAN Charles Mvula DUMA ELECTRICS - CONTROL SYSTEMS AND ENERGY MANAGEMENT Benard Ndau SAVJANI & CO. Remmie Ng’omba WILSON & MORGAN Davis Njobvu SAVJANI & CO. Grant Nyirongo ELEMECH DESIGNS Dinker A. Raval WILSON & MORGAN Duncan Singano SAVJANI & CO.

Mohammed Rhiza Ghazi RHIZA & RICHARD Hashim Hamzah FEDERAL COURT OF MALAYSIA Mukhriz Hamzah MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY Betty Hasan MINISTRY OF HUMAN RESOURCE Dato’ Ir. Hamzah b. Hassan LEMBAGA PEMBANGUNAN INDUSTRI PEMBINAAN MALAYSIA Hj. Hasim Hj. Ismail LAND & MINES OFFICE Hung Hoong SHEARN DELAMORE & CO. Rohani Ismail MAGISTRATE COURT KUALA LUMPUR P Jayasingam ZUL RAFIQUE & PARTNERS, ADVOCATE & SOLICITORS 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 Ng Swee Kee SHEARN DELAMORE & CO. Fong Keng Lun SHIPPING ASSOCIATION OF MALAYSIA Chuan Keat Khoo PWC MALAYSIA Richard Kok RHIZA & RICHARD Christopher Lee CHRISTOPHER LEE & CO. Mai Yeen Leong PROFESSIONAL INNOVATORS SDN. BHD. Seok Hua Lim NORTH PORT (MALAYSIA) BHD San Peen Lim PWC MALAYSIA Koon Huan Lim SKRINE, MEMBER OF LEX MUNDI Kok Leong Loh RUSSELL BEDFORD LC & COMPANY, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Caesar Loong RASLAN - LOONG Len Toong Low NORTH PORT (MALAYSIA) BHD Daniel Musa MD. Daud MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY Sze Mei Choong PWC MALAYSIA Rokiah Mhd Noor COMPANIES COMMISSION OF MALAYSIA Zuhaidi Mohd Shahari AZMI & ASSOCIATES Marina Nathan COMPANIES COMMISSION OF MALAYSIA Nor Raﬁdz Nazri BANK NEGARA MALAYSIA Oy Moon Ng CTOS SDN BHD Shahri Omar NORTH PORT (MALAYSIA) BHD Allison Ong AZMAN, DAVIDSON & CO.

MALAYSIA ERNST & YOUNG
Nor Azimah Abdul Aziz COMPANIES COMMISSION OF MALAYSIA Abdul Karim Abdul Jalil MALAYSIA DEPARTMENT OF INSOLVENCY Sonia Abraham AZMAN, DAVIDSON & CO. Wilfred Abraham ZUL RAFIQUE & PARTNERS, ADVOCATE & SOLICITORS Sue Lyn Adeline Thor RUSSELL BEDFORD LC & COMPANY, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Wee Ah Sah SELANGOR FREIGHT FORWARDERS AND LOGISTICS ASSOCIATION (SFFLA) Alwizah Al-Yaﬁi 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 Azmi Ariffin COMPANIES COMMISSION OF MALAYSIA Mohd Azlan B. Mohd Radzi LAND & MINES OFFICE Anita Balakrishnan SHEARN DELAMORE & CO. Shamsuddin Bardan MALAYSIAN EMPLOYERS FEDERATION Datuk Arpah Binti Abdul Razak MINISTRY OF HOUSING AND LOCAL GOVERNMENT MALAYSIA Hong Yun Chang TAY & PARTNERS Ar Teoh Chee Wui ARCHICENTRE SDN BHD Andrew Ean Vooi Chiew LEE HISHAMMUDDIN ALLEN & GELDHILL Meng Sim Chuah RUSSELL BEDFORD LC & COMPANY, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Tze Keong Chung CTOS SDN BHD Nadesh Ganabaskaran ZUL RAFIQUE & PARTNERS, ADVOCATE & SOLICITORS

MALAWI ERNST & YOUNG
MANICA AFRICA PTY. LTD.
Binnie Banda ESCOM Kevin M. Carpenter PWC MALAWI Joseph Chavula SDV LOGISTICS W. Chigona MALAWI REVENUE AUTHORITY Brent Chikho CITY BUILDING CONTRACTORS Marshal Chilenga TF & PARTNERS Isaac Chimwala ESCOM Alan Chinula WILLIAM FAULKNER John Deans SDV LOGISTICS Wiseman Kabwazi ESCOM Gautoni D. Kainja KANJA AND ROBERTS LAW FIRM Chimwemwe Kalua GOLDEN & LAW Frank Edgar Kapanda HIGH COURT OF MALAWI Kalekeni Kaphale KALEKENI KAPHALE

MADAGASCAR
Rakotondrazaka Aina MADAGASCAR CONSEIL INTERNATIONAL Eric Robson Andriamihaja ECONOMIC DEVELOPMENT BOARD OF MADAGASCAR Tsiry Andriamisamanana MADAGASCAR CONSEIL INTERNATIONAL Josoa Lucien Andrianelinjaka BANQUE CENTRALE DE MADAGASCAR Andriamanalina Andrianjaka OFFICE NOTARIAL DE TAMATAVE Yves Duchateau SDV LOGISTICS Raphaël Jakoba MADAGASCAR CONSEIL INTERNATIONAL Hanna Keyserlingk CABINET HK JURIFISC. Pascaline R. Rasamoeliarisoa DELTA AUDIT DELOITTE Sahondra Rabenarivo MADAGASCAR LAW OFFICES Pierrette Rajaonarisoa SDV LOGISTICS Serge Lucien Rajoelina JIRO SY RANO MALAGASY (JIRAMA) Mamy Rakolonandria POLES INTEGRES DE CROISSANCE

178

DOING BUSINESS 2012

Hock An Ong KPMG Sabariah Othman MAHKAMAH KUALA LUMPUR Zulkiﬂy Raﬁque ZUL RAFIQUE & PARTNERS, ADVOCATE & SOLICITORS Aminah BT Abd. Rahman MINISTRY OF HOUSING AND LOCAL GOVERNMENT MALAYSIA Sakaya Johns Rani PWC MALAYSIA Ashraf Rezal Abdul Manan MAGISTRATE COURT KUALA LUMPUR Sugumar Saminathan MALAYSIA PRODUCTIVITY CORPORATION Shaleni Sangaran SKRINE, MEMBER OF LEX MUNDI Tan Lai Seng MINISTRY OF HOUSING AND LOCAL GOVERNMENT MALAYSIA Andy Seo FEDERATION OF MALAYSIAN MANUFACTURERS Hadiman Bin Simin MINISTRY OF HOUSING AND LOCAL GOVERNMENT MALAYSIA Rishwant Singh ZUL RAFIQUE & PARTNERS, ADVOCATE & SOLICITORS Professor Dato Seri Dr Visu Sinnadurai LAWYER David Soong RASLAN - LOONG Muhendaran Suppiah MUHENDARAN SRI Kenneth Tiong THE ASSOCIATED CHINESE CHAMBERS OF COMMERCE AND INDUSTRY OF MALAYSIA (ACCCIM) Hock Chai Toh BANK NEGARA MALAYSIA Heng Choon Wan PWC MALAYSIA Keat Ching Wong ZUL RAFIQUE & PARTNERS, ADVOCATE & SOLICITORS Wei Kwang Woo WONG & PARTNERS Clifford Eng Hong Yap PWC MALAYSIA Norhazizah Yusoff BANK NEGARA MALAYSIA

Ahmed Murad MAZLAN & MURAD LAW ASSOCIATES Mazlan Rasheed MAZLAN & MURAD LAW ASSOCIATES Ahmed Rasheed THE WIZ COMPANY Aminath Rizna SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Shuaib M. Shah SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Mizna Shareef SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Hussain Siraj

Benjamin Chutaro BANK OF MARSHALL ISLANDS Ben Graham CONSULTANT Jerry Kramer PACIFIC INTERNATIONAL, INC. James McCaffrey THE MCCAFFREY FIRM, LTD. Steve Philip CHAMBER OF COMMERCE Dennis Reeder RMI RECEIVERSHIPS Scott H. Stege LAW OFFICES OF SCOTT STEGE Bori Ysawa MAJURO MARINE Bori Ysawa ROBERT REIMERS ENTERPRISES, INC.

Ahmed Ould Cheikh Sidya PRIVATE PRACTICE AHMED OULD CHEIKH SIDYA Brahim Ould Daddah CABINET DADDAH CONSEILS Brahim Ould Ebetty LAWYER Abdallahi Ould Gah CABINET D’AVOCAT GAH Mohamed Mahmoud Ould Mohamedou GENISERVICES Moulaye El Ghali Ould Moulaye Ely AVOCAT Ahmed Ould Radhi BANQUE CENTRALE DE MAURITANIE Abdel Fettah Ould Sidi Mohamed SOCIÉTÉ MAURITANIENNE D’ELECTRICITÉ (SOMELEC) Salah COMMISSAIRE AUX COMPTES Aly Ould Salihi TRANSIT LOGISTIQUES TRANSPORT Aliou Sall ASSURIM CONSULTING Cheikh Sall ETUDE HADY MAOULOUDVALL Ndeye Khar Sarr BSD & ASSOCIÉS Abdellahi Seyidi Becaye Toure BSD & ASSOCIÉS Khalidou Traoré COMMUNAUTÉ URBAINE DE NOUAKCHOTT

Arvin Halkhoree CITILAW Marc Hein JURISTCONSULT CHAMBERS Nitish Hurnaum GEROUDIS GLOVER GHURBURRUN Anthony Leung Shing PWC MAURITIUS Stephen John Mendes CUSTOMS AND EXCISE DEPARTMENT Ramdas Mootanah ARCHITECTURE & DESIGN LTD. R. Mungly-Gulbul SUPREME COURT Loganayagan Munian ARTISCO INTERNATIONAL Suddul Oudesh KROSS BORDER TRUST SERVICES LTD., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Marie Cristelle Joanna Parsooramen BANYMANDHUB BOOLELL CHAMBERS Siv Potayya WORTELS LEXUS Iqbal Rajahbalee BLC CHAMBERS Vivekanand Ramburun MAURITIUS REVENUE AUTHORITY Hurday Reshma KROSS BORDER TRUST SERVICES LTD., MEMBER OF RUSSELL BEDFORD INTERNATIONAL André Robert ATTORNEY-AT-LAW Gilbert Seeyave BDO DE CHAZAL DU MEE Gaetan Siew L&S ARCHITECTS Deviantee Sobarun MINISTRY OF FINANCE & ECONOMIC DEVELOPMENT Rajendra Sokoon KROSS BORDER TRUST SERVICES LTD., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Chitra Soobagrah GEROUDIS GLOVER GHURBURRUN Shamina Toofanee PWC MAURITIUS Natasha Towokul-Jiagoo JURISTCONSULT CHAMBERS

MALI
Diaby Aboubakar BCEAO Oumar Bane JURIFIS CONSULT Amadou Camara SCP CAMARA TRAORÉ Céline Camara Sib ETUDE ME CELINE CAMARA SIB Boubacar Coulibaly MATRANS MALI SARL Sekou Dembele ETUDE MAÎTRE SEKOU DEMBELE Yacouba Diarra MATRANS MALI SARL Mohamed Abdoulaye Diop SDV LOGISTICS Djénéba Diop Sidibe SCP D’AVOCAT DIOP-DIALLO Kouma Fatoumata Fofana ETUDE KOUMA FOFANA Gaoussou Haîdara ETUDE GAOUSSOU HAIDARA Abdoul Karim Kone CABINET BERTHE AVOCATS ASSOCIÉS Amadou Maiga MAIRIE DU MALI Maiga Mamadou AGENCE NATIONALE D’ASSISTANCE MEDICALE Adeline Messou PWC CÔTE D’IVOIRE Bérenger Y. Meuke JURIFIS CONSULT Keita Zeïnabou Sacko API MALI Ousmane Samba Mamadou BCEAO Alassane T. Sangaré NOTARY Djibril Semega CABINET SEAG CONSEIL Mamadou Moustapha Sow CABINET SOW & ASSOCIÉS Perignama Sylla ARCHITECT DE/AU Dominique Taty PWC CÔTE D’IVOIRE Mahamadou Traore Alassane Traoré ICON SARL Fousséni Traoré PWC CÔTE D’IVOIRE Emmanuel Yehouessi BCEAO

MAURITANIA
Mohamed Salem Abdy LAWYER Sid’Ahmed Abeidna SOGECO MAURITANIA Esteit Mohamedou Amane ETUDES RECHERCHES ET MAINTENANCE Tidiane Bal BSD & ASSOCIÉS Ibrahim Camara Mohamed Cheikh Abdallahi A.F.A.C.OR SARL Maroufa Diabira LAWYER Youssoupha Diallo BSD & ASSOCIÉS Fatoumata Diarra BSD & ASSOCIÉS Maouloud Vall El Hady Seyid ETUDE HADY MAOULOUDVALL Hamoud Ismail SMPN Cheikany Jules CHEIKHANY JULES LAW OFFICE Mohamed Lemine Salem Ould Béchir EXACO Abdou M’Bodj COMMUNAUTÉ URBAINE DE NOUAKCHOTT Fatimetou Mint Abdel Malick COMMUNE DE TEVRAGH-ZEINA Abdallahi Ould Abdel Vettah DIRECTION DES DOMAINES Bekaye Ould Abdelkader MINISTÈRE DE LA FONCTION PUBLIQUE, DU TRAVAIL ET DE LA MODERNISATION DE L’ADMINISTRATION Mine Ould Abdoullah PRIVATE PRACTICE Abdellah Ould Ahmed Baba ATELIER ARCHITECTURE ET DESIGN Ishagh Ould Ahmed Miské CABINET ISHAGH MISKE Mustafa Ould Bilal TRIBUNAL DE COMMERCE DE NOUAKCHOTT Moustapha Ould Bilal TRIBUNAL DU COMMERCE Mohamed Ould Bouddida ETUDE MAÎTRE MOHAMED OULD BOUDDIDA Ahmed Salem Ould Bouhoubeyni CABINET BOUHOUBEYNI Salimou Ould Bouhoubeyni Abdellahi Ould Charrouck ATELIER ARCHITECTURE ET DESIGN

MAURITIUS
Ryan Allas PWC MAURITIUS Mohamed Iqbal Belath BANK OF MAURITIUS Jean-François Boisvenu BLC CHAMBERS André Bonieux PWC MAURITIUS Urmila Boolell BANYMANDHUB BOOLELL CHAMBERS Nicolas Carcasse DAGON INGENIEUR CONSEIL LTÉE D.P. Chinien REGISTRAR OF COMPANIES AND BUSINESSES, OFFICE OF THE REGISTRAR OF COMPANIES Vincent Chong Leung JURISTCONSULT CHAMBERS Sandy Chuong GEROUDIS GLOVER GHURBURRUN Chandansingh Chutoori DAGON INGENIEUR CONSEIL LTÉE Roland Constantin ETUDE CONSTANTIN Bert C. Cunningham CUSTOMS AND EXCISE DEPARTMENT Kalyanee Dayal BANYMANDHUB BOOLELL CHAMBERS Catherine de Rosnay LEGIS & PARTNERS Shalinee Dreepaul-Halkhoree JURISTCONSULT CHAMBERS Robert Ferrat LEGIS & PARTNERS Gavin Glover GEROUDIS GLOVER GHURBURRUN J. Gilbert Gnany THE MAURITIUS COMMERCIAL BANK LIMITED Darmalingum Goorriah ETUDE ME DARMALINGUM GOORRIAH

MEXICO
Ruben Almaraz LOPEZ VELARDE, HEFTYE Y SORIA Jesus Alvarado Nieto BAKER & MCKENZIE Salvador Alverdi Carmona CAAAREM Carlos Angulo BAKER & MCKENZIE Francisco Samuel Arias González NOTARY PUBLIC 28 José Angel Becerril González GOODRICH, RIQUELME Y ASOCIADOS Gilberto Calderon GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Carlos Cano PWC MEXICO Josué Cantú Flores SOLUCIONES INTEGRALES EN INFRAESTRUCTURA VERDE María Casas López BAKER & MCKENZIE

MALDIVES ERNST & YOUNG
Jatindra Bhattray PWC MALDIVES Asma Chan-Rahim SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Mohamed Fizan SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Mohamed Hameed ANTRAC PVT. LTD. Dheena Hussain SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Laila Manik SHAH, HUSSAIN & CO. BARRISTERS & ATTORNEYS Ibrahim Nasir Mohamed LYNX CHAMBERS-NASIR LAW OFFICE ADVOCATES Ahmed Mohamed Jameel RAAJJE CHAMBERS

MARSHALL ISLANDS
Kenneth Barden ATTORNEY-AT-LAW

ACKNOWLEDGMENTS

179

Tania Castellanos PWC MEXICO Hector Castro PWC MEXICO Hermilo Ceja COMISIÓN FEDERAL DE ELECTRICIDAD Alvaro Cepeda Eguibar BAKER & MCKENZIE Jesus Chan PWC MEXICO Carlos Chávez GALICIA Y ROBLES, S.C. Rodrigo Conesa RITCH MUELLER, S.C. Fabio Corominas de la Pera BAKER & MCKENZIE Eduardo Corzo Ramos HOLLAND & KNIGHT-GALLÁSTEGUI Y LOZANO, S.C. Jose Covarrubias-Azuela SOLORZANO, CARVAJAL, GONZALEZ Y PEREZ-CORREA, S.C. Cecilia Curiel SÁNCHEZ DEVANNY ESEVERRI, S.C. Oscar de La Vega BASHAM, RINGE Y CORREA, MEMBER OF IUS LABORIS Franco del Valle Prado MIRANDA & ESTAVILLO, S.C. Felipe Dominguez P. MOORE STEPHENS OROZCO MEDINA, S.C. Mariana Eguiarte Morett SÁNCHEZ DEVANNY ESEVERRI, S.C. Dolores Enriquez PWC MEXICO Luis Miguel Esparza PWC MEXICO Miguel Espitia BUFETE INTERNACIONAL Roberto Fagoaga SÁNCHEZ DEVANNY ESEVERRI, 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 Joaquín A. García Hugues COMAD, S.C. Jose Garcia GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Hans Goebel JÁUREGUI, NAVARRETE Y NADER, S.C. Daniel Gómez Alba CAAAREM Teresa de Lourdes Gómez Neri GOODRICH, RIQUELME Y ASOCIADOS Paloma Gomez Perez de Zabalza SÁNCHEZ DEVANNY ESEVERRI, S.C Patricia Gonzalez PWC MEXICO Eugenia González Rivas GOODRICH, RIQUELME Y ASOCIADOS Luis Enrique Graham CHADBOURNE & PARKE LLP Mario Alberto Gutiérrez PWC MEXICO Yves Hayaux-du-Tilly JÁUREGUI, NAVARRETE Y NADER, S.C. Roberto Hernandez Garcia COMAD, S.C.

Juan Huitron SÁNCHEZ DEVANNY ESEVERRI, S.C. Agustin Humann SÁNCHEZ DEVANNY ESEVERRI, S.C Mauricio Hurtado PWC MEXICO Jose Ricardo Ibarra Cordova SÁNCHEZ DEVANNY ESEVERRI, S.C. Jorge Jimenez LOPEZ VELARDE, HEFTYE Y SORIA Jorge Jiménez RUSSELL BEDFORD MEXICO, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Diana Juárez Martínez BAKER & MCKENZIE Alejandro Ledesma PWC MEXICO Ricardo León-Santacruz SÁNCHEZ DEVANNY ESEVERRI, S.C. Daniel Maldonado SÁNCHEZ DEVANNY ESEVERRI, S.C Gabriel Manrique RUSSELL BEDFORD MEXICO, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Gabriel Manriquez CAAAREM Lucia Manzo GALICIA Y ROBLES, S.C. Esteban Maqueo Barnetche MAQUEO ABOGADOS, S.C. José Antonio Marquez González NOTARY PUBLIC 28 Carlos Manuel Martinez PWC MEXICO Edgar Francisco Martínez Herrasti GOODRICH, RIQUELME Y ASOCIADOS Bernardo Martínez Negrete GALICIA Y ROBLES, S.C. Carla E. Mendoza Pérez BAKER & MCKENZIE Carlos E. Montemayor PWC MEXICO Guillermo Moran GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Jorge Narváez Hasfura BAKER & MCKENZIE Marco Nava PWC MEXICO Mario Neave GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED Omar Nieto PWC MEXICO Martin Pavon-Perez BAKER & MCKENZIE Arturo Pedromo GALICIA Y ROBLES, S.C. Arturo Perdomo GALICIA Y ROBLES, S.C. Teresa Pérez RUSSELL BEDFORD MEXICO, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Eduardo Perez Armienta MOORE STEPHENS OROZCO MEDINA, S.C. Gabriela Pérez Castro Ponce de León MIRANDA & ESTAVILLO, S.C. Fernando Perez-Correa SOLORZANO, CARVAJAL, GONZALEZ Y PEREZ-CORREA, S.C. Guillermo Piecarchic PMC ASOCIADOS Gerardo Prado-Hernandez SÁNCHEZ DEVANNY ESEVERRI, S.C.

David Puente-Tostado SÁNCHEZ DEVANNY ESEVERRI, S.C. Monica Ramos JÁUREGUI, NAVARRETE Y NADER, S.C. Eduardo Reyes Díaz-Leal BUFETE INTERNACIONAL Héctor Reyes Freaner BAKER & MCKENZIE Claudia Ríos PWC MEXICO Fernando Rivadeneyra Rivadeneyra, Trevino & De Campo, S.C. José Rodríguez Pérez CAAAREM Cecilia Rojas GALICIA Y ROBLES, S.C. Raúl Sahagun BUFETE INTERNACIONAL Adrián Salgado Morante COMAD, S. C. Ana Cristina Sanchez ELECTRICITY REGULATOR MEXICO Jorge Sanchez GOODRICH, RIQUELME Y ASOCIADOS Lucero Sánchez de la Concha BAKER & MCKENZIE Cristina Sanchez Vebber SÁNCHEZ DEVANNY ESEVERRI, S.C Cristina Sánchez-Urtiz MIRANDA & ESTAVILLO, S.C. Francisco Santoyo COMISIÓN FEDERAL DE ELECTRICIDAD Monica Schiaffino Pérez BASHAM, RINGE Y CORREA, MEMBER OF IUS LABORIS Ernesto Silvas SÁNCHEZ DEVANNY ESEVERRI, S.C. Pietro Straulino-Rodriguez SÁNCHEZ DEVANNY ESEVERRI, S.C Yazbek Taja Rivadeneyra, Trevino & De Campo, S.C. Juan Francisco Torres Landa Ruffo BARRERA, SIQUEIROS Y TORRES LANDA, SC Maribel Trigo Aja GOODRICH, RIQUELME Y ASOCIADOS Alfredo Valdés RITCH MUELLER, S.C. Jose Villa Ramirez COMAD, S.C. Miguel Villalobos GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., MEMBER OF DELOITTE TOUCHE TOHMATSU LIMITED 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

Ronald Pangelinan A&P ENTERPRISES, INC. Bendura Rodriquez FOREIGN INVESTMENT BOARD, POHNPEI STATE GOVERNMENT Salomon Saimon MICRONESIAN LEGAL SERVICES CORPORATION Joe Vitt POHNPEI TRANSFER & STORAGE, INC. Larry Wentworth

Carolina Parcalab ACI PARTNERS LAW OFFICE Vladimir Plehov MARITIMTRANS Olga Saveliev TURCAN CAZAC Alexandru Savva BUSINESS RESEARCH COMPANY Foca Silviu BIROUL DE CREDIT - MOLDOVA Viorel Sirghi BSMB LEGAL COUNSELLORS Adrian Soroceanu ACI PARTNERS LAW OFFICE Eugenia Stancu DAI Tatiana Stefanet GLADEI & PARTNERS Mariana Stratan TURCAN CAZAC Elena Talmazan SC “CONTABIL PRINCIPAL” SRL Alexander Tuceac TURCAN CAZAC Irina Verhovetchi ACI PARTNERS LAW OFFICE

MOLDOVA ICS RED UNION FNOSA S.A.
Brian Arnold PWC MOLDOVA Eduard Boian INTREPRINDEREA CU CAPITAL STRAIN PRICEWATERHOUSECOOPERS LEGAL SRL Vitsaliy Nikolaevich Bulgak SELF EMPLOYED Victor Burac VICTOR BURAC LAW FIRM Octavian Cazac TURCAN CAZAC Svetlana Ceban PWC MOLDOVA Vitalie Ciofu GLADEI & PARTNERS Bogdan Ciubotaru TURCAN CAZAC Anastasia Dereveanchina PWC MOLDOVA Georgiana Descultu PWC ROMANIA Igor Domente ENERGONADZOR MOLDOVA Sergiu Dumitrasco PWC MOLDOVA Serghei Filatov ACI PARTNERS LAW OFFICE Iulia Furtuna TURCAN CAZAC Roger Gladei GLADEI & PARTNERS Ion Gonta STRENGTHEN POLICY MANAGEMENT CAPACITY PROJECT IN MOLDOVA Oxana Guţu ECORYS IN UK Andrian Guzun SCHOENHERR Vladimir Iurkovski SCHOENHERR Roman Ivanov VERNON DAVID & ASSOCIATES Fedor Kistol OFERT-CONSTRUCT S.R.L. Vera Malancea PWC MOLDOVA Georgeta Mincu IOM Marin Moraru INTREPRINDEREA CU CAPITAL STRAIN PRICEWATERHOUSECOOPERS LEGAL SRL Alexandru Munteanu INTREPRINDEREA CU CAPITAL STRAIN PRICEWATERHOUSECOOPERS LEGAL SRL Alexandr Muravschi DARTAX CONSULTING SRL Igor Odobescu ACI PARTNERS LAW OFFICE Aelita Orhei GLADEI & PARTNERS Ilona Panurco INTREPRINDEREA CU CAPITAL STRAIN PRICEWATERHOUSECOOPERS LEGAL SRL

MONGOLIA ULAANBAATAR ELECTRICITY DISTRIBUTION NETWORK COMPANY
Telenged Baast MONLOGISTICS WORLDWIDE LLC Badarch Bayarmaa LYNCH & MAHONEY Richard Bregonje PWC KAZAKHSTAN David C. Buxbaum ANDERSON & ANDERSON Baljinnyam Buyantogos ANDERSON & ANDERSON Batbayar Byambaa GTS ADVOCATES LLC Khatanbat Dashdarjaa ARLEX CONSULTING SERVICES Zoljargal Dashnyam GTS ADVOCATES LLC Enkhgerel Deleg ANDERSON & ANDERSON Emma Enkhriimaa TUUSHIN COMPANY LTD. Battsetseg Ganbold ANDERSON & ANDERSON Tuvshin Javkhlant GTS ADVOCATES LLC D. Kang TSETS Damdinsuren Khand TSETS Unurbayar Khurelbaatar TUUSHIN COMPANY LTD. Daniel Mahoney LYNCH & MAHONEY Sebastian Merriman PWC MONGOLIA Bayartsetseg Nergui CHONO CORPORATION Davaadorj Nomingerel ANDERSON & ANDERSON Maralgua Sharkhuu TSETS Baatarsuren Sukhbaatar THE BANK OF MONGOLIA Andrew Weber ANDERSON & ANDERSON L. Zolbayar TSETS

MICRONESIA, FED. STS. FSM SUPREME COURT
Kenneth Barden ATTORNEY-AT-LAW Wayne Bricknell E - CAD PROJECT MANAGEMENT Lam Dang CONGRESS OF THE FSM Stephen V. Finnen STEPHEN FINNEN’S LAW CORPORATION Kevin Palep OFFICE OF THE REGISTRAR OF CORPORATIONS

180

DOING BUSINESS 2012

Misheel Zorig ARLEX CONSULTING SERVICES

Ivan Radulović MINISTRY OF FINANCE Vesna Radunović R&P AUDITING Slađana Raičković FINANCEPLUS Dragan Rakočević COMMERCIAL COURT OF PODGORICA Savo Robović KVATRO PROJEKT Danijela Saban ČELEBIĆ Tijana Saveljic PRELEVIĆ LAW FIRM Slaven Šćepanović LEGAL CONSULTANT Nino Scepovic ZETATRANS Lidija Šećković TAX AUTHORITY MONTENEGRO Slavko Simović GOVERNMENT OF THE REPUBLIC OF MONTENEGRO REAL ESTATE ADMINISTRATION Miloš Stojanović ZETAGRADNJA Velimir Strugar EPCG AD NIKŠIĆ Brane Tešović PRIMASOFT D.O.O Ana Vojvodic LAW OFFICE VUJAČIĆ Saša Vujačić LAW OFFICE VUJAČIĆ Jelena Vujisić LAW OFFICE VUJAČIĆ Lana Vukmirovic-Misic HARRISONS SOLICITORS Radovan Vulićević ADVOKATSKA KANCELARIJA

