EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 73226 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. © 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: 202-522- 2422; 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 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 ii DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. THE DOING BUSINESS WEBSITE Current features Download reports News on the Doing Business project Access to Doing Business reports as well as http://www.doingbusiness.org subnational and regional reports, reform case studies and customized economy and regional profiles Rankings http://www.doingbusiness.org/Reports How economies rank—from 1 to 183 http://www.doingbusiness.org/Rankings Subnational and regional projects Differences in business regulations at the Doing Business reforms subnational and regional level Short summaries of DB2011 reforms, lists of reforms http://www.doingbusiness.org/Subnational-Reports since DB2008 http://www.doingbusiness.org/Reforms Law library Online collection of laws and regulations relating to Historical data business and gender issues Customized data sets since DB2004 http://www.doingbusiness.org/Law-library http://www.doingbusiness.org/Custom-Query http://wbl.worldbank.org Methodology and research Local partners The methodology and research papers underlying More than 9,000 specialists in 183 economies who Doing Business participate in Doing Business http://www.doingbusiness.org/Methodology http://www.doingbusiness.org/Local-Partners/ http://www.doingbusiness.org/Research Doing-Business Business Planet Interactive map on the ease of doing business http://rru.worldbank.org/businessplanet EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Doi g Doin B Busines s 2012 Contents v Preface 1 Executive summary 16 About Doing Business: measuring for impact 26 Economy case studies 26 Korea: better business regulation and improved competitiveness 29 FYR Macedonia: major changes spurred by regional integration 32 Mexico: unleashing regulatory reform at the local level 35 The United Kingdom: rethinking regulation 38 References 41 Data notes 62 Ease of doing business and distance to frontier 65 Summaries of Doing Business reforms in 2010/11 77 Country tables 140 Employing workers data 148 Acknowledgments Doing Business 2012 is the ninth in a series of an- Data in Doing Business 2012 are current as of June nual reports investigating the regulations that 1, 2011. The indicators are used to analyze eco- enhance business activity and those that con- nomic outcomes and identify what reforms of strain it. Doing Business presents quantitative business regulation have worked, where and why. indicators on business regulation and the pro- Chapters exploring these issues for each of the 11 tection of property rights that can be compared Doing Business topics—as well as showing global across 183 economies—from Afghanistan to trends—are being published online this year. The Zimbabwe—and over time. chapters are available on the Doing Business web- site at http://www.doingbusiness.org. Regulations affecting 11 areas of the life of a business are covered: starting a business, deal- The methodology for the dealing with construc- ing with construction permits, getting electric- tion permits, getting credit and paying taxes ity, registering property, getting credit, pro- indicators changed for Doing Business 2012. See tecting investors, paying taxes, trading across the data notes for details. borders, enforcing contracts, resolving insolven- cy (formerly closing a business) and employing workers. The employing workers data are not included in this year’s ranking on the ease of do- ing business. EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. v EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 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 disclo- sure 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, trad- ing 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, cor- ruption, 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 busi- ness 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 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 govern- ments 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 contribu- tions to this effort. Janamitra Devan Vice President and Head of Network Financial & Private Sector Development The World Bank Group 1 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Executive summary Over the past year a record number of gov- where 43% of all reforms recorded by Doing discourage the creation and expansion of ernments in Sub-Saharan Africa changed Business in 2010/11 focused on aspects businesses compound the problems. their economy’s regulatory environment to captured by the getting credit, protecting make it easier for domestic firms to start investors, enforcing contracts and resolving Through indicators benchmarking 183 up and operate. In a region where relatively insolvency indicators (figure 1.2). economies, Doing Business measures and little attention was paid to the regulatory tracks changes in the regulations applying environment only 8 years ago, regula- Overall in 2010/11, governments in 125 to domestic companies in 11 areas in their tory reforms making it easier to do business economies implemented 245 institutional life cycle (box 1.2). A fundamental premise were implemented in 36 of 46 economies and regulatory reforms as measured by of Doing Business is that economic activity between June 2010 and May 2011. That Doing Business—13% more than in the previ- requires good rules that are transparent and represents 78% of economies in the region, ous year (box 1.1). A faster pace of regulatory accessible to all. Such regulations should compared with an average of 56% over the reform is good news for entrepreneurs in be efficient, striking a balance between previous 6 years (figure 1.1). developing economies. Starting a business is safeguarding some important aspects of a leap of faith under any circumstances. For the business environment and avoiding Worldwide, regulatory reforms aimed at the poor, starting a business or finding a job distortions that impose unreasonable costs streamlining such processes as starting a is an important way out of poverty.1 In most on businesses. Where business regulation business, registering property or dealing parts of the world small and medium-size with construction permits are still the most businesses are often the main job creators.2 is burdensome and competition limited, common. But more and more economies are Yet entrepreneurs in developing economies success depends more on whom you know focusing their reform efforts on strengthen- tend to encounter greater obstacles than than on what you can do. But where regula- ing legal institutions such as courts and their counterparts in high-income econo- tions are relatively easy to comply with and insolvency regimes and enhancing legal mies. Finding qualified staff and dealing accessible to all who need to use them, protections of investors and property rights. with lack of adequate infrastructure are anyone with talent and a good idea should This shift has been particularly pronounced in among the challenges. Overly burdensome be able to start and grow a business in the low- and lower-middle-income economies, regulations and inefficient institutions that formal sector. FIGURE 1.1 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 Eastern Europe Share of economies in Sub-Saharan Africa 88% & Central Asia OECD with at least 1 Doing Business Business reform making high income 68% it easier to do business (%) Middle East 61% 63% & North Africa by Doing Business report year South Asia 78 67 63 78% 61 59 53% 52 East Asia 58% Latin America Sub-Saharan & Pacific 33 & Caribbean Africa This map was produced by the Map Design Unit of The World Bank. The boundaries, colors, 6 7 8 9 0 11 12 0 0 0 0 1 denominations and any other information shown 20 20 20 20 20 20 20 on this map do not imply, on the part of The DB DB DB DB DB DB DB World Bank Group, any judgment on the legal status of any territory, or any endorsement or acceptance of such boundaries. Source: Doing Business database. 2 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Across regions, entrepreneurs in developing economies face a regulatory environment FIGURE 1.2 In 2010/11 economies worldwide increasingly focused reform efforts on strengthening legal institutions and property rights protections that is on average less business-friendly than Doing Business reforms making it easier to do business by type those in OECD high-income economies. Reforms strengthening Reforms increasing efficiency Number of This means costlier and more bureaucratic legal institutions of regulatory processes reforms procedures to start a business, deal with 35% 65% 51 High income construction permits, register property, 33% 67% 53 trade across borders and pay taxes. Getting an electricity connection, a new dimension 36% 64% 63 Upper middle in this year’s ease of doing business ranking, income 24% 76% 65 costs more on average in Sub-Saharan Africa than in any other part of the world—more 42% 58% 81 Lower middle than 5,400% of income per capita (the income 28% 72% 57 average in OECD high-income economies is 93% of income per capita). Local businesses 46% 54% 50 Low income complete more complex formalities to get 18% 82% 41 an electricity connection in many Eastern European and Central Asian economies than 2010/11 2009/10 anywhere else in the world. But it is not just 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, about complex formalities or red tape. A less dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders. business-friendly regulatory environment Source: Doing Business database. also means weaker legal protections of minority shareholders and weaker collateral BOX 1.1 Key findings in this year’s report laws and institutions such as courts, credit • In Sub-Saharan Africa 36 of 46 governments improved their economy’s regulatory environment bureaus and collateral registries. for domestic businesses in 2010/11—a record number since 2005. This is good news for entre- preneurs in the region, where starting and running a business is still costlier and more complex Globally, more efficient regulatory processes than in any other region of the world. often go hand in hand with stronger legal • Worldwide, 125 economies implemented 245 reforms making it easier to do business in 2010/11, institutions and property rights protections. 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 protec- There is an association between the strength tions than in earlier years. The pickup in the pace of regulatory reform is especially welcome for of legal institutions and property rights small and medium-size businesses, the main job creators in many parts of the world. protections in an economy as captured by • Against the backdrop of the global financial and economic crisis, more economies strengthened several sets of Doing Business indicators (get- their insolvency regime in 2010/11 than in any previous year. Twenty-nine economies imple- ting credit, protecting investors, enforcing mented 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 contracts and resolving insolvency) and the effective insolvency systems can influence the cost of debt, access to credit, and both the ability complexity and cost of regulatory processes of an economy to recover from a recession and the speed of its recovery. as captured by several others (starting a • New data show the importance of access to regulatory information. Fee schedules, documenta- business, dealing with construction permits, tion requirements and information relating to commercial cases and insolvency proceedings are getting electricity, registering property, pay- most easily accessible in OECD high-income economies and least accessible in Sub-Saharan ing taxes and trading across borders). OECD 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. high-income economies, by a large margin, • A new measure shows that over the past 6 years, 94% of 174 economies covered by Doing Business have the world’s most business-friendly envi- have made their regulatory environment more business-friendly. These economies moved closer to ronment on both dimensions (figure 1.3). At the “frontier,” a synthetic measure based on the most business-friendly regulatory practices across the other end of the spectrum, economies in 9 areas of business regulation—from starting a business to resolving insolvency. Sub-Saharan Africa and South Asia are most • A broad, sustained approach to managing business regulation is common among the 20 econo- likely to have both weaker legal institutions mies 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 and more complex regulatory processes as the experiences of the Republic of Korea, the former Yugoslav Republic of Macedonia, Mexico measured by Doing Business. 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 Some regions break away from the general is among the economies that improved the most in the ease of doing business over the past year. trend. One is the Middle East and North Africa, • The economies that improved the most in the ease of doing business in 2010/11—with improve- a region where reform efforts over the past 6 ments in 3 or more areas of regulation measured by Doing Business—are Morocco, Moldova, years have focused mainly on simplifying regu- FYR Macedonia, São Tomé and Príncipe, Latvia, Cape Verde, Sierra Leone, Burundi, the Solomon lation. Today economies in the region often Islands, Korea, Armenia, and Colombia. combine relatively weaker legal institutions EXECUTIVE SUMMARY 3 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. in education and training are critical. These FIGURE 1.3 Stronger legal institutions and property rights protections are associated with more efficient regulatory processes investments typically take time to bear fruit. Average ranking on sets of Doing Business indicators But economies that have made the transi- tion from developing to high-income status Weaker Weaker legal institutions but Weaker legal institutions and have generally done so by boosting the less expensive regulatory processes more expensive regulatory processes skills and capabilities of their labor force. A critical way for policy makers to encourage Middle East Latin America Strength of legal institutions 137 Sub-Saharan entrepreneurship is by creating a regulatory & North Africa & Caribbean Africa environment conducive to the creation and 93 117 growth of businesses—one that promotes 95 East Asia South Asia rather than inhibits competition.4 & Pacific 87 OECD high income 77 Eastern Europe OPPORTUNITIES FOR GREATER & Central Asia ACCESS TO INFORMATION IN 30 BUSINESS REGULATION Stronger Stronger legal institutions and Stronger legal institutions but Institutions play a major role in private sector less expensive regulatory processes more expensive regulatory processes development. Courts, registries, tax agencies Simple and Complexity and cost Complex and and credit information bureaus are essential inexpensive of regulatory processes expensive to make markets work. How efficient and transparent they are matters greatly to busi- 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 ness. To improve the efficiency of processes construction permits, getting electricity, registering property, paying taxes and trading across borders. The size of the bubble reflects and institutions, governments around the 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. world—regardless of national income Source: Doing Business database. level—are making greater use of technol- ogy. More than 100 of the 183 economies covered by Doing Business use electronic BOX 1.2 Measuring regulation through the life cycle of a local business systems for services ranging from business This year’s aggregate ranking on the ease of doing business is based on indicator sets that registration to customs clearance to court measure and benchmark regulations affecting 10 areas in the life cycle of a business: starting a filings.5 This saves time and money for busi- business, dealing with construction permits, getting electricity, registering property, getting cred- ness and government alike. It also provides it, 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 new opportunities to increase transparency in this year’s aggregate ranking. as well as to facilitate access to information Doing Business encompasses 2 types of data and indicators. One set of indicators focuses on and compliance with regulation. But not all the strength of property rights and investor protections as measured by the treatment of a case economies take advantage of the oppor- scenario according to the laws and regulations on the books. Doing Business gives higher scores tunities for openness provided by the new for stronger property rights and investor protections, such as stricter disclosure requirements technologies. And at times fiscal constraints 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 con- and budgetary priorities have prevented struction permits. Based on time-and-motion case studies from the perspective of the business, faster adoption of the latest technologies to these indicators measure the procedures, time and cost required to complete a transaction in improve the quality of public services. 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 This year Doing Business researched how 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.” businesses can access information es- sential for complying with regulations and formalities, such as documentation with relatively more efficient regulatory pro- Policy makers worldwide recognize the requirements for trade or fee schedules for cesses. In Eastern Europe and Central Asia, by role that entrepreneurs play in creating business start-up, construction permitting economic opportunities for themselves or electricity connections. Because some contrast, economies have on average slightly and for others, and often take measures economies lack fully developed information stronger legal institutions and less efficient to improve the investment climate and technology infrastructure, the research also regulatory processes. In this region reform boost productivity growth. Investments in explored whether economies used other efforts over the past 6 years have put greater means to make such information easily ac- infrastructure—ports, roads, telecommu- emphasis on strengthening legal institutions nications—are seen as a vital ingredient of cessible, such as posting fee schedules at and protection of property rights than those in private sector development. In an increas- the relevant agency or disseminating them the Middle East and North Africa.3 ingly complex global economy, investments through public notices. 4 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. The findings are striking. In the ma- jority of economies in Sub-Saharan WHAT WERE THE TRENDS IN BUSINESS REGULATION REFORMS AROUND THE WORLD IN 2010/11? Africa and the Middle East and North 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 Africa, obtaining such information reform by the Organization for the Harmonization of Business Law in Africa (OHADA) required the requires a meeting with an official. consensus of its 16 member states.1 This first stage simplified business entry and strengthened secured In all OECD high-income economies transaction laws. documentation requirements for trade Overall in Sub-Saharan Africa, regulatory reform agendas have been broadening. Thirteen economies are accessible online, at an agency or implemented reforms making it easier to do business in 3 or more areas measured by Doing Business— through public notices (figure 1.4). 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 reorganiza- In the Middle East and North Africa tion procedure facilitating the rehabilitation of financially distressed companies. this is the case in only about 30% Against the backdrop of the global economic and financial crisis, changes to insolvency regimes of economies, and in Sub-Saharan continued across Europe and among OECD high-income economies elsewhere.2 Worldwide, 29 econo- Africa in less than 50% of economies. mies improved insolvency regimes in 2010/11, more than in any previous year. These included Austria, Documentation requirements for Denmark, France, Italy, Poland, Slovenia and Switzerland as well as Bulgaria, Latvia, Lithuania, the former building permits are available online Yugoslav Republic of Macedonia, Moldova, Montenegro, Romania, Serbia and Ukraine. Iceland tightened approval requirements for related-party transactions. Greece, Portugal and Spain simplified business or through public notices in only about start-up. 40% of economies in these 2 regions. 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 Easier access to fee schedules and Caribbean the 3 economies with the most business-friendly regulatory environments, Chile, Peru and lower fees tend to go hand in hand. In Colombia, made them more so—each through regulatory reforms in 3 areas measured by Doing Business. economies where fee schedules are But there were no such reforms in Ecuador or the majority of the Caribbean states.3 easily accessible, starting a business Malaysia was one of the economies that took the lead in East Asia and the Pacific, introducing elec- costs 18% of income per capita on tronic filing in its courts, setting up specialized civil and commercial courts in Kuala Lumpur and merg- ing company, tax, social security and employment fund registrations at the one-stop shop for business average; where they are not, it costs start-up. Several small island states—the Solomon Islands, Tonga and Vanuatu—implemented regula- 66% of income per capita on average tory reforms in 3 or more areas, often supported by donor programs. In South Asia the pace of regula- (figure 1.5). tory 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 Beyond information that businesses interest. Bhutan launched a public credit registry and streamlined business start-up. need to comply with regulation, institu- 1. OHADA is a system of common business laws and implementing institutions adopted by treaties among 16 West and tions such as courts provide informa- Central African nations. It was created by 14 initial member economies on October 17, 1993, in Port Louis, Mauritius. tion that helps increase transparency 2. According to the International Monetary Fund (IMF 2009), the financial crisis resulted in a sharp increase in corpo- in the marketplace. Efficient and fair rate and household defaults and firm bankruptcies. 3. No reforms making it easier to do business were recorded for Antigua and Barbuda, The Bahamas, Dominica, courts are essential for creating the Grenada, Haiti, Jamaica, St. Lucia, St. Vincent and the Grenadines, Suriname or Trinidad and Tobago in 2010/11. trust needed for businesses to build 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 (%) Average time to import goods (days) 100 94 75 78 71 67 41 63 56 58 52 49 42 38 33 21 OECD South Asia East Asia Eastern Europe Latin America Sub-Saharan Middle East Easily accessible Not easily high income & Pacific & Central Asia & Caribbean Africa & North Africa accessible Economies by accessibility of documentation QFor building permits QFor trade requirements for trade 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 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 88 70 66 63 58 57 55 50 50 47 38 36 35 18 OECD South Asia East Asia Eastern Europe Latin America Sub-Saharan Middle East Easily accessible Not easily high income & Pacific & Central Asia & Caribbean Africa & North Africa accessible Economies by accessibility of fee QFor company incorporation QFor electricity connections 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 mar- permits as well as strong legal protections regulations, the council found that 15% had kets—and for investors to invest. But it is not of property rights. They also periodically not been revised since 1998. The council only their role in efficient enforcement that review and update business regulations as applied sunset clauses to more than 600 matters. Doing Business finds that in close to part of a broader competitiveness agenda regulations and 3,500 administrative rules 75% of a sample of 151 economies, courts and take advantage of new technologies (see the case study on Korea). are required by law to publicize the initiation through e-government initiatives. of insolvency proceedings. Policy makers in some economies today con- Only 2 decades ago some of these 20 sider regulatory reform a continual process HOW THE TOP 20 ECONOMIES economies faced challenges similar to those and create dedicated committees or agen- MANAGE BUSINESS REGULATION in many lower-income economies today. cies such as Actal in the Netherlands and The 20 economies with the most business- Consider Norway’s property registry. Today the Better Regulation Executive in the United friendly regulation as reflected in their it is one of the world’s most efficient. But in Kingdom. These agencies not only routinely ranking on the ease of doing business are 1995 its paper records required 30 kilome- assess existing regulations. They also pay Singapore; Hong Kong SAR, China; New ters of shelving and were growing at a rate increasing attention to managing the flow of Zealand; the United States; Denmark; of 1 kilometer a year. Norway took steps to new regulations. Norway; the United Kingdom; the Republic change this. First it merged the land depart- ment and survey information, then digitized In the United Kingdom in 2005–10 a of Korea; Iceland; Ireland; Finland; Saudi title certificates. In 2002 it amended the program reduced the burden of regulatory Arabia; Canada; Sweden; Australia; Georgia; 50-year-old Land Transfer Act to allow compliance on businesses by 25% accord- Thailand; Malaysia; Germany; and Japan (table 1.1). As noted elsewhere in this online titling. Online registration has been ing to the government.6 That amounted to report, an economy’s ranking on the ease required by law since 2008. savings for firms equivalent to £3.5 billion. of doing business does not tell the whole New initiatives are under way, such as the story about its business environment. The Sweden undertook a systematic review of “one in, one out” system and the Red Tape underlying indicators do not account for all all regulations in the 1980s. Any unjustified Challenge (see the case study on the United factors important to doing business, such requirements were cut in a “guillotine” initia- Kingdom). The European Union has also tar- as macroeconomic conditions, market size, tive. (Mexico took a similar approach in the geted a 25% reduction in the administrative workforce skills and security. But they do 1990s.) In Korea the Presidential Council on burden that regulation imposes on business. capture some key aspects of the regulatory National Competitiveness, created in 2008, The underlying principle is to have “smart” and institutional environment that matter identified regulatory reform as 1 of 4 pillars regulation, dispensing with cumbersome for firms. These 20 economies have imple- to improve the economy’s competitiveness, and costly regulations that impair the private mented effective yet streamlined procedures along with public sector innovation, invest- sector’s capacity to innovate and grow while for regulatory processes such as starting ment promotion, and legal and institutional maintaining regulations that promote a level a business and dealing with construction advancement. Reviewing Korea’s business playing field.7 6 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. TABLE 1.1 Rankings on the ease of doing business DB2012 DB2011 DB2012 DB2012 DB2011 DB2012 DB2012 DB2011 DB2012 rank ranka Economy reforms rank ranka Economy reforms rank ranka Economy reforms 1 1 Singapore 0 62 59 Poland 2 123 119 Uganda 1 2 2 Hong Kong SAR, China 2 63 60 Ghana 0 124 123 Swaziland 1 3 3 New Zealand 1 64 70 Czech Republic 2 125 127 Bosnia and Herzegovina 2 4 4 United States 0 65 64 Dominica 0 126 120 Brazil 1 5 5 Denmark 1 66 69 Azerbaijan 0 127 125 Tanzania 1 6 7 Norway 0 67 71 Kuwait 0 128 130 Honduras 2 7 6 United Kingdom 1 68 76 Trinidad and Tobago 0 129 126 Indonesia 1 8 15 Korea, Rep. 3 69 91 Belarus 3 130 131 Ecuador 0 9 13 Iceland 2 70 67 Kyrgyz Republic 0 131 128 West Bank and Gaza 0 10 8 Ireland 0 71 73 Turkey 2 132 139 India 1 11 14 Finland 1 72 65 Romania 2 133 133 Nigeria 0 12 10 Saudi Arabia 1 73 68 Grenada 0 134 136 Syrian Arab Republic 1 13 12 Canada 1 74 81 Solomon Islands 4 135 135 Sudan 0 14 9 Sweden 0 75 66 St. Vincent and the Grenadines 0 136 134 Philippines 1 15 11 Australia 1 76 75 Vanuatu 3 137 144 Madagascar 2 16 17 Georgia 4 77 72 Fiji 0 138 138 Cambodia 1 17 16 Thailand 1 78 74 Namibia 1 139 132 Mozambique 0 18 23 Malaysia 3 79 78 Maldives 0 140 137 Micronesia, Fed. Sts. 0 19 19 Germany 0 80 79 Croatia 1 141 150 Sierra Leone 4 20 20 Japan 0 81 99 Moldova 4 142 146 Bhutan 2 21 31 Latvia 4 82 77 Albania 1 143 142 Lesotho 1 22 34 Macedonia, FYR 4 83 86 Brunei Darussalam 1 144 140 Iran, Islamic Rep. 0 23 21 Mauritius 0 84 80 Zambia 0 145 141 Malawi 2 24 18 Estonia 0 85 82 Bahamas, The 0 146 148 Mali 2 25 24 Taiwan, China 2 86 89 Mongolia 1 147 152 Tajikistan 1 26 22 Switzerland 2 87 83 Italy 1 148 143 Algeria 1 27 25 Lithuania 2 88 85 Jamaica 0 149 145 Gambia, The 3 28 27 Belgium 2 89 98 Sri Lanka 2 150 151 Burkina Faso 3 29 26 France 1 90 107 Uruguay 2 151 155 Liberia 3 30 30 Portugal 2 91 87 China 0 152 149 Ukraine 4 31 29 Netherlands 0 92 88 Serbia 2 153 147 Bolivia 0 32 28 Austria 1 93 92 Belize 1 154 157 Senegal 4 33 35 United Arab Emirates 2 94 115 Morocco 3 155 161 Equatorial Guinea 1 34 32 Israel 2 95 84 St. Kitts and Nevis 1 156 160 Gabon 1 35 36 South Africa 3 96 95 Jordan 2 157 156 Comoros 1 36 38 Qatar 2 97 93 Guatemala 0 158 153 Suriname 0 37 37 Slovenia 3 98 90 Vietnam 1 159 162 Mauritania 1 38 33 Bahrain 0 99 94 Yemen, Rep. 1 160 154 Afghanistan 1 39 41 Chile 3 100 101 Greece 2 161 165 Cameroon 2 40 49 Cyprus 1 101 97 Papua New Guinea 0 162 158 Togo 2 41 39 Peru 3 102 100 Paraguay 2 163 174 São Tomé and Príncipe 4 42 47 Colombia 3 103 109 Seychelles 2 164 159 Iraq 0 43 42 Puerto Rico (U.S.) 2 104 103 Lebanon 1 165 163 Lao PDR 0 44 45 Spain 1 105 96 Pakistan 0 166 164 Uzbekistan 1 45 50 Rwanda 3 106 102 Marshall Islands 0 167 170 Côte d’Ivoire 3 46 40 Tunisia 0 107 110 Nepal 1 168 169 Timor-Leste 2 47 58 Kazakhstan 1 108 105 Dominican Republic 1 169 177 Burundi 4 48 43 Slovak Republic 1 109 106 Kenya 1 170 167 Djibouti 1 49 53 Oman 3 110 108 Egypt, Arab Rep. 0 171 168 Zimbabwe 0 50 44 Luxembourg 0 111 104 Ethiopia 0 172 171 Angola 2 51 46 Hungary 0 112 112 El Salvador 1 173 172 Niger 1 52 48 St. Lucia 0 113 114 Argentina 0 174 166 Haiti 0 53 54 Mexico 3 114 113 Guyana 1 175 173 Benin 2 54 52 Botswana 0 115 111 Kiribati 0 176 181 Guinea-Bissau 2 55 61 Armenia 5 116 116 Palau 0 177 175 Venezuela, RB 0 56 56 Montenegro 3 117 117 Kosovo 0 178 176 Congo, Dem. Rep. 3 57 51 Antigua and Barbuda 0 118 122 Nicaragua 3 179 179 Guinea 1 58 62 Tonga 3 119 129 Cape Verde 3 180 178 Eritrea 0 59 57 Bulgaria 2 120 124 Russian Federation 4 181 180 Congo, Rep. 1 60 55 Samoa 0 121 121 Costa Rica 2 182 183 Central African Republic 3 61 63 Panama 1 122 118 Bangladesh 0 183 182 Chad 2 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Other initiatives share the objective of Egypt, where starting a business is reason- Differences across areas of business making business regulation effective at the ably straightforward thanks to the imple- regulation provide an opportunity for policy lowest possible cost for business. In Sweden mentation of an efficient one-stop shop. makers interested in regulatory reform. the government recently commissioned the But dealing with construction permits takes Not surprisingly, different areas of business Swedish Agency for Growth Policy Analysis about 7 months, and enforcing a contract regulation interact. Some research sug- to conduct studies on the effect of rules through the courts takes almost 3 years on gests that business regulation reforms have on the enterprise sector.8 Canada and the average. Egypt’s top 3 rankings (on starting greater impact if combined with effective United States have introduced impact as- a business, getting credit and trading across regulation in other areas. For example, when sessments to prevent the introduction of borders) average 54, while its lowest 3 (on India dismantled a strict licensing regime regulations considered too costly to society. controlling business entry and production, dealing with construction permits, paying taxes and enforcing contracts) average 149. the benefits were greater in states that had At all levels, much attention is being paid more flexible labor regulations. These states to transparent policy making. Governments Indeed, reforms simplifying business entry saw real output gains 17.8% larger than are making business regulation and the have been high on the agenda since early those in other states.13 In Mexico researchers regulatory process accessible, helped in on—particularly in common markets such found that a municipal license reform across many cases by e-government initiatives. as the European Union, where businesses states increased new firm registrations by The United Kingdom invites comment on are free to start and operate in any of the 5% and employment by 2.2%.14 The effect regulatory proposals on the website of the member states. Over time such business was greater in states with less corruption Better Regulation Executive.9 Canada and regulation reforms have increasingly been and better governance.15 the United States publish guidelines on the evaluation process underlying the cost- undertaken by low- and lower-middle- Beyond these country-specific studies, benefit analysis of new regulations. income economies. Many have been helped cross-country analysis found that a 10-day by peer learning among policy makers, which reduction in the time to start a business DIFFERENCES IN PERFORMANCE has picked up around the world. Every year was associated with a 0.3 percentage point ACROSS AREAS OF BUSINESS corporate registrars from 31 economies increase in the investment rate and a 0.36% REGULATION meet to discuss challenges and solutions.11 increase in the GDP growth rate in rela- The economies making such continued Representatives from Canada, which ranks tively poor and well-governed economies.16 efforts, often over decades, often compare number 3 on the ease of starting a business, Another study points to synergistic effects well with others across all 10 areas of busi- are now advising economies as diverse as between institutional reforms that reduce ness regulation included in this year’s ease Indonesia and Peru. In 2010/11, 53 econo- the costs of high-quality production and of doing business ranking—and they do so mies made it easier to start a business (figure trade reforms. In many developing econo- over time, reflecting a more consistent and 1.7). Since 2005 the number of economies mies production of high-quality output is a comprehensive approach to business regula- where starting a business takes 20 days or precondition for firms to become exporters. tion. In many of the other economies, by less has increased from 41 to 98. Institutional deficiencies that raise the costs contrast, the degree to which regulations and of high-quality production therefore limit institutions are business-friendly varies fairly Improving the regulatory environment for the positive effect that trade facilitation can widely across different areas of regulation.10 business can be difficult and take time, par- have on income.17 ticularly if the improvements involve sub- This shows up in comparisons of an econ- stantial institutional or legal changes. Some CLOSING THE GAP—A GLOBAL omy’s 3 highest rankings on Doing Business require difficult political trade-offs. Outside TREND TOWARD BUSINESS- topics with its 3 lowest rankings (figure 1.6). pressures may be needed to push through FRIENDLY REGULATION For example, Malaysia’s top 3 rankings (on legislative changes. So it is no surprise that Policy makers often keep an eye on relative getting credit, protecting investors and trad- times of crisis have often proved to be a rankings that compare economies at a point ing across borders) average 11, while its low- time of opportunity. Against the backdrop est 3 (on dealing with construction permits, in time. But they increasingly recognize of the global economic and financial crisis, the importance of improvements within getting electricity and registering property) the number of insolvency reforms increased economies over time. And results from average 77. over the past 3 years, particularly in Europe recent years are encouraging. In the past 6 For some economies this variance is due and among OECD high-income economies years policy makers in 163 economies made in part to the rapid pace of reform in some elsewhere.12 In 2010/11, 29 economies domestic regulations more business-friendly areas of business regulation. One such area around the world reformed their insolvency (figure 1.8). They lowered barriers to entry, is business entry: more than 80% of the systems, more than in any previous year. operation and exit and strengthened protec- 183 economies covered by Doing Business Most focused on improving reorganization tions of property and investor rights. Only a have made it easier to start a business since proceedings to allow viable firms to con- few economies moved in the opposite direc- 2003. Among them is the Arab Republic of tinue operating. tion. República Bolivariana de Venezuela 8 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 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 MALAYSIA Average of bottom 3 rankings: 160 Dealing with construction permits Getting electricity Registering property 140 Average of all rankings Average ranking across topics 120 Average of 100 top 3 rankings: Getting credit Protecting investors Trading across borders 80 60 40 20 0 KOREA, REP. YEMEN, REP. SINGAPORE HONG KONG SAR, CHINA NEW ZEALAND DENMARK UNITED STATES NORWAY UNITED KINGDOM 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 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 Doing Business reforms making it easier to do business in 2010/11, by topic Number of economies by time to start a business Starting a business 53 98 Getting credit 44 Paying taxes 33 Q2005 Q2011 Resolving insolvency 29 Registering property 61 20 Trading across borders 18 45 Dealing with 41 15 construction permits 36 Protecting investors 13 22 Enforcing contracts 11 13 14 12 12 Getting electricity 9 6 0 10 20 30 40 50 60 < _ 20 days 21– 40 41– 60 61– 80 > 80 days days days days 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. y EGYPT, ARAB REP. MICRONESIA, FED. STS. IRAN, ISLAMIC REP. CONGO, DEM. REP. CONGO, REP. ITALY MOLDOVA CHINA MOROCCO SEYCHELLES SERBIA BELIZE ALBANIA SRI LANKA VIETNAM PARAGUAY GREECE GUATEMALA PAPUA NEW GUINEA URUGUAY LEBANON ETHIOPIA DOMINICAN REPUBLIC NEPAL GUYANA 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 PHILIPPINES HONDURAS BOSNIA AND HERZEGOVINA BHUTAN NIGERIA INDIA CAMBODIA MADAGASCAR SUDAN TAJIKISTAN SYRIAN ARAB REPUBLIC MALAWI BURKINA FASO MOZAMBIQUE 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 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 required to export (2), Singapore on the time areas. Four years before, only 10 reformed in business regulation less business-friendly. to enforce contracts (150 days). The frontier 3 or more areas. is thus a proxy for global good practice Some economies have gone particularly across all indicators. Also new are the comprehensive approach far in closing the gap with the regulatory and high level of coordination and commit- systems of top-performing economies such Economies making the greatest progress ment that some developing and emerging as Singapore, New Zealand and the Northern toward the frontier have been able to do so market economies are bringing to regulatory European economies (figure 1.9). Many of thanks to broad regulatory reform programs reform. More than 2 dozen economies have them are developing economies that started covering multiple areas of regulation and put in place regulatory reform committees, off with relatively high levels of bureaucracy embedded in a long-term competitiveness often reporting directly to the president or and weak protections of property rights as strategy (figure 1.10). China, for example, im- prime minister—as in Colombia, Malaysia measured by Doing Business. In narrowing plemented policy changes across 9 areas of and Rwanda.18 And they have not shied away the gap, all these economies are moving business regulation in the years since 2005. closer to the frontier—a synthetic measure from radical legal reforms. Economies mak- The changes included a new company law in based on the most efficient practice or ing the greatest strides in creating a more 2005, a new credit registry in 2006 and, in highest score observed for each indicator. business-friendly regulatory environment 2007, the first bankruptcy law regulating the For starting a business, for example, the bar bankruptcy of private enterprises since 1949 have been revamping their regulatory and is set by New Zealand on the time (1 day), (figure 1.11). administrative systems in multiple areas to Canada and New Zealand on the number of encourage private sector activity (box 1.3). procedures (1), Denmark and Slovenia on the More economies are taking this broad cost (0). Georgia, Norway, Portugal, Sweden approach. In 2010/11, 35 economies That more and more developing economies and the United Arab Emirates set the bar implemented reforms making it easier to are serious about business regulation reform is on the number of procedures for register- do business in 3 or more areas measured encouraging. Such broad thinking is good news ing property (1), France on the documents by Doing Business—12 of them in 4 or more for entrepreneurs and governments alike. 10 Percentage points Percentage points -10 -5 0 5 10 15 20 25 30 100 90 80 70 60 50 40 30 20 10 0 GEORGIA SINGAPORE RWANDA NEW ZEALAND BELARUS IRELAND FIGURE 1.8 FIGURE 1.9 BURKINA FASO UNITED STATES MACEDONIA, FYR HONG KONG SAR, CHINA EGYPT, ARAB REP. UNITED KINGDOM COLOMBIA CANADA NORWAY DOING BUSINESS 2012 KYRGYZ REPUBLIC SAUDI ARABIA DENMARK MALI FINLAND CHINA AUSTRALIA SIERRA LEONE SWEDEN AZERBAIJAN ICELAND GUINEA-BISSAU JAPAN SENEGAL KOREA, REP. CROATIA GERMANY TAJIKISTAN AUSTRIA YEMEN, REP. NETHERLANDS KAZAKHSTAN BELGIUM MADAGASCAR ESTONIA ANGOLA SWITZERLAND INDIA MALAYSIA RUSSIAN FEDERATION LITHUANIA 08:01 PM in Washington, DC. MOROCCO SOUTH AFRICA Distance to frontier, 2005 and 2011 NIGER ISRAEL GUATEMALA SPAIN GHANA LATVIA CÔTE D’IVOIRE PUERTO RICO (U.S.) SYRIAN ARAB REPUBLIC TAIWAN, CHINA PERU SLOVAK REPUBLIC MOZAMBIQUE THAILAND DOMINICAN REPUBLIC PORTUGAL BURUNDI ST. LUCIA Progress in narrowing distance to frontier, 2005–11 MEXICO CHILE FRANCE FIJI EQUATORIAL GUINEA TONGA NIGERIA ANTIGUA AND BARBUDA MAURITIUS MAURITIUS ITALY Who advanced the most in closing the gap to the frontier? CZECH REPUBLIC SOLOMON ISLANDS NAMIBIA TIMOR-LESTE DOMINICA ALBANIA FRANCE CAMBODIA HUNGARY ARMENIA MEXICO SLOVENIA BOTSWANA INDONESIA BELIZE JORDAN GRENADA LATVIA PANAMA CENTRAL AFRICAN REPUBLIC BULGARIA SÃO TOMÉ AND PRÍNCIPE JAMAICA LAO PDR OMAN MAURITANIA MONGOLIA THAILAND ROMANIA PERU In the past 6 years 163 economies moved closer to the frontier in regulatory practice SERBIA TOGO ST. VINCENT AND THE GRENADINES PORTUGAL SAUDI ARABIA CAMEROON UNITED ARAB EMIRATES URUGUAY SLOVENIA TUNISIA KUWAIT UKRAINE TUNISIA BENIN SAMOA AFGHANISTAN VANUATU CAPE VERDE TURKEY BOSNIA AND HERZEGOVINA ARMENIA KOREA, REP. POLAND VANUATU CZECH REPUBLIC ZAMBIA ST. KITTS AND NEVIS ETHIOPIA TRINIDAD AND TOBAGO PARAGUAY PAKISTAN BHUTAN MALDIVES UNITED ARAB EMIRATES MACEDONIA, FYR HONDURAS KENYA MALAYSIA KIRIBATI MOLDOVA MOLDOVA UZBEKISTAN GUYANA POLAND SEYCHELLES NICARAGUA GHANA UGANDA NEPAL BULGARIA VIETNAM MALAWI COLOMBIA HONG KONG SAR, CHINA SRI LANKA VIETNAM PAPUA NEW GUINEA ROMANIA LEBANON MALDIVES ZAMBIA TAIWAN, CHINA GREECE BANGLADESH SOLOMON ISLANDS CONGO, DEM. REP. EL SALVADOR LEBANON SWAZILAND CHAD PALAU use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media DENMARK SERBIA BOTSWANA KAZAKHSTAN COSTA RICA JORDAN OMAN MARSHALL ISLANDS GREECE MOROCCO LESOTHO ALBANIA TURKEY BANGLADESH EL SALVADOR TANZANIA HUNGARY DOMINICAN REPUBLIC TANZANIA ARGENTINA ECUADOR PARAGUAY KENYA CROATIA IRAN, ISLAMIC REP. HONDURAS SOUTH AFRICA NICARAGUA CHILE ECUADOR Source: Doing Business database. Source: Doing Business database. ALGERIA BOSNIA AND HERZEGOVINA SAMOA GUATEMALA DJIBOUTI ETHIOPIA SLOVAK REPUBLIC IRAN, ISLAMIC REP. MARSHALL ISLANDS URUGUAY SWAZILAND WEST BANK AND GAZA COMOROS PHILIPPINES HAITI AZERBAIJAN GUINEA CAPE VERDE JAMAICA GEORGIA SWEDEN UGANDA SPAIN COSTA RICA SUDAN SUDAN LESOTHO 08:01 PM in Washington, DC. ARGENTINA ERITREA GABON NEPAL KYRGYZ REPUBLIC GABON ALGERIA UNITED KINGDOM INDONESIA KUWAIT RUSSIAN FEDERATION PAPUA NEW GUINEA BOLIVIA WEST BANK AND GAZA GAMBIA, THE NETHERLANDS MALAWI ICELAND BRAZIL BELGIUM YEMEN, REP. SEYCHELLES CHINA LITHUANIA BHUTAN FINLAND NIGERIA PAKISTAN MICRONESIA, FED. STS. MICRONESIA, FED. STS. ZIMBABWE CONGO, REP. MADAGASCAR SRI LANKA IRAQ ISRAEL MOZAMBIQUE GAMBIA, THE BELARUS TONGA UKRAINE BOLIVIA CAMBODIA GUYANA COMOROS GRENADA INDIA SINGAPORE SURINAME MONGOLIA EGYPT, ARAB REP. Note: Figure shows the absolute difference for each economy between its distance to frontier in 2005 and that in 2011. BELIZE SYRIAN ARAB REPUBLIC CANADA VENEZUELA, RB KIRIBATI SIERRA LEONE TRINIDAD AND TOBAGO DJIBOUTI PANAMA CAMEROON PHILIPPINES EQUATORIAL GUINEA AUSTRALIA MAURITANIA ST. VINCENT AND THE GRENADINES RWANDA JAPAN BENIN UNITED STATES UZBEKISTAN DOMINICA GUINEA BRAZIL LAO PDR PUERTO RICO (U.S.) SENEGAL NEW ZEALAND SÃO TOMÉ AND PRÍNCIPE TOGO 2005 ST. LUCIA 2005 ESTONIA HAITI SURINAME CÔTE D’IVOIRE PALAU CONGO, REP. ANTIGUA AND BARBUDA MALI ANGOLA 2011 AUSTRIA NAMIBIA 2011 BURUNDI IRELAND TAJIKISTAN SWITZERLAND GUINEA-BISSAU NORWAY AFGHANISTAN ST. KITTS AND NEVIS NIGER regulatory environment (frontier practice). The data refer to the 174 economies included in Doing Business 2006 (2005). Additional economies were added in subsequent years. GERMANY BURKINA FASO FIJI CENTRAL AFRICAN REPUBLIC ITALY CONGO, DEM. REP. IRAQ TIMOR-LESTE ZIMBABWE ERITREA VENEZUELA, RB CHAD 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 EXECUTIVE SUMMARY use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 11 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media 12 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 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 Average number of years with Doing Business reforms making it easier to do business, DB2006-DB2012 making it easier to do business, DB2006-DB2012 9 7.9 8 8 7 7 5.8 6 5.8 6 5 5 4.7 4 3.4 4 3.0 3 3 2 2 1 1 0 0 <5 5–15 > 15 <5 5–15 > 15 Progress in narrowing distance to frontier, 2005-11 Doing Business Progress in narrowing distance to frontier, 2005-11 Doing Business (percentage points) (percentage points) Note: The data refer to the 174 economies included in Doing Business 2006 (2005). Additional economies were added in subsequent years. Source: Doing Business database. 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 reported spending less than 2% of their time dealing with government in progress toward the frontier in a range of areas (see figure on Rwanda). regulations, down from about 10% in 2002 and the smallest share among The economy has undertaken ambitious land and judicial reforms, often economies in Eastern Europe and Central Asia. Only 4% of firms expected years in the making. Since 2001 it has introduced new corporate, insolven- to make informal payments to public officials to get things done, compared cy, civil procedure and secured transactions laws. And it has streamlined with a regional average of 17%. and remodeled institutions and processes for starting a business, register- Georgian firms participating in survey rounds in both 2005 and 2008 ing property, trading across borders and enforcing a contract through the reported adding an average of 23 permanent workers (increasing the aver- courts. age 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 Rwanda’s broad approach to making regulation business-friendly to only 0.4 in 2008. This result may be related to a new tax code that took Distance to frontier, 2005 and 2011 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 environ- 0 ment. Enterprise surveys show that security and infrastructure remain 10 among the top concerns of businesses in Georgia. 20 30 How Georgia is closing the distance to the frontier Percentage points 40 Distance to frontier, 2005 and 2011 50 0 60 10 70 20 80 30 90 Percentage points 40 100 50 Starting Dealing Registering Getting Protecting Paying Trading Enforcing Resolving a with property credit investors taxes across contracts insolvency business construction borders 60 permits 2005 2011 70 Source: Doing Business database. 80 Georgia too has pursued broad-ranging business regulation reform (see 90 figure on Georgia). Since 2005 the economy has introduced a new com- 100 Starting Dealing Registering Getting Protecting Paying Trading Enforcing Resolving a with property credit investors taxes across contracts insolvency pany law and customs code. A new property registry replaced a confusing business construction borders permits system requiring duplicate approvals by multiple agencies. The economy’s 2005 2011 first credit information bureau and large-scale judicial reforms followed. Source: Doing Business database. In 2008 Georgian firms recognized the low levels of bureaucracy and flexible business environment in enterprise surveys. Senior managers 1. World Bank 2009c. EXECUTIVE SUMMARY 13 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. A friendly competition has emerged as FIGURE 1.11 China has been making steady progress toward the frontier economies adopt proven regulatory prac- Distance to frontier, 2005–11 tices from others. Lessons from others have proved invaluable for such economies as 40 China Colombia, Georgia, the former Yugoslav Russian Federation Republic of Macedonia and Rwanda. Within Percentage points 45 Nigeria larger economies good practices can often 50 India be found across state borders (see the case 55 Brazil study on Mexico). 60 Practitioners interested in learning from 65 2005 2006 2007 2008 2009 2010 2011 others have more resources to turn to. This year’s topic chapters provide the basis for web content and a new online database Source: Doing Business database. on practices and experiences in business regulation reform around the world. A series Among the 12 economies improving the most of what has worked and why in 11 areas of of case studies will explore how economies in the ease of doing business in 2010/11, business regulation, from business entry to have integrated regulatory reform into two-thirds are low- or lower-middle-income exit. These chapters also provide insights broader competitiveness strategies or economies. All implemented regulatory into the importance of each area and show approached regulatory reform more gener- reforms making it easier to do business in 3 global trends.19 ally. This year’s report presents the cases or more of the 10 areas included in this year’s of Korea, FYR Macedonia, Mexico and the aggregate ranking (table 1.2). WHAT TO EXPECT NEXT? United Kingdom. Doing Business has been measuring and THE ADVANTAGE OF BEING A These expanding resources, including a LATE STARTER tracking business regulation around the growing time series of data on business reg- world for the past 9 years. During this time Many economies have the advantage today ulation, are allowing more empirical research most economies have made their regulatory that sheds light on synergies among different of being able to learn from the experience of others. And many are already adopting environment for local firms more business- areas of regulation and on the effect of regu- good practices from other economies (table friendly. Firms create jobs, and policy mak- latory reform on such economic outcomes 1.3). To help identify such practices, this year ers play a key role in creating a regulatory as informality, corruption, employment and Doing Business is electronically publishing environment that encourages their creation, economic growth. The evidence is encour- topic chapters that provide an overview growth and investment. aging. It suggests that if key bottlenecks 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 Reforms making it easier to do business Dealing with Trading Starting a construction Getting Registering Getting Protecting Paying across Enforcing Resolving DB2012 DB2011 Improvement business permits electricity property credit investors taxes borders contracts insolvency 1 Morocco 94 115 -21 √ √ √ 2 Moldova 81 99 -18 √ √ √ √ 3 Macedonia, 22 34 -12 √ √ √ √ FYR 4 São Tomé 163 174 -11 √ √ √ √ and Príncipe 5 Latvia 21 31 -10 √ √ √ √ Cape Verde 119 129 -10 √ √ √ 6 Sierra Leone 141 150 -9 √ √ √ √ 7 Burundi 169 177 -8 √ √ √ √ 8 Solomon 74 81 -7 √ √ √ √ Islands Korea, Rep. 8 15 -7 √ √ √ 9 Armenia 55 61 -6 √ √ √ √ √ 10 Colombia 42 47 -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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. TABLE 1.3 Good practices around the world, by Doing Business topic Topic Practice Economiesa Examples Making it easy to Putting procedures online 110 Hong Kong SAR, China; Kuwait; FYR Macedonia; New Zealand; Peru; Puerto start a business Rico (U.S.); Singapore Having a one-stop shop 83 Bahrain; Burkina Faso; Georgia; Republic of Korea; Uruguay; Vietnam Having no minimum capital requirement 82 Kenya; Madagascar; Portugal; Rwanda; United Arab Emirates; United Kingdom Making it easy Having an organized set of building rules 116 Croatia; Kenya; New Zealand; Republic of Yemen to deal with construction Using risk-based building approvals 86 Armenia; Germany; Mauritius; Singapore permits Having a one-stop shop 26 Bahrain; Chile; Hong Kong SAR, China; Rwanda Making it easy to Using an electronic database for encumbrances 108 Jamaica; Sweden; United Kingdom register property Setting effective time limits for registration 54 Botswana; Guatemala; Indonesia Offering cadastre information online 50 Denmark; Lithuania; Malaysia Offering expedited procedures 16 Azerbaijan; Bulgaria; Georgia Setting fixed transfer fees 15 New Zealand; Russian Federation; Rwanda Making it easy to Allowing out-of-court enforcement 123 Australia; India; Nepal; Peru; Russian Federation; Serbia; Sri Lanka; United get credit States Distributing data on loans below 1% of income per capita 119 Brazil; Bulgaria; Germany; Kenya; Malaysia; Sri Lanka; West Bank and Gaza Distributing both positive and negative credit information 100 China; Croatia; India; Italy; Jordan; Panama; South Africa Allowing a general description of collateral 91 Cambodia; Canada; Chile; Nigeria; Romania; Singapore; Vanuatu; Vietnam Maintaining a unified registry 68 Bosnia and Herzegovina; Guatemala; Honduras; Marshall Islands; Federated States of Micronesia; Montenegro; New Zealand; Romania; Solomon Islands Distributing credit information from retailers, trade 54 Fiji; Lithuania; Nicaragua; Rwanda; Saudi Arabia; Spain creditors or utilities as well as financial institutions Protecting Allowing rescissionb of prejudicial related-party 70 Brazil; Mauritius; Rwanda; United States investors transactions Regulating approval of related-party transactions 60 France; Iceland; Indonesia; Lebanon; United Kingdom Requiring detailed disclosure 52 Hong Kong SAR, China; Israel; New Zealand; Singapore Allowing access to all corporate documents during the trial 45 Chile; Ireland; Morocco; Peru; Poland Defining clear duties for directors in case of related-party 45 Colombia; Malaysia; Mexico; United States; Vietnam transactions Requiring external review of related-party transactions 41 Australia; Burundi; Arab Republic of Egypt; Norway Allowing access to all corporate documents before the trial 31 Greece; Japan; South Africa; Sweden Making it easy to Allowing self-assessment 145 Argentina; Canada; China; Arab Republic of Egypt; Rwanda; Sri Lanka; Turkey pay taxes Allowing electronic filing and payment 66 Australia; Colombia; India; Lithuania; Mauritius; Singapore; Tunisia Having one tax per tax base 49 Hong Kong SAR, China; FYR Macedonia; Morocco; Namibia; Paraguay; United Kingdom Making it easy Using electronic data interchange 130d Belize; Chile; Estonia; Pakistan; Turkey to trade across bordersc Using risk-based inspections 97 Morocco; Nigeria; Palau; Suriname; Vietnam Providing a single window 49e Colombia; Ghana; Republic of Korea; Singapore Making it easy to Making judgments publicly available 122f Australia; Austria; Chile; Dominican Republic; Greece; Mozambique; Nigeria; enforce contracts Uruguay Maintaining specialized commercial court, division or judge 87 Burkina Faso; France; Lesotho; Saudi Arabia; Sierra Leone; Singapore Allowing electronic filing of complaints 16 Australia; Republic of Korea; Malaysia; Russian Federation; United Kingdom Making it easy to Allowing creditors’ committees a say in relevant decisions 103 Bulgaria; Philippines; South Africa resolve insolvency Requiring professional or academic qualifications for 64 Cape Verde; Namibia insolvency administrators by law Providing a legal framework for out-of-court workouts 45 Italy; Philippines 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. are identified, targeted changes can have a NOTES public institutions, aspects of human capital substantial effect on new firm creation, pro- 1. Narayan and others 2000. and the sophistication of the business community. The United States and Japan, ductivity and employment. Because many 2. Ayyagari, Demirgüç-Kunt and Maksimovic as leaders in technology, score extremely regulations interact, implementing regula- 2011. well on measures of innovation. But with tory reform in several areas has synergistic 3. Only 27% of all regulatory reforms recorded large budget deficits and high levels of effects. It is also important to recognize that by Doing Business for economies in the public debt, they do less well on measures of Middle East and North Africa over the past macroeconomic stability. regulatory reforms can take time to translate 6 years were in the areas of getting credit, into changes in the economy. 20 11. Some members of the Corporate Registrars protecting investors, enforcing contracts and Forum are Australia; Bangladesh; Bermuda; resolving insolvency. In Eastern Europe and Other World Bank Group initiatives provide Botswana; the British Virgin Islands; Central Asia 38% of all regulatory reforms Burkina Faso; Canada; the Cook Islands; data complementing the Doing Business recorded were in these areas. Croatia; Hong Kong SAR, China; India; resources. Two global data sets support the 4. Research shows that business regulations of Jordan; FYR Macedonia; Malawi; Malaysia; exploration of other areas of analysis—one the type measured by Doing Business affect Mauritius; Nepal; the Netherlands; New the creation of new firms in the local market, Zealand; Nigeria; Pakistan; Rwanda; focusing on laws and regulations specific the productivity levels of those firms and Samoa; Singapore; South Africa; Sri Lanka; to women’s participation in the economy the creation of employment. Cross-country Tunisia; the United Arab Emirates; the and the other on those relating to foreign studies show that greater ease of entry is United Kingdom; and Vanuatu. (http:// companies’ engagement in the domestic associated with a higher firm entry rate www.corporateregistersforum.org/ economy.21 Enterprise surveys covering 125 and greater business density on average. member-jurisdictions). Encouraging evidence from economies as economies over 9 years allow researchers 12. See also World Bank (2009a, 2010a). diverse as Colombia, India, Mexico and and policy makers to assess what the private Portugal also supports these findings. For 13. Aghion and others 2008. sector looks like in an economy at a given more on this and other relevant research, 14. Bruhn 2011. time—in terms of firm size, sector of activity see the chapter “About Doing Business: 15. Kaplan, Piedra and Seira 2007. and geographic location.22 Through direct measuring for impact.” 16. Eifert 2009. interviews with more than 130,000 firms 5. Public procurement, while not covered 17. Rauch 2010. around the world, these surveys examine a by any of the Doing Business indicators, is 18. These include economies across regions: In another area in which a growing number of range of issues relating to the business envi- governments are using electronic platforms. East and South Asia, India; Malaysia; ronment, including the biggest constraints as Sri Lanka; Taiwan, China; Thailand; and The aim is to increase transparency in the Vietnam. In the Middle East and North perceived by businesses. relationships between public officials and Africa, Egypt; Morocco; Saudi Arabia; the suppliers. United Arab Emirates; and the Republic The agenda for research into what regula- 6. Nineteen U.K. government departments of Yemen. In Eastern Europe and Central tions constitute binding constraints, what participated in the program, which started Asia, Georgia; Kazakhstan; the Kyrgyz package of regulatory reforms is most with an extensive quantification exercise Republic; Moldova; and Tajikistan. In in the summer of 2005. In May 2010 the Sub-Saharan Africa, Botswana; Burundi; effective and how these issues are shaped target was met: a total cost reduction for the Central African Republic; the Comoros; by the context in an economy is still un- businesses of £3.5 billion. Based on this the Democratic Republic of Congo; Kenya; finished. To stimulate new research in this experience, a new target was set: to cut the Liberia; Malawi; Mali; and Zambia. And in area, Doing Business plans to hold a con- ongoing costs of regulation by another £6.5 Latin America, Guatemala; Mexico; and ference in the fall of 2012. Its aim will be billion by 2015 (http://www.bis.gov.uk). Peru. to deepen our understanding of the links 7. European Commission 2011. 19. Topic chapters are available on the Doing between business regulation reforms and 8. The assignment was to compile the latest Business website (http://www.doing research findings on regulatory burden, business.org). broader economic outcomes. regulatory simplification and regulatory 20. For more information on relevant research, impact on business and to examine what see the chapter “About Doing Business: effects direct and indirect costs have on measuring for impact.” businesses and the economy (Swedish 21. The databases are Women, Business and Agency for Growth Policy Analysis 2010). the Law (http://wbl.worldbank.org/) and 9. http://www.businesslink.gov.uk. Investing Across Borders 10. This pattern of relatively large variation (http://iab.worldbank.org/). across indicator sets is not specific to Doing 22. World Bank Enterprise Surveys Business. A similar pattern can be discerned (http://www.enterprisesurveys.org). in, for example, the World Economic Forum’s Global Competitiveness Index, a broader measure capturing such factors as macroeconomic stability, the soundness of EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. About Doing Business: measuring for impact A vibrant private sector—with firms making makers intending to change the experience define and underpin the business environ- investments, creating jobs and improving and behavior of businesses will often start ment. Whether the entrepreneur decides to productivity—promotes growth and expands by changing rules and regulations that affect move forward with the idea, to abandon it or opportunities for poor people. To foster a them. Doing Business goes beyond identifying to take it elsewhere might depend in large vibrant private sector, governments around that a problem exists and points to specific part on how simple it is to comply with the the world have implemented wide-ranging regulations or regulatory procedures that requirements for opening a new business reforms, including price liberalization and may lend themselves to reform (table 2.1). or getting a construction permit and how macroeconomic stabilization programs. But And its quantitative measures of business efficient the mechanisms are for resolving governments committed to the economic regulation enable research on how specific commercial disputes or dealing with insol- health of their country and opportunities regulations affect firm behavior and eco- vency. Doing Business provides quantitative for its citizens focus on more than macro- nomic outcomes. measures of regulations for starting a busi- economic conditions. They also pay atten- ness, dealing with construction permits, tion to the quality of laws, regulations and The first Doing Business report, published getting electricity, registering property, institutional arrangements that shape daily in 2003, covered 5 indicator sets and 133 getting credit, protecting investors, paying economic activity. economies. This year’s report covers 11 in- taxes, trading across borders, enforcing dicator sets and 183 economies. Ten topics contracts and resolving insolvency—as they Until 10 years ago, however, there were no are included in the aggregate ranking on the apply to domestic small and medium-size globally available indicator sets for monitor- ease of doing business and other summary enterprises.3 It also looks at regulations on ing such microeconomic factors and analyz- measures.1 The project has benefited from employing workers. ing their relevance. The first efforts to address feedback from governments, academics, this gap, in the 1980s, drew on perceptions practitioners and reviewers.2 The initial goal A fundamental premise of Doing Business data from expert or business surveys that remains: to provide an objective basis for is that economic activity requires good capture often one-time experiences of busi- understanding and improving the regulatory rules. These include rules that establish and nesses. Such surveys can be useful gauges environment for business. clarify property rights and reduce the cost of economic and policy conditions. But few of resolving disputes, rules that increase the perception surveys provide indicators with WHAT DOING BUSINESS COVERS predictability of economic interactions and a global coverage that are updated annually. An entrepreneur’s willingness to try a new rules that provide contractual partners with The Doing Business project takes a different idea may be influenced by many factors, in- core protections against abuse. The objec- approach from perception surveys. It looks cluding perceptions of how easy (or difficult) tive: regulations designed to be simple and at domestic, primarily small and medium- it will be to deal with the array of rules that efficient in implementation and accessible size companies and measures the regula- tions applying to them through their life TABLE 2.1 Doing Business methodology allows an objective but limited global comparison Advantages Limitations cycle. Based on standardized case studies, it Transparent, based on factual information about Limited in scope: focuses on 11 areas of regulation affecting presents quantitative indicators on business laws and regulations (with an element of judgment local businesses; does not measure all aspects of business regulation that can be compared across 183 on time estimates) environment or all areas of regulation economies and over time. This approach Comparison and benchmarking valid thanks to Based on standardized case: transactions described in case complements the perception surveys in standard assumptions scenario refer to specific set of issues and type of company exploring the major constraints for busi- Inexpensive and easily replicable Focuses on formal sector nesses, as experienced by the businesses Actionable: data highlight extent of specific Only reforms related to indicators can be tracked obstacles, identify source, point to what might be themselves and as set out in the regulations changed that apply to them. Multiple interactions with local respondents to Assumes that business has full information on what is re- clarify potential misinterpretation quired and does not waste time when completing procedures Rules and regulations are under the direct Nearly complete coverage of world’s economies Part of data obtained refer to an economy’s largest business control of policy makers—and policy city only ABOUT DOING BUSINESS: MEASURING FOR IMPACT 17 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. to all who need to use them. Accordingly, WHAT DOING BUSINESS DOES covers 11 areas of a company’s life cycle, some Doing Business indicators give a higher NOT COVER through 11 specific sets of indicators. score for more regulation, such as stricter Just as important as knowing what Doing These indicator sets do not cover all as- disclosure requirements in related-party Business does is to know what it does not pects of regulation in the area of focus. transactions. Some give a higher score for do—to understand what limitations must be For example, the indicators on starting a a simplified way of implementing existing kept in mind in interpreting the data. business or protecting investors do not regulation, such as completing business cover all aspects of commercial legisla- start-up formalities in a one-stop shop. Limited in scope tion. The employing workers indicators do not cover all areas of labor regulation. Doing Business focuses on 11 topics, with the The Doing Business project encompasses 2 The current set of indicators does not, for specific aim of measuring the regulation types of data. The first come from readings example, include measures of regulations relevant to the life cycle of a domestic firm of laws and regulations by both the local addressing safety at work or the right of (table 2.2). Accordingly: expert respondents and Doing Business. The collective bargaining. second are time-and-motion indicators that • Doing Business does not measure all as- • Doing Business also does not attempt measure the efficiency in achieving a regula- pects of the business environment that to measure all costs and benefits of a tory goal (such as granting the legal identity matter to firms or investors—or all factors particular law or regulation to society as of a business). Within the time-and-motion that affect competitiveness. It does not, a whole. The paying taxes indicators, for indicators, cost estimates are recorded from for example, measure security, corruption, example, measure the total tax rate, which official fee schedules where applicable. A market size, macroeconomic stability, the is a cost to business. The indicators do not regulatory process such as starting a busi- state of the financial system, the labor measure, nor are they intended to mea- ness or registering property is broken down skills of the population or all aspects of sure, the social and economic programs into clearly defined steps and procedures. the quality of infrastructure. Nor does it funded through tax revenues. Measuring The time estimates for each procedure are focus on regulations specific to foreign business laws and regulations provides based on the informed judgment of expert investment. one input into the debate on the regula- respondents who routinely administer or • While Doing Business focuses on the qual- tory burden associated with achieving advise on the relevant regulations.4 Here, ity of the regulatory framework, it is not regulatory objectives. Those objectives Doing Business builds on Hernando de Soto’s all-inclusive; it does not cover all regula- can differ across economies. pioneering work in applying the time-and- tions in any economy. As economies motion approach first used by Frederick and technology advance, more areas of Based on standardized case Taylor to revolutionize the production of the economic activity are being regulated. For scenarios Model T Ford. De Soto used the approach in example, the European Union’s body of Doing Business indicators are built on the the 1980s to show the obstacles to setting up laws (acquis) has now grown to no fewer basis of standardized case scenarios with a garment factory on the outskirts of Lima.5 than 14,500 rule sets. Doing Business specific assumptions, such as the business being located in the largest business city TABLE 2.2 Doing Business—measuring 11 areas of business regulation of the economy. Economic indicators com- Start-up Expansion Operations Insolvency monly make limiting assumptions of this • Starting a business • Registering property • Dealing with • Resolving insolvency kind. Inflation statistics, for example, are Minimum capital Procedures, time and construction permits Time, cost and recovery often based on prices of a set of consumer requirement cost Procedures, time and rate Procedures, time and cost goods in a few urban areas. cost • Getting credit Credit information • Getting electricity Such assumptions allow global coverage systems Procedures, time and and enhance comparability. But they come Movable collateral cost laws at the expense of generality. Doing Business • Paying taxes recognizes the limitations of including data • Protecting investors Payments, time and on only the largest business city. Business Disclosure and liability total tax rate regulation and its enforcement, particularly in related-party trans- actions • Trading across in federal states and large economies, may borders differ across the country. Recognizing gov- • Enforcing contracts Documents, time and cost ernments’ interest in such variation, Doing Procedures, time and cost to resolve a com- Business has complemented its global indica- mercial dispute • Employing workers tors with subnational studies in a range of economies (box 2.1). This year Doing Business also conducted a pilot study on the second PROPERTY RIGHTS largest city in 3 large economies to assess ADMINISTRATIVE BURDEN RECOVERY RATE ENTRY ACCESS TO CREDIT within-country variations. FLEXIBILITY IN HIRING REALLOCATION OF ASSETS INVESTOR PROTECTIONS 18 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. In areas where regulation is complex and Where regulation is particularly onerous, our health. But it does measure something highly differentiated, the standardized case levels of informality are higher. Informality important for our health. And it puts us on used to construct the Doing Business indica- comes at a cost: firms in the informal sec- watch to change behaviors in ways that will tor needs to be carefully defined. Where tor typically grow more slowly, have poorer improve not only our cholesterol rating but relevant, the standardized case assumes a access to credit and employ fewer workers— also our overall health. limited liability company or its legal equiva- and their workers remain outside the protec- One way to test whether Doing Business lent. This choice is in part empirical: private, tions of labor law.6 All this may be even more serves as a proxy for the broader business limited liability companies are the most so for female-owned businesses, according environment and for competitiveness is prevalent business form in many economies to country-specific research.7 Firms in the to look at correlations between the Doing around the world. The choice also reflects informal sector are also less likely to pay Business rankings and other major economic one focus of Doing Business: expanding op- taxes. Doing Business measures one set of benchmarks. Closest to Doing Business in portunities for entrepreneurship. Investors factors that help explain the occurrence of what it measures is the set of indicators on are encouraged to venture into business informality and give policy makers insights product market regulation compiled by the when potential losses are limited to their into potential areas of regulatory reform. Organisation for Economic Co-operation and capital participation. Gaining a fuller understanding of the broader Development (OECD). These indicators are business environment, and a broader per- designed to help assess the extent to which Focused on the formal sector spective on policy challenges, requires com- the regulatory environment promotes or in- In constructing the indicators, Doing Business bining insights from Doing Business with data hibits competition. They include measures of assumes that entrepreneurs are knowledge- from other sources, such as the World Bank the extent of price controls, the licensing and able about all regulations in place and comply Enterprise Surveys.8 permit system, the degree of simplification with them. In practice, entrepreneurs may of rules and procedures, the administrative spend considerable time finding out where WHY THIS FOCUS  burdens and legal and regulatory barriers, to go and what documents to submit. Or Doing Business functions as a kind of cho- the prevalence of discriminatory procedures they may avoid legally required procedures lesterol test for the regulatory environment and the degree of government control over altogether—by not registering for social for domestic businesses. A cholesterol test business enterprises.9 The rankings on these security, for example. does not tell us everything about the state of indicators—for the 39 countries that are 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. covered, several of them large emerging FIGURE 2.1 A strong correlation between Doing Business rankings and OECD rankings on product markets—are highly correlated with those on market regulation the ease of doing business (the correlation Ranking on OECD product market regulation indicators here is 0.72; figure 2.1). 40 35 Similarly, there is a high correlation (0.82) 30 between the rankings on the ease of doing 25 business and those on the World Economic 20 15 Forum’s Global Competitiveness Index, a 10 much broader measure capturing such fac- 5 tors as macroeconomic stability, aspects of 0 0 20 40 60 80 100 120 140 human capital, the soundness of public insti- tutions and the sophistication of the business Note: Correlation is significant at the 5% level when controlling for income per capita. Source: Doing Business database; OECD data. community (figure 2.2).10 Economies that do well on the Doing Business indicators tend to do well on the OECD market regulation FIGURE 2.2 A similarly strong correlation between Doing Business rankings and World Economic Forum indicators and the Global Competitiveness rankings on global competitiveness Index and vice versa. Ranking on Global Competitiveness Index A bigger question is whether the issues on 140 120 which Doing Business focuses matter for de- 100 velopment and poverty reduction. The World 80 Bank study Voices of the Poor asked 60,000 60 poor people around the world how they 40 thought they might escape poverty.11 The 20 0 answers were unequivocal: women and men 0 20 40 60 80 100 120 140 160 180 alike pin their hopes above all on income Ranking on the ease of doing business from their own business or wages earned in employment. Enabling growth—and ensur- Note: Correlation is significant at the 5% level when controlling for income per capita. Source: Doing Business database; WEF 2010. ing that poor people can participate in its benefits—requires an environment where operate within the rule of law and to benefit considered judgments on the policy options new entrants with drive and good ideas, re- available, enhancing the ability to assess from the opportunities and protections that gardless of their gender or ethnic origin, can progress over time and make meaningful in- the law provides. Not surprisingly, higher get started in business and where good firms ternational comparisons, and contributing to rankings on the ease of doing business— can invest and grow, generating more jobs. public debate and the promotion of greater based on 10 areas of business regulation measured by Doing Business—are correlated accountability. Small and medium-size enterprises are key drivers of competition, growth and job with better governance and lower levels of Since 2006 Doing Business has provided 2 creation, particularly in developing econo- perceived corruption.13 takes on the data it collects: it presents “ab- mies. But in these economies up to 80% of solute” indicators for each economy for each In this sense Doing Business values good rules economic activity takes place in the informal of the 11 regulatory topics it addresses, and it as a key to social inclusion. It also provides a sector. Firms may be prevented from entering provides rankings of economies for 10 topics, basis for studying effects of regulations and the formal sector by excessive bureaucracy both by topic and in aggregate.15 In addition, their application. For example, Doing Business and regulation. Even firms operating in the as noted in the executive summary, this 2004 found that faster contract enforcement formal sector might not have equal access to year’s report introduces a new measure—the was associated with perceptions of greater transparent rules and regulations affecting distance to frontier measure—that illustrates judicial fairness—suggesting that justice their ability to compete, innovate and grow. how an economy’s regulatory environment delayed is justice denied.14 has changed over time.16 Judgment is required Where regulation is burdensome and com- in interpreting all these measures for any petition limited, success tends to depend DOING BUSINESS AS A economy and in determining a sensible and more on whom you know than on what you BENCHMARKING EXERCISE politically feasible path for regulatory reform. can do.12 But where regulation is transparent, Doing Business, in capturing some key di- efficient and implemented in a simple way, mensions of regulatory regimes, has been Reviewing the Doing Business rankings in iso- it becomes easier for any aspiring entrepre- found useful for benchmarking—an aspect lation may reveal unexpected results. Some neurs, regardless of their connections, to allowing decision makers to make more economies may rank unexpectedly high on 20 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. some topics. And some economies that have has a ranking of 24 on the ease of starting a regulations improve firm productivity and had rapid growth or attracted a great deal of business, 26 on the ease of dealing with con- macroeconomic performance.22 investment may rank lower than others that struction permits, 38 on the ease of paying appear to be less dynamic. taxes and 71 on the ease of registering prop- Simpler business registration translates into erty. Variation in performance across the greater employment opportunities in the formal As economies develop, they strengthen and indicator sets reflects the different priorities sector. Reducing start-up costs for new firms add to regulations to protect investor and that governments give to particular areas of was found to result in higher take-up rates property rights. Meanwhile, they find more business regulation as well as economy-spe- for education, higher rates of job creation for efficient ways to implement existing regula- cific circumstances that may allow a faster high-skilled labor and higher average produc- tions and cut outdated ones. One finding of pace of reform in some areas than in others. tivity because new firms are often set up by Doing Business: dynamic and growing econo- high-skilled workers.23 Lowering entry costs mies continually reform and update their can boost legal certainty: businesses enter- WHAT RESEARCH SHOWS ON ing the formal sector gain access to the legal business regulations and their way of imple- THE EFFECTS OF BUSINESS system, to the benefit of both themselves and menting them, while many poor economies REGULATION still work with regulatory systems dating to their customers and suppliers.24 Nine years of Doing Business data, together the late 1800s. with other data sets, have enabled a grow- Assessing the impact of policy reforms poses For reform-minded governments, how ing body of research on how specific areas challenges. While cross-country correlations of business regulation—and regulatory can appear strong, it is difficult to isolate much the regulatory environment for local reforms in those areas—relate to social and the effect of regulations given all the other entrepreneurs improves in absolute terms economic outcomes. Some 873 articles have potential factors that vary at the country matters more than their economy’s relative been published in peer-reviewed academic level. Generally, cross-country correlations ranking on the overall ease of doing busi- journals, and about 2,332 working papers are do not show whether a specific outcome is ness. The distance to frontier measure aids available through Google Scholar.17 caused by a specific regulation or whether it in assessing such improvements over time by showing the distance of each economy to coincides with other factors, such as a more Much attention has been given to exploring the “frontier,” which represents the highest positive economic situation. So how do we links to microeconomic outcomes, such performance observed on each of the Doing know whether things would have been dif- as firm creation and employment. Recent Business indicators across all economies ferent without a specific regulatory reform? research focuses on how business regula- and years included since 2005. Comparing Some studies have been able to test this by tions affect the behavior of firms by creating the measure for an economy at 2 points investigating variations within an economy incentives (or disincentives) to register and in time allows users to assess how much over time. Other studies have investigated operate formally, to create jobs, to innovate the economy’s regulatory environment as policy changes that affected only certain and to increase productivity.18 Many studies firms or groups. Several country-specific measured by Doing Business has changed have also looked at the role played by courts, impact studies conclude that simpler entry over time—how far it has moved toward (or credit bureaus, and insolvency and collateral regulations encourage the establishment of away from) the most efficient practices and laws in providing incentives for creditors and more new firms: strongest regulations in the areas covered by investors to increase access to credit. The Doing Business. The distance to frontier mea- • In Mexico one study found that a program literature has produced a range of findings. sure complements the yearly ease of doing that simplified municipal licensing led to a business rankings that compare economies Lower costs for business registration encourage 5% increase in the number of registered with one another at a point in time. entrepreneurship and enhance firm productivity. businesses and a 2.2% increase in wage Economies with efficient business registra- employment, while competition from Each indicator set covered by Doing Business tion have a higher entry rate by new firms as new entrants lowered prices by 0.6% measures a different aspect of the business well as greater business density.19 Economies and the income of incumbent businesses regulatory environment. The rankings of where registering a new business takes less by 3.2%.25 Other research found that the each economy vary, sometimes significantly, time have seen more businesses register in same licensing reform directly led to a across the indicator sets. A quick way to as- industries where the potential for growth 4% increase in new start-ups and that the sess the variability of an economy’s regula- is greatest, such as those that have experi- program was more effective in munici- tory performance across the different areas enced expansionary shifts in global demand palities with less corruption and cheaper of business regulation is to look at the topic or technology.20 Reforms making it easier to additional registration procedures.26 rankings (see the country tables). Korea, for start a business tend to have a significant • In India the progressive elimination of the example, stands at 8 in the overall ease of positive effect on investment in product “license raj” led to a 6% increase in new doing business ranking. Its ranking is 2 on market industries such as transport, com- firm registrations, and highly produc- the ease of enforcing contracts, 4 on the munications and utilities, which are often tive firms entering the market saw larger ease of trading across borders and 8 on the sheltered from competition.21 There is also increases in real output than less produc- ease of getting credit. At the same time, it evidence that more efficient business entry tive firms.27 Simpler entry regulation and ABOUT DOING BUSINESS: MEASURING FOR IMPACT 21 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. labor market flexibility were found to be barriers to trade needs to be accompanied by HOW GOVERNMENTS USE complementary. States with more flexible other reforms, such as making labor markets DOING BUSINESS employment regulations saw a 25% larger more flexible, to achieve higher productivity Quantitative data and benchmarking can be decrease in informal firms and 17.8% and growth.37 useful in stimulating debate about policy, larger gains in real output than states with both by exposing potential challenges and less flexible labor regulations.28 The same Regulations and institutions that form part of by identifying where policy makers might licensing reform led to an aggregate pro- the financial market infrastructure—includ- look for lessons and good practices. For ductivity improvement of around 22% for ing courts, credit information systems, and governments, a common first reaction to the firms affected by the reform.29 collateral, creditor and insolvency laws—play Doing Business data is to ask questions about • In Colombia new firm registrations in- a role in easing access to credit. Enterprise the quality and relevance of the data and creased by 5.2% after the creation of a surveys conducted by the World Bank show about how the results are calculated. Yet the one-stop shop for businesses.30 that access to credit is a major constraint to debate typically proceeds to a deeper dis- • In Portugal the introduction of a one-stop businesses around the world.38 Good credit cussion exploring the relevance of the data shop for businesses led to a 17% increase information systems and strong collateral to the economy and areas where business in new firm registrations and 7 new jobs laws can help alleviate financing constraints. regulation reform might make sense. for every 100,000 inhabitants compared Analysis in 12 transition economies found with economies that did not implement that reforms strengthening collateral laws Most reformers start out by seeking exam- the reform.31 increased the supply of bank loans by ples, and Doing Business helps in this (boxes 13.7% on average.39 Creditor rights and the 2.2 and 2.3). For example, Saudi Arabia used A sound regulatory environment leads to stron- existence of credit registries, whether public the company law of France as a model for ger trade performance. Efforts to streamline or private, are both associated with a higher revising its own. Many countries in Africa the institutional environment for trade (such look to Mauritius—the region’s strongest ratio of private credit to GDP.40 And greater as by increasing the efficiency of customs) performer on Doing Business indicators—as a information sharing through credit bureaus have been shown to have positive effects source of good practices for business regula- is associated with higher bank profitability on trade volumes.32 One study found that tion reform. In the words of Luis Guillermo and lower bank risk.41 an inefficient trade environment was among Plata, the former minister of commerce, the main factors in poor trade performance Country-specific research assessed the industry and tourism of Colombia, in Sub-Saharan African countries.33 Similarly, effect of efficient debt recovery and exit another study identified the government’s It’s not like baking a cake where you processes in determining conditions of credit ability to formulate and implement sound follow the recipe. No. We are all different. and in ensuring that less productive firms are policies and regulations that promote But we can take certain things, certain either restructured or exit the market: private sector development, customs ef- key lessons, and apply those lessons and • The establishment of specialized debt see how they work in our environment. ficiency, quality of infrastructure and access to finance as important factors in improving recovery tribunals in India sped up the resolution of debt recovery claims and Over the past 9 years there has been much trade performance.34 The same study found allowed lenders to seize more collateral activity by governments in reforming the that economies with more constrained ac- on defaulting loans. It also increased the regulatory environment for domestic busi- cess to foreign markets benefit more from probability of repayment by 28% and nesses. Most reforms relating to Doing improvements in the investment climate lowered interest rates on loans by 1–2 per- Business topics have been nested in broader than those with easier access. centage points.42 programs of reform aimed at enhancing Research also shows that an economy’s economic competitiveness, as in Colombia, • Following a broad bankruptcy reform in ability to enforce contracts is an important Kenya and Liberia, for example. In structur- Brazil in 2005 that, among other things, determinant of its comparative advantage ing their reform programs for the business improved the protection of creditors, the in the global economy: among compa- environment, governments use multiple cost of debt fell by 22% and the aggregate rable economies, those with good contract data sources and indicators.45 And reformers level of credit rose by 39%.43 enforcement tend to produce and export respond to many stakeholders and interest more customized products than those with • The introduction of improved insolvency groups, all of whom bring important issues poor contract enforcement.35 Another study regimes that streamlined mechanisms for and concerns to the reform debate. World shows that in many developing economies reorganization reduced the number of liq- Bank Group dialogue with governments production of high-quality output is a pre- uidations by 8.4% in Belgium and by 13.6% on the investment climate is designed to condition for firms to become exporters: in Colombia as more viable firms opted for encourage critical use of the data, sharp- institutional reforms that lower the cost of reorganization instead.44 In Colombia the ening judgment, avoiding a narrow focus high-quality production increase the posi- new law better distinguished viable from on improving Doing Business rankings and tive effect that trade facilitation can have on nonviable firms, making survival more like- encouraging broad-based reforms that income.36 Research shows that removing ly for financially distressed but viable firms. enhance the investment climate. The World 22 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Bank Group uses a vast range of indicators The Doing Business approach to data col- BOX 2.2 How economies have used Doing Business in regulatory reform and analytics in this policy dialogue, includ- lection contrasts with that of firm surveys, programs ing its Global Poverty Monitoring indicators, which capture often one-time perceptions To ensure the coordination of efforts across World Development Indicators, Logistics and experiences of businesses. A corporate agencies, such economies as Colombia and Performance Indicators and many others. lawyer registering 100–150 businesses a year Rwanda have formed regulatory reform com- With the open data initiative, all indicators will be more familiar with the process than mittees, reporting directly to the president, and data are available to the public at http:// an entrepreneur, who will register a business that use the Doing Business indicators as one data.worldbank.org. only once or maybe twice. A bankruptcy at- input to inform their programs for improv- ing the business environment. More than 25 torney or judge dealing with dozens of cases other economies have formed such commit- METHODOLOGY AND DATA a year will have more insight into bankruptcy tees at the interministerial level. These in- Doing Business covers 183 economies—in- than a manager of a company who may have clude economies across regions: In East and never undergone the process. cluding small economies and some of the South Asia, India; Malaysia; Sri Lanka; Taiwan, poorest economies, for which little or no China; Thailand; and Vietnam. In the Middle Doing Business respondents East and North Africa, Egypt; Morocco; data are available in other data sets. The Saudi Arabia; the United Arab Emirates; and Doing Business data are based on domestic Over the past 9 years more than 12,000 pro- the Republic of Yemen. In Eastern Europe laws and regulations as well as administra- fessionals in 183 economies have assisted and Central Asia, Georgia; Kazakhstan; the tive requirements. (For a detailed explana- in providing the data that inform the Doing Kyrgyz Republic; Moldova; and Tajikistan. Business indicators. This year’s report draws tion of the Doing Business methodology, see In Sub-Saharan Africa, Botswana; Burundi; on the inputs of more than 9,000 profes- the data notes.) the Central African Republic; the Comoros; sionals. Table 4.1 in the data notes lists the the Democratic Republic of Congo; Kenya; Liberia; Malawi; Mali; and Zambia. And in Information sources for the data number of respondents for each indicator Latin America, Guatemala; Mexico; and Peru. Most of the Doing Business indicators are set. The Doing Business website indicates the Governments have reported more than 300 based on laws and regulations. In addition, number of respondents for each economy regulatory reforms that have been informed most of the cost indicators are backed by of- and each indicator. Respondents are profes- by Doing Business since 2003. sionals or government officials who routinely ficial fee schedules. Doing Business respon- dents both fill out written questionnaires administer or advise on the legal and regula- and provide references to the relevant laws, tory requirements covered in each Doing BOX 2.3 How a regional economic forum uses Business topic. They are selected on the Doing Business regulations and fee schedules, aiding data checking and quality assurance. Having rep- basis of their expertise in the specific areas The Asia-Pacific Economic Cooperation resentative samples of respondents is not covered by Doing Business. Because of the (APEC) organization uses Doing Business to an issue, as the texts of the relevant laws focus on legal and regulatory arrangements, identify potential areas of regulatory reform, and regulations are collected and answers most of the respondents are legal profes- to champion economies that can help oth- ers improve and to set measurable targets. checked for accuracy. sionals such as lawyers, judges or notaries. In 2009 APEC launched the Ease of Doing The credit information survey is answered Business Action Plan with the goal of making For some indicators—for example, those on by officials of the credit registry or bureau. it 25% cheaper, faster and easier to do busi- dealing with construction permits, enforcing Freight forwarders, accountants, architects ness in the region by 2015.1 The action plan contracts and resolving insolvency—the and other professionals answer the surveys sets specific targets, such as making it 25% time component and part of the cost com- related to trading across borders, taxes and faster to start a business by reducing the av- ponent (where fee schedules are lacking) construction permits. erage time by 1 week. are based on actual practice rather than the Drawing on a firm survey, planners iden- law on the books. This introduces a degree Development of the methodology tified 5 priority areas: starting a business, of judgment. The Doing Business approach The methodology for calculating each in- getting credit, enforcing contracts, trading has therefore been to work with legal prac- dicator is transparent, objective and easily across borders and dealing with construction titioners or professionals who regularly un- replicable. Leading academics collaborated permits. APEC economies then selected 6 “champion economies” for the priority areas: dertake the transactions involved. Following in the development of the indicators, ensur- New Zealand and the United States (starting the standard methodological approach for ing academic rigor. Eight of the background a business), Japan (getting credit), Korea (en- time-and-motion studies, Doing Business papers underlying the indicators have been forcing contracts), Singapore (trading across breaks down each process or transaction, published in leading economic journals.46 borders) and Hong Kong SAR, China (dealing such as starting and legally operating a busi- with construction permits). In 2010 and 2011 ness, into separate steps to ensure a better Doing Business uses a simple averaging ap- several of the champion economies organized estimate of time. The time estimate for each proach for weighting component indicators workshops to develop programs for building step is given by practitioners with significant and calculating rankings. Other approaches capacity in their area of expertise. were explored, including using principal and routine experience in the transaction. 1. APEC 2010. components and unobserved components.47 They turn out to yield results nearly identical ABOUT DOING BUSINESS: MEASURING FOR IMPACT 23 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. to those of simple averaging. Thus Doing includes changes in the ranking methodol- will be calculated and adjusted on a yearly Business uses the simplest method: weight- ogy for paying taxes. basis) will now receive the same ranking on ing all topics equally and, within each the total tax rate indicator. Since the total tax topic, giving equal weight to each of the topic Employing workers methodology. With the rate is 1 of 32 indicators included in the rank- components.48 aim of better capturing the balance between ing on the overall ease of doing business, this worker protection and efficient employment change has minimal effects on the overall Inclusion of getting electricity regulation that favors job creation, Doing rankings. The correlation between rankings indicators Business has made a series of amendments on the ease of paying taxes with and without to the methodology for the employing work- this threshold is 99%. This year’s ease of doing business ranking ers indicators over the past 4 years. includes getting electricity as a new topic. The threshold is not based on any underly- The getting electricity indicators were intro- In addition, the World Bank Group has been ing theory. Instead, it is meant to emphasize duced as a pilot in Doing Business 2010 and working with a consultative group—includ- the purpose of the indicator: to highlight Doing Business 2011, which presented the ing labor lawyers, employer and employee economies where the tax burden on busi- results in an annex. During the pilot phase representatives, and experts from civil ness is high relative to the tax burden in the methodology was reviewed by experts, society, the private sector, the International other economies. Giving the same ranking to and data on the time, cost and procedures Labour Organization (ILO) and the OECD— all economies whose total tax rate is below to obtain an electricity connection were col- to review the methodology and explore the threshold avoids awarding economies lected for the full set of 183 economies. To future areas of research.51 The consultative in the scoring for having an unusually low avoid double counting, procedures related to group completed its work this year, and its total tax rate, often for reasons unrelated to getting an electricity connection have been guidance has provided the basis for several government policies toward enterprises. For removed from the dealing with construction changes in methodology (see also the data example, economies that are very small or permits indicators.49 notes). A full report with the conclusions that are rich in natural resources do not need of the consultative group is available on the to levy broad-based taxes. For more details Improvements to the methodology Doing Business website.52 on the calculation of the threshold, see the The methodology has undergone continual data notes. Follow-on work is continuing to explore improvement over the years.50 Changes have the measurement of worker protection to In addition, this year Doing Business collected been made mainly in response to sugges- complement the measurement of the cost data on labor taxes and social security con- tions providing new insights. For enforcing to employers of labor regulations. The data tributions paid by employees as well as em- contracts, for example, the amount of the on worker protection will serve as a basis for ployers. These data will be made available on disputed claim in the case study was in- the development of a joint analysis of worker the Doing Business website to enable analysis creased from 50% to 200% of income per protection by the World Bank Group and the of the distribution of these contributions capita after the first year of data collection, ILO. between employers and employees. as it became clear that smaller claims were unlikely to go to court. Pending further progress on research in this Getting credit methodology. The strength area, this year’s report does not present rank- of legal rights index measures certain rights Another change relates to starting a busi- ings of economies on the employing workers of borrowers and lenders with respect to ness. The minimum capital requirement indicators or include the topic in the aggre- secured transactions. The index describes can be an obstacle for potential entrepre- gate ranking on the ease of doing business. how well collateral and bankruptcy laws neurs. Initially Doing Business measured It does present the data on the employing facilitate lending by measuring 10 aspects of the required minimum capital regardless of workers indicators. Additional data on labor these laws. whether it had to be paid up front or not. In regulations collected in 183 economies are many economies only part of the minimum available on the Doing Business website.53 One aspect of collateral law that is measured capital has to be paid up front. To reflect the relates to whether secured creditors can actual potential barrier to entry, the paid-in Paying taxes methodology. Doing Business continue individual court actions after a minimum capital has been used rather than has benefited from dialogue with external debtor starts a court-supervised reorganiza- the required minimum capital. stakeholders, including participants in the tion procedure or whether they are subject International Tax Dialogue, on the survey to an automatic stay or a moratorium. This year’s report includes improvements instrument and methodology for the pay- Previously only economies where secured in the methodology for the employing ing taxes indicators. As a result of these creditors can continue a court action in these workers indicators and the getting credit consultations, this year’s report introduces circumstances were rewarded in the scoring (legal rights) indicators, in addition to the a threshold for the total tax rate for the for the strength of legal rights index. Now removal of the procedures related to getting purpose of calculating the ranking on the economies where secured creditors must an electricity connection from the dealing ease of paying taxes. All economies with a stop individual court actions but their rights with construction permits indicators. It also total tax rate below the threshold (which remain protected through other means are 24 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. also rewarded (see the data notes for more 8. http://www.enterprisesurveys.org. of doing business ranking and the ranking details). The change aligns the methodol- 9. OECD, “Indicators of Product Market on the Control of Corruption Index is 0.62, Regulation,” http://www.oecd.org/. The and that between the ease of doing business ogy for this indicator with guidelines of the measures are aggregated into 3 broad ranking and the ranking on the Transparency United Nations Commission on International International Corruption Perceptions Index families that capture state control, bar- Trade Law (UNCITRAL) and the World Bank riers to entrepreneurship and barriers to 0.77. The positive correlation is statistically Group. international trade and investment. The significant at the 5% level. 39 countries included in the OECD market 14. World Bank 2003. Data adjustments regulation indicators are Australia, Austria, 15. This year’s report does not present rankings Belgium, Brazil, Canada, Chile, China, the of economies on the employing workers All changes in methodology are explained Czech Republic, Denmark, Estonia, Finland, indicators. Nor does it include this topic in in the data notes as well as on the Doing France, Germany, Greece, Hungary, Iceland, the aggregate ranking on the ease of doing Business website. In addition, data time series India, Ireland, Israel, Italy, Japan, Korea, business. for each indicator and economy are available Luxembourg, Mexico, the Netherlands, New 16. For further details on the construction of the on the website, beginning with the first year Zealand, Norway, Poland, Portugal, Russia, indicators, the aggregate rankings and the the Slovak Republic, Slovenia, South Africa, the indicator or economy was included in the distance to frontier measure, see the data Spain, Sweden, Switzerland, Turkey, the report. To provide a comparable time series notes and the chapter on the ease of doing United Kingdom and the United States. for research, the data set is back-calculated business and distance to frontier. 10. The World Economic Forum’s Global to adjust for changes in methodology and 17. According to searches on Google Scholar Competitiveness Report uses Doing Business (http://scholar.google.com) and the Social any revisions in data due to corrections. data sets on starting a business, employing Science Citation Index. The data set is not back-calculated for year- workers, protecting investors and getting credit (legal rights), representing 7 of a total 18. Djankov and others 2002; Alesina and oth- to-year changes in income per capita. The ers 2005; Perotti and Volpin 2005; Klapper, of 113 different indicators (or 6.2%). website also makes available all original data Laeven and Rajan 2006; Fisman and Sarria- 11. Narayan and others 2000. sets used for background papers. Allende 2010; Antunes and Cavalcanti 12. Hallward-Driemeier, Khun-Jush and 2007; Barseghyan 2008; Eifert 2009; Pritchett (2010) analyze data from World Klapper, Lewin and Quesada Delgado 2009; Information on data corrections is pro- Bank Enterprise Surveys for Sub-Saharan Djankov, Freund and Pham 2010; Klapper vided in the data notes and on the website. Africa and show that broadly de jure and Love 2011; Chari 2011; Bruhn 2011. A transparent complaint procedure allows measures such as Doing Business indicators 19. Klapper, Lewin and Quesada Delgado anyone to challenge the data. If errors are are not correlated with ex post firm-level 2009. Entry rate refers to newly registered confirmed after a data verification process, responses. While countries that do better firms as a percentage of total registered according to Doing Business generally they are expeditiously corrected. firms. Business density is defined as the total perform better on enterprise surveys, for number of businesses as a percentage of the the majority of economies in the sample working-age population (ages 18–65). there is no correlation. Further, the authors NOTES find that the gap between de jure and de 20. Ciccone and Papaioannou 2007. 1. For more details on how the aggregate rank- facto conditions grows with the formal 21. Alesina and others 2005. ings are created, see the chapter on the ease regulatory burden. This suggests that 22. Loayza, Oviedo and Sérven 2005; of doing business and distance to frontier. more burdensome processes in Africa Barseghyan 2008. 2. This has included a review by the World open up more space for making deals 23. Dulleck, Frijters and Winter-Ebmer 2006; Bank Independent Evaluation Group and that firms may not incur the official Calderon, Chong and Leon 2007; Micco and (2008) as well as ongoing input from the costs of compliance, but they still pay Pagés 2006. International Tax Dialogue. to avoid them. A few differences in the 24. Masatlioglu and Rigolini 2008; Djankov 3. The resolving insolvency indicators measure underlying methodologies should be kept 2009. the time, cost and outcome of insolvency in mind. The Doing Business methodology focuses on the main business city, while 25. Bruhn 2011. proceedings involving domestic entities. In previous reports this indicator set was referred enterprise surveys typically cover the 26. Kaplan, Piedra and Seira 2007. to as closing a business. Resolving insolvency entire country. Doing Business gathers the 27. Aghion and others 2008. more accurately reflects the outcomes that considered views of experts who examine 28. Sharma 2009. are measured: a judicial procedure aimed the laws and rules underlying the business regulatory framework in a narrow set of 29. Chari 2011. at reorganization or rehabilitation, a judicial areas; enterprise surveys collect the views 30. Cardenas and Rozo 2009. procedure aimed at liquidation or winding up, and debt enforcement or foreclosure (in or of enterprise managers and the question 31. Branstetter and others 2010. outside the courts). posed to the manager is seldom identi- 32. Djankov, Freund and Pham 2010. cal to the one being addressed by Doing 4. Local experts in 183 economies are surveyed 33. Iwanow and Kirkpatrick 2009. Business contributors, which is in reference annually to collect and update the data. The to a particular standardized case. World 34. Seker 2011. local experts for each economy are listed on Bank Enterprise Surveys, available at 35. Nunn 2007. the Doing Business website (http://www http://www.enterprisesurveys.org, collect .doingbusiness.org). 36. Rauch 2010. business data on more than 100,000 firms 5. De Soto 2000. in 125 economies, covering a broad range 37. Chang, Kaltani and Loayza 2009; Cuñat and 6. Schneider 2005; La Porta and Shleifer 2008. of business environment topics. Melitz 2007. 7. Amin 2011. 13. The correlation coefficient between the ease 38. http://www.enterprisesurveys.org. ABOUT DOING BUSINESS: MEASURING FOR IMPACT 25 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 39. Haselmann, Pistor and Vig 2010. The and weighting methods is available on the countries studied were Bulgaria, Croatia, the Doing Business website (http://www Czech Republic, Estonia, Hungary, Latvia, .doingbusiness.org). Lithuania, Poland, Romania, the Slovak 49. Previous years’ data on dealing with Republic, Slovenia and Ukraine. construction permits are adjusted to reflect 40.Djankov, McLiesh and Shleifer 2007; this change. They are made available on Houston and others 2010. the Doing Business website under “historical 41. Djankov, McLiesh and Shleifer 2007; data” (http://www.doingbusiness.org). Houston and others 2010. 50. All changes in methodology are explained 42. Visaria 2009. in the data notes in this year’s report and in previous years’ reports back to Doing 43. Funchal 2008. Business 2007 (data notes and previous 44.Dewaelheyns and Van Hulle (2008) years’ reports are available at http://www on Belgium; Giné and Love (2010) on .doingbusiness.org). Colombia. 51. For the terms of reference and composi- 45. One recent study using Doing Business tion of the consultative group, see World indicators illustrates the difficulties in using Bank, “Doing Business Employing Workers highly disaggregated indicators to identify Indicator Consultative Group,” http://www reform priorities (Kraay and Tawara 2011). .doingbusiness.org. 46. All background papers are available on the 52. http://www.doingbusiness.org/ Doing Business website (http://www methodology/employing-workers. .doingbusiness.org). 53. http://www.doingbusiness.org. 47. For more details, see the chapter on the ease of doing business and distance to frontier. 48. A technical note on the different aggregation EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Economy case studies KOREA: BETTER BUSINESS implementing several of the recent reforms the Korean Chamber of Commerce, estab- REGULATION AND IMPROVED in business regulation. lished the public-private Regulatory Reform COMPETITIVENESS Task Force to monitor and resolve difficulties The institutional framework faced by businesses. Every year the council Rapid growth over the past 3 decades trans- formed Korea into the world’s 13th largest In 2008 newly elected President Lee reports statistics on the issues the task force economy.1 Exports were a big driver of that Myung-bak established the Presidential investigates and resolves through coopera- growth, which averaged 6.4% a year between Council on National Competitiveness with a tion with relevant authorities.10 1981 and 2009.2 Exports and imports together broad mandate to revive the economy by im- proving Korea’s competitiveness. Regulatory Multipronged regulatory reform amounted to 83% of GDP in 2007, and by 2008 Korea had become the world’s 7th larg- reform was identified as 1 of 4 pillars for the In recent years Korea has been implementing initiative, along with public sector innova- reforms that affect several areas of business est trader.3 But the economy’s heavy reliance tion, investment promotion, and legal and regulation, including taxation, trade, inves- on foreign trade made it especially vulnerable institutional advancement. tor protections, bankruptcy and business to the global economic crisis of 2008–09. During the height of the crisis, in the fall of registration. The council’s ambition in 2008 was “to 2008, the economy contracted by 15% as achieve a potential economic growth rate of exports, hit by poor credit conditions and de- Lower and simpler taxes 6–7% and a national competitiveness rank of clining investor confidence, plunged by 34%.4 As part of a stimulus package following the 15 globally by 2012.”7 The council noted early global crisis, Korea accelerated its 5-year on that of the economy’s 5,189 business reg- The government’s policy response to the corporate income tax reduction program to ulations, 800 (15%) had not been revised in global economic crisis recognized the a 3-year program. It reduced the highest cor- the 10 years since 1998. In an effort to bring larger role played by small and medium-size porate tax rate from 25% to 22% in 2009, regulations up to date, the council applied enterprises, especially in employment—in and the lowest rate from 11% to 10% in 2010. sunset clauses to more than 600 regulations contrast to before the 1997–98 East Asian fi- The plan is to further reduce the highest rate and 3,500 administrative rules.8 nancial crisis, when the large conglomerates in 2012, from 22% to 20%. known as chaebol dominated. At the end of For the past 3 years the council has been 2008 Korea’s 3 million small and medium- Korea also undertook efforts to lighten the holding meetings twice a month to discuss size enterprises accounted for 99.9% of all administrative burden of taxes. In 1997 it had Korea’s competitiveness strategy, bringing companies in the economy, almost 90% of already implemented a system allowing tax- together representatives from the Employers employment and about 50% of production.5 payers to file taxes electronically.11 In 2002 it Federation, trade unions, the Chamber of In the wake of the crisis the government took launched a new one, the Hometax system.12 Commerce, the Federation of SMEs, the steps to reduce the tax and regulatory bur- In 2010, thanks to increased use of the new Ministry of Strategy and Finance, academia den on these businesses, building on reforms system, the time to comply with tax obliga- and the private sector. The Ministry of begun earlier in the decade. Strategy and Finance is responsible for tions was reduced by 14% as measured by improving the business environment by Doing Business. In parallel with introducing Many of the reforms of business regulation, planning and implementing economic regu- online taxation, Korea reorganized its tax ad- such as the launch of an online system for lation, simplifying administrative procedures ministration, shifting from an organization by business registration and the introduction and reducing related costs. The Small & type of tax (such as personal income tax and of an electronic single window to facilitate Medium Business Administration, created corporate income tax) to one by tax function trade, reflect Korea’s broader push toward e- in 1996, focuses on promoting small and (collection, audit and so on). The introduc- government. A road map adopted in 2003 to medium-size enterprises as the backbone of tion of online taxation and the functional create the “world’s best open e-government” the economy.9 reorganization of tax administration have included targets such as putting 85% of substantially reduced the need for informal public services online.6 Korea’s advanced To further support the reform initiative, in contact between government officials and e-government provided the foundation for 2008 the government, in collaboration with taxpayers. ECONOMY CASE STUDIES: KOREA 27 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. In 2010 and 2011 Korea took further steps January 2005. Minority investors can now By 2010 more companies were able to con- to ease the administrative burden of taxes. file class actions for negligent external audits tinue operating. The number of reorganiza- It amended the Local Tax Law twice in 2010 of a listed company, for insider trading and tion filings in Korea rose from 366 in 2008 to to merge 4 local taxes into 2. And effective market manipulation and for false disclosure 630 in 2010 (table 3.1). More important, the January 1, 2011, it made the National Health in the prospectuses or quarterly, semiannual number of companies that kept operating Insurance Corporation the consolidated col- after filing for reorganization increased from and annual reports of listed companies. lector for pension, health, unemployment 73 in 2008 to 223 in 2010, while the number and industrial accident insurance payments. In October 2009 Korea amended its 2006 filing for liquidation grew by much less (from This allows joint filing and payment for 4 dif- bankruptcy law in an effort to keep more 191 in 2008 to 253 in 2010). ferent labor taxes and contributions. companies operating during the global Easier and cheaper business start-up As Korea started to recover from the crisis, economic crisis. By the second half of 2008 In 2009 Korea made starting a business the revenue collected from corporate income both export and domestic companies had easier, particularly for joint stock companies, tax rose, exceeding the 2008 level in both begun to feel the effect of the decline in or jusik hoesa, which account for more than 2009 and 2010. The number of companies international demand due to the global crisis 90% of Korean companies.19 For these com- registered for corporate income tax also and rising oil prices.16 Much as it had done panies the minimum capital requirement was rose, increasing by 7% from 2008 to 2009 after the East Asian financial crisis, Korea abolished, and the cost to start a business and by 10% from 2009 to 2010. modified its bankruptcy law to favor restruc- reduced from 17% of income per capita to turing over liquidation, launched workout 14.57%. Since 2009 notaries have no longer Easier trade plans to save ailing financial institutions and been required, strict time limits have applied In 2008 the Korea Customs Service launched enhanced transparency among foreign and for value added tax registration, and entre- a comprehensive reform plan aimed at domestic creditors—a strategy that accord- preneurs have been able to pay registration establishing the world’s best customs clear- taxes online. Online payment is very acces- ing to research helped to gradually revive ance system.13 By 2009 the agency had sible in Korea, which has the world’s highest investor confidence.17 moved from an “E-customs system”—an wireless broadband penetration rate.20 electronic data interchange system with ac- Under Korea’s new bankruptcy law, creditors cess for subscribers only—to a “U-customs lending money to distressed companies re- In February 2010 Korea made start-up even system”—a global internet-based customs easier and less costly through an online sys- ceive “superpriority” over other secured cred- portal linking financial institutions, customs tem, Start-Biz Online, which is managed by the itors. This makes it easier for such companies agencies, logistics companies and 23 gov- Small & Medium Business Administration.21 to obtain new loans and continue operating. ernment agencies.14 In the past, entrepreneurs starting a company The law also encourages reorganization by had to manually fill out more than 30 forms This international single window, known as simplifying rules and allowing management and visit 6 different agencies—which led UNI-PASS, allows importers and exporters to stay onboard to administer the company’s 96% of company founders to hire a lawyer as to handle customs declarations and other turnaround—while balancing creditors’ inter- their agent. Now they enter information once, trade-related requirements from anywhere ests by allowing them to establish creditors’ and the online system automatically distrib- at any time. UNI-PASS is one of the world’s committees during bankruptcy.18 utes it. Entrepreneurs can use the system to few 100% electronic clearance portals. Its introduction reduced the average time to ex- TABLE 3.1 Reorganization and liquidation filings in the Republic of Korea, 2008–10 port from 11 days to 8, and the average time Companies that kept operating to import from 10 days to 8, as measured Companies filing for reorganization after filing for reorganization Companies filing for liquidation by Doing Business 2009. The Korea Customs Year Seoul All of Korea Seoul All of Korea Seoul All of Korea Service estimates that it spent about $7.7 2008 111 366 11 73 74 191 million in total on the single window in 2009 192 669 54 257 122 226 2006–10, generating cost savings of about 2010 155 630 35 223 122 253 $70.5 million in 2010 alone.15 Source: Ministry of Justice of Korea. TABLE 3.2 New companies registering and exiting in the Republic of Korea, 2008–10 Greater protections for investors Jusik hoesa registering Jusik hoesa exiting Yuhan hoesa registering Yuhan hoesa exiting and creditors All of All of All of All of Already in 2005 Korea had begun to adopt Year Seoul Korea Seoul Korea Seoul Korea Seoul Korea a range of measures to improve corporate 2008 17,567 47,739 10,801 26,175 538 2,766 284 359 governance, including supporting the 2009 19,313 52,976 12,344 29,783 998 3,361 224 295 nascent shareholder rights movement by 2010 20,789 57,828 15,062 35,795 838 2,765 276 383 giving minority shareholders more rights. Note: Jusik hoesa are joint stock companies. Yuhan hoesa are limited liability companies. Source: Supreme Court of Korea. Korea’s class action law came into effect in 28 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. conduct name searches, register a company, NOTES 11. In 2009, 95% of corporate income tax pay local taxes and the corporate registration 1. Based on 2010 GDP measured by purchas- returns, 80% of individual income tax tax—and more. ing power parity (PPP) exchange rates. Data returns and 78% of value added tax returns are from the International Monetary Fund, were filed electronically. As Korea started recovering from the crisis, World Economic Outlook Database, http:// 12. The Hometax system is available at http:// the number of newly registered joint stock www.imf.org/. www.hometax.go.kr. companies began steadily increasing. It 2. World Bank, World Development Indicators 13. Korea Customs Service 2009b. grew by about 9% between 2009 and 2010 database, http://data.worldbank.org/. 14. The U-customs system is being used as 3. World Bank, World Development Indicators a model by several economies seeking (table 3.2). More than a third of the new database, http://data.worldbank.org/. The to improve their trade systems, including companies are located in Seoul. OECD average for exports and imports is Dominica and Ecuador. about 50% of GDP. 15. The cost of the single window fell after Besides making start-up easier for all com- the initial investment in 2006. The share 4. See Bernanke (2009, p. 15); and Asian panies, Korea plans to relax or abolish many Development Bank (2009, pp. 172–76). of Korean export and import transactions industry-specific barriers to entry, in an ef- 5. Small & Medium Business Administration, processed through the single window fort to promote new business and revitalize “Statistics,” http://eng.smba.go.kr/ increased from about 67% in 2009 to (accessed July 2011). about 92% in 2010 (Korea Customs Service the economy. For example, it will no longer 2009a, 2010). restrict businesses selling petroleum to op- 6. Between 2003 and 2007, 31 new e- government initiatives were implemented. In 16. Kim 2009, p. 279. erate only in a specific region.22 2010 Korea ranked number 1 globally on the 17. See Cirmizi, Klapper and Uttamchandani United Nations E-government Development (2010); and Oh and Haliday (2009). Smoother permitting Index (United Nations Department of 18. See Eunjai Lee and Wan Shik Lee, Korea also strengthened construction Economic and Social Affairs 2010). “Restructuring and Insolvency: South Korea,” permitting, updating its building code in 7. PCNC (2009) cites Korea’s “national http://www.practicallaw.com/. 2005/06. In May 2006 small construction competitiveness ranking on IMD’s World 19. About 10% of companies are small or Competitiveness Yearbook (31 out of 55 medium-size limited liability companies, projects were exempted from the require- in 2008), WEF’s Global Competitiveness or yuhan hoesa. In 2006–09 an average of ment to apply for an advance building per- report (13 out of 134) and WBG’s Doing 2,500 new yuhan hoesa a year were created mit.23 This allows regulators to focus their Business report (23 out of 178)” (p. 11). in Korea. energy on the more complex projects. 8. PCNC 2011. 20. OECD 2010. 9. Small & Medium Business Administration, 21. http://www.startbiz.go.kr. In 2010 Korea started a general licensing re- http://eng.smba.go.kr/. 22. PCNC 2011, p. 14. form (this does not yet apply to matters such 10. The statistics are included in annual reports 23. World Bank 2006b. as construction permitting). Until recently of the Presidential Council on National 24. PCNC 2011. Korean licensing laws had “prohibition of a Competitiveness. In 2009 the task force undertook on-site inspections of companies 25. See PCNC (2011), which cites International license” as the principle and “permission for in 30 areas and held 67 sectoral meetings, Monetary Fund data on 2010 growth rates in license” as the exception. Permission became revealing 785 issues. It resolved 559 issues major economies. the principle in 2010.24 The goal for the com- through cooperation with relevant authorities. ing years is to establish a licensing council, a one-stop shop that will bring together all administrative agencies and process applica- tions within 20 days as a general rule. Conclusion In 2010, as the world economy slowly re- covered 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 enter- prise and investment.” ECONOMY CASE STUDIES: FYR MACEDONIA 29 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. FYR MACEDONIA: MAJOR deputy prime minister for economic affairs income tax rate to 10%. The following year CHANGES SPURRED BY REGIONAL has provided coordination to streamline it reduced rates for social security contribu- INTEGRATION the reform efforts, and the Ministries of tions and integrated their payment with that Regional integration efforts such as the ac- Finance, Justice, Economy, and Transport of other taxes. cession process of the European Union can and Communications have joined initia- tives for reforming the legal and regulatory Judicial reforms help drive reforms in business regulation. This has been the case in FYR Macedonia, framework. A comprehensive information technology which launched a comprehensive reform system was introduced in 2007 as part of Along with political will and capacity, there the government’s 2007–10 information tech- agenda after applying for EU membership. has been strong collaboration among min- nology strategy. This provided a foundation FYR Macedonia signed the Stabilization and istries, particularly at the operational level. for reforms in judicial processes, especially Association Agreement with the European As the government pushed for change, its through the introduction of electronic case Union in April 2001 and received candidate efforts triggered initiatives in ministries management. Before reforms, the judicial country status in November 2005.1 Its and agencies. Since November 2006 the system was plagued by inefficiencies. reform agenda has been driven largely by government has implemented 3 phases of Procedures were slow, delaying access to requirements to ensure that the country’s a “regulatory guillotine” project aimed at justice. Getting final decisions enforced was laws are in line with the EU legal framework reducing the regulatory burden and cutting a long and difficult process. Courts were (acquis) and to fulfill certain macroeconomic red tape and bureaucracy. As part of this, the overburdened with minor cases, and case criteria. Equally important has been the Ministry of Transport and Communications management was unorganized. There was desire to attract investment and develop initiated several legal reforms to simplify and too little use of information technology—and business activity to create jobs and achieve speed up the process of obtaining a building qualified human resources were scarce.8 economic growth. Since 2004 the parlia- permit.5 And the Customs Administration FYR Macedonia tackled these inefficiencies ment has made important changes to legis- introduced several measures to increase the through several reform initiatives for which lation, including business regulations. speed and efficiency of trade. EU legislation provided a framework. The efforts are showing results. FYR In another initiative, the National Bank Macedonia is among the 10 economies that Modernizing the courts helped strengthen the financial system by made the biggest strides in creating a regula- Judicial reforms began in 2003, with establishing a public credit registry in 2008. tory environment more favorable to business the donor-funded Macedonia Court Thanks to a more recent effort initiated by in the past 6 years.2 It moved up in the global Modernization Project. The project intro- the Ministry of Finance, a private credit bu- ranking on the ease of doing business from duced new practices in pilot courts with the reau was formed by the association of com- 81 in Doing Business 2006 to 22 in this year’s aim of demonstrating modern case manage- mercial banks and started operating in 2011. report.3 Besides improving in the relative ment methods, increasing proactive court ranking, FYR Macedonia is also among the E-government provided the platform for management by judges and administrative economies that closed the gap to the frontier many of the reforms in the business regula- staff and showing how courts could improve the most in the past 6 years (see figure 1.9 in tory environment. The government set out to access for the public by reducing case back- the executive summary).4 transform public administration processes logs and eliminating unnecessary delays.9 by establishing the Ministry of Information In addition to the EU acquis, FYR Macedonia In a separate initiative starting in 2004, Society and Administration and implement- has used the Doing Business reports to the Ministry of Justice developed a judicial ing a number of e-government projects. benchmark good practices and promote reform strategy focused on building capac- The aim was to create more modern, improvements to its regulatory framework ity, strengthening court infrastructure and integrated, efficient, transparent and secure to make it easier to do business. External improving information technology systems. processes. The first step was to establish assistance has contributed to the sustained The ministry set up an advisory body made the infrastructure; the second was to roll out success. The World Bank, the European up of representatives of judicial institutions the e-services.6 Support was provided by Commission and the U.S. Agency for to review and provide input on the strategy. It USAID, which has funded the development International Development (USAID) have also organized several public debates, as well of e-government through 11 projects so far.7 provided funds and technical assistance for as roundtables giving representatives of the Achievements have included an electronic drafting new laws and implementing admin- legal and judicial professions an opportunity tax system created in 2008 to streamline istrative reforms. to provide feedback and suggestions. the filing and payment of taxes, an electronic The institutional framework cadastre for property registration introduced Changing laws to speed up court in 2010 and an online system for business The government of FYR Macedonia has been proceedings registration that began operating in 2011. the driving force behind the reforms, with Enacting and amending laws on civil proce- the reform agenda receiving support at the The government also implemented tax dure and enforcement of judgments has also highest political levels. The cabinet of the changes. In 2008 it reduced the corporate played an important part in improving the 30 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. judicial environment. A new law on enforce- trustees to sell all the assets of the bankrupt of property cases awaiting registration in ment, coming into force on June 1, 2006, and company and conclude the bankruptcy case Skopje shrank from 15,035 in 2005 to 2,082 amended in 2011, enabled creditors to initi- to a maximum of 18 months. in May 2011. The average time to process ate the process through private enforcement applications fell from 60 days in 2004 to 5 agents. This enforcement model has served Administrative reforms in 2011. All fees were cut by 50% in 2007 as inspiration for other economies in the Through the regulatory guillotine project, as part of the regulatory guillotine project region, including Croatia. the government of FYR Macedonia has and by another 10–72% in January 2010. undertaken several reforms to streamline These accomplishments won the cadastre Overall, the changes have produced results. administrative processes, reduce costs an award of excellence from the World Bank The time to enforce a contract fell from and introduce the “silence is consent” rule. in June 2010.13 509 days in 2004 to 370 days in 2009, as The most important achievements include measured by Doing Business. A 2011 amend- reducing the complexity, time and cost of The cadastre has introduced performance ment to the law on civil procedure, the result starting a business and registering prop- standards to motivate staff to work more of an analysis of court cases by the Ministry erty and speeding up the export and import efficiently. Staff exceeding the average can of Justice, is aimed at further reducing the process. receive a salary increase of up to 25%. The cost and duration of court proceedings. The cadastre has also worked to improve its pub- law sets deadlines for the different steps in a Making business registration one stop lic image, by holding “open days,” opening court case. One tool helping to meet those As a first step to streamline business regis- “hotlines” to answer questions and meeting deadlines is software supporting electronic tration, FYR Macedonia launched a central with citizens in the municipalities of Skopje. case management.10 registry on January 1, 2006. A 2005 law A customer asked about his recent experi- had transferred business registration out of While courts are more efficient and the case ence reported having to wait in line outside the courts—where the process was slow, backlog smaller, the backlog still remains a the cadastre for 4 hours in the summer expensive and overly complex—and made major problem. But the Ministry of Justice heat—but considered that a huge improve- the registry the only body in the country estimates that the latest amendments to ment over a few years ago, when transferring responsible for registering companies.12 the law on enforcement—with the expected property took several months. transfer of 402,000 cases from the courts to The government created a one-stop shop at notaries or enforcement agents—will soon the central registry, unifying and simplifying The most recent efforts to increase efficiency reduce the number of cases in the courts by the procedures to register a company and and effectiveness include launching an more than 80% compared with 2006. That its employees. This cut the number of pro- electronic cadastre and front desk in 2010. will allow faster enforcement of contracts cedures to start a business from 13 in 2004 The “e-cadastre” is aimed at improving and speedier reduction of the large case to 3 in 2010, and the time from 48 days to management of the workload and providing backlog. 3, as measured by Doing Business. The new real-time dissemination and exchange of registry, along with legal changes such as data. The “e–front desk,” supported by the Reforming bankruptcy abolishing the minimum capital requirement, Netherlands, includes electronic conveyance, FYR Macedonia’s 2006 Bankruptcy Law enabled FYR Macedonia to join the top 6 recording and processing of applications. greatly reduced the average duration of economies worldwide on the ease of starting Among other things, it allows notaries to bankruptcy cases. According to the Ministry a business. check information on encumbrances and the of Economy, concluding cases took an status of applications. average of 1.4 years under the 2006 law— In April 2011 the government further stream- compared with 6.6 years under the 1997 lined and reduced the cost of business regis- Increasing the speed and efficiency Bankruptcy Law and 13.8 years under the tration by introducing an online system. Now of trade 1989 Law on Forced Settlement, Bankruptcy there is no need to get corporate documents The Customs Administration has undertaken and Liquidation.11 and signatures notarized. By July 2011 only a few applications for business registration had a range of measures to make importing and Recent amendments to the 2006 law are been received through the online system. But exporting faster and more efficient. In 2002 aimed at making the bankruptcy process use of the system is expected to grow as its it introduced a risk-based inspection system even faster. The amended law, which came existence becomes more widely known. to minimize the time to process customs into force in 2011, requires bankruptcy trust- declarations and prevent unnecessary ees to use an electronic system to record all Making property registration faster delays in customs terminals. The Customs phases and actions during bankruptcy pro- and easier Administration uses various information ceedings, increasing transparency. Trustees A series of changes at the real estate cadas- technology systems for risk management can log on to the system to upload docu- tre in Skopje have made registering property and has continued to introduce guidelines for ments and track cases. The amendments faster and easier. A 2008 law streamlined risk management in customs controls since to the law reduced the legal time frame for procedures and set time limits. The number 2005.14 ECONOMY CASE STUDIES: FYR MACEDONIA 31 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. By using risk profiling, risk-based inspec- ongoing projects with international donors to process and introduce a “silence is consent” tion systems can focus only on the riskier digitize all property records and to establish rule for cases where the deadlines are missed. containers, reducing the need for physical a national geoportal allowing citizens to see 6. Armenski, Gusev and Spasov 2007. inspections of cargo and allowing most trad- the location of land plots and their surround- 7. E-gov Project, http://www.egov.org.mk. ers to get their goods cleared more quickly. ings online, a useful tool for builders and 8. FYR Macedonia, Ministry of Justice 2005. After analyzing potential risk factors, these developers. 9. Between November 2003 and March 2006 systems typically direct containers through But the process of EU accession will demand the number of cases pending for more than a “red channel” (for physical inspection), 1 year in the pilot courts fell by 19%, and the “yellow channel” (inspection of documents broader changes. The European Commission number pending for more than 3 years by only) or “green channel” (no additional in- reported in 2010 that “limited progress” had 48%. The Macedonia Court Modernization spections). Since 2009 FYR Macedonia has been made in reforming the judiciary, a key Project (2006) attributes these results to priority of the accession partnership and a judges and lawyers working harder and also used a “blue channel” allowing goods to focusing on older cases as well as new be released from customs without inspec- key remaining challenge to EU accession. It ones; measures to discourage multiple court tion and instead to undergo postclearance identified other areas of “limited progress” appearances; the project’s employment of control. Imports going through the yellow as social policy, employment and corruption. court coordinators to work with the judges channel are cleared in 1 hour on average, and It also reported that implementation of the and staff; the establishment of case flow anticorruption legal framework remained committees in each pilot court; a yearly exports in 23 minutes on average. backlog reduction plan tailored to the needs deficient.15 But there is good reason to be of each local court; the circulation of results In 2008 the Customs Administration intro- hopeful. FYR Macedonia has already shown from all pilot courts; and monthly tracking of duced an electronic single window that al- itself capable of overcoming obstacles that pending and closed cases. lows traders to submit customs documents are part of every reform process—through 10. Following the introduction of electronic online. Early in the same year it introduced political will, a desire to change and coordi- case management, the Automated Court 4 mobile scanners and rationalized the cus- nation with stakeholders. Case Management Information System toms fee schedule and permit structure. As (ACCMIS) software was introduced in 2009 and became fully operational in January a result of these changes, the time required 2010. to export fell from 19 days to 17 in 2008, NOTES 11. FYR Macedonia, Ministry of Economy 2011. and the time to import from 17 days to 15, as 1. European Commission 2005. 12. Under judicial authority the registration measured by Doing Business. 2. FYR Macedonia was among the 10 process required filing documents and forms economies that improved the most in the at several different institutions, leading to Conclusion ease of doing business as measured in Doing higher fees and longer wait times (USAID Business 2008 and in Doing Business 2010. 2009). It takes time for reforms to translate into 3. The ease of doing business ranking cited 13. Agency for Real Estate Cadastre Skopje changes in the economy. But FYR Macedonia from Doing Business 2006 is the ranking pub- 2011. has shown that it is on the right path—and lished in the report, not a back-calculated 14. An automated risk-based inspection system, more changes are soon to come. To make ranking that has been adjusted for changes CDPS Risk-Based Selection for Red, Yellow, resolving insolvency faster and easier, FYR in methodology and data revisions. Green and Blue Channel Inspection, has Macedonia plans to implement an electronic 4. For details on the distance to frontier been in place since 2002. Other information system for the sale of assets of bankrupt measure, see the data notes. technology systems in place include the companies. The Ministry of Transport and 5. The Law on Spatial and Urban Planning South-East European Messaging System, (amended February 14, 2011) and Law created by the European Commission’s Communications aims to launch an elec- EuropeAid Co-operation (AIDCO) and on Construction (amended February 14, tronic process for building permit applica- 2011) have streamlined the construction the European Union’s Customs and Fiscal tions by July 2012. The cadastre continues permitting process. Among other things, the Assistance Office (CAFAO). to improve its operations and has several amendments set deadlines for the approval 15. European Commission 2010. 