Mohamed Benkirane ESPACE TRANSIT Myriam Emmanuelle Bennani AMIN HAJJI & ASSOCIÉS ASSOCIATION D’AVOCATS Saad Beygrine CABINET DE NOTAIRE ALAMI Rachid Boubakry AUDIT CONCEPT Khalid Boumichi TECNOMAR Johan Bruneau CMS BUREAU FRANCIS LEFEBVRE Richard Cantin JURISTRUCTURES - PROJECT MANAGEMENT & LEGAL ADVISORY SERVICES LLP Mahat Chraibi PWC ADVISORY MAROC Sylvain Da Fonseca PWC ADVISORY MAROC Merieme Diouri ETUDE DE NOTARIAT MODERNE Michael Duhamel COMANAV Sarah El Couhen ETUDE DE NOTARIAT MODERNE Youssef El Falah ABA RULE OF LAW INITIATIVE-MOROCCO Mohssin El Makoudi DAR ALKHIBRA Hamid Elafdil CENTRE RÉGIONALE D’INVESTISSEMENT Driss Ettaki ADMINISTRATION DES DOUANES ET IMPOTS INDIRECTS Nadia Fajr Adil Fasshii LYDEC Youssef Fassi Fihri FYBA LAWYERS Mustapha Fekkar AGENCE NATIONALE DE LA CONSERVATION FONCIÈRE DU CADASTRE ET DE LA CARTOGRAPHIE (ANCFCC) Nasser Filali ZIMAG Fatima Zahrae Gouttaya ETUDE DE NOTARIAT MODERNE Karima Hadrya CAISSE NATIONALE DE SÉCURITÉ SOCIALE Amin Hajji AMIN HAJJI & ASSOCIÉS ASSOCIATION D’AVOCATS Zohra Hasnaoui HASNAOUI LAW FIRM Ahmad Hussein TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Bahya Ibn Khaldoun UNIVERSITÉ MOHAMED V Ghiyta Iraqi AUGUST & DEBOUZY AVOCATS Naoual Jellouli MINISTÈRE DE L’ÉCONOMIE ET DES FINANCES Mehdi Kettani KETTANI & ASSOCIÉS Rita Kettani KETTANI & ASSOCIÉS Nadia Kettani KETTANI LAW FIRM Abdelmajid Khachai BAKER & MCKENZIE Nabyl Lakhdar ADMINISTRATION DES DOUANES ET IMPOTS INDIRECTS

Adil Said Lamtiri AVOCAT AU BARREAU Beatrice Larregle EXPERIAN Wilfried Le Bihan CMS BUREAU FRANCIS LEFEBVRE Anis Mahfoud ABOUAKIL, BENJELLOUN & MAHFOUD AVOCATS - AB AVOCATS & ASSOCIES Amine Mahfoud AMINE MAHFOUD NOTAIRE Abdelkhalek Merzouki ADMINISTRATION DES DOUANES ET IMPOTS INDIRECTS Abdelaziz Messaoudi MINISTÈRE DE L’ÉCONOMIE ET DES FINANCES Mahboub Mohamed ETUDE DE ME MAHBOUB Alaoui Ismaili Mohammed ADATRA Anthony Mopty YASSIR KHALIL STUDIO Said Mouhcine IMPACT ARCHITECTURE, MOROCCO Tayeb Mohamed Omar AVOCAT AU BARREAU DE CASABLANCA Hicham Oughza DAR ALKHIBRA Nesrine Roudane NERO BOUTIQUE LAW FIRM Mehdi Salmouni-Zerhouni SALMOUNI-ZERHOUNI LAW FIRM Ghalia Sebti AIT MANOS Houcine Sefrioui ETUDE DE NOTARIAT MODERNE Marc Veuillot CMS BUREAU FRANCIS LEFEBVRE

Jorge Graça CGA - COUTO, GRAÇA E ASSOCIADOS, SOCIEDADE DE ADVOGADOS Ássma Omar Nordine Jeque SAL & CALDEIRA ADVOGADOS, LDA. Annette Landman PWC SOUTH AFRICA Rui Loforte FURTADO, BHIKHA, LOFORTE, POPAT & ASSOCIADOS ADVOGADOS Gimina Luís Mahumana SAL & CALDEIRA ADVOGADOS, LDA. Vítor Marques da Cruz FCB&A IN ASSOCIATION WITH LAW & MARK, ADVOGADOS E CONSULTORES LAW & MARK, LDA João Martins PWC MOZAMBIQUE Camilo Mate CGA - COUTO, GRAÇA E ASSOCIADOS, SOCIEDADE DE ADVOGADOS Gonçalo Meneses CARLOS DE SOUSA E BRITO & ASSOCIADOS Auxílio Eugénio Nhabanga FURTADO, BHIKHA, LOFORTE, POPAT & ASSOCIADOS ADVOGADOS Rute Ramos CARLOS DE SOUSA E BRITO & ASSOCIADOS Malaika Ribeiro PWC MOZAMBIQUE Paula Castro Silveira RAPOSO BERNARDO & ASSOCIADOS

MONTENEGRO
Bojana Andrić ČELEBIĆ Veselin Anđušić ČELEBIĆ Bojana Bjelicic PWC SERBIA Vasilije Bošković LAW FIRM BOŠKOVIĆ Bojana Bošković MINISTRY OF FINANCE Sebek Branislav MONTINSPEKT D.O.O Marija Crnogorac KN KARANOVIĆ & NIKOLIĆ Savo Djurovic ADRIATIC MARINAS DOO Vuk Drašković BOJOVIĆ DAŠIĆ KOJOVIĆ Danilo Gvozdenović MINISTRY OF SUSTAINABLE DEVELOPMENT AND TOURISM Ana Ivanović MINISTRY OF FINANCE Milorad Janjević LAW OFFICE VUJAČIĆ Maja Jokanović MINISTRY OF ECONOMY Nada Jovanović CENTRAL BANK OF MONTENEGRO Srđan Kalezić TAX AUTHORITY MONTENEGRO Darko Konjević CEED Ana Krsmanović Sefko Kurpejović MINISTRY OF FINANCE Krzysztof Lipka PWC SERBIA Mirjana Ljumović GOVERNMENT OF THE REPUBLIC OF MONTENEGRO REAL ESTATE ADMINISTRATION Velizar Luković VELMI-YUVEL Nikola Martinović ADVOKATSKA KANCELARIJA Angelina Mijušković URAL MONT Jelena Miljkovic PWC SERBIA Mirjana Nikcevic LAW OFFICE VUJAČIĆ Nebojša Nikitović PROINSPECT++ Goran Nikolić MINISTRY OF ECONOMY Milorad Peković FINANCEPLUS Nikola Perović PLANTAŽE Dragana Radević CEED Ana Radivojević PWC SERBIA Radmila Radoičić LAW OFFICE VUJAČIĆ Miladin Radošević LAW FIRM RADOŠEVIĆ Slobodan Radovic BAST D.O.O Slobodan Radović FINANCEPLUS

NAMIBIA ERNST & YOUNG
WOKER FREIGHT SERVICES
Joos Agenbach KOEP & PARTNERS 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) Jana-marie De Bruyn BDO SPENCER STEWARD (NAMIBIA) Ferdinand Diener CITY OF WINDHOEK ELECTRICITY DEPARTMENT Hans-Bruno Gerdes ENGLING, STRITTER & PARTNERS Amanda Gous PWC NAMIBIA Ismeralda Hangue DEEDS OFFICE Stefan Hugo PWC NAMIBIA Jaco Jacobs ELLIS SHILENGUDWA Sakaria Kadhila Amoomo PEREIRA FISHING (PTY) LTD. Herman Charl Kinghorn HC KINGHORN LEGAL PRACTITIONER Mignon Klein G.F. KÖPPLINGER LEGAL PRACTITIONERS Frank Köpplinger G.F. KÖPPLINGER LEGAL PRACTITIONERS Norbert Liebich TRANSWORLD CARGO (PTY) LTD. The Manager NAMIBIA REAL ESTATE

MOZAMBIQUE
Carolina Balate PWC MOZAMBIQUE José Manuel Caldeira SAL & CALDEIRA ADVOGADOS, LDA. Eduardo Calú SAL & CALDEIRA ADVOGADOS, LDA. Liliana Chacon FURTADO, BHIKHA, LOFORTE, POPAT & ASSOCIADOS ADVOGADOS Jonas Chitsumba ELECTRICIDADE DE MOÇAMBIQUE E.P. Pedro Couto H. GAMITO, COUTO, GONÇALVES PEREIRA E CASTELO BRANCO & ASSOCIADOS Avelar Da Silva INTERTEK INTERNATIONAL LTD. Thera Dai FURTADO, BHIKHA, LOFORTE, POPAT & ASSOCIADOS ADVOGADOS Alberto de Deus FURTADO, BHIKHA, LOFORTE, POPAT & ASSOCIADOS ADVOGADOS Carlos de Sousa e Brito CARLOS DE SOUSA E BRITO & ASSOCIADOS Fulgêncio Dimande MANICA FREIGHT SERVICES S.A.R.L Rita Donato H. GAMITO, COUTO, GONÇALVES PEREIRA E CASTELO BRANCO & ASSOCIADOS Pinto Fulane BANCO DE MOÇAMBIQUE Rita Furtado FURTADO, BHIKHA, LOFORTE, POPAT & ASSOCIADOS ADVOGADOS Xiluva Gonçalves Nogueira da Costa SAL & CALDEIRA ADVOGADOS, LDA.

MOROCCO AGENCE URBAINE DE CASABLANCA
BANK AL-MAGHRIB DIRECTION GÉNÉRALE DES IMPÔTS ERNST & YOUNG
Benali Abdelmajid EXPERIAN Sidimohamed Abouchikhi EXPERIAN Samir Agoumi DAR ALKHIBRA Hanane Ait Addi BASSAMAT & ASSOCIÉE Lamya Alami CABINET DE NOTAIRE ALAMI Meredith Allen-Belghiti KETTANI LAW FIRM Karim Amroune PWC ADVISORY MAROC Younes Anibar CABINET YOUNES ANIBAR Redouane Assakhen CENTRE RÉGIONALE D’INVESTISSEMENT Adnane Bahija DAR ALKHIBRA Fassi-Fihri Bassamat BASSAMAT & ASSOCIÉE Linda Oumama Benali CABINET NOTAIRE Azel-arab Benjelloun AGENCE D’ARCHITECTURE D’URBANISME ET DE DECORATION Mohamed Benkhalid CAISSE NATIONALE DE SÉCURITÉ SOCIALE

ACKNOWLEDGMENTS

181

John D. Mandy NAMIBIAN STOCK EXCHANGE Richard Traugott Diethelm Mueller KOEP & PARTNERS Brigitte Nependa Coenraad Nolte ENGLING, STRITTER & PARTNERS Riana Oosthuizen BDO SPENCER STEWARD (NAMIBIA) Axel Stritter ENGLING, STRITTER & PARTNERS Marius van Breda TRANSUNION Hugo Van den Berg Ockhuizen Welbert NAMIBIA WATER CORPORATION (NAMWATER) Renate Williamson KOEP & PARTNERS

Purna Man Napit NIC BANK Nur Nidhi Neupane KATHMANDU METROPOLITAN CITY Matrika Niraula NIRAULA LAW CHAMBER & CO. Nav Raj Ojha NEPAL ELECTRICITY AUTHORITY Dev Raj Paudyal MINISTRY OF LAND REFORM AND MANAGEMENT Egaraj Pokharel LEGAL RESEARCH ASSOCIATES Megh Raj Pokharel LEGAL RESEARCH ASSOCIATES Sakar Pradhan INTER-SPACE DESIGN GROUP Devendra Pradhan PRADHAN & ASSOCIATES Anup Raj Upreti PIONEER LAW ASSOCIATES Rajiv Shahi ATLAS GROUP Madan Krishna Sharma CSC & CO. Chiranjibi Sharma Paudel NEPAL ELECTRICITY AUTHORITY Rup Narayan Shrestha DEVELOPMENT LAW ASSOCIATES P. L. Shrestha EVERGREEN CARGO SERVICES PVT. LTD. Suman Lal Shrestha EVERGREEN CARGO SERVICES PVT. LTD. Deepak K. Shrestha NEPAL INVESTMENT BANK Rajeshwor Shrestha SINHA - VERMA LAW CONCERN Anil Kumar Sinha SINHA - VERMA LAW CONCERN Ram Chandra Subedi APEX LAW CHAMBER Ramesh Subedi GOVERNMENT OF NEPAL MINISTRY OF INDUSTRY Nab Raj Subedi MINISTRY OF LAND REFORM AND MANAGEMENT L.R. Tamang HYONJAN ELECTRICAL ENGINEERING FABRICATOR P, LTD. Keshav Bahadur Thapa GOVERNMENT OF NEPAL MINISTRY OF INDUSTRY Mahesh Kumar Thapa SINHA - VERMA LAW CONCERN Mdhusudan Yadav NEPAL ELECTRICITY AUTHORITY Sachidananda Yadav NEPAL ELECTRICITY AUTHORITY

Martin Brink VAN BENTHEM & KEULEN NV Stephan de Baan BERKMAN FORWARDING B.V. Margriet de Boer DE BRAUW BLACKSTONE WESTBROEK Rolef de Weijs HOUTHOFF BURUMA Hans de Wilde KAB ACCOUNTANTS & BELASTINGADVISEURS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Kees de Zeeuw CADASTRE, LAND REGISTRY AND MAPPING AGENCY Henriette Derks LIANDER Myrna Dop ROYAL NETHERLANDS NOTARIAL ORGANIZATION Mark Huijzen SIMMONS & SIMMONS LLP Niels Huurdeman HOUTHOFF BURUMA Alexander Kaarls HOUTHOFF BURUMA 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 DHV B.V. Stefan Leening PWC NETHERLANDS Allard Meine Jansen ALLARD ARCHITECTURE Matthias Noorlander OFFICE OF ENERGY REGULATION Hugo Oppelaar HOUTHOFF BURUMA Peter Plug OFFICE OF ENERGY REGULATION Johan Polet SIMMONS & SIMMONS LLP Willemieke Princée DE BRAUW BLACKSTONE WESTBROEK Mark G. Rebergen DE BRAUW BLACKSTONE WESTBROEK Helena Redons Schaatsberen MUNICIPALITY OF AMSTERDAM Hugo Reumkens VAN DOORNE N.V. Stefan Sagel DE BRAUW BLACKSTONE WESTBROEK Jan Willem Schenk BAKER & MCKENZIE Rutger Schimmelpenninck HOUTHOFF BURUMA Hans Londonck Sluijk HOUTHOFF BURUMA Stéphanie Spoelder BAKER & MCKENZIE Fedor Tanke BAKER & MCKENZIE Maarten Tinnemans DE BRAUW BLACKSTONE WESTBROEK Helene van Bommel PWC NETHERLANDS

Kees van den Udenhout Jos van der Schans DE BRAUW BLACKSTONE WESTBROEK Florentine van der Schrieck DE BRAUW BLACKSTONE WESTBROEK Emilia L.C. van Egmond-de Wilde de Ligny FACULTY OF TECHNOLOGY MANAGEMENT, EINDHOVEN UNIVERSITY OF TECHNOLOGY Gert-Jan van Gijs VAT LOGISTICS (OCEAN FREIGHT) BV Femke van Herk DE BRAUW BLACKSTONE WESTBROEK Sjaak van Leeuwen STICHTING BUREAU KREDIET REGISTRATIE Jan van Oorschot LIANDER Petra van Raad PWC NETHERLANDS Janine Verweij OFFICE OF ENERGY REGULATION Frank Werger PWC NETHERLANDS Michiel Wesseling HOUTHOFF BURUMA Hylda Wiarda BRONSGEEST DEUR ADVOCATEN, MEMBER OF IUS LABORIS Marcel Willems KENNEDY VAN DER LAAN Christiaan Zijderveld SIMMONS & SIMMONS LLP

Shaun McMaster MINTER ELLISON RUDD WATTS Andrew Minturn QUALTECH INTERNATIONAL LTD. Nick Moffatt BELL GULLY Robert Muir LAND INFORMATION NEW ZEALAND Ciaron Murnane BELL GULLY Catherine Otten NEW ZEALAND COMPANIES OFFICE Ian Page BRANZ Mihai Pascariu MINTER ELLISON RUDD WATTS John Powell RUSSELL MCVEAGH Jim Roberts HESKETH HENRY LAWYERS Michael Slyuzberg INLAND REVENUE DEPARTMENT Neill Sullivan LAND INFORMATION NEW ZEALAND Mike Tames PWC NEW ZEALAND Howard Thomas LOWNDES ASSOCIATES - CORPORATE AND COMMERCIAL LAW SPECIALISTS Murray Tingey BELL GULLY Amy Tiong PWC NEW ZEALAND Michael McLean Toepfer WANAKA OFFICE AWS LEGAL Ben Upton SIMPSON GRIERSON, MEMBER OF LEX MUNDI Kay Warren LAND INFORMATION NEW ZEALAND Mike Whale LOWNDES ASSOCIATES - CORPORATE AND COMMERCIAL LAW SPECIALISTS Sam Whiting HESKETH HENRY LAWYERS Richard Wilson JACKSON RUSSELL

NEPAL
Mahesh P. Acharya NEPAL ELECTRICITY AUTHORITY Sulakshan Adhikari SHANGRI-LA FREIGHT PVT. LTD. Lalit Aryal Tulasi Bhatta UNITY LAW FIRM & CONSULTANCY Komal Chitracar K.B. CHITRACAR & CO. Basu Dahal HIMALAYAN BANK Nirmal Dhakal GOVERNMENT OF NEPAL MINISTRY OF INDUSTRY Shivaraj Dhital NEPAL FREIGHT FORWARDERS ASSOCIATION Devendra Dongol KATHMANDU METROPOLITAN CITY Komal Prakash Ghimire GHIMIRE & CO. Tika Ram Ghimire MINISTRY OF LAND REFORM AND MANAGEMENT Ajay Gupta ATLAS GROUP Rameswor K.C. NEPAL FREIGHT FORWARDERS ASSOCIATION Mahesh Kaﬂe KATHMANDU METROPOLITAN CITY Gourish K. Kharel KTO INC. Satish Krishna Kharel SAMAN LEGAL SERVICE Parsuram Koirala KOIRALA & ASSOCIATES Tek Narayan Kunwar KATHMANDU DISTRICT COURT Hari Bahadur Kunwar KATHMANDU METROPOLITAN CITY Bharat Lamsal KATHMANDU DISTRICT COURT Hom Prasad Luitel GOVERNMENT OF NEPAL MINISTRY OF INDUSTRY Amir Maharjan SAFE CONSULTING ARCHITECTS & ENGINEERS PVT. LTD. Lumb Mahat CSC & CO. Surendra Kumar Mahto PRADHAN & ASSOCIATES Ashok Man Kapali SHANGRI-LA FREIGHT PVT. LTD.

NEW ZEALAND
Matthew Allison VEDA ADVANTAGE Jania Baigent SIMPSON GRIERSON, MEMBER OF LEX MUNDI Geoff Bevan CHAPMAN TRIPP Kara Bonnevie NEW ZEALAND COMPANIES OFFICE Shelley Cave SIMPSON GRIERSON, MEMBER OF LEX MUNDI Philip Coombe PANALPINA WORLD TRANSPORT LLP John Cuthbertson PWC NEW ZEALAND Vince Duffin VECTOR ELECTRICITY Koustabh Gadgil INVESTMENT NEW ZEALAND (A DIVISION OF NEW ZEALAND TRADE AND ENTERPRISE) Tony Gault PWC NEW ZEALAND Don Grant LAND INFORMATION NEW ZEALAND Steffan Kelly BELL GULLY Matt Kersey RUSSELL MCVEAGH Greg King JACKSON RUSSELL Mahesh Lala JACKSON RUSSELL Leroy Langeveld SIMPSON GRIERSON, MEMBER OF LEX MUNDI John Lawrence AUCKLAND CITY COUNCIL Brent Lewers INLAND REVENUE DEPARTMENT Mandy McDonald MINISTRY OF ECONOMIC DEVELOPMENT

NICARAGUA DISNORTE-DISSUR (UNION FENOSA)
Diana Aguilar ACZALAW Guillermo Alemán Gómez ACZALAW Bertha Argüello de Rizo ARIAS & MUÑOZ Carlos Barrantes PWC COSTA RICA Minerva Adriana Bellorín Rodríguez ACZALAW María José Bendaña Guerrero BENDAÑA & BENDAÑA Ricardo Bendaña Guerrero BENDAÑA & BENDAÑA Carlos Alberto Bonilla López SUPERINTENDENCIA DE BANCOS Orlando Cardoza BUFETE JURIDICO OBREGON Y ASOCIADOS Thelma Carrion AGUILAR CASTILLO LOVE Humberto Carrión CARRIÓN, SOMARRIBA & ASOCIADOS Ramón Castro ARIAS & MUÑOZ Ana Cecilia Chamorro ARIAS & MUÑOZ

NETHERLANDS
Joost Achterberg KENNEDY VAN DER LAAN Andre Anders TAKENAKA CORPORATION W.R. Bremer MINISTRY OF HOUSING, SPATIAL PLANNING AND THE ENVIRONMENT-GOVERNMENT BUILDINGS AGENCY Karin W.M. Bodewes BAKER & MCKENZIE Mark Bodt PWC NETHERLANDS Sytso Boonstra PWC NETHERLANDS Roland Brandsma PWC NETHERLANDS

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Dorisabel Conrado CONSORTIUM TABOADA Y ASOCIADOS Sergio David Corrales Montenegro GARCÍA & BODÁN Juan Carlos Cortes Espinoza PWC NICARAGUA Gloria Maria de Alvarado ALVARADO Y ASOCIADOS, MEMBER OF LEX MUNDI Maricarmen Espinosa de Molina MOLINA & ASOCIADOS CENTRAL LAW Melvin Estrada GARCÍA & BODÁN Teodoro Flores Gonzalez MULTITRANS Terencio Garcia Montenegro GARCÍA & BODÁN Engelsberth Gómez PRO NICARAGUA Denis González Torres G.E. ELECTROMECÁNICA & CIA LTDA. Claudia Guevara AGUILAR CASTILLO LOVE Marianela Gutierrez AGUILAR CASTILLO LOVE Mario José Gutiérrez Avendaño ACZALAW Gerardo Hernandez CONSORTIUM TABOADA Y ASOCIADOS Rodrigo Ibarra Rodney ARIAS & MUÑOZ María Fernanda Jarquín ARIAS & MUÑOZ Mariela Jiménez ACZALAW Brenda Martinez CONSORTIUM TABOADA Y ASOCIADOS Fabiola Martinez VENTANILLA UNICA DE INVERSIONES Fernando Midence Mantilla ALVARADO Y ASOCIADOS, MEMBER OF LEX MUNDI Alvaro Molina MOLINA & ASOCIADOS CENTRAL LAW Roberto José Montes Doña ARIAS & MUÑOZ Soraya Montoya Herrera MOLINA & ASOCIADOS CENTRAL LAW Michael Navas PRO NICARAGUA Jacinto Obregon Sanchez BUFETE JURIDICO OBREGON Y ASOCIADOS Róger Pérez ARIAS & MUÑOZ Mazziel Rivera ACZALAW Ana Teresa Rizo Briseño ARIAS & MUÑOZ Erwin Rodriguez ACZALAW Felipe Sanchez UNICA Felipe Sánchez ACZALAW Alfonso José Sandino Granera CONSORTIUM TABOADA Y ASOCIADOS Julio E. Sequeira EVENOR VALDIVIA P. & ASOCIADOS Arnulfo Somarriba TRANSUNION Rodrigo Taboada CONSORTIUM TABOADA Y ASOCIADOS Carlos Tellez GARCÍA & BODÁN Diana Zelaya GARCÍA & BODÁN

NIGER MAERSK S.A.
Diaby Aboubakar BCEAO Sidi Sanoussi Baba Sidi CABINET D’AVOCATS SOUNA-COULIBALY Joël Broux SDV LOGISTICS Moussa Coulibaly CABINET D’AVOCATS SOUNA-COULIBALY Elvis Danon PWC CÔTE D’IVOIRE Abdou Djando EMTEF Aïssatou Djibo ETUDE DE MAÎTRE DJIBO AÏSSATOU Boureïma Fodi CABINET D’AVOCATS SOUNA-COULIBALY Jean Claude Gnamien PWC CÔTE D’IVOIRE Souley Hammi Illiassou Issoufou Harouna CABINET D’AVOCAT HAROUNA ISSOUFOU Bernar-Oliver Kouaovi CABINET KOUAOVI Marc Le Bihan ETUDE D’AVOCATS MARC LE BIHAN & COLLABORATEURS Laouali Madougou ETUDE D’AVOCATS MARC LE BIHAN & COLLABORATEURS Boubacar Nouhou Maiga E.N.G.E. Mamane Sani Manane BUREAU D’ETUDES BALA & HIMO Issaka Manzo EGTC Ibrahim Mounouni BUREAU D’ETUDES BALA & HIMO Mayaki Oumarou DESS NOTARIAL Ousmane Samba Mamadou BCEAO Abdou Moussa Sanoussi E.N.G.E. Ousmane Sidibé AUDIT & CONSEIL SIDIBÉ & CONSEIL (A.C.S.A.) Dominique Taty PWC CÔTE D’IVOIRE Idrissa Tchernaka ETUDE D’AVOCATS MARC LE BIHAN & COLLABORATEURS Ramatou Wankoye OFFICE NOTARIAL ETUDE WANKOYE Hamadou Yacouba ETUDE DE ME DODO DAN GADO HAOUA Hamado Yahaya SOCIETE CIVILE PROFESSIONNELLE D’AVOCATS YANKORI ET ASSOCIÉS Emmanuel Yehouessi BCEAO

Olufunke Adekoya AELEX, LEGAL PRACTITIONERS & ARBITRATORS Tolu Aderemi PERCHSTONE & GRAEYS Taiwo Adeshina JACKSON, ETTI & EDU Yetunde Adewale AKINWUNMI & BUSARI LEGAL PRACTITIONERS Daniel Agbor UDO UDOMA & BELO-OSAGIE Tokunbo Agoro JAIYE AGORO & CO. Kunle Ajagbe PERCHSTONE & GRAEYS Olaoluwa Ajala GBENGA BIOBAKU & CO. Koyin Ajayi OLANIWUN AJAYI LP Bola Ajibola LANDS REGISTRY ALAUSA Funbi Akinwale IKEYI & ARIFAYAN Dafe Akpeneye PWC NIGERIA Overaye Brodrick Akpotaire LIDUD NIGERIA LTD. Barbara Ufuoma Akpotaire Jonathan Aluju OLANIWUN AJAYI LP Segun Aluko ALUKO & OYEBODE Godwin Amadi NNENNA EJEKAM ASSOCIATES Tracy Amadigwe ALKINGSHOLA CHAMBERS Linda Arifayan WTS ADEBIYI & ASSOCIATES Esther Atoyebi OKONJO, ODIAWA & EBIE Akinshola Babatunde ALKINGSHOLA CHAMBERS Titilola Bamisile GBENGA BIOBAKU & CO. 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 Oluwadamilola Durowaiye OLANIWUN AJAYI LP Ohireime Eboreime UDO UDOMA & BELO-OSAGIE Oyinda Ehiwere UDO UDOMA & BELO-OSAGIE Nnenna Ejekam NNENNA EJEKAM ASSOCIATES Mary Ekemezie UDO UDOMA & BELO-OSAGIE Nelson Ekere 1ST ATTORNEYS Harrison Emmanuel ABDULAI, TAIWO & CO. Ebele Enedah PUNUKA ATTORNEYS & SOLICITORS Kenneth Erikume PWC NIGERIA

Samuel Etuk 1ST ATTORNEYS Anse Agu Ezetah CHIEF LAW AGU EZETAH & CO. Babatunde Fagbohunlu ALUKO & OYEBODE Olawale Fapohunda IKEYI & ARIFAYAN Olubunmi Fayokun ALUKO & OYEBODE Bimbola Fowler-Ekar JACKSON, ETTI & EDU Adejoke A. Gbenro ADEBANKE ADEOLA & CO. Justice Idehen-Nathaniel PERCHSTONE & GRAEYS Afoke Igwe UDO UDOMA & BELO-OSAGIE Nduka Ikeyi IKEYI & ARIFAYAN Okorie Kalu PUNUKA ATTORNEYS & SOLICITORS Yetunde Kilanse GBENGA BIOBAKU & CO. Adetola Lawal OKONJO, ODIAWA & EBIE Emmanuel Egwuagu Nomso OBLA & CO. Chidnma Nwaogu PUNUKA ATTORNEYS & SOLICITORS Kenechi Nwizu IKEYI & ARIFAYAN Godwin Obla OBLA & CO. Abimbola Odeyemi FORTIS LP Oluwakemi Oduntan JADE & STONE SOLICITORS Godson Ogheneochuko UDO UDOMA & BELO-OSAGIE Alayo Ogunbiyi ABDULAI, TAIWO & CO. Ayokunle Ogundipe PERCHSTONE & GRAEYS Ayodele Ogunsemowo CROWN AGENTS LTD. Charity Ogwugwa LAW, UNION & ROCK Onyinye Okafo UDO UDOMA & BELO-OSAGIE Ogoegbunam Okafor PERCHSTONE & GRAEYS Ifedayo Oke-Lawal PERCHSTONE & GRAEYS Mathias Okojie PUNUKA ATTORNEYS & SOLICITORS Christine Okokon UDO UDOMA & BELO-OSAGIE Patrick Okonjo OKONJO, ODIAWA & EBIE Dozie Okwuosah CENTRAL BANK OF NIGERIA Stephen Ola Jagun JAGUN ASSOCIATES Adefunke Oladosu AKINWUNMI & BUSARI LEGAL PRACTITIONERS Demilade Olaosun IKEYI & ARIFAYAN Titilola Olateju OKONJO, ODIAWA & EBIE Adebayo Ologe PERCHSTONE & GRAEYS Ayotunde Ologe SYNERGY LEGAL PRACTITIONERS

Babatunde Olubando BABATUNDE OLUBANDO & CO. Patrick Omeke COLUMBIA UNIVERSITY, SCHOOL OF LAW, NEW YORK Funke Onadeko OLANIWUN AJAYI LP Olayemi Onakoya PWC NIGERIA Fred Onuobia G. ELIAS & CO. SOLICITORS AND ADVOCATES Donald Orji JACKSON, ETTI & EDU Christian Oronsaye ALUKO & OYEBODE Tunde Osasona WHITESTONE WORLDWIDE LTD. Kola Osholeye ELEKTRINT (NIGERIA) LIMITED Omotola Owoyemi PERCHSTONE & GRAEYS Abraham Oyakhilome FIRST & FIRST INTERNATIONAL AGENCIES Taiwo Oyedele PWC NIGERIA Titilola Rotifa OKONJO, ODIAWA & EBIE Taofeek Shittu IKEYI & ARIFAYAN Serifat Solebo LAND SERVICES DIRECTORATE Olufemi Sunmonu FEMI SUNMONU & ASSOCIATES, SOLICITORS Olubukola Thomas PERCHSTONE & GRAEYS Yvonne Udegbe IKEYI & ARIFAYAN Aniekan Ukpanah UDO UDOMA & BELO-OSAGIE Maxwell Ukpebor WTS ADEBIYI & ASSOCIATES Adamu M. Usman F.O. AKINRELE & CO. Edward Vera-Cruz GBENGA BIOBAKU & CO

NORWAY ADVOKATFIRMAET HJORT DA, MEMBER OF IUS LABORIS
Eli Aasheim WIERSHOLM LAW OFFICE AS Anders Aasland Kittelsen ADVOKATFIRMAET SCHJØDT DA Ingvild Andersen ADVOKATFIRMAET SCHJØDT DA Sverre Ardø EXPERIAN Jan L. Backer WIKBORG, REIN & CO. Rannveig Bakke Tvedten HOMBLE OLSBY ADVOKATFIRMA AS Stig Berge THOMMESSEN AS Trine Bjerke Welhaven HOMBLE OLSBY ADVOKATFIRMA AS Jacob S. Bjønnes-Jacobsen GRETTE LAW FIRM DA Henrik Boehlke ADVOKATFIRMAET HJORT DA, MEMBER OF IUS LABORIS Erik Børrud EXPERIAN Einard Brunes RAEDER ADVOKATFIRMA

NIGERIA ERNST & YOUNG
Ijeoma Abalogu GBENGA BIOBAKU & CO. Mohammed K. Abdulsalam GITRAS LTD. Oluseyi Abiodun Akinwunmi AKINWUNMI & BUSARI LEGAL PRACTITIONERS Kunle Adegbite CANAAN SOLICITORS

ACKNOWLEDGMENTS

183

Elena Busch NORWEGIAN MAPPING AUTHORITY, CADASTRE AND LAND REGISTRY, CENTRE FOR PROPERTY RIGHTS AND DEVELOPMENT Carl Arthur Christiansen RAEDER ADVOKATFIRMA Lars Davidsen HAFSLUND Knut Ekern PWC NORWAY Simen Aasen Engebretsen DELOITTE LLP Jan Erik Bauge SIMONSEN ADVOKATFIRMA DA Line Foss Hals WIKBORG, REIN & CO. Amund Fougner ADVOKATFIRMAET HJORT DA, MEMBER OF IUS LABORIS Jan Fougner WIERSHOLM LAW OFFICE AS Christian Friestad PWC NORWAY Geir Frøholm ADVOKATFIRMAET SCHJØDT DA Mads Fuglesang ADVOKATFIRMAET SELMER DA Ingenborg Gjølstad THOMMESSEN AS Renate Iren Heggelund ADVOKATFIRMAET SELMER DA Heidi Holmelin ADVOKATFIRMAET SELMER DA Therese Høyer Grimstad ADVOKATFIRMAET HJORT DA, MEMBER OF IUS LABORIS Odd Hylland PWC NORWAY Hanne Karlsen RAEDER ADVOKATFIRMA Anne Kaurin KVALE ADVOKATFIRMA DA Bjørn H. Kise ADVOKATFIRMA VOGT & WIIG AS Charlotte Kristensen PWC NORWAY Bjarne Lothe NITTER AS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Ronny Lund WIERSHOLM LAW OFFICE AS Knut Martinsen THOMMESSEN AS Ole Fredrik Melleby RAEDER ADVOKATFIRMA Anders Midbøe PWC NORWAY Ernst Arvid Moe STAVENGER BANKRUPTCY COURT Karl Erik Nedregotten PWC NORWAY Halfdan Nitter NITTER AS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Ole Kristian Olsby HOMBLE OLSBY ADVOKATFIRMA AS Helge Onsrud STATENS KARTVERK Camilla Schøyen Breibøl WIERSHOLM LAW OFFICE AS Ståle Skutle Arneson ADVOKATFIRMA VOGT & WIIG AS Simen Smeby Lium WIKBORG, REIN & CO. Christel Spannow PWC NORWAY

Bernt Olav Steinland ADVOKATFIRMAET SELMER DA Svein Sulland ADVOKATFIRMAET SELMER DA Ingvill Tollman Fosse ADVOKATFIRMAET SELMER DA Kristin Tosterud Holte ADVOKATFIRMAET HJORT DA, MEMBER OF IUS LABORIS Espen Trædal PWC NORWAY Oyvind Vagan THE BRONNOYSUND REGISTER CENTER Tore Walle-Jensen THE BRONNOYSUND REGISTER CENTER

Sadaf Buchanan SNR DENTON & CO. M.K. Das BANK MUSCAT Francis D’Souza BDO JAWAD HABIB Kobus Havemann DRIVER CONSULT OMAN LLC Hussein MUSCAT ELECTRICITY DISTRIBUTION COMPANY Robert Kenedy CURTIS MALLET - PREVOST, COLT & MOSLE LLP Philip Keun SNR DENTON & CO. Andrew Kincaid SASLO (FORMERLY SAID AL SHAHRY LAW OFFICE) Kenneth Macfarlane PWC OMAN Jose Madukakuzhy KHIMJI RAMDAS Pushpa Malani PWC OMAN Yashpal Mehta BDO JAWAD HABIB Subha Mohan CURTIS MALLET - PREVOST, COLT & MOSLE LLP Ahmed Naveed Farooqui OMAN CABLES INDUSTRY (SAOG) Rachael Oxby SNR DENTON & CO. Bruce Palmer CURTIS MALLET - PREVOST, COLT & MOSLE LLP Raghavendra Pangala SEMAC & PARTNERS LLC Khalid Al Riyami Dy. AMJAAD ENGINEERING CONSULTANCY Hussain Salman OMAN CABLES INDUSTRY (SAOG) George Sandars SNR DENTON & CO. Charles Schoﬁeld TROWERS & HAMLINS Paul Sheridan SNR DENTON & CO. Rajshekhar Singh BANK MUSCAT Ganesan Sridhar BANK MUSCAT Tawﬁq Ahmed Sultan W J TOWELL & CO. LLC Danielle Town SASLO (FORMERLY SAID AL SHAHRY LAW OFFICE) Alessandra Zingales SASLO (FORMERLY SAID AL SHAHRY LAW OFFICE)

Taqi Ahmad A.F. FERGUSONS & CO. Nasir Mehmood Ahmed BUNKER LOGISTICS Ahmad Syed Akhter PYRAMID TRANSPORTATION GROUP Hasnain Ashraf AQLAAL ADVOCATES Muhammed Moeen Aslam BILAL RICE MILLS Hyder Hussain Baig, Mirza HAIDER SHAMSI & CO., CHARTERED ACCOUNTANTS Ali Javed Bajwa HASEEB LAW ASSOCIATES Akeel Bilgrami NAJMI BILGRAMI COLLABORATIVE (PVT) LTD. Waheed Chaudhary LEGIS INN (ATTORNEYS & CORPORATE CONSULTANTS) Elizabeth Daniel ZAFAR & ASSOCIATES LLP Faisal Daudpota KHALID DAUDPOTA & CO. Junaid Daudpota KHALID DAUDPOTA & CO. Khalid Daudpota KHALID DAUDPOTA & CO. Zaki Ejaz ZAKI & ZAKI (ADVOCATES AND SOLICITORS) Salman Faisal HASEEB LAW ASSOCIATES Iram Fatima ZAFAR & ASSOCIATES LLP Ikram Fayaz QAMAR ABBAS & CO. Khalid Habibullah ABRAHAM & SARWANA Irfan Haider PYRAMID TRANSPORTATION GROUP Asim Hameed Khan IVON TRADING COMPANY PVT. LTD. Asma Hameed Khan SURRIDGE & BEECHENO Sohail Hasan A.F. FERGUSONS & CO. Sana Hassan ZAFAR & ASSOCIATES LLP Syed Ahmad Hassan Shah HASSAN KAUNAIN NAFEES Rashid Ibrahim A.F. FERGUSONS & CO. Ejaz Ishaq AQLAAL ADVOCATES Fiza Islam LEGIS INN (ATTORNEYS & CORPORATE CONSULTANTS) Muzaffar Islam LEGIS INN (ATTORNEYS & CORPORATE CONSULTANTS) Masooma Jaffer ABRAHAM & SARWANA Zahid Jamil JAMIL AND JAMIL Saila Jamshaid SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Tariq Nasim Jan DATACHECK PVT. LTD. Zulﬁqar Khan KHURSHEED KHAN & ASSOCIATES Arif Khan QAMAR ABBAS & CO. Aftab Ahmed Khan SURRIDGE & BEECHENO

Muhammad Maki ABRAHAM & SARWANA 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) Saqib Naveed ANAYA SALT CRAFTS Jamal Panhwar TRAVEL AND CULTURE SERVICES Irshad Panhwer MOHSIN TAYEBALY & CO., CORPORATE LEGAL CONSULTANTS, BARRISTERS AND ADVOCATES Zaki Rahman EBRAHIM HOSAIN, ADVOCATES AND CORPORATE COUNSEL Abdul Rahman QAMAR ABBAS & CO. Fahad Hameedl Rana LEGIS INN (ATTORNEYS & CORPORATE CONSULTANTS) Muhammad Saleem Rana STATE BANK OF PAKISTAN Tariq Saeed Rana SURRIDGE & BEECHENO Abdur Razzaq QAMAR ABBAS & CO. Mudassir Rizwan A.F. FERGUSONS & CO. Abdul Salam LEGIS INN (ATTORNEYS & CORPORATE CONSULTANTS) Jawad A. Sarwana ABRAHAM & SARWANA Ghulam Haider Shamsi HAIDER SHAMSI & CO., CHARTERED ACCOUNTANTS Muhammad Siddique SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Mian Haseeb ul Hassan HASEEB LAW ASSOCIATES Baleegh Ur-Rehman JWC TRUCKER LEATHER Chaudhary Usman EBRAHIM HOSAIN, ADVOCATES AND CORPORATE COUNSEL Saleem uz Zaman SALEEM UZ ZAMAN & CO. Sana Waheed ZAFAR & ASSOCIATES LLP Muhammad Yousuf HAIDER SHAMSI & CO., CHARTERED ACCOUNTANTS Ilyas Zafar ZAFAR & ASSOCIATES LLP Asf Ali Zaidi PYRAMID TRANSPORTATION GROUP Xavier Zamurrad XNRR TECHNOLOGIES

OMAN AL BUSAIDY, MANSOOR JAMAL & CO.
ERNST & YOUNG
Hamad Al Abri MUSCAT ELECTRICITY DISTRIBUTION COMPANY Zahir Abdulla Al Abri MUSCAT ELECTRICITY DISTRIBUTION COMPANY Zubaida Fakir Mohamed Al Balushi CENTRAL BANK OF OMAN Ahmed Al Barwani SNR DENTON & CO. Salman Ali Al Hattali MUSCAT ELECTRICITY DISTRIBUTION COMPANY Zaid Al Khattab TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Hanaan Al Marhuby PWC OMAN Amer Al Rawas OMANTEL Eman Al Shahry SASLO (FORMERLY SAID AL SHAHRY LAW OFFICE) Said bin Saad Al Shahry SASLO (FORMERLY SAID AL SHAHRY LAW OFFICE) Majid Al Toky TROWERS & HAMLINS Azzan Al Yahmadi SASLO (FORMERLY SAID AL SHAHRY LAW OFFICE) Ibrahim Albri MUSCAT MUNICIPALITY Khalid Khamis Al-Hashmi MUSCAT MUNICIPALITY Leyan Al-Mawali TROWERS & HAMLINS Hilal Almayahi MUSCAT MUNICIPALITY Ahmed al-Mukhaini SASLO (FORMERLY SAID AL SHAHRY LAW OFFICE) Mohamed Alrashdi MUSCAT MUNICIPALITY Mohammed Alshahri MOHAMMED AISHAHRI & ASSOCIATES Mona Taha Amer QAIS AL-QASMI AND MONA AMER LAWYERS Mohammed Ahmet Atieh AMJAAD ENGINEERING CONSULTANCY Russell Aycock PWC OMAN David Ball SASLO (FORMERLY SAID AL SHAHRY LAW OFFICE) Mahmoud Bilal SASLO (FORMERLY SAID AL SHAHRY LAW OFFICE)

PAKISTAN GEORGETOWN UNIVERSITY LAW CENTER
HAGLER BAILLEY PAKISTAN (PVT) LTD. KESC SHAMIM & SHAMS CO.
Ahmed Abbas SURRIDGE & BEECHENO Sh. Farooq Abdullah ABRAHAM & SARWANA Ali Jafar Abidi STATE BANK OF PAKISTAN Masooma Afzal HASEEB LAW ASSOCIATES

PALAU PALAU PUBLIC UTILITY CORPORATION
Kenneth Barden ATTORNEY-AT-LAW Cristina Castro WESTERN CAROLINE TRADING CO. Yukiwo P. Dengokl DIMDJTRUK & NAKAMURA

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Kevin N. Kirk THE LAW OFFICE OF KIRK AND SHADEL Kuniwo Nakamura BELAU TRANSFER & TERMINAL CO. GROUP David Shadel THE LAW OFFICE OF KIRK AND SHADEL Neco Shao NECO CONSTRUCTION INC Peter C. Tsao WESTERN CAROLINE TRADING CO.

Edwin Solis PANALPINA WORLD TRANSPORT LLP Ricardo Tribaldos Hernández PANAMA MINISTRY OF ECONOMY AND FINANCES Marlaine Tuñón Ramon Valdes AROSEMENA NORIEGA & CONTRERAS Ramón Varela MORGAN & MORGAN

Hugo T. Berkemeyer BERKEMEYER, ATTORNEYS & COUNSELORS Luis Alberto Breuer BERKEMEYER, ATTORNEYS & COUNSELORS Esteban Burt PERONI, SOSA, TELLECHEA, BURT & NARVAJA, MEMBER OF LEX MUNDI Victoria Burt PERONI, SOSA, TELLECHEA, BURT & NARVAJA, MEMBER OF LEX MUNDI Laura Cabrera VOUGA & OLMEDO ABOGADOS Ramón Antonio Castillo Saenz INFORMCONF S. A. María Debattisti SERVIMEX SACI Giselle Deiró BERKEMEYER, ATTORNEYS & COUNSELORS Lorena Dolsa BERKEMEYER, ATTORNEYS & COUNSELORS Natalia Enciso Benitez NOTARY PUBLIC Bruno Fiorio Carrizosa FIORIO, CARDOZO & ALVARADO Juan Bautista Fiorio Gimenez FIORIO, CARDOZO & ALVARADO Ana Franco BDO RUBINSZTEIN & GUILLÉN Sergio Franco PWC URUGUAY 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 Carlos R. Gwynn S. GWYNN & GWYNN - LEGAL COUNSELLING AND TRANSLATIONS Jorge Jimenez Rey BANCO CENTRAL DEL PARAGUAY Nestor Loizaga FERRERE ATTORNEYS Karina Lozano PWC PARAGUAY Augusto César Mengual Mazacotte FIORIO, CARDOZO & ALVARADO María Esmeralda Moreno MORENO RUFFINELLI & ASOCIADOS Roberto Moreno Rodríguez Alcalá MORENO RUFFINELLI & ASOCIADOS Rocío Penayo MORENO RUFFINELLI & ASOCIADOS Yolanda Pereira BERKEMEYER, ATTORNEYS & COUNSELORS Beatriz Pisano FERRERE ATTORNEYS Armindo Riquelme FIORIO, CARDOZO & ALVARADO Natalio Rubinsztein BDO RUBINSZTEIN & GUILLÉN Belen Saldivar Romañach FERRERE ATTORNEYS Federico Silva FERRERE ATTORNEYS Ruben Taboada PWC PARAGUAY

Walter Aguirre PWC PERU Marco Antonio Alarcón Piana ESTUDIO LUIS ECHECOPAR GARCÍA S.R.L. Alejandro Almendariz JORGE AVENDAÑO - FORSYTH & ARBE ABOGADOS Pamela Arce REBAZA, ALCAZAR & DE LAS CASAS ABOGADOS FINANCIEROS Guilhermo Auler JORGE AVENDAÑO - FORSYTH & ARBE ABOGADOS Milagros A. Barrera BARRIOS & FUENTES ABOGADOS Raul Barrios BARRIOS & FUENTES ABOGADOS Juan Domingo Barzola BARZOLA & ASOCIADOS S.C., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Vanessa Barzola PWC PERU Maritza Barzola Vilchez BARZOLA & ASOCIADOS S.C., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Manuel Aguilar Bermúdez SUNARP Giuliana Bonelli BARZOLA & ASOCIADOS S.C., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Giancarlo Bracamonte RANSA Stephany Giovanna Bravo de Rueda Arce RANSA Jorge Calle Liliana Callirgos BARRIOS & FUENTES ABOGADOS Renzo Camaiora GALLO BARRIOS PICKMANN Gaston Castillo SUNARP José Ignacio Castro RUBIO LEGUÍA NORMAND Fernando Castro Kahn MUÑIZ, RAMÍREZ, PERÉZ-TAIMAN & LUNA VICTORIA ATTORNEYS AT LAW Cecilia Catacora ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Alessandra Cocchella RUBIO LEGUÍA NORMAND Sandro Cogorno JORGE AVENDAÑO - FORSYTH & ARBE ABOGADOS Luis Dávila DEPARTMENT OF CUSTOMS PROCEDURES Joanna Dawson ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Ricardo de la Piedra ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Alfonso De Los Heros Pérez Albela ESTUDIO LUIS ECHECOPAR GARCÍA S.R.L. Paula Devescovi BARRIOS & FUENTES ABOGADOS Ana María Diez ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Carlos Roberto Drago Llanos SUNAT Juan Carlos Durand Grahammer DURAND ABOGADOS José Espinoza DEPARTMENT OF CUSTOMS PROCEDURES

Arturo Ferrari MUÑIZ, RAMÍREZ, PERÉZ-TAIMAN & LUNA VICTORIA ATTORNEYS AT LAW Guillermo Ferrero ESTUDIO FERRERO ABOGADOS Carol Flores Bernal Luis Enrique Narro Forno SUNAT Jorge Fuentes RUBIO LEGUÍA NORMAND Carlos Gallardo Torres GENERAL AGENCY OF PUBLIC INCOME POLICY Julio Gallo GALLO BARRIOS PICKMANN Juan García Montúfar RUBIO LEGUÍA NORMAND Pamela Goyzueta EQUIFAX PERU S.A. Gerardo Guzman DELMAR UGARTE ABOGADOS Cecilia Guzman-Barron BARRIOS & FUENTES ABOGADOS Jose A. Honda ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Diego Huertas del Pino BARRIOS & FUENTES ABOGADOS Marco Iannacone PWC PERU Felipe Eduardo Iannacone Silva SUNAT César Ballón Izquierdo RANSA José Antonio Jiménez REBAZA, ALCAZAR & DE LAS CASAS ABOGADOS FINANCIEROS Rafael Junco CAMARA PERUANA DE LA CONSTRUCCION Juan Carlos Leon Gianfranco Linares MUÑIZ, RAMÍREZ, PERÉZ-TAIMAN & LUNA VICTORIA ATTORNEYS AT LAW Herles Loayza Casimiro CAMARA PERUANA DE LA CONSTRUCCION German Lora PAYET, REY, CAUVI ABOGADOS Ursula Luna RUBIO LEGUÍA NORMAND Cecilia Manrique PWC PERU Milagros Maravi Sumar RUBIO LEGUÍA NORMAND Carlos Martinez Ebell RUBIO LEGUÍA NORMAND Jesús Matos ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Milagros Mendoza RUBIO LEGUÍA NORMAND Marlene Molero RUBIO LEGUÍA NORMAND Juan Antonio Morales AGENCIA DE ADUANA ANTANA Javier Mori Cockburn EQUIFAX PERU S.A. Claudio Mundaca BARRIOS & FUENTES ABOGADOS Franco Muschi Loayza PAYET, REY, CAUVI ABOGADOS L. Oliver SUNARP Lilian Oliver SUNARP Luis Orrego DELMAR UGARTE ABOGADOS

PANAMA ERNST & YOUNG
PANAMÁ SOLUCIONES LOGÍSTICAS INT. - PSLI
Alejandro Alemán ALFARO, FERRER & RAMÍREZ Aristides Anguizola MORGAN & MORGAN Mercedes Arauz de Grimaldo MORGAN & MORGAN Renan Arjona CAPAC (CÁMARA PANAMEÑA DE LA CONSTRUCCIÓN) Gilberto Arosemena AROSEMENA NORIEGA & CONTRERAS Amanda Barraza de Wong PWC PANAMA Luis Barría Gustavo Adolfo Bernal SOCIEDAD PANAMEÑA DE INGENIEROS Y ARQUITECTOS Carlos Klaus Bieberach PWC PANAMA Luis Chalhoub ICAZA, GONZALEZ-RUIZ & ALEMAN Julio Cesar Contreras III AROSEMENA NORIEGA & CONTRERAS Jeanina Aileen Diaz PRICEWATERHOUSECOOPERS CORPORATE LEGAL SERVICES Manuel E. Espino FABREGA, MOLINO & MULINO Michael Fernandez CAPAC (CÁMARA PANAMEÑA DE LA CONSTRUCCIÓN) Enna Ferrer ALFARO, FERRER & RAMÍREZ Gina Gómez Yamileth Herrera MORGAN & MORGAN Ricardo Lachman MORGAN & MORGAN Ivette Elisa Martínez Saenz PATTON, MORENO & ASVAT Gloria Moreno de López AUTORIDAD NACIONAL DE ADUANAS (ANA) José Miguel Navarrete AROSEMENA NORIEGA & CONTRERAS Ramón Ortega PWC DOMINICAN REPUBLIC Sebastián Perez UNION FENOSA - EDEMET - EDECHI Jorge Quijano AROSEMENA NORIEGA & CONTRERAS Loreto Rivera NACIONAL DE CALIFICACIÓN, REGISTRO Y CERTIFICACIÓN Luz María Salamina ASOCIACIÓN PANAMEÑA DE CRÉDITO Verónica Sinisterra AROSEMENA NORIEGA & CONTRERAS Michelle Solanilla AROSEMENA NORIEGA & CONTRERAS

PAPUA NEW GUINEA ERNST & YOUNG
Naomi Abel IPA Simon Bendo DEPARTMENT OF LANDS AND PHYSICAL PLANNING Moses Billy BILLY ARCHITECTS Vincent Bull ALLENS ARTHUR ROBINSON David Caradus PWC PAPUA NEW GUINEA Vanessa Geita PWC PAPUA NEW GUINEA Loani R. Henao HENAOS LAWYERS Clarence Hoot IPA Gary Juffa PNG CUSTOMS SERVICE Ambeng Kandakasi SUPREME COURT OF JUSTICE Stanley Kewa PNG POWER LTD. John Leahy PETER ALLAN LOWING LAWYERS Bruce Mackinlay CREDIT & DATA BUREAU LIMITED Antonia Nohou PWC PAPUA NEW GUINEA Ivan Pomaleu IPA Kapu Rageau RAGEAU, MANUA & KIKIRA LAWYERS Jason Reclamado ELTECH ENGINEERING SERVICES LTD. John Brian Sam PNG CUSTOMS SERVICE Benjamin Samson DEPARTMENT OF LANDS AND PHYSICAL PLANNING Ian Shepherd BLAKE DAWSON Stuart Smith WESTPAC PNG LIMITED Lawrence Solomon PNG POWER LTD. Thomas Taberia PETER ALLAN LOWING LAWYERS Stanley Timun IPA Alex Tongayu IPA

PARAGUAY ADMINISTRACIÓN NACIONAL DE ELECTRICIDAD
Magalí Rodríguez Alcalá BERKEMEYER, ATTORNEYS & COUNSELORS Perla Alderete VOUGA & OLMEDO ABOGADOS Florinda Benitez NOTARY PUBLIC

PERU SUPERINTENDENCY OF BANKING, INSURANCE AND PRIVATE PENSION FUND ADMINISTRATOR

ACKNOWLEDGMENTS

185

Cristina Oviedo PAYET, REY, CAUVI ABOGADOS Max Panay SUNARP Lucianna Polar ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI María José Puertas GALLO BARRIOS PICKMANN Bruno Marchese Quintana RUBIO LEGUÍA NORMAND Carlos Javier Rabanal Sobrino DURAND ABOGADOS Fernando M. Ramos BARRIOS & FUENTES ABOGADOS Jorge Reategui ESTUDIO FERRERO ABOGADOS Patricio Remon EQUIFAX PERU S.A. Sonia L. Rengifo BARRIOS & FUENTES ABOGADOS Alonso Rey Bustamante PAYET, REY, CAUVI ABOGADOS Guillermo Acuña Roeder Jose Rosas LIMA CHAMBER OF COMMERCE Renzo Rufasto Lira PAYET, REY, CAUVI ABOGADOS Augusto Ruiloba Morante ESTUDIO LUIS ECHECOPAR GARCÍA S.R.L. Emil Ruppert Carolina Sáenz Llanos RUBIO LEGUÍA NORMAND César Arbe Saldaña JORGE AVENDAÑO - FORSYTH & ARBE ABOGADOS Adolfo Sanabria Mercado MUÑIZ, RAMÍREZ, PERÉZ-TAIMAN & LUNA VICTORIA ATTORNEYS AT LAW Arturo Ruiz Sanchez RUBIO LEGUÍA NORMAND Paola Joselyn Sánchez Alfaro RANSA Victor Scarsi LUZ DEL SUR Alvaro Delgado Schelje SUNARP Martin Serkovic ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Hugo Silva RODRIGO, ELÍAS, MEDRANO ABOGADOS Ricardo Arturo Toma Oyama SUNAT Liliana Tsuboyama ESTUDIO LUIS ECHECOPAR GARCÍA S.R.L. Manuel A. Ugarte DELMAR UGARTE ABOGADOS Daniel Ulloa REBAZA, ALCAZAR & DE LAS CASAS ABOGADOS FINANCIEROS Carlos Urbina Ćarcamo RANSA Jack Vainstein VAINSTEIN & INGENIEROS S.A. José Antonio Valdez ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Veronica Valverde SUNARP Carlos Vegas Quintana CAMARA PERUANA DE LA CONSTRUCCION Ana Vidal GALLO BARRIOS PICKMANN

Manuel Villa-García ESTUDIO OLAECHEA, MEMBER OF LEX MUNDI Agustín Yrigoyen ESTUDIO AURELIO GARCÍA SAYÁN- ABOGADOS Gustavo Raúl Ytokazu Minami PWC PERU Gustavo Zanabria GENERAL AGENCY OF FOREIGN ECONOMIC MATTERS, COMPETITION AND PRIVATE INVESTMENT Hector Zegarra PAYET, REY, CAUVI ABOGADOS