32 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. MEXICO: UNLEASHING no longer viable. Compounding the problem Sharing experience REGULATORY REFORM AT THE was the lack of outreach to other stakehold- The subnational Doing Business project has LOCAL LEVEL ers: Congress, the judiciary and the public provided a vehicle for peer-to-peer learn- Governments around the world face chal- administration.3 ing and sharing of good practices among lenges when pursuing broad regulatory re- Mexican states. Cofemer organizes a confer- In 2000 the Office of the President set up form: identifying bottlenecks, obtaining po- ence twice a year at which plenary sessions the Federal Commission for Regulatory litical support, getting the resources needed, allow every state to share its experiences Improvement (known by its Spanish acro- gaining buy-in from stakeholders, bringing with regulatory reform, as well as lessons nym Cofemer) with the aim of establishing agencies together in one coordinated effort. learned. Peer learning also takes place even a long-lasting reform effort and a systematic Mexico illustrates the challenges of regula- more informally, on visits by policy makers to approach to regulation. But while this agency tory policy making when it involves different good performers such as Aguascalientes and became the main driver of change, continu- levels of government and regulation. Guanajuato. A visit to Sinaloa, where policy ing political obstacles at the local and na- makers learned more about how this state Mexico’s 31 states and 2,441 municipali- tional levels limited its effectiveness. In late 2003 the first Doing Business report ranked issues land use authorizations electronically, ties, along with Mexico City, have extensive Mexico above the global average on the ease led Colima to set up a similar system on its regulatory powers, allowing them to design, of doing business. Yet Mexico trailed behind own website. implement and enforce regulations.1 So regulatory reform has required not only such competitors as Chile, Malaysia and Sharing experience makes sense, because horizontal coordination among ministries, Thailand—and even further behind OECD differences across states in what entre- agencies, and legislative and judicial bodies high-income economies such as the United preneurs encounter in doing business can at the federal level, but vertical coordination Kingdom, Australia and Germany. point to opportunities for improvement. with entities at the state and municipal The Office of the President saw an opportu- For example, Doing Business in Mexico 2007 levels. The regulatory reform initiative in nity to use the Doing Business report to drive showed that business registration fees var- Mexico has used an exercise of benchmark- improvements. But because the president’s ied greatly from state to state. In Michoacán ing business regulation in all 31 states and support in Congress eroded even further in the registration cost for companies was Mexico City to support this coordination and the 2003 midterm elections, reforms failed the equivalent of $16; in Chihuahua it was stimulate change. to pass. With a national presidential elec- $1,035, more than 60 times as much. And Gathering momentum tion looming in mid-2006, the Office of the while some states set fixed fees, others President simply did not have the political charged percentage-based fees, calculated Regulatory reform efforts started as early as clout to carry out broad reforms, which usu- on the basis of the company’s capital.4 The the 1980s as Mexico, seeking rapid integra- ally take several years to plan and implement. 5 states with the most expensive business tion with the global economy, joined large start-up processes used percentage-based international trade agreements and the Thanks to Mexico’s federal structure, fees.5 The story was similar for property OECD. Greater openness to international however, states could start reform efforts transfer fees. Yet a company registration or markets and increased competition required immediately. In 2005 the Office of the property transfer takes the same amount of measures to lower the cost of doing business President requested a subnational Doing work regardless of the size of the company’s for its 75 million people.2 In the early 1990s Business report that would go beyond Mexico capital or the value of the property. the reform initiative was led by the Office of City. The first such report, launched in 2005, the President and a small group of technical benchmarked 12 states in addition to Mexico The many similarities across states—such advisers. The consequences of the 1994–95 City. A second one extended coverage to all as bottlenecks faced by entrepreneurs trying economic crisis helped intensify the focus 31 states in 2006. A third report repeated to start or expand a business—provided just on small and medium-size enterprises as an the benchmarking in 2008. A fourth is under as much reason for sharing experience. In engine of employment growth. way. registering a business or transferring prop- But the success of the reform efforts was erty, the biggest hurdle was filing documents undermined by lack of effective monitoring, What has worked? with the company or property registry. Doing transparency and public support. Changes The subnational Doing Business reports, Business in Mexico 2007 reported that the in the political landscape after the 1997 by providing a fact-based set of indicators property registration procedures with the midterm elections weakened the govern- that capture differences in local regulation public registry took between 73% and 87% ment’s support in Congress, where the and local implementation of national laws, of the total time for registering property. But president’s party lost its 68-year majority in prompted first dialogue and then action on Doing Business in Mexico 2009 could report the lower chamber. Now none of the 3 major regulatory reform. Along the way they have that 13 states had focused on updating their political parties had an absolute majority. In also led to the sharing of experience, to property and commercial registries. Many this fragmented political environment the competition and to collaboration, all of which states have also been working to consolidate unilateral top-down approach was seen as have helped to promote and sustain change. procedures in one place. Most now have a ECONOMY CASE STUDIES: MEXICO 33 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. one-stop shop that centralizes procedures collaboration through Cofemer helped total. Mexico has also improved construction and provides advice to entrepreneurs. expand the system to more municipalities permitting, by merging and streamlining pro- across more states. cedures related to zoning and utilities. Creating competition Today the system has been implemented More areas are being worked on. Reforms Competition between states was the biggest in 186 municipalities across 30 states.6 continue in trade, construction permit- catalyst for reform. Faced by almost identical According to a recent study, the SARE initia- ting, and business, property and collateral federal regulations, mayors and governors tive has had a significant impact.7 After the registration. had difficulty explaining why it took longer introduction of SARE’s one-stop shops, the or cost more to start a business or register number of registered businesses increased Seeing results property in their city or state. States that did by 5% and wage employment by 2.2%. There are encouraging signs that strengthen- poorly could not justify their poor perfor- mance, and they were inspired by the reform ing different areas of the business environ- After a few years of steady improvement at efforts of other states. ment at the same time produces better the state and municipal levels, the Office of overall results for business creation. A study the President saw a need for broad regula- This showed up in an accelerating pace performed after the introduction of SARE in tory reforms at the federal level. One impetus of change. Doing Business in Mexico 2007 several states found that the program had a was a perception that the subnational reform reported that 9 of 12 states (75%) had significantly greater effect on the number of efforts needed another boost. Mexico City’s implemented reforms in at least one area new businesses created in areas with a bet- poor performance in the subnational rank- measured by the report. Two years later, ter overall investment climate.9 ings on the ease of doing business pushed Doing Business in Mexico 2009 reported that the federal government to collaborate more Changes are also apparent for firms. The 28 of 31 states (90%) as well as Mexico closely with Mexico City’s 16 boroughs to share of senior management’s time spent City had implemented Doing Business re- coordinate reform efforts. A second impetus dealing with requirements imposed by gov- forms. Mexican states were improving their was Mexico’s performance in the global ernment regulations fell from 20% in 2005 regulatory environments, and the impulse rankings. While several regulatory reform to 14% in 2009. During the same period for regulatory reform persisted even through programs had been introduced at the fed- the share of businesses that had applied for changes in government. eral level in 2005–09, these had not been an operating license increased from 4% to enough to propel Mexico into the ranks of 23%.10 The pace of reform was maintained thanks the best performers—such as New Zealand, in part to the regulatory reform units that Korea and Denmark, which were then among Conclusion states were beginning to create. Puebla the top 35 on the ease of doing business. Regulatory reform in Mexico has become an set up the first, in 2003. By 2005, 5 states ongoing process. The government has taken had regulatory reform units. Today about In September 2009 the Office of the steps to continue the subnational Doing 20 states do. Nuevo León created the most President announced its intention to trans- Business project. In a first for such projects, recent one, in 2010. All the units have been form Mexico’s regulatory environment. The the methodology is being transferred to a created at the state’s initiative, with techni- aims were to build a regulatory framework reputable, independent think tank in Mexico, cal assistance from the federal government centered on and involving the citizen, to which expects to continue to do the study through Cofemer. increase competitiveness and to promote every 2–3 years. The federal and state gov- development. The Mexican government ernments have taken the lead on the funding Promoting collaboration secured technical assistance from the side as well. The first Doing Business in Mexico Delegating the reform agenda to local World Bank Group to identify opportunities reports were financed in part by donors authorities proved to be an essential part for regulatory reform and to provide expert (such as USAID) and the World Bank Group of the national reform effort. This fostered advice. and in part by the Mexican government. The commitment, a sense of collaboration and fourth is being fully funded by the federal and better communication among federal, state The initiative has already produced results state finance ministries. and municipal authorities. in business registration. Previously there had been little coordination between federal The hope is that by tracking progress over Early on in the reform process the federal agencies and the state and municipal orga- time, continued periodic benchmarking by government collaborated with the states to nizations involved in the process. Now an an independent third party will create incen- improve business registration through the online one-stop shop, Tuempresa, launched tives to maintain the reform effort through Rapid Business Opening System (SARE). in August 2009, coordinates the federal changes in government. The Doing Business A system of one-stop shops for local pro- procedures and is adding state and munici- in Mexico reports, capturing the progress of cedures, SARE was created to coordinate pal procedures.8 Public notaries have been regulatory reform over time, show that it was municipal procedures so that low-risk granted access. Today the online system not a one-time initiative—but instead an companies could get their license and start processes about 100 new business registra- effort that has strengthened with continued operating in a few days. The improved tions a month in Mexico City, or 7% of the benchmarking. 34 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. THE UNITED KINGDOM: One in, one out The Red Tape Challenge RETHINKING REGULATION The government’s strategy for easing the The government has also launched a first- The United Kingdom has consistently burden of regulation is aimed at the flow time initiative to scrutinize the entire stock performed well on the Doing Business of new regulations as well as the existing of inherited regulations. The country has indicators—and this year again stands high stock. The “one in, one out” system requires more than 21,000 regulations and statutory in the ranking on the overall ease of doing government departments to assess the net instruments on the books, spanning virtually cost to business of complying with any new the entire spectrum of economic activity and business, at 7. But the new government regulation that is proposed (an “in”). These imposing a huge cost on business.7 Some of believes that more can be done to relieve calculations are validated by the indepen- these have been on the books since World business from burdensome regulation. dent Regulatory Policy Committee.3 If a new War II (those related to “trading with the Because of the effects of the global financial regulation means a cost to business, a de- enemy,” for example). Many have become crisis, the public sector has limited scope to regulatory measure (an “out”) must be found obsolete or are otherwise not binding and use spending to enable economic growth. serve no useful public policy purpose. In that reduces the net cost by at least the While the government has made the difficult areas such as consumer protection the law same amount.4 One such “out” is a measure decisions necessary to reduce the deficit and has become complicated and confusing. permitting credit unions to communicate stabilize debt levels to create the conditions with their members electronically. This is es- The government estimates that in recent for sustainable growth,1 it has also adopted a timated to reduce the net cost to business by years an average of 6 regulations have been complementary strategy based on the idea about £10.4 million, a calculation validated introduced every working day, with a par- that by simplifying the regulatory system, it by the Regulatory Policy Committee.5 ticularly heavy burden in employment law, can free up the private sector’s capacity to tax administration, and health and safety. innovate, diversify and expand.2 Other initiatives support the one-in, one- According to a recent government review, out system. For example, the government Regulation has a role in the modern “evidence also suggests that Government has introduced review and sunset clauses economy. A framework of rules is necessary does not do all it can to support business for new regulations. This means that policy when introducing new regulations. Often to promote competition and stability and to makers must review the relevance of new guidance is poorly designed, not provided, ensure transparency in market interactions. regulations after a maximum of 7 years and or provided late (i.e., after the regulation has Well-targeted and sensibly designed regula- justify their continuation rather than simply come into force).”8 The same government tions can deal with market failures, promote leaving them on the statute books.6 review reports that a typical small enterprise a level playing field for businesses and sup- spends 34 hours a month dealing with red port government objectives. The challenge is The one-in, one-out system focuses on tape and complying with regulations. When to do so in a way that does not impair the domestic regulation. European Union regula- businesses need to hire consultants for ability of businesses to operate, to create tions and directives as well as international expert advice on regulatory compliance, this jobs and to grow. agreements to which the United Kingdom adds to an already heavy cost burden. is a party are managed through a different Striking the right balance between these strand of work. The one-in, one-out system The government has begun to tackle the objectives can also create a better balance also excludes fiscal measures aimed at stock of regulation through the Red Tape of responsibility between the state, the busi- reducing the budget deficit, regulatory mea- Challenge. This comprehensive review is ness community and civil society. Where sures aimed at addressing systemic financial aimed at identifying regulations that could regulation is needed, the U.K. government risk, civil emergency regulations or fees, and be removed, simplified or approached in a intends to more closely scrutinize how regu- charges imposed by state bodies for cost different way. Using a public website, the lations are designed and enforced. recovery purposes only. government is gathering the views of the business community and the public and in- In another measure, on April 1, 2011, the Reducing the stock and flow of viting practical suggestions for alternatives. government introduced a 3-year moratorium The feedback from those affected by regula- regulations on new domestic regulation affecting micro- tion will inform government decision making. The new government has taken a number of enterprises (businesses with fewer than 10 This exercise presumes that burdensome steps aimed at reducing the burden of regu- employees, which account for half of total regulations will be removed if there are no lation since taking office in early 2010. These employment in the economy) and start-ups. good reasons for retaining them. have included abolishing regulations that are Any breaches of the moratorium—allowed seen as impeding growth, introducing new only in exceptional circumstances and if A watchful eye on EU legislation regulations only where there are no sensible supported by a compelling argument—will The government is also taking steps to alternatives and as a last resort, reducing require cabinet-level approval and sign-off reduce the cost to U.K. business from EU leg- the volume of new regulations and reducing by the Economic Affairs Committee, which islation and continues to work with European regulatory costs for business. is chaired by the chancellor of the exchequer. partners to ensure that there is appropriate 36 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. downward pressure on the volume and The United Kingdom’s Primary Authority align incentives in ways that support public impact of EU regulations. For example, scheme plays a key part in changing how policy objectives. This approach relies on a although the Red Tape Challenge focuses businesses experience regulatory inspec- consideration of costs and benefits—rather on domestic regulation, the public is also tions and enforcement. Businesses operating than the coercive power of rigid, sometimes being encouraged to comment on how EU multiple sites in different local authority difficult-to-enforce regulation—to shape regulations and directives are implemented jurisdictions can find themselves subject to decisions by individuals and businesses. in the United Kingdom. The government varying—and at times contradictory— will review any previous instances of “gold regulatory advice or judgments. To help As the U.K. authorities implement their plating”—where U.K. regulation has gone resolve problems with inconsistent enforce- strategy, one challenge they will face is to al- beyond the minimum required by the EU ment, the Primary Authority scheme allows lay public concerns about whether adequate legislation, imposing an unnecessary burden businesses to partner with a single local regulations remain in place to ensure stability on U.K. businesses. authority that will operate as their sole point in the financial system, whose shortcomings of advice and assured guidance. The aim is are seen by many as a precipitating factor in This complements a wider government effort to support both business compliance and the 2008–09 financial crisis. Another need to end the gold plating of EU legislation, under economic growth. is to meet the challenges of climate change. the “Guiding Principles for EU Legislation.”9 Government departments responsible for In the first 2 years of the scheme’s op- Conclusion implementing an EU law must satisfy the eration, businesses initiated more than The government sees this new approach cabinet that they have identified the aims of 1,000 Primary Authority partnerships, far to business regulation as part of a broader the law and the relevant government policies exceeding original projections. Building on effort to boost the competitiveness of the and will harmonize them in a way that does this success and the initial experience, the United Kingdom. This has been prompted not cause unintended consequences in the government proposes to extend the scheme by concerns about the rapidly rising levels United Kingdom and that minimizes the cost to allow more businesses access to assured of public debt brought about by the finan- to business. The government is also working regulatory advice. The emphasis will be on cial crisis,10 the declining performance of with businesses to identify good practices extending the benefits to micro, small and British students in international rankings of for implementing EU rules and ways to make medium-size enterprises. excellence in science and mathematics, the EU laws friendlier to economic growth. erosion of manufacturing output and em- Thinking more creatively about ployment and the economy’s declining share Transforming regulatory regulation of world exports.11 enforcement Underpinning all these government mea- The U.K. government believes that reform- sures is the idea that policy makers need Public policies in the medium term are ing the implementation and enforcement of to think more creatively about whether the geared to reversing some of these trends. A regulations is as important as reducing their traditional “command and control” approach comprehensive rethinking of the role of busi- stock and flow—and has promised to end the to regulation—with its many unintended ness regulation in empowering the private culture of unthinking “tick box” regulation, consequences—is the most effective way sector to boost productivity, innovation and adopted purely to satisfy convention rather to achieve desired policy outcomes. Against growth is a key part of this effort. than to ensure the right outcomes. Its aim the backdrop of a rapidly changing global is to find new ways of achieving compliance economy, the policy papers supporting these that contribute to economic growth and initiatives ask whether a combination of non- remove unnecessary burdens on businesses regulatory policy instruments can achieve and individuals. policy objectives more effectively, at lower cost and with less coercion. The government has already started to reform some of the most disproportionate There are a range of alternatives. One is enforcement systems and has commis- to use industry codes of conduct or other sioned independent external reviews to negotiated codes as mechanisms of self- examine specific areas in detail. For example, regulation or (if some level of government it is adopting Lord Young’s proposals to involvement is seen to be necessary) coreg- reform the implementation of health and ulation. Another is to make more active use safety law and is reviewing the enforcement of information and education—supported by of employment law. And the government rating systems, better labeling and greater recently received the recommendations of disclosure—to enable consumers to make the Farming Regulation Task Force on ways informed decisions. And governments have to ease heavy-handed enforcement of regu- sometimes used taxes, subsidies, quotas, lation in agriculture and food processing. auctions and other such instruments to ECONOMY CASE STUDIES: THE UNITED KINGDOM 37 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 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. EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. References Agency for Real Estate Cadastre Skopje. 2011. Andrei Shleifer. 2004. “The Regulation of Pattern of Comparative Advantage.” NBER “Overview of the Real Estate Cadastre.” Labor.” Quarterly Journal of Economics 119 (4): Working Paper 13062, National Bureau of Skopje, FYR Macedonia. 1339–82. Economic Research, Cambridge, MA. Aghion, Philippe, Robin Burgess, Stephen Branstetter, Lee G., Francisco Lima, Lowell J. de Soto, Hernando. 2000. The Mystery of Redding and Fabrizio Zilibotti. 2008. “The Taylor and Ana Venâncio. 2010. “Do Entry Capital: Why Capitalism Triumphs in the West Unequal Effects of Liberalization: Evidence Regulations Deter Entrepreneurship and Job and Fails Everywhere Else. New York: Basic from Dismantling the License Raj in India.” Creation? Evidence from Recent Reforms Books. American Economic Review 98 (4): 1397–412. in Portugal.” NBER Working Paper 16473, Dewaelheyns, Nico, and Cynthia Van Hulle. Alesina, Alberto, Silvia Ardagna, Giuseppe National Bureau of Economic Research, 2008. “Legal Reform and Aggregate Small Nicoletti and Fabio Schiantarelli. 2005. Cambridge, MA. and Micro Business Bankruptcy Rates: “Regulation and Investment.” Journal of Bruhn, Miriam. 2011. “License to Sell: The Evidence from the 1997 Belgian Bankruptcy the European Economic Association 3 (4): Effect of Business Registration Reform on Code.” Small Business Economics 31 (4): 791–825. Entrepreneurial Activity in Mexico.” Review 409–24. Amin, Mohammad. 2011. “Labor Productivity, of Economics and Statistics 93 (1): 382–86. Djankov, Simeon. 2009. “The Regulation of Firm-Size and Gender: The Case of Informal Calderon, César, Alberto Chong and Gianmarco Entry: A Survey.” World Bank Research Firms in Argentina and Peru.” Enterprise Leon. 2007. “Institutional Enforcement, Observer 24 (2): 183–203. Note 22, Enterprise Analysis Unit, World Labor-Market Rigidities, and Economic Djankov, Simeon, Caroline Freund and Cong S. Bank Group, Washington, DC. http://www Performance.” Emerging Markets Review 8 Pham. 2010. “Trading on Time.” Review of .enterprisesurveys.org/. (1): 38–49. Economics and Statistics 92 (1): 166–73. Antunes, Antonio, and Tiago Cavalcanti. 2007. Cardenas, Mauricio, and Sandra Rozo. 2009. Djankov, Simeon, Caralee McLiesh and Andrei “Start Up Costs, Limited Enforcement, and “Firm Informality in Colombia: Problems Shleifer. 2007. “Private Credit in 129 the Hidden Economy.” European Economic and Solutions.” Desarrollo y Sociedad, no. 63: Countries.” Journal of Financial Economics 84 Review 51 (1): 203–24. 211–43. (2): 299–329. APEC (Asia-Pacific Economic Cooperation). Chang, Roberto, Linda Kaltani and Norman Djankov, Simeon, Oliver Hart, Caralee 2010. “APEC Ease of Doing Business Action Loayza. 2009. “Openness Can Be McLiesh and Andrei Shleifer. 2008. “Debt Plan (2010–2015).” http://aimp.apec.org/. Good for Growth: The Role of Policy Enforcement around the World.” Journal of Armenski, Goce, Marjan Gusev and Dejan Complementarities.” Journal of Development Political Economy 116 (6): 1105–49. Spasov. 2007. “Growth of eGovernment Economics 90: 33–49. Djankov, Simeon, Rafael La Porta, Florencio Services in Macedonia.” Informatica 31: Chari, Anusha. 2011. “Identifying the Aggregate López-de-Silanes and Andrei Shleifer. 2002. 397–406. Productivity Effects of Entry and Size “The Regulation of Entry.” Quarterly Journal of Asian Development Bank. 2009. Asian Restrictions: An Empirical Analysis of Economics 117 (1): 1–37. Development Outlook 2009. Manila: Asian License Reform in India.” American Economic ___. 2003. “Courts.” Quarterly Journal of Development Bank. http://www.adb.org/. Journal: Economic Policy 3: 66–96. Economics 118 (2): 453–517. Ayyagari, Meghana, Asli Demirgüç-Kunt and Ciccone, Antonio, and Elias Papaioannou. 2007. ___. 2008. “The Law and Economics of Self- Vojislav Maksimovic. 2011. “Small vs. Young “Red Tape and Delayed Entry.” Journal of Dealing.” Journal of Financial Economics 88 Firms across the World: Contribution to the European Economic Association 5 (2–3): (3): 430–65. Employment, Job Creation, and Growth.” 444–58. Djankov, Simeon, Darshini Manraj, Caralee Policy Research Working Paper 5631, World Cirmizi, Elena, Leora Klapper and Mahesh McLiesh and Rita Ramalho. 2005. “Doing Bank, Washington, DC. Uttamchandani. 2010. “The Challenges Business Indicators: Why Aggregate, and Barseghyan, Levon. 2008. “Entry Costs and of Bankruptcy Reform.” Policy Research How to Do It.” World Bank, Washington, DC. Cross-Country Differences in Productivity Working Paper 5448, World Bank, Washington, DC. Djankov, Simeon, Tim Ganser, Caralee McLeish, and Output.” Journal of Economic Growth 13 Rita Ramalho and Andrei Shleifer. 2010. “The (2): 145–67. Cordova, Cesar, and Ali Haddou-Ruiz. 2008. Effect of Corporate Taxes on Investment Bernanke, Ben. 2009. “Asia and the Global “Regulatory Transformation in Mexico, and Entrepreneurship.” American Economic Financial Crisis.” In Asia and the Global 1988–2000: Case Studies on Reform Journal: Macroeconomics 2 (3): 31–64. Financial Crisis, ed. Reuven Glick and Mark Implementation Experience.” FIAS, World Bank Group, Washington, DC. http://www Dulleck, Uwe, Paul Frijters and R. Winter-Ebmer. Spiegel. San Francisco, CA: Federal Reserve .ifc.org/. 2006. “Reducing Start-up Costs for New Bank of San Francisco. http://www.frbsf.org/. Firms: The Double Dividend on the Labor Botero, Juan Carlos, Simeon Djankov, Rafael Cuñat, Alejandro, and Marc J. Melitz. 2007. Market.” Scandinavian Journal of Economics La Porta, Florencio López-de-Silanes and “Volatility, Labor Market Flexibility, and the 108: 317–37. REFERENCES 39 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Eifert, Benjamin. 2009. “Do Regulatory Reforms ___. 2011b. World Economic Outlook, April 2011. Micco, Alejandro, and Carmen Pagés. 2006. Stimulate Investment and Growth? Evidence Washington, DC: IMF. http://www.imf.org/. “The Economic Effects of Employment from the Doing Business Data, 2003–07.” Iwanow, Thomasz, and Colin Kirkpatrick. 2009. Protection: Evidence from International Working Paper 159, Center for Global “Trade Facilitation and Manufacturing Industry-Level Data.” IZA Discussion Paper Development, Washington, DC. Exports: Is Africa Different?” World 2433, Institute for the Study of Labor (IZA), European Commission. 2005. The Commission Development 37 (6): 1039–50. Bonn, Germany. Recommends Candidate Status for the Former Kaplan, David, Eduardo Piedra and Enrique Narayan, Deepa, Robert Chambers, Meer Kaul Yugoslav Republic of Macedonia. IP/05/1391. Seira. 2007. “Entry Regulation and Business Shah and Patti Petesh. 2000. Voices of the Brussels: European Commission. Start-Ups: Evidence from Mexico.” Policy Poor: Crying Out for Change. Washington, DC: ___. 2010. “Former Yugoslav Republic of Research Working Paper 4322, World Bank, World Bank. Macedonia 2010 Progress Report.” SEC Washington, DC. Nunn, Nathan. 2007. “Relationship-Specificity, (2010) 1332. Brussels. Kim, Kyungsoo. 2009. “Global Financial Crisis Incomplete Contracts, and the Pattern of ___. 2011. “Smart Regulation: Action and the Korean Economy.” In Asia and the Trade.” Quarterly Journal of Economics 122 Programme for Reducing Administrative Global Financial Crisis, ed. Reuven Glick and (2): 569–600. Burdens in the EU.” http://ec.europa.eu/. Mark Spiegel. San Francisco, CA: Federal OECD (Organisation for Economic Co- Fisman, Raymond, and Virginia Sarria-Allende. Reserve Bank of San Francisco. http://www operation and Development). 2010. “OECD 2010. “Regulation of Entry and the .frbsf.org/. Broadband Statistics (December 2010).” Distortion of Industrial Organization.” Journal Klapper, Leora, and Inessa Love. 2011. “The Press release. http://www.oecd.org/. of Applied Economics 13 (1): 91–120. Impact of Business Environment Reforms Oh, Soogeun, and Terence Haliday. 2009. Funchal, Bruno. 2008. “The Effects of the 2005 on New Firm Registration.” Policy Research “Rehabilitating Korea’s Corporate Insolvency Bankruptcy Reform in Brazil.” Economics Working Paper 5493, World Bank, Regime, 1992–2007.” In Regulation in Asia: Letters 101: 84–86. Washington, DC. Pushing Back on Globalization, ed. John Klapper, Leora, Luc Laeven and Raghuram Gillespie and Randall Peerenboom. London FYR Macedonia, Ministry of Economy. 2011. Rajan. 2006. “Entry Regulation as a Barrier and New York: Routledge. “Information about the Current Trends in the Bankruptcy Area in the Republic of to Entrepreneurship.” Journal of Financial PCNC (Presidential Council on National Macedonia.” Internal presentation. Skopje. Economics 82 (3): 591–629. Competitiveness). 2009. PCNC Annual Klapper, Leora, Anat Lewin and Juan Manuel Report 2008. Seoul. FYR Macedonia, Ministry of Justice. 2005. “The Reform of the Judicial System in the Republic Quesada Delgado. 2009. “The Impact of ___. 2011. PCNC Annual Report 2010. Seoul. of Macedonia.” Skopje. Available at http:// the Business Environment on the Business Perotti, Enrico, and Paolo Volpin. 2005. “The siteresources.worldbank.org/INTECA/ Creation Process.” Policy Research Working Political Economy of Entry: Lobbying and Resources/Macedoniastrategija.pdf. Paper 4937, World Bank, Washington, DC. Financial Development.” Paper presented García Villarreal, Jacobo P. 2010. “Successful Kraay, Aart, and Norikazu Tawara. 2011. at the American Finance Association 2005 Practices and Policies to Promote Regulatory “Can Disaggregated Indicators Identify Philadelphia Meetings. Reform and Entrepreneurship at the Governance Reform Priorities?” Policy Rauch, James. 2010. “Development through Sub-national Level.” OECD Working Papers Research Working Paper 5254, World Bank, Synergistic Reforms.” Journal of Development on Public Governance, no. 18, OECD, Paris. Washington, DC. Economics 93 (2): 153–61. http://www.oecd.org/. Korea Customs Service. 2009a. “The Schneider, Friedrich. 2005. “The Informal Giné, Xavier, and Inessa Love. 2010. “Do Embodiment of Business-Friendly Sector in 145 Countries.” Department of Reorganization Costs Matter for Efficiency? Environment by KCS Challenges.” http:// Economics, University Linz, Austria. Evidence from a Bankruptcy Reform in www.customs.go.kr. Seker, Murat. 2011. “Trade Policies, Investment Colombia.” Journal of Law and Economics 53 ___. 2009b. “World Best Korea Customs.” Climate, and Exports.” MPRA Paper 29905, (4): 833–64. http://www.customs.go.kr. University Library of Munich, Germany. Hallward-Driemeier, Mary, Gita Khun-Jush and ___. 2010. “The Embodiment of Business- Sharma, Siddharth. 2009. “Entry Regulation, Lant Pritchett. 2010. “Deals versus Rules: Friendly Environment by KCS Challenges.” Labor Laws and Informality: Evidence from Policy Implementation Uncertainty and Why http://www.customs.go.kr. India.” Enterprise Survey Working Paper, Firms Hate It.” NBER Working Paper 16001, La Porta, Rafael, and Andrei Shleifer. 2008. Enterprise Analysis Unit, World Bank Group, National Bureau of Economic Research, “The Unofficial Economy and Economic Washington, DC. Cambridge, MA. Development.” Tuck School of Business Swedish Agency for Growth Policy Analysis. Haselmann, Rainer, Katharina Pistor and Vikrant Working Paper 2009-57. Available at http:// 2010. “The Economic Effects of the Vig. 2010. “How Law Affects Lending.” ssrn.com/abstract=1304760. Regulatory Burden.” Report 2010: 14. Review of Financial Studies 23 (2): 549–80. Loayza, Norman, Ana Maria Oviedo and Östersund. Houston, Joel, Chen Lin, Ping Lin and Yue Ma. Luis Servén. 2005. “Regulation and U.K. Department for Business, Innovation and 2010. “Creditor Rights, Information Sharing, Macroeconomic Performance.” Policy Skills. 2010a. “Business Plan 2011–2015.” and Bank Risk Taking.” Journal of Financial Research Working Paper 3469, World Bank, London. Economics 96 (3): 485–512. Washington, DC. ___. 2010b. “Reducing Regulation Made IMF (International Monetary Fund). 2009. Macedonia Court Modernization Project. Simple—Less Regulation, Better Regulation World Economic Outlook, April 2009. 2006. Macedonia Court Modernization Project and Regulation as a Last Resort.” Better Washington, DC: IMF. http://www.imf.org/. Newsletter (USAID) 4 (2). Regulation Executive. London. ___. 2011a. “United Kingdom: 2011 Article IV Masatlioglu, Yusufcan, and Jamele Rigolini. ___. 2011a. “One-in, One-out: Statement of New Consultation—Staff Report.” IMF Country 2008. “Informality Traps.” B.E. Journal of Regulation.” London. Report 11/220. http://www.imf.org/. Economic Analysis & Policy 8 (1). ___. 2011b. “The Plan for Growth.” London. 40 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. UNCITRAL (United Nations Commission on World Bank. 2003. Doing Business in 2004: ___. 2010a. Doing Business 2011: Making a International Trade Law). 2004. Legislative Understanding Regulation. Washington, DC: Difference for Entrepreneurs. Washington, DC: Guide on Insolvency Law. New York: United World Bank Group. World Bank Group. Nations. ___. 2006a. Doing Business in Mexico 2007. ___. 2010b. World Development Indicators 2010. ___. 2007. Legislative Guide on Secured Washington, DC: World Bank Group. Washington, DC: World Bank. Transactions. New York: United Nations. ___. 2006b. Doing Business in 2007: How to ___. 2011a. “Principles for Effective Creditor United Nations Department of Economic Reform. Washington, DC: World Bank Group. Rights and Insolvency Systems.” Revised and Social Affairs. 2010. United Nations ___. 2007. Doing Business 2008. Washington, draft, January 20. http://siteresources E-government Survey 2010. New York: United DC: World Bank Group. .worldbank.org/INTGILD/Resources/ Nations. http://www2.unpan.org/. ICRPrinciples_Jan2011.pdf. ___. 2008a. Doing Business in Mexico 2009. USAID (U.S. Agency for International Washington, DC: World Bank Group. ___. 2011b. World Development Indicators 2011. Development). 2009. “Macedonia’s Agenda Washington, DC: World Bank. ___. 2008b. Doing Business 2009. Washington, for Action.” Business Climate Legal and World Bank Independent Evaluation Group. DC: World Bank Group. Institutional Reform Diagnostic, Final Report. 2008. Doing Business: An Independent http://www.bea.org.mk/. ___. 2009a. Doing Business 2010: Reforming Evaluation—Taking the Measure of the through Difficult Times. Washington, DC: Visaria, Sujata. 2009. “Legal Reform and Loan World Bank–IFC Doing Business Indicators. World Bank Group. Repayment: The Microeconomic Impact of Washington, DC: World Bank. Debt Recovery Tribunals in India.” American ___. 2009b. How Many Stops in a One-Stop Economic Journal: Applied Economics 1 (3): Shop? Washington, DC: World Bank Group. 59–81. ___. 2009c. “Running a Business in Georgia.” WEF (World Economic Forum). 2010. The Country Note 6, Enterprise Analysis Unit, Global Competitiveness Report 2010–2011. World Bank Group, Washington, DC. http:// Geneva: WEF. www.enterprisesurveys.org/. 41 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Data notes The indicators presented and analyzed in conference calls, written correspondence Doing Business measure business regulation and visits by the team. For Doing Business ECONOMY CHARACTERISTICS and the protection of property rights—and 2012 team members visited 40 economies Gross national income (GNI) per capita Doing Business 2012 reports 2010 their effect on businesses, especially small to verify data and recruit respondents. The income per capita as published in and medium-size domestic firms. First, the data from questionnaires are subjected to the World Bank’s World Development indicators document the complexity of regu- numerous rounds of verification, leading to Indicators 2011. Income is calculated us- lation, such as the number of procedures to revisions or expansions of the information ing the Atlas method (current US$). For start a business or to register and transfer cost indicators expressed as a percent- collected. age of income per capita, 2010 GNI in commercial property. Second, they gauge U.S. dollars is used as the denominator. the time and cost of achieving a regulatory The Doing Business methodology offers Data were not available from the World goal or complying with regulation, such as several advantages. It is transparent, us- Bank for Afghanistan; Australia; The the time and cost to enforce a contract, go ing factual information about what laws Bahamas; Bahrain; Brunei Darussalam; through bankruptcy or trade across borders. and regulations say and allowing multiple Canada; Cyprus; Djibouti; the Islamic Republic of Iran; Kuwait; New Zealand; Third, they measure the extent of legal interactions with local respondents to clarify Oman; Puerto Rico (territory of the protections of property, for example, the potential misinterpretations of questions. United States); Qatar; Saudi Arabia; protections of investors against looting by Having representative samples of respon- Suriname; Taiwan, China; the United company directors or the range of assets dents is not an issue; Doing Business is not Arab Emirates; West Bank and Gaza; and that can be used as collateral according to the Republic of Yemen. In these cases a statistical survey, and the texts of the rel- GDP or GNP per capita data and growth secured transactions laws. Fourth, a set of evant laws and regulations are collected and rates from the International Monetary indicators documents the tax burden on answers checked for accuracy. The method- Fund’s World Economic Outlook data- businesses. Finally, a set of data covers dif- ology is inexpensive and easily replicable, so base and the Economist Intelligence Unit ferent aspects of employment regulation. data can be collected in a large sample of were used. economies. Because standard assumptions Region and income group The data for all sets of indicators in Doing Doing Business uses the World Bank are used in the data collection, comparisons Business 2012 are for June 2011.1 regional and income group classifica- and benchmarks are valid across economies. tions, available at http://www.world Finally, the data not only highlight the extent bank.org/data/countryclass. The World METHODOLOGY of specific regulatory obstacles to business Bank does not assign regional classifi- The Doing Business data are collected in but also identify their source and point to cations to high-income economies. For a standardized way. To start, the Doing the purpose of the Doing Business report, what might be reformed. high-income OECD economies are as- Business team, with academic advisers, signed the “regional” classification OECD designs a questionnaire. The questionnaire TABLE 4.1 How many experts does Doing high income. Figures and tables present- Business consult? uses a simple business case to ensure ing regional averages include economies Indicator set Contributors from all income groups (low, lower mid- comparability across economies and over Starting a business 1,755 dle, upper middle and high income). time—with assumptions about the legal Dealing with construction permits 837 Population form of the business, its size, its location and Getting electricity 782 Doing Business 2012 reports midyear the nature of its operations. Questionnaires Registering property 1,257 2010 population statistics as published are administered through more than 9,028 Getting credit 1,277 in World Development Indicators 2011. local experts, including lawyers, business Protecting investors 1,139 consultants, accountants, freight forwarders, government officials and other profession- Paying taxes 1,276 als routinely administering or advising on Trading across borders 868 legal and regulatory requirements (table 4.1). Enforcing contracts 1,088 These experts have several rounds of interac- Resolving insolvency 1,044 tion with the Doing Business team, involving Employing workers 1,092 42 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. LIMITS TO WHAT IS MEASURED the expert respondents. When sources indi- same ranking on the total tax rate indicator. The Doing Business methodology has 5 cate different estimates, the time indicators The threshold is not based on any underly- limitations that should be considered when reported in Doing Business represent the me- ing theory. Instead, it is meant to emphasize interpreting the data. First, the collected data dian values of several responses given under the purpose of the indicator: to highlight refer to businesses in the economy’s largest the assumptions of the standardized case. economies where the tax burden on busi- business city and may not be representative ness is high relative to the tax burden in Finally, the methodology assumes that a other economies. Giving the same ranking to of regulation in other parts of the economy. business has full information on what is all economies whose total tax rate is below To address this limitation, subnational Doing required and does not waste time when the threshold avoids awarding economies Business indicators were created (box 4.1). completing procedures. In practice, complet- in the scoring for having an unusually low Second, the data often focus on a specific ing a procedure may take longer if the busi- total tax rate, often for reasons unrelated to business form—generally a limited liability ness lacks information or is unable to follow government policies toward enterprises. For company (or its legal equivalent) of a speci- up promptly. Alternatively, the business example, economies that are very small or fied size—and may not be representative may choose to disregard some burdensome that are rich in natural resources do not need of the regulation on other businesses, for procedures. For both reasons the time delays to levy broad-based taxes. example, sole proprietorships. Third, trans- reported in Doing Business 2012 would differ actions described in a standardized case from the recollection of entrepreneurs re- scenario refer to a specific set of issues and DATA CHALLENGES AND ported in the World Bank Enterprise Surveys may not represent the full set of issues a REVISIONS business encounters. Fourth, the measures or other perception surveys. Most laws and regulations underlying the of time involve an element of judgment by Doing Business data are available on the CHANGES IN WHAT IS MEASURED Doing Business website at http:/ /www.doing The methodology for 3 of the Doing Business business.org. All the sample questionnaires BOX 4.1 Subnational Doing Business topics was updated this year—getting credit, indicators and the details underlying the indicators are dealing with construction permits and pay- also published on the website. Questions This year Doing Business published ing taxes. on the methodology and challenges to data a subnational study for the Philippines and a regional report for Southeast can be submitted through the website’s Europe covering 7 economies (Albania, First, for getting credit, the scoring of one of “Ask a Question” function at http:/ /www Bosnia and Herzegovina, Kosovo, FYR the 10 components of the strength of legal .doingbusiness.org. Macedonia, Moldova, Montenegro and rights index was amended to recognize ad- Serbia) and 22 cities. It also published ditional protections of secured creditors and a city profile for Juba, in the Republic of Doing Business publishes 8,967 indicators borrowers. Previously the highest score of 1 each year. To create these indicators, the South Sudan. was assigned if secured creditors were not team measures more than 52,000 data The subnational studies point to dif- ferences in business regulation and its subject to an automatic stay or moratorium points, each of which is made available on implementation—as well as in the pace on enforcement procedures when a debtor the Doing Business website. Historical data of regulatory reform—across cities in the entered a court-supervised reorganization for each indicator and economy are available same economy. For several economies procedure. Now the highest score of 1 is on the website, beginning with the first year subnational studies are now periodi- cally updated to measure change over also assigned if the law provides secured the indicator or economy was included in the time or to expand geographic cover- creditors with grounds for relief from an report. To provide a comparable time series age to additional cities. This year that automatic stay or moratorium (for example, for research, the data set is back-calculated is the case for the subnational studies if the movable property is in danger) or sets in the Philippines; the regional report to adjust for changes in methodology and a time limit for the automatic stay. any revisions in data due to corrections. The in Southeast Europe; the ongoing stud- ies in Italy, Kenya and the United Arab website also makes available all original data Emirates; and the projects implemented Second, because the ease of doing business sets used for background papers. The cor- jointly with local think tanks in Indonesia, index now includes the getting electricity rection rate between Doing Business 2011 and Mexico and the Russian Federation. indicators, procedures, time and cost related Doing Business 2012 is 7%. Besides the subnational Doing to obtaining an electricity connection were Business indicators, Doing Business con- removed from the dealing with construction ducted a pilot study this year on the permits indicators. second largest city in 3 large economies STARTING A BUSINESS to assess within-country variations. The study collected data for Rio de Janeiro in Third, a threshold has been introduced for Doing Business records all procedures that addition to São Paulo in Brazil, for Beijing the total tax rate for the purpose of calculat- are officially required for an entrepreneur to in addition to Shanghai in China and for ing the ranking on the ease of paying taxes. start up and formally operate an industrial St. Petersburg in addition to Moscow in All economies with a total tax rate below the or commercial business. These include ob- Russia. threshold (which will be calculated and ad- taining all necessary licenses and permits justed on a yearly basis) will now receive the and completing any required notifications, DATA NOTES 43 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. economy, the limited liability form most TABLE 4.2 What do the starting a business FIGURE 4.1 Starting a business: getting a local popular among domestic firms is chosen. indicators measure? limited liability company up and running Information on the most popular form is Procedures to legally start and operate a company (number) Rankings are based on 4 indicators obtained from incorporation lawyers or Preregistration (for example, name verification or the statistical office. reservation, notarization) Preregistration, As % of income • Operates in the economy’s largest busi- Registration in the economy’s largest business city registration and per capita, no postregistration bribes included ness city. Postregistration (for example, social security registra- (in calendar days) • Is 100% domestically owned and has 5 tion, company seal) Time required to complete each procedure owners, none of whom is a legal entity. (calendar days) 25% 25% • Has start-up capital of 10 times income Does not include time spent gathering information Time Cost per capita at the end of 2010, paid in cash. Each procedure starts on a separate day 25% 25% • Performs general industrial or commercial Procedure completed once final document is received Procedures Paid-in minimum activities, such as the production or sale No prior contact with officials capital to the public of products or services. The Cost required to complete each procedure business does not perform foreign trade (% of income per capita) Procedure is Funds deposited in a Official costs only, no bribes completed when bank or with a notary activities and does not handle products final document before registration (or subject to a special tax regime, for ex- No professional fees unless services required by law is received within 3 months), as % of income per capita ample, liquor or tobacco. It is not using Paid-in minimum capital (% of income per capita) heavily polluting production processes. Funds deposited in a bank or with a notary before registration (or within 3 months) verifications or inscriptions for the company • Leases the commercial plant and offices and employees with relevant authorities. The and is not a proprietor of real estate. require separate filings, they are counted as ranking on the ease of starting a business is • Does not qualify for investment incentives 2 procedures. the simple average of the percentile rankings or any special benefits. on its component indicators (figure 4.1). • Has at least 10 and up to 50 employees 1 Both pre- and postincorporation procedures month after the commencement of opera- that are officially required for an entrepreneur After a study of laws, regulations and pub- to formally operate a business are recorded tions, all of them nationals. licly available information on business entry, (table 4.2). • Has a turnover of at least 100 times in- a detailed list of procedures is developed, come per capita. along with the time and cost of complying Procedures required for official correspon- with each procedure under normal circum- • Has a company deed 10 pages long. dence or transactions with public agencies stances and the paid-in minimum capital are also included. For example, if a company Procedures requirements. Subsequently, local incorpo- seal or stamp is required on official docu- ration lawyers, notaries and government A procedure is defined as any interaction of ments, such as tax declarations, obtaining officials complete and verify the data. the company founders with external parties the seal or stamp is counted. Similarly, if a (for example, government agencies, lawyers, company must open a bank account before Information is also collected on the sequence auditors or notaries). Interactions between registering for sales tax or value added tax, in which procedures are to be completed company founders or company officers and employees are not counted as procedures. this transaction is included as a procedure. and whether procedures may be carried out simultaneously. It is assumed that any Procedures that must be completed in the Shortcuts are counted only if they fulfill 4 required information is readily available and same building but in different offices are criteria: they are legal, they are available that all agencies involved in the start-up pro- counted as separate procedures. If found- to the general public, they are used by the cess function without corruption. If answers ers have to visit the same office several majority of companies, and avoiding them by local experts differ, inquiries continue times for different sequential procedures, causes substantial delays. until the data are reconciled. each is counted separately. The founders Only procedures required of all businesses are assumed to complete all procedures To make the data comparable across econo- themselves, without middlemen, facilita- are covered. Industry-specific procedures mies, several assumptions about the busi- tors, accountants or lawyers, unless the use are excluded. For example, procedures to ness and the procedures are used. of such a third party is mandated by law. If comply with environmental regulations are the services of professionals are required, included only when they apply to all busi- Assumptions about the business procedures conducted by such profession- nesses conducting general commercial or The business: als on behalf of the company are counted industrial activities. Procedures that the • Is a limited liability company (or its legal separately. Each electronic procedure is company undergoes to connect to electric- equivalent). If there is more than one counted separately. If 2 procedures can be ity, water, gas and waste disposal services type of limited liability company in the completed through the same website but are not included. 44 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Time the commercial code or the company law. FIGURE 4.2 Dealing with construction permits: Time is recorded in calendar days. The Many economies require minimum capital building a warehouse measure captures the median duration that but allow businesses to pay only a part of it Rankings are based on 3 indicators incorporation lawyers indicate is necessary before registration, with the rest to be paid in practice to complete a procedure with after the first year of operation. In Italy in Days to build a As % of income minimum follow-up with government agen- June 2011 the minimum capital requirement warehouse in per capita, no main city bribes included cies and no extra payments. It is assumed for limited liability companies was €10,000, that the minimum time required for each of which at least €2,500 was payable before 33.3% 33.3% procedure is 1 day. Although procedures may registration. The paid-in minimum capital Time Cost take place simultaneously, they cannot start recorded for Italy is therefore €2,500, or on the same day (that is, simultaneous pro- 9.9% of income per capita. In Mexico the 33.3% cedures start on consecutive days). A proce- minimum capital requirement was 50,000 Procedures pesos, of which one-fifth needed to be paid dure is considered completed once the com- before registration. The paid-in minimum pany has received the final document, such Procedure is completed when final document is capital recorded for Mexico is therefore received; construction permits, inspections and as the company registration certificate or tax 10,000 pesos, or 8.4% of income per capita. utility connections included number. If a procedure can be accelerated for an additional cost, the fastest procedure is The data details on starting a business can chosen. It is assumed that the entrepreneur who deal with building regulations, includ- be found for each economy at http://www does not waste time and commits to com- ing approvals and inspections. To make the .doingbusiness.org by selecting the economy pleting each remaining procedure without data comparable across economies, several in the drop-down list. This methodology was delay. The time that the entrepreneur spends assumptions about the business, the ware- developed in Djankov and others (2002) and is on gathering information is ignored. It is as- house project and the utility connections are adopted here with minor changes. sumed that the entrepreneur is aware of all used. entry requirements and their sequence from Assumptions about the the beginning but has had no prior contact DEALING WITH CONSTRUCTION construction company with any of the officials. PERMITS The business (BuildCo): Cost Doing Business records all procedures • Is a limited liability company. required for a business in the construction Cost is recorded as a percentage of the • Operates in the economy’s largest busi- industry to build a standardized warehouse. economy’s income per capita. It includes all ness city. These procedures include submitting all official fees and fees for legal or professional • Is 100% domestically and privately owned. relevant project-specific documents (for services if such services are required by law. example, building plans and site maps) • Has 5 owners, none of whom is a legal Fees for purchasing and legalizing company to the authorities; obtaining all necessary entity. books are included if these transactions are clearances, licenses, permits and certifi- • Is fully licensed and insured to carry out required by law. The company law, the com- cates; completing all required notifications; construction projects, such as building mercial code and specific regulations and fee and receiving all necessary inspections. warehouses. schedules are used as sources for calculating Doing Business also records procedures for • Has 60 builders and other employees, costs. In the absence of fee schedules, a gov- obtaining connections for water, sewerage all of them nationals with the technical ernment officer’s estimate is taken as an of- and a fixed telephone landline.2 Procedures expertise and professional experience ficial source. In the absence of a government necessary to register the property so that it necessary to obtain construction permits officer’s estimate, estimates of incorporation can be used as collateral or transferred to and approvals. lawyers are used. If several incorporation another entity are also counted. The survey lawyers provide different estimates, the • Has at least 1 employee who is a licensed divides the process of building a warehouse median reported value is applied. In all cases architect and registered with the local as- into distinct procedures and calculates the the cost excludes bribes. sociation of architects. time and cost of completing each procedure. The ranking on the ease of dealing with • Has paid all taxes and taken out all neces- Paid-in minimum capital sary insurance applicable to its general construction permits is the simple average The paid-in minimum capital requirement of the percentile rankings on its component business activity (for example, accidental reflects the amount that the entrepreneur indicators (figure 4.2). insurance for construction workers and needs to deposit in a bank or with a notary third-person liability). before registration and up to 3 months fol- Information is collected from experts in • Owns the land on which the warehouse is lowing incorporation and is recorded as a construction licensing, including architects, built. percentage of the economy’s income per construction lawyers, construction firms, capita. The amount is typically specified in utility service providers and public officials DATA NOTES 45 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Assumptions about the warehouse • Will have a constant level of water de- minimum time required for each procedure The warehouse: mand and wastewater flow throughout is 1 day. Although procedures may take place the year. simultaneously, they cannot start on the • Will be used for general storage activities, same day (that is, simultaneous procedures such as storage of books or stationery. The The telephone connection: start on consecutive days). If a procedure warehouse will not be used for any goods • Is 10 meters (32 feet, 10 inches) from the can be accelerated legally for an additional requiring special conditions, such as food, main telephone network. cost, the fastest procedure is chosen. It is as- chemicals or pharmaceuticals. • Is a fixed telephone landline. sumed that BuildCo does not waste time and • Has 2 stories, both above ground, with commits to completing each remaining pro- a total surface of approximately 1,300.6 Procedures cedure without delay. The time that BuildCo square meters (14,000 square feet). Each spends on gathering information is ignored. A procedure is any interaction of the com- floor is 3 meters (9 feet, 10 inches) high. It is assumed that BuildCo is aware of all pany’s employees or managers with external • Has road access and is located in the parties, including government agencies, building requirements and their sequence periurban area of the economy’s largest notaries, the land registry, the cadastre, util- from the beginning. business city (that is, on the fringes of the ity companies, public and private inspectors city but still within its official limits). and technical experts apart from in-house Cost • Is not located in a special economic or in- architects and engineers. Interactions Cost is recorded as a percentage of the dustrial zone. The zoning requirements for between company employees, such as economy’s income per capita. Only official warehouses are met by building in an area development of the warehouse plans and costs are recorded. All the fees associated where similar warehouses can be found. inspections conducted by employees, are with completing the procedures to legally • Is located on a land plot of 929 square not counted as procedures. Procedures build a warehouse are recorded, includ- meters (10,000 square feet) that is 100% that the company undergoes to connect to ing those associated with obtaining land owned by BuildCo and is accurately regis- water, sewerage and telephone services are use approvals and preconstruction design tered in the cadastre and land registry. included. All procedures that are legally or clearances; receiving inspections before, in practice required for building a warehouse during and after construction; getting utility • Is a new construction (there was no previ- are counted, even if they may be avoided in connections; and registering the warehouse ous construction on the land). exceptional cases (table 4.3). property. Nonrecurring taxes required for the • Has complete architectural and technical completion of the warehouse project are also plans prepared by a licensed architect. Time recorded. The building code, information • Will include all technical equipment from local experts and specific regulations Time is recorded in calendar days. The mea- required to make the warehouse fully and fee schedules are used as sources for sure captures the median duration that local operational. costs. If several local partners provide differ- experts indicate is necessary to complete a • Will take 30 weeks to construct (exclud- procedure in practice. It is assumed that the ent estimates, the median reported value is ing all delays due to administrative and used. regulatory requirements). TABLE 4.3 What do the dealing with construction permits indicators The data details on dealing with construction measure? Assumptions about the utility permits can be found for each economy at connections Procedures to legally build a warehouse (number) http://www.doingbusiness.org by selecting the Submitting all relevant documents and obtain- economy in the drop-down list. The water and sewerage connection: ing all necessary clearances, licenses, permits and • Is 10 meters (32 feet, 10 inches) from the certificates Completing all required notifications and receiving existing water source and sewer tap. all necessary inspections GETTING ELECTRICITY • Does not require water for fire protection Obtaining utility connections for water, sewerage Doing Business records all procedures re- reasons; a fire extinguishing system (dry and a fixed telephone landline quired for a business to obtain a permanent system) will be used instead. If a wet fire Registering the warehouse after its completion (if required for use as collateral or for transfer of the electricity connection and supply for a protection system is required by law, it is warehouse) standardized warehouse. These procedures assumed that the water demand specified Time required to complete each procedure include applications and contracts with below also covers the water needed for (calendar days) electricity utilities, all necessary inspections fire protection. Does not include time spent gathering information and clearances from the utility and other • Has an average water use of 662 liters (175 Each procedure starts on a separate day agencies and the external and final connec- gallons) a day and an average wastewater Procedure completed once final document is received tion works. The survey divides the process of flow of 568 liters (150 gallons) a day. No prior contact with officials getting an electricity connection into distinct • Has a peak water use of 1,325 liters (350 Cost required to complete each procedure procedures and calculates the time and cost (% of income per capita) gallons) a day and a peak wastewater flow of completing each procedure. The rank- Official costs only, no bribes of 1,136 liters (300 gallons) a day. ing on the ease of getting electricity is the 46 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. simple average of the percentile rankings on feet). The plot of land on which it is built is FIGURE 4.3 Getting electricity: obtaining an its component indicators (figure 4.3). 929 square meters (10,000 square feet). electricity connection Rankings are based on 3 indicators Data are collected from the electricity dis- Assumptions about the electricity tribution utility, then completed and verified connection Days to obtain As % of income by electricity regulatory agencies and inde- an electricity per capita, no The electricity connection: connection in bribes included pendent professionals such as electrical en- main city • Is a permanent one. gineers, electrical contractors and construc- • Is a 3-phase, 4-wire Y, 140-kilovolt- 33.3% 33.3% tion companies. The electricity distribution Time Cost utility surveyed is the one serving the area ampere (kVA) (subscribed capacity) (or areas) where warehouses are located. If connection. 33.3% there is a choice of distribution utilities, the • Is 150 meters long. The connection is to Procedures one serving the largest number of customers either the low-voltage or the medium- is selected. voltage distribution network and either Steps to file an application, prepare a design, overhead or underground, whichever is complete works, obtain approvals, go To make the data comparable across more common in the economy and in the through inspections, install a meter and sign a supply contract economies, several assumptions about the area where the warehouse is located. The warehouse and the electricity connection are length of any connection in the customer’s Interactions between company employees used. private domain is negligible. and steps related to the internal electrical • Involves the installation of only one wiring, such as the design and execution of Assumptions about the warehouse electricity meter. The monthly electricity the internal electrical installation plans, are The warehouse: consumption will be 0.07 gigawatt-hour not counted as procedures. Procedures that • Is owned by a local entrepreneur. (GWh). The internal electrical wiring has must be completed with the same utility • Is located in the economy’s largest busi- already been completed. but with different departments are counted ness city. as separate procedures (table 4.4). • Is located within the city’s official limits Procedures A procedure is defined as any interaction The company’s employees are assumed to and in an area where other warehouses of the company’s employees or its main complete all procedures themselves unless are located (a nonresidential area). electrician or electrical engineer (that is, the use of a third party is mandated (for • Is not located in a special economic or example, if only an electrician registered with the one who may have done the internal investment zone; that is, the electricity the utility is allowed to submit an applica- wiring) with external parties such as the connection is not eligible for subsidization tion). If the company can, but is not required electricity distribution utility, electric- or faster service under a special invest- to, request the services of professionals ity supply utilities, government agencies, ment promotion regime. If several options (such as a private firm rather than the utility electrical contractors and electrical firms. for location are available, the warehouse for the external works), these procedures are is located where electricity is most easily TABLE 4.4 What do the getting electricity recorded if they are commonly done. For all available. indicators measure? procedures, only the most likely cases (for • Has road access. The connection works Procedures to obtain an electricity connection (number) example, more than 50% of the time the involve the crossing of a road (for excava- Submitting all relevant documents and obtaining all utility has the material) and those followed necessary clearances and permits tion, overhead lines and the like), but they in practice for connecting a warehouse to Completing all required notifications and receiving are all carried out on public land; that is, all necessary inspections electricity are counted. there is no crossing onto another owner’s Obtaining external installation works and possibly private property. purchasing material for these works Time Concluding any necessary supply contract and Time is recorded in calendar days. The • Is located in an area with no physical con- obtaining final supply straints. For example, the property is not measure captures the median duration that Time required to complete each procedure near a railway. (calendar days) the electricity utility and experts indicate is Is at least 1 calendar day necessary in practice, rather than required by • Is used for storage of refrigerated goods. Each procedure starts on a separate day law, to complete a procedure with minimum • Is a new construction (that is, there was follow-up and no extra payments. It is also Does not include time spent gathering information no previous construction on the land assumed that the minimum time required for Reflects the time spent in practice, with little follow- where it is located). It is being connected up and no prior contact with officials each procedure is 1 day. Although procedures to electricity for the first time. Cost required to complete each procedure may take place simultaneously, they cannot • Has 2 stories, both above ground, with (% of income per capita) start on the same day (that is, simultane- Official costs only, no bribes a total surface area of approximately ous procedures start on consecutive days). 