Gwen Grecia-de Vera PJS LAW Kathlyn Joy Guanzon JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Tadeo F. Hilado ANGARA ABELLO CONCEPCION REGALA & CRUZ LAW OFFICES (ACCRALAW) Jessica Hilado PUYAT, JACINTO & SANTOS LAW OFFICE Jose Vicente E. Jimenez JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Gene Nicholas A. Lee JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Victoria Limkico JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Eleanor Lucas Roque PUNONGBAYAN & ARAULLO Mel A. Macaraig CASTILLO LAMAN TAN PANTALEON & SAN JOSE Redentor Marquez MERALCO Lory Anne McMullin JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Yolanda Mendoza-Eleazar CASTILLO LAMAN TAN PANTALEON & SAN JOSE Cheryll Grace Montealegre ISLA LIPANA & CO. Jesusito G. Morallos FOLLOSCO MORALLOS & HERCE Freddie Naagas SCM CREATIVE CONCEPTS INC. Alan Ortiz FOLLOSCO MORALLOS & HERCE Carla Ortiz ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Emmanuel C. Paras SYCIP SALAZAR HERNANDEZ & GATMAITAN Lianne Ivy Pascua-Medina QUASHA ANCHETA PENA & NOLASCO Zayber John Protacio ISLA LIPANA & CO. Senen Quizon PUNONGBAYAN & ARAULLO Janice Kae Ramirez QUASHA ANCHETA PENA & NOLASCO Teodore D. Regala ANGARA ABELLO CONCEPCION REGALA & CRUZ LAW OFFICES (ACCRALAW) Judy Alice Repol ANGARA ABELLO CONCEPCION REGALA & CRUZ LAW OFFICES (ACCRALAW) Roderick Reyes JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Ricardo J. Romulo ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Lea L. Roque PUNONGBAYAN & ARAULLO Rowena Fatima Salonga PUYAT JACINTO SANTOS LAW OFFICE 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 Maribel B. Tejada PUYAT JACINTO SANTOS LAW OFFICE Anna Bianca Torres PUYAT, JACINTO & SANTOS LAW OFFICE Ma. Melva Valdez JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Shirley Velasquez PUYAT, JACINTO & SANTOS LAW OFFICE Virginia B. Viray PUYAT JACINTO SANTOS LAW OFFICE Maria Winda Ysibido ISLA LIPANA & CO. Redentor C. Zapata QUASHA ANCHETA PENA & NOLASCO Gil Roberto Zerrudo QUISUMBING TORRES, MEMBER FIRM OF BAKER & MCKENZIE INTERNATIONAL

Joanna Gasowski WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Lech Giliciński WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Rafał Godlewski WARDYŃSKI & PARTNERS Tomasz Grygorczuk HOGAN LOVELLS (WARSZAWA) LLP Jakub Guzik SOŁTYSIŃSKI KAWECKI & SZLĘZAK Monika Hartung WARDYŃSKI & PARTNERS Łukasz Hejmej WHITE & CASE W. DANIŁOWICZ, W. JURCEWICZ I WSPÓLNICY - KANCELARIA PRAWNA SP.K. Magdalena Jarosz WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Witold Jarzyński RYMAR AND PARTNERS Jakub Jędrzejak WKB WIERCINSKI, KWIECINSKI, BAEHR Magdalena Kalinska WKB WIERCINSKI, KWIECINSKI, BAEHR Rafał Kamiński WHITE & CASE W. DANIŁOWICZ, W. JURCEWICZ I WSPÓLNICY - KANCELARIA PRAWNA SP.K. Tomasz Kański SOŁTYSIŃSKI KAWECKI & SZLĘZAK Iwona Karasek JAGIELLONIAN UNIVERSITY KRAKOW Beniamin Kiewra SOŁTYSIŃSKI KAWECKI & SZLĘZAK Katarzyna Konstanty ZACHARZEWSKI & PARTNERS Artur Kopijkowski-Gozuch MINISTRY OF ECONOMY Tomasz Korczyński WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Olga Koszewska CHADBOURNE & PARKE LLP Ewa Łachowska - Brol WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Agnieszka Lisiecka WARDYŃSKI & PARTNERS Wojciech Łuczka HOGAN LOVELLS (WARSZAWA) LLP Firlej Marek MINISTRY OF FINANCE OF POLAND Sebastian Michalik CARGO-PARTNER SPEDYCJA SP. Z.O.O. Agata Mierzwa WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Tomasz Misiak PWC POLAND Radosław Moczadło GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Magdalena Moczulska WARDYNSKI & PARTNERS Michal Niemirowicz-Szczytt BNT NEUPERT ZAMORSKA & PARTNERZY S.C. Krystyna Olczak DZO DMOWSKI ZAREMBA OLCZAK SP. Z O.O., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Krzysztof Pawlak SOŁTYSIŃSKI KAWECKI & SZLĘZAK Weronika Pelc WARDYNSKI & PARTNERS

PHILIPPINES ERNST & YOUNG
Myla Gloria Amboy JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Jazmin Banal ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Manuel Batallones BAP CREDIT BUREAU Alexander Cabrera ISLA LIPANA & CO. Ciriaco S. Calalang CALALANG LAW OFFICES Ernesto Caluya Jr JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Cecile Margaret Caro SYCIP SALAZAR HERNANDEZ & GATMAITAN Bryant Casiw BAKER & MCKENZIE Joseph Omar A. Castillo PUYAT JACINTO SANTOS LAW OFFICE Sandhya Marie Castro ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI Pamela Ann T. Cayabyab JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ Kenneth Chua QUISUMBING TORRES, MEMBER FIRM OF BAKER & MCKENZIE INTERNATIONAL Barbara Jill Clara SYCIP SALAZAR HERNANDEZ & GATMAITAN Juan Paolo Colet CASTILLO LAMAN TAN PANTALEON & SAN JOSE Von Bryan Cuerpo SYCIP SALAZAR HERNANDEZ & GATMAITAN Emerico O. de Guzman ANGARA ABELLO CONCEPCION REGALA & CRUZ LAW OFFICES (ACCRALAW) Sheila S. De la Rosa PUYAT JACINTO SANTOS LAW OFFICE Redel Domingo MERALCO Jaime Raphael Feliciano ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES, MEMBER OF LEX MUNDI 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 Garcia FOLLOSCO MORALLOS & HERCE Andres Gatmaitan SYCIP SALAZAR HERNANDEZ & GATMAITAN

POLAND ALLEN & OVERY, A. PĘDZICH SP. K.
Piotr Andrzejak SOŁTYSIŃSKI KAWECKI & SZLĘZAK Jerzy Baehr WKB WIERCINSKI, KWIECINSKI, BAEHR Grzegorz Banasiuk GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Michal Barłowski WARDYNSKI & PARTNERS Ewelina Batnik MULTIBANK S. A Michal Białobrzeski HOGAN LOVELLS (WARSZAWA) LLP Anna Bochnia DLA PIPER WIATER SP.K. Aleksander Borowicz BIURO INFORMACJI KREDYTOWEJ S.A. Piotr Brzezinski GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Krzysztof Cichocki SOŁTYSIŃSKI KAWECKI & SZLĘZAK Jan Ciećwierz WARDYŃSKI & PARTNERS Bożena Ciosek WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Katarzyna Czarnecka-Zochowska PWC POLAND Michał Dąbrowski MINISTRY OF JUSTICE Andrzej Dmowski DZO DMOWSKI ZAREMBA OLCZAK SP. Z O.O., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Bartosz Draniewicz BARTOSZ Edyta Dubikowska SQUIRE SANDERS ŚWIĘCICKI KRZEŚNIAK SP. K. Piotr Falarz DLA PIPER WIATER SP.K. Agnieszka Fedor WKB WIERCINSKI, KWIECINSKI, BAEHR Krzysztof Feluch WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Klaudia Frątczak WKB WIERCINSKI, KWIECINSKI, BAEHR Jan Furtas THE SPIN INITIATIVE ASSOCIATION

186

DOING BUSINESS 2012

Alexandra Pereira dos Reis RAPOSO BERNARDO & ASSOCIADOS Łukasz Piebiak VIII DISTRICT COMMERCIAL COURT IN WARSAW Jakub Pokrzywniak WKB WIERCINSKI, KWIECINSKI, BAEHR Bartłomiej Raczkowski BARTŁOMIEJ RACZKOWSKI KANCELARIA PRAWA PRACY Anna Ratajczyk-Salamacha GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Piotr Sadownik GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Katarzyna Sarek BARTŁOMIEJ RACZKOWSKI KANCELARIA PRAWA PRACY Karolina Schiffter SOŁTYSIŃSKI KAWECKI & SZLĘZAK Zbigniew Skórczyński CHADBOURNE & PARKE LLP Iwona Smith PWC POLAND Ewelina Stobiecka E|N|W|C RECHTSANWALTE E.STOBIECKA KANCELARIA PRAWNA SP.K. Natalia Świderska THE SPIN INITIATIVE ASSOCIATION Izabela Szcygielska WKB WIERCINSKI, KWIECINSKI, BAEHR Łukasz Szegda WARDYNSKI & PARTNERS Anna Tarasiuk-Flodrowska HOGAN LOVELLS (WARSZAWA) LLP Dariusz Tokarczuk GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Sylwia Tylenda RAPOSO BERNARDO & ASSOCIADOS Dominika Wagrodzka BNT NEUPERT ZAMORSKA & PARTNERZY S.C. Radoslaw Waszkiewicz SOŁTYSIŃSKI KAWECKI & SZLĘZAK Krzysztof Wierzbowski WIERZBOWSKI EVERSHEDS, MEMBER OF EVERSHEDS INTERNATIONAL LTD. Anna Wietrzyńska DLA PIPER WIATER SP.K. Robert Windmill WINDMILL GĄSIEWSKI & ROMAN LAW OFFICE Jaroslaw Wisniewski PWC POLAND Piotr Witecki DLA PIPER WIATER SP.K. Gurba Włodzimierz MINISTRY OF FINANCE OF POLAND Tomasz Zabost PROLOGIS Andrzej Zacharzewski ZACHARZEWSKI & PARTNERS Malgorzata Zamorska BNT NEUPERT ZAMORSKA & PARTNERZY S.C. Grazyna Zaremba DZO DMOWSKI ZAREMBA OLCZAK SP. Z O.O., MEMBER OF RUSSELL BEDFORD INTERNATIONAL Tomasz Zasacki WARDYNSKI & PARTNERS Magdalena Zwolinska BARTŁOMIEJ RACZKOWSKI KANCELARIA PRAWA PRACY

PORTUGAL EDP DISTRIBUIÇÃO - ENERGIA, SA
VIEIRA DE ALMEIDA & ASSOCIADOS
Maria Isabel Abreu POLYTECHNIC INSTITUTE OF BRAGANÇA Paula Alegria Martins MOUTEIRA GUERREIRO, ROSA AMARAL & ASSOCIADOS - SOCIEDADE DE ADVOGADOS R.L. Natália Garcia Alves ABREU ADVOGADOS Bruno Andrade Alves PWC PORTUGAL Filipa Arantes Pedroso MORAIS LEITÃO, GALVÃO TELES, SOARES DA SILVA & ASSOCIADOS, MEMBER OF LEX MUNDI Miguel Azevedo J & A GARRIGUES, S.L.P João Banza PWC PORTUGAL João Nuno Barrocas BARROCAS SARMENTO NEVES Manuel P. Barrocas BARROCAS SARMENTO NEVES Mark Bekker BEKKER LOGISTICA Barbara Berckmoes PWC PORTUGAL Nelson Bernardo RAPOSO BERNARDO & ASSOCIADOS Marco Bicó da Costa CREDINFORMAÇÕES/ EQUIFAX Rui Capote PLEN - SOCIEDADE DE ADVOGADOS, RL Ana Catarina Carnaz PWC PORTUGAL Tiago Castanheira Marques ABREU ADVOGADOS Susana Cebola INSTITUTO DOS REGISTOS E DO NOTARIADO Gabriel Cordeiro DIRECÇÃO MUNICIPAL DE GESTÃO URBANÍSTICA Maria Manuela Correia GALI MACEDO & ASSOCIADOS Joana Correia RAPOSO BERNARDO & ASSOCIADOS Marcelo Correia Alves BARROCAS SARMENTO NEVES Ana Raquel Costa PWC PORTUGAL Miguel de Avillez Pereira ABREU ADVOGADOS Maria de Lancastre Valente SRS ADVOGADOS João Cadete de Matos BANCO DE PORTUGAL Carlos de Sousa e Brito CARLOS DE SOUSA E BRITO & ASSOCIADOS João Duarte de Sousa J & A GARRIGUES, S.L.P John Duggan PWC PORTUGAL Jaime Esteves PWC PORTUGAL Bruno Ferreira J & A GARRIGUES, S.L.P Soﬁa Ferreira Enriquez RAPOSO BERNARDO & ASSOCIADOS Nuno Pimentel Gomes ABREU ADVOGADOS Paulo Henriques UNIVERSITY OF COIMBRA

Miguel Inácio Castro MOUTEIRA GUERREIRO, ROSA AMARAL & ASSOCIADOS - SOCIEDADE DE ADVOGADOS R.L. Maria João Ricou CUATRECASAS, GONÇALVES PEREIRA Andreia Junior GALI MACEDO & ASSOCIADOS Caetano Leitão BARROS, SOBRAL, G. GOMES & ASSOCIADOS Maria Manuel Leitão Marques SECRETARY OF STATE FOR ADMINISTRATIVE MODERNISATION Tiago Lemos PLEN - SOCIEDADE DE ADVOGADOS, RL Diogo Léonidas Rocha J & A GARRIGUES, S.L.P Jorge Pedro Lopes POLYTECHNIC INSTITUTE OF BRAGANÇA 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 Nuno Mansilha MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS Miguel Marques dos Santos J & A GARRIGUES, S.L.P Fernando Marta CREDINFORMAÇÕES/ EQUIFAX Isabel Martínez de Salas J & A GARRIGUES, S.L.P Susana Melo GRANT THORNTON LLP Francisco Guimarães Melo PWC PORTUGAL Joaquim Luis Mendes GRANT THORNTON LLP Gonçalo Meneses CARLOS DE SOUSA E BRITO & ASSOCIADOS José Carlos Monteiro JMSROC, LDA, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Ana Pinto Morais PWC PORTUGAL João Moucheira INSTITUTO DOS REGISTOS E DO NOTARIADO António Mouteira Guerreiro MOUTEIRA GUERREIRO, ROSA AMARAL & ASSOCIADOS - SOCIEDADE DE ADVOGADOS R.L. Rita Nogueira Neto J & A GARRIGUES, S.L.P Catarina Nunes PWC PORTUGAL Vitorino Oliveira INSTITUTO DOS REGISTOS E DO NOTARIADO Ema Palma JMSROC, LDA, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Rui Peixoto Duarte ABREU ADVOGADOS Pedro Pereira Coutinho J & A GARRIGUES, S.L.P António Luís Pereira Figueiredo INSTITUTO DOS REGISTOS E DO NOTARIADO Isabel Pinheiro Torres ABREU ADVOGADOS Acácio Pita Negrão PLEN - SOCIEDADE DE ADVOGADOS, RL

Pedro Porto Dordio ANTÓNIO FRUTUOSO DE MELO E ASSOCIADOS - SOCIEDADE DE ADVOGADOS, R.L. Laurinda Prazeres Cardoso FBL ADVOGADOS Margarida Ramalho ASSOCIAÇÃO DE EMPRESAS DE CONSTRUÇÃO, OBRAS PÚBLICAS E SERVIÇOS Rute Ramos CARLOS DE SOUSA E BRITO & ASSOCIADOS Manuel Raposo PWC PORTUGAL Filomena Rosa INSTITUTO DOS REGISTOS E DO NOTARIADO César Sá Esteves SRS ADVOGADOS Francisco Salgueiro NEVILLE DE ROUGEMONT & ASSOCIADOS Pedro Santos GRANT THORNTON LLP Raquel Santos MORAIS LEITÃO, GALVÃO TELES, SOARES DA SILVA & ASSOCIADOS, MEMBER OF LEX MUNDI Filipe Santos Barata CUATRECASAS, GONÇALVES PEREIRA Cláudia Santos Malaquias MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS Inês Saraiva de Aguilar ANTÓNIO FRUTUOSO DE MELO E ASSOCIADOS - SOCIEDADE DE ADVOGADOS, R.L. Angela Maria Silva PWC PORTUGAL Eliana Silva Pereira GALI MACEDO & ASSOCIADOS Manuel Silveira Botelho ANTÓNIO FRUTUOSO DE MELO E ASSOCIADOS - SOCIEDADE DE ADVOGADOS, R.L. Luís Filipe Sousa PWC PORTUGAL Carmo Sousa Machado ABREU ADVOGADOS Bruna Sousa Pereira PWC PORTUGAL João Paulo Teixeira de Matos J & A GARRIGUES, S.L.P Nuno Telleria BARROS, SOBRAL, G. GOMES & ASSOCIADOS Liza Helena Vaz PWC PORTUGAL

Edward Calvesbert DEPARTAMENTO DE DESARROLLO ECONOMICO PUERTO RICO Jorge Capó Matos O’NEILL & BORGES Nydia Cardona CMA ARCHITECTS & ENGINEERS LLP Solymar Castillo-Morales GOLDMAN ANTONETTI & CÓRDOVA P.S.C Samuel Céspedes Jr MCCONNELL VALDÉS LLC Odemaris Chacon WILLIAM ESTRELLA | ATTORNEYS & COUNSELORS Walter F. Chow O’NEILL & BORGES Andrés Colberg WILLIAM ESTRELLA | ATTORNEYS & COUNSELORS Harry Cook MCCONNELL VALDÉS LLC Miguel A. Cordero PUERTO RICO ELECTRIC POWER AUTHORITY Manuel De Lemos COLEGIO DE ARQUITECTOS Y ARQUITECTOS PAISAJISTAS DE PUERTO RICO Miguel Del Rio DEL RIO ARQUITECTOS Myrtelena Díaz Pedora ADSUAR MUÑIZ GOYCO SEDA & PÉREZOCHOA, P.S.C Francisco Dox GOLDMAN ANTONETTI & CÓRDOVA P.S.C Antonio Escudero MCCONNELL VALDÉS LLC Alberto G. Estrella Ubaldo Fernandez O’NEILL & BORGES Dagmar Fernández QUIÑONES & SÁNCHEZ, PSC Bennett Díaz Figueroa COLEGIO DE ARQUITECTOS Y ARQUITECTOS PAISAJISTAS DE PUERTO RICO Edwin Figueroa MCCONNELL VALDÉS LLC David Freedman O’NEILL & BORGES Virginia Gomez PUERTO RICO ELECTRIC POWER AUTHORITY Pedro Janer CMA ARCHITECTS & ENGINEERS LLP Gerardo Jusino CMA ARCHITECTS & ENGINEERS LLP Héctor Lebrón FERRAIUOLI, LLC Myrna I. Lozada-Guzmán GOLDMAN ANTONETTI & CÓRDOVA P.S.C Antonio Marichal-Aponte MARICHAL & HERNANDEZ LLP Hernan Marrero Calderon MCCONNELL VALDÉS LLC Oscar O Meléndez - Sauri COTO MALLEY & TAMARGO, LLP Juan Carlos Méndez MCCONNELL VALDÉS LLC Rafael Pérez-Villarini FPV & GALINDEZ CPAS, PSC, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Edwin Quiñones QUIÑONES & SÁNCHEZ, PSC Eduardo Regis TRG ARCHITECTS Thelma Rivera GOLDMAN ANTONETTI & CÓRDOVA P.S.C Victor Rodriguez MULTITRANSPORT & MARINE CO.

PUERTO RICO (U.S.)
Viviana Aguilu PWC PUERTO RICO Alfredo Alvarez-Ibañez O’NEILL & BORGES Vicente Antonetti GOLDMAN ANTONETTI & CÓRDOVA P.S.C Salvador Antonetti O’NEILL & BORGES Juan Aquino O’NEILL & BORGES Antonio A. Arias-Larcada MCCONNELL VALDÉS LLC Luis Ariza ABF FREIGHT SYSTEMS, INC. James A. Arroyo TRANSUNION DE PUERTO RICO Hermann Bauer O’NEILL & BORGES Nikos Buxeda Ferrer ADSUAR MUÑIZ GOYCO SEDA & PÉREZOCHOA, P.S.C

ACKNOWLEDGMENTS

187

Victor Rodriguez PWC PUERTO RICO Loudres Rodriguez-Morera Edgardo Rosa FPV & GALINDEZ CPAS, PSC, MEMBER OF RUSSELL BEDFORD INTERNATIONAL José Fernando Rovira-Rullán FERRAIUOLI, LLC Jorge M. Ruiz Montilla MCCONNELL VALDÉS LLC Patricia Salichs O’NEILL & BORGES Hector Silen O’NEILL & BORGES Eduardo Tamargo COTO MALLEY & TAMARGO, LLP Jose Torres PUERTO RICO ELECTRICAL CONTRACTORS ASSOCIATION Carlos Valldejuly O’NEILL & BORGES Laura Velez Velez MCCONNELL VALDÉS LLC Travis Wheatley O’NEILL & BORGES

Kamal Hafez AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS Robert Hager PATTON BOGGS LLP Walid Honein BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Tajedin Idris Babekir MEEZA QSTP-LLC Abdulla Omar Ismail Al-Dafaa QATAR PETROLEUM Daoud Adel Issa QATAR PETROLEUM Ahmed Jaaﬁr 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 Elias Matni BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Arnaud Montouché SCP D’AVOCATS UGGC & ASSOCIÉS Rita Moukarzel BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Ahmed Tawﬁk Nassim AHMED TAWFIK & CO. CERTIFIED PUBLIC ACCOUNTANT Charbel Neaman CLYDE & CO. Sujani Nisansala PWC QATAR Ziad Raheb BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Lyka Rom AHMED TAWFIK & CO. CERTIFIED PUBLIC ACCOUNTANT Sadek Sadek AHMED TAWFIK & CO. CERTIFIED PUBLIC ACCOUNTANT David Salt CLYDE & CO. Mohammad Sami AL SULAITI, ATTORNEYS, LEGAL CONSULTANTS & ARBITRATORS Zain Al Abdin Sharar QATAR UNIVERSITY Abdul Aziz Mohammed Sorour MINISTRY OF JUSTICE Terence G.C. Witzmann HSBC Yuenping Wong AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS

RADU TĂRĂCILĂ PĂDURARI RETEVOESCU SPRL IN ASSOCIATION WITH ALLEN & OVERY
Adriana Almasan STOICA & ASOCIAŢII - SOCIETATE CIVILĂ DE AVOCAŢI Cosmin Anghel BADEA ASOCIATII IN ASSOCIATION WITH CLIFFORD CHANCE Andrei Badiu 3B EXPERT AUDIT, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Emanuel Băncilă D&B DAVID ŞI BAIAS LAW FIRM Irina Elena Bănică POP PEPA S C.A. ATTORNEYS- AT- LAW Alexandra Barac POP PEPA S C.A. ATTORNEYS- AT- LAW Irina Barbu D&B DAVID ŞI BAIAS LAW FIRM Monica Biciusca ANGHEL STABB & PARTNERS Silvia Bohalteanu MUŞAT & ASOCIAŢII Alin Buftea DLA PIPER DINU SCA Lucian Catrinoiu STOICA & ASOCIAŢII - SOCIETATE CIVILĂ DE AVOCAŢI Adrian Cazan DLA PIPER DINU SCA Cezara Chirica D&B DAVID ŞI BAIAS LAW FIRM Mara Ciju LINA & GUIA S.C.A Victor Ciocîltan OANCEA CIOCÎLTAN & ASOCIATII Andreea Ciorapciu SALANS MOORE & ASOCIATII SCA Anamaria Corbescu SALANS MOORE & ASOCIATII SCA Dorin Coza SULICA PROTOPOPESCU VONICA Ana Craciun POP PEPA S C.A. ATTORNEYS- AT- LAW Tiberiu Csaki SALANS MOORE & ASOCIATII SCA Rebeca Dan POP PEPA S C.A. ATTORNEYS-AT-LAW Peter De Ruiter PWC ROMANIA Adrian Deaconu TAXHOUSE SRL Georgiana Descultu PWC ROMANIA Luminita Dima NESTOR NESTOR DICULESCU KINGSTON PETERSEN Răzvan Dincă STOICA & ASOCIAŢII - SOCIETATE CIVILĂ DE AVOCAŢI Adriana Dobre D&B DAVID ŞI BAIAS LAW FIRM Rodica Dobre PWC ROMANIA Alexandru Dobrescu LINA & GUIA S.C.A Ion Dragulin NATIONAL BANK OF ROMANIA Laura Adina Duca NESTOR NESTOR DICULESCU KINGSTON PETERSEN Serban Epure BIROUL DE CREDIT Corneliu Frunzescu D&B DAVID ŞI BAIAS LAW FIRM

Adriana Gaspar NESTOR NESTOR DICULESCU KINGSTON PETERSEN Monica Georgiadis DLA PIPER DINU SCA Gina Gheorghe LEAUA & ASOCIATII Georgiana Ghitu DLA PIPER DINU SCA Sergiu Gidei D&B DAVID ŞI BAIAS LAW FIRM Ciprian Glodeanu WOLF THEISS Andra Gogulescu DLA PIPER DINU SCA Laura Gradinescu DLA PIPER DINU SCA Marius Grigorescu LEAUA & ASOCIATII Mihai Guia LINA & GUIA S.C.A Argentina Hincu SALANS MOORE & ASOCIATII SCA Cristina Iacobescu POP PEPA S C.A. ATTORNEYS- AT- LAW Cristina Ibolea BADEA ASOCIATII IN ASSOCIATION WITH CLIFFORD CHANCE Diana Emanuela Ispas NESTOR NESTOR DICULESCU KINGSTON PETERSEN CRENGUTA LEAUA LEAUA & ASOCIATII Cristian Lina LINA & GUIA S.C.A Amalia Lincaru SALANS MOORE & ASOCIATII SCA Edita Lovin RETIRED JUDGE OF ROMANIAN SUPREME COURT OF JUSTICE Smaranda Mandrescu POP PEPA S C.A. ATTORNEYS- AT- LAW Dumitru Viorel Manescu NATIONAL UNION OF CIVIL LAW NOTARIES OF ROMANIA Oana Manuceanu PWC ROMANIA Gelu Maravela MUŞAT & ASOCIAŢII Carmen Medar D&B DAVID ŞI BAIAS LAW FIRM Raluca Mihaila PWC ROMANIA Mihaela Mihu SALANS MOORE & ASOCIATII SCA Dan Minoiu MUŞAT & ASOCIAŢII Dominic Morega MUŞAT & ASOCIAŢII 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 Oana Niculescu PWC ROMANIA Georgiana Nito BADEA ASOCIATII IN ASSOCIATION WITH CLIFFORD CHANCE Tudor Oancea OANCEA CIOCÎLTAN & ASOCIATII

Delia Paceagiu NESTOR NESTOR DICULESCU KINGSTON PETERSEN Marius Pătrăşcanu MUŞAT & ASOCIAŢII Steven Pepa POP PEPA S C.A. ATTORNEYS- AT- LAW Cosmin Petru-Bonea SALANS MOORE & ASOCIATII SCA Eugen Pop ENESCU, PANAIT, POP & PARTNERS Claudiu Pop POP PEPA S C.A. ATTORNEYS- AT- LAW Alida Popa MUŞAT & ASOCIAŢII Cristina Popescu LINA & GUIA S.C.A Alina Popescu MUŞAT & ASOCIAŢII Mariana Popescu NATIONAL BANK OF ROMANIA Cristian Predan GEBRUEDER WEISS SRL Irina Preoteasa PWC ROMANIA Monica Preotescu NESTOR NESTOR DICULESCU KINGSTON PETERSEN Raluca Radu SALANS MOORE & ASOCIATII SCA Laura Radu STOICA & ASOCIAŢII - SOCIETATE CIVILĂ DE AVOCAŢI Cristian Radulescu TAXHOUSE SRL Ana Maria Ralea D&B DAVID ŞI BAIAS LAW FIRM Alexandra Rimbu MUŞAT & ASOCIAŢII Anda Rojanschi D&B DAVID ŞI BAIAS LAW FIRM Angela Rosca TAXHOUSE SRL Andrei Săvescu SĂVESCU SI ASOCIATII Valentin Serban SALANS MOORE & ASOCIATII SCA Iulia Simion WOLF THEISS Alexandru Slujitoru D&B DAVID ŞI BAIAS LAW FIRM Ileana Sovaila MUŞAT & ASOCIAŢII Oana Soviani SALANS MOORE & ASOCIATII SCA David Stabb ANGHEL STABB & PARTNERS Alexandru Stanciu LEAUA & ASOCIATII Cristiana Stoica STOICA & ASOCIAŢII - SOCIETATE CIVILĂ DE AVOCAŢI Sorin Corneliu Stratula STRATULA MOCANU & ASOCIATII Roxana Talasman NESTOR NESTOR DICULESCU KINGSTON PETERSEN Florin Tineghe DLA PIPER DINU SCA Laura Tiuca SALANS MOORE & ASOCIATII SCA Madalina Trifan SALANS MOORE & ASOCIATII SCA Ionut Ursache PWC ROMANIA

QATAR DIAMOND SHIPPING SERVICES
ERNST & YOUNG NATIONAL SHIPPING AND MARINE SERVICES COMPANY WLL QATAR CREDIT BUREAU SHARAF SHIPPING AGENCY SUPREME JUDICIARY COUNCIL, QATAR
Abdelmoniem Abutiffa QATAR INTERNATIONAL LAW FIRM Hani Al Naddaf AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS Rashed Albuﬂasa PANALPINA QATAR WLL Monita Barghachieh PATTON BOGGS LLP Solymar Castillo-Morales GOLDMAN ANTONETTI & CÓRDOVA P.S.C Ian Clay PWC QATAR Sleiman Dagher BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Arnaud Depierrefeu SCP D’AVOCATS UGGC & ASSOCIÉS Francisco Dox GOLDMAN ANTONETTI & CÓRDOVA P.S.C Fouad El Haddad CLYDE & CO. Chadia El Meouchi BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Neyla El-Khazen BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Sami Fakhoury AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS Sarah Fakhry BADRI AND SALIM EL MEOUCHI LAW FIRM, MEMBER OF INTERLEGES Dalal K. Farhat Harb ARAB ENGINEERING BUREAU Mohamed Fouad SULTAN AL-ABDULLA & PARTNERS Antonio Ghaleb AHMED TAWFIK & CO. CERTIFIED PUBLIC ACCOUNTANT