1,300.6 square meters (14,000 square Value added tax excluded It is assumed that the company does not DATA NOTES 47 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. waste time and commits to completing each and the interest paid by the utility is used to the necessary documents, such as a copy of remaining procedure without delay. The calculate the present value. the seller’s title if necessary, and conducting time that the company spends on gathering due diligence if required. The transaction is information is ignored. It is assumed that the In some economies the security deposit can considered complete when it is opposable company is aware of all electricity connec- be put up in the form of a bond: the com- to third parties and when the buyer can use tion requirements and their sequence from pany can obtain from a bank or an insurance the property, use it as collateral for a bank the beginning. company a guarantee issued on the assets loan or resell it. The ranking on the ease of it holds with that financial institution. In registering property is the simple average Cost contrast to the scenario in which the cus- of the percentile rankings on its component Cost is recorded as a percentage of the tomer pays the deposit in cash to the utility, indicators (figure 4.4). economy’s income per capita. Costs are in this scenario the company does not lose recorded exclusive of value added tax. All ownership control over the full amount and Every procedure required by law or neces- the fees and costs associated with complet- can continue using it. In return the company sary in practice is included, whether it is the ing the procedures to connect a warehouse will pay the bank a commission for obtain- responsibility of the seller or the buyer or to electricity are recorded, including those ing the bond. The commission charged may must be completed by a third party on their related to obtaining clearances from govern- vary depending on the credit standing of the behalf. Local property lawyers, notaries and ment agencies, applying for the connection, company. The best possible credit standing property registries provide information on receiving inspections of both the site and the and thus the lowest possible commission are procedures as well as the time and cost to internal wiring, purchasing material, getting assumed. Where a bond can be put up, the complete each of them. the actual connection works and paying value recorded for the deposit is the annual commission times the 5 years assumed to To make the data comparable across econo- a security deposit. Information from local be the length of the contract. If both options mies, several assumptions about the parties experts and specific regulations and fee exist, the cheaper alternative is recorded. to the transaction, the property and the schedules are used as sources for costs. If procedures are used. several local partners provide different esti- In Honduras in June 2011 a customer re- mates, the median reported value is used. In questing a 140-kVA electricity connection Assumptions about the parties all cases the cost excludes bribes. would have had to put up a security deposit The parties (buyer and seller): Security deposit of 126,894 Honduran lempiras (L) in cash • Are limited liability companies. or check, and the deposit would have been • Are located in the periurban area of the Utilities require security deposits as a guar- returned only at the end of the contract. economy’s largest business city. antee against the possible failure of custom- ers to pay their consumption bills. For this The customer could instead have invested • Are 100% domestically and privately reason the security deposit for a new cus- this money at the prevailing lending rate of owned. tomer is most often calculated as a function 18.87%. Over the 5 years of the contract this would imply a present value of lost inter- • Have 50 employees each, all of whom are of the customer’s estimated consumption. est earnings of L 73,423. In contrast, if the nationals. Doing Business does not record the full customer chose to settle the deposit with a • Perform general commercial activities. amount of the security deposit. If the deposit bank guarantee at an annual rate of 2.5%, is based on the customer’s actual consump- the amount lost over the 5 years would be Assumptions about the property tion, this basis is the one assumed in the just L 15,862. The property: case study. Rather than the full amount of • Has a value of 50 times income per capita. the security deposit, Doing Business records The data details on getting electricity can be The sale price equals the value. the present value of the losses in interest found for each economy at http://www.doing • Is fully owned by the seller. earnings experienced by the customer be- business.org. • Has no mortgages attached and has been cause the utility holds the security deposit under the same ownership for the past 10 over a prolonged period, in most cases until REGISTERING PROPERTY years. the end of the contract (assumed to be after Doing Business records the full sequence of • Is registered in the land registry or cadas- 5 years). In cases where the security deposit procedures necessary for a business (buyer) tre, or both, and is free of title disputes. is used to cover the first monthly consump- tion bills, it is not recorded. To calculate to purchase a property from another busi- • Is located in a periurban commercial zone, the present value of the lost interest earn- ness (seller) and to transfer the property title and no rezoning is required. ings, the end-2010 lending rates from the to the buyer’s name so that the buyer can use • Consists of land and a building. The land International Monetary Fund’s International the property for expanding its business, use area is 557.4 square meters (6,000 square Financial Statistics are used. In cases where the property as collateral in taking new loans feet). A 2-story warehouse of 929 square the security deposit is returned with inter- or, if necessary, sell the property to another meters (10,000 square feet) is located on est, the difference between the lending rate business. The process starts with obtaining the land. The warehouse is 10 years old, 48 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. that the buyer does not employ an outside excluded from the cost measure. Both costs FIGURE 4.4 Registering property: transfer of facilitator in the registration process unless borne by the buyer and those borne by the property between 2 local companies legally or in practice required to do so. seller are included. If cost estimates differ Rankings are based on 3 indicators among sources, the median reported value Time is used. Days to transfer As % of property property in value, no bribes Time is recorded in calendar days. The main city included measure captures the median duration The data details on registering property can that property lawyers, notaries or registry be found for each economy at http://www 33.3% 33.3% officials indicate is necessary to complete a .doingbusiness.org by selecting the economy in Time Cost procedure. It is assumed that the minimum the drop-down list. time required for each procedure is 1 day. 33.3% Although procedures may take place simul- Procedures taneously, they cannot start on the same GETTING CREDIT day. It is assumed that the buyer does not Doing Business measures the legal rights Steps to check encumbrances, obtain clearance waste time and commits to completing each of borrowers and lenders with respect to certificates, prepare deed and transfer title so that the property can be occupied, remaining procedure without delay. If a pro- secured transactions through one set of indi- sold or used as collateral cedure can be accelerated for an additional cators and the sharing of credit information cost, the fastest legal procedure available through another. The first set of indicators and used by the majority of property owners describes how well collateral and bankruptcy is in good condition and complies with is chosen. If procedures can be undertaken laws facilitate lending. The second set mea- all safety standards, building codes and simultaneously, it is assumed that they are. sures the coverage, scope and accessibility other legal requirements. The property of It is assumed that the parties involved are of credit information available through public land and building will be transferred in its aware of all requirements and their sequence credit registries and private credit bureaus. entirety. from the beginning. Time spent on gathering The ranking on the ease of getting credit • Will not be subject to renovations or ad- information is not considered. is based on the percentile rankings on its ditional building following the purchase. component indicators: the depth of credit Cost • Has no trees, natural water sources, natu- information index (weighted at 37.5%) and ral reserves or historical monuments of Cost is recorded as a percentage of the prop- the strength of legal rights index (weighted erty value, assumed to be equivalent to 50 any kind. at 62.5%) (figure 4.5).3 times income per capita. Only official costs • Will not be used for special purposes, and required by law are recorded, including fees, no special permits, such as for residential LEGAL RIGHTS transfer taxes, stamp duties and any other use, industrial plants, waste storage or The data on the legal rights of borrowers payment to the property registry, notaries, certain types of agricultural activities, are and lenders are gathered through a survey public agencies or lawyers. Other taxes, such required. as capital gains tax or value added tax, are of financial lawyers and verified through • Has no occupants (legal or illegal), and no analysis of laws and regulations as well as other party holds a legal interest in it. TABLE 4.5 What do the registering property public sources of information on collateral indicators measure? and bankruptcy laws. Survey responses are Procedures Procedures to legally transfer title on immovable verified through several rounds of follow-up property (number) A procedure is defined as any interaction Preregistration procedures (for example, checking for communication with respondents as well of the buyer or the seller, their agents (if liens, notarizing sales agreement, paying property as by contacting third parties and consult- transfer taxes) an agent is legally or in practice required) ing public sources. The survey data are Registration procedures in the economy’s largest or the property with external parties, in- business city confirmed through teleconference calls or cluding government agencies, inspectors, Postregistration procedures (for example, filing title on-site visits in all economies. notaries and lawyers. Interactions between with municipality) company officers and employees are not Time required to complete each procedure Strength of legal rights index (calendar days) considered. All procedures that are legally or The strength of legal rights index measures Does not include time spent gathering information in practice required for registering property the degree to which collateral and bankruptcy Each procedure starts on a separate day are recorded, even if they may be avoided in laws protect the rights of borrowers and Procedure completed once final document is received exceptional cases (table 4.5). It is assumed lenders and thus facilitate lending (table 4.6). that the buyer follows the fastest legal option No prior contact with officials Two case scenarios, case A and case B, are available and used by the majority of prop- Cost required to complete each procedure used to determine the scope of the secured (% of property value) erty owners. Although the buyer may use transactions system. The case scenarios in- Official costs only, no bribes lawyers or other professionals where neces- volve a secured borrower, the company ABC, No value added or capital gains taxes included sary in the registration process, it is assumed and a secured lender, BizBank. In certain DATA NOTES 49 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. The case scenarios also involve assump- maximum amount for which the assets FIGURE 4.5 Getting credit: collateral rules and tions. In case A, as collateral for the loan, are encumbered. credit information Rankings are based on 2 indicators ABC grants BizBank a nonpossessory • A collateral registry or registration institu- security interest in one category of movable tion for security interests over movable assets, for example, its accounts receivable property is in operation, unified geograph- Scope, quality and accessibility of credit or its inventory. ABC wants to keep both ically and by asset type, with an electronic information through public and private credit registries possession and ownership of the collateral. database indexed by debtors’ names. In economies where the law does not allow • Secured creditors are paid first (for ex- 37.5% 62.5% nonpossessory security interests in movable Depth Strength ample, before general tax claims and of credit of legal property, ABC and BizBank use a fiduciary employee claims) when a debtor defaults information rights index (0–6) index (0–10) transfer-of-title arrangement (or a similar outside an insolvency procedure. substitute for nonpossessory security inter- • Secured creditors are paid first (for ex- ests). The strength of legal rights index does ample, before general tax claims and not cover functional equivalents to security employee claims) when a business is over movable assets (for example, leasing or liquidated. reservation of title). Regulations on nonpossessory security • Secured creditors either are not subject interests in movable property In case B, ABC grants BizBank a business to an automatic stay or moratorium on Note: Private bureau coverage and public registry coverage are measured but do not count for the rankings. charge, enterprise charge, floating charge or enforcement procedures when a debtor any charge that gives BizBank a security in- enters a court-supervised reorganization terest over ABC’s combined movable assets procedure, or the law provides secured economies the legal framework for secured (or as much of ABC’s movable assets as pos- creditors with grounds for relief from an transactions means that only case A or case sible). ABC keeps ownership and possession automatic stay or moratorium (for exam- B can apply (not both). Both cases examine ple, if the movable property is in danger) of the assets. the same set of legal provisions relating to or sets a time limit for the automatic stay.4 the use of movable collateral. The strength of legal rights index includes • The law allows parties to agree in a col- 8 aspects related to legal rights in collateral lateral agreement that the lender may Several assumptions about the secured bor- law and 2 aspects in bankruptcy law. A score enforce its security right out of court. rower and lender are used: of 1 is assigned for each of the following features of the laws: The index ranges from 0 to 10, with higher • ABC is a domestic, limited liability • Any business may use movable assets as scores indicating that collateral and bank- company. ruptcy laws are better designed to expand collateral while keeping possession of the • The company has 100 employees. assets, and any financial institution may access to credit. • ABC has its headquarters and only base of accept such assets as collateral. CREDIT INFORMATION operations in the economy’s largest busi- • The law allows a business to grant a nonpossessory security right in a single The data on credit information sharing are ness city. category of movable assets (such as ac- built in 2 stages. First, banking supervision • Both ABC and BizBank are 100% domesti- authorities and public information sources counts receivable or inventory), without cally owned. requiring a specific description of the are surveyed to confirm the presence of a collateral. public credit registry or private credit bureau. TABLE 4.6 What do the getting credit indicators measure? Second, when applicable, a detailed survey • The law allows a business to grant a non- on the public credit registry’s or private credit Strength of legal rights index (0–10) possessory security right in substantially bureau’s structure, laws and associated rules Protection of rights of borrowers and lenders all its movable assets, without requiring a through collateral laws is administered to the entity itself. Survey re- specific description of the collateral. Protection of secured creditors’ rights through sponses are verified through several rounds bankruptcy laws • A security right may extend to future or of follow-up communication with respon- Depth of credit information index (0–6) after-acquired assets and may extend dents as well as by contacting third parties Scope and accessibility of credit information dis- automatically to the products, proceeds or and consulting public sources. The survey tributed by public credit registries and private credit replacements of the original assets. bureaus data are confirmed through teleconference • A general description of debts and ob- calls or on-site visits in all economies. Public credit registry coverage (% of adults) Number of individuals and firms listed in a public ligations is permitted in the collateral credit registry as percentage of adult population agreement and in registration documents; Depth of credit information index Private credit bureau coverage (% of adults) all types of debts and obligations can The depth of credit information index Number of individuals and firms listed in largest pri- be secured between the parties, and measures rules and practices affecting the vate credit bureau as percentage of adult population the collateral agreement can include a coverage, scope and accessibility of credit 50 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. information available through either a public loans of any value (a score of 1). Borrowers PROTECTING INVESTORS credit registry or a private credit bureau. A have the right to access their data in both the Doing Business measures the strength of score of 1 is assigned for each of the follow- public credit registry and the private credit minority shareholder protections against ing 6 features of the public credit registry or bureau (a score of 1). Summing across the directors’ misuse of corporate assets for private credit bureau (or both): indicators gives Lithuania a total score of 6. personal gain. The indicators distinguish 3 • Both positive credit information (for ex- dimensions of investor protections: trans- ample, outstanding loan amounts and Public credit registry coverage parency of related-party transactions (extent pattern of on-time repayments) and The public credit registry coverage indica- of disclosure index), liability for self-dealing negative information (for example, late tor reports the number of individuals and (extent of director liability index) and share- payments, and number and amount of firms listed in a public credit registry with holders’ ability to sue officers and directors defaults and bankruptcies) are distributed. information on their borrowing history from for misconduct (ease of shareholder suits • Data on both firms and individuals are the past 5 years. The number is expressed index). The data come from a survey of cor- distributed. as a percentage of the adult population (the porate and securities lawyers and are based • Data from retailers and utility compa- population age 15 and above in 2010 accord- on securities regulations, company laws, civil nies as well as financial institutions are ing to the World Bank’s World Development procedure codes and court rules of evidence. distributed. Indicators). A public credit registry is defined The ranking on the strength of investor as a database managed by the public sector, protection index is the simple average of the • More than 2 years of historical data are usually by the central bank or the superin- percentile rankings on its component indica- distributed. Credit registries and bureaus tendent of banks, that collects information tors (figure 4.6). that erase data on defaults as soon as on the creditworthiness of borrowers (indi- they are repaid obtain a score of 0 for this viduals or firms) in the financial system and To make the data comparable across econo- indicator. facilitates the exchange of credit information mies, several assumptions about the busi- • Data on loan amounts below 1% of in- among banks and other regulated financial ness and the transaction are used. come per capita are distributed. Note institutions. If no public registry operates, that a credit registry or bureau must have the coverage value is 0. Assumptions about the business a minimum coverage of 1% of the adult The business (Buyer): population to score a 1 on this indicator. Private credit bureau coverage • Is a publicly traded corporation listed on • By law, borrowers have the right to access The private credit bureau coverage indica- the economy’s most important stock ex- their data in the largest credit registry or tor reports the number of individuals and change. If the number of publicly traded bureau in the economy. firms listed by a private credit bureau with companies listed on that exchange is less The index ranges from 0 to 6, with higher information on their borrowing history from than 10, or if there is no stock exchange values indicating the availability of more the past 5 years. The number is expressed in the economy, it is assumed that Buyer credit information, from either a public credit as a percentage of the adult population (the is a large private company with multiple registry or a private credit bureau, to facili- population age 15 and above in 2010 accord- shareholders. tate lending decisions. If the credit registry or ing to the World Bank’s World Development • Has a board of directors and a chief execu- bureau is not operational or has a coverage Indicators). A private credit bureau is defined tive officer (CEO) who may legally act on of less than 0.1% of the adult population, as a private firm or nonprofit organization behalf of Buyer where permitted, even if the score on the depth of credit information that maintains a database on the creditwor- this is not specifically required by law. index is 0. thiness of borrowers (individuals or firms) • Is a manufacturing company. in the financial system and facilitates the • Has its own distribution network. In Lithuania, for example, both a public credit exchange of credit information among credi- registry and a private credit bureau oper- tors. Credit investigative bureaus and credit Assumptions about the transaction ate. Both distribute positive and negative reporting firms that do not directly facilitate • Mr. James is Buyer’s controlling share- information (a score of 1). Both distribute information exchange among banks and oth- holder and a member of Buyer’s board data on firms and individuals (a score of 1). er financial institutions are not considered. of directors. He owns 60% of Buyer and Although the public credit registry does not If no private bureau operates, the coverage elected 2 directors to Buyer’s 5-member distribute data from retailers or utilities, the value is 0. board. private credit bureau does do so (a score of 1). Although the private credit bureau does The data details on getting credit can be found • Mr. James also owns 90% of Seller, a not distribute more than 2 years of historical for each economy at http://www.doingbusiness company that operates a chain of retail data, the public credit registry does do so .org by selecting the economy in the drop- hardware stores. Seller recently closed a (a score of 1). Although the public credit down list. This methodology was developed in large number of its stores. registry has a threshold of 50,000 litai, the Djankov, McLiesh and Shleifer (2007) and is • Mr. James proposes that Buyer purchase private credit bureau distributes data on adopted here with minor changes. Seller’s unused fleet of trucks to expand DATA NOTES 51 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. terms and Mr. James’s conflict of interest 2). Before the transaction Mr. James must FIGURE 4.6 Protecting investors: minority is required. disclose his conflict of interest to the other shareholder rights in related-party • Whether disclosure in the annual report is directors, but he is not required to provide transactions Rankings are based on 3 indicators required. A score of 0 is assigned if no dis- specific information about it (a score of 1). closure on the transaction is required; 1 if Poland does not require an external body to disclosure on the terms of the transaction review the transaction (a score of 0). Adding Requirements on Liability of CEO and approval and disclosure board of directors in a is required but not on Mr. James’s conflict these numbers gives Poland a score of 7 on of related-party related-party transactions transaction of interest; 2 if disclosure on both the the extent of disclosure index. terms and Mr. James’s conflict of interest 33.3% 33.3% Extent of Extent of is required. Extent of director liability index disclosure director index liability index • Whether disclosure by Mr. James to the The extent of director liability index has 7 board of directors is required. A score of 0 components:6 33.3% Ease of shareholder is assigned if no disclosure is required; 1 if • Whether a shareholder plaintiff is able to suits index a general disclosure of the existence of a hold Mr. James liable for the damage the conflict of interest is required without any Buyer-Seller transaction causes to the Type of evidence that can be collected specifics; 2 if full disclosure of all material company. A score of 0 is assigned if Mr. before and during the trial facts relating to Mr. James’s interest in the James cannot be held liable or can be held Buyer-Seller transaction is required. Buyer’s distribution of its products, a pro- liable only for fraud or bad faith; 1 if Mr. • Whether it is required that an external James can be held liable only if he influ- posal to which Buyer agrees. The price body, for example, an external auditor, re- enced the approval of the transaction or is equal to 10% of Buyer’s assets and is view the transaction before it takes place. was negligent; 2 if Mr. James can be held higher than the market value. A score of 0 is assigned if no; 1 if yes. liable when the transaction is unfair or • The proposed transaction is part of the company’s ordinary course of business prejudicial to the other shareholders. The index ranges from 0 to 10, with higher and is not outside the authority of the values indicating greater disclosure. In • Whether a shareholder plaintiff is able to company. Poland, for example, the board of directors hold the approving body (the CEO or the • Buyer enters into the transaction. All must approve the transaction and Mr. James members of the board of directors) liable required approvals are obtained, and all is not allowed to vote (a score of 2). Buyer for the damage the transaction causes to required disclosures made (that is, the is required to disclose immediately all infor- the company. A score of 0 is assigned if the transaction is not fraudulent). mation affecting the stock price, including approving body cannot be held liable or can • The transaction causes damages to Buyer. the conflict of interest (a score of 2). In its be held liable only for fraud or bad faith; 1 if Shareholders sue Mr. James and the other annual report Buyer must also disclose the the approving body can be held liable for parties that approved the transaction. terms of the transaction and Mr. James’s negligence; 2 if the approving body can be ownership in Buyer and Seller (a score of held liable when the transaction is unfair or Extent of disclosure index prejudicial to the other shareholders. TABLE 4.7 What do the protecting investors The extent of disclosure index has 5 compo- indicators measure? • Whether a court can void the transaction nents (table 4.7): upon a successful claim by a shareholder Extent of disclosure index (0–10) • Which corporate body can provide legally Who can approve related-party transactions plaintiff. A score of 0 is assigned if rescis- sufficient approval for the transaction. sion is unavailable or is available only Disclosure requirements in case of related-party A score of 0 is assigned if it is the CEO transactions in case of fraud or bad faith; 1 if rescis- or the managing director alone; 1 if the Extent of director liability index (0–10) sion is available when the transaction board of directors or shareholders must Ability of shareholders to hold interested parties and is oppressive or prejudicial to the other vote and Mr. James is permitted to vote; members of the approving body liable in case of related-party transactions shareholders; 2 if rescission is available 2 if the board of directors must vote and Available legal remedies (damages, repayment of when the transaction is unfair or entails a Mr. James is not permitted to vote; 3 if profits, fines and imprisonment) conflict of interest. shareholders must vote and Mr. James is Ability of shareholders to sue directly or derivatively not permitted to vote. • Whether Mr. James pays damages for the Ease of shareholder suits index (0–10) harm caused to the company upon a suc- • Whether immediate disclosure of the Direct access to internal documents of the company cessful claim by the shareholder plaintiff. transaction to the public, the regulator or and use of a government inspector without filing the shareholders is required.5 A score of 0 suit in court A score of 0 is assigned if no; 1 if yes. is assigned if no disclosure is required; 1 if Documents and information available during trial • Whether Mr. James repays profits made disclosure on the terms of the transaction Strength of investor protection index (0–10) from the transaction upon a successful is required but not on Mr. James’s conflict Simple average of the extent of disclosure, extent of claim by the shareholder plaintiff. A score director liability and ease of shareholder suits indices of interest; 2 if disclosure on both the of 0 is assigned if no; 1 if yes. 52 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. • Whether both fines and imprisonment • Whether the plaintiff can obtain cat- ranges from 0 to 10, with higher values indi- can be applied against Mr. James. A score egories of relevant documents from the cating more investor protection. of 0 is assigned if no; 1 if yes. defendant without identifying each docu- ment specifically. A score of 0 is assigned The data details on protecting investors can • Whether shareholder plaintiffs are able to if no; 1 if yes. be found for each economy at http://www sue directly or derivatively for the damage .doingbusiness.org by selecting the economy in the transaction causes to the company. A • Whether shareholders owning 10% or less the drop-down list. This methodology was de- score of 0 is assigned if suits are unavail- of the company’s share capital can request veloped in Djankov, La Porta and others (2008). able or are available only for shareholders that a government inspector investigate holding more than 10% of the company’s the Buyer-Seller transaction without filing share capital; 1 if direct or derivative suits suit in court. A score of 0 is assigned if no; PAYING TAXES are available for shareholders holding 10% 1 if yes. or less of share capital. Doing Business records the taxes and man- • Whether shareholders owning 10% or datory contributions that a medium-size less of the company’s share capital have The index ranges from 0 to 10, with higher company must pay in a given year as well the right to inspect the transaction docu- values indicating greater liability of directors. as measures of the administrative burden of ments before filing suit. A score of 0 is Assuming that the prejudicial transaction paying taxes and contributions. The project assigned if no; 1 if yes. was duly approved and disclosed, in order was developed and implemented in coop- • Whether the standard of proof for civil to hold Mr. James liable in Panama, for eration with PwC.7 Taxes and contributions suits is lower than that for a criminal case. example, a plaintiff must prove that Mr. measured include the profit or corporate A score of 0 is assigned if no; 1 if yes. James influenced the approving body or income tax, social contributions and labor acted negligently (a score of 1). To hold the The index ranges from 0 to 10, with higher taxes paid by the employer, property taxes, other directors liable, a plaintiff must prove values indicating greater powers of share- property transfer taxes, dividend tax, capital that they acted negligently (a score of 1). The holders to challenge the transaction. In gains tax, financial transactions tax, waste prejudicial transaction cannot be voided (a Greece, for example, the plaintiff can access collection taxes, vehicle and road taxes, and score of 0). If Mr. James is found liable, he documents that the defendant intends to any other small taxes or fees. must pay damages (a score of 1) but he is not rely on for his defense and that directly required to disgorge his profits (a score of 0). The ranking on the ease of paying taxes is prove facts in the plaintiff’s claim (a score of Mr. James cannot be fined and imprisoned the simple average of the percentile rankings 2). The plaintiff can examine the defendant (a score of 0). Direct or derivative suits are on its component indicators, with a thresh- and witnesses during trial, though only with available for shareholders holding 10% or old being applied to one of the component prior approval of the questions by the court less of share capital (a score of 1). Adding indicators, the total tax rate (figure 4.7). The (a score of 1). The plaintiff must specifically these numbers gives Panama a score of 4 on threshold is defined as the highest total tax identify the documents being sought (for ex- the extent of director liability index. rate among the top 30% of economies in the ample, the Buyer-Seller purchase agreement ranking on the total tax rate. It will be cal- of July 15, 2006) and cannot just request Ease of shareholder suits index culated and adjusted on a yearly basis. This categories (for example, all documents The ease of shareholder suits index has 6 year’s threshold is 32.5%. For all economies related to the transaction) (a score of 0). A components: with a total tax rate below this threshold, the shareholder holding 5% of Buyer’s shares total tax rate is set at 32.5% this year. The • What range of documents is available to can request that a government inspector threshold is not based on any underlying the shareholder plaintiff from the defen- review suspected mismanagement by Mr. theory. Instead, it is intended to mitigate the dant and witnesses during trial. A score James and the CEO without filing suit in effect of very low tax rates on the ranking on of 1 is assigned for each of the following court (a score of 1). Any shareholder can the ease of paying taxes. types of documents available: informa- inspect the transaction documents before tion that the defendant has indicated he deciding whether to sue (a score of 1). The Doing Business measures all taxes and con- intends to rely on for his defense; infor- standard of proof for civil suits is the same as tributions that are government mandated mation that directly proves specific facts that for a criminal case (a score of 0). Adding (at any level—federal, state or local) and in the plaintiff ’s claim; any information these numbers gives Greece a score of 5 on that apply to the standardized business and relevant to the subject matter of the claim; the ease of shareholder suits index. have an impact in its financial statements. In and any information that may lead to the doing so, Doing Business goes beyond the tra- discovery of relevant information. Strength of investor protection ditional definition of a tax. As defined for the • Whether the plaintiff can directly examine index purposes of government national accounts, the defendant and witnesses during trial. The strength of investor protection index is taxes include only compulsory, unrequited A score of 0 is assigned if no; 1 if yes, with the average of the extent of disclosure index, payments to general government. Doing prior approval of the questions by the the extent of director liability index and the Business departs from this definition because judge; 2 if yes, without prior approval. ease of shareholder suits index. The index it measures imposed charges that affect DATA NOTES 53 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. about the business and the taxes and contri- as an additional benefit. In addition, in FIGURE 4.7 Paying taxes: tax compliance for a butions are used. some economies reimbursable business local manufacturing company travel and client entertainment expenses Rankings are based on 3 indicators The methodology for the paying taxes indi- are considered fringe benefits. When ap- cators has benefited from discussion with plicable, it is assumed that the company members of the International Tax Dialogue Number of hours per year Firm tax liability as % pays the fringe benefit tax on this expense to prepare, file returns of profits before all and other stakeholders, which led to a refine- and pay taxes taxes borne or that the benefit becomes taxable in- ment of the survey questions on the time to come for the employee. The case study pay taxes, the collection of additional data on 33.3% 33.3% assumes no additional salary additions for Time Total the labor tax wedge for further research and tax rate meals, transportation, education or oth- the introduction of a threshold applied to the ers. Therefore, even when such benefits total tax rate for the purpose of calculating 33.3% are frequent, they are not added to or the ranking on the ease of paying taxes (see Payments removed from the taxable gross salaries discussion at the beginning of this section). to arrive at the labor tax or contribution Number of tax payments per year Assumptions about the business calculation. • Has a turnover of 1,050 times income per The business: business accounts, not government ac- capita. counts. One main difference relates to labor • Is a limited liability, taxable company. • Makes a loss in the first year of operation. contributions. The Doing Business measure If there is more than one type of limited • Has a gross margin (pretax) of 20% (that includes government-mandated contribu- liability company in the economy, the lim- ited liability form most common among is, sales are 120% of the cost of goods tions paid by the employer to a requited domestic firms is chosen. The most com- sold). private pension fund or workers’ insurance mon form is reported by incorporation • Distributes 50% of its net profits as fund. The indicator includes, for example, lawyers or the statistical office. dividends to the owners at the end of the Australia’s compulsory superannuation • Started operations on January 1, 2009. second year. guarantee and workers’ compensation insur- ance. For the purpose of calculating the total At that time the company purchased all • Sells one of its plots of land at a profit at tax rate (defined below), only taxes borne the assets shown in its balance sheet and the beginning of the second year. are included. For example, value added taxes hired all its workers. • Has annual fuel costs for its trucks equal are generally excluded (provided they are not • Operates in the economy’s largest busi- to twice income per capita. irrecoverable) because they do not affect the ness city. • Is subject to a series of detailed assump- accounting profits of the business—that is, • Is 100% domestically owned and has 5 tions on expenses and transactions to they are not reflected in the income state- owners, all of whom are natural persons. further standardize the case. All financial ment. They are, however, included for the • At the end of 2009, has a start-up capital statement variables are proportional to purpose of the compliance measures (time of 102 times income per capita. 2005 income per capita. For example, and payments), as they add to the burden of the owner who is also a manager spends • Performs general industrial or commercial complying with the tax system. activities. Specifically, it produces ceramic 10% of income per capita on traveling Doing Business uses a case scenario to flowerpots and sells them at retail. It does for the company (20% of this owner’s measure the taxes and contributions paid by not participate in foreign trade (no import expenses are purely private, 20% are for a standardized business and the complex- or export) and does not handle products entertaining customers and 60% for busi- subject to a special tax regime, for ex- ness travel). ity of an economy’s tax compliance system. ample, liquor or tobacco. This case scenario uses a set of financial • At the beginning of 2010, owns 2 plots of Assumptions about the taxes and statements and assumptions about transac- tions made over the course of the year. In land, 1 building, machinery, office equip- contributions each economy tax experts from a number ment, computers and 1 truck and leases 1 • All the taxes and contributions recorded of different firms (in many economies truck. are those paid in the second year of op- these include PwC) compute the taxes • Does not qualify for investment incentives eration (calendar year 2010). A tax or and mandatory contributions due in their or any benefits apart from those related to contribution is considered distinct if it has jurisdiction based on the standardized case the age or size of the company. a different name or is collected by a differ- study facts. Information is also compiled • Has 60 employees—4 managers, 8 as- ent agency. Taxes and contributions with on the frequency of filing and payments as sistants and 48 workers. All are nationals, the same name and agency, but charged well as time taken to comply with tax laws in and 1 manager is also an owner. The com- at different rates depending on the busi- an economy. To make the data comparable pany pays for additional medical insurance ness, are counted as the same tax or across economies, several assumptions for employees (not mandated by any law) contribution. 54 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. • The number of times the company pays collect all information necessary to compute TABLE 4.8 What do the paying taxes taxes and contributions in a year is the the tax payable and to calculate the amount indicators measure? number of different taxes or contributions payable. If separate accounting books must Tax payments for a manufacturing company in 2010 (number per year adjusted for electronic and joint filing multiplied by the frequency of payment (or be kept for tax purposes—or separate cal- and payment) withholding) for each tax. The frequency culations made—the time associated with Total number of taxes and contributions paid, includ- of payment includes advance payments these processes is included. This extra time ing consumption taxes (value added tax, sales tax or goods and service tax) (or withholding) as well as regular pay- is included only if the regular accounting Method and frequency of filing and payment ments (or withholding). work is not enough to fulfill the tax account- Time required to comply with 3 major taxes ing requirements. Filing time includes the (hours per year) Tax payments Collecting information and computing the tax payable time to complete all necessary tax return The tax payments indicator reflects the total forms and file the relevant returns at the tax Completing tax return forms, filing with proper number of taxes and contributions paid, the agencies authority. Payment time considers the hours method of payment, the frequency of pay- Arranging payment or withholding needed to make the payment online or at the ment, the frequency of filing and the number Preparing separate mandatory tax accounting books, tax authorities. Where taxes and contribu- if required of agencies involved for this standardized tions are paid in person, the time includes Total tax rate (% of profit before all taxes) case study company during the second year delays while waiting. Profit or corporate income tax of operation (table 4.8). It includes con- Social contributions and labor taxes paid by the sumption taxes paid by the company, such Total tax rate employer as sales tax or value added tax. These taxes Property and property transfer taxes The total tax rate measures the amount of are traditionally collected from the consumer Dividend, capital gains and financial transactions taxes and mandatory contributions borne taxes on behalf of the tax agencies. Although they by the business in the second year of op- Waste collection, vehicle, road and other taxes do not affect the income statements of the eration, expressed as a share of commercial company, they add to the administrative profit. Doing Business 2012 reports the total The total tax rate is designed to provide a burden of complying with the tax system and so are included in the tax payments measure. tax rate for calendar year 2010. The total comprehensive measure of the cost of all amount of taxes borne is the sum of all the the taxes a business bears. It differs from The number of payments takes into account different taxes and contributions payable the statutory tax rate, which merely provides electronic filing. Where full electronic filing after accounting for allowable deductions the factor to be applied to the tax base. In and payment is allowed and it is used by the and exemptions. The taxes withheld (such computing the total tax rate, the actual tax majority of medium-size businesses, the tax as personal income tax) or collected by the payable is divided by commercial profit. Data is counted as paid once a year even if filings company and remitted to the tax authori- for Norway illustrate (table 4.9). and payments are more frequent. For pay- ties (such as value added tax, sales tax or ments made through third parties, such as goods and service tax) but not borne by the Commercial profit is essentially net profit tax on interest paid by a financial institution company are excluded. The taxes included before all taxes borne. It differs from the or fuel tax paid by a fuel distributor, only one can be divided into 5 categories: profit or conventional profit before tax, reported in payment is included even if payments are corporate income tax, social contributions financial statements. In computing profit be- more frequent. and labor taxes paid by the employer (in fore tax, many of the taxes borne by a firm are respect of which all mandatory contributions deductible. In computing commercial profit, Where 2 or more taxes or contributions are are included, even if paid to a private entity these taxes are not deductible. Commercial filed for and paid jointly using the same form, such as a requited pension fund), property profit therefore presents a clear picture of the each of these joint payments is counted taxes, turnover taxes and other taxes (such actual profit of a business before any of the once. For example, if mandatory health insur- ance contributions and mandatory pension as municipal fees and vehicle and fuel taxes). taxes it bears in the course of the fiscal year. contributions are filed for and paid together, TABLE 4.9 Computing the total tax rate for Norway only one of these contributions would be Statutory rate Statutory tax Actual tax Commercial Total tax rate included in the number of payments. base payable profit* r b a=rxb c t = a/c Type of tax (tax base) NKr NKr NKr Time Corporate income tax (taxable 28.1% 20,612,719 5,771,561 23,651,183 24.4% Time is recorded in hours per year. The in- income) dicator measures the time taken to prepare, Social security contributions 14.1% 26,684,645 3,762,535 23,651,183 15.9% (taxable wages) file and pay 3 major types of taxes and Fuel tax (fuel price) NKr 4 per liter 74,247 liters 297,707 23,651,183 1.3% contributions: the corporate income tax, Total 9,831,803 41.6% value added or sales tax, and labor taxes, * Profit before all taxes borne. including payroll taxes and social contribu- Note: NKr is Norwegian kroner. Commercial profit is assumed to be 59.4 times income per capita. Source: Doing Business database. tions. Preparation time includes the time to DATA NOTES 55 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Commercial profit is computed as sales mi- credit are taken into account. The ranking FIGURE 4.8 Trading across borders: exporting nus cost of goods sold, minus gross salaries, on the ease of trading across borders is the and importing by ocean transport minus administrative expenses, minus other simple average of the percentile rankings on Rankings are based on 3 indicators expenses, minus provisions, plus capital its component indicators (figure 4.8). gains (from the property sale) minus inter- Document preparation, est expense, plus interest income and minus Local freight forwarders, shipping lines, cus- customs clearance and technical control, port commercial depreciation. To compute the toms brokers, port officials and banks provide All documents required by and terminal handling, information on required documents and cost customs and other inland transport and commercial depreciation, a straight-line agencies handling depreciation method is applied, with the as well as the time to complete each proce- 33.3% 33.3% following rates: 0% for the land, 5% for the dure. To make the data comparable across Documents Time to to export export and building, 10% for the machinery, 33% for the economies, several assumptions about the and import import computers, 20% for the office equipment, business and the traded goods are used. 33.3% 20% for the truck and 10% for business Cost to export development expenses. Commercial profit Assumptions about the business and import amounts to 59.4 times income per capita. The business: • Has at least 60 employees. US$ per 20-foot container, The methodology for calculating the total tax no bribes or tariffs included • Is located in the economy’s largest busi- rate is broadly consistent with the Total Tax ness city. Contribution framework developed by PwC • Does not require refrigeration or any other and the calculation within this framework for • Is a private, limited liability company. It special environment. taxes borne. But while the work undertaken does not operate in an export processing • Does not require any special phytosanitary by PwC is usually based on data received zone or an industrial estate with special or environmental safety standards other from the largest companies in the economy, export or import privileges. than accepted international standards. Doing Business focuses on a case study for a • Is domestically owned with no foreign ownership. • Is one of the economy’s leading export or standardized medium-size company. import products. • Exports more than 10% of its sales. The data details on paying taxes can be found Documents for each economy at http://www.doingbusiness Assumptions about the traded .org by selecting the economy in the drop- All documents required per shipment to goods down list. This methodology was developed in export and import the goods are recorded The traded product travels in a dry-cargo, Djankov, Ganser and others (2010). (table 4.10). It is assumed that the contract 20-foot, full container load. It weighs 10 tons has already been agreed upon and signed by and is valued at $20,000. The product: both parties. Documents required for clear- TRADING ACROSS BORDERS • Is not hazardous nor does it include mili- ance by government ministries, customs tary items. authorities, port and container terminal Doing Business measures the time and cost (excluding tariffs) associated with exporting TABLE 4.10 What do the trading across authorities, health and technical control and importing a standardized cargo of goods borders indicators measure? agencies, and banks are taken into account. by ocean transport. The time and cost neces- Documents required to export and import (number) Since payment is by letter of credit, all docu- sary to complete every official procedure for Bank documents ments required by banks for the issuance or exporting and importing the goods—from Customs clearance documents securing of a letter of credit are also taken the contractual agreement between the Port and terminal handling documents into account. Documents that are renewed 2 parties to the delivery of goods—are Transport documents annually and that do not require renewal per recorded. All documents needed by the shipment (for example, an annual tax clear- Time required to export and import (days) trader to export or import the goods across ance certificate) are not included. Obtaining all the documents the border are also recorded. For exporting Inland transport and handling goods, procedures range from packing the Time Customs clearance and inspections goods into the container at the warehouse The time for exporting and importing is Port and terminal handling to their departure from the port of exit. For recorded in calendar days. The time calcula- Does not include ocean transport time importing goods, procedures range from tion for a procedure starts from the moment Cost required to export and import (US$ per container) the vessel’s arrival at the port of entry to it is initiated and runs until it is completed. All documentation the cargo’s delivery at the warehouse. The If a procedure can be accelerated for an Inland transport and handling time and cost for ocean transport are not additional cost and is available to all trading Customs clearance and inspections companies, the fastest legal procedure is included. Payment is made by letter of credit, and the time, cost and documents required Port and terminal handling chosen. Fast-track procedures applying to for the issuance or advising of a letter of Official costs only, no bribes firms located in an export processing zone 56 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. are not taken into account because they are Assumptions about the case FIGURE 4.9 Enforcing contracts: resolving a not available to all trading companies. Ocean • The value of the claim equals 200% of the commercial dispute through the transport time is not included. It is assumed economy’s income per capita. courts that neither the exporter nor the importer Rankings are based on 3 indicators • The dispute concerns a lawful transaction wastes time and that each commits to com- between 2 businesses (Seller and Buyer), Days to resolve Attorney, court and pleting each remaining procedure without located in the economy’s largest business commercial sale dispute enforcement costs as through the courts % of claim value delay. Procedures that can be completed city. Seller sells goods worth 200% of the in parallel are measured as simultaneous. economy’s income per capita to Buyer. 33.3% 33.3% The waiting time between procedures—for After Seller delivers the goods to Buyer, Time Cost example, during unloading of the cargo—is Buyer refuses to pay for the goods on the included in the measure. grounds that the delivered goods were not 33.3% of adequate quality. Procedures Cost • Seller (the plaintiff) sues Buyer (the de- Cost measures the fees levied on a 20-foot fendant) to recover the amount under Steps to file claim, obtain judgment container in U.S. dollars. All the fees associ- the sales agreement (that is, 200% of and enforce it ated with completing the procedures to ex- the economy’s income per capita). Buyer port or import the goods are included. These opposes Seller’s claim, saying that the Procedures include costs for documents, administrative quality of the goods is not adequate. The fees for customs clearance and technical The list of procedural steps compiled for each claim is disputed on the merits. The court control, customs broker fees, terminal han- economy traces the chronology of a com- cannot decide the case on the basis of dling charges and inland transport. The cost mercial dispute before the relevant court. A documentary evidence or legal title alone. does not include customs tariffs and duties procedure is defined as any interaction, re- • A court in the economy’s largest business quired by law or commonly used in practice, or costs related to ocean transport. Only of- city with jurisdiction over commercial ficial costs are recorded. between the parties or between them and cases worth 200% of income per capita the judge or court officer. This includes steps decides the dispute. The data details on trading across borders can to file and serve the case, steps for trial and be found for each economy at http://www • Seller attaches Buyer’s movable as- judgment and steps necessary to enforce the .doingbusiness.org by selecting the economy sets (for example, office equipment and judgment (table 4.11). in the drop-down list. This methodology was vehicles) before obtaining a judgment be- developed in Djankov, Freund and Pham (2010) cause Seller fears that Buyer may become The survey allows respondents to record insolvent. procedures that exist in civil law but not and is adopted here with minor changes. • An expert opinion is given on the quality common law jurisdictions and vice versa. For of the delivered goods. If it is standard example, in civil law jurisdictions the judge ENFORCING CONTRACTS practice in the economy for each party can appoint an independent expert, while in to call its own expert witness, the parties Indicators on enforcing contracts measure TABLE 4.11 What do the enforcing contracts each call one expert witness. If it is stan- indicators measure? the efficiency of the judicial system in resolv- dard practice for the judge to appoint an Procedures to enforce a contract through the courts ing a commercial dispute. The data are built independent expert, the judge does so. In (number) by following the step-by-step evolution of a Any interaction between the parties in a commercial this case the judge does not allow oppos- commercial sale dispute before local courts. dispute, or between them and the judge or court ing expert testimony. officer The data are collected through study of the • The judgment is 100% in favor of Seller: Steps to file and serve the case codes of civil procedure and other court the judge decides that the goods are of Steps for trial and judgment regulations as well as surveys completed by adequate quality and that Buyer must pay Steps to enforce the judgment local litigation lawyers and by judges. The the agreed price. ranking on the ease of enforcing contracts is Time required to complete procedures (calendar days) the simple average of the percentile rankings • Buyer does not appeal the judgment. Time to file and serve the case on its component indicators (figure 4.9). Seller decides to start enforcing the judg- Time for trial and obtaining judgment ment as soon as the time allocated by law Time to enforce the judgment The name of the relevant court in each for appeal expires. Cost required to complete procedures (% of claim) economy—the court in the largest busi- • Seller takes all required steps for prompt No bribes ness city with jurisdiction over commercial enforcement of the judgment. The money Average attorney fees cases worth 200% of income per capita—is is successfully collected through a public Court costs, including expert fees published at http://www.doingbusiness.org/ sale of Buyer’s movable assets (for ex- Enforcement costs ExploreTopics/EnforcingContracts/. ample, office equipment and vehicles). DATA NOTES 57 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. common law jurisdictions each party sub- RESOLVING INSOLVENCY FIGURE 4.10 Resolving insolvency: time, cost mits a list of expert witnesses to the court. To (FORMERLY CLOSING A BUSINESS) and outcome of bankruptcy of a indicate overall efficiency, 1 procedure is sub- Doing Business studies the time, cost and local company tracted from the total number for economies outcome of insolvency proceedings involving Rankings are based on 1 indicator that have specialized commercial courts, domestic entities. The name of this indicator set Recovery rate is a function of time, cost and other and 1 procedure for economies that allow was changed from closing a business to resolving factors such as lending rate and the likelihood of the electronic filing of the initial complaint in insolvency to more accurately reflect the content company continuing to operate court cases. Some procedural steps that take of the indicators. The indicators did not change place simultaneously with or are included in in content or scope. The data are derived from other procedural steps are not counted in the questionnaire responses by local insolvency 100% total number of procedures. practitioners and verified through a study of Recovery laws and regulations as well as public infor- rate Time mation on bankruptcy systems. The ranking Time is recorded in calendar days, counted on the ease of resolving insolvency is based from the moment the plaintiff decides to on the recovery rate (figure 4.10). file the lawsuit in court until payment. This Note: Time and cost do not count separately for the rankings. To make the data comparable across econo- includes both the days when actions take mies, several assumptions about the busi- Assumptions about the case place and the waiting periods between. The ness and the case are used. The business is experiencing liquidity prob- average duration of different stages of dis- lems. The company’s loss in 2010 reduced pute resolution is recorded: the completion Assumptions about the business its net worth to a negative figure. It is January of service of process (time to file and serve The business: 1, 2011. There is no cash to pay the bank the case), the issuance of judgment (time for • Is a limited liability company. interest or principal in full, due the next day, the trial and obtaining the judgment) and the • Operates in the economy’s largest busi- January 2. The business will therefore default moment of payment (time for enforcement on its loan. Management believes that losses ness city. of the judgment). will be incurred in 2011 and 2012 as well. • Is 100% domestically owned, with the Cost founder, who is also the chairman of The amount outstanding under the loan the supervisory board, owning 51% (no Cost is recorded as a percentage of the claim, agreement is exactly equal to the market other shareholder holds more than 5% of assumed to be equivalent to 200% of income value of the hotel business and represents shares). per capita. No bribes are recorded. Three 74% of the company’s total debt. The other • Has downtown real estate, where it runs 26% of its debt is held by unsecured credi- types of costs are recorded: court costs, a hotel, as its major asset. The hotel is tors (suppliers, employees, tax authorities). enforcement costs and average attorney fees. valued at 100 times income per capita or Court costs include all court costs and expert $200,000, whichever is larger. The company has too many creditors to • Has a professional general manager. negotiate an informal out-of-court workout. fees that Seller (plaintiff) must advance to The following options are available: a judicial the court, regardless of the final cost to Seller. • Has 201 employees and 50 suppliers, each procedure aimed at the rehabilitation or Expert fees, if required by law or commonly of which is owed money for the last delivery. reorganization of the company to permit its used in practice, are included in court costs. • Has a 10-year loan agreement with a continued operation; a judicial procedure Enforcement costs are all costs that Seller domestic bank secured by a universal aimed at the liquidation or winding-up of (plaintiff) must advance to enforce the judg- business charge (for example, a floating the company; or a debt enforcement or ment through a public sale of Buyer’s movable charge) in economies where such collat- foreclosure procedure against the company, assets, regardless of the final cost to Seller. eral is recognized or by the hotel property. enforced either in court (or through another Average attorney fees are the fees that Seller If the laws of the economy do not spe- government authority) or out of court (for (plaintiff) must advance to a local attorney to cifically provide for a universal business example, by appointing a receiver). represent Seller in the standardized case. charge but contracts commonly use some other provision to that effect, this provi- Assumptions about the parties The data details on enforcing contracts can sion is specified in the loan agreement. The bank wants to recover as much as pos- be found for each economy at http://www • Has observed the payment schedule and sible of its loan, as quickly and cheaply as .doingbusiness.org by selecting the economy all other conditions of the loan up to now. possible. The unsecured creditors will do in the drop-down list. This methodology was • Has a mortgage, with the value of the everything permitted under the applicable developed in Djankov and others (2003) and is mortgage principal being exactly equal to laws to avoid a piecemeal sale of the assets. adopted here with minor changes. the market value of the hotel. The majority shareholder wants to keep the 58 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. company operating and under its control. are sold piecemeal, the maximum amount workers indicators with the letter and spirit Management wants to keep the company that can be recovered will not exceed 70% of the ILO conventions. Only 4 of the 188 ILO operating and preserve its employees’ jobs. of the bank’s claim, which translates into 70 conventions cover areas measured by Doing All the parties are local entities or citizens; cents on the dollar. Business: employee termination, weekend no foreign parties are involved. work, holiday with pay and night work. The Recovery rate Doing Business methodology is fully con- Time The recovery rate is recorded as cents on the sistent with these 4 conventions. The ILO Time for creditors to recover their credit is dollar recouped by creditors through reor- conventions covering areas related to the recorded in calendar years (table 4.12). The ganization, liquidation or debt enforcement employing workers indicators do not include period of time measured by Doing Business is (foreclosure) proceedings. The calculation the ILO core labor standards—8 conventions from the company’s default until the payment takes into account the outcome: whether the covering the right to collective bargaining, of some or all of the money owed to the bank. business emerges from the proceedings as a the elimination of forced labor, the abolition Potential delay tactics by the parties, such as going concern or the assets are sold piece- of child labor and equitable treatment in the filing of dilatory appeals or requests for meal. Then the costs of the proceedings employment practices. extension, are taken into consideration. are deducted (1 cent for each percentage point of the value of the debtor’s estate). Since 2009 the World Bank Group has been Cost Finally, the value lost as a result of the time working with a consultative group—includ- the money remains tied up in insolvency ing labor lawyers, employer and employee The cost of the proceedings is recorded as proceedings is taken into account, including representatives, and experts from the ILO, a percentage of the value of the debtor’s the loss of value due to depreciation of the the OECD, civil society and the private estate. The cost is calculated on the basis of hotel furniture. Consistent with international sector—to review the employing workers questionnaire responses and includes court accounting practice, the annual depreciation methodology and explore future areas of fees and government levies; fees of insol- rate for furniture is taken to be 20%. The fur- research.8 vency administrators, auctioneers, assessors and lawyers; and all other fees and costs. niture is assumed to account for a quarter of The guidance of the consultative group has the total value of assets. The recovery rate is provided the basis for several changes in the Outcome the present value of the remaining proceeds, methodology. The calculation of the mini- based on end-2010 lending rates from the Recovery by creditors depends on whether mum wage ratio was changed to ensure that International Monetary Fund’s International the hotel business emerges from the no economy can receive the highest score if Financial Statistics, supplemented with proceedings as a going concern or the it has no minimum wage at all, if the law pro- data from central banks and the Economist company’s assets are sold piecemeal. If the vides a regulatory mechanism for the mini- Intelligence Unit. business keeps operating, no value is lost mum wage that is not enforced in practice, and the bank can satisfy its claim in full, or No practice if there is only a customary minimum wage recover 100 cents on the dollar. If the assets or if the minimum wage applies only to the If an economy had zero cases a year over the public sector. A threshold was set for paid TABLE 4.12 What do the resolving insolvency past 5 years involving a judicial reorganiza- annual leave and a ceiling for working days indicators measure? tion, judicial liquidation or debt enforcement allowed per week to ensure that no economy Time required to recover debt (years) procedure (foreclosure), the economy benefits in the scoring from excessive flex- Measured in calendar years receives a “no practice” ranking. This means ibility in these areas. Finally, the calculation Appeals and requests for extension are included that creditors are unlikely to recover their of the redundancy cost and of the annual Cost required to recover debt (% of debtor’s estate) money through a formal legal process (in leave period for the rigidity of hours index Measured as percentage of estate value or out of court). The recovery rate for “no was changed to refer to the average value for Court fees practice” economies is zero. a worker with 1 year of tenure, a worker with Fees of insolvency administrators 5 years and a worker with 10 years rather This methodology was developed in Djankov, Lawyers’ fees than the value for a worker with 20 years of Hart and others (2008) and is adopted here Assessors’ and auctioneers’ fees tenure. with minor changes. Other related fees A full report with the conclusions of the Recovery rate for creditors (cents on the dollar) consultative group is available at http:// Measures the cents on the dollar recovered by EMPLOYING WORKERS creditors www.doingbusiness.org /methodology/ Present value of debt recovered Doing Business measures flexibility in the employing-workers. Official costs of the insolvency proceedings are regulation of employment, specifically as it deducted affects the hiring and redundancy of work- This year Doing Business collected additional Depreciation of furniture is taken into account ers and the rigidity of working hours. Since data on regulations covering worker protec- Outcome for the business (survival or not) affects the 2007 improvements have been made to tion. The data will serve as a basis for devel- maximum value that can be recovered align the methodology for the employing oping a joint analysis of worker protection by DATA NOTES 59 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. the World Bank Group and the ILO and for • Abides by every law and regulation but of 1 is assigned if the maximum cumulative developing measures of worker protection. does not grant workers more benefits than duration of fixed-term contracts is less than mandated by law, regulation or (if appli- 3 years; 0.5 if it is 3 years or more but less Doing Business 2012 does not present rank- cable) collective bargaining agreement. than 5 years; and 0 if fixed-term contracts ings of economies on the employing workers can last 5 years or more. Finally, a score of 1 is indicators or include the topic in the aggre- Rigidity of employment index assigned if the ratio of the minimum wage to gate ranking on the ease of doing business. The rigidity of employment index is the aver- the average value added per worker is 0.75 or The report does present the data on the age of 3 subindices: the difficulty of hiring more; 0.67 for a ratio of 0.50 or more but less employing workers indicators. Detailed data index, rigidity of hours index and difficulty of than 0.75; 0.33 for a ratio of 0.25 or more but collected on labor regulations are available redundancy index. Data and scores for Benin less than 0.50; and 0 for a ratio of less than on the Doing Business website (http:/ /www are provided as an example (table 4.13). 