ROMANIA ANRE
BITRANS LTD., MEMBER OF WORLD MEDIATRANS GROUP HERCULE IMPEX

188

DOING BUSINESS 2012

Cristina Vedel POP PEPA S C.A. ATTORNEYS- AT- LAW Cristina Virtopeanu NESTOR NESTOR DICULESCU KINGSTON PETERSEN Roxana Vornicu NESTOR NESTOR DICULESCU KINGSTON PETERSEN

Oksana Kostenko CMS LEGAL Georgy Koval CMS LEGAL Alyona Kozyreva MACLEOD DIXON Marina Krasnobaeva YUKOV, KHRENOV & PARTNERS Alyona Kucher DEBEVOISE & PLIMPTON LLP Ekaterina Evgenievna Lamanova MOESK David Lasfargue GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Andrey Lebedev YUKOV, KHRENOV & PARTNERS Anastasiya Lemysh CMS LEGAL Maxim Likholetov MAGNUSSON Stepan Lubavsky FINEC Dmitry Lyakhov RUSSIN & VECCHI, LLC. Igor N. Makarov BAKER & MCKENZIE - CIS, LIMITED Anna Maximenko DEBEVOISE & PLIMPTON LLP Lyudmila Merzlikina ALRUD LAW FIRM Yekaterina Migel INTEREXPERTIZA LLC Svetlana Minakova YUKOV, KHRENOV & PARTNERS Dmitry Nikolaev MAERSK LINE RUSSIAN FEDERATION Aleksandr Panarin LOGISTIC SERVICE Andrey Panov MONASTYRSKY, ZYUBA, STEPANOV & PARTNERS Roman Peikrishvili GLOBALINK LOGISTICS GROUP Eugene Perkunov HOGAN LOVELLS Oleg Petrov CMS LEGAL Ivan Podbereznyak DEBEVOISE & PLIMPTON LLP Ekaterina Raykevich DEBEVOISE & PLIMPTON LLP Mikhail Romanovsky FINEC Andrey Savin CAPITAL LEGAL SERVICES LLC Maria Sinyavskaya CMS LEGAL Alexey Soldatov ABU ACCOUNTING SERVICES Rainer Stawinoga MAZARS RUSSIA Tatiana Stepanenko RUSSIA CONSULTING Valentina Subbotina INTEREXPERTIZA LLC Victoria Subocheva RUSSIN & VECCHI, LLC. Ivetta Tchistiakova-Berd GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Pavel Timofeev HANNES SNELLMAN LLC Sergey Tufar ALRUD LAW FIRM

Olga Yudina CMS LEGAL Vladislav Zabrodin CAPITAL LEGAL SERVICES LLC Julia Zasukhina MACLEOD DIXON Andrey Zavalishin CMS LEGAL Andrey Zelenin LIDINGS LAW FIRM Nadezda Zenjutich ABU ACCOUNTING SERVICES

Ravi Vadgama CREDIT REFERENCE BUREAU AFRICA LIMITED

Sukayna Braganca BANCO INTERNACIONAL DE SÃO TOMÉ E PRÍNCIPE Adelino Castelo David MINISTÉRE DU PLAN ET DES FINANCES Celiza Deus Lima JPALMS ADVOGADOS Ilza Maria dos Santos Mado Vaz DIRECÇÃO DAS ALFÂNDEGAS Alexandra Ferreira ATS – AGÊNCIA DE TRANSITOS VIAGENS E LOGÍSTICA LDA Saul Fonseca MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS Eudes Gabriel SUPERMARITIME SAO TOME Fidelio Lopes do Nascimento EBIC- CONSTRUÇÃO CIVIL Vítor Marques da Cruz FCB&A IN ASSOCIATION WITH POSSER DA COSTA & ASSOCIADOS Idalina Martinho DESPACHANTE OFICIAL HELDER BATISTA Raul Mota Cerveira MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS Hugo Rita TERRA FORMA Manuel Roque MANUEL ROQUE LTDA. Ilma Salvaterra GUICHÉ ÚNICO PARA EMPRESAS Vitor Santos EBIC- CONSTRUÇÃO CIVIL Cláudia Santos Malaquias MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS Peter Schouten SUPERMARITIME SAO TOME Rui Veríssimo SOARES DA COSTA

SAMOA ELECTRIC POWER CORPORATION
Tiffany Acton QUANTUM CONTRAX LTD. Hugo Betham BETHAM BROTHERS ENTERPRISES LTD. Mike Betham TRANSAM LTD. Lawrie Burich QUANTUM CONTRAX LTD. Murray Drake DRAKE & CO. Ruby Drake DRAKE & CO. Fiona Ey CLARKE EY LAWYERS Heather Filisita MINISTRY OF NATURAL RESOURCES & ENVIRONMENT Margaret Fruean MINISTRY OF COMMERCE, INDUSTRY AND LABOUR Siíliíli Aumua Isaia Lameko MINISTRY OF COMMERCE, INDUSTRY AND LABOUR Namulauuul Lameko Viali LAND TRANSPORT AUTHORITY SAMOA George Latu LATU EY LAWYERS Tima Leavai LEAVAI LAW Sala Isitolo Leota PUBLIC ACCOUNTANT Leulua’iali’i Tasi Malifa SOGI LAW Maiava Peteru LAW FIRM MAIAVA V.R. PETERU Peato Sam Ling SAMOA SHIPPING SERVICES LTD. Faiiletasi Elaine Seuao MINISTRY OF COMMERCE, INDUSTRY AND LABOUR Sala Theodore Sialau Toalepai SAMOA SHIPPING SERVICES LTD. Wilber Stewart STEWART ARCHITECTURE Aleluia Taise PLANNING AND URBAN MANAGEMENT AGENCY Toleafoa RS Toailoa TOA LAW OFFICE Shan Shiraz Ali Usman TRADEPAC MARKETING LTD. Avalisa Viali-Fautua’alii MINISTRY OF REVENUE Sieni Voorwinden MANAGER LEGAL

RUSSIAN FEDERATION NATIONAL BUREAU OF CREDIT HISTORIES
RD CONSTRUCTION MANAGEMENT TAX SERVICE
Andrei Afanasiev BAKER & MCKENZIE - CIS, LIMITED Marat Agabalyan HERBERT SMITH CIS LLP Dania Aknazarova CMS LEGAL Mike Allen RUSSIA CONSULTING Alexey Almazov PROSPERITY PROJECT MANAGEMENT Julia Andreeva CAPITAL LEGAL SERVICES LLC Anatoly E. Andriash MACLEOD DIXON Maxim Anisimov PROSPERITY PROJECT MANAGEMENT Mikhail Anosov CAPITAL LEGAL SERVICES LLC Konstantin Baranov CMS LEGAL Marina Baranova MIKHALILOV & PARTNERS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Elena Barikhnovskaya SALANS Alexander Batalov CMS LEGAL Derek Bloom CAPITAL LEGAL SERVICES LLC Fedor Bogatyrev ALRUD LAW FIRM Maria Bykovskaya GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI David Cranﬁeld CMS LEGAL Davidovskaya CHAMBER OF TAX ADVISERS OF RUSSIA Andrey Demusenko RUSSIA CONSULTING Grigory Domashenko Andrey Dukhin GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Valery Fedoreev BAKER & MCKENZIE Maria Gorban GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Inna Havanova CHAMBER OF TAX ADVISERS OF RUSSIA Anton Kalanov INTEREXPERTIZA LLC Ekaterina Karunets BAKER & MCKENZIE - CIS, LIMITED Darya Kazakova Podolskaia AMERINDE CONSOLIDATED, INC. Alexander Khretinin HERBERT SMITH CIS LLP Olga Konkova ABU ACCOUNTING SERVICES Anastasia Konovalova MACLEOD DIXON

RWANDA BARLIRWA LTD.
Alberto Basomingera CABINET D’AVOCATS MHAYIMANA Guillermo Bolaños Pierre Célestin Bumbakare RWANDA REVENUE AUTHORITY Gasore Edward NATIONAL BANK OF RWANDA Duru Emmanuel GML LTD. Claudine Gasarabwe GASARABWE CLAUDINE & ASSOCIES Patrick Gashagaza DELOITTE LLP Jean Havugimana SHP CONSULTANTS Suzanne Iyakaremye SDV TRANSAMI Francois Xavier Kalinda UNIVERSITÉ NATIONALE DU RWANDA Désiré Kamanzi KAMANZI, NTAGANIRA & ASSOCIATES Théophile Kazeneza CABINET D’AVOCATS KAZENEZA Rodolphe Kembukuswa SDV TRANSAMI Nathan Loyd DN INTERNATIONAL Isaïe Mhayimana CABINET D’AVOCATS MHAYIMANA Richard Mugisha TRUST LAW CHAMBERS Virginie Mukashema VIRGINIE MUKASHEMA Léopold Munderere CABINET D’AVOCATS-CONSEILS Claude Mutabazi Abayo MUTABAZI ABAYO LAW FIRM Pothin Muvara Martin Nkurunziza DELOITTE LLP Abel Nsengiyumva CABINET ABEL NSENGIYUMVA Jean Claude Nsengiyumva TRIBUNAL DE COMMERCE DE MUSANZE Paul Pavlidis CREDIT REFERENCE BUREAU AFRICA LIMITED Damas Rurangwa EWSA Lucien Ruterana EWSA Etienne Ruzibiza Sandrali Sebakara BUREAU D’ETUDES CAEDEC Patrick Sebatigita UGENJE Vincent Shyirambere OFFICE OF THE REGISTRAR OF LAND TITLES Florence Umurungi FREIGHT LOGISTIC SERVICES (R) LTD.

SAUDI ARABIA ERNST & YOUNG
Emad Fareed Abdul Jawad GLOBE MARINE SERVICES CO. Abdulaziz Abdullatif AL-SOAIB LAW FIRM Asad Abedi THE ALLIANCE OF ABBAS F. GHAZZAWI & CO. AND HAMMAD, AL-MEHDAR & CO. Omar Al Saab LAW OFFICE OF MOHANNED BIN SAUD AL-RASHEED IN ASSOCIATION WITH BAKER BOTTS LLP Ibrahim Al-Ajaji THE LAW FIRM OF DR. KHALID ALNOWAISER Fayez Aldebs PWC SAUDI ARABIA Ali. R. Al-Edrees AL-BASSAM Mohammed Al-Ghamdi FULBRIGHT & JAWORSKI LLP Nader Alharbi AL-JADAAN & PARTNERS LAW FIRM Abdullah Al-Hashim AL-JADAAN & PARTNERS LAW FIRM Hesham Al-Homoud THE LAW FIRM OF DR. HESHAM AL-HOMOUD Abdulrahman Al-Ibrahim ELECTRICITY & CO-GENERATION REGULATORY AUTHORITY Mohammed Al-Jadaan AL-JADAAN & PARTNERS LAW FIRM

SÃO TOMÉ AND PRÍNCIPE EMAE
António de Barros A. Aguiar SOCOGESTA Adelino Amado Pereira AMADO PEREIRA & ASSOCIADOS, SOCIEDADE DE ADVOGADOS Rui Amaral MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS Eudes Aguiar EBIC- CONSTRUÇÃO CIVIL André Aureliano Aragão JURISCONSULTA & ADVOGADO Helder Batista DESPACHANTE OFICIAL HELDER BATISTA

ACKNOWLEDGMENTS

189

Nabil Abdullah Al-Mubarak SAUDI CREDIT BUREAU - SIMAH Fayez Al-Nemer TALAL BIN NAIF AL-HARBI LAW FIRM Lamia Abdulaziz Al-Ogailee FULBRIGHT & JAWORSKI LLP Ayedh Al-Otaibi SAUDI ARABIAN GENERAL INVESTMENT AUTHORITY Musaed Al-Otaibi THE LAW FIRM OF SALAH AL-HEJAILAN Mohammed Al-Soaib AL-SOAIB LAW FIRM Wicki Andersen BAKER BOTTS LLP Abdul Moeen Arnous LAW OFFICE OF HASSAN MAHASSNI Wael Bafakih BAFAKIH & NASSIEF John Beaumont AL-JADAAN & PARTNERS LAW FIRM Salah Deeb AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS Abou Bakr Gadour TOBAN, ATTORNEYS AT LAW & LEGAL ADVISORS 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 Kenny Hawsey PWC SAUDI ARABIA Hazim Karam BAFAKIH & NASSIEF Glenn Lovell AL TAMIMI & COMPANY ADVOCATES & LEGAL CONSULTANTS Zaid Mahayni LAW OFFICE OF HASSAN MAHASSNI Abdulrahman M. Al Mohizai ELECTRICITY & CO-GENERATION REGULATORY AUTHORITY Fadi Obiedat TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) K. Joseph Rajan GLOBE MARINE SERVICES CO. Mustafa Saleh EMDAD ARRIYADH Abdul Shakoor GLOBE MARINE SERVICES CO. Peter Stansﬁeld AL-JADAAN & PARTNERS LAW FIRM Sameh M. Toban TOBAN, ATTORNEYS AT LAW & LEGAL ADVISORS Natasha Zahid BAKER BOTTS LLP Soudki Zawaydeh PWC SAUDI ARABIA Jean Benoit Zegers THE LAW FIRM OF SALAH AL-HEJAILAN

Marie Ba BDO S.A. Ibrahima Diagne GAINDE 2000 Amadou Diouldé Diallo MINISTÈRE DE L’URBANISME ET DE L’ASSAINISSEMENT Fidèle Dieme SENELEC Adiouma Dione PROQUELEC Issa Dione SENELEC Amadou Diop GAINDE 2000 Andrée Diop-Depret GA 2 D Khadijatou Fary Diop Thiombane CABINET JURAFRIK CONSEIL EN AFFAIRES (JCA) Amadou Drame CABINET D’AVOCAT Cheikh Fall CABINET D’AVOCAT Aïssatou Fall PRICEWATERHOUSECOOPERS TAX & LEGAL SA Malick Fall PRICEWATERHOUSECOOPERS TAX & LEGAL SA Bakary Faye BDS Mustapha Faye CABINET SARR & ASSOCIÉS, MEMBER OF LEX MUNDI Balla Gningue SCP MAME ADAMA GUEYE & ASSOCIÉS Antoine Gomis SCP SENGHOR & SARR, NOTAIRES ASSOCIÉS Matthias Hubert PRICEWATERHOUSECOOPERS TAX & LEGAL SA Alioune Ka ETUDE SCP MES KA Oumy Kalsoum Gaye CHAMBRE DE COMMERCE D’INDUSTRIE ET D’AGRICULTURE DE DAKAR Mahi Kane PRICEWATERHOUSECOOPERS TAX & LEGAL SA Sidy Abdallah Kanoute ETUDE ME IDY KANOUTÉ Mouhamed Kebe GENI & KEBE Ousseynou Lagnane BDS Moussa Mbacke ETUDE NOTARIALE MOUSSA MBACKE Mamadou Mbaye SCP MAME ADAMA GUEYE & ASSOCIÉS Ibrahima Mbodj AVOCAT À LA COUR Pierre Michaux PRICEWATERHOUSECOOPERS TAX & LEGAL SA Aly Mar Ndiaye COMMISSION DE RÉGULATION DU SECTEUR DE L’ELECTRICITÉ Moustapha Ndoye AVOCAT À LA COUR Madior Niang TRANSCONTINENTAL TRANSIT Babacar Sall BDS Ousmane Samba Mamadou BCEAO

Mbaye Sarr SCP MAME ADAMA GUEYE & ASSOCIÉS Daniel-Sedar Senghor SCP SENGHOR & SARR, NOTAIRES ASSOCIÉS Fatma Sene CABINET SARR & ASSOCIÉS, MEMBER OF LEX MUNDI Mbacké Sene SENELEC Codou Sow-Seck GENI & KEBE Ousmane Thiam MAERSK LOGISTICS Ibra Thiombane CABINET JURAFRIK CONSEIL EN AFFAIRES (JCA) Sokna Thiombane CABINET JURAFRIK CONSEIL EN AFFAIRES (JCA) Baba Traore TRANSFRET Emmanuel Yehouessi BCEAO

Aleksandra Jovic CMS CAMERON MCKENNA Branko Jovičić ADVOKATSKA KANCELARIJA Nemanja Kacavenda A.D. INTEREUROPA, BELGRADE Tatjana Kaplanovic JETSET REAL ESTATE AGENCY Nikola Kliska MARIC, MALISIC & DOSTANIC O.A.D. CORRESPONDENT LAW FIRM OF GIDE LOYRETTE NOUEL Emmanuel Koenig PWC SERBIA Dubravka Kosić LAW OFFICE KOSIĆ Vidak Kovacevic WOLF THEISS Dejan Krstic FREE LANCE LEGAL CONSULTANT Zach Kuvizić KUVIZIĆ LAW OFFICE Krzysztof Lipka PWC SERBIA Rastko Malisic MARIĆ, MALIŠIĆ & DOSTANIĆ O.A.D. Aleksandar Mančev PRICA & PARTNERS LAW OFFICE Ines Matijević-Papulin HARRISON SOLICITORS Jelena Miljkovic PWC SERBIA Marko Mrvic LAW OFFICE KOSIĆ Dimitrije Nikolić CARGO T. WEISS D.O.O. Jelena Obradović ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE Darija Ognjenović PRICA & PARTNERS LAW OFFICE Vladimir Perić PRICA & PARTNERS LAW OFFICE Milan Petrović ADVOKATSKA KANCELARIJA Mihajlo Prica PRICA & PARTNERS LAW OFFICE Ana Radivojević PWC SERBIA Branislav Ristić ADVOKATSKA KANCELARIJA Carol Santoni MARIĆ-MALIŠIĆ-DOSTANIĆ OAD CORRESPONDENT LAW FIRM OF GIDE LOYRETTE NOUEL Stojan Semiz CMS CAMERON MCKENNA Milan Stefanović REGULATORY REVIEW UNIT Zoran Teodosijević LAW OFFICES JANKOVIĆ, POPOVIĆ & MITIĆ Jovana Tomić ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE Snežana Tošić SERBIAN BUSINESS REGISTERS AGENCY Sanja Vesic A.D. INTEREUROPA, BELGRADE Andreja Vrazalic MORAVČEVIĆ, VOJNOVIĆ & ZDRAVKOVIĆ U SARADNJI SA SCHÖNHERR Milenko Vucaj PD “ELEKTRODISTRIBUCIJA BEOGRAD” D.O.O. Srećko Vujaković MORAVČEVIĆ, VOJNOVIĆ & ZDRAVKOVIĆ U SARADNJI SA SCHÖNHERR Tanja Vukotić Marinković SERBIAN BUSINESS REGISTERS AGENCY

Miloš Vulić PRICA & PARTNERS LAW OFFICE Miloš Živković ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE

SEYCHELLES AQUARIUS SHIPPING AGENCY
PUBLIC UTILITIES CORPORATION
Laura. A. Alcindor Valabhji STERLING OFFSHORE LIMITED Bobby Brantley Jr. STERLING OFFSHORE LIMITED Lucienne Charlette SEYCHELLES REGISTRAR GENERAL Brian Julie DERJACQUES & ELIZABETH CHAMBERS Conrad Lablache PARDIWALLA TWOMEY LABLACHE Susan Morel MINISTRY OF EMPLOYMENT AND HUMAN RESOURCE DEVELOPMENT Joe Morin MAHE SHIPPING CO. LTD. Margaret Nourice STAMP DUTY COMMISSION Brian Orr MEJ ELECTRICAL Serge Rouillon ATTORNEY-AT-LAW Divino Sabino PARDIWALLA TWOMEY LABLACHE Kieran B. Shah BARRISTER & ATTORNEY-AT-LAW Harry Tirant TIRANT & ASSOCIATES Melchior Vidot APPLEBY GLOBAL

SERBIA TRIMO INZENJERING D.O.O.
Milos Andjelkovic WOLF THEISS Bojana Bjelicic PWC SERBIA Marija Bojović BOJOVIĆ DAŠIĆ KOJOVIĆ Bojana Bregovic WOLF THEISS Milan Brkovic ASSOCIATION OF SERBIAN BANKS Branko Bukvić ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE Marina Bulatovic WOLF THEISS Ana Čalić PRICA & PARTNERS LAW OFFICE Dejan Certic ADVOKATSKA KANCELARIJA Jovan Cirkovic HARRISON SOLICITORS Nataša Cvetićanin LAW OFFICES JANKOVIĆ, POPOVIĆ & MITIĆ Vladimir Dabić THE INTERNATIONAL CENTER FOR FINANCIAL MARKET DEVELOPMENT Simon Dayes CMS CAMERON MCKENNA Lidija Djeric LAW OFFICES POPOVIC, POPOVIC, SAMARDZIJA & POPOVIC Uroš Djordjević ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE Nemanja Djukic ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE Bojana Djurovic WOLF THEISS Veljko Dostanic MARIC, MALISIC & DOSTANIC O.A.D. CORRESPONDENT LAW FIRM OF GIDE LOYRETTE NOUEL Vuk Drašković BOJOVIĆ DAŠIĆ KOJOVIĆ Jelena Edelman PRICA & PARTNERS LAW OFFICE Jelena S. Gazivoda LAW OFFICES JANKOVIĆ, POPOVIĆ & MITIĆ Danica Gligorijevic PRICA & PARTNERS LAW OFFICE Dejan Jeremić REPUBLIC GEODETIC AUTHORITY

SIERRA LEONE BANK OF SIERRA LEONE
FITZ-GRAHAM & ASSOCIATES SIERRA LEONE COMMERCIAL BANK
Alfred Akibo-Betts NATIONAL REVENUE AUTHORITY Gideon Ayi-Owoo PWC GHANA Christiana Baah PWC GHANA Abdul Akim Bangura ASSOCIATION OF CLEARING AND FORWARDING AGENCIES SIERRA LEONE Desmond Dalton Beckley DALTTECH / DESMI ENTERPRISES Cheryl Blake B & J PARTNERS Charles Campbell CHARLES CAMPBELL & CO. Emile Carr LEONE CONSULTANTS Paul Chiy CLAS LEGAL Leslie Theophilus Clarkson AHMRY SERVICES Kpana M. Conteh NATIONAL REVENUE AUTHORITY Michaela Kadijatu Conteh WRIGHT & CO. Abu Bakr Dexter E.E.C. SHEARS-MOSES & CO. Mariama Dumbuya RENNER THOMAS & CO., ADELE CHAMBERS William L. Farmer MINISTRY OF LANDS, COUNTRY PLANNING AND THE ENVIRONMENT Pabai Fofanah NATIONAL REVENUE AUTHORITY

SENEGAL SDV LOGISTICS
Khaled Abou El Houda CABINET KANJO KOITA Diaby Aboubakar BCEAO Adoul Aziz CENTRE DE GESTION AGRÉÉ DE DAKAR

190

DOING BUSINESS 2012

Joseph Fofanah OFFICE OF THE ADMINISTRATOR AND REGISTRAR GENERAL (OARG) Manilius Garber JARRETT-YASKEY, GARBER & ASSOCIATES: ARCHITECTS (JYGA) Eke Ahmed Halloway HALLOWAY & PARTNERS Jacquie Hope CLAS LEGAL Christopher Jarrett MINISTRY OF WORKS HOUSING AND INFRASTRUCTURE (MWH&I) Donald Jones MINISTRY OF LANDS, COUNTRY PLANNING AND THE ENVIRONMENT Francis Kaifala WRIGHT & CO. Mariama Seray Kallay GOVERNMENT OF SIERRA LEONE Alimamy S. Kamara NATIONAL REVENUE AUTHORITY Raymond F. Kamara NATIONAL REVENUE AUTHORITY M.B. Kargbo MINISTRY OF FINANCE George Kawaley BABADORIE CLEARING & FORWARDING CO. Alieyah Keita Adekunle Milton King PETROLEUM RESOURCES UNIT Mary Kwarteng PWC GHANA Millicent Lewis-Ojumu CLAS LEGAL Corneleius Max-Williams DESTINY SHIPPING AGENCIES AND CLEARING AND FORWARDING AGENCIES Mohamed Pa Momoh Fofanah EDRINA CHAMBERS Prossie Namakula PWC GHANA Melron Nicol-Wilson NICOL WILSON & CO. Miriam Nortey PWC GHANA Christopher J. Peacock SERPICO TRADING ENTERPRISES Christian Pratt MINISTRY OF LANDS, COUNTRY PLANNING AND THE ENVIRONMENT Ade Renner-Thomas RENNER THOMAS & CO., ADELE CHAMBERS Mohamed Salisu MINISTRY OF FINANCE Kargbo Santigie A+S BUSINESS CENTRE Augustine Santos Kamara NATIONAL REVENUE AUTHORITY Julia Sarkodie-Mensah Horatio Sawyer MINISTRY OF WORKS HOUSING AND INFRASTRUCTURE (MWH&I) Michaela Serry WRIGHT & CO. Edward Siaffa NATIONAL REVENUE AUTHORITY Fatmata Sorie WRIGHT & CO. Samuel Swarray-Lewis CLAS LEGAL Rodney O. Temple EROD CONSTRUCTION & ENGINEERING SERVICES Valisius Thomas ADVENT CHAMBERS

Mohamed Ahmad Tunis AHMRY SERVICES Darcy White PWC GHANA Franklyn Williams SIERRA LEONE BUSINESS FORUM LTD. Yada Williams YADA WILLIAMS AND ASSOCIATE Rowland Wright WRIGHT & CO.