0.25. A score of 0 is also assigned if the mini- .doingbusiness.org). mum wage is set by a collective bargaining All the subindices have several components. agreement that applies to less than half the The data on employing workers are based on And all take values between 0 and 100, manufacturing sector or does not apply to a detailed survey of employment regulations with higher values indicating more rigid firms not party to it, or if the minimum wage that is completed by local lawyers and public regulation. is set by law but does not apply to workers officials. Employment laws and regulations who are in their apprentice period. A ratio as well as secondary sources are reviewed to The difficulty of hiring index measures (i) of 0.251 (and therefore a score of 0.33) is ensure accuracy. To make the data compara- whether fixed-term contracts are prohibited automatically assigned in 4 cases: if there ble across economies, several assumptions for permanent tasks; (ii) the maximum cu- is no minimum wage; if the law provides about the worker and the business are used. mulative duration of fixed-term contracts; a regulatory mechanism for the minimum and (iii) the ratio of the minimum wage for a wage that is not enforced in practice; if there Assumptions about the worker trainee or first-time employee to the average is no minimum wage set by law but there is The worker: value added per worker.9 An economy is as- a wage amount that is customarily used as a • Is a full-time, male, nonexecutive signed a score of 1 if fixed-term contracts are minimum; or if there is no minimum wage set employee prohibited for permanent tasks and a score of by law in the private sector but there is one in 0 if they can be used for any task. A score the public sector. • Earns a salary plus benefits equal to the economy’s average wage during the entire TABLE 4.13 What do the employing workers indicators measure? period of his employment. Data for Benin Score for Benin • Has a pay period that is the most common Rigidity of employment index (0–100) 29.66 for workers in the economy. Simple average of the difficulty of hiring, rigidity of hours and difficulty of 39 + 10 + 40 redundancy indices • Is a lawful citizen who belongs to the Difficulty of hiring index (0–100) 39 same race and religion as the majority of Fixed-term contracts prohibited for permanent tasks? No 0 the economy’s population. Maximum duration of fixed-term contracts 4 years 0.5 • Resides in the economy’s largest business Ratio of minimum wage for trainee or first-time employee to value added 0.58 0.67 city. per worker • Is not a member of a labor union, unless Rigidity of hours index (0–100) 10 membership is mandatory. Restrictions on night work and weekend work? No 0 Allowed maximum length of the workweek in days and hours, including 6 days 0 overtime Assumptions about the business Fifty-hour workweeks permitted for 2 months due to an increase in Yes 0 The business: production? • Is a limited liability company. Paid annual vacation days 24 days 0.5 • Operates in the economy’s largest busi- Difficulty of redundancy index (0–100) 40 ness city. Redundancy allowed as grounds for termination? Yes 0 Notification required for termination of a redundant worker or group of Yes 2 • Is 100% domestically owned. workers? • Operates in the manufacturing sector. Approval required for termination of a redundant worker or group of No 0 workers? • Has 60 employees. Employer obligated to reassign or retrain and to follow priority rules for Yes 2 • Is subject to collective bargaining redundancy and reemployment? agreements in economies where such Redundancy cost (weeks of salary) 11.66 agreements cover more than half the Notice requirements, severance payments and penalties due when Yes 11.66 terminating a redundant worker, expressed in weeks of salary manufacturing sector and apply even to Source: Doing Business database. firms not party to them. 60 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. In Benin, for example, fixed-term contracts (ii) whether the employer needs to notify a to 8 or fewer weeks of salary and the workers are not prohibited for permanent tasks (a third party (such as a government agency) to cannot benefit from any type of unemploy- score of 0), and they can be used for a maxi- terminate 1 redundant worker; (iii) whether ment protection, a score of 8.1 is assigned, mum of 4 years (a score of 0.5). The ratio of the employer needs to notify a third party to although the actual number of weeks is the mandated minimum wage to the value terminate a group of 9 redundant workers; published. If the cost adds up to more than added per worker is 0.58 (a score of 0.67). (iv) whether the employer needs approval Averaging the 3 values and scaling the index from a third party to terminate 1 redundant 8 weeks of salary, the score is the number to 100 gives Benin a score of 39. worker; (v) whether the employer needs ap- of weeks. One month is recorded as 4 and proval from a third party to terminate a group 1/3 weeks. The rigidity of hours index has 5 compo- of 9 redundant workers; (vi) whether the law nents: (i) whether there are restrictions on requires the employer to reassign or retrain a In Benin, for example, an employer is re- night work; (ii) whether there are restrictions worker before making the worker redundant; quired to give an average of 1 month’s notice on weekly holiday work; (iii) whether the (vii) whether priority rules apply for redun- before a redundancy termination, and the workweek can consist of 5.5 days or is more dancies; and (viii) whether priority rules average severance pay for a worker with 1 than 6 days; (iv) whether the workweek apply for reemployment. For question (i) year of service, a worker with 5 years and a can extend to 50 hours or more (including an answer of yes for workers of any income overtime) for 2 months a year to respond to worker with 10 years equals 1.68 months of level gives a score of 10 and means that the a seasonal increase in production; and (v) rest of the questions do not apply. An answer wages. No penalty is levied and the workers whether the average paid annual leave for a of yes to question (iv) gives a score of 2. For cannot benefit from any type of unemploy- worker with 1 year of tenure, a worker with every other question, if the answer is yes, a ment protection. Altogether, the employer 5 years and a worker with 10 years is more score of 1 is assigned; otherwise a score of 0 pays the equivalent of 11.66 weeks of salary than 26 working days or fewer than 15 work- is given. Questions (i) and (iv), as the most to dismiss a worker. ing days. For questions (i) and (ii), if restric- restrictive regulations, have greater weight in tions other than premiums apply, a score of the construction of the index. The data details on employing workers can 1 is given. If the only restriction is a premium be found for each economy at http://www for night work or weekly holiday work, a In Benin, for example, redundancy is allowed as grounds for termination (a score of 0). .doingbusiness.org by selecting the economy in score of 0, 0.33, 0.66 or 1 is given, depend- An employer has to notify a third party to the drop-down list. The Doing Business web- ing on the quartile in which the economy’s premium falls. If there are no restrictions, the terminate a single redundant worker (a score site provides historical data sets adjusted for economy receives a score of 0. For question of 1) as well as to terminate a group of 9 changes in methodology to allow comparison (iii) a score of 1 is assigned if the legally redundant workers (a score of 1), although of data across years. This methodology was permitted workweek is less than 5.5 days or the approval of a third party is not required in developed in Botero and others (2004) and is more than 6 days; otherwise a score of 0 is either of these cases (a score of 0). The law adopted here with changes. assigned. For question (iv), if the answer is does not mandate any retraining or alterna- no, a score of 1 is assigned; otherwise a score tive placement before termination (a score of 0 is assigned. For question (v) a score of of 0). There are priority rules for termination NOTES 0 is assigned if the average paid annual leave (a score of 1) and reemployment (a score 1. The data for paying taxes refer to January– of 1). Adding the scores and scaling to 100 is between 15 and 21 working days, a score of December 2010. gives a final index of 40. 0.5 if it is between 22 and 26 working days 2. Because the ease of doing business index and a score of 1 if it is less than 15 or more Redundancy cost now includes the getting electricity indicators, than 26 working days. The redundancy cost indicator measures procedures, time and cost related to obtain- the cost of advance notice requirements, ing an electricity connection were removed For example, Benin does not impose any severance payments and penalties due when from the dealing with construction permits restrictions either on night work (a score terminating a redundant worker, expressed indicators. of 0) or on weekly holiday work (a score of in weeks of salary. The average value of 3. The ranking is based on a straight average of 0), allows 6-day workweeks (a score of 0), notice requirements and severance pay- points from the strength of legal rights index permits 50-hour workweeks for 2 months (a ments applicable to a worker with 1 year of and depth of credit information index. score of 0) and requires average paid annual leave of 24 working days (a score of 0.5). tenure, a worker with 5 years and a worker 4. The scoring on this aspect was revised this Averaging the scores and scaling the result with 10 years is used to assign the score. If year to bring it into line with UNCITRAL to 100 gives a final index of 10 for Benin. the redundancy cost adds up to 8 or fewer (2004, 2007) and World Bank (2011a). weeks of salary and the workers can benefit 5. This question is usually regulated by stock ex- The difficulty of redundancy index has 8 from unemployment protection, a score of 0 change or securities laws. Points are awarded components: (i) whether redundancy is dis- is assigned, but the actual number of weeks only to economies with more than 10 listed allowed as a basis for terminating workers; is published. If the redundancy cost adds up firms in their most important stock exchange. DATA NOTES 61 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 6. When evaluating the regime of liability for company directors for a prejudicial related- party transaction, Doing Business assumes that the transaction was duly disclosed and approved. Doing Business does not measure director liability in the event of fraud. 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 profes- sional 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. EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Ease of doing business and distance to frontier This year’s report presents results for 2 ag- changes in methodology as well as additions components—yield a ranking nearly identi- gregate measures: the aggregate ranking of economies or topics.1 cal to the simple average used by Doing on the ease of doing business and a new Business.2 Thus Doing Business uses the sim- measure, the “distance to frontier.” While Construction of the ease of doing plest method: weighting all topics equally the ease of doing business ranking compares business index and, within each topic, giving equal weight to economies with one another at a point in Here is one example of how the ease of do- each of the topic components.3 time, the distance to frontier measure shows ing business index is constructed. In Korea how much the regulatory environment for it takes 5 procedures, 7 days and 14.6% of If an economy has no laws or regulations local entrepreneurs in each economy has annual income per capita in fees to open covering a specific area—for example, changed over time. a business. There is no minimum capital insolvency—it receives a “no practice” required. On these 4 indicators Korea ranks mark. Similarly, an economy receives a “no EASE OF DOING BUSINESS in the 18th, 14th, 53rd and 0 percentiles. So practice” or “not possible” mark if regulation The ease of doing business index ranks on average Korea ranks in the 21st percentile exists but is never used in practice or if a economies from 1 to 183. For each economy on the ease of starting a business. It ranks competing regulation prohibits such prac- the ranking is calculated as the simple aver- in the 12th percentile on getting credit, 25th tice. Either way, a “no practice” mark puts the age of the percentile rankings on each of percentile on paying taxes, 8th percentile economy at the bottom of the ranking on the the 10 topics included in the index in Doing on enforcing contracts, 7th percentile on relevant indicator. Business 2012: starting a business, deal- resolving insolvency and so on. Higher rank- ing with construction permits, registering ings indicate simpler regulation and stronger The ease of doing business index is limited in property, getting credit, protecting investors, protection of property rights. The simple scope. It does not account for an economy’s paying taxes, trading across borders, enforc- average of Korea’s percentile rankings on proximity to large markets, the quality of its ing contracts, resolving insolvency and, new all topics is 21st. When all economies are infrastructure services (other than services this year, getting electricity. The employing ordered by their average percentile rankings, workers indicators are not included in this related to trading across borders and get- Korea stands at 8 in the aggregate ranking on year’s aggregate ease of doing business ting electricity), the strength of its financial the ease of doing business. ranking. In addition to this year’s ranking, system, the security of property from theft Doing Business presents a comparable rank- More complex aggregation methods—such and looting, macroeconomic conditions or ing for the previous year, adjusted for any as principal components and unobserved the strength of underlying institutions. TABLE 5.1 Correlations between economy rankings on Doing Business topics Dealing with construction Registering Protecting Trading across Enforcing Resolving Getting permits property Getting credit investors Paying taxes borders contracts insolvency electricity Starting a business 0.39 0.32 0.45 0.59 0.37 0.45 0.42 0.45 0.28 Dealing with 0.22 0.19 0.25 0.36 0.45 0.20 0.33 0.40 construction permits Registering property 0.39 0.29 0.31 0.27 0.49 0.33 0.24 Getting credit 0.47 0.20 0.41 0.42 0.52 0.24 Protecting investors 0.37 0.39 0.29 0.37 0.20 Paying taxes 0.40 0.27 0.33 0.40 Trading across 0.35 0.50 0.56 borders Enforcing contracts 0.42 0.21 Resolving insolvency 0.32 Source: Doing Business database. EASE OF DOING BUSINESS AND DISTANCE TO FRONTIER 63 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Variability of economies’ rankings Economies that improved the most Calculating the distance to frontier for across topics across 3 or more Doing Business each economy involves 2 main steps. First, topics in 2010/11 individual indicator scores are normalized Each indicator set measures a different as- to a common unit. To do so, each of the pect of the business regulatory environment. Doing Business 2012 uses a simple method 32 component indicators y is rescaled to The rankings of an economy can vary, some- to calculate which economies improved the (y − min)/(max − min), with the minimum most in the ease of doing business. First, it times significantly, across indicator sets. The value (min) representing the frontier—the selects the economies that in 2010/11 imple- average correlation coefficient between the highest performance on that indicator across mented regulatory reforms making it easier 10 indicator sets included in the aggregate all economies since 2005. Second, for each to do business in 3 or more of the 10 topics ranking is 0.36, and the coefficients between economy the scores obtained for individual included in this year’s ease of doing busi- indicators are aggregated through simple any 2 sets of indicators range from 0.19 ness ranking.4 Thirty economies meet this averaging into one distance to frontier score. (between dealing with construction permits criterion: Armenia, Burkina Faso, Burundi, An economy’s distance to the frontier is and getting credit) to 0.59 (between starting Cape Verde, the Central African Republic, indicated on a scale from 0 to 100, where 0 a business and protecting investors). These Chile, Colombia, the Democratic Republic of represents the frontier and 100 the lowest correlations suggest that economies rarely Congo, Côte d’Ivoire, The Gambia, Georgia, performance. Korea, Latvia, Liberia, FYR Macedonia, score universally well or universally badly on Mexico, Moldova, Montenegro, Morocco, The difference between an economy’s dis- the indicators (table 5.1). Nicaragua, Oman, Peru, Russia, São Tomé tance to frontier score in 2005 and its score and Príncipe, Senegal, Sierra Leone, Slovenia, in 2011 illustrates the extent to which the Consider the example of Canada. It stands the Solomon Islands, South Africa and economy has closed the gap to the frontier at 12 in the aggregate ranking on the ease of Ukraine. Second, Doing Business ranks these over time. doing business. Its ranking is 3 on both start- economies on the increase in their ranking ing a business and resolving insolvency, and on the ease of doing business from the previ- The maximum (max) and minimum (min) 5 on protecting investors. But its ranking is ous year using comparable rankings. observed values are computed for the 174 only 59 on enforcing contracts, 42 on trading economies included in the Doing Business across borders and 156 on getting electricity. Selecting the economies that implemented sample since 2005 and for all years (from regulatory reforms in at least 3 topics and 2005 to 2011). The year 2005 was chosen Figure 1.6 in the executive summary illustrates improved the most in the aggregate rank- as the baseline for the economy sample the degree of variability in each economy’s ing is intended to highlight economies with because it was the first year in which data ongoing, broad-based reform programs. were available for the majority of economies performance across the different areas of (a total of 174) and for all 9 indicator sets business regulation covered by Doing Business. DISTANCE TO FRONTIER included in the measure. To mitigate the ef- The figure draws attention to economies with MEASURE fects of extreme outliers in the distributions a particularly uneven performance by show- of the rescaled data (very few economies This year’s report introduces a new measure ing the distance between the average of the need 694 days to complete the procedures to illustrate how the regulatory environment highest 3 topic rankings and the average of to start a business, but many need 9 days), for local businesses in each economy has the lowest 3 for each of 183 economies across the maximum (max) is defined as the 95th changed over time. The distance to frontier the 10 topics included in this year’s aggregate percentile of the pooled data for all econo- measure illustrates the distance of an econo- ranking. While a relatively small distance mies and all years for each indicator. my to the “frontier” and shows the extent to between these 2 averages suggests a broadly which the economy has closed this gap over Take Colombia, which has a score of 0.30 consistent approach across the areas of busi- time. The frontier is a score derived from on the distance to frontier measure for 2011. ness regulation measured by Doing Business, a the most efficient practice or highest score This score indicates that the economy is 30 relatively large distance suggests a more nar- achieved on each of the component indica- percentage points away from the frontier tors in 9 Doing Business indicator sets (ex- constructed from the best performances rowly focused approach, with greater room cluding the employing workers and getting across all economies and all years. Colombia for improvement in some areas than in others. electricity indicators) by any economy since was further from the frontier in 2005, with 2005. In starting a business, for example, a score of 0.46. The difference between the Variation in performance across the indi- New Zealand has achieved the highest per- scores shows an improvement over time. cator sets is not at all unusual. It reflects formance on the time (1 day), Canada and differences in the degree of priority that gov- New Zealand on the number of procedures ernment authorities give to particular areas required (1), Denmark and Slovenia on the of business regulation reform and the ability cost (0% of income per capita) and Australia of different government agencies to deliver on the paid-in minimum capital requirement tangible results in their area of responsibility. (0% of income per capita). 64 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. NOTES to that from the simple average method 1. In case of revisions to the methodology or cor- because both these methods assign roughly rections to the underlying data, the data are equal weights to the topics, since the back-calculated to provide a comparable time pairwise correlations among indicators do series since the year the relevant economy or not differ much. An alternative to the simple topic was first included in the data set. The average method is to give different weights time series is available on the Doing Business to the topics, depending on which are website (http://www.doingbusiness.org). considered of more or less importance in the The Doing Business report publishes yearly context of a specific economy. rankings for the year of publication as well as 3. A technical note on the different aggregation the previous year to shed light on year-to-year and weighting methods is available on the developments. Six topics and more than Doing Business website (http://www 50 economies have been added since the .doingbusiness.org). inception of the project. Earlier rankings on 4. Doing Business reforms making it more the ease of doing business are therefore not difficult to do business are subtracted from comparable. the total number of those making it easier to 2. See Djankov and others (2005). Principal do business. components and unobserved components methods yield a ranking nearly identical 65 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Summaries of Doing Business reforms in 2010/11 245 reforms in 2010/11 made it easier to do business Starting a business Dealing with Getting credit Kazakhstan Poland 53 construction permits 44 Lithuania Russian Federation 15 Morocco São Tomé and Príncipe Armenia Algeria Peru Senegal Benin Armenia Angola Solomon Islands Seychelles Bhutan Bosnia and Herzegovina Armenia Sri Lanka Sierra Leone Bosnia and Herzegovina Burkina Faso Benin Vietnam Slovenia Burkina Faso Burundi Bhutan Tanzania Cameroon Congo, Dem. Rep. Brazil Paying taxes Vanuatu Central African Republic Macedonia, FYR Burkina Faso 33 Chad Mauritania Cambodia Enforcing contracts Chile Mexico Cameroon Armenia Belarus 11 Colombia Morocco Cape Verde Congo, Dem. Rep. Paraguay Central African Republic Belize Kenya Côte d’Ivoire Portugal Chad Burundi Korea, Rep. Dominican Republic Puerto Rico (U.S.) Chile Canada Lesotho Georgia São Tomé and Príncipe Comoros Colombia Malaysia Greece Taiwan, China Congo, Rep. Congo, Dem. Rep. Moldova Guinea-Bissau United Kingdom Côte d’Ivoire Costa Rica Nepal Guyana Croatia Côte d’Ivoire Nicaragua Getting electricity Czech Republic Russian Federation Hong Kong SAR, China Equatorial Guinea Indonesia 9 Gabon Finland Senegal Jordan Georgia Gambia, The Sierra Leone Afghanistan Korea, Rep. Guinea Georgia Ukraine Brunei Darussalam Latvia Guinea-Bissau Greece Gambia, The Resolving insolvency Liberia Honduras Iceland Hong Kong SAR, China 29 Madagascar Liberia India Latvia Malaysia Macedonia, FYR Korea, Rep. Armenia Lebanon Mali Madagascar Mexico Australia Russian Federation Moldova Malawi Montenegro Austria Switzerland Montenegro Mali Morocco Bulgaria Tonga Oman Mexico New Zealand Burundi Panama Registering property Moldova Nicaragua Cape Verde Peru Mongolia Oman Colombia 20 Portugal Niger Peru Denmark Albania Romania Puerto Rico (U.S.) Oman France Angola Rwanda Qatar Paraguay Israel Belarus Seychelles Rwanda Qatar Italy Belgium Sri Lanka São Tomé and Príncipe Rwanda Latvia Cape Verde St. Kitts and Nevis Saudi Arabia Senegal Lithuania Central African Republic Togo Senegal Sierra Leone Macedonia, FYR Costa Rica Turkey Solomon Islands Slovak Republic Malawi Czech Republic Ukraine South Africa Timor-Leste Malaysia Latvia Yemen, Rep. Spain Togo Moldova Macedonia, FYR Syrian Arab Republic Tonga Trading across borders Montenegro Nicaragua Taiwan, China United Arab Emirates Namibia Russian Federation 18 Tajikistan Uruguay Philippines São Tomé and Príncipe Thailand Belgium Poland Serbia Protecting investors Timor-Leste Bulgaria Romania Slovenia Tonga 13 Chile Serbia Solomon Islands Turkey Belarus Djibouti Sierra Leone South Africa Ukraine Burundi Gambia, The Slovenia Swaziland United Arab Emirates Cyprus Honduras Solomon Islands Uganda Uruguay El Salvador Israel South Africa Vanuatu Uzbekistan Georgia Jordan Switzerland Vanuatu Iceland Liberia Ukraine Source: Doing Business database. 66 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Doing Business reforms affecting all sets of registration and obtaining a tax identification BELARUS indicators included in this year’s ranking on number and by allowing for online company ✔ Registering property registration. the ease of doing business, implemented Belarus simplified property transfer by do- between June 2010 and May 2011. ✔ Dealing with construction permits ing away with the requirement to obtain the Armenia made dealing with construction per- municipality’s approval for transfers of most ✔ Doing Business reform making it easier to do mits easier by eliminating the requirement to commercial buildings in Minsk. business obtain an environmental impact assessment ✔ Protecting investors ✘ Doing Business reform making it more difficult for small projects. Belarus strengthened investor protections by to do business ✔ Getting credit introducing requirements for greater corpo- Armenia improved its credit information rate disclosure to the board of directors and AFGHANISTAN system by introducing a requirement to col- to the public. lect and distribute information from utility ✔ Getting electricity ✔ Paying taxes companies. Afghanistan made getting electricity easier Belarus abolished several taxes, including by improving the efficiency of the electricity ✔ Paying taxes turnover and sales taxes, and simplified com- department in Kabul and introducing a new Armenia made tax compliance easier for firms pliance with corporate income, value added fee schedule for connections. by reducing the number of payments for social and other taxes by reducing the frequency of security contributions and corporate income, filings and payments and facilitating electronic property and land taxes and by introducing filing and payment. ALBANIA mandatory electronic filing and payment for ✘ Dealing with construction permits ✘ Enforcing contracts major taxes. In Albania dealing with construction permits Belarus modified its code of economic proce- ✔ Resolving insolvency dure, altering the time frames for commercial became more difficult because the main Armenia amended its bankruptcy law to dispute resolution. authority in charge of issuing building permits clarify procedures for appointing insolvency has not met since April 2009. administrators, reduce the processing time ✔ Registering property for bankruptcy proceedings and regulate asset BELGIUM Albania made property registration easier sales by auction. ✔ Registering property by setting time limits for the land registry to Belgium made property registration quicker register a title. for entrepreneurs by setting time limits and AUSTRALIA implementing its “e-notariat” system. ✔ Resolving insolvency ALGERIA ✔ Trading across borders Australia clarified the priority of claims of ✔ Getting credit unsecured creditors over all shareholders’ Belgium made trading across borders faster Algeria improved its credit information system claims and introduced further regulation of by improving its risk-based profiling system by guaranteeing by law the right of borrowers the profession of insolvency practitioners. for imports. to inspect their personal data. AUSTRIA BELIZE ANGOLA ✔ Resolving insolvency ✔ Paying taxes ✔ Registering property Belize made paying taxes easier for firms by Austria passed a new law that simplifies re- Angola made transferring property less costly structuring proceedings and gives preferential improving electronic filing and payment for by reducing transfer taxes. consideration to the interests of the debtors. social security contributions, an option now ✔ Getting credit used by the majority of taxpayers. Angola strengthened its credit information BAHAMAS, THE system by adopting new rules for credit bu- BENIN reaus and guaranteeing the right of borrowers ✘ Registering property to inspect their data. The Bahamas made transferring prop- ✔ Starting a business erty more costly by increasing the applicable Benin made starting a business easier by stamp duty fees. replacing the requirement for a copy of the ARGENTINA founders’ criminal records with one for a ✘ Registering property sworn declaration at the time of the com- Argentina made transferring property more BANGLADESH pany’s registration. difficult by adding a requirement that the ✘ Getting electricity ✔ Getting credit notary obtain the tax agency’s reference value Bangladesh made getting electricity more Access to credit in Benin was improved through for property before notarizing the sale deed. difficult by imposing a moratorium on new amendments to the OHADA (Organization electricity connections from April 2010 to for the Harmonization of Business Law in March 2011 because of an electricity supply Africa) Uniform Act on Secured Transactions ARMENIA shortage. This moratorium has led to long that broaden the range of assets that can be ✔ Starting a business delays for customers and has increased the used as collateral (including future assets), Armenia made starting a business easier by time to obtain an electricity connection. extend the security interest to the proceeds of establishing a one-stop shop that merged the the original asset and introduce the possibility procedures for name reservation, business of out-of-court enforcement. SUMMARIES OF DOING BUSINESS REFORMS IN 2010/11 67 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. BHUTAN BURKINA FASO ✔ Getting credit Access to credit in Cameroon was improved ✔ Starting a business ✔ Starting a business through amendments to the OHADA Uniform Bhutan eased the process of starting a busi- Burkina Faso made starting a business easier Act on Secured Transactions that broaden the ness by making its criminal records search by replacing the requirement for a copy of range of assets that can be used as collateral electronic and making the rubber company the founders’ criminal records with one for (including future assets), extend the security stamps available on the local market. a sworn declaration at the time of the com- interest to the proceeds of the original asset pany’s registration. and introduce the possibility of out-of-court ✔ Getting credit Bhutan improved its credit information system ✔ Dealing with construction permits enforcement. by launching the operation of a public credit Burkina Faso made dealing with construction registry. permits less costly by reducing the fees to CANADA obtain a fire safety study. ✔ Paying taxes BOLIVIA ✔ Getting credit Canada made paying taxes easier and less Access to credit in Burkina Faso was improved costly for companies by reducing profit tax ✘ Paying taxes through amendments to the OHADA Uniform rates, eliminating the Ontario capital tax and Bolivia raised social security contribution rates Act on Secured Transactions that broaden the for employers. harmonizing sales taxes. range of assets that can be used as collateral (including future assets), extend the security BOSNIA AND HERZEGOVINA interest to the proceeds of the original asset CAPE VERDE and introduce the possibility of out-of-court ✔ Registering property ✔ Starting a business enforcement. Bosnia and Herzegovina made starting a busi- Cape Verde made registering property faster ness easier by replacing the required utiliza- by implementing time limits for the notaries tion permit with a simple notification of com- BURUNDI and the land registry. mencement of activities and by streamlining ✔ Dealing with construction permits ✔ Getting credit the process for obtaining a tax identification Burundi made dealing with construction Cape Verde improved its credit information number. permits easier by reducing the cost to obtain a system by introducing a new online platform ✔ Dealing with construction permits geotechnical study. and by starting to provide 5 years of historical Bosnia and Herzegovina made dealing with data. ✔ Protecting investors construction permits easier by fully digitizing Burundi strengthened investor protections by ✔ Resolving insolvency and revamping its land registry and cadastre. introducing new requirements for the approval Cape Verde introduced qualification require- of transactions between interested parties, by ments for insolvency administrators and a requiring greater corporate disclosure to the shorter time frame for liquidation proceedings. BRAZIL board of directors and in the annual report and ✔ Getting credit by making it easier to sue directors in cases Brazil improved its credit information system of prejudicial transactions between interested CENTRAL AFRICAN REPUBLIC by allowing private credit bureaus to collect parties. ✔ Starting a business and share positive information. The Central African Republic made starting a ✔ Paying taxes Burundi made paying taxes easier for compa- business easier by reducing business registra- BRUNEI DARUSSALAM nies by reducing the payment frequency for tion fees and by replacing the requirement for social security contributions from monthly to a copy of the founders’ criminal records with ✔ Getting electricity one for a sworn declaration at the time of the quarterly. Brunei Darussalam made getting electricity company’s registration. easier by establishing a one-stop shop and ✔ Resolving insolvency reducing the time required to obtain an exca- ✔ Registering property Burundi amended its commercial code to vation permit. establish foreclosure procedures. The Central African Republic halved the cost of registering property. BULGARIA ✔ Getting credit CAMBODIA Access to credit in the Central African ✔ Trading across borders ✔ Getting credit Republic was improved through amendments Bulgaria made trading across borders faster Cambodia strengthened its credit information to the OHADA Uniform Act on Secured by introducing online submission of customs system through a new regulation allowing Transactions that broaden the range of assets declaration forms. credit bureaus to collect and distribute posi- that can be used as collateral (including future tive as well as negative credit information. assets), extend the security interest to the ✔ Resolving insolvency proceeds of the original asset and introduce Bulgaria amended its commerce act to extend the possibility of out-of-court enforcement. further rights to secured creditors and increase CAMEROON the transparency of insolvency proceedings. ✔ 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. CHAD Act on Secured Transactions that broaden the (including future assets), extend the security range of assets that can be used as collateral interest to the proceeds of the original asset ✔ Starting a business (including future assets), extend the security and introduce the possibility of out-of-court Chad made starting a business easier by interest to the proceeds of the original asset enforcement. eliminating the requirement for a medical cer- and introduce the possibility of out-of-court tificate and by replacing the requirement for ✔ Paying taxes enforcement. a copy of the founders’ criminal records with Côte d’Ivoire eliminated a tax on firms, the one for a sworn declaration at the time of the contribution for national reconstruction (con- company’s registration. CONGO, DEM. REP. tribution pour la reconstruction nationale). ✔ Getting credit ✔ Starting a business Access to credit in Chad was improved The Democratic Republic of Congo made CROATIA through amendments to the OHADA Uniform business start-up faster by reducing the time ✔ Getting credit Act on Secured Transactions that broaden the required to complete company registration and obtain a national identification number. In Croatia the private credit bureau started to range of assets that can be used as collateral collect and distribute information on firms, (including future assets), extend the security ✔ Dealing with construction permits improving the credit information system. interest to the proceeds of the original asset The Democratic Republic of Congo reduced and introduce the possibility of out-of-court the administrative costs of obtaining a con- enforcement. CYPRUS struction permit. ✔ Protecting investors ✔ Paying taxes CHILE Cyprus strengthened investor protections by The Democratic Republic of Congo made pay- ✔ Starting a business requiring greater corporate disclosure to the ing taxes easier for firms by replacing the sales board of directors, to the public and in the Chile made business start-up easier by start- tax with a value added tax. annual report. ing to provide an immediate temporary oper- ating license to new companies, eliminating the requirement for an inspection of premises CONGO, REP. CZECH REPUBLIC by the tax authority before new companies ✘ Registering property can begin operations and allowing free online ✔ Registering property The Republic of Congo made registering prop- publication of the notice of a company’s The Czech Republic speeded up property erty more expensive by reversing a previous creation. registration by computerizing its cadastral law that reduced the registration fee. office, digitizing all its data and introducing ✔ Getting credit electronic communications with notaries. ✔ Getting credit Chile strengthened its secured transactions Access to credit in the Republic of Congo system by implementing a unified collateral ✔ Paying taxes was improved through amendments to the registry and a new legal framework for non- The Czech Republic revised its tax legislation OHADA Uniform Act on Secured Transactions possessory security interests. to simplify provisions relating to administra- that broaden the range of assets that can be tive procedures and relationships between tax ✔ Trading across borders used as collateral (including future assets), authorities and taxpayers. extend the security interest to the proceeds of Chile made trading across borders faster by the original asset and introduce the possibility implementing an online electronic data inter- of out-of-court enforcement. DENMARK change system for customs operations. ✔ Resolving insolvency COLOMBIA COSTA RICA Denmark introduced new rules on company ✔ Registering property reorganization, which led to the elimination of ✔ Starting a business the suspension-of-payments regime. Costa Rica made transferring property easier Colombia reduced the costs associated with and quicker by making property certificates starting a business, by no longer requiring up- available online through a single website. DJIBOUTI front payment of the commercial license fee. ✔ Paying taxes ✘ Dealing with construction permits ✔ Paying taxes In Costa Rica online payment of social security Djibouti made dealing with construction per- Colombia eased the administrative burden of contributions is now widespread and used by mits costlier by increasing the fees for inspec- paying taxes for firms by establishing manda- the majority of taxpayers. tions and the building permit and adding a tory electronic filing and payment for some of the major taxes. new inspection in the preconstruction phase. ✔ Resolving insolvency CÔTE D’IVOIRE ✔ Trading across borders Colombia amended regulations governing ✔ Starting a business Djibouti made trading across borders faster by insolvency proceedings to simplify the pro- developing a new container terminal. Côte d’Ivoire made starting a business easier ceedings and reduce their time and cost. by reorganizing the court clerk’s office where entrepreneurs file their company documents. DOMINICAN REPUBLIC COMOROS ✔ Getting credit ✔ Starting a business ✔ Getting credit Access to credit in Côte d’Ivoire was improved The Dominican Republic made starting a busi- through amendments to the OHADA Uniform ness easier by eliminating the requirement for Access to credit in the Comoros was improved Act on Secured Transactions that broaden the a proof of deposit of capital when establishing through amendments to the OHADA Uniform range of assets that can be used as collateral a new company. SUMMARIES OF DOING BUSINESS REFORMS IN 2010/11 69 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. EL SALVADOR interest to the proceeds of the original asset Act on Secured Transactions that broaden the and introduce the possibility of out-of-court range of assets that can be used as collateral ✔ Protecting investors enforcement. (including future assets), extend the security El Salvador strengthened investor protections interest to the proceeds of the original asset by allowing greater access to corporate infor- and introduce the possibility of out-of-court mation during the trial. GAMBIA, THE enforcement. ✔ Getting electricity EQUATORIAL GUINEA The Gambia made getting electricity faster GUINEA-BISSAU by allowing customers to choose private con- ✔ Getting credit ✔ Starting a business tractors to carry out the external connection Access to credit in Equatorial Guinea was im- works. Guinea-Bissau made starting a business easier proved through amendments to the OHADA by establishing a one-stop shop, eliminating Uniform Act on Secured Transactions that ✔ Paying taxes the requirement for an operating license and broaden the range of assets that can be used The Gambia reduced the minimum turnover simplifying the method for providing criminal as collateral (including future assets), extend tax and corporate income tax rates. records and publishing the registration notice. the security interest to the proceeds of the ✔ Trading across borders ✔ Getting credit original asset and introduce the possibility of out-of-court enforcement. The Gambia made trading across borders Access to credit in Guinea-Bissau was im- faster by implementing the Automated proved through amendments to the OHADA System for Customs Data (ASYCUDA). Uniform Act on Secured Transactions that ESTONIA broaden the range of assets that can be used ✘ Paying taxes as collateral (including future assets), extend GEORGIA In Estonia a municipal sales tax introduced the security interest to the proceeds of the ✔ Starting a business original asset and introduce the possibility of in Tallinn made paying taxes costlier for firms, though a later parliamentary measure Georgia simplified business start-up by elimi- out-of-court enforcement. abolished local sales taxes effective January nating the requirement to visit a bank to pay 1, 2012. the registration fees. GUYANA ✔ Getting credit ✔ Starting a business ETHIOPIA Georgia expanded access to credit by amend- Guyana made starting a business easier by ing its civil code to broaden the range of assets ✘ Getting electricity reducing the time needed for registering a new that can be used as collateral. In Ethiopia delays in providing new connec- company and for obtaining a tax identification tions made getting electricity more difficult. ✔ Protecting investors number. Georgia strengthened investor protections ✘ Getting electricity by introducing requirements relating to the FIJI Guyana made getting electricity more expen- approval of transactions between interested sive by tripling the security deposit required ✘ Starting a business parties. for a new connection. Fiji made starting a business more difficult ✔ Paying taxes by adding a requirement to obtain a tax ✘ Registering property Georgia made paying taxes easier for firms by identification number when registering a new In Guyana transferring property became simplifying the reporting for value added tax company. slower because of a lack of personnel at the and introducing electronic filing and payment deed registry. of taxes. FINLAND GHANA HAITI ✔ Paying taxes Finland simplified reporting and payment for ✘ Dealing with construction permits ✘ Starting a business the value added tax and labor tax. Haiti made dealing with construction permits Ghana increased the cost to start a business costlier by increasing the fees to obtain a by 70%. building permit. FRANCE ✔ Resolving insolvency GREECE France passed a law that enables debtors to ✔ Starting a business implement a restructuring plan with finan- Greece made starting a business easier by cial creditors only, without affecting trade implementing an electronic platform that creditors. interconnects several government agencies. ✔ Paying taxes GABON Greece reduced its corporate income tax rate. ✔ Getting credit Access to credit in Gabon was improved through amendments to the OHADA Uniform GUINEA Act on Secured Transactions that broaden the ✔ Getting credit range of assets that can be used as collateral Access to credit in Guinea was improved (including future assets), extend the security through amendments to the OHADA Uniform 70 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. HONDURAS INDIA ✔ Trading across borders Jordan made trading across borders faster by ✔ Getting credit ✔ Paying taxes introducing X-ray scanners for risk manage- Honduras strengthened its secured transac- India eased the administrative burden of pay- ment systems. tions system through a new decree estab- ing taxes for firms by introducing mandatory lishing a centralized and computerized col- electronic filing and payment for value added lateral registry and providing for out-of-court tax. KAZAKHSTAN enforcement of collateral upon default. ✔ Protecting investors ✘ Paying taxes INDONESIA Kazakhstan strengthened investor protections Honduras made paying taxes costlier for firms by regulating the approval of transactions ✔ Starting a business by raising the solidarity tax rate. between interested parties and making it Indonesia made starting a business easier by easier to sue directors in cases of prejudicial ✔ Trading across borders introducing a simplified application process transactions between interested parties. Honduras made trading across borders faster allowing an applicant to simultaneously obtain by implementing a web-based electronic data both a general trading license and a business interchange system and X-ray machines at the registration certificate. KENYA port of Puerto Cortes. ✔ Enforcing contracts ✘ Getting electricity ✘ Enforcing contracts Indonesia made getting electricity more dif- Kenya introduced a case management system Honduras adopted a new civil procedure code ficult by increasing connection fees. that will help increase the efficiency and that modified litigation procedures for enforc- cost-effectiveness of commercial dispute ing a contract. resolution. IRAQ ✘ Starting a business HONG KONG SAR, CHINA KOREA, REP. In Iraq starting a business became more ✔ Starting a business expensive because of an increase in the cost ✔ Starting a business Hong Kong SAR, China, made starting a to obtain a name reservation certificate and Korea made starting a business easier by business easier by introducing online elec- in the cost for lawyers to draft articles of introducing a new online one-stop shop, tronic services for company and business association. Start-Biz. registration. ✔ Paying taxes ✔ Getting electricity ISRAEL Korea eased the administrative burden of pay- Hong Kong SAR, China, made getting elec- ing taxes for firms by merging several taxes, ✔ Trading across borders tricity easier by increasing the efficiency of allowing 4 labor taxes and contributions to be Israel made trading across borders easier by paid jointly and continuing to increase the use public agencies and streamlining the utility’s changing the method used to calculate port procedures with other government agencies. of the online tax payment system. fees. ✔ Enforcing contracts ✔ Resolving insolvency HUNGARY Korea made filing a commercial case easier by Israel amended its courts law to establish introducing an electronic case filing system. ✘ Getting credit specialized courts for dealing with economic Hungary reduced the amount of credit infor- matters. mation available from private credit bureaus KYRGYZ REPUBLIC by shortening the period for retaining data on ✘ Paying taxes defaults and late payments (if repaid) from 5 ITALY The Kyrgyz Republic made paying taxes cost- years to 1 year. ✔ Resolving insolvency lier for firms by introducing a real estate tax, Italy has introduced debt restructuring and though it also reduced the sales tax rate. ✘ Paying taxes reorganization procedures as alternatives to Hungary made paying taxes costlier for firms bankruptcy proceedings. by introducing a sector-specific surtax. LATVIA JAPAN ✔ Starting a business ICELAND Latvia made starting a business easier by re- ✘ Dealing with construction permits ✔ Protecting investors ducing the minimum capital requirement and Japan made dealing with construction permits introducing a common application for value Iceland strengthened investor protections by costlier by increasing inspection fees. introducing new requirements relating to the added tax and company registration. approval of transactions between interested ✔ Getting electricity parties. JORDAN Latvia made getting electricity faster by in- ✔ Paying taxes ✔ Starting a business troducing a simplified process for approval of Iceland made paying taxes easier and less Jordan made starting a business easier by re- external connection designs. costly for firms by abolishing a tax. ducing 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Registering property MACEDONIA, FYR ✘ Paying taxes Latvia made transferring property easier by Malaysia made paying taxes costlier for firms ✔ Dealing with construction permits allowing electronic access to municipal tax by reintroducing the real estate capital gains databases that show the tax status of prop- FYR Macedonia made dealing with construc- tax—but also made tax compliance easier by erty, eliminating the requirement to obtain this tion permits easier by transferring oversight improving electronic systems and the avail- information in paper format. processes to the private sector and streamlin- ability of software. ing procedures. ✔ Resolving insolvency ✔ Enforcing contracts ✔ Registering property Latvia adopted a new insolvency law that Malaysia continued to improve the com- streamlines and expedites the insolvency pro- FYR Macedonia made registering property puterization of its courts by introducing a cess and introduces a reorganization option easier by reducing notary fees and enforcing system making it possible to file complaints for companies. time limits. electronically. ✔ Getting credit ✔ Resolving insolvency LEBANON FYR Macedonia improved its credit informa- Malaysia established dedicated commercial tion system by establishing a private credit courts to handle foreclosure proceedings. ✔ Getting electricity bureau. Lebanon made getting electricity less costly by reducing the application fees and security ✔ Resolving insolvency MALI deposit for a new connection. FYR Macedonia increased the transparency of bankruptcy proceedings through amend- ✔ Starting a business ments to its company and bankruptcy laws. Mali made starting a business easier by add- LESOTHO ing to the services provided by the one-stop shop. ✔ Enforcing contracts MADAGASCAR Lesotho made enforcing contracts easier by ✔ Getting credit launching a specialized commercial court. ✔ Starting a business Access to credit in Mali was improved through Madagascar made starting a business amendments to the OHADA Uniform Act easier by eliminating the minimum capital on Secured Transactions that broaden the LIBERIA requirement, but also made it more difficult range of assets that can be used as collateral ✔ Starting a business by introducing a requirement to obtain a tax (including future assets), extend the security identification number. Liberia made starting a business easier by interest to the proceeds of the original asset introducing a one-stop shop. ✔ Getting credit and introduce the possibility of out-of-court Madagascar improved its credit information enforcement. ✔ Getting credit system by eliminating the minimum threshold Liberia strengthened its legal framework for for loans included in the database and making MAURITANIA secured transactions by adopting a new com- it mandatory for banks to share credit infor- mercial code that broadens the range of assets ✔ Dealing with construction permits mation with the credit bureau. that can be used as collateral (including future Mauritania made dealing with construction assets) and extends the security interest to permits easier by opening a one-stop shop. the proceeds of the original asset. MALAWI ✔ Trading across borders ✘ Registering property MEXICO Liberia made trading across borders faster by Malawi did not sustain the previous year’s implementing online submission of customs improvement in processing times for the com- ✔ Dealing with construction permits forms and enhancing risk-based inspections. pliance certificate at the Ministry of Lands, Mexico made dealing with construction per- leading to slower property registration. mits faster by consolidating internal adminis- trative procedures. LITHUANIA ✔ Getting credit Malawi improved its credit information ✔ Getting credit ✘ Getting electricity system by passing a new law allowing the Mexico strengthened its secured transactions Lithuania made getting electricity more dif- creation of a private credit bureau. system by implementing a centralized collat- ficult by abolishing the one-stop shop for ob- eral registry with an electronic database that taining technical conditions for utility services. ✔ Resolving insolvency is accessible online. ✔ Protecting investors Malawi adopted new rules providing clear procedural requirements and time frames for ✔ Paying taxes Lithuania strengthened investor protections winding up a company. Mexico continued to ease the administrative by introducing greater requirements for burden of paying taxes for firms by ending the corporate disclosure to the public and in the requirement to file a yearly value added tax annual report. MALAYSIA return and reducing filing requirements for ✔ Resolving insolvency ✔ Starting a business other taxes. Lithuania amended its reorganization law to Malaysia made starting a business easier by simplify and shorten reorganization proceed- merging company, tax, social security and em- ings, grant priority to secured creditors and ployment fund registrations at the one-stop introduce professional requirements for insol- shop and providing same-day registration. vency administrators. 72 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. MOLDOVA MOZAMBIQUE OMAN ✔ Starting a business ✘ Getting electricity ✔ Starting a business Moldova made starting a business easier by Mozambique made getting electricity more Oman introduced online company registra- implementing a one-stop shop. difficult by requiring authorization of a con- tion, reducing the time it takes to register a nection project by the Ministry of Energy and business. ✔ Getting credit by adding an inspection of the completed Moldova improved its credit information ✔ Getting credit external works. system by establishing its first private credit Oman improved its credit information system bureau. by launching the Bank Credit and Statistical NAMIBIA Bureau System, which collects historical ✔ Enforcing contracts information on performing and nonperforming Moldova made enforcement of judgments ✘ Registering property loans for both firms and individuals. more efficient by introducing private bailiffs. Namibia made transferring property more expensive for companies. ✔ Paying taxes ✔ Resolving insolvency Oman enacted a new income tax law that Moldova amended its insolvency law to grant ✔ Resolving insolvency redefined the scope of taxation. priority to secured creditors. Namibia adopted a new company law that established clear procedures for liquidation. PAKISTAN MONGOLIA NEPAL ✘ Paying taxes ✔ Getting credit Pakistan increased the profit tax rate for small Mongolia improved its credit information ✔ Enforcing contracts firms. system by eliminating the minimum threshold Nepal improved oversight and monitoring in for loans included in the database. the court, speeding up the process for filing claims. PANAMA MONTENEGRO ✔ Starting a business NEW ZEALAND Panama extended the operating hours of the ✔ Starting a business public registry, reducing the time required to Montenegro made starting a business easier ✔ Paying taxes register a new company. by implementing a one-stop shop. New Zealand reduced its corporate income tax rate and fringe benefit tax rate. ✔ Paying taxes PARAGUAY Montenegro made paying taxes easier and less costly for firms by abolishing a tax, reduc- NICARAGUA ✔ Dealing with construction permits ing the social security contribution rate and Paraguay made dealing with construction ✔ Registering property merging several returns into a single unified permits easier by implementing a risk-based Nicaragua made transferring property more one. approval system and a single window for efficient by introducing a fast-track procedure obtaining construction permits. ✔ Resolving insolvency for registration. Montenegro passed a new bankruptcy law ✔ Getting credit ✔ Paying taxes that introduces reorganization and liquidation Paraguay improved its credit information Nicaragua made paying taxes easier for proceedings, introduces time limits for these system by establishing an online platform for companies by promoting electronic filing and proceedings and provides for the possibility financial institutions to exchange information payment of the major taxes, an option now of recovery of secured creditors’ claims and with the public credit registry. used by the majority of taxpayers. settlement before completion of the entire ✘ Paying taxes bankruptcy procedure. ✔ Enforcing contracts Paraguay made paying taxes more burden- Nicaragua raised the monetary threshold for some for companies by introducing new tax commercial claims that can be brought to the MOROCCO Managua local civil court, leaving lower-value declarations that must be filed monthly. ✔ Dealing with construction permits claims in the local courts, where proceedings Morocco made dealing with construction are simpler and faster. PERU permits easier by opening a one-stop shop. ✔ Starting a business ✔ Protecting investors NIGER Peru made starting a business easier by elimi- Morocco strengthened investor protections nating the requirement for micro and small ✔ Getting credit by allowing minority shareholders to obtain enterprises to deposit start-up capital in a Access to credit in Niger was improved any nonconfidential corporate document dur- bank before registration. through amendments to the OHADA Uniform ing trial. Act on Secured Transactions that broaden the ✔ Protecting investors ✔ Paying taxes range of assets that can be used as collateral Peru strengthened investor protections Morocco eased the administrative burden of (including future assets), extend the security through a new law allowing minority share- paying taxes for firms by enhancing electronic interest to the proceeds of the original asset holders to request access to nonconfidential filing and payment of the corporate income and introduce the possibility of out-of-court corporate documents. tax and value added tax. enforcement. SUMMARIES OF DOING BUSINESS REFORMS IN 2010/11 73 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Paying taxes ✘ Dealing with construction permits ✔ Getting credit Peru made paying taxes easier for companies Qatar made dealing with construction permits In Rwanda the private credit bureau started to by improving electronic filing and payment more difficult by increasing the time and cost collect and distribute information from utility of the major taxes and promoting the use of to process building permits. companies and also started to distribute more the electronic option among the majority of than 2 years of historical information, improv- ✔ Getting credit taxpayers. ing the credit information system. Qatar improved its credit information system by starting to distribute historical data and ✔ Paying taxes PHILIPPINES eliminating the minimum threshold for loans Rwanda reduced the frequency of value added included in the database. tax filings by companies from monthly to ✔ Resolving insolvency quarterly. The Philippines adopted a new insolvency law that provides a legal framework for liquidation ROMANIA and reorganization of financially distressed ✘ Starting a business SÃO TOMÉ AND PRÍNCIPE companies. Romania made starting a business more dif- ✔ Starting a business ficult by requiring a tax clearance certificate São Tomé and Príncipe made starting a busi- POLAND for a new company’s headquarters before ness easier by establishing a one-stop shop, company registration. eliminating the requirement for an operating ✔ Trading across borders license for general commercial companies and Poland made trading across borders faster ✔ Paying taxes simplifying publication requirements. by implementing electronic preparation and Romania made paying taxes easier for com- submission of customs documents. panies by introducing an electronic payment ✔ Dealing with construction permits system and a unified return for social secu- São Tomé and Príncipe made dealing with ✔ Resolving insolvency rity contributions. It also abolished the annual construction permits easier by reducing the Poland amended its bankruptcy and reorga- minimum tax. time required to process building permit nization law to simplify court procedures and applications. extend more rights to secured creditors. ✔ Resolving insolvency Romania amended its insolvency law to short- ✔ Registering property en the duration of insolvency proceedings. São Tomé and Príncipe made registering prop- PORTUGAL erty less costly by lowering property transfer ✔ Starting a business taxes. Portugal made starting a business easier by RUSSIAN FEDERATION ✔ Trading across borders allowing company founders to choose the ✔ Getting electricity amount of minimum capital and make their São Tomé and Príncipe made trading across Russia made getting electricity less costly by paid-in capital contribution up to 1 year after borders faster by adopting legislative, admin- revising the tariffs for connection. the company’s creation, and by eliminating istrative and technological improvements. ✔ Registering property the stamp tax on company’s share capital subscriptions. Russia made registering property transfers easier by eliminating the requirement to ob- SAUDI ARABIA ✔ Dealing with construction permits tain cadastral passports on land plots. ✔ Starting a business Portugal made dealing with construction Saudi Arabia made starting a business easier permits easier by streamlining its inspection ✘ Paying taxes by bringing together representatives from the system. Russia increased the social security contribu- Department of Zakat and Income Tax and the tion rate for employers. General Organization of Social Insurance at ✔ Trading across borders the Unified Center to register new companies PUERTO RICO (U.S.) with their agencies. Russia made trading across borders easier by ✔ Starting a business reducing the number of documents needed Puerto Rico (territory of the United States) for each export or import transaction and made starting a business easier by merging SENEGAL lowering the associated cost. the name search and company registration ✔ Starting a business procedures. ✔ Enforcing contracts Senegal made starting a business easier Russia made filing a commercial case easier by replacing the requirement for a copy of ✔ Dealing with construction permits by introducing an electronic case filing system. the founders’ criminal records with one for Puerto Rico (territory of the United States) a sworn declaration at the time of the com- made dealing with construction permits easier pany’s registration. by creating the Office of Permits Management RWANDA to streamline procedures. ✔ Getting credit ✔ Starting a business Rwanda made starting a business easier by Access to credit in Senegal was improved reducing the business registration fees. through amendments to the OHADA Uniform QATAR Act on Secured Transactions that broaden the ✔ Starting a business ✘ Registering property range of assets that can be used as collateral Qatar made starting a business easier by Rwanda made transferring property more (including future assets), extend the security combining commercial registration and reg- expensive by enforcing the checking of the interest to the proceeds of the original asset istration with the Chamber of Commerce and capital gains tax. and introduce the possibility of out-of-court Industry at the one-stop shop. enforcement. 74 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Trading across borders SLOVENIA SRI LANKA Senegal made trading across borders less ✔ Registering property ✔ Protecting investors costly by opening the market for transport, which increased competition. Slovenia made transferring property easier Sri Lanka strengthened investor protections and less costly by introducing online proce- by requiring greater corporate disclosure on ✔ Enforcing contracts dures and reducing fees. transactions between interested parties. Senegal made enforcing contracts easier by ✔ Trading across borders ✔ Paying taxes launching specialized commercial chambers in the court. Slovenia made trading across borders faster Sri Lanka made paying taxes less costly for by introducing online submission of customs businesses by abolishing the turnover tax and declaration forms. social security contribution and by reducing SERBIA corporate income tax, value added tax and ✔ Resolving insolvency national building tax rates. ✔ Registering property Slovenia simplified and streamlined the insol- Serbia made transferring property quicker by vency process and strengthened professional offering an expedited option. requirements for insolvency administrators. ST. KITTS AND NEVIS ✔ Resolving insolvency ✔ Paying taxes Serbia adopted legislation introducing profes- SOLOMON ISLANDS St. Kitts and Nevis made paying taxes easier sional requirements for insolvency adminis- by introducing a value added tax. ✔ Starting a business trators and regulating their compensation. The Solomon Islands made starting a business easier by implementing an online registration SWAZILAND SEYCHELLES process. ✔ Registering property ✔ Paying taxes ✔ Registering property Swaziland made transferring property The Seychelles made paying taxes less costly The Solomon Islands made registering prop- quicker by streamlining the process at the for firms by eliminating the social security tax. erty faster by separating the land registry from land registry. the business and movable property registries. ✔ Trading across borders The Seychelles made trading across borders ✔ Protecting investors SWEDEN faster by introducing electronic submission of The Solomon Islands strengthened investor ✘ Registering property customs documents. protections by increasing shareholder access Sweden increased the cost of transferring to corporate information. property between companies. ✘ Enforcing contracts The Seychelles expanded the jurisdiction of ✔ Resolving insolvency the lower court, increasing the time required The Solomon Islands adopted a new law that SWITZERLAND to enforce contracts. simplified insolvency proceedings. ✔ Getting electricity Switzerland made getting electricity less cost- SIERRA LEONE SOUTH AFRICA ly by revising the conditions for connections. ✔ Getting credit ✔ Starting a business ✔ Resolving insolvency Sierra Leone improved its credit information South Africa made starting a business easier Switzerland introduced a unified civil proce- system by enacting a new law providing for by implementing its new company law, which dure code and made a number of changes to the creation of a public credit registry. eliminated the requirement to reserve a com- its federal bankruptcy law. pany name and simplified the incorporation ✔ Trading across borders documents. Sierra Leone made trading across borders SYRIAN ARAB REPUBLIC faster by implementing the Automated ✔ Registering property System for Customs Data (ASYCUDA). South Africa made transferring property less ✔ Starting a business costly and more efficient by reducing the Syria made starting a business less costly by ✔ Enforcing contracts transfer duty and introducing electronic filing. reducing both the minimum capital require- Sierra Leone made enforcing contracts easier ment and the cost of publication for the by launching a fast-track commercial court. ✔ Resolving insolvency registration notice. South Africa introduced a new reorganization ✔ Resolving insolvency process to facilitate the rehabilitation of finan- Sierra Leone established a fast-track commer- cially distressed companies. TAIWAN, CHINA cial court in an effort to expedite commercial cases, including insolvency proceedings. ✔ Starting a business SPAIN Taiwan, China, made starting a business easier by implementing an online one-stop shop for SLOVAK REPUBLIC ✔ Starting a business business registration. Spain made starting a business easier by re- ✔ Getting credit ✔ Dealing with construction permits ducing the cost and by reducing the minimum The Slovak Republic improved its credit in- capital requirement. Taiwan, China, made dealing with construc- formation system by guaranteeing by law the tion permits easier by creating a one-stop right of borrowers to inspect their own data. center. SUMMARIES OF DOING BUSINESS REFORMS IN 2010/11 75 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. TAJIKISTAN TONGA UKRAINE ✔ Starting a business ✔ Starting a business ✔ Starting a business Tajikistan made starting a business easier by Tonga made starting a business easier by Ukraine made starting a business easier by allowing entrepreneurs to pay in their capital implementing an electronic system at the eliminating the requirement to obtain ap- up to 1 year after the start of operations, registry, which reduced the time required for proval for a new corporate seal. thereby eliminating the requirements related verification of the uniqueness of the company ✔ Paying taxes to opening a bank account. name and for registration of the company. The costs for the name search, company registra- Ukraine made paying taxes easier and less ✘ Getting credit costly for firms by revising and unifying tax leg- tion and business license increased, however. Access to credit using movable property in islation, reducing corporate income tax rates Tajikistan became more complicated because ✔ Getting electricity and unifying social security contributions. the movable collateral registry stopped its Tonga made getting electricity faster by imple- ✘ Trading across borders operations in January 2011. menting a time limit for the safety inspection. Ukraine made trading across borders more ✘ Registering property difficult by introducing additional inspections TANZANIA Tonga made transferring property more costly. for customs clearance of imports. ✔ Trading across borders ✔ Getting credit ✔ Enforcing contracts Tanzania made trading across borders faster Tonga strengthened its secured transactions Ukraine amended legislation to streamline by implementing the Pre-Arrival Declaration system by passing a new law that allows a commercial dispute resolution and increase (PAD) system and electronic submission of general description of the obligation in the se- the efficiency of enforcement procedures. customs declarations. curity agreement and gives secured creditors ✔ Resolving insolvency priority outside bankruptcy. Ukraine amended its legislation on enforce- THAILAND ment, introducing more guarantees for ✔ Starting a business TRINIDAD AND TOBAGO secured creditors. Thailand made starting a business easier by ✘ Dealing with construction permits introducing a one-stop shop. Trinidad and Tobago made dealing with con- UNITED ARAB EMIRATES ✘ Registering property struction permits costlier by increasing the ✔ Starting a business fees for building permit approvals. Thailand made registering property more The United Arab Emirates made starting expensive by increasing the registration fee. a business easier by merging the require- TURKEY ments to file company documents with the TIMOR-LESTE Department for Economic Development, to ✔ Starting a business obtain a trade license and to register with the ✔ Starting a business Turkey made starting a business less costly by Dubai Chamber of Commerce and Industry. Timor-Leste made starting a business faster eliminating notarization fees for the articles of by improving the registration process. association and other documents. ✔ Getting credit The United Arab Emirates improved its credit ✔ Paying taxes ✔ Getting credit information system through a new law allow- Timor-Leste improved its credit information Turkey lowered the social security contribu- ing the establishment of a federal credit bu- system by establishing a public credit registry. tion rate for companies by offering them a 5% reau under the supervision of the central bank. rebate. TOGO UNITED KINGDOM UGANDA ✔ Getting credit ✔ Dealing with construction permits ✘ Starting a business Access to credit in Togo was improved The United Kingdom made dealing with through amendments to the OHADA Uniform Uganda introduced changes that added time construction permits easier by increasing Act on Secured Transactions that broaden the to the process of obtaining a business license, efficiency in the issuance of planning permits. range of assets that can be used as collateral slowing business start-up. But it simplified (including future assets), extend the security registration for a tax identification number and interest to the proceeds of the original asset for value added tax by introducing an online URUGUAY and introduce the possibility of out-of-court system. ✔ Starting a business enforcement. ✔ Registering property Uruguay made starting a business easier by ✔ Paying taxes Uganda increased the efficiency of property establishing a one-stop shop for general com- transfers by establishing performance stan- mercial companies. Togo reduced its corporate income tax rate. dards and recruiting more officials at the land ✔ Getting credit office. 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. UZBEKISTAN ✔ Registering property YEMEN, REP. Vanuatu made registering property easier by ✔ Starting a business ✔ Paying taxes computerizing the land registry. Uzbekistan made starting a business easier by The Republic of Yemen enacted a new tax reducing the minimum capital requirement, ✔ Trading across borders law that reduced the general corporate tax eliminating 1 procedure and reducing the cost Vanuatu made trading across borders faster rate from 35% to 20% and abolished all tax of registration. by upgrading Port-Vila’s wharf infrastructure, exemptions except those granted under the which increased the efficiency of port and investment law for investment projects. terminal handling activities. VANUATU ✔ Starting a business ZAMBIA Vanuatu made starting a business easier VENEZUELA, RB ✘ Registering property by reducing the time required for company ✘ Paying taxes Zambia made registering property more costly registration at the Vanuatu Financial Services República Bolivariana de Venezuela made by increasing the property transfer tax rate. Commission and issuing provisional licenses paying taxes costlier for firms by doubling the at the Department of Customs. municipal economic activities tax (sales tax). ✘ Dealing with construction permits Vanuatu made dealing with construction per- VIETNAM mits more difficult by increasing the number ✔ Protecting investors of procedures and the cost to obtain a building permit. Vietnam strengthened investor protections by requiring higher standards of accountability for company directors. 77 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Country tables ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business AFGHANISTAN South Asia GNI per capita (US$) 517 Ease of doing business (rank) 160 Low income Population (m) 30.6 Starting a business (rank) 30 Registering property (rank) 172 Trading across borders (rank) 179 Procedures (number) 4 Procedures (number) 9 Documents to export (number) 10 Time (days) 7 Time (days) 250 Time to export (days) 74 Cost (% of income per capita) 25.8 Cost (% of property value) 5.0 Cost to export (US$ per container) 3,545 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 150 Time to import (days) 77 Dealing with construction permits (rank) 162 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 3,830 Procedures (number) 12 Depth of credit information index (0-6) 0 Time (days) 334 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 161 Cost (% of income per capita) 4,876.