Yong Tat Tan ACCOUNTING & CORPORATE REGULATORY AUTHORITY, ACRA Douglas Tan STEVEN TAN PAC, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Nicole Tang CREDIT BUREAU SINGAPORE PTE LTD. Siu Ing Teng SINGAPORE LAND AUTHORITY Keith Tnee TAN KOK QUAN PARTNERSHIP Stefanie Yuen Thio TSMP LAW CORPORATION

Soňa Lehocká ALIANCIAADVOKÁTOV AK, S.R.O. Katarina Leitmannová GEODESY, CARTOGRAPHY AND CADASTRE AUTHORITY OF THE SLOVAK REPUBLIC Ľubomír Leško PETERKA & PARTNERS Jozef Malý DETVAI LUDIK MALÝ UDVAROS Maria Malovcova PWC SLOVAKIA Přemysl Marek PETERKA & PARTNERS Tomáš Maretta ČECHOVÁ & PARTNERS, MEMBER OF LEX MUNDI AND WSG Lucia Miklasová PETERKA & PARTNERS Nadezda Niksova GEODESY, CARTOGRAPHY AND CADASTRE AUTHORITY OF THE SLOVAK REPUBLIC Jaroslav Niznansky JNC LEGAL S.R.O. Veronika Pazmanyova WHITE & CASE Ladislav Pompura MONAREX AUDIT CONSULTING Zora Puškáčová ZUKALOVÁ - ADVOKÁTSKA KANCELÁRIA S.R.O. Simona Rapavá WHITE & CASE Zuzana Šálková ČECHOVÁ & PARTNERS, MEMBER OF LEX MUNDI AND WSG Gerta Sámelová-Flassiková ALIANCIAADVOKÁTOV AK, S.R.O. Ľubomír Šatka WHITE & CASE Zuzana Satkova PWC SLOVAKIA Christiana Serugova PWC SLOVAKIA Michal Simunic ČECHOVÁ & PARTNERS, MEMBER OF LEX MUNDI AND WSG Jaroslav Škubal PRK PARTNERS S.R.O. ADVOKÁTNÍ
KANCELÁŘ

SODO D.O.O.
Teja Batagelj AGENCY OF THE REPUBLIC OF SLOVENIA FOR PUBLIC LEGAL RECORDS AND RELATED SERVICES Ana Berce ODVETNIKI ŠELIH & PARTNERJI Vesna Božič ODVETNIKI ŠELIH & PARTNERJI Nataša Božović BANK OF SLOVENIA Erika Braniselj NOTARY OFFICE BRANISELJ Mitja Černe BDO EOS SVETOVANJE D.O.O. Thomas Dane PWC SLOVENIA Miodrag Dordevic SUPREME COURT OF THE REPUBLIC OF SLOVENIA Nada Drobnic KPMG Marina Ferfolja Howland FERFOLJA, LJUBIC IN PARTNERJI Aleksander Ferk PWC SLOVENIA Ana Filipov FILIPOV PETROVIČ JERAJ IN COOPERATION WITH SCHÖNHERR Nastja Gojtan MIRO SENICA IN ODVETNIKI Alenka Gorenčič DELOITTE LLP Hermina Govekar Vičič THE BANK ASSOCIATION OF SLOVENIA Damijan Gregorc MIRO SENICA IN ODVETNIKI Masa Grgurevic Alcin SUPREME COURT OF THE REPUBLIC OF SLOVENIA Matej Grm THE BANK ASSOCIATION OF SLOVENIA Barbara Guzina DELOITTE LLP Rajko Hribar ELEKTRO LJUBLJANA D.D. Damjana Iglič BANK OF SLOVENIA Sabina Jereb MINISTRY FOR ENVIRONMENTAL AND SPATIAL PLANNING Aleksandra Jemc LAW OFFICE JADEK & PENSA D.N.O. - O.P., WITH THE SUPPORT OF ERNST & YOUNG Jernej Jeraj FILIPOV PETROVIČ JERAJ IN COOPERATION WITH SCHÖNHERR Roman Jesenko ELEKTRO LJUBLJANA D.D. Mia Kalaš ODVETNIKI ŠELIH & PARTNERJI Ermina Kamencic CMS REICH-ROHRWIG HAINZ Boštjan Kavšek ODVETNIKI ŠELIH & PARTNERJI Rok Kokalj ROJS, PELJHAN, PRELESNIK & PARTNERJI, O.P., D.O.O. Vita Korinšek CITY STUDIO Miro Košak NOTARY OFFICE KOŠAK Vida Kovše ODVETNIKI ŠELIH & PARTNERJI Nevenka Kržan KPMG

SINGAPORE BUILDING & CONSTRUCTION AUTHORITY
ERNST & YOUNG FIRE SAFETY & SHELTER DEPARTMENT LAND TRANSPORT AUTHORITY MINISTRY OF MANPOWER THE NATIONAL ENVIRONMENT AGENCY PUBLIC UTILITIES BOARD SHOOK LIN & BOK IN ASSOCIATION WITH ALLEN & OVERY URBAN REDEVELOPMENT AUTHORITY WONG TAN & MOLLY LIM LLC
Malcolm BH Tan INSOLVENCY & PUBLIC TRUSTEE’S OFFICE Paerin Choa TSMP LAW CORPORATION Douglas Chow MINISTRY OF TRADE & INDUSTRY Kit Min Chye TAN PENG CHIN LLC Leonard Goh ACCOUNTING & CORPORATE REGULATORY AUTHORITY, ACRA Thomas Ho ONG & ONG ARCHITECTS Ashok Kumar K. Latha ACCOUNTING & CORPORATE REGULATORY AUTHORITY, ACRA Kwok Ting Lee PARTNERS GROUP PTE LTD. (SINGAPORE) Eng Beng Lee RAJAH & TANN LLP James Leong SUBORDINATE COURTS Yik Wee Liew WONGPARTNERSHIP LLP William Lim CREDIT BUREAU SINGAPORE PTE LTD. Kexin Lim PWC SINGAPORE Max Ng GATEWAY LAW CORPORATION Chee Siong Ng SINGAPORE CUSTOMS Mehul Patel GLOBAL IMPEX LINK See Tiat Quek PWC SINGAPORE Kannan Ramesh TAN KOK QUAN PARTNERSHIP Alan Ross PWC SINGAPORE Amitoj Saini MONETARY AUTHORITY OF SINGAPORE David Sandison PWC SINGAPORE Lee Chuan Seng BECA CARTER HOLDINGS & FERNER (S.E. ASIA) PTE. LTD. Disa Sim RAJAH & TANN LLP

SLOVAK REPUBLIC ALLEN & OVERY BRATISLAVA, S.R.O.
Zuzana Lodova Amrichová PWC SLOVAKIA Martina Behuliaková GEODESY, CARTOGRAPHY AND CADASTRE AUTHORITY OF THE SLOVAK REPUBLIC Peter Bollardt ČECHOVÁ & PARTNERS, MEMBER OF LEX MUNDI AND WSG Todd Bradshaw PWC SLOVAKIA Miroslava Budínska DEDÁK & PARTNERS Ján Budinský SLOVAK CREDIT BUREAU, S.R.O. Katarína Čechová ČECHOVÁ & PARTNERS, MEMBER OF LEX MUNDI AND WSG Kristina Cermakova PETERKA & PARTNERS Elena Červenová WHITE & CASE Tomas Cibula WHITE & CASE Ema Cveckova DEDÁK & PARTNERS Ondřej Dušek PETERKA & PARTNERS Matej Firicky WHITE & CASE Peter Formela ABONEX, S.R.O. Juraj Fuska WHITE & CASE Petronela Galambosova PANALPINA SLOVAKIA, S.R.O. Miroslava Terem Greštiaková PWC SLOVAKIA Simona Halakova ČECHOVÁ & PARTNERS, MEMBER OF LEX MUNDI AND WSG Peter Hodál WHITE & CASE Radoslava Hoglová ZUKALOVÁ - ADVOKÁTSKA KANCELÁRIA S.R.O. Vladimir Ivanco WHITE & CASE Miroslav Jalec ZAPADOSLOVENSKA ENERGETIKA, A.S. Tomáš Kamenec DEDÁK & PARTNERS Veronika Keszeliova ČECHOVÁ & PARTNERS, MEMBER OF LEX MUNDI AND WSG Roman Konrad PROFINAM, S.R.O. Miroslav Kopac NATIONAL BANK OF SLOVAKIA Lukas Kvokacka PWC SLOVAKIA

Michaela Špetková GEODESY, CARTOGRAPHY AND CADASTRE AUTHORITY OF THE SLOVAK REPUBLIC Lubica Suhajova PWC SLOVAKIA Andrea Šupáková DETVAI LUDIK MAlÝ UDVAROS Zdenka Švingalová MONAREX AUDIT CONSULTING Michal Toman PWC SLOVAKIA Stanislava Valientová WHITE & CASE Peter Varga PRK PARTNERS S.R.O. ADVOKÁTNÍ
KANCELÁŘ

Lukas Vlnecka PWC SLOVAKIA Jakub Vojtko JNC LEGAL S.R.O. Martina Zdechovanova PETERKA & PARTNERS Dagmar Zukalová ZUKALOVÁ - ADVOKÁTSKA KANCELÁRIA S.R.O.

SLOVENIA ENERGY AGENCY OF THE REPUBLIC OF SLOVENIA

ACKNOWLEDGMENTS

191

Vatovec Lea CMS REICH-ROHRWIG HAINZ Aleš Lunder CMS REICH-ROHRWIG HAINZ Marjan Mahnič KPMG Darja Malogorski KPMG Clare Moger PWC SLOVENIA Eva Mozina MIRO SENICA IN ODVETNIKI Lojze Mrhar VIATOR & VEKTOR Mojca Muha MIRO SENICA IN ODVETNIKI Siniša Nišavić DATA D.O.O Matic Novak ROJS, PELJHAN, PRELESNIK & PARTNERJI, O.P., D.O.O. Blaž Ogorevc ODVETNIKI ŠELIH & PARTNERJI Irena Ostojic CITY STUDIO Grega Peljhan ROJS, PELJHAN, PRELESNIK & PARTNERJI, O.P., D.O.O. Tomaž Petrovič FILIPOV PETROVIČ JERAJ IN COOPERATION WITH SCHÖNHERR Natasa Pipan Nahtigal ODVETNIKI ŠELIH & PARTNERJI Petra Plevnik MIRO SENICA IN ODVETNIKI Igor Podbelšek ELEKTRO LJUBLJANA D.D. Bojan Podgoršek NOTARIAT Jan Poniž DATA D.O.O Magda Posavec KPMG Jan Primec ROJS, PELJHAN, PRELESNIK & PARTNERJI, O.P., D.O.O. Aleksander Rajh VIATOR & VEKTOR Savic Sanja DELOITTE LLP Jaka Simončič LAW OFFICE JADEK & PENSA D.N.O. - O.P., WITH THE SUPPORT OF ERNST & YOUNG Andreja Škoﬁč-Klanjšček DELOITTE LLP Boštjan Špec LAW OFFICE JADEK & PENSA D.N.O. - O.P., WITH THE SUPPORT OF ERNST & YOUNG Maja Stojko MIRO SENICA IN ODVETNIKI Gregor Strojin SUPREME COURT OF THE REPUBLIC OF SLOVENIA Tilen Terlep ODVETNIKI ŠELIH & PARTNERJI Josip Tomac HIDRIA PERLES D.O.O. Melita Trop MIRO SENICA IN ODVETNIKI Lea Volovec LAW OFFICE JADEK & PENSA D.N.O. - O.P., WITH THE SUPPORT OF ERNST & YOUNG Katja Wostner BDO EOS SVETOVANJE D.O.O. Katja Šegedin Zevnik DATA D.O.O

Alojz Zupančič CUSTOMS ADMINISTRATION OF THE REPUBLIC OF SLOVENIA

Kim Goss BOWMAN GILFILLAN INC. Ryan Kraut BDO SPENCER STEWARD SOUTHERN AFRICAN CO-ORDINATION (PTY) LIMITED Annette Landman PWC SOUTH AFRICA Paul Lategan EDWARD NATHAN SONNENBERGS INC. Amanda Lea BOWMAN GILFILLAN INC. Robert Steven Gordon Linde SIL-GATTY TRADING CARRIERS AND CONSULTANTS Joey Mathekga CIPRO (COMPANIES & IPR REGISTRATION OFFICE) Burton Meyer CLIFFE DEKKER HOFMEYR INC. Gabriel Meyer DENEYS REITZ INC. / AFRICA LEGAL Phetole Modika CLIFFE DEKKER HOFMEYR INC. Glory Moumakwe CIPRO (COMPANIES & IPR REGISTRATION OFFICE) Lebogang Mphahlele MERVYN TABACK INCORPORATED Sizwe Msimang BOWMAN GILFILLAN INC. Twaambo Muleza BOWMAN GILFILLAN INC. Emmanuel Ngubane LAFARGE Sanelisiwe Nyasulu GARLICKE & BOUSFIELD INC. Kerry Plots CLIFFE DEKKER HOFMEYR INC. Eamonn David Quinn ATTORNEY-AT-LAW Hansuya Reddy DENEYS REITZ INC. / AFRICA LEGAL Lucinde Rhoodie CLIFFE DEKKER HOFMEYR INC. Andres Sepp OFFICE OF THE CHIEF REGISTRAR OF DEEDS Richard Shein BOWMAN GILFILLAN INC. Themba Sikhosana CLIFFE DEKKER HOFMEYR INC. Arvind Sinha RCS PVT. LTD. BUSINESS ADVISORS GROUP Rajat Ratan Sinha RCS PVT. LTD. BUSINESS ADVISORS GROUP Jane Strydom TRANSUNION Andrew Theron BDO SPENCER STEWARD SOUTHERN AFRICAN CO-ORDINATION (PTY) LIMITED Muhammed Vally EDWARD NATHAN SONNENBERGS INC. Dawid Van der Berg BDO SPENCER STEWARD SOUTHERN AFRICAN CO-ORDINATION (PTY) LIMITED Nicky van der Weshuizen EDWARD NATHAN SONNENBERGS INC. Colin Van Rooyen TRANSUNION Anastasia Vatalidis WERKSMANS INC. St Elmo Wilken MERVYN TABACK INCORPORATED

RAPOSO BERNARDO & ASSOCIADOS
Basilio Aguirre REGISTRO DE LA PROPIEDAD DE ESPAÑA Marco Alcalde DR. FRÜHBECK ABOGADOS S.L.P Angel Alonso Hernández URÍA & MENÉNDEZ, MEMBER OF LEX MUNDI Nuria Armas BANCO DE ESPAÑA Ana Armijo ASHURST Cristina Ayo Ferrándiz URÍA & MENÉNDEZ, MEMBER OF LEX MUNDI Juan Antonio Barcelo Ramis Santiago Barrenechea LANDWELL PRICEWATERHOUSECOOPERS TAX & LEGAL SERVICES S.L. Denise Bejarano PÉREZ - LLORCA Alfonso Benavides CLIFFORD CHANCE Juan Bolás Alfonso NOTARIADO Vicente Bootello J & A GARRIGUES, S.L.P Agustín Bou JAUSAS Héctor Bouzo Cortejosa SOLCAISUR S.L. Teresa Camacho Artacho URÍA & MENÉNDEZ, MEMBER OF LEX MUNDI Laura Camarero BAKER & MCKENZIE Virginia Casado URÍA & MENÉNDEZ, MEMBER OF LEX MUNDI Lorenzo Clemente Naranjo J & A GARRIGUES, S.L.P Francisco Conde Viñuelas CUATRECASAS, GONÇALVES PEREIRA Jaume Cornudella i Marquès PWC SPAIN Juan Jose Corral Moreno CUATRECASAS, GONÇALVES PEREIRA Sara Crespo J & A GARRIGUES, S.L.P Pelayo de Salvador J & A GARRIGUES, S.L.P Almudena del Río Galán COLEGIO DE REGISTRADORES DE LA PROPIEDAD Y MERCANTILES DE ESPAÑA Agustín Del Río Galeote GÓMEZ-ACEBO & POMBO ABOGADOS Iván Delgado González PÉREZ - LLORCA Rossanna D’Onza BAKER & MCKENZIE Antonio Fernández J & A GARRIGUES, S.L.P Luis Fernandez Arbex ALTIUS S.A. VIGO Idoya Fernandez Elorza CUATRECASAS, GONÇALVES PEREIRA Guillermo Frühbeck DR. FRÜHBECK ABOGADOS S.L.P Ignacio García Errandonea J & A GARRIGUES, S.L.P Valentín García González CUATRECASAS, GONÇALVES PEREIRA Monica Garcia Prieto ARQUITECTA MONICA GARCIA PRIETO Borja García-Alamán J & A GARRIGUES, S.L.P

Pedro Garrido Chamorro NOTARIADO Juan Ignacio Gomeza Villa NOTARIO DE BILBAO Jorge Hernandez EQUIFAX IBERICA Joaquín Rodriguez Hernández COLEGIO DE REGISTRADORES Alejandro Huertas León J & A GARRIGUES, S.L.P Montserrat Jané GÓMEZ-ACEBO & POMBO ABOGADOS Igor Kokorev PÉREZ - LLORCA Jaime Llopis CUATRECASAS, GONÇALVES PEREIRA Joaquin Macias ASHURST Juan Carlos Marhuenda Gómez TLACORP Susana Marimón Charola GÓMEZ-ACEBO & POMBO ABOGADOS Daniel Marín GÓMEZ-ACEBO & POMBO ABOGADOS Ana Martín J & A GARRIGUES, S.L.P Jorge Martín - Fernández CLIFFORD CHANCE Ignacio Martín Martín Fernández CAZORLA ABOGADOS, SLP Joaquim Martínez FEDERAL LOGISTIC SERVICES Gabriel Martínez RUSSELL BEDFORD ESPANA, MEMBER OF RUSSELL BEDFORD INTERNATIONAL José Manuel Mateo J & A GARRIGUES, S.L.P Eva Mur Mestre PWC SPAIN Nicolás Nogueroles Peiró COLEGIO DE REGISTRADORES DE LA PROPIEDAD Y MERCANTILES DE ESPAÑA Ana Novoa BAKER & MCKENZIE Alberto Núñez-Lagos Burguera URÍA & MENÉNDEZ, MEMBER OF LEX MUNDI Jose Palacios J & A GARRIGUES, S.L.P Daniel Parejo Ballesteros J & A GARRIGUES, S.L.P Pedro Pérez-Llorca Zamora PÉREZ - LLORCA Maria Redondo BAKER & MCKENZIE Guillermo Rodrigo García CLIFFORD CHANCE Déborah Rodríguez CLIFFORD CHANCE Joaquín Rodríguez COLEGIO DE REGISTRADORES DE LA PROPIEDAD Y MERCANTILES DE ESPAÑA Noemi Rodriguez Alonso SAGARDOY ABOGADOS, MEMBER OF IUS LABORIS Javier Rubio URÍA & MENÉNDEZ, MEMBER OF LEX MUNDI Javier Ruz Cerezo Álvaro Ryan Murua IBERDROLA S.A. Iñigo Sagardoy de Simón SAGARDOY ABOGADOS, MEMBER OF IUS LABORIS Eduardo Santamaría Moral J & A GARRIGUES, S.L.P

SOLOMON ISLANDS
Dayson Boso OFFICE OF THE CHIEF MAGISTRAR Don Boykin PACIFIC ARCHITECTS LTD. Chris Harpa PACIFIC LAWYERS John Katahanas SOL - LAW John Keniapisia LAWYER Dentana McKinnie SOLOMON ISLANDS GOVERNMENT Maurice Nonipitu KRAMER AUSENCO Andrew Norrie BRIDGE LAWYERS Haelo Pelu MINISTRY OF JUSTICE AND LEGAL AFFAIRS Roselle R. Rosales PACIFIC ARCHITECTS LTD. Leonard Saii SPARK ELECTRICAL SERVICES Gregory Joseph Sojnocki MORRIS & SOJNOCKI CHARTERED ACCOUNTANTS, WITH THE SUPPORT OF ERNST & YOUNG John Sullivan SOL - LAW Billy Titiulu PACIFIC LAWYERS Whitlam K. Togamae WHITLAM K TOGAMAE LAWYERS Pamela Wilde MINISTRY FOR JUSTICE AND LEGAL AFFAIRS

SOUTH AFRICA ESKOM
Q & N WEST EXPORT TRADING HOUSE
Hajira Akhalwaya PWC SOUTH AFRICA Nicolaos Akritidis PARADIGM ARCHITECTS Ross Alcock EDWARD NATHAN SONNENBERGS INC. Mark Badenhorst PWC SOUTH AFRICA Claire Barclay CLIFFE DEKKER HOFMEYR INC. Kobus Blignaut EDWARD NATHAN SONNENBERGS INC. Boitumelo Bogatsu GARLICKE & BOUSFIELD INC. Ann Bonner BAKER & MCKENZIE Matthew Bonner BAKER & MCKENZIE Willem Cronje B-EARTH Beric Croome EDWARD NATHAN SONNENBERGS INC. Haydn Davies WEBBER WENTZEL Gretchen de Smit EDWARD NATHAN SONNENBERGS INC. Steve Donninger RAWLINS WALES & PARTNERS Daniel Francois Fyfer CLIFFE DEKKER HOFMEYR INC. Tim Gordon-Grant BOWMAN GILFILLAN INC.

SPAIN ALLEN & OVERY
PROMOMADRID

192

DOING BUSINESS 2012

Ramón Santillán BANCO DE ESPAÑA Pablo Santos GÓMEZ-ACEBO & POMBO ABOGADOS Catalina Santos J & A GARRIGUES, S.L.P Cristina Soler GÓMEZ-ACEBO & POMBO ABOGADOS Francisco Téllez J & A GARRIGUES, S.L.P Adrián Thery J & A GARRIGUES, S.L.P Roberto Tojo Thomas de Carranza CLIFFORD CHANCE Alejandro Valls BAKER & MCKENZIE Juan Verdugo J & A GARRIGUES, S.L.P Marina Villanueva CLIFFORD CHANCE Fernando Vives Ruiz J & A GARRIGUES, S.L.P

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 Sudath Perera SUDATH PERERA ASSOCIATES Lilangi Randeni F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Hiranthi Ratnayake PWC SRI LANKA Sanath Senaratne CEYLON ELECTRICITY BOARD Shane Silva JULIUS & CREASY Priya Sivagananathan JULIUS & CREASY J.M. Swaminathan JULIUS & CREASY Dhanika Umagiliya TIRUCHELVAM ASSOCIATES Shashi Weththasinghe JULIUS & CREASY Nihal Wicramasooriya CEYLON ELECTRICITY BOARD John Wilson JOHN WILSON PARTNERS

Tamara Malcolm LIBURD AND DASH Jeoffrey Nisbett JEFFREY & NISBETTS Mahailia Pencheon PWC ANTIGUA 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 WEBSTER DYRUD MITCHELL Tavo Sargeant CUSTOMS AND EXCISE DEPARTMENT Anastacia Saunders C & C TRADING LTD. Warren Thompson CONSTRUCTION MANAGEMENT AND CONSULTING AGENCY INC (CMCAI) Charles Walwyn PWC ANTIGUA Deidre N. Williams WALWYNLAW

Kimberly Roheman MCNAMARA & CO. Michael Sewordor MINISTRY OF COMMUNICATIONS WORKS TRANSPORT AND PUBLIC UTILITIES Kim Camille St. Rose CHONG & CO. Leandra Gabrielle Verneuil CHAMBERS OF JENNIFER REMY & ASSOCIATES Andie A. Wilkie GORDON & GORDON CO. Brenda M. Williams BDO ST. LUCIA

Mohamed Ibrahim SOMARAIN OREINTAL CO. Ahmed Mahdi MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES Tarig Mahmoud El Sheikh Omer MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES Amel M. Sharif MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES AbdelGadir Warsama Ghalib DR. ABDEL GADIR WARSAMA GHALIB & ASSOCIATES LEGAL FIRM Tag Eldin Yamani Sadig MONTAG TRADING & ENGINEERING CO. LTD.

ST. VINCENT AND THE GRENADINES ST. VINCENT ELECTRICITY SERVICES LTD.
Kay R.A. Bacchus-Browne KAY BACCHUS - BROWNE CHAMBERS Allan P. Burke PERRY’S CUSTOMS AND SHIPPING AGENCY, LTD. Tamara Gibson-Marks HIGH COURT REGISTRAR Sean Joachim CARIBTRANS Stanley John ELIZABETH LAW CHAMBERS Cornelius Joseph GENERAL & MARITIME AGENCIES LTD. Errol E. Layne ERROL E. LAYNE CHAMBERS Isaac Legair DENNINGS Linton A. Lewis DR. LEWIS LAW CHAMBERS Charlene Mae Magnaye PWC ST. LUCIA Moulton Mayers MOULTON MAYERS ARCHITECTS Floyd A. Patterson INTERNATIONAL LIAISON PARTNER BDO EASTERN CARIBBEAN Richard Peterkin PWC ST. LUCIA Patrice Roberts-Samuel LABOUR DEPARTMENT L.A. Douglas Williams LAW FIRM OF PHILLIPS & WILLIAMS Andrea Young-Lewis COMMERCE & INTELLECTUAL PROPERTY OFFICE (CIPO)

SURINAME KPMG
G. Clide Cambridge PARAMARIBO CUSTOM BROKER & PACKER Anoeschka Debipersad A.E. DEBIPERSAD & ASSOCIATES Marcel K. Eyndhoven N.V. ENERGIEBEDRIJVEN SURINAME Johan Kastelein KDV ARCHITECTS 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 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 Perry D. Wolfram BROCAD N.V.

SRI LANKA APL
ERNST & YOUNG FREIGHT LINKS INTERNATIONAL (PTE) LTD. PROGRESSIVE DESIGN ASSOCIATES
Ayomi Aluwihare-Gunawardene F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Shanaka Amarasinghe JULIUS & CREASY Gerard David SJMS ASSOCIATES Savantha De Saram D.L. & F. DE SARAM Chamari de Silva 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 Anjali Fernando F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Amila Fernando JULIUS & CREASY Lasantha Garusinghe TIRUCHELVAM ASSOCIATES Jivan Goonetilleke D.L. & F. DE SARAM Naomal Goonewardena NITHYA PARTNERS Locana Gunaratna GUNARATNA ASSOCIATES P. Mervyn Gunasekera LAN MANAGEMENT DEVELOPMENT SERVICE Dharshika Herath Gunarathna SUDATH PERERA ASSOCIATES Dharshanie Illukpitiya F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Sonali Jayasuriya D.L. & F. DE SARAM Tudor Jayasuriya F.J. & G. DE SARAM, MEMBER OF LEX MUNDI Mahes Jeyadevan PWC SRI LANKA

ST. LUCIA LUCELEC
MINISTRY OF HOUSING, URBAN RENEWAL AND LOCAL GOVERNMENT
Thaddeus M. Antoine FRANCIS & ANTOINE Clive Antoine MINISTRY OF COMMUNICATIONS WORKS TRANSPORT AND PUBLIC UTILITIES Gerard Bergasse TROPICAL SHIPPING Candace Cadasse Polius NICHOLAS JOHN & CO. Desma F. Charles REGISTRY OF COMPANIES AND INTELLECTUAL PROPERTY Shannon Chitolie GORDON & GORDON CO. Shonari Clarke FRANCIS & ANTOINE Peter I. Foster PETER I. FOSTER & ASSOCIATES Peterson D. Francis PETERSON D. FRANCIS WORLDWIDE SHIPPING & CUSTOMS SERVICES LTD. Annick Gajadhar TROPICAL SHIPPING Carol J. Gedeon CHANCERY CHAMBERS Claire Greene-Malaykhan PETER I. FOSTER & ASSOCIATES Leevie Herelle HERELLE, LEEVIE & ASSOCIATES Simon Jeffers TROPICAL SHIPPING Anderson Lake BANK OF SAINT LUCIA LIMITED Charlene Mae Magnaye PWC ST. LUCIA Duane C. Marquis NLBA ARCHITECTS Stephen Mcnamara MCNAMARA & CO. Bradley Paul BRADLEY PAUL ASSOCIATES Richard Peterkin PWC ST. LUCIA Eldris Pierre-Mauricette TROPICAL SHIPPING

ST. KITTS AND NEVIS ST. KITTS ELECTRICITY DEPARTMENT
Michella Adrien MICHELLA ADRIEN LAW OFFICE Launlia Archibald CUSTOMS AND EXCISE DEPARTMENT Rublin Audain AUDAIN & ASSOCIATES Nicholas Brisbane N. BRISBANE & ASSOCIATES Scott Caines C & C TRADING LTD. Idris Fidela Clarke FINANCIAL SERVICES DEPARTMENT Neil Coates PWC ANTIGUA Jan Dash LIBURD AND DASH Peter Davis P.W.DAVIDS & ASSOCIATES Kennedy de Silva CUSTOMS AND EXCISE DEPARTMENT Renee Gumbs FINANCIAL SERVICES DEPARTMENT Barbara L. Hardtman HARDTMAN & ASSOCIATES K. Gregory Hardtman HARDTMAN & ASSOCIATES Rodney Harris CUSTOMS AND EXCISE DEPARTMENT Marsha T. Henderson HENDERSON LEGAL CHAMBERS Dahlia Joseph DANIEL BRANTLEY & ASSOCIATES Herman Liburd LIBURD AND DASH

SUDAN ABU-GHAZALEH INTELLECTUAL PROPERTY (AGIP) TMP AGENTS CO. LTD.
DESIGN 2000 LTD.
Omer Abdel Ati OMER ABDEL ATI SOLICITORS Abdalla Abuzeid ABDALLA A. ABUZEID & ASSOCIATES Mohamed Ibrahim Adam DR. ADAM & ASSOCIATES Al Fadel Ahmed Al Mahdi AL MAHDI LAW OFFICE Eihab Babiker EIHAB BABIKER & ASSOCIATES - ADVOCATES Elmugtaba Bannaga BIN SUWAIDAN ADVOCATES & LEGAL CONSULTANTS Amani Ejami EL KARIB & MEDANI ADVOCATES Asma Homad Abdellatif Ali MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES

SWAZILAND OFFICE OF THE REGISTRAR SWAZILAND
Robert Cloete CLOETE HENWOOD Susanne DeBeer MNS GROUP Musa Dlamini M.L. DLAMINI ATTORNEYS Welile Dlamini STANDARD BANK Veli Dlamini E.J. Henwood M.L. DLAMINI ATTORNEYS Phumlile Tina Khoza STANDARD BANK Paul Lewis PWC SWAZILAND Andrew Linsey PWC SWAZILAND Zodwa Mabuza FEDERATION OF SWAZILAND EMPLOYERS AND CHAMBER OF COMMERCE

ACKNOWLEDGMENTS

193

Mangaliso Magagula MAGAGULA & HLOPHE Sabelo Masuku MAPHANGA HOWE MASUKU NSIBANDE Shadrack Mnisi SHARP FREIGHT SWD PTY. LTD. Bongani Mtshali FEDERATION OF SWAZILAND EMPLOYERS AND CHAMBER OF COMMERCE Zakes Nkosi FEDERATION OF SWAZILAND EMPLOYERS AND CHAMBER OF COMMERCE Kate Paton TRANSUNION ITC José Rodrigues RODRIGUES & ASSOCIATES P.M. Shilubane P.M. SHILUBANE & ASSOCIATES Bob Sigwane SIGWANE AND PARTNERS John Thomson MORMOND ELECTRICAL CONTRACTORS Manene Thwala THWALA ATTORNEYS Bradford Mark Walker BRAD WALKER ARCHITECTS Diane Webb CHAMBERS VILAKATI & ASSOCIATES ARCHITECTS

Johan Lindberg ADVOKATFIRMAN LINDAHL Anna Mansson VATTENFALL ELDISTRIBUTION AB Christoffer Monell MANNHEIMER SWARTLING ADVOKATBYRÅ Michael Nyman ADVOKATFIRMAN LINDAHL Ola Lo Olsson ELMZELL ADVOKATBYRÅ AB, MEMBER OF IUS LABORIS Karl-Arne Olsson GÄRDE WESSLAU ADVOKATBYRÅ Lennart Svantesson PWC SWEDEN Lars-Olof Svensson WISTRAND ADVOKATBYRÅ Odd Swarting SETTERWALLS ADVOKATBYRÅ Bo Thomaeus GÄRDE WESSLAU ADVOKATBYRÅ Robert Tischner BAKER & MCKENZIE Erik Westman PWC SWEDEN Albert Wallfren

Gema Olivar Pascual PWC SWITZERLAND Daniela Reinhardt PWC SWITZERLAND Patricia Roberty VISCHER AG Marc Schenk PWC SWITZERLAND Daniel Schmitz PWC SWITZERLAND Roland Stadler MIGROS-GENOSSENSCHAFTS-BUND Andreas Staubli PWC SWITZERLAND Daniel Steudler SWISSTOPO, DIRECTORATE FOR CADASTRAL SURVEYING Tanja Sussmann HOSOYA SCHAEFER Beatrice Vetsch PWC SWITZERLAND Meinrad Vetter
ECONOMIESUISSE

Olivier Beydon YANGMING PARTNERS Victor Chang LCS & PARTNERS Jersey Chang PRICEWATERHOUSECOOPERS LEGAL Eve Chen EIGER LAW Yo-Yi Chen FORMOSA TRANSNATIONAL Nicholas V. Chen PAMIR LAW GROUP Edgar Y. Chen TSAR & TSAI LAW FIRM, MEMBER OF LEX MUNDI Christine Chen WINKLER PARTNERS Hui-ling Chen WINKLER PARTNERS Chun-Yih Cheng FORMOSA TRANSNATIONAL Chia Yi Chiang PRICEWATERHOUSECOOPERS LEGAL Yu-Chung Chiu MINISTRY OF THE INTERIOR Ying-Che Chiu TAIPEI CITY GOVERNMENT Cindy Chou CHEN, SHYUU & PUN Dennis Chou EIGER LAW Peter Dernbach WINKLER PARTNERS John Eastwood EIGER LAW Rosamund Fan PWC TAIWAN Philip T. C. Fei FEI & CHENG ASSOCIATES Steven Go PWC TAIWAN James Hong CHEN, SHYUU & PUN Sophia Hsieh TSAR & TSAI LAW FIRM, MEMBER OF LEX MUNDI Katherine Hsu JOINT CREDIT INFORMATION CENTER Tony Hsu PAMIR LAW GROUP Robert Hsu SDV LOGISTICS T.C. Huang HUANG & PARTNERS Jack J.T. Huang JONES DAY Margaret Huang LCS & PARTNERS James J.M. Hwang TSAR & TSAI LAW FIRM, MEMBER OF LEX MUNDI Charles Hwang YANGMING PARTNERS Charlotte J. Lin LCS & PARTNERS Joan Jing PRICEWATERHOUSECOOPERS LEGAL Nathan Kaiser EIGER LAW Yang Kun-Te YANG & ASSOCIATES CONSULTING ENGINEERS Vivian Lee HUANG & PARTNERS Michael D. Lee PAMIR LAW GROUP

Chih-Shan Lee WINKLER PARTNERS Yu-Hsun Li PRICEWATERHOUSECOOPERS LEGAL Justin Liang BAKER & MCKENZIE Ming-Yen Lin DEEP & FAR, ATTORNEYS-AT-LAW Lilian Lin FINANCIAL SUPERVISORY COMMISSION,BANKING BUREAU Nelson J Lin HUANG & PARTNERS Rich Lin LCS & PARTNERS Emily Lin PAMIR LAW GROUP Yishian Lin PWC TAIWAN Frank Lin REXMED INDUSTRIES CO., LTD. Jennifer C. Lin TSAR & TSAI LAW FIRM, MEMBER OF LEX MUNDI Youlanda Liu PAMIR LAW GROUP Joseph Ni GOOD EARTH CPA Mark Ohlson YANGMING PARTNERS Lawrence S. Ong PRICEWATERHOUSECOOPERS LEGAL J. F. Pun CHEN, SHYUU & PUN Lloyd G. Roberts III WINKLER PARTNERS Jasmine C. Shen PAMIR LAW GROUP 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 Chao-Yu Wang YANGMING PARTNERS Robin J. Winkler WINKLER PARTNERS Ja Lin Wu COUNCIL FOR ECONOMIC PLANNING & DEVELOPMENT Quiao-ling Wu DEEP & FAR, ATTORNEYS-AT-LAW Stephen Wu LEE AND LI Echo Yeh LEXCEL PARTNERS Shih-Ming You MINISTRY OF THE INTERIOR

Marc Widmer FRORIEP RENGGLI Pascal Wirth PWC SWITZERLAND

SWITZERLAND ALTENBURGER LTD. LEGAL AND TAX
SBV-SSE SOCIÉTÉ SUISSE DES ENTREPRENEURS
Beat M. Barthold FRORIEP RENGGLI Sébastien Bettschart ABELS AVOCATS Myriam Büchi-Bänteli PWC SWITZERLAND Lucas Bühlmann PWC SWITZERLAND Antonio Calvo BAKER & MCKENZIE Andrea Cesare Canonica SWISS CUSTOMS Sonia de la Fuente ABELS AVOCATS Stefan Eberhard ABELS AVOCATS Suzanne Eckert WENGER PLATTNER Jana Essebier VISCHER AG Benjamin Fehr PWC SWITZERLAND Peter Flueckiger
ECONOMIESUISSE

SWEDEN UC AB
Stig Åkerman BOVERKET- SWEDISH NATIONAL BOARD OF HOUSING, BUILDING AND PLANNING Nicklas Anth PANALPINA AB Ola Avdic ADVOKATFIRMAN VINGE KB, MEMBER OF LEX MUNDI Nicolas Beaver AMERINDE CONSOLIDATED, INC. Martin Bergander GÄRDE WESSLAU ADVOKATBYRÅ Mats Berter MAQS LAW FIRM Alexander Broch ÖRESUNDS REDOVISNING AB Magnus Graner ADVOKATFIRMAN LINDAHL Ingemar Gustafsson SCHEIWILLER SVENSSON ARKITEKTKONTOR AB Lars Hartzell ELMZELL ADVOKATBYRÅ AB, MEMBER OF IUS LABORIS Emil Hedberg ADVOKATFIRMAN VINGE KB, MEMBER OF LEX MUNDI Lukas Holmén ADVOKATFIRMAN VINGE KB, MEMBER OF LEX MUNDI Erik Hygrell WISTRAND ADVOKATBYRÅ Anders Isgren BAKER & MCKENZIE Magnus Johnsson PWC SWEDEN Bengt Kjellson LANTMÄTERIET Niklas Körling SETTERWALLS ADVOKATBYRÅ Caroline Lagergréen ELMZELL ADVOKATBYRÅ AB, MEMBER OF IUS LABORIS Jasmine Lawson PWC SWEDEN

SYRIAN ARAB REPUBLIC ERNST & YOUNG
SARKIS & ASSOCIATES TALAL ABU GHAZALEH LEGAL (TAG-LEGAL)
Maysa Abu Baker CENTRAL BANK OF SYRIA Boulos Al Ashhab AUDITING CONSULTING ACCOUNTING CENTER Mouazza Al Ashhab AUDITING CONSULTING ACCOUNTING CENTER Rawaa Al Midani MINISTRY OF ECONOMY & TRADE Kanaan Al-Ahmar AL-AHMAR & PARTNERS Bisher Al-Houssami AL-ISRAA INT’L FREIGHT FORWARDER Serene Almaleh KARAWANI LAW OFFICE Anas Ghazi MEETHAK - LAWYERS & CONSULTANTS Abdul Raouf Hamwi CIVIL ENGINEERING OFFICE Joumana Jabbour ATTORNEY-AT-LAW Azzam Kaddour INTERNATIONAL LEGAL BUREAU Osama 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 Housam Safadi SAFADI BUREAU Samer Sultan SULTANS LAW

Michael Gwelessiani COMMERCIAL REGISTER OF THE CANTON ZURICH Olivier Hari SCHELLENBERG WITTMER Jakob Hoehn PESTALOZZI, MEMBER OF LEX MUNDI David Jenny VISCHER AG Urs Klöti PESTALOZZI, MEMBER OF LEX MUNDI Armin Marti PWC SWITZERLAND Michel Merlotti NOTARY & CONSULTANT Valerie Meyer Bahar NIEDERER KRAFT & FREY AG Georg Naegeli HOMBURGER Roland Niklaus NCMB NOTAIRES ASSOCIÉS

TAJIKISTAN NATIONAL BANK OF TAJIKISTAN
TAJIKHYDROELEKTROMONTAJ
Timur Abdulayev LEGAL CONSULTING GROUP Bakhtiyor Abdulhamidov AKHMEDOV, AZIZOV & ABDULHAMIDOV ATTORNEYS Shavkat Akhmedov AKHMEDOV, AZIZOV & ABDULHAMIDOV ATTORNEYS

TAIWAN, CHINA TAI E INTERNATIONAL PATENT & LAW OFFICE

194

DOING BUSINESS 2012

Nasira Avazova MINISTRY OF LABOR & SOCIAL PROTECTION Farhad Azizov AKHMEDOV, AZIZOV & ABDULHAMIDOV ATTORNEYS Richard Bregonje PWC KAZAKHSTAN Jienshoh Bukhoriev USAID BEI BUSINESS ENVIRONMENT IMPROVEMENT PROJECT (BY PRAGMA CORPORATION) Peter Burnie PWC KAZAKHSTAN Ashraf Sharifovich Ikromov SAMAD SOZ LLC Elena Kaeva PWC KAZAKHSTAN Parviz Kamoliddinov TSG - USAID REGIONAL TRADE LIBERALISATION AND CUSTOMS PROJECT (RTLC) Manuchehr Kasimov GLOBALINK LOGISTICS GROUP Assel Khamzina PWC KAZAKHSTAN Parviz Kuliev MASHVARAT LIMITED LIABILITY COMPANY Umar Muhammadkarim GLOBALINK LOGISTICS GROUP Takhir Nabiev AITEN CONSULTING GROUP Mizrobiddin Nugmanov GLOBALINK LOGISTICS GROUP Jurabek Toshtemurovich Okhonov LLC “MOVAROUNNAHR” Ravshan Rashidov LAW FIRM LEX Firdavs Sadikov SOMON CAPITAL JSC Emin Sanginov MINISTRY OF LABOR & SOCIAL PROTECTION Marina Shamilova LEGAL CONSULTING GROUP Nurali Shukurov LEGAL CONSULTING GROUP Kamila Tursunkulova PWC KAZAKHSTAN Aliya Utegaliyeva PWC KAZAKHSTAN Abdurakhmon Yuldoshev MINISTRY OF LABOR & SOCIAL PROTECTION

Jamhuri Johnson TANESCO LTD. Wilbert B. Kapinga MKONO & CO. ADVOCATES Cuthbert Kazora CRB AFRICA LEGAL Rehema Khalid-Saria MKONO & CO. ADVOCATES Jacktone Koyugi MKONO & CO. ADVOCATES Diana Kyobutungi MKONO & CO. ADVOCATES Victoria Makani VELMA LAW CHAMBERS Hyacintha Benedict Makileo NATIONAL CONSTRUCTION COUNCIL Lilian Maleko YARA TANZANIA LTD. David Mawalla LAFARGE Waziri Mchome MKONO & CO. ADVOCATES Lotus Menezes AKO LAW Sophia Mgonja TANESCO LTD. Lucia Minde AKO LAW Jimmy Mkenda LAFARGE Nimrod Mkono MKONO & CO. ADVOCATES Steven Mlote ENGINEERS REGISTRATION BOARD Angela Mndolwa AKO LAW Felchesmi Mramba TANESCO LTD. August Mrena MKONO & CO. ADVOCATES Octavianus Mushukuma CRB AFRICA LEGAL Alex Thomas Nguluma REX ATTORNEYS Cyril Pesha CRB AFRICA LEGAL Charles R.B. Rwechungura CRB AFRICA LEGAL Rishit Shah PWC TANZANIA Jaffery Shengeza LAFARGE Thadeus J. Shio CQS SERVICES LIMITED Christopher Siambe CROWN AGENTS LTD. Eve Hawa Sinare REX ATTORNEYS Aisha Ally Sinda MKONO & CO. ADVOCATES Filip Tack MKONO & CO. ADVOCATES Joseph T. Tango CQS SERVICES LIMITED David Tarimo PWC TANZANIA Mustafa Tharoo ADEPT CHAMBERS Sarah Thomas Massamu ADEPT CHAMBERS

ASSOCIATION OF SIAMESE ARCHITECTS UNDER ROYAL PATRONAGE ERNST & YOUNG THAI CONTRACTORS ASSOCIATION UNDER H.M. THE KING’S PATRONAGE
Janist Aphornratana PWC THAILAND Roi Bak DEJ-UDOM & ASSOCIATES Chanakarn Boonyasith SIAM CITY LAW OFFICES LTD. Chalee Chantanayingyong SECURITIES AND EXCHANGE COMMISSION Phadet Charoensivakon NATIONAL CREDIT BUREAU CO. LTD. Thunyaporn Chartisathian ALLENS ARTHUR ROBINSON / SIAM PREMIER INTERNATIONAL LAW OFFICE LIMITED Warattaya Chiaracharuwat VICKERY & WORACHAI LTD. Chinnavat Chinsangaram WEERAWONG, CHINNAVAT & PEANGPANOR LTD. Wachakorn Chiramongkolkul PWC THAILAND Kanphassorn Chotwathana PWC THAILAND David Duncan TILLEKE & GIBBINS Wongwaris Dunlayanitikosol NATIONAL CREDIT BUREAU CO. LTD. Frederic Favre VOVAN & ASSOCIES Seetha Gopalakrishnan PWC THAILAND Yothin Intaraprasong CHANDLER & THONG-EK Pimwasee Jaismut SIAM CITY LAW OFFICES LTD. Tanach Kanjanasiri DLA PIPER (THAILAND) LIMITED Tayvee Kanokjote THAILAND LAND TITLING PROJECT OFFICE Yingyong Karnchanapayap TILLEKE & GIBBINS Yongyuth Kenikanon EEC LINCOLNE SCOTT CO. LTD. Chaiwat Keratisuthisathorn TILLEKE & GIBBINS Suwat Kerdphon DEPARTMENT OF LANDS Chanida Leelanuntakul SIAM CITY LAW OFFICES LTD. William Lehane Sakchai Limsiripothong WEERAWONG, CHINNAVAT & PEANGPANOR LTD. Steven Miller MAYER BROWN JSM Sally Mouhim TILLEKE & GIBBINS Surapol Opasatien NATIONAL CREDIT BUREAU CO. LTD. Nipa Pakdeechanuan DEJ-UDOM & ASSOCIATES Tanadee Pantumkomol CHANDLER & THONG-EK Santhapat Periera TILLEKE & GIBBINS Sudthana Pilakasiri NATIONAL CREDIT BUREAU CO. LTD. Thawatchai Pittayasophon SECURITIES AND EXCHANGE COMMISSION

Alexander Polgar ANTARES CONSULTING 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 Sutatip Raktiprakorn SIAM CITY LAW OFFICES LTD. Wanna Rakyao THAILAND LAND TITLING PROJECT OFFICE Anake Rattanajitbanjong TILLEKE & GIBBINS Suraphon Rittipongchusit DLA PIPER (THAILAND) LIMITED Thavorn Rujivanarom PWC THAILAND Boriboon Rungklan PRICEWATERHOUSECOOPERS LEGAL & TAX CONSULTANTS LIMITED Sawat Sangkavisit ALLENS ARTHUR ROBINSON / SIAM PREMIER INTERNATIONAL LAW OFFICE LIMITED Maythawee Sarathai MAYER BROWN JSM Somchai Sathiramongkolkul PRICEWATERHOUSECOOPERS LEGAL & TAX CONSULTANTS LIMITED Jeffrey Sok Maprang Sombattha DLA PIPER (THAILAND) LIMITED Kowit Somwaiya LAWPLUS LTD. Pornchai Srisawang TILLEKE & GIBBINS Rachamarn Suchitchon SECURITIES AND EXCHANGE COMMISSION Picharn Sukparangsee SIAM CITY LAW OFFICES LTD. Siripong Supakijjanusorn PRICEWATERHOUSECOOPERS LEGAL & TAX CONSULTANTS LIMITED Prasopchoke Suwanaroj DEPARTMENT OF LANDS Naddaporn Suwanvajukkasikij LAWPLUS LTD. Hunt Talmage CHANDLER & THONG-EK Jinjutha Techakumphu SIAM CITY LAW OFFICES LTD. 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

Jose Pedro Camoes ASOSIASAUN ADVOGADO Miguel Carreira Martins NATIONAL UNIVERSITY OF TIMOR-LESTE (UNTL) Vital dos Santos VSP - VITAL DOS SANTOS & PARTNERS Joﬁno Ronuel Fernandes Reci BANKING AND PAYMENTS AUTHORITY OF TIMOR-LESTE CREDIT REGISTRY INFORMATION SYSTEM (CRIS) Renato Guerra de Almeida MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS Jackson Lay PALM SPRING ESTATES Aderito LCA de Araujo ARCHTIMOR ENGINEERING CONSULTANT Cornelio Pacheco JVK INTERNATIONAL MOVERS Tjia Soh Siang TJIA & TCHAI ASSOCIATES

TOGO BOLLORÉ AFRICA LOGISTICS
CABINET DE NOTAIRE KADJAKA-ABOUGNIMA
Diaby Aboubakar BCEAO Jean-Marie Adenka CABINET ADENKA Koudzo Mawuéna Agbemaple AUTORITÉ DE RÉGLEMENTATION DU SECTEUR DE L’ELECTRICITÉ Kokou Gadémon Agbessi CABINET LUCREATIF Franck Akakpo MAERSK LINE Martial Akakpo SCP MARTIAL AKAKPO & ASSOCIES Richard Akpoto — Kougbleneou L'ECOLE AFRICAINE DES MÉTIERS DE I'ARCHITECTURE ET DE I'URBANISME (EAMAU) STUDIO ALPHA A.I.C Adzewoda Ametsiagbe DIRECTION GÉNÉRALE DE L’URBANISME ET DE L’HABITAT Coffi Alexis Aquereburu AQUEREBURU AND PARTNERS CABINET D’AVOCATS Cecile Assogbavi ETUDE NOTARIALE ASSOGBAVI Sylvanus Dodzi Awutey CABINET LUCREATIF Tiem Bolidja COMPAGNIE ENERGIE ELECTRIQUE DU TOGO (CEET) Romain Dansou AGENCE EPAUC NOUVELLE Thomas Foli Doe-Bruce ORDRE NATIONAL DES ARCHITECTES DU TOGO, (ONAT) Koffi Joseph Dogbevi CABINET LUCREATIF Firmin Kwami Dzonoukou ETUDE NOTARIALE DZONOUKOU Kodjo John Kokou CABINET D’AVOCATS JOHN KOKOU Atchroe Leonard Johnson SCP AQUEREBURU & PARTNERS Bleounou Komlan AVOCAT À LA COUR Hokaméto Kpenou AUTORITÉ DE RÉGLEMENTATION DU SECTEUR DE L’ELECTRICITÉ Koﬁ Kumodzi GLOBAL EXCEL INTERNATIONAL - DRH Sibivi Elina Lawson-Atutu SCP MARTIAL AKAKPO & ASSOCIES

TANZANIA ISHENGOMA, MASHA, MUJULIZI & MAGAI
UmmiKulthum Abdallah AKO LAW Patrick Ache MKONO & CO. ADVOCATES Albina Burra MINISTRY OF LANDS & HUMAN SETTLEMENTS DEVELOPMENT Lydia Dominic UNIVERSITY OF DAR ES SALAAM Theresia Dominic UNIVERSITY OF DAR ES SALAAM Wayne Forbes YARA TANZANIA LTD. Santosh Gajjar SUMAR VARMA ASSOCIATES Kennedy Gastorn MKONO & CO. ADVOCATES Christopher Giattas REX ATTORNEYS Johnson Jasson JOHNSON JASSON & ASSOCIATES ADVOCATES

THAILAND ALLEN & OVERY (THAILAND) CO., LTD.
APL

TIMOR-LESTE BIMAVI UNIPESSOAL LDA
EDTL
Martin Breen CRA TIMOR

ACKNOWLEDGMENTS

195

Adeline Messou PWC CÔTE D’IVOIRE Kissao Napo COMPAGNIE ENERGIE ELECTRIQUE DU TOGO (CEET) Yawovi Negbegble AUTORITÉ DE RÉGLEMENTATION DU SECTEUR DE L’ELECTRICITÉ Comlan Eli-Eli N’soukpoé SCP MARTIAL AKAKPO & ASSOCIES Adoko Pascal TRIANGLE CONSTRUCTEUR Olivier Pedanou CABINET LUCREATIF Ousmane Samba Mamadou BCEAO Galolo Soedjede CABINET DE MAÎTRE GALOLO SOEDJEDE Hoedjeto Tonton Soedjede CABINET DE MAÎTRE GALOLO SOEDJEDE Dominique Taty PWC CÔTE D’IVOIRE Mouhamed Tchassona Traore ETUDE ME MOUHAMED TCHASSONA TRAORE Inès Mazalo Tekpa CABINET LUCREATIF Fousséni Traoré PWC CÔTE D’IVOIRE Komi Tsakadi CABINET DE ME TSAKADI Bruno Dosseh Wodotzo OMNITRA Emmanuel Yehouessi BCEAO Edem Amétéfé Zotchi SCP MARTIAL AKAKPO & ASSOCIES

John Fanua Uele MINISTRY OF LANDS, SURVEY, NATURAL RESOURCES & ENVIRONMENT Christine Uta’atu UTA’ATU & ASSOCIATES Lepaola B. Vaea INLAND REVENUE TONGA Jone Vuli WESTPAC BANK OF TONGA

Kelvin Ramsook TRINIDAD & TOBAGO ELECTRICITY COMMISSION Danzel Reid TRINIDAD & TOBAGO ELECTRICITY COMMISSION Myrna Robinson-Walters M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Gregory Salandy GSAL DESIGNS LTD. Arun Seenath DELOITTE LLP Stephen A. Singh JOHNSON, CAMACHO & SINGH Jonathan Walker M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Grantley Wilshire M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Jude Xavier CARGO CONSOLIDATORS AGENCY LTD. Phillip Xavier CARGO CONSOLIDATORS AGENCY LTD.

Yassine El Haﬁ ADLY BELLAGHA & ASSOCIATES Myriam Escheikh LEGALYS Cheiakh Faouzi BANQUE CENTRALE DE TUNISIE Abderrahmen Fendri PWC TUNISIA Yessine Ferah F&A LAW FIRM Noureddine Ferchiou FERCHIOU & ASSOCIÉS Slim Gargouri CPA Imene Hanaﬁ LEGALYS Anis Jabnoun GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Atf Jebali Nasri LEGALYS Najla Jezi ACR Sami Kallel KALLEL & ASSOCIATES Larbi Kedira CHAFTER RAOUADI LAW FIRM Mabrouk Maalaoui PWC TUNISIA Dina Magroun EL AJERI LAWYERS, PARTENAIRE DE DS AVOCATS Jomaa Mahmoud CAF JURIDIQUE ET FISCAL SARL Mohamed Ali Masmoudi CAF JURIDIQUE ET FISCAL SARL Emna Mazouni CAF JURIDIQUE ET FISCAL SARL Sarah Mebazaa COMETE ENGINEERING Radhi Meddeb COMETE ENGINEERING Faouzi Mili MILI AND ASSOCIATES Mohamed Taieb Mrabet BANQUE CENTRALE DE TUNISIE Amel Mrabet EL AJERI LAWYERS, PARTENAIRE DE DS AVOCATS Atf Nasri FERCHIOU & ASSOCIÉS Imen Nouira CONSERVATION FONCIÈRE TUNISIA Othmane Olfa BANQUE CENTRALE DE TUNISIE Habiba Raouadi CHAFTER RAOUADI LAW FIRM Lotﬁ Rebai CABINET REBAI Hédi Rezgui SOCIÉTÉ TUNISIENNE DE L’ELECRICITÉ ET DU GAZ (STEG) Koubaa Rym CRK Nizar Sdiri NIZAR SDIRI LAW FIRM Imed Tanazefti GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Rachid Tmar CAF JURIDIQUE ET FISCAL SARL Wassim Turki AWT AUDIT & CONSEIL Ben Aﬁa Zied ORGA AUDIT, MEMBER OF RUSSELL BEDFORD INTERNATIONAL

TURKEY BALKAN SULFUR LTD.
ERNST & YOUNG
Emre Akarkarasu PWC TURKEY Ceyda Akbal TURUNÇ LAW OFFICE Sezin Akoğlu PEKIN & PEKIN Müjdem Aksoy CERRAHOĞLU LAW FIRM Seza Ceren Aktaş BASARAN NAS YEMINLI MALI MUSAVIRLIK A.S. Simge Akyüz DEVRES LAW OFFICE Kenan Alpdündar CENTRAL BANK OF THE REPUBLIC OF TURKEY Ekin Altıntaş PWC TURKEY Melsa Ararat CORPORATE GOVERNANCE FORUM OF TURKEY, SABANCI UNIVERSITY Özlem Özgür Arslan TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Ilkay Arslantaslı KPMG Ozgur Asik INLAWCO LAW FIRM Melis Atasagun PEKIN & BAYAR LAW FIRM Ozgecan Aydinsoy ÖZEL & ÖZEL ATTORNEYS AT LAW Elvan Aziz PAKSOY LAW FIRM Derya Baksı TARLAN – BAKSI LAW FIRM Gokce Balcioglu ÖZEL & ÖZEL ATTORNEYS AT LAW Z. İlayda Balkan ADMD LAW FIRM Naz Bandik ÇAKMAK AVUKATLIK BÜROSU Selin Barlak Gümrükçü PAKSOY LAW FIRM Ayça Bayburan ADMD LAW FIRM Pelin Baysal MEHMET GÜN & PARTNERS Ayşe Eda Biçer ÇAKMAK AVUKATLIK BÜROSU Sinan Borovalı KARATAŞYILDIZBOROVALI Yildirim Bozbiyik MINISTRY OF FINANCE Melis Buhan PEKIN & PEKIN Zeynep Buharali BASARAN NAS YEMINLI MALI MUSAVIRLIK A.S. Burcu Çakallı KPMG A. Efe Çakmak DELOITTE LLP Taylan Çalışkan PEKIN & PEKIN Esin Çamlıbel TURUNÇ LAW OFFICE Burcu Canpolat PWC TURKEY Maria Lianides Çelebi BENER LAW OFFICE, MEMBER OF IUS LABORIS

TRINIDAD AND TOBAGO CUSTOMS AND EXCISE DIVISION OF TRINIDAD AND TOBAGO
ERNST & YOUNG
Israiell Ali TRINIDAD & TOBAGO ELECTRICITY COMMISSION Tara Mary Allum FITZWILLIAM STONE FURNESS-SMITH & MORGAN Steve Beckles DELOITTE LLP Cecil Camacho JOHNSON, CAMACHO & SINGH Tiffanny Castillo M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Stacy Lee Daniell M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Anthony Farfan SKYLINE FREIGHT & MANAGEMENT LIMITED Charisse Farfan SKYLINE FREIGHT & MANAGEMENT LIMITED Hadyn-John Gadsby J.D. SELLIER & CO. Sheryl Anne Haynes TOWN AND COUNTRY PLANNING DIVISION Nadia Henriques M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Glenn A. Khan REGULATED INDUSTRIES COMMISSION Keomi Lourenco M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Ann-marie Mahabir M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Rena M. Mahadeo M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Kurt Andrew Anthony Miller FITZWILLIAM STONE FURNESS-SMITH & MORGAN Celeste Mohammed M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Jon Paul Dominic Mouttet FITZWILLIAM STONE FURNESS-SMITH & MORGAN Dean Nieves TRANSUNION Marjorie Nunez LEX CARIBBEAN Ronald Patience CARGO CONSOLIDATORS AGENCY LTD. Steven M. Paul J.D. SELLIER & CO. Fanta Punch M. HAMEL-SMITH & CO., MEMBER OF LEX MUNDI Mark Ramkerrysingh FITZWILLIAM STONE FURNESS-SMITH & MORGAN Ramdath Dave Rampersad DELOITTE LLP

TUNISIA ERNST & YOUNG
Fakhfakh Abdellatif BANQUE CENTRALE DE TUNISIE Samir Abdelly ABDELLY & ASSOCIES Mourad Abdelmoula AFINCO, A MEMBER OF NEXIA INTERNATIONAL Ilhem Abderrahim SOCIÉTÉ TUNISIENNE DE L’ELECRICITÉ ET DU GAZ (STEG) Mohamed Ammar SOCIÉTÉ TUNISIENNE DE L’ELECRICITÉ ET DU GAZ (STEG) Leila Aouichri AIT SARL Mohamed Moncef Barouni ACR Adly Bellagha ADLY BELLAGHA & ASSOCIATES Hend Ben Achour ADLY BELLAGHA & ASSOCIATES Mohamed Salah Ben Aﬁa ORGA AUDIT, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Ismail Ben Farhat ADLY BELLAGHA & ASSOCIATES Leila Ben Mbarek LEGALYS Miriam Ben Rejeb CAF JURIDIQUE ET FISCAL SARL Abdelfetah Benahji FERCHIOU & ASSOCIÉS Manel Bondi PWC TUNISIA Elyes Chafter CHAFTER RAOUADI LAW FIRM Zine el Abidine Chafter CHAFTER RAOUADI LAW FIRM Kmar Chaïbi BANQUE CENTRALE DE TUNISIE Afef Challouf SOCIÉTÉ TUNISIENNE DE L’ELECRICITÉ ET DU GAZ (STEG) Abdelmalek Dahmani DAHMANI TRANSIT INTERNATIONAL Mohamed Derbel BDO Mohamed Lotﬁ El Ajeri EL AJERI LAWYERS, PARTENAIRE DE DS AVOCATS