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 1,642 ✔ Getting electricity (rank) 104 Protecting investors (rank) 183 Cost (% of claim) 25.0 Procedures (number) 4 Extent of disclosure index (0-10) 1 Time (days) 109 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 105 Cost (% of income per capita) 3,956.8 Ease of shareholder suits index (0-10) 1 Time (years) 2.0 Strength of investor protection index (0-10) 1.0 Cost (% of estate) 25 Recovery rate (cents on the dollar) 26.5 Paying taxes (rank) 63 Payments (number per year) 8 Time (hours per year) 275 Total tax rate (% of profit) 36.4 ALBANIA Eastern Europe & Central Asia GNI per capita (US$) 4,000 Ease of doing business (rank) 82 Upper middle income Population (m) 3.2 Starting a business (rank) 61 ✔ Registering property (rank) 118 Trading across borders (rank) 76 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 7 Time (days) 5 Time (days) 33 Time to export (days) 19 Cost (% of income per capita) 29.0 Cost (% of property value) 11.9 Cost to export (US$ per container) 745 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 24 Time to import (days) 18 ✘ Dealing with construction permits (rank) 183 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 730 Procedures (number) NO PRACTICE Depth of credit information index (0-6) 4 Time (days) NO PRACTICE Public registry coverage (% of adults) 12.0 Enforcing contracts (rank) 85 Cost (% of income per capita) NO PRACTICE Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 390 Getting electricity (rank) 154 Protecting investors (rank) 16 Cost (% of claim) 35.7 Procedures (number) 6 Extent of disclosure index (0-10) 8 Time (days) 177 Extent of director liability index (0-10) 9 Resolving insolvency (rank) 64 Cost (% of income per capita) 585.6 Ease of shareholder suits index (0-10) 5 Time (years) 2.0 Strength of investor protection index (0-10) 7.3 Cost (% of estate) 10 Recovery rate (cents on the dollar) 40.2 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business ALGERIA Middle East & North Africa GNI per capita (US$) 4,460 Ease of doing business (rank) 148 Upper middle income Population (m) 35.4 Starting a business (rank) 153 Registering property (rank) 167 Trading across borders (rank) 127 Procedures (number) 14 Procedures (number) 10 Documents to export (number) 8 Time (days) 25 Time (days) 48 Time to export (days) 17 Cost (% of income per capita) 12.1 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,248 Minimum capital (% of income per capita) 30.6 Documents to import (number) 9 ✔ Getting credit (rank) 150 Time to import (days) 27 Dealing with construction permits (rank) 118 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,318 Procedures (number) 19 Depth of credit information index (0-6) 3 Time (days) 281 Public registry coverage (% of adults) 0.3 Enforcing contracts (rank) 122 Cost (% of income per capita) 23.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 630 Getting electricity (rank) 164 Protecting investors (rank) 79 Cost (% of claim) 21.9 Procedures (number) 6 Extent of disclosure index (0-10) 6 Time (days) 159 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 59 Cost (% of income per capita) 1,579.0 Ease of shareholder suits index (0-10) 4 Time (years) 2.5 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 7 Recovery rate (cents on the dollar) 41.7 Paying taxes (rank) 164 Payments (number per year) 29 Time (hours per year) 451 Total tax rate (% of profit) 72.0 ANGOLA Sub-Saharan Africa GNI per capita (US$) 3,960 Ease of doing business (rank) 172 Lower middle income Population (m) 19.0 Starting a business (rank) 167 ✔ Registering property (rank) 129 Trading across borders (rank) 163 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 11 Time (days) 68 Time (days) 184 Time to export (days) 48 Cost (% of income per capita) 118.9 Cost (% of property value) 3.2 Cost to export (US$ per container) 1,850 Minimum capital (% of income per capita) 25.3 Documents to import (number) 8 ✔ Getting credit (rank) 126 Time to import (days) 45 Dealing with construction permits (rank) 115 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,690 Procedures (number) 11 Depth of credit information index (0-6) 4 Time (days) 321 Public registry coverage (% of adults) 2.4 Enforcing contracts (rank) 181 Cost (% of income per capita) 180.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 1,011 Getting electricity (rank) 120 Protecting investors (rank) 65 Cost (% of claim) 44.4 Procedures (number) 8 Extent of disclosure index (0-10) 5 Time (days) 48 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 160 Cost (% of income per capita) 890.5 Ease of shareholder suits index (0-10) 6 Time (years) 6.2 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Recovery rate (cents on the dollar) 6.9 Paying taxes (rank) 149 Payments (number per year) 31 Time (hours per year) 282 Total tax rate (% of profit) 53.2 ANTIGUA AND BARBUDA Latin America & Caribbean GNI per capita (US$) 10,610 Ease of doing business (rank) 57 Upper middle income Population (m) 0.1 Starting a business (rank) 80 Registering property (rank) 124 Trading across borders (rank) 71 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 5 Time (days) 21 Time (days) 26 Time to export (days) 16 Cost (% of income per capita) 12.5 Cost (% of property value) 10.9 Cost to export (US$ per container) 1,202 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 98 Time to import (days) 15 Dealing with construction permits (rank) 21 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,633 Procedures (number) 10 Depth of credit information index (0-6) 0 Time (days) 134 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 70 Cost (% of income per capita) 26.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 351 Getting electricity (rank) 16 Protecting investors (rank) 29 Cost (% of claim) 22.7 Procedures (number) 4 Extent of disclosure index (0-10) 4 Time (days) 42 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 81 Cost (% of income per capita) 150.1 Ease of shareholder suits index (0-10) 7 Time (years) 3.0 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 7 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business ARGENTINA Latin America & Caribbean GNI per capita (US$) 8,450 Ease of doing business (rank) 113 Upper middle income Population (m) 40.7 Starting a business (rank) 146 ✘ Registering property (rank) 139 Trading across borders (rank) 102 Procedures (number) 14 Procedures (number) 7 Documents to export (number) 7 Time (days) 26 Time (days) 53 Time to export (days) 13 Cost (% of income per capita) 11.9 Cost (% of property value) 7.0 Cost to export (US$ per container) 1,480 Minimum capital (% of income per capita) 2.2 Documents to import (number) 7 Getting credit (rank) 67 Time to import (days) 16 Dealing with construction permits (rank) 169 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,810 Procedures (number) 25 Depth of credit information index (0-6) 6 Time (days) 365 Public registry coverage (% of adults) 35.9 Enforcing contracts (rank) 45 Cost (% of income per capita) 107.7 Private bureau coverage (% of adults) 100.0 Procedures (number) 36 Time (days) 590 Getting electricity (rank) 58 Protecting investors (rank) 111 Cost (% of claim) 16.5 Procedures (number) 6 Extent of disclosure index (0-10) 6 Time (days) 67 Extent of director liability index (0-10) 2 Resolving insolvency (rank) 85 Cost (% of income per capita) 20.4 Ease of shareholder suits index (0-10) 6 Time (years) 2.8 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 12 Recovery rate (cents on the dollar) 32.9 Paying taxes (rank) 144 Payments (number per year) 9 Time (hours per year) 415 Total tax rate (% of profit) 108.2 ARMENIA Eastern Europe & Central Asia GNI per capita (US$) 3,090 Ease of doing business (rank) 55 Lower middle income Population (m) 3.1 ✔ Starting a business (rank) 10 Registering property (rank) 5 Trading across borders (rank) 104 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 5 Time (days) 8 Time (days) 7 Time to export (days) 13 Cost (% of income per capita) 2.9 Cost (% of property value) 0.3 Cost to export (US$ per container) 1,815 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 ✔ Getting credit (rank) 40 Time to import (days) 18 ✔ Dealing with construction permits (rank) 57 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 2,195 Procedures (number) 18 Depth of credit information index (0-6) 6 Time (days) 79 Public registry coverage (% of adults) 23.7 Enforcing contracts (rank) 91 Cost (% of income per capita) 57.1 Private bureau coverage (% of adults) 46.6 Procedures (number) 49 Time (days) 440 Getting electricity (rank) 150 Protecting investors (rank) 97 Cost (% of claim) 19.0 Procedures (number) 6 Extent of disclosure index (0-10) 5 Time (days) 242 Extent of director liability index (0-10) 2 ✔ Resolving insolvency (rank) 62 Cost (% of income per capita) 257.8 Ease of shareholder suits index (0-10) 8 Time (years) 1.9 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 40.3 ✔ Paying taxes (rank) 153 Payments (number per year) 34 Time (hours per year) 500 Total tax rate (% of profit) 40.9 AUSTRALIA OECD high income GNI per capita (US$) 43,740 Ease of doing business (rank) 15 High income Population (m) 22.3 Starting a business (rank) 2 Registering property (rank) 38 Trading across borders (rank) 30 Procedures (number) 2 Procedures (number) 5 Documents to export (number) 6 Time (days) 2 Time (days) 5 Time to export (days) 9 Cost (% of income per capita) 0.7 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,060 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 8 Time to import (days) 8 Dealing with construction permits (rank) 42 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,119 Procedures (number) 15 Depth of credit information index (0-6) 5 Time (days) 147 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 17 Cost (% of income per capita) 9.9 Private bureau coverage (% of adults) 100.0 Procedures (number) 28 Time (days) 395 Getting electricity (rank) 37 Protecting investors (rank) 65 Cost (% of claim) 21.8 Procedures (number) 5 Extent of disclosure index (0-10) 8 Time (days) 81 Extent of director liability index (0-10) 2 ✔ Resolving insolvency (rank) 17 Cost (% of income per capita) 9.2 Ease of shareholder suits index (0-10) 7 Time (years) 1.0 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 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 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business AUSTRIA OECD high income GNI per capita (US$) 46,710 Ease of doing business (rank) 32 High income Population (m) 8.4 Starting a business (rank) 134 Registering property (rank) 35 Trading across borders (rank) 25 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 4 Time (days) 28 Time (days) 21 Time to export (days) 7 Cost (% of income per capita) 5.2 Cost (% of property value) 4.6 Cost to export (US$ per container) 1,180 Minimum capital (% of income per capita) 52.0 Documents to import (number) 5 Getting credit (rank) 24 Time to import (days) 8 Dealing with construction permits (rank) 76 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,195 Procedures (number) 13 Depth of credit information index (0-6) 6 Time (days) 194 Public registry coverage (% of adults) 1.7 Enforcing contracts (rank) 9 Cost (% of income per capita) 60.8 Private bureau coverage (% of adults) 51.6 Procedures (number) 25 Time (days) 397 Getting electricity (rank) 21 Protecting investors (rank) 133 Cost (% of claim) 18.0 Procedures (number) 5 Extent of disclosure index (0-10) 3 Time (days) 23 Extent of director liability index (0-10) 5 ✔ Resolving insolvency (rank) 21 Cost (% of income per capita) 110.8 Ease of shareholder suits index (0-10) 4 Time (years) 1.1 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 18 Recovery rate (cents on the dollar) 72.7 Paying taxes (rank) 82 Payments (number per year) 14 Time (hours per year) 170 Total tax rate (% of profit) 53.1 AZERBAIJAN Eastern Europe & Central Asia GNI per capita (US$) 5,180 Ease of doing business (rank) 66 Upper middle income Population (m) 8.9 Starting a business (rank) 18 Registering property (rank) 9 Trading across borders (rank) 170 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 8 Time (days) 8 Time (days) 11 Time to export (days) 38 Cost (% of income per capita) 2.7 Cost (% of property value) 0.2 Cost to export (US$ per container) 2,905 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 48 Time to import (days) 42 Dealing with construction permits (rank) 172 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 3,405 Procedures (number) 30 Depth of credit information index (0-6) 5 Time (days) 212 Public registry coverage (% of adults) 15.6 Enforcing contracts (rank) 25 Cost (% of income per capita) 335.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 237 Getting electricity (rank) 173 Protecting investors (rank) 24 Cost (% of claim) 18.5 Procedures (number) 9 Extent of disclosure index (0-10) 7 Time (days) 241 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 95 Cost (% of income per capita) 677.6 Ease of shareholder suits index (0-10) 8 Time (years) 2.7 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 29.7 Paying taxes (rank) 81 Payments (number per year) 18 Time (hours per year) 225 Total tax rate (% of profit) 40.0 BAHAMAS, THE Latin America & Caribbean GNI per capita (US$) 21,879 Ease of doing business (rank) 85 High income Population (m) 0.3 Starting a business (rank) 73 ✘ Registering property (rank) 177 Trading across borders (rank) 48 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 5 Time (days) 31 Time (days) 122 Time to export (days) 19 Cost (% of income per capita) 8.7 Cost (% of property value) 14.1 Cost to export (US$ per container) 930 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 78 Time to import (days) 13 Dealing with construction permits (rank) 79 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,405 Procedures (number) 17 Depth of credit information index (0-6) 0 Time (days) 181 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 123 Cost (% of income per capita) 29.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 427 Getting electricity (rank) 105 Protecting investors (rank) 111 Cost (% of claim) 28.9 Procedures (number) 8 Extent of disclosure index (0-10) 2 Time (days) 69 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 34 Cost (% of income per capita) 99.9 Ease of shareholder suits index (0-10) 7 Time (years) 5.0 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 4 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business BAHRAIN Middle East & North Africa GNI per capita (US$) 20,475 Ease of doing business (rank) 38 High income Population (m) 0.8 Starting a business (rank) 82 Registering property (rank) 30 Trading across borders (rank) 49 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 6 Time (days) 9 Time (days) 31 Time to export (days) 11 Cost (% of income per capita) 0.7 Cost (% of property value) 2.7 Cost to export (US$ per container) 955 Minimum capital (% of income per capita) 259.8 Documents to import (number) 7 Getting credit (rank) 126 Time to import (days) 15 Dealing with construction permits (rank) 7 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 995 Procedures (number) 12 Depth of credit information index (0-6) 3 Time (days) 43 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 114 Cost (% of income per capita) 10.7 Private bureau coverage (% of adults) 40.0 Procedures (number) 48 Time (days) 635 Getting electricity (rank) 49 Protecting investors (rank) 79 Cost (% of claim) 14.7 Procedures (number) 5 Extent of disclosure index (0-10) 8 Time (days) 90 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 25 Cost (% of income per capita) 63.6 Ease of shareholder suits index (0-10) 4 Time (years) 2.5 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 10 Recovery rate (cents on the dollar) 66.0 Paying taxes (rank) 18 Payments (number per year) 25 Time (hours per year) 36 Total tax rate (% of profit) 15.0 BANGLADESH South Asia GNI per capita (US$) 640 Ease of doing business (rank) 122 Low income Population (m) 164.4 Starting a business (rank) 86 Registering property (rank) 173 Trading across borders (rank) 115 Procedures (number) 7 Procedures (number) 8 Documents to export (number) 6 Time (days) 19 Time (days) 245 Time to export (days) 25 Cost (% of income per capita) 30.6 Cost (% of property value) 6.6 Cost to export (US$ per container) 965 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 78 Time to import (days) 31 Dealing with construction permits (rank) 82 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,370 Procedures (number) 11 Depth of credit information index (0-6) 2 Time (days) 201 Public registry coverage (% of adults) 0.6 Enforcing contracts (rank) 180 Cost (% of income per capita) 154.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 1,442 ✘ Getting electricity (rank) 182 Protecting investors (rank) 24 Cost (% of claim) 63.3 Procedures (number) 7 Extent of disclosure index (0-10) 6 Time (days) 372 Extent of director liability index (0-10) 7 Resolving insolvency (rank) 107 Cost (% of income per capita) 3,526.1 Ease of shareholder suits index (0-10) 7 Time (years) 4.0 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 25.8 Paying taxes (rank) 100 Payments (number per year) 21 Time (hours per year) 302 Total tax rate (% of profit) 35.0 BELARUS Eastern Europe & Central Asia GNI per capita (US$) 6,030 Ease of doing business (rank) 69 Upper middle income Population (m) 9.6 Starting a business (rank) 9 ✔ Registering property (rank) 4 Trading across borders (rank) 152 Procedures (number) 5 Procedures (number) 2 Documents to export (number) 9 Time (days) 5 Time (days) 10 Time to export (days) 15 Cost (% of income per capita) 1.3 Cost (% of property value) 0.0 Cost to export (US$ per container) 2,210 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 98 Time to import (days) 30 Dealing with construction permits (rank) 44 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,615 Procedures (number) 13 Depth of credit information index (0-6) 5 Time (days) 140 Public registry coverage (% of adults) 49.5 ✘ Enforcing contracts (rank) 14 Cost (% of income per capita) 41.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 29 Time (days) 275 Getting electricity (rank) 175 ✔ Protecting investors (rank) 79 Cost (% of claim) 23.4 Procedures (number) 7 Extent of disclosure index (0-10) 7 Time (days) 254 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 82 Cost (% of income per capita) 1,383.8 Ease of shareholder suits index (0-10) 8 Time (years) 5.8 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 33.5 ✔ Paying taxes (rank) 156 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 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business BELGIUM OECD high income GNI per capita (US$) 45,420 Ease of doing business (rank) 28 High income Population (m) 10.9 Starting a business (rank) 36 ✔ Registering property (rank) 174 ✔ Trading across borders (rank) 36 Procedures (number) 3 Procedures (number) 8 Documents to export (number) 4 Time (days) 4 Time (days) 64 Time to export (days) 8 Cost (% of income per capita) 5.2 Cost (% of property value) 12.7 Cost to export (US$ per container) 1,429 Minimum capital (% of income per capita) 18.9 Documents to import (number) 5 Getting credit (rank) 48 Time to import (days) 8 Dealing with construction permits (rank) 51 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,600 Procedures (number) 12 Depth of credit information index (0-6) 4 Time (days) 169 Public registry coverage (% of adults) 72.6 Enforcing contracts (rank) 20 Cost (% of income per capita) 53.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 26 Time (days) 505 Getting electricity (rank) 87 Protecting investors (rank) 17 Cost (% of claim) 17.7 Procedures (number) 6 Extent of disclosure index (0-10) 8 Time (days) 88 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 8 Cost (% of income per capita) 95.3 Ease of shareholder suits index (0-10) 7 Time (years) 0.9 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 87.3 Paying taxes (rank) 77 Payments (number per year) 11 Time (hours per year) 156 Total tax rate (% of profit) 57.3 BELIZE Latin America & Caribbean GNI per capita (US$) 3,740 Ease of doing business (rank) 93 Lower middle income Population (m) 0.3 Starting a business (rank) 152 Registering property (rank) 137 Trading across borders (rank) 107 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 6 Time (days) 44 Time (days) 60 Time to export (days) 21 Cost (% of income per capita) 51.2 Cost (% of property value) 4.7 Cost to export (US$ per container) 1,505 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 98 Time to import (days) 21 Dealing with construction permits (rank) 9 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,650 Procedures (number) 8 Depth of credit information index (0-6) 0 Time (days) 91 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 168 Cost (% of income per capita) 29.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 892 Getting electricity (rank) 53 Protecting investors (rank) 122 Cost (% of claim) 27.5 Procedures (number) 5 Extent of disclosure index (0-10) 3 Time (days) 66 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 29 Cost (% of income per capita) 395.4 Ease of shareholder suits index (0-10) 6 Time (years) 1.0 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 23 Recovery rate (cents on the dollar) 63.7 ✔ Paying taxes (rank) 55 Payments (number per year) 29 Time (hours per year) 147 Total tax rate (% of profit) 33.2 BENIN Sub-Saharan Africa GNI per capita (US$) 750 Ease of doing business (rank) 175 Low income Population (m) 9.2 ✔ Starting a business (rank) 154 Registering property (rank) 130 Trading across borders (rank) 129 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 7 Time (days) 29 Time (days) 120 Time to export (days) 30 Cost (% of income per capita) 149.9 Cost (% of property value) 11.8 Cost to export (US$ per container) 1,049 Minimum capital (% of income per capita) 280.4 Documents to import (number) 8 ✔ Getting credit (rank) 126 Time to import (days) 32 Dealing with construction permits (rank) 117 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,496 Procedures (number) 12 Depth of credit information index (0-6) 1 Time (days) 372 Public registry coverage (% of adults) 10.7 Enforcing contracts (rank) 176 Cost (% of income per capita) 132.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 795 Getting electricity (rank) 140 Protecting investors (rank) 155 Cost (% of claim) 64.7 Procedures (number) 4 Extent of disclosure index (0-10) 6 Time (days) 158 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 127 Cost (% of income per capita) 15,205.3 Ease of shareholder suits index (0-10) 3 Time (years) 4.0 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business BHUTAN South Asia GNI per capita (US$) 1,920 Ease of doing business (rank) 142 Lower middle income Population (m) 0.7 ✔ Starting a business (rank) 83 Registering property (rank) 83 Trading across borders (rank) 169 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 8 Time (days) 36 Time (days) 92 Time to export (days) 38 Cost (% of income per capita) 7.2 Cost (% of property value) 5.0 Cost to export (US$ per container) 2,230 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 ✔ Getting credit (rank) 126 Time to import (days) 38 Dealing with construction permits (rank) 135 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,805 Procedures (number) 22 Depth of credit information index (0-6) 4 Time (days) 180 Public registry coverage (% of adults) 6.4 Enforcing contracts (rank) 35 Cost (% of income per capita) 108.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 225 Getting electricity (rank) 145 Protecting investors (rank) 147 Cost (% of claim) 0.1 Procedures (number) 6 Extent of disclosure index (0-10) 4 Time (days) 101 Extent of director liability index (0-10) 3 Resolving insolvency (rank) 183 Cost (% of income per capita) 1,265.4 Ease of shareholder suits index (0-10) 4 Time (years) NO PRACTICE Strength of investor protection index (0-10) 3.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 67 Payments (number per year) 6 Time (hours per year) 274 Total tax rate (% of profit) 40.8 BOLIVIA Latin America & Caribbean GNI per capita (US$) 1,790 Ease of doing business (rank) 153 Lower middle income Population (m) 10.0 Starting a business (rank) 169 Registering property (rank) 138 Trading across borders (rank) 126 Procedures (number) 15 Procedures (number) 7 Documents to export (number) 8 Time (days) 50 Time (days) 92 Time to export (days) 19 Cost (% of income per capita) 90.4 Cost (% of property value) 4.8 Cost to export (US$ per container) 1,425 Minimum capital (% of income per capita) 2.3 Documents to import (number) 7 Getting credit (rank) 126 Time to import (days) 23 Dealing with construction permits (rank) 107 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 1,747 Procedures (number) 14 Depth of credit information index (0-6) 6 Time (days) 249 Public registry coverage (% of adults) 11.8 Enforcing contracts (rank) 135 Cost (% of income per capita) 77.5 Private bureau coverage (% of adults) 35.9 Procedures (number) 40 Time (days) 591 Getting electricity (rank) 124 Protecting investors (rank) 133 Cost (% of claim) 33.2 Procedures (number) 8 Extent of disclosure index (0-10) 1 Time (days) 42 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 65 Cost (% of income per capita) 1,181.2 Ease of shareholder suits index (0-10) 6 Time (years) 1.8 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 39.3 ✘ Paying taxes (rank) 179 Payments (number per year) 42 Time (hours per year) 1,080 Total tax rate (% of profit) 80.0 BOSNIA AND HERZEGOVINA Eastern Europe & Central Asia GNI per capita (US$) 4,790 Ease of doing business (rank) 125 Upper middle income Population (m) 3.8 ✔ Starting a business (rank) 162 Registering property (rank) 100 Trading across borders (rank) 108 Procedures (number) 12 Procedures (number) 7 Documents to export (number) 8 Time (days) 40 Time (days) 33 Time to export (days) 15 Cost (% of income per capita) 17.0 Cost (% of property value) 5.3 Cost to export (US$ per container) 1,240 Minimum capital (% of income per capita) 29.4 Documents to import (number) 9 Getting credit (rank) 67 Time to import (days) 16 ✔ Dealing with construction permits (rank) 163 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,200 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 181 Public registry coverage (% of adults) 35.3 Enforcing contracts (rank) 125 Cost (% of income per capita) 1,112.9 Private bureau coverage (% of adults) 39.6 Procedures (number) 37 Time (days) 595 Getting electricity (rank) 157 Protecting investors (rank) 97 Cost (% of claim) 40.4 Procedures (number) 8 Extent of disclosure index (0-10) 3 Time (days) 125 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 80 Cost (% of income per capita) 497.6 Ease of shareholder suits index (0-10) 6 Time (years) 3.3 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business BOTSWANA Sub-Saharan Africa GNI per capita (US$) 6,890 Ease of doing business (rank) 54 Upper middle income Population (m) 2.0 Starting a business (rank) 90 Registering property (rank) 50 Trading across borders (rank) 150 Procedures (number) 10 Procedures (number) 5 Documents to export (number) 6 Time (days) 61 Time (days) 16 Time to export (days) 28 Cost (% of income per capita) 1.8 Cost (% of property value) 5.0 Cost to export (US$ per container) 3,185 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 48 Time to import (days) 41 Dealing with construction permits (rank) 132 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 3,420 Procedures (number) 22 Depth of credit information index (0-6) 4 Time (days) 145 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 65 Cost (% of income per capita) 203.0 Private bureau coverage (% of adults) 59.6 Procedures (number) 28 Time (days) 625 Getting electricity (rank) 91 Protecting investors (rank) 46 Cost (% of claim) 28.1 Procedures (number) 5 Extent of disclosure index (0-10) 7 Time (days) 121 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 28 Cost (% of income per capita) 408.9 Ease of shareholder suits index (0-10) 3 Time (years) 1.7 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 64.5 Paying taxes (rank) 22 Payments (number per year) 19 Time (hours per year) 152 Total tax rate (% of profit) 19.4 BRAZIL Latin America & Caribbean GNI per capita (US$) 9,390 Ease of doing business (rank) 126 Upper middle income Population (m) 194.9 Starting a business (rank) 120 Registering property (rank) 114 Trading across borders (rank) 121 Procedures (number) 13 Procedures (number) 13 Documents to export (number) 7 Time (days) 119 Time (days) 39 Time to export (days) 13 Cost (% of income per capita) 5.4 Cost (% of property value) 2.3 Cost to export (US$ per container) 2,215 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 ✔ Getting credit (rank) 98 Time to import (days) 17 Dealing with construction permits (rank) 127 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,275 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 469 Public registry coverage (% of adults) 36.1 Enforcing contracts (rank) 118 Cost (% of income per capita) 40.2 Private bureau coverage (% of adults) 61.5 Procedures (number) 45 Time (days) 731 Getting electricity (rank) 51 Protecting investors (rank) 79 Cost (% of claim) 16.5 Procedures (number) 6 Extent of disclosure index (0-10) 6 Time (days) 34 Extent of director liability index (0-10) 7 Resolving insolvency (rank) 136 Cost (% of income per capita) 130.3 Ease of shareholder suits index (0-10) 3 Time (years) 4.0 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 12 Recovery rate (cents on the dollar) 17.9 Paying taxes (rank) 150 Payments (number per year) 9 Time (hours per year) 2,600 Total tax rate (% of profit) 67.1 BRUNEI DARUSSALAM East Asia & Pacific GNI per capita (US$) 31,238 Ease of doing business (rank) 83 High income Population (m) 0.4 Starting a business (rank) 136 Registering property (rank) 107 Trading across borders (rank) 35 Procedures (number) 15 Procedures (number) 7 Documents to export (number) 6 Time (days) 101 Time (days) 298 Time to export (days) 19 Cost (% of income per capita) 11.8 Cost (% of property value) 0.6 Cost to export (US$ per container) 680 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 126 Time to import (days) 15 Dealing with construction permits (rank) 83 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 745 Procedures (number) 31 Depth of credit information index (0-6) 0 Time (days) 163 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 151 Cost (% of income per capita) 4.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 540 ✔ Getting electricity (rank) 28 Protecting investors (rank) 122 Cost (% of claim) 36.6 Procedures (number) 5 Extent of disclosure index (0-10) 3 Time (days) 56 Extent of director liability index (0-10) 2 Resolving insolvency (rank) 44 Cost (% of income per capita) 42.9 Ease of shareholder suits index (0-10) 8 Time (years) 2.5 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business BULGARIA Eastern Europe & Central Asia GNI per capita (US$) 6,240 Ease of doing business (rank) 59 Upper middle income Population (m) 7.6 Starting a business (rank) 49 Registering property (rank) 66 ✔ Trading across borders (rank) 91 Procedures (number) 4 Procedures (number) 8 Documents to export (number) 5 Time (days) 18 Time (days) 15 Time to export (days) 21 Cost (% of income per capita) 1.5 Cost (% of property value) 3.0 Cost to export (US$ per container) 1,551 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 8 Time to import (days) 17 Dealing with construction permits (rank) 128 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,666 Procedures (number) 23 Depth of credit information index (0-6) 6 Time (days) 120 Public registry coverage (% of adults) 52.8 Enforcing contracts (rank) 87 Cost (% of income per capita) 317.0 Private bureau coverage (% of adults) 28.8 Procedures (number) 39 Time (days) 564 Getting electricity (rank) 133 Protecting investors (rank) 46 Cost (% of claim) 23.8 Procedures (number) 6 Extent of disclosure index (0-10) 10 Time (days) 130 Extent of director liability index (0-10) 1 ✔ Resolving insolvency (rank) 90 Cost (% of income per capita) 366.6 Ease of shareholder suits index (0-10) 7 Time (years) 3.3 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 31.4 Paying taxes (rank) 69 Payments (number per year) 17 Time (hours per year) 500 Total tax rate (% of profit) 28.1 BURKINA FASO Sub-Saharan Africa GNI per capita (US$) 550 Ease of doing business (rank) 150 Low income Population (m) 16.3 ✔ Starting a business (rank) 116 Registering property (rank) 111 Trading across borders (rank) 175 Procedures (number) 3 Procedures (number) 4 Documents to export (number) 10 Time (days) 13 Time (days) 59 Time to export (days) 41 Cost (% of income per capita) 47.7 Cost (% of property value) 12.8 Cost to export (US$ per container) 2,412 Minimum capital (% of income per capita) 373.3 Documents to import (number) 10 ✔ Getting credit (rank) 126 Time to import (days) 49 ✔ Dealing with construction permits (rank) 59 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 4,030 Procedures (number) 12 Depth of credit information index (0-6) 1 Time (days) 98 Public registry coverage (% of adults) 1.8 Enforcing contracts (rank) 108 Cost (% of income per capita) 345.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 446 Getting electricity (rank) 139 Protecting investors (rank) 147 Cost (% of claim) 81.7 Procedures (number) 4 Extent of disclosure index (0-10) 6 Time (days) 158 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 103 Cost (% of income per capita) 13,356.8 Ease of shareholder suits index (0-10) 4 Time (years) 4.0 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 27.3 Paying taxes (rank) 147 Payments (number per year) 46 Time (hours per year) 270 Total tax rate (% of profit) 43.6 BURUNDI Sub-Saharan Africa GNI per capita (US$) 160 Ease of doing business (rank) 169 Low income Population (m) 8.5 Starting a business (rank) 108 Registering property (rank) 109 Trading across borders (rank) 174 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 9 Time (days) 14 Time (days) 94 Time to export (days) 35 Cost (% of income per capita) 116.8 Cost (% of property value) 5.6 Cost to export (US$ per container) 2,965 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 166 Time to import (days) 54 ✔ Dealing with construction permits (rank) 159 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 4,855 Procedures (number) 22 Depth of credit information index (0-6) 1 Time (days) 135 Public registry coverage (% of adults) 0.3 Enforcing contracts (rank) 172 Cost (% of income per capita) 4,065.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 832 Getting electricity (rank) 151 ✔ Protecting investors (rank) 46 Cost (% of claim) 38.6 Procedures (number) 4 Extent of disclosure index (0-10) 8 Time (days) 188 Extent of director liability index (0-10) 6 ✔ Resolving insolvency (rank) 183 Cost (% of income per capita) 34,477.0 Ease of shareholder suits index (0-10) 4 Time (years) NO PRACTICE Strength of investor protection index (0-10) 6.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 ✔ Paying taxes (rank) 125 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business CAMBODIA East Asia & Pacific GNI per capita (US$) 760 Ease of doing business (rank) 138 Low income Population (m) 14.1 Starting a business (rank) 171 Registering property (rank) 110 Trading across borders (rank) 120 Procedures (number) 9 Procedures (number) 7 Documents to export (number) 9 Time (days) 85 Time (days) 56 Time to export (days) 22 Cost (% of income per capita) 109.7 Cost (% of property value) 4.3 Cost to export (US$ per container) 732 Minimum capital (% of income per capita) 31.3 Documents to import (number) 10 ✔ Getting credit (rank) 98 Time to import (days) 26 Dealing with construction permits (rank) 149 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 872 Procedures (number) 21 Depth of credit information index (0-6) 0 Time (days) 652 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 142 Cost (% of income per capita) 40.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 401 Getting electricity (rank) 130 Protecting investors (rank) 79 Cost (% of claim) 103.4 Procedures (number) 4 Extent of disclosure index (0-10) 5 Time (days) 183 Extent of director liability index (0-10) 9 Resolving insolvency (rank) 149 Cost (% of income per capita) 3,062.5 Ease of shareholder suits index (0-10) 2 Time (years) 6.0 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 12.6 Paying taxes (rank) 54 Payments (number per year) 39 Time (hours per year) 173 Total tax rate (% of profit) 22.5 CAMEROON Sub-Saharan Africa GNI per capita (US$) 1,160 Ease of doing business (rank) 161 Lower middle income Population (m) 20.0 ✔ Starting a business (rank) 128 Registering property (rank) 154 Trading across borders (rank) 156 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 11 Time (days) 15 Time (days) 93 Time to export (days) 23 Cost (% of income per capita) 45.5 Cost (% of property value) 19.2 Cost to export (US$ per container) 1,379 Minimum capital (% of income per capita) 182.9 Documents to import (number) 12 ✔ Getting credit (rank) 98 Time to import (days) 25 Dealing with construction permits (rank) 92 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 2,167 Procedures (number) 11 Depth of credit information index (0-6) 2 Time (days) 147 Public registry coverage (% of adults) 3.6 Enforcing contracts (rank) 174 Cost (% of income per capita) 1,096.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 800 Getting electricity (rank) 66 Protecting investors (rank) 122 Cost (% of claim) 46.6 Procedures (number) 4 Extent of disclosure index (0-10) 6 Time (days) 67 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 147 Cost (% of income per capita) 1,854.5 Ease of shareholder suits index (0-10) 6 Time (years) 3.2 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 34 Recovery rate (cents on the dollar) 13.6 Paying taxes (rank) 171 Payments (number per year) 44 Time (hours per year) 654 Total tax rate (% of profit) 49.1 CANADA OECD high income GNI per capita (US$) 46,215 Ease of doing business (rank) 13 High income Population (m) 34.2 Starting a business (rank) 3 Registering property (rank) 41 Trading across borders (rank) 42 Procedures (number) 1 Procedures (number) 6 Documents to export (number) 3 Time (days) 5 Time (days) 17 Time to export (days) 7 Cost (% of income per capita) 0.4 Cost (% of property value) 1.8 Cost to export (US$ per container) 1,610 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 24 Time to import (days) 11 Dealing with construction permits (rank) 25 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,660 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 73 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 59 Cost (% of income per capita) 57.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 570 Getting electricity (rank) 156 Protecting investors (rank) 5 Cost (% of claim) 22.3 Procedures (number) 8 Extent of disclosure index (0-10) 8 Time (days) 168 Extent of director liability index (0-10) 9 Resolving insolvency (rank) 3 Cost (% of income per capita) 143.9 Ease of shareholder suits index (0-10) 8 Time (years) 0.8 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 90.7 ✔ Paying taxes (rank) 8 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business CAPE VERDE Sub-Saharan Africa GNI per capita (US$) 3,160 Ease of doing business (rank) 119 Lower middle income Population (m) 0.5 Starting a business (rank) 131 ✔ Registering property (rank) 61 Trading across borders (rank) 61 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 5 Time (days) 11 Time (days) 31 Time to export (days) 19 Cost (% of income per capita) 17.0 Cost (% of property value) 3.9 Cost to export (US$ per container) 1,200 Minimum capital (% of income per capita) 39.0 Documents to import (number) 5 ✔ Getting credit (rank) 126 Time to import (days) 18 Dealing with construction permits (rank) 116 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,000 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 122 Public registry coverage (% of adults) 20.2 Enforcing contracts (rank) 37 Cost (% of income per capita) 523.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 425 Getting electricity (rank) 70 Protecting investors (rank) 133 Cost (% of claim) 19.8 Procedures (number) 5 Extent of disclosure index (0-10) 1 Time (days) 58 Extent of director liability index (0-10) 5 ✔ Resolving insolvency (rank) 183 Cost (% of income per capita) 1,121.3 Ease of shareholder suits index (0-10) 6 Time (years) NO PRACTICE Strength of investor protection index (0-10) 4.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 104 Payments (number per year) 41 Time (hours per year) 186 Total tax rate (% of profit) 37.8 CENTRAL AFRICAN REPUBLIC Sub-Saharan Africa GNI per capita (US$) 460 Ease of doing business (rank) 182 Low income Population (m) 4.5 ✔ Starting a business (rank) 160 ✔ Registering property (rank) 132 Trading across borders (rank) 182 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 9 Time (days) 21 Time (days) 75 Time to export (days) 54 Cost (% of income per capita) 175.5 Cost (% of property value) 11.0 Cost to export (US$ per container) 5,491 Minimum capital (% of income per capita) 452.9 Documents to import (number) 17 ✔ Getting credit (rank) 98 Time to import (days) 62 Dealing with construction permits (rank) 136 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 5,554 Procedures (number) 18 Depth of credit information index (0-6) 2 Time (days) 203 Public registry coverage (% of adults) 2.2 Enforcing contracts (rank) 173 Cost (% of income per capita) 112.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 660 Getting electricity (rank) 162 Protecting investors (rank) 133 Cost (% of claim) 82.0 Procedures (number) 6 Extent of disclosure index (0-10) 6 Time (days) 102 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 183 Cost (% of income per capita) 12,852.1 Ease of shareholder suits index (0-10) 5 Time (years) 4.8 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 76 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 177 Payments (number per year) 54 Time (hours per year) 504 Total tax rate (% of profit) 54.6 CHAD Sub-Saharan Africa GNI per capita (US$) 600 Ease of doing business (rank) 183 Low income Population (m) 11.5 ✔ Starting a business (rank) 183 Registering property (rank) 143 Trading across borders (rank) 178 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 8 Time (days) 66 Time (days) 44 Time to export (days) 75 Cost (% of income per capita) 208.5 Cost (% of property value) 18.1 Cost to export (US$ per container) 5,902 Minimum capital (% of income per capita) 345.0 Documents to import (number) 11 ✔ Getting credit (rank) 98 Time to import (days) 101 Dealing with construction permits (rank) 122 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 8,525 Procedures (number) 13 Depth of credit information index (0-6) 2 Time (days) 154 Public registry coverage (% of adults) 1.0 Enforcing contracts (rank) 163 Cost (% of income per capita) 5,756.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 743 Getting electricity (rank) 117 Protecting investors (rank) 155 Cost (% of claim) 45.7 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 67 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 183 Cost (% of income per capita) 13,123.8 Ease of shareholder suits index (0-10) 3 Time (years) 4.0 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 60 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business CHILE Latin America & Caribbean GNI per capita (US$) 9,940 Ease of doing business (rank) 39 Upper middle income Population (m) 17.1 ✔ Starting a business (rank) 27 Registering property (rank) 53 ✔ Trading across borders (rank) 62 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 6 Time (days) 7 Time (days) 31 Time to export (days) 21 Cost (% of income per capita) 5.1 Cost (% of property value) 1.3 Cost to export (US$ per container) 795 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 ✔ Getting credit (rank) 48 Time to import (days) 20 Dealing with construction permits (rank) 90 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 795 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 155 Public registry coverage (% of adults) 35.6 Enforcing contracts (rank) 67 Cost (% of income per capita) 79.0 Private bureau coverage (% of adults) 25.8 Procedures (number) 36 Time (days) 480 Getting electricity (rank) 41 Protecting investors (rank) 29 Cost (% of claim) 28.6 Procedures (number) 6 Extent of disclosure index (0-10) 8 Time (days) 31 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 110 Cost (% of income per capita) 77.6 Ease of shareholder suits index (0-10) 5 Time (years) 4.5 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 25.5 Paying taxes (rank) 45 Payments (number per year) 9 Time (hours per year) 316 Total tax rate (% of profit) 25.0 CHINA East Asia & Pacific GNI per capita (US$) 4,260 Ease of doing business (rank) 91 Upper middle income Population (m) 1,338.3 Starting a business (rank) 151 Registering property (rank) 40 Trading across borders (rank) 60 Procedures (number) 14 Procedures (number) 4 Documents to export (number) 8 Time (days) 38 Time (days) 29 Time to export (days) 21 Cost (% of income per capita) 3.5 Cost (% of property value) 3.6 Cost to export (US$ per container) 500 Minimum capital (% of income per capita) 100.4 Documents to import (number) 5 Getting credit (rank) 67 Time to import (days) 24 Dealing with construction permits (rank) 179 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 545 Procedures (number) 33 Depth of credit information index (0-6) 4 Time (days) 311 Public registry coverage (% of adults) 82.5 Enforcing contracts (rank) 16 Cost (% of income per capita) 444.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 406 Getting electricity (rank) 115 Protecting investors (rank) 97 Cost (% of claim) 11.1 Procedures (number) 5 Extent of disclosure index (0-10) 10 Time (days) 145 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 75 Cost (% of income per capita) 640.9 Ease of shareholder suits index (0-10) 4 Time (years) 1.7 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 36.1 Paying taxes (rank) 122 Payments (number per year) 7 Time (hours per year) 398 Total tax rate (% of profit) 63.5 COLOMBIA Latin America & Caribbean GNI per capita (US$) 5,510 Ease of doing business (rank) 42 Upper middle income Population (m) 46.3 ✔ Starting a business (rank) 65 Registering property (rank) 51 Trading across borders (rank) 87 Procedures (number) 9 Procedures (number) 7 Documents to export (number) 5 Time (days) 14 Time (days) 15 Time to export (days) 14 Cost (% of income per capita) 8.0 Cost (% of property value) 2.0 Cost to export (US$ per container) 2,270 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 67 Time to import (days) 13 Dealing with construction permits (rank) 29 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 2,830 Procedures (number) 8 Depth of credit information index (0-6) 5 Time (days) 46 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 149 Cost (% of income per capita) 338.9 Private bureau coverage (% of adults) 71.2 Procedures (number) 34 Time (days) 1,346 Getting electricity (rank) 134 Protecting investors (rank) 5 Cost (% of claim) 47.9 Procedures (number) 5 Extent of disclosure index (0-10) 8 Time (days) 165 Extent of director liability index (0-10) 8 ✔ Resolving insolvency (rank) 12 Cost (% of income per capita) 1,081.3 Ease of shareholder suits index (0-10) 9 Time (years) 1.3 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 1 Recovery rate (cents on the dollar) 82.8 ✔ Paying taxes (rank) 95 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business COMOROS Sub-Saharan Africa GNI per capita (US$) 820 Ease of doing business (rank) 157 Low income Population (m) 0.7 Starting a business (rank) 172 Registering property (rank) 74 Trading across borders (rank) 139 Procedures (number) 11 Procedures (number) 4 Documents to export (number) 10 Time (days) 24 Time (days) 30 Time to export (days) 30 Cost (% of income per capita) 176.2 Cost (% of property value) 10.5 Cost to export (US$ per container) 1,207 Minimum capital (% of income per capita) 252.9 Documents to import (number) 10 ✔ Getting credit (rank) 150 Time to import (days) 21 Dealing with construction permits (rank) 74 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,191 Procedures (number) 15 Depth of credit information index (0-6) 0 Time (days) 155 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 153 Cost (% of income per capita) 62.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 506 Getting electricity (rank) 100 Protecting investors (rank) 133 Cost (% of claim) 89.4 Procedures (number) 3 Extent of disclosure index (0-10) 6 Time (days) 120 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 183 Cost (% of income per capita) 2,685.1 Ease of shareholder suits index (0-10) 5 Time (years) NO PRACTICE Strength of investor protection index (0-10) 4.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 99 Payments (number per year) 20 Time (hours per year) 100 Total tax rate (% of profit) 217.9 CONGO, DEM. REP. Sub-Saharan Africa GNI per capita (US$) 180 Ease of doing business (rank) 178 Low income Population (m) 67.8 ✔ Starting a business (rank) 148 Registering property (rank) 121 Trading across borders (rank) 167 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 8 Time (days) 65 Time (days) 54 Time to export (days) 44 Cost (% of income per capita) 551.4 Cost (% of property value) 6.8 Cost to export (US$ per container) 3,055 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 174 Time to import (days) 63 ✔ Dealing with construction permits (rank) 77 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 3,285 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 117 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 170 Cost (% of income per capita) 1,670.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 610 Getting electricity (rank) 145 Protecting investors (rank) 155 Cost (% of claim) 151.8 Procedures (number) 6 Extent of disclosure index (0-10) 3 Time (days) 58 Extent of director liability index (0-10) 3 Resolving insolvency (rank) 166 Cost (% of income per capita) 28,801.5 Ease of shareholder suits index (0-10) 4 Time (years) 5.2 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 29 Recovery rate (cents on the dollar) 1.2 ✔ Paying taxes (rank) 165 Payments (number per year) 32 Time (hours per year) 336 Total tax rate (% of profit) 339.7 CONGO, REP. Sub-Saharan Africa GNI per capita (US$) 2,310 Ease of doing business (rank) 181 Lower middle income Population (m) 3.8 Starting a business (rank) 175 ✘ Registering property (rank) 156 Trading across borders (rank) 181 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 11 Time (days) 160 Time (days) 55 Time to export (days) 50 Cost (% of income per capita) 85.2 Cost (% of property value) 20.6 Cost to export (US$ per container) 3,818 Minimum capital (% of income per capita) 88.0 Documents to import (number) 10 ✔ Getting credit (rank) 98 Time to import (days) 62 Dealing with construction permits (rank) 103 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 7,709 Procedures (number) 14 Depth of credit information index (0-6) 2 Time (days) 186 Public registry coverage (% of adults) 8.2 Enforcing contracts (rank) 159 Cost (% of income per capita) 157.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 560 Getting electricity (rank) 152 Protecting investors (rank) 155 Cost (% of claim) 53.2 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 129 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 134 Cost (% of income per capita) 5,224.0 Ease of shareholder suits index (0-10) 3 Time (years) 3.3 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 25 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business COSTA RICA Latin America & Caribbean GNI per capita (US$) 6,580 Ease of doing business (rank) 121 Upper middle income Population (m) 4.6 Starting a business (rank) 122 ✔ Registering property (rank) 46 Trading across borders (rank) 73 Procedures (number) 12 Procedures (number) 5 Documents to export (number) 6 Time (days) 60 Time (days) 20 Time to export (days) 13 Cost (% of income per capita) 11.1 Cost (% of property value) 3.4 Cost to export (US$ per container) 1,190 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 98 Time to import (days) 15 Dealing with construction permits (rank) 141 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,190 Procedures (number) 20 Depth of credit information index (0-6) 5 Time (days) 188 Public registry coverage (% of adults) 25.5 Enforcing contracts (rank) 129 Cost (% of income per capita) 164.5 Private bureau coverage (% of adults) 78.9 Procedures (number) 40 Time (days) 852 Getting electricity (rank) 43 Protecting investors (rank) 166 Cost (% of claim) 24.3 Procedures (number) 5 Extent of disclosure index (0-10) 2 Time (days) 62 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 121 Cost (% of income per capita) 299.5 Ease of shareholder suits index (0-10) 2 Time (years) 3.5 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 22.2 ✔ Paying taxes (rank) 138 Payments (number per year) 31 Time (hours per year) 246 Total tax rate (% of profit) 55.0 CÔTE D’IVOIRE Sub-Saharan Africa GNI per capita (US$) 1,070 Ease of doing business (rank) 167 Lower middle income Population (m) 21.6 ✔ Starting a business (rank) 170 Registering property (rank) 158 Trading across borders (rank) 161 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 10 Time (days) 32 Time (days) 62 Time to export (days) 25 Cost (% of income per capita) 132.6 Cost (% of property value) 13.9 Cost to export (US$ per container) 1,969 Minimum capital (% of income per capita) 200.4 Documents to import (number) 9 ✔ Getting credit (rank) 126 Time to import (days) 36 Dealing with construction permits (rank) 169 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 2,577 Procedures (number) 18 Depth of credit information index (0-6) 1 Time (days) 583 Public registry coverage (% of adults) 2.6 Enforcing contracts (rank) 124 Cost (% of income per capita) 204.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 770 Getting electricity (rank) 73 Protecting investors (rank) 155 Cost (% of claim) 41.7 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 33 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 70 Cost (% of income per capita) 4,002.3 Ease of shareholder suits index (0-10) 3 Time (years) 2.2 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 37.6 ✔ Paying taxes (rank) 159 Payments (number per year) 62 Time (hours per year) 270 Total tax rate (% of profit) 44.3 CROATIA Eastern Europe & Central Asia GNI per capita (US$) 13,760 Ease of doing business (rank) 80 High income Population (m) 4.4 Starting a business (rank) 67 Registering property (rank) 102 Trading across borders (rank) 100 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 7 Time (days) 7 Time (days) 104 Time to export (days) 20 Cost (% of income per capita) 8.6 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,300 Minimum capital (% of income per capita) 13.8 Documents to import (number) 8 ✔ Getting credit (rank) 48 Time to import (days) 16 Dealing with construction permits (rank) 143 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,180 Procedures (number) 12 Depth of credit information index (0-6) 5 Time (days) 317 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 48 Cost (% of income per capita) 591.1 Private bureau coverage (% of adults) 100.0 Procedures (number) 38 Time (days) 561 Getting electricity (rank) 56 Protecting investors (rank) 133 Cost (% of claim) 13.8 Procedures (number) 5 Extent of disclosure index (0-10) 1 Time (days) 70 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 94 Cost (% of income per capita) 328.6 Ease of shareholder suits index (0-10) 6 Time (years) 3.1 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business CYPRUS Eastern Europe & Central Asia GNI per capita (US$) 28,237 Ease of doing business (rank) 40 High income Population (m) 0.9 Starting a business (rank) 33 Registering property (rank) 123 Trading across borders (rank) 19 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 5 Time (days) 8 Time (days) 42 Time to export (days) 7 Cost (% of income per capita) 13.1 Cost (% of property value) 10.3 Cost to export (US$ per container) 790 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 78 Time to import (days) 5 Dealing with construction permits (rank) 78 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 900 Procedures (number) 9 Depth of credit information index (0-6) 0 Time (days) 677 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 105 Cost (% of income per capita) 47.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 735 Getting electricity (rank) 96 ✔ Protecting investors (rank) 29 Cost (% of claim) 16.4 Procedures (number) 5 Extent of disclosure index (0-10) 8 Time (days) 247 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 23 Cost (% of income per capita) 95.3 Ease of shareholder suits index (0-10) 7 Time (years) 1.5 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 70.8 Paying taxes (rank) 37 Payments (number per year) 27 Time (hours per year) 149 Total tax rate (% of profit) 23.1 CZECH REPUBLIC OECD high income GNI per capita (US$) 17,870 Ease of doing business (rank) 64 High income Population (m) 10.5 Starting a business (rank) 138 ✔ Registering property (rank) 34 Trading across borders (rank) 70 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 4 Time (days) 20 Time (days) 25 Time to export (days) 17 Cost (% of income per capita) 8.4 Cost (% of property value) 3.0 Cost to export (US$ per container) 1,060 Minimum capital (% of income per capita) 30.7 Documents to import (number) 7 Getting credit (rank) 48 Time to import (days) 20 Dealing with construction permits (rank) 68 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,165 Procedures (number) 33 Depth of credit information index (0-6) 5 Time (days) 120 Public registry coverage (% of adults) 6.1 Enforcing contracts (rank) 78 Cost (% of income per capita) 10.9 Private bureau coverage (% of adults) 95.7 Procedures (number) 27 Time (days) 611 Getting electricity (rank) 148 Protecting investors (rank) 97 Cost (% of claim) 33.0 Procedures (number) 6 Extent of disclosure index (0-10) 2 Time (days) 279 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 33 Cost (% of income per capita) 186.2 Ease of shareholder suits index (0-10) 8 Time (years) 3.2 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 17 Recovery rate (cents on the dollar) 56.0 ✔ Paying taxes (rank) 119 Payments (number per year) 8 Time (hours per year) 557 Total tax rate (% of profit) 49.1 DENMARK OECD high income GNI per capita (US$) 58,980 Ease of doing business (rank) 5 High income Population (m) 5.6 Starting a business (rank) 31 Registering property (rank) 11 Trading across borders (rank) 7 Procedures (number) 4 Procedures (number) 3 Documents to export (number) 4 Time (days) 6 Time (days) 16 Time to export (days) 5 Cost (% of income per capita) 0.0 Cost (% of property value) 0.6 Cost to export (US$ per container) 744 Minimum capital (% of income per capita) 25.0 Documents to import (number) 3 Getting credit (rank) 24 Time to import (days) 5 Dealing with construction permits (rank) 10 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 744 Procedures (number) 5 Depth of credit information index (0-6) 4 Time (days) 67 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 32 Cost (% of income per capita) 59.1 Private bureau coverage (% of adults) 7.3 Procedures (number) 35 Time (days) 410 Getting electricity (rank) 13 Protecting investors (rank) 29 Cost (% of claim) 23.3 Procedures (number) 4 Extent of disclosure index (0-10) 7 Time (days) 38 Extent of director liability index (0-10) 5 ✔ Resolving insolvency (rank) 9 Cost (% of income per capita) 120.6 Ease of shareholder suits index (0-10) 7 Time (years) 1.0 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business DJIBOUTI Middle East & North Africa GNI per capita (US$) 1,383 Ease of doing business (rank) 170 Lower middle income Population (m) 0.9 Starting a business (rank) 179 Registering property (rank) 148 ✔ Trading across borders (rank) 37 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 5 Time (days) 37 Time (days) 40 Time to export (days) 18 Cost (% of income per capita) 169.8 Cost (% of property value) 13.0 Cost to export (US$ per container) 836 Minimum capital (% of income per capita) 434.0 Documents to import (number) 5 Getting credit (rank) 177 Time to import (days) 18 ✘ Dealing with construction permits (rank) 142 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 911 Procedures (number) 15 Depth of credit information index (0-6) 1 Time (days) 172 Public registry coverage (% of adults) 0.2 Enforcing contracts (rank) 160 Cost (% of income per capita) 2,285.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 1,225 Getting electricity (rank) 143 Protecting investors (rank) 179 Cost (% of claim) 34.0 Procedures (number) 4 Extent of disclosure index (0-10) 5 Time (days) 180 Extent of director liability index (0-10) 2 Resolving insolvency (rank) 141 Cost (% of income per capita) 8,799.1 Ease of shareholder suits index (0-10) 0 Time (years) 5.0 Strength of investor protection index (0-10) 2.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 16.5 Paying taxes (rank) 70 Payments (number per year) 35 Time (hours per year) 82 Total tax rate (% of profit) 38.7 DOMINICA Latin America & Caribbean GNI per capita (US$) 4,960 Ease of doing business (rank) 65 Upper middle income Population (m) 0.1 Starting a business (rank) 48 Registering property (rank) 116 Trading across borders (rank) 88 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 7 Time (days) 14 Time (days) 42 Time to export (days) 13 Cost (% of income per capita) 21.8 Cost (% of property value) 13.2 Cost to export (US$ per container) 1,340 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 78 Time to import (days) 15 Dealing with construction permits (rank) 18 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,350 Procedures (number) 9 Depth of credit information index (0-6) 0 Time (days) 165 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 167 Cost (% of income per capita) 10.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 681 Getting electricity (rank) 65 Protecting investors (rank) 29 Cost (% of claim) 36.0 Procedures (number) 5 Extent of disclosure index (0-10) 4 Time (days) 61 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 98 Cost (% of income per capita) 849.7 Ease of shareholder suits index (0-10) 7 Time (years) 4.0 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 10 Recovery rate (cents on the dollar) 28.3 Paying taxes (rank) 73 Payments (number per year) 37 Time (hours per year) 120 Total tax rate (% of profit) 37.5 DOMINICAN REPUBLIC Latin America & Caribbean GNI per capita (US$) 4,860 Ease of doing business (rank) 108 Upper middle income Population (m) 10.2 ✔ Starting a business (rank) 140 Registering property (rank) 105 Trading across borders (rank) 45 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 6 Time (days) 19 Time (days) 60 Time to export (days) 8 Cost (% of income per capita) 18.2 Cost (% of property value) 3.7 Cost to export (US$ per container) 1,040 Minimum capital (% of income per capita) 55.7 Documents to import (number) 7 Getting credit (rank) 78 Time to import (days) 10 Dealing with construction permits (rank) 105 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,150 Procedures (number) 14 Depth of credit information index (0-6) 6 Time (days) 216 Public registry coverage (% of adults) 35.9 Enforcing contracts (rank) 83 Cost (% of income per capita) 82.1 Private bureau coverage (% of adults) 54.3 Procedures (number) 34 Time (days) 460 Getting electricity (rank) 123 Protecting investors (rank) 65 Cost (% of claim) 40.9 Procedures (number) 7 Extent of disclosure index (0-10) 5 Time (days) 87 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 154 Cost (% of income per capita) 356.7 Ease of shareholder suits index (0-10) 8 Time (years) 3.5 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 38 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business ECUADOR Latin America & Caribbean GNI per capita (US$) 4,510 Ease of doing business (rank) 130 Upper middle income Population (m) 13.8 Starting a business (rank) 164 Registering property (rank) 75 Trading across borders (rank) 123 Procedures (number) 13 Procedures (number) 9 Documents to export (number) 8 Time (days) 56 Time (days) 16 Time to export (days) 20 Cost (% of income per capita) 28.8 Cost (% of property value) 2.1 Cost to export (US$ per container) 1,455 Minimum capital (% of income per capita) 4.3 Documents to import (number) 7 Getting credit (rank) 78 Time to import (days) 25 Dealing with construction permits (rank) 91 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,432 Procedures (number) 16 Depth of credit information index (0-6) 6 Time (days) 128 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 100 Cost (% of income per capita) 184.0 Private bureau coverage (% of adults) 57.9 Procedures (number) 39 Time (days) 588 Getting electricity (rank) 128 Protecting investors (rank) 133 Cost (% of claim) 27.2 Procedures (number) 6 Extent of disclosure index (0-10) 1 Time (days) 89 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 139 Cost (% of income per capita) 785.3 Ease of shareholder suits index (0-10) 6 Time (years) 5.3 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 18 Recovery rate (cents on the dollar) 17.2 Paying taxes (rank) 88 Payments (number per year) 8 Time (hours per year) 654 Total tax rate (% of profit) 35.3 EGYPT, ARAB REP. Middle East & North Africa GNI per capita (US$) 2,340 Ease of doing business (rank) 110 Lower middle income Population (m) 84.5 Starting a business (rank) 21 Registering property (rank) 93 Trading across borders (rank) 64 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 8 Time (days) 7 Time (days) 72 Time to export (days) 12 Cost (% of income per capita) 5.6 Cost (% of property value) 0.8 Cost to export (US$ per container) 613 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 78 Time to import (days) 12 Dealing with construction permits (rank) 154 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 755 Procedures (number) 22 Depth of credit information index (0-6) 6 Time (days) 218 Public registry coverage (% of adults) 3.5 Enforcing contracts (rank) 147 Cost (% of income per capita) 155.3 Private bureau coverage (% of adults) 13.7 Procedures (number) 41 Time (days) 1,010 Getting electricity (rank) 101 Protecting investors (rank) 79 Cost (% of claim) 26.2 Procedures (number) 7 Extent of disclosure index (0-10) 8 Time (days) 54 Extent of director liability index (0-10) 3 Resolving insolvency (rank) 137 Cost (% of income per capita) 455.5 Ease of shareholder suits index (0-10) 5 Time (years) 4.2 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 17.7 Paying taxes (rank) 145 Payments (number per year) 29 Time (hours per year) 433 Total tax rate (% of profit) 43.6 EL SALVADOR Latin America & Caribbean GNI per capita (US$) 3,360 Ease of doing business (rank) 112 Lower middle income Population (m) 6.2 Starting a business (rank) 136 Registering property (rank) 54 Trading across borders (rank) 69 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 8 Time (days) 17 Time (days) 31 Time to export (days) 14 Cost (% of income per capita) 45.1 Cost (% of property value) 3.7 Cost to export (US$ per container) 845 Minimum capital (% of income per capita) 3.0 Documents to import (number) 8 Getting credit (rank) 48 Time to import (days) 10 Dealing with construction permits (rank) 144 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 845 Procedures (number) 33 Depth of credit information index (0-6) 6 Time (days) 157 Public registry coverage (% of adults) 23.9 Enforcing contracts (rank) 66 Cost (% of income per capita) 168.3 Private bureau coverage (% of adults) 81.1 Procedures (number) 34 Time (days) 786 Getting electricity (rank) 130 ✔ Protecting investors (rank) 166 Cost (% of claim) 19.2 Procedures (number) 7 Extent of disclosure index (0-10) 3 Time (days) 78 Extent of director liability index (0-10) 0 Resolving insolvency (rank) 88 Cost (% of income per capita) 533.3 Ease of shareholder suits index (0-10) 6 Time (years) 4.0 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business EQUATORIAL GUINEA Sub-Saharan Africa GNI per capita (US$) 14,680 Ease of doing business (rank) 155 High income Population (m) 0.7 Starting a business (rank) 178 Registering property (rank) 80 Trading across borders (rank) 134 Procedures (number) 21 Procedures (number) 6 Documents to export (number) 7 Time (days) 137 Time (days) 23 Time to export (days) 29 Cost (% of income per capita) 101.4 Cost (% of property value) 6.2 Cost to export (US$ per container) 1,411 Minimum capital (% of income per capita) 14.6 Documents to import (number) 7 ✔ Getting credit (rank) 98 Time to import (days) 48 Dealing with construction permits (rank) 100 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,411 Procedures (number) 15 Depth of credit information index (0-6) 2 Time (days) 166 Public registry coverage (% of adults) 2.9 Enforcing contracts (rank) 74 Cost (% of income per capita) 150.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 553 Getting electricity (rank) 88 Protecting investors (rank) 147 Cost (% of claim) 18.5 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 106 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 183 Cost (% of income per capita) 571.1 Ease of shareholder suits index (0-10) 4 Time (years) NO PRACTICE Strength of investor protection index (0-10) 3.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 167 Payments (number per year) 46 Time (hours per year) 492 Total tax rate (% of profit) 46.0 ERITREA Sub-Saharan Africa GNI per capita (US$) 340 Ease of doing business (rank) 180 Low income Population (m) 5.2 Starting a business (rank) 182 Registering property (rank) 178 Trading across borders (rank) 165 Procedures (number) 13 Procedures (number) 11 Documents to export (number) 10 Time (days) 84 Time (days) 78 Time to export (days) 50 Cost (% of income per capita) 62.6 Cost (% of property value) 9.1 Cost to export (US$ per container) 1,431 Minimum capital (% of income per capita) 243.0 Documents to import (number) 12 Getting credit (rank) 177 Time to import (days) 59 Dealing with construction permits (rank) 183 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,581 Procedures (number) NO PRACTICE Depth of credit information index (0-6) 0 Time (days) NO PRACTICE Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 47 Cost (% of income per capita) NO PRACTICE Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 405 Getting electricity (rank) 96 Protecting investors (rank) 111 Cost (% of claim) 22.6 Procedures (number) 5 Extent of disclosure index (0-10) 4 Time (days) 59 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 183 Cost (% of income per capita) 4,436.6 Ease of shareholder suits index (0-10) 5 Time (years) NO PRACTICE Strength of investor protection index (0-10) 4.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 121 Payments (number per year) 18 Time (hours per year) 216 Total tax rate (% of profit) 84.5 ESTONIA OECD high income GNI per capita (US$) 14,360 Ease of doing business (rank) 24 High income Population (m) 1.3 Starting a business (rank) 44 Registering property (rank) 13 Trading across borders (rank) 3 Procedures (number) 5 Procedures (number) 3 Documents to export (number) 3 Time (days) 7 Time (days) 18 Time to export (days) 5 Cost (% of income per capita) 1.8 Cost (% of property value) 0.4 Cost to export (US$ per container) 725 Minimum capital (% of income per capita) 24.4 Documents to import (number) 4 Getting credit (rank) 40 Time to import (days) 5 Dealing with construction permits (rank) 89 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 725 Procedures (number) 13 Depth of credit information index (0-6) 5 Time (days) 148 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 29 Cost (% of income per capita) 278.6 Private bureau coverage (% of adults) 33.1 Procedures (number) 35 Time (days) 425 Getting electricity (rank) 48 Protecting investors (rank) 65 Cost (% of claim) 22.3 Procedures (number) 4 Extent of disclosure index (0-10) 8 Time (days) 111 Extent of director liability index (0-10) 3 Resolving insolvency (rank) 72 Cost (% of income per capita) 222.5 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 36.9 ✘ Paying taxes (rank) 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. COUNTRY TABLES 95 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business ETHIOPIA Sub-Saharan Africa GNI per capita (US$) 380 Ease of doing business (rank) 111 Low income Population (m) 85.0 Starting a business (rank) 99 Registering property (rank) 113 Trading across borders (rank) 157 Procedures (number) 5 Procedures (number) 10 Documents to export (number) 7 Time (days) 9 Time (days) 41 Time to export (days) 42 Cost (% of income per capita) 12.8 Cost (% of property value) 2.1 Cost to export (US$ per container) 1,760 Minimum capital (% of income per capita) 333.5 Documents to import (number) 9 Getting credit (rank) 150 Time to import (days) 44 Dealing with construction permits (rank) 56 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 2,660 Procedures (number) 9 Depth of credit information index (0-6) 2 Time (days) 128 Public registry coverage (% of adults) 0.2 Enforcing contracts (rank) 57 Cost (% of income per capita) 369.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 620 ✘ Getting electricity (rank) 93 Protecting investors (rank) 122 Cost (% of claim) 15.2 Procedures (number) 4 Extent of disclosure index (0-10) 4 Time (days) 95 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 89 Cost (% of income per capita) 3,386.0 Ease of shareholder suits index (0-10) 5 Time (years) 3.0 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 31.4 Paying taxes (rank) 40 Payments (number per year) 19 Time (hours per year) 198 Total tax rate (% of profit) 31.1 FIJI East Asia & Pacific GNI per capita (US$) 3,610 Ease of doing business (rank) 77 Lower middle income Population (m) 0.9 ✘ Starting a business (rank) 119 Registering property (rank) 52 Trading across borders (rank) 113 Procedures (number) 9 Procedures (number) 3 Documents to export (number) 10 Time (days) 45 Time (days) 68 Time to export (days) 22 Cost (% of income per capita) 25.1 Cost (% of property value) 2.0 Cost to export (US$ per container) 655 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 67 Time to import (days) 23 Dealing with construction permits (rank) 73 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 635 Procedures (number) 17 Depth of credit information index (0-6) 3 Time (days) 148 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 64 Cost (% of income per capita) 46.3 Private bureau coverage (% of adults) 67.6 Procedures (number) 34 Time (days) 397 Getting electricity (rank) 110 Protecting investors (rank) 46 Cost (% of claim) 38.9 Procedures (number) 5 Extent of disclosure index (0-10) 3 Time (days) 82 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 126 Cost (% of income per capita) 2,147.9 Ease of shareholder suits index (0-10) 7 Time (years) 1.8 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 38 Recovery rate (cents on the dollar) 20.5 Paying taxes (rank) 80 Payments (number per year) 33 Time (hours per year) 163 Total tax rate (% of profit) 38.3 FINLAND OECD high income GNI per capita (US$) 47,170 Ease of doing business (rank) 11 High income Population (m) 5.4 Starting a business (rank) 39 Registering property (rank) 25 Trading across borders (rank) 6 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 4 Time (days) 14 Time (days) 14 Time to export (days) 8 Cost (% of income per capita) 1.0 Cost (% of property value) 4.0 Cost to export (US$ per container) 540 Minimum capital (% of income per capita) 7.3 Documents to import (number) 5 Getting credit (rank) 40 Time to import (days) 8 Dealing with construction permits (rank) 45 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 620 Procedures (number) 16 Depth of credit information index (0-6) 4 Time (days) 66 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 11 Cost (% of income per capita) 66.6 Private bureau coverage (% of adults) 20.5 Procedures (number) 33 Time (days) 375 Getting electricity (rank) 25 Protecting investors (rank) 65 Cost (% of claim) 13.3 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 53 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 5 Cost (% of income per capita) 31.7 Ease of shareholder suits index (0-10) 7 Time (years) 0.9 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 4 Recovery rate (cents on the dollar) 89.1 ✔ Paying taxes (rank) 28 Payments (number per year) 8 Time (hours per year) 93 Total tax rate (% of profit) 39.0 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes. 96 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business FRANCE OECD high income GNI per capita (US$) 42,390 Ease of doing business (rank) 29 High income Population (m) 64.9 Starting a business (rank) 25 Registering property (rank) 149 Trading across borders (rank) 24 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 2 Time (days) 7 Time (days) 59 Time to export (days) 9 Cost (% of income per capita) 0.9 Cost (% of property value) 6.1 Cost to export (US$ per container) 1,078 Minimum capital (% of income per capita) 0.0 Documents to import (number) 2 Getting credit (rank) 48 Time to import (days) 11 Dealing with construction permits (rank) 30 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,248 Procedures (number) 10 Depth of credit information index (0-6) 4 Time (days) 184 Public registry coverage (% of adults) 43.3 Enforcing contracts (rank) 6 Cost (% of income per capita) 13.