TONGA SUPREME COURT
Inoke Afu DATELINE TRANSAM SHIPPING Rosamond Bling MINISTRY OF LANDS, SURVEY, NATURAL RESOURCES & ENVIRONMENT Lord Dalgety ELECTRICITY COMMISSION Nailasikau Halatuituia Aminiasi Kefu CROWN LAW Fisilau Leone KRAMER AUSENCO TONGA Ashleigh Matheson WESTPAC BANK OF TONGA Lee Miller WASTE MANAGEMENT LTD. Laki M. Niu LAKI NIU OFFICES Michael O’Shannassy INLAND REVENUE TONGA Sipiloni Raas JAIMI ASSOCIATES - ARCHITECTS Jemma San Jose ELECTRICITY COMMISSION Dana Stephenson LAW OFFICE Ralph Stephenson LAW OFFICE Teimumu Tapueluelu-Schock WESTPAC BANK OF TONGA Hiva Tatila TONGA DEVELOPMENT BANK Fine Tohi DATELINE TRANSAM SHIPPING Lesina Tonga LESINA TONGA LAW FIRM

196

DOING BUSINESS 2012

Ipek Merve Celik PEKIN & PEKIN M. Fadlullah Cerrahoğlu CERRAHOĞLU LAW FIRM Fikret Çetinkaya KPMG Orçun Çetinkaya MEHMET GÜN & PARTNERS Dilek Çolakel BASARAN NAS YEMINLI MALI MUSAVIRLIK A.S. Niyazi Çömez DELOITTE LLP Alisya Bnegi Danisman MEHMET GÜN & PARTNERS Orkun Deniz KREDIT KAYIT BUREAU Pınar Denktaş PEKIN & PEKIN Chelsea Dereli LAWYER Rüçhan Derici 3E DANIŞMANLIK LTD. ŞTI. Kazım Derman KREDIT KAYIT BUREAU Pia Deshpande WEIL, GOTSHAL & MANGES LLP Emine Devres DEVRES LAW OFFICE Ebru Dicle TURKISH INDUSTRIALISTS’ AND BUSINESSMEN’S ASSOCIATION (TUSIAD) Başak Diclehan KPMG Tarık Dilek BOLERO SOCKS Irmak Dirik PEKIN & PEKIN Ahmet Ílker Doğan ÇAKMAK AVUKATLIK BÜROSU Didem Doğar PAKSOY LAW FIRM Murat Volkan Dülger DÜLGER LAW FIRM Dilara Duman SARIIBRAHIMOĞLU LAW OFFICE Çisil Durgun CERRAHOĞLU LAW FIRM Pelin Ecevit SERAP ZUVIN LAW OFFICES Murat Emirhanoğlu KPMG Sedat Eratalar DELOITTE LLP Gökben Erdem Dirican PEKIN & PEKIN Hulya Ergin INLAWCO LAW FIRM Onur Erol PWC TURKEY Umurcan Gago PWC TURKEY Zeynephan Gemicioğlu CERRAHOĞLU LAW FIRM Nigar Gökmen ÇAKMAK AVUKATLIK BÜROSU Osman Nuri Gönenç CENTRAL BANK OF THE REPUBLIC OF TURKEY Sait Gözüm DELOITTE LLP Onur Gülsaran CERRAHOĞLU LAW FIRM Sezin Güner PEKIN & PEKIN

Ahmet Güran TURUNÇ LAW OFFICE Ömer Gürbüz MEHMET GÜN & PARTNERS Ayşegül Gürsoy CERRAHOĞLU LAW FIRM Zeki Gunduz PWC TURKEY Remzi Orkun Guner ADMD LAW FIRM Salih Zeki Haklı TOBB Aydin Bugra Ilter ILTER, TURAN & ARGUN Gül Incesulu ÇAKMAK AVUKATLIK BÜROSU Şebnem Işık MEHMET GÜN & PARTNERS Baris Kalayci MEHMET GÜN & PARTNERS Ibrahim Kara KREDIT KAYIT BUREAU Ali Ozan Karaduman MEHMET GÜN & PARTNERS Bengi Su Karaköylü BASARAN NAS YEMINLI MALI MUSAVIRLIK A.S. Serhat Karakulaç BASARAN NAS YEMINLI MALI MUSAVIRLIK A.S. Sıddık Kaya MINISTRY OF INDUSTRY & TRADE Burak Kepkep KEPKEP INTERNATIONAL LEGAL COUNSELING Özlem Kızıl ÇAKMAK AVUKATLIK BÜROSU Çiğdem Koğar CENTRAL BANK OF THE REPUBLIC OF TURKEY Omruncegul Koyuncuoglu BASARAN NAS YEMINLI MALI MUSAVIRLIK A.S. Nergis Kundakçıoğlu CERRAHOĞLU LAW FIRM Sait Kurşuncu CERRAHOĞLU LAW FIRM Gülçin Kurt CERRAHOĞLU LAW FIRM Ümit Kurt JONES LANG LASALLE Zeki Kurtçu DELOITTE LLP Orhan Yavuz Mavioğlu ADMD LAW FIRM Charlotte McCrudden PEKIN & PEKIN Banu Mert CERRAHOĞLU LAW FIRM Sıla Muratoğlu BAYIRLI & MURATOĞLU LAW FIRM Yılmaz Nalçakar MED SHIPPING LOGISTICS TRANSPORT & TRADE LTD. CORPORATION Melis Oget Koc SERAP ZUVIN LAW OFFICES Gülçin Özlem Oğuzlar TURUNÇ LAW OFFICE Mert Oner KPMG Selin Özbek OZBEK ATTORNEYS AT LAW Selin Ozdamar ÖZEL & ÖZEL ATTORNEYS AT LAW Caner Özen ÖZEL & ÖZEL ATTORNEYS AT LAW

Okşan Özkan BASARAN NAS YEMINLI MALI MUSAVIRLIK A.S. Tuba Özsezen YASED - INTERNATIONAL INVESTORS ASSOCIATION Özlem Özyiğit YASED - INTERNATIONAL INVESTORS ASSOCIATION Serkan Pamukkale BIRSEL LAW OFFICES Ferhat Pekin PEKIN & BAYAR LAW FIRM Ahmed Pekin PEKIN & PEKIN Batuhan Şahmay BENER LAW OFFICE, MEMBER OF IUS LABORIS Bilge Saltan DÜLGER LAW FIRM Hasan Sarıçiçek KPMG Simhan Savaşçın Başaran TURUNÇ LAW OFFICE Ahmet Can Seber INLAWCO LAW FIRM Duygu Şeftalici CERRAHOĞLU LAW FIRM Ayşe Sert ÇAKMAK AVUKATLIK BÜROSU Ömer Kayhan Seyhun CENTRAL BANK OF THE REPUBLIC OF TURKEY Aaron Shafer BASARAN NAS YEMINLI MALI MUSAVIRLIK A.S. M. Ufuk Söğütlüoğlu DELOITTE LLP Çağıl Sünbül BASARAN NAS YEMINLI MALI MUSAVIRLIK A.S. Esin Taboglu Yurtal TABOGLU & DEMIRHAN Aylin Tarlan Tüzemen TARLAN – BAKSI LAW FIRM Ferya Taş TURUNÇ LAW OFFICE Pınar Tatar PWC TURKEY Muge Temel ÖZEL & ÖZEL ATTORNEYS AT LAW Selen Terzi Özsoylu PAKSOY LAW FIRM Zeynep Tezcan PEKIN & PEKIN Elif Tezcan Bayırlı BAYIRLI & MURATOĞLU LAW FIRM Güzel Toker BASARAN NAS YEMINLI MALI MUSAVIRLIK A.S. Berna Toksoy TURKISH INDUSTRIALISTS’ AND BUSINESSMEN’S ASSOCIATION (TUSIAD) Filiz Toprak MEHMET GÜN & PARTNERS Oya Tosunlar PWC TURKEY Noyan Turunç TURUNÇ LAW OFFICE Ibrahim Tutar PENETRA CONSULTING AND AUDITING Ebru Tuygun DELOITTE LLP N.Kerem Üler ÖZEL & ÖZEL ATTORNEYS AT LAW

Furkan Ünal PGLOBAL GLOBAL ADVISORY AND TRAINING SERVICES LTD. Hakan Volkan Selcen Yalçın MEHMET GÜN & PARTNERS Barış Yalçın PWC TURKEY Ayşegül Yalçınmani Merler CERRAHOĞLU LAW FIRM Begüm Yavuzdoğan MEHMET GÜN & PARTNERS Beril Yayla MEHMET GÜN & PARTNERS Cansu Yazıcı MEHMET GÜN & PARTNERS A.Çağrı Yıldız ADMD LAW FIRM Hülya Yılmaz DELOITTE LLP Aylin Yontar CERRAHOĞLU LAW FIRM Filiz Yüksel CERRAHOĞLU LAW FIRM Murat Yülek PGLOBAL GLOBAL ADVISORY AND TRAINING SERVICES LTD. Izzet Zakuto SOMAY HUKUK BÜROSU Serap Zuvin SERAP ZUVIN LAW OFFICES

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Alexander Buryak PWC UKRAINE Maryna Bychkova DLA PIPER UKRAINE LLC Serhiy Chorny BAKER & MCKENZIE Dmytro Derkach DLA PIPER UKRAINE LLC Anna Deshko DAMCO Vladimir Didenko MAGISTERS Lyudmyla Dzhurylyuk DLA PIPER UKRAINE LLC Svetlana Faieva GRANT THORNTON LLP Yuliya Goptarenko KPMG Sergiy Gryshko CMS CAMERON MCKENNA Valeriia Gudiy ILYASHEV & PARTNERS Dirk Hagemann BNT & PARTNER Maryana Hoy PWC UKRAINE Oksana Ilchenko MAGISTERS Olga Ivaniv VASIL KISIL & PARTNERS Vitaliy Kazakov GRANT THORNTON LLP Natalya Kim CHADBOURNE & PARKE LLP Andriy Kirmach CHADBOURNE & PARKE LLP Natalia Koloskova THE UKRAINIAN JOURNAL OF BUSINESS LAW Maksym Kopeychykov ILYASHEV & PARTNERS Evgeniy Kornievskiy KONNOV & SOZANOVSKY Natalia Kozyar THE UKRAINIAN JOURNAL OF BUSINESS LAW Tatyana Kuzmenko ASTAPOV LAWYERS INTERNATIONAL LAW GROUP Natalia Levchuk DLA PIPER UKRAINE LLC Yulia Logunova DLA PIPER UKRAINE LLC Olga Lubiv KPMG Nellie Makary GRANT THORNTON LLP Oleksandr Maydanyk MAGISTERS Tetiana Melnychuk Arsenyy Milyutin MAGISTERS Vadim Mizyakov ASTERS Anna Moliboga KPMG Oleksandr Mozheiko ASTERS Nataliya Mykolska VASIL KISIL & PARTNERS Aleksandra Odynets GRISCHENKO & PARTNERS Sergiy Onishchenko CHADBOURNE & PARKE LLP

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ACKNOWLEDGMENTS

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Ignacio Zubillaga ARCIA STORACE FUENTES MEDINA ABOGADOS

Andy Cottam NATIONAL BANK OF VANUATU Paul de Montgolﬁer CABINET AJC Frederic Derousseau VATE ELECTRICS Julie Donald BARRETT & PARTNERS Roger Fabros GENESIS SHIPPING SERVICES Silas Charles Hakwa SILAS CHARLES HAKWA & ASSOCIATES David Hudson HUDSON & SUGDEN Richard Ierongen BARRETT & PARTNERS Ari Jenshel STATE LAW OFFICE Frida Karie BARRETT & PARTNERS Chris Kernot FR8 LOGISTICS LTD. Tony Lace FLETCHER CONSTRUCTION Colin B. Leo COLIN BRIGHT LEO LAWYERS John Malcolm Philippe Mehrengerger UNELCO Edward Nalyal EDWARD NALYAL & PARTNERS Serah Obed VANUATU FINANCIAL SERVICES COMMISSION Juris Ozols Harold Qualao QUALAO CONSULTING Katoa Rezel DEPARTMENT OF LANDS, SURVEYS & RECORDS John Ridgway PLN LAWYERS Martin Saint Hilaire CABINET AJC Mark Stafford BARRETT & PARTNERS Mandes K. Tangaras MUNICIPALITY OF PORT VILA

Arturo De Sola Lander DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES Carlos Domínguez Hernández HOET PELAEZ CASTILLO & DUQUE Jose Fereira RODRIGUEZ & MENDOZA Francisco Gámez Arcaya Jose Garcia PWC VENEZUELA Hector Garcia Corredor HOET PELAEZ CASTILLO & DUQUE Jose Alfredo Giral BAKER & MCKENZIE Ybeth Gonzalez BAKER & MCKENZIE Andres Felipe Guevara BAKER & MCKENZIE Alfredo Hurtado HURTADO ESTEBAN & ASOCIADOS, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Maigualida Iﬁll PWC VENEZUELA Enrique Itriago RODRIGUEZ & MENDOZA Manuel Iturbe TRAVIESO EVANS ARRIA RENGEL & PAZ Ana Lugo HOET PELAEZ CASTILLO & DUQUE Andreina Lusinchi TRAVIESO EVANS ARRIA RENGEL & PAZ Luiz Ignacio Mendoza RODRIGUEZ & MENDOZA Maritza Meszaros BAKER & MCKENZIE Patricia Milano Hernández DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES Lorena Mingarelli Lozzi DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES José Manuel Ortega Pérez PALACIOS, ORTEGA Y ASOCIADOS Luis Esteban Palacios Wannoni PALACIOS, ORTEGA Y ASOCIADOS John R. Pate DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES Thomas J. Pate Páez DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES Fernando Pelaez-Pier HOET PELAEZ CASTILLO & DUQUE Bernardo Pisani RODRIGUEZ & MENDOZA Eduardo Porcarelli CONAPRI Juan Carlos Pró-Rísquez MACLEOD DIXON Melissa Puga Santaella CONAPRI Wendy Quintero MACLEOD DIXON Jose Felix Ramirez G. MIRKO INTERNACIONAL Laura Silva Aparicio HOET PELAEZ CASTILLO & DUQUE Raúl Stolk Nevett HOET PELAEZ CASTILLO & DUQUE Oscar Ignacio Torres TRAVIESO EVANS ARRIA RENGEL & PAZ John Tucker HOET PELAEZ CASTILLO & DUQUE Ricardo Useche ELECTRIFICACIONES GUAYANA CA

Carlos Velandia Sanchez ASOCIACIÓN VENEZOLANA DE DERECHO REGISTRAL “AVEDER” Anhelisa Villarroel CONAPRI José Vivas SELF EMPLOYED Bernardo Wallis MACLEOD DIXON

Dao Nguyen MAYER BROWN JSM Huong Nguyen MAYER BROWN JSM Linh D. Nguyen VILAF - HONG DUC LAW FIRM Tram Nguyen Huyen GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Tam Nguyen Tinh GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Ronald Parks GRANT THORNTON LLP Vu Anh Phan INDOCHINE COUNSEL Viet D. Phan TRAN H.N. & ASSOCIATES Truong Nhat Quang YKVN Nguyen Que Tam CHEN SHAN & PARTNERS Toby Nicholas Rees MAYER BROWN JSM Yee Chung Seck BAKER & MCKENZIE Huynh Tan Loi INDOCHINE COUNSEL Dinh The Phuc ELECTRICITY REGULATORY AUTHORITY OF VIETNAM Le Thi Nhat Linh BAN MAI CO. LTD. Nhung Thieu Hong PWC VIETNAM Tan Heng Thye CHEN SHAN & PARTNERS Antoine Toussaint GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Chi Anhi Traan BAKER & MCKENZIE Thanh Ha Tran BAKER & MCKENZIE Nguyen Anh Tuan DP CONSULTING LTD. Nguyen Thu Thuy Vo SDV LOGISTICS Chi Vo Ngoc Phuong GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Thang Vu BAKER & MCKENZIE Dzung Vu LVN & ASSOCIATES Anh Thu Vu MAYER BROWN JSM Le Vu Anh PWC VIETNAM

UZBEKISTAN GLOBALINK LOGISTICS GROUP
UZBEKENERGO
Askar K. Abdusagatov OOO “PROGRESS-DEVELOPMENT” Mels Akhmedov BAS LAW FIRM Rano Anvari SNR DENTON WILDE SAPTE & CO. Natalya Apukhtina SNR DENTON WILDE SAPTE & CO. Umid Aripdjanov GRATA LAW FIRM Irina Gosteva SNR DENTON WILDE SAPTE & CO. Nail Hassanov LEGES ADVOKAT LAW FIRM Bakhodir Jabbarov GRATA LAW FIRM Mouborak Kambarova SNR DENTON WILDE SAPTE & CO. Khurshid Kasimdzhanov M&M Tatyana Kasimova M&M Nurali Eshibaevich Khalmuratov NATIONAL INSTITUTE OF CREDIT INFORMATION OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN Davron Khasanov MUKHAMEDJANOV & PARTNERS LAW FIRM Olga Kim GRATA LAW FIRM Marina Kondratova MARIKON AUDIT LLC, MEMBER OF RUSSELL BEDFORD INTERNATIONAL Ibrahim Mukhamedjanov MUKHAMEDJANOV & PARTNERS LAW FIRM Behruz Nizamutdinov M&M Shavkat Radjabov FABIS CONSULTING AND TRADING LLC Laziza Rakhimova GRATA LAW FIRM Ravshan Rakhmanov GRATA LAW FIRM Alexander Samborsky NATIONAL CENTRE OF GEODESY & CARTOGRAPHY Vakhid Saparov GRATA LAW FIRM Nizomiddin Shakhabutdinov LEGES ADVOKAT LAW FIRM Soﬁa Shakhrazieva GRATA LAW FIRM Atabek Sharipov GRATA LAW FIRM Petros Tsakanyan AZIZOV & PARTNERS Aziz Turdibaev M&M Laziza Walter GRATA LAW FIRM Nodir Yuldashev GRATA LAW FIRM

VIETNAM DFDL MEKONG LAW GROUP
PANALPINA WORLD TRANSPORT LLP
Frederick Burke BAKER & MCKENZIE Samantha Campbell GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Giles Thomas Cooper DUANE MORRIS LLC Thi Thu Quyen Dang UNCTAD Nguyen Dang Viet BIZCONSULT LAW FIRM Van Dinh Thi Quynh PWC VIETNAM Ngoan Doan GRANT THORNTON LLP Linh Doan LVN & ASSOCIATES Dang The Duc INDOCHINE COUNSEL Thanh Long Duong ALIAT LEGAL David Fitzgerald PWC VIETNAM Ngoc Hai Ha BAKER & MCKENZIE Quang Ha Dang GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Giang Ha Thi Phuong PWC VIETNAM Minh Ho Thi Hieu GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Le Hong Phong BIZCONSULT LAW FIRM Nguyen Thi Hong Van YKVN Kim Ngoan Huynh GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Tuong Long Huynh GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OF LEX MUNDI Anh Tuan Le CREDIT INFORMATION CENTRE - STATE BANK OF VIETNAM Phuc Le Hong LUATVIET - ADVOCATES & SOLICITORS Thuy Le Nguyen Huy INDOCHINE COUNSEL Thuy Anh Le Phan VILAF - HONG DUC LAW FIRM Phuoc Le Van HO CHI MINH CITY POWER COMPANY Le Thi Loc YKVN Tien Ngoc Luu VISION & ASSOCIATES Duy Minh Ngo DC LAW Quoc Phong Nguyen ALIAT LEGAL Hong Hai Nguyen DUANE MORRIS LLC

VENEZUELA, RB
Jorge Acedo-Prato HOET PELAEZ CASTILLO & DUQUE Tamara Adrian ADRIAN & ADRIAN Yanet Aguiar MACLEOD DIXON Juan Enrique Aigster HOET PELAEZ CASTILLO & DUQUE Servio T. Altuve Jr. SERVIO T. ALTUVE R. & ASOCIADOS Francisco Alvarez Silva TRAVIESO EVANS ARRIA RENGEL & PAZ Ramon Alvins MACLEOD DIXON Luis Andueza MACLEOD DIXON Carlos Bachrich Nagy DE SOLA PATE & BROWN, ABOGADOS - CONSULTORES Edgar Eduardo Berroteran HOET PELAEZ CASTILLO & DUQUE Sergio Casinelli MACLEOD DIXON Diego Castagnino HOET PELAEZ CASTILLO & DUQUE

WEST BANK AND GAZA ERNST & YOUNG
Hani Abdel Jaldeh Murad Abu Mwis MINISTRY OF NATIONAL ECONOMY Ata Al Biary Sharhabeel Al-Zaeem SHARHABEEL AL-ZAEEM AND ASSOCIATES Haytham L. Al-Zubi AL-ZUBI LAW OFFICE, ADVOCATES & LEGAL CONSULTANTS Moayad Amouri SA’ADI ORFALY & DAHER CERTIFIED PUBLIC ACCOUNTANTS Khalil Ansara CATHOLIC RELIEF SERVICES

VANUATU
Barry Amoss SOUTH SEA SHIPPING LTD. Loïc Bernier CAILLARD & KADDOUR Garry Blake RIDGEWAY BLAKE PARTNERS

200

DOING BUSINESS 2012

Nada Atrash ARCHITECTURE & DESIGN Nizam Ayoob MINISTRY OF NATIONAL ECONOMY Ali Faroun PALESTINIAN MONETARY AUTHORITY George Handal BETHLEHEM FREIGHT Hiba I. Husseini HUSSEINI & HUSSEINI Mohamed Khader LAUSANNE TRADING CONSULTANTS Absal Nusseibeh HUSSEINI & HUSSEINI Michael F. Orfaly SA’ADI ORFALY & DAHER CERTIFIED PUBLIC ACCOUNTANTS Maysa Quod PALESTINIAN MONETARY AUTHORITY Wael Sa’adi SA’ADI ORFALY & DAHER CERTIFIED PUBLIC ACCOUNTANTS Samir Sahhar OFFICE OF SAMIR SAHHAR Husein Sholi JUSTICE SECTOR ASSISTANCE PROJECT - JSAPII

Taha Tawawala AL SUWAIDI & COMPANY Nigel Truscott AL SUWAIDI & COMPANY Khaled Hassan Zaid YEMEN CHAMBER OF SHIPPING

ZIMBABWE ERNST & YOUNG
Richard Beattie THE STONE/BEATTIE STUDIO Tim Boulton MANICA AFRICA PTY. LTD. Peter Cawood PWC ZIMBABWE Onias Chigavazira HLB RUZENGWE & COMPANY Benjamin Chikowero GUTU & CHIKOWERO Grant Davies MANICA AFRICA PTY. LTD. Paul De Chalain PWC SOUTH AFRICA Beloved Dhlakama DHLAKAMA B. ATTORNEYS Canaan Farirai Dube DUBE, MANIKAI AND HWACHA LEGAL PRACTITIONERS - DMH COMMERCIAL LAW CHAMBERS Paul Fraser LOFTY & FRASER Obert Chaurura Gutu GUTU & CHIKOWERO Selby Hwacha DUBE, MANIKAI AND HWACHA LEGAL PRACTITIONERS - DMH COMMERCIAL LAW CHAMBERS Ali Imedi CROWN AGENTS LTD. Edwin Isaac Manikai DUBE, MANIKAI AND HWACHA LEGAL PRACTITIONERS - DMH COMMERCIAL LAW CHAMBERS R.T. Katsande ZIMBABWE ELECTRICITY TRANSMISSION & DISTRIBUTION COMPANY Abraham Kudzai Maguchu DUBE, MANIKAI AND HWACHA LEGAL PRACTITIONERS - DMH COMMERCIAL LAW CHAMBERS Annette Landman PWC SOUTH AFRICA Manuel Lopes PWC ZIMBABWE Immaculate Chipo Makone MANICA AFRICA PTY. LTD. Tavengwa Masara V.S. NYANGULU & ASSOCIATES Nunudzai Masunda SCANLEN & HOLDERNESS Lloyd Mhishi DUBE, MANIKAI AND HWACHA LEGAL PRACTITIONERS - DMH COMMERCIAL LAW CHAMBERS Sternford Moyo SCANLEN & HOLDERNESS Benjamin Mukandi FREIGHT WORLD (PVT) LTD. T. Muringani SPEARTEC Ostern Mutero SAWYER & MKUSHI Maxwell Ngorima BDO KUDENGA & COMPANY Vanani Nyangulu V.S. NYANGULU & ASSOCIATES Rudo Nyngulu PERSPECTIVES CONSULTANTS Anjuli Rebelo SCANLEN & HOLDERNESS Archford Rutanhirs SCANLEN & HOLDERNESS C.M. Ruzengwe HLB RUZENGWE & COMPANY

Unity Sakhe KANTOR & IMMERMAN Aisha Thuliswa Tsimba STANBIC BANK

ZAMBIA ENERGY REGULATION BOARD (ERB)
Tinenenji Banda CHIBESAKUNDA & COMPANY (PART OF DLA PIPER GROUP) Chewe K. Bwalya D.H. KEMP & CO. Bonaventure Chibamba Mutale ELLIS & CO. Mwelwa Chibesakunda CHIBESAKUNDA & COMPANY (PART OF DLA PIPER GROUP) Sydney Chisenga CORPUS LEGAL PRACTITIONERS Emmanuel Chisenga Chulu PWC ZAMBIA Chiko Chuula CHIBESAKUNDA & COMPANY (PART OF DLA PIPER GROUP) Harjinder Dogra PWC ZAMBIA Arshad A. Dudhia MUSA DUDHIA & COMPANY Charles Haanyika UTILINK LIMITED Diane Harrington SDV LOGISTICS Chance Kaonga NATIONAL COUNCIL FOR CONSTRUCTION Namaala Liebenthal CHIBESAKUNDA & COMPANY (PART OF DLA PIPER GROUP) Mumba Makumba PACRO Bonaventure Mbewe BARCLAYS BANK Jyoti Mistry PWC ZAMBIA Namwene Mkadawire SIKAULU LUNGU MUPESO LEGAL PRACTITIONERS Gerald Mkandawire SDV LOGISTICS Mwape Mondoloka BARCLAYS BANK Henry Musonda KIRAN & MUSONDA ASSOCIATES Augustine Musumali ZESCO LTD. Francis Mwape NATIONAL COUNCIL FOR CONSTRUCTION Nchima Nchito MNB LEGAL PRACTITIONERS Solly Patel CHRISTOPHER, RUSSELL COOK & CO. Aleksandar Perunicic SDV LOGISTICS Miriam Sabi ZRA- CUSTOMER SERVICE CENTER Valerie Sesia CUSTOMIZED CLEARING AND FORWARDING LTD. Namakuzu Shandavu CORPUS LEGAL PRACTITIONERS Juliana Shoko Chilombo MINISTRY OF LAND Mildred Stephenson CREDIT REFERENCE BUREAU AFRICA LTD. Enos Zulu PACRO

YEMEN, REP.
Abdulalah A. Al karraz LANDS & SURVEYING AUTHORITY Tariq Abdullah LAW OFFICES OF SHEIKH TARIQ ABDULLAH Khalid Abdullah SHEIKH MOHAMMED ABDULLAH SONS Khaled Al Buraihi KHALED AL BURAIHI FOR ADVOCACY & LEGAL SERVICES Yaser Al-Adimi ABDUL GABAR A. AL-ADIMI FOR CONSTRUCTION & TRADE Fahdl M. Al-Akwa COURT OF APPEAL FOR TORY OF SANA’A & AL-GOUF Mohamed Taha Hamood Al-Hashimi MOHAMED TAHA HAMOOD & CO. Abdulkadir AL-Hebshi ALCO - ADVOCACY AND LIGAL CONSULTATIANS OFFICE Ali AL-Hebshi ALCO - ADVOCACY AND LIGAL CONSULTATIANS OFFICE Rashad Khalid Al-Howiadi Ismail Ahmed Alwazir ALWAZIR CONSULTANTS, ADVOCATES & LEGAL RESEARCH Randall Cameron KPMG Abdulla Farouk Luqman LUQMAN LEGAL ADVOCATES & LEGAL CONSULTANTS Zayed Mohammed Budier LANDS & SURVEYING AUTHORITY Esam Nadeesh ALCO - ADVOCACY AND LIGAL CONSULTATIANS OFFICE Zuhair Abdul Rasheed LAW OFFICES OF SHEIKH TARIQ ABDULLAH Yousra Salem LUQMAN LEGAL ADVOCATES & LEGAL CONSULTANTS Khaled Mohammed Salem Ali LUQMAN LEGAL ADVOCATES & LEGAL CONSULTANTS Saeed Sohbi SAEED HASSAN SOHBI

Doi Doing B Business
2012
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ISBN 978-0-8213-8833-4

SKU 18833

World Bank Report - Business Transparency

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