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 29 Time (days) 331 Getting electricity (rank) 62 Protecting investors (rank) 79 Cost (% of claim) 17.4 Procedures (number) 5 Extent of disclosure index (0-10) 10 Time (days) 123 Extent of director liability index (0-10) 1 ✔ Resolving insolvency (rank) 46 Cost (% of income per capita) 40.2 Ease of shareholder suits index (0-10) 5 Time (years) 1.9 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 45.8 Paying taxes (rank) 58 Payments (number per year) 7 Time (hours per year) 132 Total tax rate (% of profit) 65.7 GABON Sub-Saharan Africa GNI per capita (US$) 7,760 Ease of doing business (rank) 156 Upper middle income Population (m) 1.5 Starting a business (rank) 156 Registering property (rank) 134 Trading across borders (rank) 133 Procedures (number) 9 Procedures (number) 7 Documents to export (number) 7 Time (days) 58 Time (days) 39 Time to export (days) 20 Cost (% of income per capita) 17.3 Cost (% of property value) 10.5 Cost to export (US$ per container) 1,945 Minimum capital (% of income per capita) 26.4 Documents to import (number) 8 ✔ Getting credit (rank) 98 Time to import (days) 22 Dealing with construction permits (rank) 58 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,955 Procedures (number) 13 Depth of credit information index (0-6) 2 Time (days) 201 Public registry coverage (% of adults) 24.2 Enforcing contracts (rank) 150 Cost (% of income per capita) 21.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 1,070 Getting electricity (rank) 137 Protecting investors (rank) 155 Cost (% of claim) 34.3 Procedures (number) 6 Extent of disclosure index (0-10) 6 Time (days) 160 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 144 Cost (% of income per capita) 256.0 Ease of shareholder suits index (0-10) 3 Time (years) 5.0 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 15.2 Paying taxes (rank) 141 Payments (number per year) 26 Time (hours per year) 488 Total tax rate (% of profit) 43.5 GAMBIA, THE Sub-Saharan Africa GNI per capita (US$) 440 Ease of doing business (rank) 149 Low income Population (m) 1.8 Starting a business (rank) 120 Registering property (rank) 119 ✔ Trading across borders (rank) 78 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 6 Time (days) 27 Time (days) 66 Time to export (days) 23 Cost (% of income per capita) 206.1 Cost (% of property value) 7.7 Cost to export (US$ per container) 831 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 159 Time to import (days) 21 Dealing with construction permits (rank) 88 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 885 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 143 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 69 Cost (% of income per capita) 192.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 434 ✔ Getting electricity (rank) 127 Protecting investors (rank) 174 Cost (% of claim) 37.9 Procedures (number) 5 Extent of disclosure index (0-10) 2 Time (days) 78 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 129 Cost (% of income per capita) 6,070.8 Ease of shareholder suits index (0-10) 5 Time (years) 3.0 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 19.3 ✔ Paying taxes (rank) 178 Payments (number per year) 50 Time (hours per year) 376 Total tax rate (% of profit) 283.5 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 97 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business GEORGIA Eastern Europe & Central Asia GNI per capita (US$) 2,690 Ease of doing business (rank) 16 Lower middle income Population (m) 4.4 ✔ Starting a business (rank) 7 Registering property (rank) 1 Trading across borders (rank) 54 Procedures (number) 2 Procedures (number) 1 Documents to export (number) 4 Time (days) 2 Time (days) 2 Time to export (days) 10 Cost (% of income per capita) 4.3 Cost (% of property value) 0.1 Cost to export (US$ per container) 1,595 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 ✔ Getting credit (rank) 8 Time to import (days) 13 Dealing with construction permits (rank) 4 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,715 Procedures (number) 9 Depth of credit information index (0-6) 6 Time (days) 74 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 41 Cost (% of income per capita) 20.2 Private bureau coverage (% of adults) 29.6 Procedures (number) 36 Time (days) 285 Getting electricity (rank) 89 ✔ Protecting investors (rank) 17 Cost (% of claim) 29.9 Procedures (number) 5 Extent of disclosure index (0-10) 9 Time (days) 97 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 109 Cost (% of income per capita) 751.3 Ease of shareholder suits index (0-10) 6 Time (years) 3.3 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 25.5 ✔ Paying taxes (rank) 42 Payments (number per year) 4 Time (hours per year) 387 Total tax rate (% of profit) 16.5 GERMANY OECD high income GNI per capita (US$) 43,330 Ease of doing business (rank) 19 High income Population (m) 81.6 Starting a business (rank) 98 Registering property (rank) 77 Trading across borders (rank) 12 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 4 Time (days) 15 Time (days) 40 Time to export (days) 7 Cost (% of income per capita) 4.6 Cost (% of property value) 5.2 Cost to export (US$ per container) 872 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 24 Time to import (days) 7 Dealing with construction permits (rank) 15 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 937 Procedures (number) 9 Depth of credit information index (0-6) 6 Time (days) 97 Public registry coverage (% of adults) 1.3 Enforcing contracts (rank) 8 Cost (% of income per capita) 49.7 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 394 Getting electricity (rank) 2 Protecting investors (rank) 97 Cost (% of claim) 14.4 Procedures (number) 3 Extent of disclosure index (0-10) 5 Time (days) 17 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 36 Cost (% of income per capita) 49.9 Ease of shareholder suits index (0-10) 5 Time (years) 1.2 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 8 Recovery rate (cents on the dollar) 53.8 Paying taxes (rank) 89 Payments (number per year) 12 Time (hours per year) 221 Total tax rate (% of profit) 46.7 GHANA Sub-Saharan Africa GNI per capita (US$) 1,240 Ease of doing business (rank) 63 Lower middle income Population (m) 24.3 ✘ Starting a business (rank) 104 Registering property (rank) 36 Trading across borders (rank) 90 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 6 Time (days) 12 Time (days) 34 Time to export (days) 19 Cost (% of income per capita) 17.3 Cost (% of property value) 0.7 Cost to export (US$ per container) 1,013 Minimum capital (% of income per capita) 5.5 Documents to import (number) 7 Getting credit (rank) 48 Time to import (days) 29 Dealing with construction permits (rank) 156 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,315 Procedures (number) 16 Depth of credit information index (0-6) 3 Time (days) 218 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 45 Cost (% of income per capita) 560.3 Private bureau coverage (% of adults) 3.3 Procedures (number) 36 Time (days) 487 Getting electricity (rank) 68 Protecting investors (rank) 46 Cost (% of claim) 23.0 Procedures (number) 4 Extent of disclosure index (0-10) 7 Time (days) 78 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 106 Cost (% of income per capita) 1,218.5 Ease of shareholder suits index (0-10) 6 Time (years) 1.9 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 26.0 Paying taxes (rank) 90 Payments (number per year) 33 Time (hours per year) 224 Total tax rate (% of profit) 33.6 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes. 98 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business GREECE OECD high income GNI per capita (US$) 27,240 Ease of doing business (rank) 100 High income Population (m) 11.3 ✔ Starting a business (rank) 135 Registering property (rank) 150 Trading across borders (rank) 84 Procedures (number) 10 Procedures (number) 11 Documents to export (number) 5 Time (days) 10 Time (days) 18 Time to export (days) 20 Cost (% of income per capita) 20.1 Cost (% of property value) 12.0 Cost to export (US$ per container) 1,153 Minimum capital (% of income per capita) 22.8 Documents to import (number) 6 Getting credit (rank) 78 Time to import (days) 25 Dealing with construction permits (rank) 41 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,265 Procedures (number) 14 Depth of credit information index (0-6) 5 Time (days) 169 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 90 Cost (% of income per capita) 3.4 Private bureau coverage (% of adults) 82.4 Procedures (number) 39 Time (days) 819 Getting electricity (rank) 77 Protecting investors (rank) 155 Cost (% of claim) 14.4 Procedures (number) 6 Extent of disclosure index (0-10) 1 Time (days) 77 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 57 Cost (% of income per capita) 59.2 Ease of shareholder suits index (0-10) 5 Time (years) 2.0 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 41.8 ✔ Paying taxes (rank) 83 Payments (number per year) 10 Time (hours per year) 224 Total tax rate (% of profit) 46.4 GRENADA Latin America & Caribbean GNI per capita (US$) 5,560 Ease of doing business (rank) 73 Upper middle income Population (m) 0.1 Starting a business (rank) 60 Registering property (rank) 154 Trading across borders (rank) 40 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 15 Time (days) 47 Time to export (days) 10 Cost (% of income per capita) 25.1 Cost (% of property value) 7.4 Cost to export (US$ per container) 876 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 98 Time to import (days) 12 Dealing with construction permits (rank) 11 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 2,028 Procedures (number) 8 Depth of credit information index (0-6) 0 Time (days) 123 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 162 Cost (% of income per capita) 23.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 688 Getting electricity (rank) 39 Protecting investors (rank) 29 Cost (% of claim) 32.6 Procedures (number) 5 Extent of disclosure index (0-10) 4 Time (days) 49 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 119 Cost (% of income per capita) 357.8 Ease of shareholder suits index (0-10) 7 Time (years) 3.0 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 25 Recovery rate (cents on the dollar) 22.7 Paying taxes (rank) 91 Payments (number per year) 30 Time (hours per year) 140 Total tax rate (% of profit) 45.3 GUATEMALA Latin America & Caribbean GNI per capita (US$) 2,740 Ease of doing business (rank) 97 Lower middle income Population (m) 14.4 Starting a business (rank) 165 Registering property (rank) 23 Trading across borders (rank) 119 Procedures (number) 12 Procedures (number) 4 Documents to export (number) 10 Time (days) 37 Time (days) 23 Time to export (days) 17 Cost (% of income per capita) 52.5 Cost (% of property value) 0.9 Cost to export (US$ per container) 1,127 Minimum capital (% of income per capita) 22.3 Documents to import (number) 9 Getting credit (rank) 8 Time to import (days) 17 Dealing with construction permits (rank) 151 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,302 Procedures (number) 19 Depth of credit information index (0-6) 6 Time (days) 165 Public registry coverage (% of adults) 17.3 Enforcing contracts (rank) 97 Cost (% of income per capita) 541.7 Private bureau coverage (% of adults) 8.9 Procedures (number) 31 Time (days) 1,459 Getting electricity (rank) 30 Protecting investors (rank) 133 Cost (% of claim) 26.5 Procedures (number) 4 Extent of disclosure index (0-10) 3 Time (days) 39 Extent of director liability index (0-10) 3 Resolving insolvency (rank) 101 Cost (% of income per capita) 624.9 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 27.9 Paying taxes (rank) 124 Payments (number per year) 24 Time (hours per year) 344 Total tax rate (% of profit) 40.9 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business GUINEA Sub-Saharan Africa GNI per capita (US$) 380 Ease of doing business (rank) 179 Low income Population (m) 10.3 Starting a business (rank) 181 Registering property (rank) 152 Trading across borders (rank) 130 Procedures (number) 12 Procedures (number) 6 Documents to export (number) 7 Time (days) 40 Time (days) 59 Time to export (days) 35 Cost (% of income per capita) 118.0 Cost (% of property value) 14.4 Cost to export (US$ per container) 855 Minimum capital (% of income per capita) 407.3 Documents to import (number) 9 ✔ Getting credit (rank) 150 Time to import (days) 32 Dealing with construction permits (rank) 174 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,391 Procedures (number) 29 Depth of credit information index (0-6) 0 Time (days) 287 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 127 Cost (% of income per capita) 275.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 276 Getting electricity (rank) 119 Protecting investors (rank) 174 Cost (% of claim) 45.0 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 69 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 130 Cost (% of income per capita) 10,421.7 Ease of shareholder suits index (0-10) 1 Time (years) 3.8 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 19.3 Paying taxes (rank) 176 Payments (number per year) 56 Time (hours per year) 416 Total tax rate (% of profit) 54.3 GUINEA-BISSAU Sub-Saharan Africa GNI per capita (US$) 540 Ease of doing business (rank) 176 Low income Population (m) 1.6 ✔ Starting a business (rank) 149 Registering property (rank) 179 Trading across borders (rank) 117 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 6 Time (days) 9 Time (days) 210 Time to export (days) 23 Cost (% of income per capita) 49.8 Cost (% of property value) 10.6 Cost to export (US$ per container) 1,448 Minimum capital (% of income per capita) 398.7 Documents to import (number) 6 ✔ Getting credit (rank) 126 Time to import (days) 22 Dealing with construction permits (rank) 107 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 2,006 Procedures (number) 12 Depth of credit information index (0-6) 1 Time (days) 170 Public registry coverage (% of adults) 1.0 Enforcing contracts (rank) 142 Cost (% of income per capita) 1,032.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 1,715 Getting electricity (rank) 180 Protecting investors (rank) 133 Cost (% of claim) 25.0 Procedures (number) 7 Extent of disclosure index (0-10) 6 Time (days) 455 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 183 Cost (% of income per capita) 2,049.5 Ease of shareholder suits index (0-10) 5 Time (years) NO PRACTICE Strength of investor protection index (0-10) 4.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 137 Payments (number per year) 46 Time (hours per year) 208 Total tax rate (% of profit) 45.9 GUYANA Latin America & Caribbean GNI per capita (US$) 3,270 Ease of doing business (rank) 114 Lower middle income Population (m) 0.8 ✔ Starting a business (rank) 87 ✘ Registering property (rank) 104 Trading across borders (rank) 82 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 7 Time (days) 26 Time (days) 75 Time to export (days) 19 Cost (% of income per capita) 14.6 Cost (% of property value) 4.6 Cost to export (US$ per container) 730 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 166 Time to import (days) 22 Dealing with construction permits (rank) 28 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 745 Procedures (number) 8 Depth of credit information index (0-6) 0 Time (days) 195 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 73 Cost (% of income per capita) 17.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 581 ✘ Getting electricity (rank) 144 Protecting investors (rank) 79 Cost (% of claim) 25.2 Procedures (number) 7 Extent of disclosure index (0-10) 5 Time (days) 109 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 138 Cost (% of income per capita) 518.7 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 29 Recovery rate (cents on the dollar) 17.6 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business HAITI Latin America & Caribbean GNI per capita (US$) 650 Ease of doing business (rank) 174 Low income Population (m) 10.0 Starting a business (rank) 180 Registering property (rank) 131 Trading across borders (rank) 145 Procedures (number) 12 Procedures (number) 5 Documents to export (number) 8 Time (days) 105 Time (days) 301 Time to export (days) 33 Cost (% of income per capita) 314.2 Cost (% of property value) 6.6 Cost to export (US$ per container) 1,185 Minimum capital (% of income per capita) 23.2 Documents to import (number) 10 Getting credit (rank) 159 Time to import (days) 31 ✘ Dealing with construction permits (rank) 139 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,545 Procedures (number) 9 Depth of credit information index (0-6) 2 Time (days) 1,129 Public registry coverage (% of adults) 0.7 Enforcing contracts (rank) 96 Cost (% of income per capita) 764.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 530 Getting electricity (rank) 75 Protecting investors (rank) 166 Cost (% of claim) 42.6 Procedures (number) 4 Extent of disclosure index (0-10) 2 Time (days) 66 Extent of director liability index (0-10) 3 Resolving insolvency (rank) 162 Cost (% of income per capita) 4,032.8 Ease of shareholder suits index (0-10) 4 Time (years) 5.7 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 30 Recovery rate (cents on the dollar) 5.8 Paying taxes (rank) 118 Payments (number per year) 46 Time (hours per year) 184 Total tax rate (% of profit) 40.8 HONDURAS Latin America & Caribbean GNI per capita (US$) 1,880 Ease of doing business (rank) 128 Lower middle income Population (m) 7.6 Starting a business (rank) 150 Registering property (rank) 94 ✔ Trading across borders (rank) 103 Procedures (number) 13 Procedures (number) 7 Documents to export (number) 6 Time (days) 14 Time (days) 23 Time to export (days) 18 Cost (% of income per capita) 46.7 Cost (% of property value) 5.7 Cost to export (US$ per container) 1,242 Minimum capital (% of income per capita) 17.0 Documents to import (number) 8 ✔ Getting credit (rank) 8 Time to import (days) 22 Dealing with construction permits (rank) 70 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,420 Procedures (number) 14 Depth of credit information index (0-6) 6 Time (days) 94 Public registry coverage (% of adults) 16.3 ✘ Enforcing contracts (rank) 177 Cost (% of income per capita) 309.8 Private bureau coverage (% of adults) 31.2 Procedures (number) 47 Time (days) 920 Getting electricity (rank) 114 Protecting investors (rank) 166 Cost (% of claim) 35.2 Procedures (number) 8 Extent of disclosure index (0-10) 0 Time (days) 33 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 131 Cost (% of income per capita) 1,082.2 Ease of shareholder suits index (0-10) 4 Time (years) 3.8 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 19.2 ✘ Paying taxes (rank) 140 Payments (number per year) 47 Time (hours per year) 224 Total tax rate (% of profit) 44.0 HONG KONG SAR, CHINA East Asia & Pacific GNI per capita (US$) 32,900 Ease of doing business (rank) 2 High income Population (m) 7.0 ✔ Starting a business (rank) 5 Registering property (rank) 57 Trading across borders (rank) 2 Procedures (number) 3 Procedures (number) 5 Documents to export (number) 4 Time (days) 3 Time (days) 36 Time to export (days) 5 Cost (% of income per capita) 1.9 Cost (% of property value) 4.1 Cost to export (US$ per container) 575 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 4 Time to import (days) 5 Dealing with construction permits (rank) 1 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 565 Procedures (number) 6 Depth of credit information index (0-6) 5 Time (days) 67 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 5 Cost (% of income per capita) 17.8 Private bureau coverage (% of adults) 86.3 Procedures (number) 26 Time (days) 280 ✔ Getting electricity (rank) 4 Protecting investors (rank) 3 Cost (% of claim) 21.2 Procedures (number) 4 Extent of disclosure index (0-10) 10 Time (days) 43 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 16 Cost (% of income per capita) 1.7 Ease of shareholder suits index (0-10) 9 Time (years) 1.1 Strength of investor protection index (0-10) 9.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business HUNGARY OECD high income GNI per capita (US$) 12,990 Ease of doing business (rank) 51 High income Population (m) 10.0 Starting a business (rank) 39 Registering property (rank) 43 Trading across borders (rank) 74 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 6 Time (days) 4 Time (days) 17 Time to export (days) 16 Cost (% of income per capita) 7.6 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,015 Minimum capital (% of income per capita) 9.7 Documents to import (number) 7 ✘ Getting credit (rank) 48 Time to import (days) 18 Dealing with construction permits (rank) 55 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,085 Procedures (number) 29 Depth of credit information index (0-6) 4 Time (days) 102 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 19 Cost (% of income per capita) 5.8 Private bureau coverage (% of adults) 16.1 Procedures (number) 35 Time (days) 395 Getting electricity (rank) 103 Protecting investors (rank) 122 Cost (% of claim) 15.0 Procedures (number) 5 Extent of disclosure index (0-10) 2 Time (days) 252 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 66 Cost (% of income per capita) 120.3 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 39.2 ✘ Paying taxes (rank) 117 Payments (number per year) 13 Time (hours per year) 277 Total tax rate (% of profit) 52.4 ICELAND OECD high income GNI per capita (US$) 33,870 Ease of doing business (rank) 9 High income Population (m) 0.3 Starting a business (rank) 37 Registering property (rank) 11 Trading across borders (rank) 81 Procedures (number) 5 Procedures (number) 3 Documents to export (number) 5 Time (days) 5 Time (days) 4 Time to export (days) 19 Cost (% of income per capita) 3.3 Cost (% of property value) 2.4 Cost to export (US$ per container) 1,532 Minimum capital (% of income per capita) 12.6 Documents to import (number) 5 Getting credit (rank) 40 Time to import (days) 14 Dealing with construction permits (rank) 34 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,674 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 74 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 3 Cost (% of income per capita) 20.6 Private bureau coverage (% of adults) 100.0 Procedures (number) 27 Time (days) 417 Getting electricity (rank) 1 ✔ Protecting investors (rank) 46 Cost (% of claim) 8.2 Procedures (number) 4 Extent of disclosure index (0-10) 7 Time (days) 22 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 11 Cost (% of income per capita) 13.6 Ease of shareholder suits index (0-10) 6 Time (years) 1.0 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 84.5 ✔ Paying taxes (rank) 35 Payments (number per year) 29 Time (hours per year) 140 Total tax rate (% of profit) 31.8 INDIA South Asia GNI per capita (US$) 1,340 Ease of doing business (rank) 132 Lower middle income Population (m) 1,170.9 Starting a business (rank) 166 Registering property (rank) 97 Trading across borders (rank) 109 Procedures (number) 12 Procedures (number) 5 Documents to export (number) 8 Time (days) 29 Time (days) 44 Time to export (days) 16 Cost (% of income per capita) 46.8 Cost (% of property value) 7.3 Cost to export (US$ per container) 1,095 Minimum capital (% of income per capita) 149.6 Documents to import (number) 9 Getting credit (rank) 40 Time to import (days) 20 Dealing with construction permits (rank) 181 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,070 Procedures (number) 34 Depth of credit information index (0-6) 4 Time (days) 227 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 182 Cost (% of income per capita) 1,631.4 Private bureau coverage (% of adults) 15.1 Procedures (number) 46 Time (days) 1,420 Getting electricity (rank) 98 Protecting investors (rank) 46 Cost (% of claim) 39.6 Procedures (number) 7 Extent of disclosure index (0-10) 7 Time (days) 67 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 128 Cost (% of income per capita) 216.2 Ease of shareholder suits index (0-10) 7 Time (years) 7.0 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 20.1 ✔ Paying taxes (rank) 147 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business INDONESIA East Asia & Pacific GNI per capita (US$) 2,580 Ease of doing business (rank) 129 Lower middle income Population (m) 232.5 ✔ Starting a business (rank) 155 Registering property (rank) 99 Trading across borders (rank) 39 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 4 Time (days) 45 Time (days) 22 Time to export (days) 17 Cost (% of income per capita) 17.9 Cost (% of property value) 10.8 Cost to export (US$ per container) 644 Minimum capital (% of income per capita) 46.6 Documents to import (number) 7 Getting credit (rank) 126 Time to import (days) 27 Dealing with construction permits (rank) 71 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 660 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 158 Public registry coverage (% of adults) 31.8 Enforcing contracts (rank) 156 Cost (% of income per capita) 105.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 570 ✘ Getting electricity (rank) 161 Protecting investors (rank) 46 Cost (% of claim) 122.7 Procedures (number) 7 Extent of disclosure index (0-10) 10 Time (days) 108 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 146 Cost (% of income per capita) 1,379.0 Ease of shareholder suits index (0-10) 3 Time (years) 5.5 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 18 Recovery rate (cents on the dollar) 13.8 Paying taxes (rank) 131 Payments (number per year) 51 Time (hours per year) 266 Total tax rate (% of profit) 34.5 IRAN, ISLAMIC REP. Middle East & North Africa GNI per capita (US$) 4,741 Ease of doing business (rank) 144 Upper middle income Population (m) 73.9 Starting a business (rank) 53 Registering property (rank) 163 Trading across borders (rank) 138 Procedures (number) 6 Procedures (number) 9 Documents to export (number) 7 Time (days) 8 Time (days) 36 Time to export (days) 25 Cost (% of income per capita) 3.8 Cost (% of property value) 10.5 Cost to export (US$ per container) 1,275 Minimum capital (% of income per capita) 0.7 Documents to import (number) 8 Getting credit (rank) 98 Time to import (days) 32 Dealing with construction permits (rank) 164 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,885 Procedures (number) 16 Depth of credit information index (0-6) 4 Time (days) 320 Public registry coverage (% of adults) 26.5 Enforcing contracts (rank) 50 Cost (% of income per capita) 355.6 Private bureau coverage (% of adults) 24.4 Procedures (number) 39 Time (days) 505 Getting electricity (rank) 162 Protecting investors (rank) 166 Cost (% of claim) 17.0 Procedures (number) 7 Extent of disclosure index (0-10) 5 Time (days) 140 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 118 Cost (% of income per capita) 1,058.5 Ease of shareholder suits index (0-10) 0 Time (years) 4.5 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 23.1 Paying taxes (rank) 126 Payments (number per year) 20 Time (hours per year) 344 Total tax rate (% of profit) 44.1 IRAQ Middle East & North Africa GNI per capita (US$) 2,320 Ease of doing business (rank) 164 Lower middle income Population (m) 32.3 ✘ Starting a business (rank) 176 Registering property (rank) 98 Trading across borders (rank) 180 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 10 Time (days) 77 Time (days) 51 Time to export (days) 80 Cost (% of income per capita) 115.7 Cost (% of property value) 6.9 Cost to export (US$ per container) 3,550 Minimum capital (% of income per capita) 35.5 Documents to import (number) 10 Getting credit (rank) 174 Time to import (days) 83 Dealing with construction permits (rank) 120 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 3,650 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 187 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 140 Cost (% of income per capita) 469.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 520 Getting electricity (rank) 46 Protecting investors (rank) 122 Cost (% of claim) 28.1 Procedures (number) 5 Extent of disclosure index (0-10) 4 Time (days) 47 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 183 Cost (% of income per capita) 609.9 Ease of shareholder suits index (0-10) 4 Time (years) NO PRACTICE Strength of investor protection index (0-10) 4.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business IRELAND OECD high income GNI per capita (US$) 40,990 Ease of doing business (rank) 10 High income Population (m) 4.5 Starting a business (rank) 13 Registering property (rank) 81 Trading across borders (rank) 21 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 4 Time (days) 13 Time (days) 38 Time to export (days) 7 Cost (% of income per capita) 0.4 Cost (% of property value) 6.5 Cost to export (US$ per container) 1,109 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 8 Time to import (days) 12 Dealing with construction permits (rank) 27 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,121 Procedures (number) 10 Depth of credit information index (0-6) 5 Time (days) 141 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 62 Cost (% of income per capita) 33.1 Private bureau coverage (% of adults) 100.0 Procedures (number) 21 Time (days) 650 Getting electricity (rank) 90 Protecting investors (rank) 5 Cost (% of claim) 26.9 Procedures (number) 5 Extent of disclosure index (0-10) 10 Time (days) 205 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 10 Cost (% of income per capita) 91.1 Ease of shareholder suits index (0-10) 9 Time (years) 0.4 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 86.9 Paying taxes (rank) 5 Payments (number per year) 8 Time (hours per year) 76 Total tax rate (% of profit) 26.3 ISRAEL OECD high income GNI per capita (US$) 27,340 Ease of doing business (rank) 34 High income Population (m) 7.6 Starting a business (rank) 43 Registering property (rank) 147 ✔ Trading across borders (rank) 10 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 5 Time (days) 34 Time (days) 144 Time to export (days) 10 Cost (% of income per capita) 4.4 Cost (% of property value) 5.0 Cost to export (US$ per container) 610 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 8 Time to import (days) 10 Dealing with construction permits (rank) 137 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 545 Procedures (number) 19 Depth of credit information index (0-6) 5 Time (days) 212 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 94 Cost (% of income per capita) 90.8 Private bureau coverage (% of adults) 100.0 Procedures (number) 35 Time (days) 890 Getting electricity (rank) 93 Protecting investors (rank) 5 Cost (% of claim) 25.3 Procedures (number) 6 Extent of disclosure index (0-10) 7 Time (days) 132 Extent of director liability index (0-10) 9 ✔ Resolving insolvency (rank) 45 Cost (% of income per capita) 12.2 Ease of shareholder suits index (0-10) 9 Time (years) 4.0 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 23 Recovery rate (cents on the dollar) 47.2 Paying taxes (rank) 59 Payments (number per year) 33 Time (hours per year) 235 Total tax rate (% of profit) 31.2 ITALY OECD high income GNI per capita (US$) 35,090 Ease of doing business (rank) 87 High income Population (m) 60.6 Starting a business (rank) 77 Registering property (rank) 84 Trading across borders (rank) 63 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 4 Time (days) 6 Time (days) 27 Time to export (days) 20 Cost (% of income per capita) 18.2 Cost (% of property value) 4.5 Cost to export (US$ per container) 1,245 Minimum capital (% of income per capita) 9.9 Documents to import (number) 4 Getting credit (rank) 98 Time to import (days) 18 Dealing with construction permits (rank) 96 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,245 Procedures (number) 11 Depth of credit information index (0-6) 5 Time (days) 258 Public registry coverage (% of adults) 23.0 Enforcing contracts (rank) 158 Cost (% of income per capita) 138.1 Private bureau coverage (% of adults) 100.0 Procedures (number) 41 Time (days) 1,210 Getting electricity (rank) 109 Protecting investors (rank) 65 Cost (% of claim) 29.9 Procedures (number) 5 Extent of disclosure index (0-10) 7 Time (days) 192 Extent of director liability index (0-10) 4 ✔ Resolving insolvency (rank) 30 Cost (% of income per capita) 327.2 Ease of shareholder suits index (0-10) 6 Time (years) 1.8 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business JAMAICA Latin America & Caribbean GNI per capita (US$) 4,750 Ease of doing business (rank) 88 Upper middle income Population (m) 2.7 Starting a business (rank) 23 Registering property (rank) 103 Trading across borders (rank) 97 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 6 Time (days) 7 Time (days) 37 Time to export (days) 21 Cost (% of income per capita) 7.2 Cost (% of property value) 7.5 Cost to export (US$ per container) 1,410 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 98 Time to import (days) 22 Dealing with construction permits (rank) 49 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,420 Procedures (number) 8 Depth of credit information index (0-6) 0 Time (days) 145 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 126 Cost (% of income per capita) 227.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 655 Getting electricity (rank) 112 Protecting investors (rank) 79 Cost (% of claim) 45.6 Procedures (number) 6 Extent of disclosure index (0-10) 4 Time (days) 96 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 26 Cost (% of income per capita) 354.6 Ease of shareholder suits index (0-10) 4 Time (years) 1.1 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 65.3 Paying taxes (rank) 172 Payments (number per year) 72 Time (hours per year) 414 Total tax rate (% of profit) 45.6 JAPAN OECD high income GNI per capita (US$) 42,150 Ease of doing business (rank) 20 High income Population (m) 127.4 Starting a business (rank) 107 Registering property (rank) 58 Trading across borders (rank) 16 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 3 Time (days) 23 Time (days) 14 Time to export (days) 10 Cost (% of income per capita) 7.5 Cost (% of property value) 5.7 Cost to export (US$ per container) 880 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 24 Time to import (days) 11 ✘ Dealing with construction permits (rank) 63 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 970 Procedures (number) 14 Depth of credit information index (0-6) 6 Time (days) 193 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 34 Cost (% of income per capita) 27.9 Private bureau coverage (% of adults) 99.0 Procedures (number) 30 Time (days) 360 Getting electricity (rank) 26 Protecting investors (rank) 17 Cost (% of claim) 32.2 Procedures (number) 3 Extent of disclosure index (0-10) 7 Time (days) 117 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 1 Cost (% of income per capita) 0.0 Ease of shareholder suits index (0-10) 8 Time (years) 0.6 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 92.7 Paying taxes (rank) 120 Payments (number per year) 14 Time (hours per year) 330 Total tax rate (% of profit) 49.1 JORDAN Middle East & North Africa GNI per capita (US$) 4,350 Ease of doing business (rank) 96 Upper middle income Population (m) 6.1 ✔ Starting a business (rank) 95 Registering property (rank) 101 ✔ Trading across borders (rank) 58 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 6 Time (days) 12 Time (days) 21 Time to export (days) 13 Cost (% of income per capita) 13.9 Cost (% of property value) 7.5 Cost to export (US$ per container) 825 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 150 Time to import (days) 15 Dealing with construction permits (rank) 93 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,335 Procedures (number) 17 Depth of credit information index (0-6) 2 Time (days) 70 Public registry coverage (% of adults) 1.6 Enforcing contracts (rank) 130 Cost (% of income per capita) 534.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 689 Getting electricity (rank) 36 Protecting investors (rank) 122 Cost (% of claim) 31.2 Procedures (number) 5 Extent of disclosure index (0-10) 5 Time (days) 43 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 104 Cost (% of income per capita) 274.2 Ease of shareholder suits index (0-10) 4 Time (years) 4.3 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business KAZAKHSTAN Eastern Europe & Central Asia GNI per capita (US$) 7,440 Ease of doing business (rank) 47 Upper middle income Population (m) 16.3 Starting a business (rank) 57 Registering property (rank) 29 Trading across borders (rank) 176 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 9 Time (days) 19 Time (days) 40 Time to export (days) 76 Cost (% of income per capita) 0.8 Cost (% of property value) 0.1 Cost to export (US$ per container) 3,130 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 Getting credit (rank) 78 Time to import (days) 62 Dealing with construction permits (rank) 147 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 3,290 Procedures (number) 32 Depth of credit information index (0-6) 5 Time (days) 189 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 27 Cost (% of income per capita) 93.2 Private bureau coverage (% of adults) 37.6 Procedures (number) 36 Time (days) 390 Getting electricity (rank) 86 ✔ Protecting investors (rank) 10 Cost (% of claim) 22.0 Procedures (number) 6 Extent of disclosure index (0-10) 9 Time (days) 88 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 54 Cost (% of income per capita) 88.4 Ease of shareholder suits index (0-10) 9 Time (years) 1.5 Strength of investor protection index (0-10) 8.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 42.7 Paying taxes (rank) 13 Payments (number per year) 7 Time (hours per year) 188 Total tax rate (% of profit) 28.6 KENYA Sub-Saharan Africa GNI per capita (US$) 780 Ease of doing business (rank) 109 Low income Population (m) 40.9 Starting a business (rank) 132 Registering property (rank) 133 Trading across borders (rank) 141 Procedures (number) 11 Procedures (number) 8 Documents to export (number) 8 Time (days) 33 Time (days) 64 Time to export (days) 26 Cost (% of income per capita) 37.8 Cost (% of property value) 4.3 Cost to export (US$ per container) 2,055 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 8 Time to import (days) 24 Dealing with construction permits (rank) 37 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 2,190 Procedures (number) 8 Depth of credit information index (0-6) 4 Time (days) 125 Public registry coverage (% of adults) 0.0 ✔ Enforcing contracts (rank) 127 Cost (% of income per capita) 160.9 Private bureau coverage (% of adults) 4.5 Procedures (number) 40 Time (days) 465 Getting electricity (rank) 115 Protecting investors (rank) 97 Cost (% of claim) 47.2 Procedures (number) 4 Extent of disclosure index (0-10) 3 Time (days) 163 Extent of director liability index (0-10) 2 Resolving insolvency (rank) 92 Cost (% of income per capita) 1,419.2 Ease of shareholder suits index (0-10) 10 Time (years) 4.5 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 30.9 Paying taxes (rank) 166 Payments (number per year) 41 Time (hours per year) 393 Total tax rate (% of profit) 49.6 KIRIBATI East Asia & Pacific GNI per capita (US$) 2,010 Ease of doing business (rank) 115 Lower middle income Population (m) 0.1 Starting a business (rank) 141 Registering property (rank) 69 Trading across borders (rank) 85 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 6 Time (days) 31 Time (days) 513 Time to export (days) 21 Cost (% of income per capita) 22.2 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,120 Minimum capital (% of income per capita) 21.1 Documents to import (number) 7 Getting credit (rank) 159 Time to import (days) 21 Dealing with construction permits (rank) 106 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,120 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 170 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 75 Cost (% of income per capita) 163.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 660 Getting electricity (rank) 159 Protecting investors (rank) 46 Cost (% of claim) 25.8 Procedures (number) 6 Extent of disclosure index (0-10) 6 Time (days) 97 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 183 Cost (% of income per capita) 5,162.7 Ease of shareholder suits index (0-10) 7 Time (years) NO PRACTICE Strength of investor protection index (0-10) 6.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business KOREA, REP. OECD high income GNI per capita (US$) 19,890 Ease of doing business (rank) 8 High income Population (m) 48.9 ✔ Starting a business (rank) 24 Registering property (rank) 71 Trading across borders (rank) 4 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 3 Time (days) 7 Time (days) 11 Time to export (days) 7 Cost (% of income per capita) 14.6 Cost (% of property value) 5.1 Cost to export (US$ per container) 680 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 8 Time to import (days) 7 Dealing with construction permits (rank) 26 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 695 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 30 Public registry coverage (% of adults) 0.0 ✔ Enforcing contracts (rank) 2 Cost (% of income per capita) 79.5 Private bureau coverage (% of adults) 100.0 Procedures (number) 33 Time (days) 230 Getting electricity (rank) 11 Protecting investors (rank) 79 Cost (% of claim) 10.3 Procedures (number) 4 Extent of disclosure index (0-10) 7 Time (days) 49 Extent of director liability index (0-10) 2 Resolving insolvency (rank) 13 Cost (% of income per capita) 38.6 Ease of shareholder suits index (0-10) 7 Time (years) 1.5 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 82.3 ✔ Paying taxes (rank) 38 Payments (number per year) 12 Time (hours per year) 225 Total tax rate (% of profit) 29.7 KOSOVO Eastern Europe & Central Asia GNI per capita (US$) 3,300 Ease of doing business (rank) 117 Lower middle income Population (m) 1.8 Starting a business (rank) 168 Registering property (rank) 73 Trading across borders (rank) 131 Procedures (number) 10 Procedures (number) 8 Documents to export (number) 8 Time (days) 58 Time (days) 33 Time to export (days) 17 Cost (% of income per capita) 26.7 Cost (% of property value) 0.6 Cost to export (US$ per container) 2,270 Minimum capital (% of income per capita) 104.6 Documents to import (number) 8 Getting credit (rank) 24 Time to import (days) 16 Dealing with construction permits (rank) 171 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 2,280 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 301 Public registry coverage (% of adults) 20.5 Enforcing contracts (rank) 157 Cost (% of income per capita) 775.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 53 Time (days) 420 Getting electricity (rank) 124 Protecting investors (rank) 174 Cost (% of claim) 61.2 Procedures (number) 7 Extent of disclosure index (0-10) 3 Time (days) 60 Extent of director liability index (0-10) 2 Resolving insolvency (rank) 31 Cost (% of income per capita) 1,016.8 Ease of shareholder suits index (0-10) 3 Time (years) 2.0 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 57.4 Paying taxes (rank) 46 Payments (number per year) 33 Time (hours per year) 164 Total tax rate (% of profit) 15.4 KUWAIT Middle East & North Africa GNI per capita (US$) 36,412 Ease of doing business (rank) 67 High income Population (m) 2.9 Starting a business (rank) 142 Registering property (rank) 88 Trading across borders (rank) 112 Procedures (number) 12 Procedures (number) 8 Documents to export (number) 7 Time (days) 32 Time (days) 47 Time to export (days) 16 Cost (% of income per capita) 1.2 Cost (% of property value) 0.5 Cost to export (US$ per container) 1,085 Minimum capital (% of income per capita) 71.8 Documents to import (number) 10 Getting credit (rank) 98 Time to import (days) 19 Dealing with construction permits (rank) 121 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,242 Procedures (number) 24 Depth of credit information index (0-6) 4 Time (days) 130 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 117 Cost (% of income per capita) 121.8 Private bureau coverage (% of adults) 29.0 Procedures (number) 50 Time (days) 566 Getting electricity (rank) 57 Protecting investors (rank) 29 Cost (% of claim) 18.8 Procedures (number) 7 Extent of disclosure index (0-10) 7 Time (days) 42 Extent of director liability index (0-10) 7 Resolving insolvency (rank) 48 Cost (% of income per capita) 48.2 Ease of shareholder suits index (0-10) 5 Time (years) 4.2 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 1 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business KYRGYZ REPUBLIC Eastern Europe & Central Asia GNI per capita (US$) 880 Ease of doing business (rank) 70 Low income Population (m) 5.4 Starting a business (rank) 17 Registering property (rank) 17 Trading across borders (rank) 171 Procedures (number) 2 Procedures (number) 4 Documents to export (number) 8 Time (days) 10 Time (days) 5 Time to export (days) 63 Cost (% of income per capita) 3.5 Cost (% of property value) 2.2 Cost to export (US$ per container) 3,210 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 8 Time to import (days) 72 Dealing with construction permits (rank) 62 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 3,450 Procedures (number) 12 Depth of credit information index (0-6) 4 Time (days) 142 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 48 Cost (% of income per capita) 171.8 Private bureau coverage (% of adults) 18.7 Procedures (number) 38 Time (days) 260 Getting electricity (rank) 181 Protecting investors (rank) 13 Cost (% of claim) 29.0 Procedures (number) 7 Extent of disclosure index (0-10) 8 Time (days) 337 Extent of director liability index (0-10) 7 Resolving insolvency (rank) 150 Cost (% of income per capita) 2,545.6 Ease of shareholder suits index (0-10) 8 Time (years) 4.0 Strength of investor protection index (0-10) 7.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 11.7 ✘ Paying taxes (rank) 162 Payments (number per year) 52 Time (hours per year) 210 Total tax rate (% of profit) 69.0 LAO PDR East Asia & Pacific GNI per capita (US$) 1,010 Ease of doing business (rank) 165 Lower middle income Population (m) 6.4 Starting a business (rank) 89 Registering property (rank) 72 Trading across borders (rank) 168 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 9 Time (days) 93 Time (days) 98 Time to export (days) 44 Cost (% of income per capita) 7.6 Cost (% of property value) 1.1 Cost to export (US$ per container) 1,880 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 166 Time to import (days) 46 Dealing with construction permits (rank) 80 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 2,035 Procedures (number) 23 Depth of credit information index (0-6) 0 Time (days) 108 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 110 Cost (% of income per capita) 52.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 443 Getting electricity (rank) 138 Protecting investors (rank) 182 Cost (% of claim) 31.6 Procedures (number) 5 Extent of disclosure index (0-10) 2 Time (days) 134 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 183 Cost (% of income per capita) 2,381.6 Ease of shareholder suits index (0-10) 2 Time (years) NO PRACTICE Strength of investor protection index (0-10) 1.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 123 Payments (number per year) 34 Time (hours per year) 362 Total tax rate (% of profit) 33.3 LATVIA Eastern Europe & Central Asia GNI per capita (US$) 11,620 Ease of doing business (rank) 21 Upper middle income Population (m) 2.2 ✔ Starting a business (rank) 51 ✔ Registering property (rank) 32 Trading across borders (rank) 15 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 5 Time (days) 16 Time (days) 18 Time to export (days) 10 Cost (% of income per capita) 2.6 Cost (% of property value) 2.0 Cost to export (US$ per container) 600 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 4 Time to import (days) 11 Dealing with construction permits (rank) 112 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 801 Procedures (number) 23 Depth of credit information index (0-6) 5 Time (days) 205 Public registry coverage (% of adults) 59.7 Enforcing contracts (rank) 17 Cost (% of income per capita) 21.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 27 Time (days) 369 ✔ Getting electricity (rank) 84 Protecting investors (rank) 65 Cost (% of claim) 23.1 Procedures (number) 5 Extent of disclosure index (0-10) 5 Time (days) 108 Extent of director liability index (0-10) 4 ✔ Resolving insolvency (rank) 32 Cost (% of income per capita) 439.1 Ease of shareholder suits index (0-10) 8 Time (years) 3.0 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 13 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business LEBANON Middle East & North Africa GNI per capita (US$) 9,020 Ease of doing business (rank) 104 Upper middle income Population (m) 4.3 Starting a business (rank) 109 Registering property (rank) 105 Trading across borders (rank) 93 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 5 Time (days) 9 Time (days) 25 Time to export (days) 22 Cost (% of income per capita) 67.1 Cost (% of property value) 5.8 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 35.3 Documents to import (number) 7 Getting credit (rank) 78 Time to import (days) 32 Dealing with construction permits (rank) 161 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,250 Procedures (number) 19 Depth of credit information index (0-6) 5 Time (days) 219 Public registry coverage (% of adults) 11.0 Enforcing contracts (rank) 120 Cost (% of income per capita) 234.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 721 ✔ Getting electricity (rank) 47 Protecting investors (rank) 97 Cost (% of claim) 30.8 Procedures (number) 5 Extent of disclosure index (0-10) 9 Time (days) 75 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 125 Cost (% of income per capita) 99.9 Ease of shareholder suits index (0-10) 5 Time (years) 4.0 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 20.6 Paying taxes (rank) 30 Payments (number per year) 19 Time (hours per year) 180 Total tax rate (% of profit) 30.2 LESOTHO Sub-Saharan Africa GNI per capita (US$) 1,080 Ease of doing business (rank) 143 Lower middle income Population (m) 2.1 Starting a business (rank) 144 Registering property (rank) 150 Trading across borders (rank) 147 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 8 Time (days) 40 Time (days) 101 Time to export (days) 31 Cost (% of income per capita) 24.9 Cost (% of property value) 8.0 Cost to export (US$ per container) 1,680 Minimum capital (% of income per capita) 11.2 Documents to import (number) 8 Getting credit (rank) 150 Time to import (days) 35 Dealing with construction permits (rank) 157 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,665 Procedures (number) 12 Depth of credit information index (0-6) 0 Time (days) 510 Public registry coverage (% of adults) 0.0 ✔ Enforcing contracts (rank) 102 Cost (% of income per capita) 1,038.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 785 Getting electricity (rank) 141 Protecting investors (rank) 147 Cost (% of claim) 19.5 Procedures (number) 5 Extent of disclosure index (0-10) 2 Time (days) 140 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 71 Cost (% of income per capita) 2,456.7 Ease of shareholder suits index (0-10) 8 Time (years) 2.6 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 37.4 Paying taxes (rank) 61 Payments (number per year) 21 Time (hours per year) 324 Total tax rate (% of profit) 16.0 LIBERIA Sub-Saharan Africa GNI per capita (US$) 190 Ease of doing business (rank) 151 Low income Population (m) 4.1 ✔ Starting a business (rank) 35 Registering property (rank) 176 ✔ Trading across borders (rank) 116 Procedures (number) 4 Procedures (number) 10 Documents to export (number) 10 Time (days) 6 Time (days) 50 Time to export (days) 15 Cost (% of income per capita) 68.4 Cost (% of property value) 13.1 Cost to export (US$ per container) 1,220 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 ✔ Getting credit (rank) 98 Time to import (days) 14 Dealing with construction permits (rank) 123 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,200 Procedures (number) 23 Depth of credit information index (0-6) 1 Time (days) 75 Public registry coverage (% of adults) 0.6 Enforcing contracts (rank) 166 Cost (% of income per capita) 694.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 1,280 Getting electricity (rank) 153 Protecting investors (rank) 147 Cost (% of claim) 35.0 Procedures (number) 4 Extent of disclosure index (0-10) 4 Time (days) 586 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 158 Cost (% of income per capita) 4,455.2 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 43 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business LITHUANIA Eastern Europe & Central Asia GNI per capita (US$) 11,400 Ease of doing business (rank) 27 Upper middle income Population (m) 3.3 Starting a business (rank) 101 Registering property (rank) 7 Trading across borders (rank) 28 Procedures (number) 6 Procedures (number) 3 Documents to export (number) 6 Time (days) 22 Time (days) 3 Time to export (days) 9 Cost (% of income per capita) 2.8 Cost (% of property value) 0.8 Cost to export (US$ per container) 870 Minimum capital (% of income per capita) 35.7 Documents to import (number) 6 Getting credit (rank) 48 Time to import (days) 9 Dealing with construction permits (rank) 47 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 980 Procedures (number) 15 Depth of credit information index (0-6) 6 Time (days) 142 Public registry coverage (% of adults) 15.0 Enforcing contracts (rank) 15 Cost (% of income per capita) 25.5 Private bureau coverage (% of adults) 75.6 Procedures (number) 30 Time (days) 275 ✘ Getting electricity (rank) 81 ✔ Protecting investors (rank) 65 Cost (% of claim) 23.6 Procedures (number) 5 Extent of disclosure index (0-10) 7 Time (days) 148 Extent of director liability index (0-10) 4 ✔ Resolving insolvency (rank) 40 Cost (% of income per capita) 63.3 Ease of shareholder suits index (0-10) 6 Time (years) 1.5 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 7 Recovery rate (cents on the dollar) 50.9 Paying taxes (rank) 62 Payments (number per year) 11 Time (hours per year) 175 Total tax rate (% of profit) 43.9 LUXEMBOURG OECD high income GNI per capita (US$) 79,510 Ease of doing business (rank) 50 High income Population (m) 0.5 Starting a business (rank) 81 Registering property (rank) 134 Trading across borders (rank) 31 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 19 Time (days) 29 Time to export (days) 6 Cost (% of income per capita) 1.9 Cost (% of property value) 10.1 Cost to export (US$ per container) 1,420 Minimum capital (% of income per capita) 21.2 Documents to import (number) 4 Getting credit (rank) 150 Time to import (days) 6 Dealing with construction permits (rank) 33 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,420 Procedures (number) 12 Depth of credit information index (0-6) 0 Time (days) 157 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 1 Cost (% of income per capita) 19.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 26 Time (days) 321 Getting electricity (rank) 63 Protecting investors (rank) 122 Cost (% of claim) 9.7 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 120 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 49 Cost (% of income per capita) 58.8 Ease of shareholder suits index (0-10) 3 Time (years) 2.0 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 43.5 Paying taxes (rank) 17 Payments (number per year) 23 Time (hours per year) 59 Total tax rate (% of profit) 20.8 MACEDONIA, FYR Eastern Europe & Central Asia GNI per capita (US$) 4,520 Ease of doing business (rank) 22 Upper middle income Population (m) 2.1 Starting a business (rank) 6 ✔ Registering property (rank) 49 Trading across borders (rank) 67 Procedures (number) 3 Procedures (number) 4 Documents to export (number) 6 Time (days) 3 Time (days) 40 Time to export (days) 12 Cost (% of income per capita) 2.4 Cost (% of property value) 3.1 Cost to export (US$ per container) 1,376 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 ✔ Getting credit (rank) 24 Time to import (days) 11 ✔ Dealing with construction permits (rank) 61 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,380 Procedures (number) 10 Depth of credit information index (0-6) 6 Time (days) 117 Public registry coverage (% of adults) 34.3 Enforcing contracts (rank) 60 Cost (% of income per capita) 552.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 370 Getting electricity (rank) 121 Protecting investors (rank) 17 Cost (% of claim) 31.1 Procedures (number) 5 Extent of disclosure index (0-10) 9 Time (days) 151 Extent of director liability index (0-10) 7 ✔ Resolving insolvency (rank) 55 Cost (% of income per capita) 847.4 Ease of shareholder suits index (0-10) 5 Time (years) 2.0 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 10 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business MADAGASCAR Sub-Saharan Africa GNI per capita (US$) 440 Ease of doing business (rank) 137 Low income Population (m) 20.1 ✔ Starting a business (rank) 20 Registering property (rank) 146 Trading across borders (rank) 111 Procedures (number) 3 Procedures (number) 6 Documents to export (number) 4 Time (days) 8 Time (days) 74 Time to export (days) 21 Cost (% of income per capita) 12.1 Cost (% of property value) 10.6 Cost to export (US$ per container) 1,197 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 ✔ Getting credit (rank) 177 Time to import (days) 24 Dealing with construction permits (rank) 131 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,555 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 172 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 155 Cost (% of income per capita) 422.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 871 Getting electricity (rank) 179 Protecting investors (rank) 65 Cost (% of claim) 42.4 Procedures (number) 6 Extent of disclosure index (0-10) 5 Time (days) 450 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 148 Cost (% of income per capita) 8,390.9 Ease of shareholder suits index (0-10) 6 Time (years) 2.0 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 30 Recovery rate (cents on the dollar) 13.5 Paying taxes (rank) 75 Payments (number per year) 23 Time (hours per year) 201 Total tax rate (% of profit) 36.6 MALAWI Sub-Saharan Africa GNI per capita (US$) 330 Ease of doing business (rank) 145 Low income Population (m) 14.9 Starting a business (rank) 139 ✘ Registering property (rank) 95 Trading across borders (rank) 164 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 10 Time (days) 39 Time (days) 69 Time to export (days) 41 Cost (% of income per capita) 90.9 Cost (% of property value) 3.2 Cost to export (US$ per container) 1,675 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 ✔ Getting credit (rank) 126 Time to import (days) 51 Dealing with construction permits (rank) 167 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 2,570 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 200 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 121 Cost (% of income per capita) 1,077.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 312 Getting electricity (rank) 177 Protecting investors (rank) 79 Cost (% of claim) 94.1 Procedures (number) 6 Extent of disclosure index (0-10) 4 Time (days) 244 Extent of director liability index (0-10) 7 ✔ Resolving insolvency (rank) 132 Cost (% of income per capita) 9,665.8 Ease of shareholder suits index (0-10) 5 Time (years) 2.6 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 25 Recovery rate (cents on the dollar) 18.5 Paying taxes (rank) 23 Payments (number per year) 19 Time (hours per year) 157 Total tax rate (% of profit) 28.2 MALAYSIA East Asia & Pacific GNI per capita (US$) 7,900 Ease of doing business (rank) 18 Upper middle income Population (m) 27.9 ✔ Starting a business (rank) 50 Registering property (rank) 59 Trading across borders (rank) 29 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 6 Time (days) 6 Time (days) 48 Time to export (days) 17 Cost (% of income per capita) 16.4 Cost (% of property value) 3.3 Cost to export (US$ per container) 450 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 1 Time to import (days) 14 Dealing with construction permits (rank) 113 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 435 Procedures (number) 22 Depth of credit information index (0-6) 6 Time (days) 260 Public registry coverage (% of adults) 49.4 ✔ Enforcing contracts (rank) 31 Cost (% of income per capita) 7.1 Private bureau coverage (% of adults) 83.4 Procedures (number) 29 Time (days) 425 Getting electricity (rank) 59 Protecting investors (rank) 4 Cost (% of claim) 27.5 Procedures (number) 6 Extent of disclosure index (0-10) 10 Time (days) 51 Extent of director liability index (0-10) 9 ✔ Resolving insolvency (rank) 47 Cost (% of income per capita) 95.5 Ease of shareholder suits index (0-10) 7 Time (years) 1.5 Strength of investor protection index (0-10) 8.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 44.6 ✘ Paying taxes (rank) 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. COUNTRY TABLES 111 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business MALDIVES South Asia GNI per capita (US$) 4,270 Ease of doing business (rank) 79 Upper middle income Population (m) 0.3 Starting a business (rank) 59 Registering property (rank) 152 Trading across borders (rank) 137 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 8 Time (days) 9 Time (days) 57 Time to export (days) 21 Cost (% of income per capita) 8.9 Cost (% of property value) 16.7 Cost to export (US$ per container) 1,550 Minimum capital (% of income per capita) 3.5 Documents to import (number) 9 Getting credit (rank) 166 Time to import (days) 22 Dealing with construction permits (rank) 20 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,526 Procedures (number) 8 Depth of credit information index (0-6) 0 Time (days) 174 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 92 Cost (% of income per capita) 12.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 665 Getting electricity (rank) 132 Protecting investors (rank) 79 Cost (% of claim) 16.5 Procedures (number) 6 Extent of disclosure index (0-10) 0 Time (days) 101 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 41 Cost (% of income per capita) 708.8 Ease of shareholder suits index (0-10) 8 Time (years) 1.5 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 50.4 Paying taxes (rank) 1 Payments (number per year) 3 Time (hours per year) - Total tax rate (% of profit) 9.3 MALI Sub-Saharan Africa GNI per capita (US$) 600 Ease of doing business (rank) 146 Low income Population (m) 15.4 ✔ Starting a business (rank) 115 Registering property (rank) 91 Trading across borders (rank) 146 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 6 Time (days) 8 Time (days) 29 Time to export (days) 26 Cost (% of income per capita) 90.5 Cost (% of property value) 12.1 Cost to export (US$ per container) 2,202 Minimum capital (% of income per capita) 348.3 Documents to import (number) 9 ✔ Getting credit (rank) 126 Time to import (days) 31 Dealing with construction permits (rank) 95 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 3,067 Procedures (number) 11 Depth of credit information index (0-6) 1 Time (days) 179 Public registry coverage (% of adults) 3.7 Enforcing contracts (rank) 132 Cost (% of income per capita) 439.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 620 Getting electricity (rank) 113 Protecting investors (rank) 147 Cost (% of claim) 52.0 Procedures (number) 4 Extent of disclosure index (0-10) 6 Time (days) 120 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 111 Cost (% of income per capita) 4,397.7 Ease of shareholder suits index (0-10) 4 Time (years) 3.6 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 18 Recovery rate (cents on the dollar) 24.9 Paying taxes (rank) 163 Payments (number per year) 59 Time (hours per year) 270 Total tax rate (% of profit) 51.8 MARSHALL ISLANDS East Asia & Pacific GNI per capita (US$) 2,990 Ease of doing business (rank) 106 Lower middle income Population (m) 0.1 Starting a business (rank) 52 Registering property (rank) 183 Trading across borders (rank) 66 Procedures (number) 5 Procedures (number) NO PRACTICE Documents to export (number) 5 Time (days) 17 Time (days) NO PRACTICE Time to export (days) 21 Cost (% of income per capita) 17.7 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 945 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 78 Time to import (days) 25 Dealing with construction permits (rank) 8 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 970 Procedures (number) 8 Depth of credit information index (0-6) 0 Time (days) 87 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 63 Cost (% of income per capita) 29.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 476 Getting electricity (rank) 76 Protecting investors (rank) 155 Cost (% of claim) 27.4 Procedures (number) 5 Extent of disclosure index (0-10) 2 Time (days) 67 Extent of director liability index (0-10) 0 Resolving insolvency (rank) 135 Cost (% of income per capita) 1,010.0 Ease of shareholder suits index (0-10) 8 Time (years) 2.0 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 38 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business MAURITANIA Sub-Saharan Africa GNI per capita (US$) 1,060 Ease of doing business (rank) 159 Lower middle income Population (m) 3.4 Starting a business (rank) 159 Registering property (rank) 59 Trading across borders (rank) 143 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 8 Time (days) 19 Time (days) 49 Time to export (days) 34 Cost (% of income per capita) 48.3 Cost (% of property value) 4.7 Cost to export (US$ per container) 1,520 Minimum capital (% of income per capita) 334.9 Documents to import (number) 8 Getting credit (rank) 166 Time to import (days) 38 ✔ Dealing with construction permits (rank) 64 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,523 Procedures (number) 18 Depth of credit information index (0-6) 1 Time (days) 119 Public registry coverage (% of adults) 0.2 Enforcing contracts (rank) 79 Cost (% of income per capita) 49.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 370 Getting electricity (rank) 122 Protecting investors (rank) 147 Cost (% of claim) 23.2 Procedures (number) 5 Extent of disclosure index (0-10) 5 Time (days) 75 Extent of director liability index (0-10) 3 Resolving insolvency (rank) 152 Cost (% of income per capita) 7,310.9 Ease of shareholder suits index (0-10) 3 Time (years) 8.0 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 10.3 Paying taxes (rank) 175 Payments (number per year) 37 Time (hours per year) 696 Total tax rate (% of profit) 68.3 MAURITIUS Sub-Saharan Africa GNI per capita (US$) 7,740 Ease of doing business (rank) 23 Upper middle income Population (m) 1.3 Starting a business (rank) 15 Registering property (rank) 67 Trading across borders (rank) 21 Procedures (number) 5 Procedures (number) 4 Documents to export (number) 5 Time (days) 6 Time (days) 22 Time to export (days) 13 Cost (% of income per capita) 3.6 Cost (% of property value) 10.6 Cost to export (US$ per container) 737 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 78 Time to import (days) 13 Dealing with construction permits (rank) 53 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 689 Procedures (number) 16 Depth of credit information index (0-6) 3 Time (days) 136 Public registry coverage (% of adults) 49.8 Enforcing contracts (rank) 61 Cost (% of income per capita) 30.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 645 Getting electricity (rank) 44 Protecting investors (rank) 13 Cost (% of claim) 17.4 Procedures (number) 4 Extent of disclosure index (0-10) 6 Time (days) 91 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 79 Cost (% of income per capita) 328.5 Ease of shareholder suits index (0-10) 9 Time (years) 1.7 Strength of investor protection index (0-10) 7.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 35.1 Paying taxes (rank) 11 Payments (number per year) 7 Time (hours per year) 161 Total tax rate (% of profit) 25.0 MEXICO Latin America & Caribbean GNI per capita (US$) 9,330 Ease of doing business (rank) 53 Upper middle income Population (m) 108.5 Starting a business (rank) 75 Registering property (rank) 140 Trading across borders (rank) 59 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 5 Time (days) 9 Time (days) 74 Time to export (days) 12 Cost (% of income per capita) 11.2 Cost (% of property value) 5.3 Cost to export (US$ per container) 1,450 Minimum capital (% of income per capita) 8.4 Documents to import (number) 4 ✔ Getting credit (rank) 40 Time to import (days) 12 ✔ Dealing with construction permits (rank) 43 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,780 Procedures (number) 10 Depth of credit information index (0-6) 6 Time (days) 81 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 81 Cost (% of income per capita) 333.1 Private bureau coverage (% of adults) 98.1 Procedures (number) 38 Time (days) 415 Getting electricity (rank) 142 Protecting investors (rank) 46 Cost (% of claim) 32.0 Procedures (number) 7 Extent of disclosure index (0-10) 8 Time (days) 114 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 24 Cost (% of income per capita) 395.5 Ease of shareholder suits index (0-10) 5 Time (years) 1.8 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 18 Recovery rate (cents on the dollar) 67.1 ✔ Paying taxes (rank) 109 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business MICRONESIA, FED. STS East Asia & Pacific GNI per capita (US$) 2,700 Ease of doing business (rank) 140 Lower middle income Population (m) 0.1 Starting a business (rank) 102 Registering property (rank) 183 Trading across borders (rank) 106 Procedures (number) 7 Procedures (number) NO PRACTICE Documents to export (number) 5 Time (days) 16 Time (days) NO PRACTICE Time to export (days) 30 Cost (% of income per capita) 142.8 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 1,295 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 126 Time to import (days) 30 Dealing with construction permits (rank) 19 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,295 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 114 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 146 Cost (% of income per capita) 33.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 885 Getting electricity (rank) 40 Protecting investors (rank) 174 Cost (% of claim) 66.0 Procedures (number) 3 Extent of disclosure index (0-10) 0 Time (days) 75 Extent of director liability index (0-10) 0 Resolving insolvency (rank) 164 Cost (% of income per capita) 456.9 Ease of shareholder suits index (0-10) 8 Time (years) 5.3 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 38 Recovery rate (cents on the dollar) 3.4 Paying taxes (rank) 92 Payments (number per year) 21 Time (hours per year) 128 Total tax rate (% of profit) 58.7 MOLDOVA Eastern Europe & Central Asia GNI per capita (US$) 1,810 Ease of doing business (rank) 81 Lower middle income Population (m) 3.6 ✔ Starting a business (rank) 88 Registering property (rank) 18 Trading across borders (rank) 134 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 6 Time (days) 9 Time (days) 5 Time to export (days) 32 Cost (% of income per capita) 9.1 Cost (% of property value) 0.9 Cost to export (US$ per container) 1,545 Minimum capital (% of income per capita) 9.9 Documents to import (number) 7 ✔ Getting credit (rank) 40 Time to import (days) 35 Dealing with construction permits (rank) 164 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,740 Procedures (number) 27 Depth of credit information index (0-6) 4 Time (days) 291 Public registry coverage (% of adults) 0.0 ✔ Enforcing contracts (rank) 26 Cost (% of income per capita) 79.2 Private bureau coverage (% of adults) 3.0 Procedures (number) 30 Time (days) 352 Getting electricity (rank) 160 Protecting investors (rank) 111 Cost (% of claim) 28.6 Procedures (number) 7 Extent of disclosure index (0-10) 7 Time (days) 140 Extent of director liability index (0-10) 1 ✔ Resolving insolvency (rank) 91 Cost (% of income per capita) 660.6 Ease of shareholder suits index (0-10) 6 Time (years) 2.8 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 31.3 Paying taxes (rank) 83 Payments (number per year) 48 Time (hours per year) 228 Total tax rate (% of profit) 31.3 MONGOLIA East Asia & Pacific GNI per capita (US$) 1,890 Ease of doing business (rank) 86 Lower middle income Population (m) 2.7 Starting a business (rank) 97 Registering property (rank) 26 Trading across borders (rank) 159 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 8 Time (days) 13 Time (days) 11 Time to export (days) 46 Cost (% of income per capita) 2.9 Cost (% of property value) 2.1 Cost to export (US$ per container) 2,265 Minimum capital (% of income per capita) 36.0 Documents to import (number) 8 ✔ Getting credit (rank) 67 Time to import (days) 47 Dealing with construction permits (rank) 119 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 2,400 Procedures (number) 19 Depth of credit information index (0-6) 4 Time (days) 208 Public registry coverage (% of adults) 51.4 Enforcing contracts (rank) 33 Cost (% of income per capita) 50.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 314 Getting electricity (rank) 171 Protecting investors (rank) 29 Cost (% of claim) 30.6 Procedures (number) 8 Extent of disclosure index (0-10) 5 Time (days) 156 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 124 Cost (% of income per capita) 1,104.6 Ease of shareholder suits index (0-10) 6 Time (years) 4.0 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 8 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business MONTENEGRO Eastern Europe & Central Asia GNI per capita (US$) 6,690 Ease of doing business (rank) 56 Upper middle income Population (m) 0.6 ✔ Starting a business (rank) 47 Registering property (rank) 108 Trading across borders (rank) 34 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 6 Time (days) 10 Time (days) 71 Time to export (days) 14 Cost (% of income per capita) 1.8 Cost (% of property value) 3.1 Cost to export (US$ per container) 805 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 8 Time to import (days) 14 Dealing with construction permits (rank) 173 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 915 Procedures (number) 17 Depth of credit information index (0-6) 4 Time (days) 267 Public registry coverage (% of adults) 26.4 Enforcing contracts (rank) 133 Cost (% of income per capita) 1,469.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 545 Getting electricity (rank) 71 Protecting investors (rank) 29 Cost (% of claim) 25.7 Procedures (number) 5 Extent of disclosure index (0-10) 5 Time (days) 71 Extent of director liability index (0-10) 8 ✔ Resolving insolvency (rank) 52 Cost (% of income per capita) 533.4 Ease of shareholder suits index (0-10) 6 Time (years) 2.0 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 8 Recovery rate (cents on the dollar) 43.3 ✔ Paying taxes (rank) 108 Payments (number per year) 42 Time (hours per year) 372 Total tax rate (% of profit) 22.3 MOROCCO Middle East & North Africa GNI per capita (US$) 2,850 Ease of doing business (rank) 94 Lower middle income Population (m) 32.4 Starting a business (rank) 93 Registering property (rank) 144 Trading across borders (rank) 43 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 6 Time (days) 12 Time (days) 75 Time to export (days) 11 Cost (% of income per capita) 15.7 Cost (% of property value) 4.9 Cost to export (US$ per container) 577 Minimum capital (% of income per capita) 10.7 Documents to import (number) 8 Getting credit (rank) 98 Time to import (days) 16 ✔ Dealing with construction permits (rank) 75 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 950 Procedures (number) 15 Depth of credit information index (0-6) 5 Time (days) 97 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 89 Cost (% of income per capita) 234.6 Private bureau coverage (% of adults) 14.6 Procedures (number) 40 Time (days) 510 Getting electricity (rank) 107 ✔ Protecting investors (rank) 97 Cost (% of claim) 25.2 Procedures (number) 5 Extent of disclosure index (0-10) 7 Time (days) 71 Extent of director liability index (0-10) 2 Resolving insolvency (rank) 67 Cost (% of income per capita) 2,588.6 Ease of shareholder suits index (0-10) 6 Time (years) 1.8 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 18 Recovery rate (cents on the dollar) 38.3 ✔ Paying taxes (rank) 112 Payments (number per year) 17 Time (hours per year) 238 Total tax rate (% of profit) 49.6 MOZAMBIQUE Sub-Saharan Africa GNI per capita (US$) 440 Ease of doing business (rank) 139 Low income Population (m) 23.4 Starting a business (rank) 70 Registering property (rank) 156 Trading across borders (rank) 136 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 7 Time (days) 13 Time (days) 42 Time to export (days) 23 Cost (% of income per capita) 11.7 Cost (% of property value) 8.7 Cost to export (US$ per container) 1,100 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 150 Time to import (days) 28 Dealing with construction permits (rank) 126 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,545 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 370 Public registry coverage (% of adults) 3.8 Enforcing contracts (rank) 131 Cost (% of income per capita) 123.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 730 ✘ Getting electricity (rank) 172 Protecting investors (rank) 46 Cost (% of claim) 142.5 Procedures (number) 9 Extent of disclosure index (0-10) 5 Time (days) 117 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 143 Cost (% of income per capita) 2,558.0 Ease of shareholder suits index (0-10) 9 Time (years) 5.0 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 15.5 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 115 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business NAMIBIA Sub-Saharan Africa GNI per capita (US$) 4,650 Ease of doing business (rank) 78 Upper middle income Population (m) 2.2 Starting a business (rank) 125 ✘ Registering property (rank) 145 Trading across borders (rank) 142 Procedures (number) 10 Procedures (number) 7 Documents to export (number) 9 Time (days) 66 Time (days) 39 Time to export (days) 29 Cost (% of income per capita) 17.2 Cost (% of property value) 13.7 Cost to export (US$ per container) 1,800 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 24 Time to import (days) 24 Dealing with construction permits (rank) 52 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,905 Procedures (number) 12 Depth of credit information index (0-6) 5 Time (days) 139 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 40 Cost (% of income per capita) 103.0 Private bureau coverage (% of adults) 61.5 Procedures (number) 33 Time (days) 270 Getting electricity (rank) 105 Protecting investors (rank) 79 Cost (% of claim) 35.8 Procedures (number) 7 Extent of disclosure index (0-10) 5 Time (days) 55 Extent of director liability index (0-10) 5 ✔ Resolving insolvency (rank) 56 Cost (% of income per capita) 525.8 Ease of shareholder suits index (0-10) 6 Time (years) 1.5 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 41.9 Paying taxes (rank) 102 Payments (number per year) 37 Time (hours per year) 375 Total tax rate (% of profit) 9.8 NEPAL South Asia GNI per capita (US$) 490 Ease of doing business (rank) 107 Low income Population (m) 29.9 Starting a business (rank) 100 Registering property (rank) 24 Trading across borders (rank) 162 Procedures (number) 7 Procedures (number) 3 Documents to export (number) 9 Time (days) 29 Time (days) 5 Time to export (days) 41 Cost (% of income per capita) 37.4 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,960 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 67 Time to import (days) 35 Dealing with construction permits (rank) 140 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 2,095 Procedures (number) 13 Depth of credit information index (0-6) 3 Time (days) 222 Public registry coverage (% of adults) 0.0 ✔ Enforcing contracts (rank) 137 Cost (% of income per capita) 753.3 Private bureau coverage (% of adults) 0.3 Procedures (number) 39 Time (days) 910 Getting electricity (rank) 99 Protecting investors (rank) 79 Cost (% of claim) 26.8 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 70 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 112 Cost (% of income per capita) 1,995.8 Ease of shareholder suits index (0-10) 9 Time (years) 5.0 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 24.5 Paying taxes (rank) 86 Payments (number per year) 34 Time (hours per year) 326 Total tax rate (% of profit) 31.5 NETHERLANDS OECD high income GNI per capita (US$) 49,720 Ease of doing business (rank) 31 High income Population (m) 16.6 Starting a business (rank) 79 Registering property (rank) 48 Trading across borders (rank) 13 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 4 Time (days) 8 Time (days) 7 Time to export (days) 6 Cost (% of income per capita) 5.5 Cost (% of property value) 6.1 Cost to export (US$ per container) 895 Minimum capital (% of income per capita) 50.4 Documents to import (number) 5 Getting credit (rank) 48 Time to import (days) 6 Dealing with construction permits (rank) 99 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 975 Procedures (number) 15 Depth of credit information index (0-6) 5 Time (days) 176 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 28 Cost (% of income per capita) 107.8 Private bureau coverage (% of adults) 83.2 Procedures (number) 26 Time (days) 514 Getting electricity (rank) 67 Protecting investors (rank) 111 Cost (% of claim) 23.9 Procedures (number) 5 Extent of disclosure index (0-10) 4 Time (days) 143 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 7 Cost (% of income per capita) 30.7 Ease of shareholder suits index (0-10) 6 Time (years) 1.1 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 4 Recovery rate (cents on the dollar) 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 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business NEW ZEALAND OECD high income GNI per capita (US$) 32,145 Ease of doing business (rank) 3 High income Population (m) 4.4 Starting a business (rank) 1 Registering property (rank) 3 Trading across borders (rank) 27 Procedures (number) 1 Procedures (number) 2 Documents to export (number) 7 Time (days) 1 Time (days) 2 Time to export (days) 10 Cost (% of income per capita) 0.4 Cost (% of property value) 0.1 Cost to export (US$ per container) 855 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 4 Time to import (days) 9 Dealing with construction permits (rank) 2 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 825 Procedures (number) 6 Depth of credit information index (0-6) 5 Time (days) 64 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 10 Cost (% of income per capita) 34.4 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 216 Getting electricity (rank) 31 Protecting investors (rank) 1 Cost (% of claim) 22.4 Procedures (number) 5 Extent of disclosure index (0-10) 10 Time (days) 50 Extent of director liability index (0-10) 9 Resolving insolvency (rank) 18 Cost (% of income per capita) 79.1 Ease of shareholder suits index (0-10) 10 Time (years) 1.3 Strength of investor protection index (0-10) 9.7 Cost (% of estate) 4 Recovery rate (cents on the dollar) 78.8 ✔ Paying taxes (rank) 36 Payments (number per year) 8 Time (hours per year) 172 Total tax rate (% of profit) 34.4 NICARAGUA Latin America & Caribbean GNI per capita (US$) 1,080 Ease of doing business (rank) 118 Lower middle income Population (m) 5.8 Starting a business (rank) 130 ✔ Registering property (rank) 122 Trading across borders (rank) 83 Procedures (number) 8 Procedures (number) 8 Documents to export (number) 5 Time (days) 39 Time (days) 49 Time to export (days) 24 Cost (% of income per capita) 107.9 Cost (% of property value) 4.1 Cost to export (US$ per container) 1,140 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 98 Time to import (days) 23 Dealing with construction permits (rank) 150 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,220 Procedures (number) 16 Depth of credit information index (0-6) 5 Time (days) 218 Public registry coverage (% of adults) 10.5 ✔ Enforcing contracts (rank) 52 Cost (% of income per capita) 428.7 Private bureau coverage (% of adults) 31.9 Procedures (number) 37 Time (days) 409 Getting electricity (rank) 136 Protecting investors (rank) 97 Cost (% of claim) 26.8 Procedures (number) 6 Extent of disclosure index (0-10) 4 Time (days) 70 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 78 Cost (% of income per capita) 1,653.8 Ease of shareholder suits index (0-10) 6 Time (years) 2.2 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 35.1 ✔ Paying taxes (rank) 155 Payments (number per year) 42 Time (hours per year) 207 Total tax rate (% of profit) 66.8 NIGER Sub-Saharan Africa GNI per capita (US$) 360 Ease of doing business (rank) 173 Low income Population (m) 15.9 Starting a business (rank) 163 Registering property (rank) 86 Trading across borders (rank) 173 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 8 Time (days) 17 Time (days) 35 Time to export (days) 59 Cost (% of income per capita) 114.4 Cost (% of property value) 11.0 Cost to export (US$ per container) 3,545 Minimum capital (% of income per capita) 584.2 Documents to import (number) 10 ✔ Getting credit (rank) 126 Time to import (days) 64 Dealing with construction permits (rank) 158 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 3,545 Procedures (number) 12 Depth of credit information index (0-6) 1 Time (days) 326 Public registry coverage (% of adults) 0.9 Enforcing contracts (rank) 139 Cost (% of income per capita) 2,214.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 545 Getting electricity (rank) 111 Protecting investors (rank) 155 Cost (% of claim) 59.6 Procedures (number) 4 Extent of disclosure index (0-10) 6 Time (days) 120 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 123 Cost (% of income per capita) 4,211.8 Ease of shareholder suits index (0-10) 3 Time (years) 5.0 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business NIGERIA Sub-Saharan Africa GNI per capita (US$) 1,180 Ease of doing business (rank) 133 Lower middle income Population (m) 158.3 Starting a business (rank) 116 Registering property (rank) 180 Trading across borders (rank) 149 Procedures (number) 8 Procedures (number) 13 Documents to export (number) 10 Time (days) 34 Time (days) 82 Time to export (days) 24 Cost (% of income per capita) 70.6 Cost (% of property value) 20.8 Cost to export (US$ per container) 1,263 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 78 Time to import (days) 39 Dealing with construction permits (rank) 84 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,440 Procedures (number) 15 Depth of credit information index (0-6) 0 Time (days) 85 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 97 Cost (% of income per capita) 504.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 457 Getting electricity (rank) 176 Protecting investors (rank) 65 Cost (% of claim) 32.0 Procedures (number) 8 Extent of disclosure index (0-10) 5 Time (days) 260 Extent of director liability index (0-10) 7 Resolving insolvency (rank) 99 Cost (% of income per capita) 1,056.0 Ease of shareholder suits index (0-10) 5 Time (years) 2.0 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Recovery rate (cents on the dollar) 28.2 Paying taxes (rank) 138 Payments (number per year) 35 Time (hours per year) 938 Total tax rate (% of profit) 32.7 NORWAY OECD high income GNI per capita (US$) 85,380 Ease of doing business (rank) 6 High income Population (m) 4.9 Starting a business (rank) 41 Registering property (rank) 8 Trading across borders (rank) 9 Procedures (number) 5 Procedures (number) 1 Documents to export (number) 4 Time (days) 7 Time (days) 3 Time to export (days) 7 Cost (% of income per capita) 1.8 Cost (% of property value) 2.5 Cost to export (US$ per container) 830 Minimum capital (% of income per capita) 19.4 Documents to import (number) 4 Getting credit (rank) 48 Time to import (days) 7 Dealing with construction permits (rank) 60 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 729 Procedures (number) 11 Depth of credit information index (0-6) 4 Time (days) 250 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 4 Cost (% of income per capita) 33.1 Private bureau coverage (% of adults) 100.0 Procedures (number) 34 Time (days) 280 Getting electricity (rank) 12 Protecting investors (rank) 24 Cost (% of claim) 9.9 Procedures (number) 4 Extent of disclosure index (0-10) 7 Time (days) 66 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 4 Cost (% of income per capita) 7.1 Ease of shareholder suits index (0-10) 7 Time (years) 0.9 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 1 Recovery rate (cents on the dollar) 90.6 Paying taxes (rank) 27 Payments (number per year) 4 Time (hours per year) 87 Total tax rate (% of profit) 41.6 OMAN Middle East & North Africa GNI per capita (US$) 18,657 Ease of doing business (rank) 49 High income Population (m) 2.9 ✔ Starting a business (rank) 68 Registering property (rank) 21 Trading across borders (rank) 47 Procedures (number) 5 Procedures (number) 2 Documents to export (number) 8 Time (days) 8 Time (days) 16 Time to export (days) 10 Cost (% of income per capita) 3.1 Cost (% of property value) 3.0 Cost to export (US$ per container) 745 Minimum capital (% of income per capita) 271.7 Documents to import (number) 8 ✔ Getting credit (rank) 98 Time to import (days) 9 Dealing with construction permits (rank) 64 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 680 Procedures (number) 14 Depth of credit information index (0-6) 4 Time (days) 174 Public registry coverage (% of adults) 18.9 Enforcing contracts (rank) 107 Cost (% of income per capita) 45.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 598 Getting electricity (rank) 61 Protecting investors (rank) 97 Cost (% of claim) 13.5 Procedures (number) 6 Extent of disclosure index (0-10) 8 Time (days) 62 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 76 Cost (% of income per capita) 62.5 Ease of shareholder suits index (0-10) 2 Time (years) 4.0 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 35.7 ✔ Paying taxes (rank) 9 Payments (number per year) 14 Time (hours per year) 62 Total tax rate (% of profit) 22.0 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes. 118 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business PAKISTAN South Asia GNI per capita (US$) 1,050 Ease of doing business (rank) 105 Lower middle income Population (m) 173.4 Starting a business (rank) 90 Registering property (rank) 125 Trading across borders (rank) 75 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 7 Time (days) 21 Time (days) 50 Time to export (days) 21 Cost (% of income per capita) 11.2 Cost (% of property value) 7.7 Cost to export (US$ per container) 660 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 67 Time to import (days) 18 Dealing with construction permits (rank) 104 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 705 Procedures (number) 11 Depth of credit information index (0-6) 4 Time (days) 222 Public registry coverage (% of adults) 6.9 Enforcing contracts (rank) 154 Cost (% of income per capita) 262.5 Private bureau coverage (% of adults) 2.0 Procedures (number) 46 Time (days) 976 Getting electricity (rank) 166 Protecting investors (rank) 29 Cost (% of claim) 23.8 Procedures (number) 6 Extent of disclosure index (0-10) 6 Time (days) 206 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 74 Cost (% of income per capita) 1,346.0 Ease of shareholder suits index (0-10) 7 Time (years) 2.8 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 36.4 ✘ Paying taxes (rank) 158 Payments (number per year) 47 Time (hours per year) 560 Total tax rate (% of profit) 35.3 PALAU East Asia & Pacific GNI per capita (US$) 6,460 Ease of doing business (rank) 116 Upper middle income Population (m) 0.02 Starting a business (rank) 124 Registering property (rank) 20 Trading across borders (rank) 124 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 6 Time (days) 28 Time (days) 14 Time to export (days) 29 Cost (% of income per capita) 5.8 Cost (% of property value) 0.4 Cost to export (US$ per container) 1,070 Minimum capital (% of income per capita) 15.5 Documents to import (number) 10 Getting credit (rank) 182 Time to import (days) 33 Dealing with construction permits (rank) 39 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 1,030 Procedures (number) 22 Depth of credit information index (0-6) 0 Time (days) 71 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 144 Cost (% of income per capita) 5.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 810 Getting electricity (rank) 80 Protecting investors (rank) 174 Cost (% of claim) 35.3 Procedures (number) 5 Extent of disclosure index (0-10) 0 Time (days) 125 Extent of director liability index (0-10) 0 Resolving insolvency (rank) 61 Cost (% of income per capita) 145.9 Ease of shareholder suits index (0-10) 8 Time (years) 1.0 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 23 Recovery rate (cents on the dollar) 40.5 Paying taxes (rank) 97 Payments (number per year) 19 Time (hours per year) 128 Total tax rate (% of profit) 73.0 PANAMA Latin America & Caribbean GNI per capita (US$) 6,990 Ease of doing business (rank) 61 Upper middle income Population (m) 3.5 ✔ Starting a business (rank) 29 Registering property (rank) 120 Trading across borders (rank) 11 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 3 Time (days) 8 Time (days) 32 Time to export (days) 9 Cost (% of income per capita) 9.9 Cost (% of property value) 5.3 Cost to export (US$ per container) 615 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 48 Time to import (days) 9 Dealing with construction permits (rank) 71 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 965 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 113 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 119 Cost (% of income per capita) 95.5 Private bureau coverage (% of adults) 53.8 Procedures (number) 31 Time (days) 686 Getting electricity (rank) 15 Protecting investors (rank) 111 Cost (% of claim) 50.0 Procedures (number) 5 Extent of disclosure index (0-10) 1 Time (days) 35 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 83 Cost (% of income per capita) 15.4 Ease of shareholder suits index (0-10) 9 Time (years) 2.5 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 18 Recovery rate (cents on the dollar) 33.3 Paying taxes (rank) 169 Payments (number per year) 53 Time (hours per year) 482 Total tax rate (% of profit) 45.2 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes. COUNTRY TABLES 119 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business PAPUA NEW GUINEA East Asia & Pacific GNI per capita (US$) 1,300 Ease of doing business (rank) 101 Lower middle income Population (m) 6.9 Starting a business (rank) 84 Registering property (rank) 87 Trading across borders (rank) 99 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 7 Time (days) 51 Time (days) 72 Time to export (days) 26 Cost (% of income per capita) 15.6 Cost (% of property value) 5.1 Cost to export (US$ per container) 664 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 98 Time to import (days) 29 Dealing with construction permits (rank) 138 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 722 Procedures (number) 21 Depth of credit information index (0-6) 3 Time (days) 219 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 163 Cost (% of income per capita) 65.6 Private bureau coverage (% of adults) 1.8 Procedures (number) 42 Time (days) 591 Getting electricity (rank) 20 Protecting investors (rank) 46 Cost (% of claim) 110.3 Procedures (number) 4 Extent of disclosure index (0-10) 5 Time (days) 66 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 116 Cost (% of income per capita) 66.9 Ease of shareholder suits index (0-10) 8 Time (years) 3.0 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 23 Recovery rate (cents on the dollar) 23.7 Paying taxes (rank) 106 Payments (number per year) 33 Time (hours per year) 194 Total tax rate (% of profit) 42.3 PARAGUAY Latin America & Caribbean GNI per capita (US$) 2,940 Ease of doing business (rank) 102 Lower middle income Population (m) 6.5 Starting a business (rank) 106 Registering property (rank) 64 Trading across borders (rank) 154 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 8 Time (days) 35 Time (days) 46 Time to export (days) 33 Cost (% of income per capita) 47.2 Cost (% of property value) 1.9 Cost to export (US$ per container) 1,440 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 ✔ Getting credit (rank) 78 Time to import (days) 33 ✔ Dealing with construction permits (rank) 66 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,750 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 137 Public registry coverage (% of adults) 15.7 Enforcing contracts (rank) 106 Cost (% of income per capita) 239.9 Private bureau coverage (% of adults) 48.5 Procedures (number) 38 Time (days) 591 Getting electricity (rank) 23 Protecting investors (rank) 65 Cost (% of claim) 30.0 Procedures (number) 4 Extent of disclosure index (0-10) 6 Time (days) 53 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 140 Cost (% of income per capita) 224.6 Ease of shareholder suits index (0-10) 6 Time (years) 3.9 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 16.6 ✘ Paying taxes (rank) 132 Payments (number per year) 35 Time (hours per year) 387 Total tax rate (% of profit) 35.0 PERU Latin America & Caribbean GNI per capita (US$) 4,710 Ease of doing business (rank) 41 Upper middle income Population (m) 29.5 ✔ Starting a business (rank) 55 Registering property (rank) 22 Trading across borders (rank) 56 Procedures (number) 5 Procedures (number) 4 Documents to export (number) 6 Time (days) 26 Time (days) 7 Time to export (days) 12 Cost (% of income per capita) 11.9 Cost (% of property value) 3.3 Cost to export (US$ per container) 860 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 24 Time to import (days) 17 Dealing with construction permits (rank) 101 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 880 Procedures (number) 16 Depth of credit information index (0-6) 6 Time (days) 188 Public registry coverage (% of adults) 28.5 Enforcing contracts (rank) 111 Cost (% of income per capita) 76.3 Private bureau coverage (% of adults) 36.0 Procedures (number) 41 Time (days) 428 Getting electricity (rank) 82 ✔ Protecting investors (rank) 17 Cost (% of claim) 35.7 Procedures (number) 5 Extent of disclosure index (0-10) 8 Time (days) 100 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 100 Cost (% of income per capita) 441.6 Ease of shareholder suits index (0-10) 8 Time (years) 3.1 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 28.0 ✔ Paying taxes (rank) 85 Payments (number per year) 9 Time (hours per year) 309 Total tax rate (% of profit) 40.7 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes. 120 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business PHILIPPINES East Asia & Pacific GNI per capita (US$) 2,050 Ease of doing business (rank) 136 Lower middle income Population (m) 93.6 Starting a business (rank) 158 Registering property (rank) 117 Trading across borders (rank) 51 Procedures (number) 15 Procedures (number) 8 Documents to export (number) 7 Time (days) 35 Time (days) 39 Time to export (days) 15 Cost (% of income per capita) 19.1 Cost (% of property value) 4.8 Cost to export (US$ per container) 630 Minimum capital (% of income per capita) 5.2 Documents to import (number) 8 Getting credit (rank) 126 Time to import (days) 14 Dealing with construction permits (rank) 102 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 730 Procedures (number) 30 Depth of credit information index (0-6) 3 Time (days) 85 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 112 Cost (% of income per capita) 110.5 Private bureau coverage (% of adults) 8.2 Procedures (number) 37 Time (days) 842 Getting electricity (rank) 54 Protecting investors (rank) 133 Cost (% of claim) 26.0 Procedures (number) 5 Extent of disclosure index (0-10) 2 Time (days) 50 Extent of director liability index (0-10) 2 ✔ Resolving insolvency (rank) 163 Cost (% of income per capita) 762.0 Ease of shareholder suits index (0-10) 8 Time (years) 5.7 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 38 Recovery rate (cents on the dollar) 4.7 Paying taxes (rank) 136 Payments (number per year) 47 Time (hours per year) 195 Total tax rate (% of profit) 46.5 POLAND OECD high income GNI per capita (US$) 12,420 Ease of doing business (rank) 62 High income Population (m) 38.2 Starting a business (rank) 126 Registering property (rank) 89 ✔ Trading across borders (rank) 46 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 5 Time (days) 32 Time (days) 152 Time to export (days) 17 Cost (% of income per capita) 17.3 Cost (% of property value) 0.4 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 14.0 Documents to import (number) 5 Getting credit (rank) 8 Time to import (days) 16 Dealing with construction permits (rank) 160 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,000 Procedures (number) 30 Depth of credit information index (0-6) 5 Time (days) 301 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 68 Cost (% of income per capita) 53.6 Private bureau coverage (% of adults) 74.8 Procedures (number) 37 Time (days) 830 Getting electricity (rank) 64 Protecting investors (rank) 46 Cost (% of claim) 12.0 Procedures (number) 4 Extent of disclosure index (0-10) 7 Time (days) 143 Extent of director liability index (0-10) 2 ✔ Resolving insolvency (rank) 87 Cost (% of income per capita) 209.3 Ease of shareholder suits index (0-10) 9 Time (years) 3.0 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 31.5 Paying taxes (rank) 128 Payments (number per year) 29 Time (hours per year) 296 Total tax rate (% of profit) 43.6 PORTUGAL OECD high income GNI per capita (US$) 21,860 Ease of doing business (rank) 30 High income Population (m) 10.6 ✔ Starting a business (rank) 26 Registering property (rank) 31 Trading across borders (rank) 26 Procedures (number) 5 Procedures (number) 1 Documents to export (number) 4 Time (days) 5 Time (days) 1 Time to export (days) 16 Cost (% of income per capita) 2.3 Cost (% of property value) 7.3 Cost to export (US$ per container) 685 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 126 Time to import (days) 15 ✔ Dealing with construction permits (rank) 97 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 899 Procedures (number) 14 Depth of credit information index (0-6) 4 Time (days) 255 Public registry coverage (% of adults) 86.2 Enforcing contracts (rank) 22 Cost (% of income per capita) 47.2 Private bureau coverage (% of adults) 21.5 Procedures (number) 31 Time (days) 547 Getting electricity (rank) 34 Protecting investors (rank) 46 Cost (% of claim) 13.0 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 64 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 22 Cost (% of income per capita) 54.6 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business PUERTO RICO Latin America & Caribbean GNI per capita (US$) 17,280 Ease of doing business (rank) 43 High income Population (m) 4.0 ✔ Starting a business (rank) 12 Registering property (rank) 126 Trading across borders (rank) 101 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 6 Time (days) 6 Time (days) 194 Time to export (days) 15 Cost (% of income per capita) 0.6 Cost (% of property value) 0.9 Cost to export (US$ per container) 1,300 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 24 Time to import (days) 16 ✔ Dealing with construction permits (rank) 152 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,300 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 189 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 97 Cost (% of income per capita) 369.1 Private bureau coverage (% of adults) 72.3 Procedures (number) 39 Time (days) 620 Getting electricity (rank) 35 Protecting investors (rank) 17 Cost (% of claim) 25.6 Procedures (number) 5 Extent of disclosure index (0-10) 7 Time (days) 32 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 27 Cost (% of income per capita) 392.4 Ease of shareholder suits index (0-10) 8 Time (years) 3.8 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 8 Recovery rate (cents on the dollar) 64.7 Paying taxes (rank) 113 Payments (number per year) 16 Time (hours per year) 218 Total tax rate (% of profit) 63.1 QATAR Middle East & North Africa GNI per capita (US$) 76,168 Ease of doing business (rank) 36 High income Population (m) 1.5 ✔ Starting a business (rank) 116 Registering property (rank) 37 Trading across borders (rank) 57 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 5 Time (days) 12 Time (days) 13 Time to export (days) 21 Cost (% of income per capita) 8.3 Cost (% of property value) 0.3 Cost to export (US$ per container) 860 Minimum capital (% of income per capita) 64.0 Documents to import (number) 7 ✔ Getting credit (rank) 98 Time to import (days) 20 ✘ Dealing with construction permits (rank) 24 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 730 Procedures (number) 17 Depth of credit information index (0-6) 4 Time (days) 70 Public registry coverage (% of adults) 32.2 Enforcing contracts (rank) 95 Cost (% of income per capita) 1.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 570 Getting electricity (rank) 18 Protecting investors (rank) 97 Cost (% of claim) 21.6 Procedures (number) 3 Extent of disclosure index (0-10) 5 Time (days) 90 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 37 Cost (% of income per capita) 4.1 Ease of shareholder suits index (0-10) 4 Time (years) 2.8 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 53.1 Paying taxes (rank) 2 Payments (number per year) 3 Time (hours per year) 36 Total tax rate (% of profit) 11.3 ROMANIA Eastern Europe & Central Asia GNI per capita (US$) 7,840 Ease of doing business (rank) 72 Upper middle income Population (m) 21.4 ✘ Starting a business (rank) 63 Registering property (rank) 70 Trading across borders (rank) 72 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 14 Time (days) 26 Time to export (days) 12 Cost (% of income per capita) 3.0 Cost (% of property value) 1.2 Cost to export (US$ per container) 1,485 Minimum capital (% of income per capita) 0.8 Documents to import (number) 6 Getting credit (rank) 8 Time to import (days) 13 Dealing with construction permits (rank) 123 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,495 Procedures (number) 16 Depth of credit information index (0-6) 5 Time (days) 287 Public registry coverage (% of adults) 15.2 Enforcing contracts (rank) 56 Cost (% of income per capita) 73.0 Private bureau coverage (% of adults) 42.0 Procedures (number) 31 Time (days) 512 Getting electricity (rank) 165 Protecting investors (rank) 46 Cost (% of claim) 28.9 Procedures (number) 7 Extent of disclosure index (0-10) 9 Time (days) 223 Extent of director liability index (0-10) 5 ✔ Resolving insolvency (rank) 97 Cost (% of income per capita) 556.9 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 11 Recovery rate (cents on the dollar) 28.6 ✔ Paying taxes (rank) 154 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business RUSSIAN FEDERATION Eastern Europe & Central Asia GNI per capita (US$) 9,910 Ease of doing business (rank) 120 Upper middle income Population (m) 141.8 Starting a business (rank) 111 ✔ Registering property (rank) 45 ✔ Trading across borders (rank) 160 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 8 Time (days) 30 Time (days) 43 Time to export (days) 36 Cost (% of income per capita) 2.0 Cost (% of property value) 0.2 Cost to export (US$ per container) 1,850 Minimum capital (% of income per capita) 1.6 Documents to import (number) 10 Getting credit (rank) 98 Time to import (days) 36 Dealing with construction permits (rank) 178 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,800 Procedures (number) 51 Depth of credit information index (0-6) 5 Time (days) 423 Public registry coverage (% of adults) 0.0 ✔ Enforcing contracts (rank) 13 Cost (% of income per capita) 183.8 Private bureau coverage (% of adults) 35.8 Procedures (number) 36 Time (days) 281 ✔ Getting electricity (rank) 183 Protecting investors (rank) 111 Cost (% of claim) 13.4 Procedures (number) 10 Extent of disclosure index (0-10) 6 Time (days) 281 Extent of director liability index (0-10) 2 Resolving insolvency (rank) 60 Cost (% of income per capita) 1,852.4 Ease of shareholder suits index (0-10) 6 Time (years) 2.0 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 41.5 ✘ Paying taxes (rank) 105 Payments (number per year) 9 Time (hours per year) 290 Total tax rate (% of profit) 46.9 RWANDA Sub-Saharan Africa GNI per capita (US$) 540 Ease of doing business (rank) 45 Low income Population (m) 10.3 ✔ Starting a business (rank) 8 ✘ Registering property (rank) 61 Trading across borders (rank) 155 Procedures (number) 2 Procedures (number) 5 Documents to export (number) 8 Time (days) 3 Time (days) 25 Time to export (days) 29 Cost (% of income per capita) 4.7 Cost (% of property value) 6.3 Cost to export (US$ per container) 3,275 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 ✔ Getting credit (rank) 8 Time to import (days) 31 Dealing with construction permits (rank) 84 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 4,990 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 164 Public registry coverage (% of adults) 1.4 Enforcing contracts (rank) 39 Cost (% of income per capita) 312.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 24 Time (days) 230 Getting electricity (rank) 50 Protecting investors (rank) 29 Cost (% of claim) 78.7 Procedures (number) 4 Extent of disclosure index (0-10) 7 Time (days) 30 Extent of director liability index (0-10) 9 Resolving insolvency (rank) 165 Cost (% of income per capita) 4,696.8 Ease of shareholder suits index (0-10) 3 Time (years) 3.0 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 50 Recovery rate (cents on the dollar) 3.2 ✔ Paying taxes (rank) 19 Payments (number per year) 18 Time (hours per year) 148 Total tax rate (% of profit) 31.3 SAMOA East Asia & Pacific GNI per capita (US$) 2,930 Ease of doing business (rank) 60 Lower middle income Population (m) 0.2 Starting a business (rank) 22 Registering property (rank) 26 Trading across borders (rank) 96 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 7 Time (days) 9 Time (days) 15 Time to export (days) 27 Cost (% of income per capita) 9.7 Cost (% of property value) 1.6 Cost to export (US$ per container) 820 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 126 Time to import (days) 31 Dealing with construction permits (rank) 68 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 848 Procedures (number) 21 Depth of credit information index (0-6) 0 Time (days) 87 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 80 Cost (% of income per capita) 59.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 455 Getting electricity (rank) 32 Protecting investors (rank) 29 Cost (% of claim) 19.7 Procedures (number) 4 Extent of disclosure index (0-10) 5 Time (days) 34 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 145 Cost (% of income per capita) 857.1 Ease of shareholder suits index (0-10) 8 Time (years) 2.5 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 38 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business SÃO TOMÉ AND PRÍNCIPE Sub-Saharan Africa GNI per capita (US$) 1,200 Ease of doing business (rank) 163 Lower middle income Population (m) 0.2 ✔ Starting a business (rank) 105 ✔ Registering property (rank) 160 ✔ Trading across borders (rank) 94 Procedures (number) 4 Procedures (number) 7 Documents to export (number) 8 Time (days) 10 Time (days) 62 Time to export (days) 26 Cost (% of income per capita) 24.5 Cost (% of property value) 8.9 Cost to export (US$ per container) 690 Minimum capital (% of income per capita) 336.0 Documents to import (number) 8 Getting credit (rank) 177 Time to import (days) 28 ✔ Dealing with construction permits (rank) 134 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 577 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 211 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 179 Cost (% of income per capita) 536.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 1,185 Getting electricity (rank) 74 Protecting investors (rank) 155 Cost (% of claim) 50.5 Procedures (number) 4 Extent of disclosure index (0-10) 3 Time (days) 89 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 159 Cost (% of income per capita) 1,252.8 Ease of shareholder suits index (0-10) 6 Time (years) 6.2 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 7.4 Paying taxes (rank) 113 Payments (number per year) 42 Time (hours per year) 424 Total tax rate (% of profit) 32.5 SAUDI ARABIA Middle East & North Africa GNI per capita (US$) 16,996 Ease of doing business (rank) 12 High income Population (m) 26.0 ✔ Starting a business (rank) 10 Registering property (rank) 1 Trading across borders (rank) 18 Procedures (number) 3 Procedures (number) 2 Documents to export (number) 5 Time (days) 5 Time (days) 2 Time to export (days) 13 Cost (% of income per capita) 5.9 Cost (% of property value) 0.0 Cost to export (US$ per container) 615 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 48 Time to import (days) 17 Dealing with construction permits (rank) 4 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 686 Procedures (number) 9 Depth of credit information index (0-6) 6 Time (days) 75 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 138 Cost (% of income per capita) 19.4 Private bureau coverage (% of adults) 16.0 Procedures (number) 43 Time (days) 635 Getting electricity (rank) 18 Protecting investors (rank) 17 Cost (% of claim) 27.5 Procedures (number) 4 Extent of disclosure index (0-10) 9 Time (days) 71 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 73 Cost (% of income per capita) 18.1 Ease of shareholder suits index (0-10) 4 Time (years) 1.5 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 36.8 Paying taxes (rank) 10 Payments (number per year) 14 Time (hours per year) 79 Total tax rate (% of profit) 14.5 SENEGAL Sub-Saharan Africa GNI per capita (US$) 1,050 Ease of doing business (rank) 154 Lower middle income Population (m) 12.9 ✔ Starting a business (rank) 93 Registering property (rank) 171 ✔ Trading across borders (rank) 65 Procedures (number) 3 Procedures (number) 6 Documents to export (number) 6 Time (days) 5 Time (days) 122 Time to export (days) 11 Cost (% of income per capita) 68.0 Cost (% of property value) 20.3 Cost to export (US$ per container) 1,098 Minimum capital (% of income per capita) 203.0 Documents to import (number) 5 ✔ Getting credit (rank) 126 Time to import (days) 14 Dealing with construction permits (rank) 125 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,740 Procedures (number) 13 Depth of credit information index (0-6) 1 Time (days) 210 Public registry coverage (% of adults) 4.5 ✔ Enforcing contracts (rank) 145 Cost (% of income per capita) 435.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 780 Getting electricity (rank) 168 Protecting investors (rank) 166 Cost (% of claim) 26.5 Procedures (number) 6 Extent of disclosure index (0-10) 6 Time (days) 125 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 86 Cost (% of income per capita) 5,938.9 Ease of shareholder suits index (0-10) 2 Time (years) 3.0 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business SERBIA Eastern Europe & Central Asia GNI per capita (US$) 5,820 Ease of doing business (rank) 92 Upper middle income Population (m) 7.3 Starting a business (rank) 92 ✔ Registering property (rank) 39 Trading across borders (rank) 79 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 6 Time (days) 13 Time (days) 11 Time to export (days) 12 Cost (% of income per capita) 7.8 Cost (% of property value) 2.8 Cost to export (US$ per container) 1,433 Minimum capital (% of income per capita) 6.0 Documents to import (number) 6 Getting credit (rank) 24 Time to import (days) 14 Dealing with construction permits (rank) 175 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,609 Procedures (number) 19 Depth of credit information index (0-6) 5 Time (days) 279 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 104 Cost (% of income per capita) 1,603.8 Private bureau coverage (% of adults) 100.0 Procedures (number) 36 Time (days) 635 Getting electricity (rank) 79 Protecting investors (rank) 79 Cost (% of claim) 31.3 Procedures (number) 4 Extent of disclosure index (0-10) 7 Time (days) 131 Extent of director liability index (0-10) 6 ✔ Resolving insolvency (rank) 113 Cost (% of income per capita) 545.7 Ease of shareholder suits index (0-10) 3 Time (years) 2.7 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 23 Recovery rate (cents on the dollar) 24.4 Paying taxes (rank) 143 Payments (number per year) 66 Time (hours per year) 279 Total tax rate (% of profit) 34.0 SEYCHELLES Sub-Saharan Africa GNI per capita (US$) 9,490 Ease of doing business (rank) 103 Upper middle income Population (m) 0.1 Starting a business (rank) 113 Registering property (rank) 63 ✔ Trading across borders (rank) 33 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 5 Time (days) 39 Time (days) 33 Time to export (days) 16 Cost (% of income per capita) 16.0 Cost (% of property value) 7.0 Cost to export (US$ per container) 876 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 166 Time to import (days) 17 Dealing with construction permits (rank) 54 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 876 Procedures (number) 17 Depth of credit information index (0-6) 0 Time (days) 126 Public registry coverage (% of adults) 0.0 ✘ Enforcing contracts (rank) 84 Cost (% of income per capita) 30.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 915 Getting electricity (rank) 149 Protecting investors (rank) 65 Cost (% of claim) 15.4 Procedures (number) 6 Extent of disclosure index (0-10) 4 Time (days) 147 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 183 Cost (% of income per capita) 504.7 Ease of shareholder suits index (0-10) 5 Time (years) NO PRACTICE Strength of investor protection index (0-10) 5.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 ✔ Paying taxes (rank) 16 Payments (number per year) 21 Time (hours per year) 76 Total tax rate (% of profit) 32.2 SIERRA LEONE Sub-Saharan Africa GNI per capita (US$) 340 Ease of doing business (rank) 141 Low income Population (m) 5.8 Starting a business (rank) 72 Registering property (rank) 169 ✔ Trading across borders (rank) 132 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 7 Time (days) 12 Time (days) 86 Time to export (days) 24 Cost (% of income per capita) 93.3 Cost (% of property value) 11.8 Cost to export (US$ per container) 1,573 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 ✔ Getting credit (rank) 126 Time to import (days) 27 Dealing with construction permits (rank) 167 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,639 Procedures (number) 20 Depth of credit information index (0-6) 0 Time (days) 238 Public registry coverage (% of adults) 0.0 ✔ Enforcing contracts (rank) 141 Cost (% of income per capita) 272.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 515 Getting electricity (rank) 174 Protecting investors (rank) 29 Cost (% of claim) 149.5 Procedures (number) 8 Extent of disclosure index (0-10) 6 Time (days) 137 Extent of director liability index (0-10) 7 ✔ Resolving insolvency (rank) 155 Cost (% of income per capita) 2,466.3 Ease of shareholder suits index (0-10) 6 Time (years) 2.6 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 42 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business SINGAPORE East Asia & Pacific GNI per capita (US$) 40,920 Ease of doing business (rank) 1 High income Population (m) 5.1 Starting a business (rank) 4 Registering property (rank) 14 Trading across borders (rank) 1 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 4 Time (days) 3 Time (days) 5 Time to export (days) 5 Cost (% of income per capita) 0.7 Cost (% of property value) 2.8 Cost to export (US$ per container) 456 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 8 Time to import (days) 4 Dealing with construction permits (rank) 3 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 439 Procedures (number) 11 Depth of credit information index (0-6) 4 Time (days) 26 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 12 Cost (% of income per capita) 18.1 Private bureau coverage (% of adults) 53.8 Procedures (number) 21 Time (days) 150 Getting electricity (rank) 5 Protecting investors (rank) 2 Cost (% of claim) 25.8 Procedures (number) 4 Extent of disclosure index (0-10) 10 Time (days) 36 Extent of director liability index (0-10) 9 Resolving insolvency (rank) 2 Cost (% of income per capita) 31.1 Ease of shareholder suits index (0-10) 9 Time (years) 0.8 Strength of investor protection index (0-10) 9.3 Cost (% of estate) 1 Recovery rate (cents on the dollar) 91.3 Paying taxes (rank) 4 Payments (number per year) 5 Time (hours per year) 84 Total tax rate (% of profit) 27.1 SLOVAK REPUBLIC OECD high income GNI per capita (US$) 16,220 Ease of doing business (rank) 48 High income Population (m) 5.4 Starting a business (rank) 76 Registering property (rank) 10 Trading across borders (rank) 95 Procedures (number) 6 Procedures (number) 3 Documents to export (number) 6 Time (days) 18 Time (days) 17 Time to export (days) 17 Cost (% of income per capita) 1.8 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,560 Minimum capital (% of income per capita) 20.9 Documents to import (number) 7 ✔ Getting credit (rank) 24 Time to import (days) 17 Dealing with construction permits (rank) 50 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,540 Procedures (number) 11 Depth of credit information index (0-6) 4 Time (days) 286 Public registry coverage (% of adults) 2.6 Enforcing contracts (rank) 71 Cost (% of income per capita) 7.2 Private bureau coverage (% of adults) 56.1 Procedures (number) 32 Time (days) 565 Getting electricity (rank) 102 Protecting investors (rank) 111 Cost (% of claim) 30.0 Procedures (number) 5 Extent of disclosure index (0-10) 3 Time (days) 177 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 35 Cost (% of income per capita) 242.2 Ease of shareholder suits index (0-10) 7 Time (years) 4.0 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 18 Recovery rate (cents on the dollar) 54.3 Paying taxes (rank) 130 Payments (number per year) 31 Time (hours per year) 231 Total tax rate (% of profit) 48.8 SLOVENIA OECD high income GNI per capita (US$) 23,860 Ease of doing business (rank) 37 High income Population (m) 2.1 Starting a business (rank) 28 ✔ Registering property (rank) 79 ✔ Trading across borders (rank) 50 Procedures (number) 2 Procedures (number) 5 Documents to export (number) 6 Time (days) 6 Time (days) 110 Time to export (days) 16 Cost (% of income per capita) 0.0 Cost (% of property value) 2.0 Cost to export (US$ per container) 710 Minimum capital (% of income per capita) 43.6 Documents to import (number) 8 Getting credit (rank) 98 Time to import (days) 15 Dealing with construction permits (rank) 81 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 765 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 199 Public registry coverage (% of adults) 3.3 Enforcing contracts (rank) 58 Cost (% of income per capita) 64.9 Private bureau coverage (% of adults) 100.0 Procedures (number) 32 Time (days) 1,290 Getting electricity (rank) 27 Protecting investors (rank) 24 Cost (% of claim) 12.7 Procedures (number) 5 Extent of disclosure index (0-10) 3 Time (days) 38 Extent of director liability index (0-10) 9 ✔ Resolving insolvency (rank) 39 Cost (% of income per capita) 119.1 Ease of shareholder suits index (0-10) 8 Time (years) 2.0 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 4 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business SOLOMON ISLANDS East Asia & Pacific GNI per capita (US$) 1,030 Ease of doing business (rank) 74 Lower middle income Population (m) 0.5 ✔ Starting a business (rank) 110 ✔ Registering property (rank) 168 Trading across borders (rank) 86 Procedures (number) 7 Procedures (number) 10 Documents to export (number) 7 Time (days) 43 Time (days) 87 Time to export (days) 24 Cost (% of income per capita) 34.1 Cost (% of property value) 4.9 Cost to export (US$ per container) 1,030 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 78 Time to import (days) 21 Dealing with construction permits (rank) 36 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,237 Procedures (number) 9 Depth of credit information index (0-6) 0 Time (days) 58 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 108 Cost (% of income per capita) 347.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 455 Getting electricity (rank) 42 ✔ Protecting investors (rank) 46 Cost (% of claim) 78.9 Procedures (number) 4 Extent of disclosure index (0-10) 3 Time (days) 39 Extent of director liability index (0-10) 7 ✔ Resolving insolvency (rank) 115 Cost (% of income per capita) 1,982.1 Ease of shareholder suits index (0-10) 8 Time (years) 1.0 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 38 Recovery rate (cents on the dollar) 23.8 Paying taxes (rank) 25 Payments (number per year) 33 Time (hours per year) 80 Total tax rate (% of profit) 26.2 SOUTH AFRICA Sub-Saharan Africa GNI per capita (US$) 6,100 Ease of doing business (rank) 35 Upper middle income Population (m) 50.0 ✔ Starting a business (rank) 44 ✔ Registering property (rank) 76 Trading across borders (rank) 144 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 8 Time (days) 19 Time (days) 23 Time to export (days) 30 Cost (% of income per capita) 0.3 Cost (% of property value) 5.6 Cost to export (US$ per container) 1,531 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 1 Time to import (days) 32 Dealing with construction permits (rank) 31 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 1,795 Procedures (number) 13 Depth of credit information index (0-6) 6 Time (days) 127 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 81 Cost (% of income per capita) 21.2 Private bureau coverage (% of adults) 52.0 Procedures (number) 29 Time (days) 600 Getting electricity (rank) 124 Protecting investors (rank) 10 Cost (% of claim) 33.2 Procedures (number) 4 Extent of disclosure index (0-10) 8 Time (days) 226 Extent of director liability index (0-10) 8 ✔ Resolving insolvency (rank) 77 Cost (% of income per capita) 1,651.5 Ease of shareholder suits index (0-10) 8 Time (years) 2.0 Strength of investor protection index (0-10) 8.0 Cost (% of estate) 18 Recovery rate (cents on the dollar) 35.2 Paying taxes (rank) 44 Payments (number per year) 9 Time (hours per year) 200 Total tax rate (% of profit) 33.1 SPAIN OECD high income GNI per capita (US$) 31,650 Ease of doing business (rank) 44 High income Population (m) 46.2 ✔ Starting a business (rank) 133 Registering property (rank) 56 Trading across borders (rank) 55 Procedures (number) 10 Procedures (number) 5 Documents to export (number) 6 Time (days) 28 Time (days) 13 Time to export (days) 9 Cost (% of income per capita) 4.7 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,221 Minimum capital (% of income per capita) 13.2 Documents to import (number) 7 Getting credit (rank) 48 Time to import (days) 10 Dealing with construction permits (rank) 38 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,221 Procedures (number) 8 Depth of credit information index (0-6) 5 Time (days) 182 Public registry coverage (% of adults) 54.7 Enforcing contracts (rank) 54 Cost (% of income per capita) 51.8 Private bureau coverage (% of adults) 11.4 Procedures (number) 39 Time (days) 515 Getting electricity (rank) 69 Protecting investors (rank) 97 Cost (% of claim) 17.2 Procedures (number) 5 Extent of disclosure index (0-10) 5 Time (days) 101 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 20 Cost (% of income per capita) 231.9 Ease of shareholder suits index (0-10) 4 Time (years) 1.5 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 11 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business SRI LANKA South Asia GNI per capita (US$) 2,290 Ease of doing business (rank) 89 Lower middle income Population (m) 20.5 Starting a business (rank) 38 Registering property (rank) 161 Trading across borders (rank) 53 Procedures (number) 4 Procedures (number) 8 Documents to export (number) 6 Time (days) 35 Time (days) 83 Time to export (days) 21 Cost (% of income per capita) 4.7 Cost (% of property value) 5.1 Cost to export (US$ per container) 715 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 78 Time to import (days) 19 Dealing with construction permits (rank) 111 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 745 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 217 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 136 Cost (% of income per capita) 40.6 Private bureau coverage (% of adults) 29.4 Procedures (number) 40 Time (days) 1,318 Getting electricity (rank) 95 ✔ Protecting investors (rank) 46 Cost (% of claim) 22.8 Procedures (number) 4 Extent of disclosure index (0-10) 6 Time (days) 132 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 42 Cost (% of income per capita) 1,191.8 Ease of shareholder suits index (0-10) 7 Time (years) 1.7 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 5 Recovery rate (cents on the dollar) 48.3 ✔ Paying taxes (rank) 173 Payments (number per year) 71 Time (hours per year) 256 Total tax rate (% of profit) 105.2 ST. KITTS AND NEVIS Latin America & Caribbean GNI per capita (US$) 9,980 Ease of doing business (rank) 95 Upper middle income Population (m) 0.05 Starting a business (rank) 64 Registering property (rank) 164 Trading across borders (rank) 44 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 5 Time (days) 19 Time (days) 81 Time to export (days) 11 Cost (% of income per capita) 11.5 Cost (% of property value) 13.3 Cost to export (US$ per container) 850 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 126 Time to import (days) 12 Dealing with construction permits (rank) 16 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 2,138 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 139 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 114 Cost (% of income per capita) 6.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 578 Getting electricity (rank) 33 Protecting investors (rank) 29 Cost (% of claim) 20.5 Procedures (number) 5 Extent of disclosure index (0-10) 4 Time (days) 18 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 183 Cost (% of income per capita) 383.5 Ease of shareholder suits index (0-10) 7 Time (years) NO PRACTICE Strength of investor protection index (0-10) 6.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 ✔ Paying taxes (rank) 133 Payments (number per year) 36 Time (hours per year) 203 Total tax rate (% of profit) 52.7 ST. LUCIA Latin America & Caribbean GNI per capita (US$) 4,970 Ease of doing business (rank) 52 Upper middle income Population (m) 0.2 Starting a business (rank) 53 Registering property (rank) 115 Trading across borders (rank) 110 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 5 Time (days) 15 Time (days) 17 Time to export (days) 14 Cost (% of income per capita) 24.4 Cost (% of property value) 7.4 Cost to export (US$ per container) 1,700 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 98 Time to import (days) 18 Dealing with construction permits (rank) 13 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 2,745 Procedures (number) 7 Depth of credit information index (0-6) 0 Time (days) 125 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 165 Cost (% of income per capita) 31.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 635 Getting electricity (rank) 13 Protecting investors (rank) 29 Cost (% of claim) 37.3 Procedures (number) 4 Extent of disclosure index (0-10) 4 Time (days) 25 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 58 Cost (% of income per capita) 241.0 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business ST. VINCENT AND THE GRENADINES Latin America & Caribbean GNI per capita (US$) 4,850 Ease of doing business (rank) 75 Upper middle income Population (m) 0.1 Starting a business (rank) 58 Registering property (rank) 141 Trading across borders (rank) 38 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 5 Time (days) 10 Time (days) 38 Time to export (days) 12 Cost (% of income per capita) 22.3 Cost (% of property value) 11.9 Cost to export (US$ per container) 1,075 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 126 Time to import (days) 12 Dealing with construction permits (rank) 6 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,605 Procedures (number) 8 Depth of credit information index (0-6) 0 Time (days) 112 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 101 Cost (% of income per capita) 12.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 394 Getting electricity (rank) 21 Protecting investors (rank) 29 Cost (% of claim) 30.3 Procedures (number) 3 Extent of disclosure index (0-10) 4 Time (days) 52 Extent of director liability index (0-10) 8 Resolving insolvency (rank) 183 Cost (% of income per capita) 307.9 Ease of shareholder suits index (0-10) 7 Time (years) NO PRACTICE Strength of investor protection index (0-10) 6.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 73 Payments (number per year) 36 Time (hours per year) 111 Total tax rate (% of profit) 38.7 SUDAN Sub-Saharan Africa GNI per capita (US$) 1,270 Ease of doing business (rank) 135 Lower middle income Population (m) 43.6 Starting a business (rank) 126 Registering property (rank) 41 Trading across borders (rank) 151 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 7 Time (days) 36 Time (days) 9 Time to export (days) 32 Cost (% of income per capita) 31.4 Cost (% of property value) 3.0 Cost to export (US$ per container) 2,050 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 166 Time to import (days) 46 Dealing with construction permits (rank) 130 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 2,900 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 270 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 148 Cost (% of income per capita) 88.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 53 Time (days) 810 Getting electricity (rank) 107 Protecting investors (rank) 155 Cost (% of claim) 19.8 Procedures (number) 5 Extent of disclosure index (0-10) 0 Time (days) 70 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 84 Cost (% of income per capita) 3,949.3 Ease of shareholder suits index (0-10) 4 Time (years) 2.0 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 20 Recovery rate (cents on the dollar) 33.2 Paying taxes (rank) 103 Payments (number per year) 42 Time (hours per year) 180 Total tax rate (% of profit) 36.1 SURINAME Latin America & Caribbean GNI per capita (US$) 6,975 Ease of doing business (rank) 158 Upper middle income Population (m) 0.5 Starting a business (rank) 173 Registering property (rank) 170 Trading across borders (rank) 105 Procedures (number) 13 Procedures (number) 6 Documents to export (number) 8 Time (days) 694 Time (days) 197 Time to export (days) 25 Cost (% of income per capita) 115.0 Cost (% of property value) 13.8 Cost to export (US$ per container) 995 Minimum capital (% of income per capita) 0.5 Documents to import (number) 6 Getting credit (rank) 159 Time to import (days) 25 Dealing with construction permits (rank) 98 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,065 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 461 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 178 Cost (% of income per capita) 72.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 1,715 Getting electricity (rank) 38 Protecting investors (rank) 181 Cost (% of claim) 37.1 Procedures (number) 4 Extent of disclosure index (0-10) 1 Time (days) 58 Extent of director liability index (0-10) 0 Resolving insolvency (rank) 157 Cost (% of income per capita) 647.1 Ease of shareholder suits index (0-10) 5 Time (years) 5.0 Strength of investor protection index (0-10) 2.0 Cost (% of estate) 30 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business SWAZILAND Sub-Saharan Africa GNI per capita (US$) 2,600 Ease of doing business (rank) 124 Lower middle income Population (m) 1.2 Starting a business (rank) 161 ✔ Registering property (rank) 128 Trading across borders (rank) 148 Procedures (number) 12 Procedures (number) 9 Documents to export (number) 9 Time (days) 56 Time (days) 21 Time to export (days) 18 Cost (% of income per capita) 29.2 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,855 Minimum capital (% of income per capita) 0.5 Documents to import (number) 9 Getting credit (rank) 48 Time to import (days) 27 Dealing with construction permits (rank) 47 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 2,030 Procedures (number) 13 Depth of credit information index (0-6) 5 Time (days) 95 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 171 Cost (% of income per capita) 115.2 Private bureau coverage (% of adults) 43.2 Procedures (number) 40 Time (days) 972 Getting electricity (rank) 158 Protecting investors (rank) 122 Cost (% of claim) 56.1 Procedures (number) 6 Extent of disclosure index (0-10) 2 Time (days) 137 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 69 Cost (% of income per capita) 1,302.0 Ease of shareholder suits index (0-10) 6 Time (years) 2.0 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 38.2 Paying taxes (rank) 60 Payments (number per year) 33 Time (hours per year) 104 Total tax rate (% of profit) 36.8 SWEDEN OECD high income GNI per capita (US$) 49,930 Ease of doing business (rank) 14 High income Population (m) 9.4 Starting a business (rank) 46 ✘ Registering property (rank) 19 Trading across borders (rank) 8 Procedures (number) 3 Procedures (number) 1 Documents to export (number) 3 Time (days) 15 Time (days) 7 Time to export (days) 8 Cost (% of income per capita) 0.6 Cost (% of property value) 4.3 Cost to export (US$ per container) 697 Minimum capital (% of income per capita) 14.0 Documents to import (number) 3 Getting credit (rank) 48 Time to import (days) 6 Dealing with construction permits (rank) 23 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 735 Procedures (number) 7 Depth of credit information index (0-6) 4 Time (days) 116 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 54 Cost (% of income per capita) 81.6 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 508 Getting electricity (rank) 8 Protecting investors (rank) 29 Cost (% of claim) 31.2 Procedures (number) 3 Extent of disclosure index (0-10) 8 Time (days) 52 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 19 Cost (% of income per capita) 20.7 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 75.8 Paying taxes (rank) 50 Payments (number per year) 4 Time (hours per year) 122 Total tax rate (% of profit) 52.8 SWITZERLAND OECD high income GNI per capita (US$) 70,350 Ease of doing business (rank) 26 High income Population (m) 7.8 Starting a business (rank) 85 Registering property (rank) 14 Trading across borders (rank) 41 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 4 Time (days) 18 Time (days) 16 Time to export (days) 8 Cost (% of income per capita) 2.1 Cost (% of property value) 0.4 Cost to export (US$ per container) 1,537 Minimum capital (% of income per capita) 26.9 Documents to import (number) 5 Getting credit (rank) 24 Time to import (days) 9 Dealing with construction permits (rank) 46 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,540 Procedures (number) 13 Depth of credit information index (0-6) 5 Time (days) 154 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 23 Cost (% of income per capita) 40.1 Private bureau coverage (% of adults) 27.3 Procedures (number) 32 Time (days) 390 ✔ Getting electricity (rank) 6 Protecting investors (rank) 166 Cost (% of claim) 24.0 Procedures (number) 3 Extent of disclosure index (0-10) 0 Time (days) 39 Extent of director liability index (0-10) 5 ✔ Resolving insolvency (rank) 43 Cost (% of income per capita) 62.7 Ease of shareholder suits index (0-10) 4 Time (years) 3.0 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business SYRIAN ARAB REPUBLIC Middle East & North Africa GNI per capita (US$) 2,640 Ease of doing business (rank) 134 Lower middle income Population (m) 21.6 ✔ Starting a business (rank) 129 Registering property (rank) 82 Trading across borders (rank) 122 Procedures (number) 7 Procedures (number) 4 Documents to export (number) 8 Time (days) 13 Time (days) 19 Time to export (days) 15 Cost (% of income per capita) 17.1 Cost (% of property value) 27.9 Cost to export (US$ per container) 1,190 Minimum capital (% of income per capita) 127.7 Documents to import (number) 9 Getting credit (rank) 174 Time to import (days) 21 Dealing with construction permits (rank) 133 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 1,625 Procedures (number) 23 Depth of credit information index (0-6) 2 Time (days) 104 Public registry coverage (% of adults) 3.7 Enforcing contracts (rank) 175 Cost (% of income per capita) 504.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 55 Time (days) 872 Getting electricity (rank) 83 Protecting investors (rank) 111 Cost (% of claim) 29.3 Procedures (number) 5 Extent of disclosure index (0-10) 7 Time (days) 71 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 102 Cost (% of income per capita) 940.4 Ease of shareholder suits index (0-10) 2 Time (years) 4.1 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 27.5 Paying taxes (rank) 111 Payments (number per year) 19 Time (hours per year) 336 Total tax rate (% of profit) 39.7 TAIWAN, CHINA East Asia & Pacific GNI per capita (US$) 18,458 Ease of doing business (rank) 25 High income Population (m) 23.2 ✔ Starting a business (rank) 16 Registering property (rank) 33 Trading across borders (rank) 23 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 6 Time (days) 10 Time (days) 5 Time to export (days) 12 Cost (% of income per capita) 2.5 Cost (% of property value) 6.2 Cost to export (US$ per container) 655 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 67 Time to import (days) 12 ✔ Dealing with construction permits (rank) 87 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 720 Procedures (number) 25 Depth of credit information index (0-6) 5 Time (days) 125 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 88 Cost (% of income per capita) 41.9 Private bureau coverage (% of adults) 90.9 Procedures (number) 45 Time (days) 510 Getting electricity (rank) 3 Protecting investors (rank) 79 Cost (% of claim) 17.7 Procedures (number) 4 Extent of disclosure index (0-10) 7 Time (days) 23 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 14 Cost (% of income per capita) 52.4 Ease of shareholder suits index (0-10) 5 Time (years) 1.9 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 82.1 Paying taxes (rank) 71 Payments (number per year) 15 Time (hours per year) 245 Total tax rate (% of profit) 35.6 TAJIKISTAN Eastern Europe & Central Asia GNI per capita (US$) 780 Ease of doing business (rank) 147 Low income Population (m) 7.1 ✔ Starting a business (rank) 70 Registering property (rank) 90 Trading across borders (rank) 177 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 11 Time (days) 24 Time (days) 37 Time to export (days) 82 Cost (% of income per capita) 33.3 Cost (% of property value) 5.3 Cost to export (US$ per container) 3,850 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 ✘ Getting credit (rank) 177 Time to import (days) 83 Dealing with construction permits (rank) 177 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 4,550 Procedures (number) 26 Depth of credit information index (0-6) 0 Time (days) 228 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 42 Cost (% of income per capita) 849.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 430 Getting electricity (rank) 178 Protecting investors (rank) 65 Cost (% of claim) 25.5 Procedures (number) 9 Extent of disclosure index (0-10) 8 Time (days) 238 Extent of director liability index (0-10) 3 Resolving insolvency (rank) 68 Cost (% of income per capita) 1,297.9 Ease of shareholder suits index (0-10) 6 Time (years) 1.7 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business TANZANIA Sub-Saharan Africa GNI per capita (US$) 530 Ease of doing business (rank) 127 Low income Population (m) 45.0 Starting a business (rank) 123 Registering property (rank) 158 ✔ Trading across borders (rank) 92 Procedures (number) 12 Procedures (number) 9 Documents to export (number) 6 Time (days) 29 Time (days) 73 Time to export (days) 18 Cost (% of income per capita) 28.8 Cost (% of property value) 4.4 Cost to export (US$ per container) 1,255 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 98 Time to import (days) 24 Dealing with construction permits (rank) 176 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,430 Procedures (number) 19 Depth of credit information index (0-6) 0 Time (days) 303 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 36 Cost (% of income per capita) 1,170.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 462 Getting electricity (rank) 78 Protecting investors (rank) 97 Cost (% of claim) 14.3 Procedures (number) 4 Extent of disclosure index (0-10) 3 Time (days) 109 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 122 Cost (% of income per capita) 1,040.5 Ease of shareholder suits index (0-10) 8 Time (years) 3.0 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 22.0 Paying taxes (rank) 129 Payments (number per year) 48 Time (hours per year) 172 Total tax rate (% of profit) 45.5 THAILAND East Asia & Pacific GNI per capita (US$) 4,210 Ease of doing business (rank) 17 Upper middle income Population (m) 68.1 ✔ Starting a business (rank) 78 ✘ Registering property (rank) 28 Trading across borders (rank) 17 Procedures (number) 5 Procedures (number) 2 Documents to export (number) 5 Time (days) 29 Time (days) 2 Time to export (days) 14 Cost (% of income per capita) 6.2 Cost (% of property value) 6.3 Cost to export (US$ per container) 625 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 67 Time to import (days) 13 Dealing with construction permits (rank) 14 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 750 Procedures (number) 8 Depth of credit information index (0-6) 5 Time (days) 157 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 24 Cost (% of income per capita) 9.5 Private bureau coverage (% of adults) 41.7 Procedures (number) 36 Time (days) 479 Getting electricity (rank) 9 Protecting investors (rank) 13 Cost (% of claim) 12.3 Procedures (number) 4 Extent of disclosure index (0-10) 10 Time (days) 35 Extent of director liability index (0-10) 7 Resolving insolvency (rank) 51 Cost (% of income per capita) 77.6 Ease of shareholder suits index (0-10) 6 Time (years) 2.7 Strength of investor protection index (0-10) 7.7 Cost (% of estate) 36 Recovery rate (cents on the dollar) 43.3 Paying taxes (rank) 100 Payments (number per year) 23 Time (hours per year) 264 Total tax rate (% of profit) 37.5 TIMOR-LESTE East Asia & Pacific GNI per capita (US$) 2,200 Ease of doing business (rank) 168 Lower middle income Population (m) 1.2 ✔ Starting a business (rank) 157 Registering property (rank) 183 Trading across borders (rank) 89 Procedures (number) 10 Procedures (number) NO PRACTICE Documents to export (number) 6 Time (days) 103 Time (days) NO PRACTICE Time to export (days) 25 Cost (% of income per capita) 4.5 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 1,010 Minimum capital (% of income per capita) 227.3 Documents to import (number) 7 ✔ Getting credit (rank) 159 Time to import (days) 26 Dealing with construction permits (rank) 114 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,015 Procedures (number) 19 Depth of credit information index (0-6) 3 Time (days) 238 Public registry coverage (% of adults) 1.8 Enforcing contracts (rank) 183 Cost (% of income per capita) 25.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 1,285 Getting electricity (rank) 55 Protecting investors (rank) 133 Cost (% of claim) 163.2 Procedures (number) 3 Extent of disclosure index (0-10) 3 Time (days) 63 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 183 Cost (% of income per capita) 1,818.2 Ease of shareholder suits index (0-10) 5 Time (years) NO PRACTICE Strength of investor protection index (0-10) 4.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business TOGO Sub-Saharan Africa GNI per capita (US$) 440 Ease of doing business (rank) 162 Low income Population (m) 6.8 Starting a business (rank) 174 Registering property (rank) 162 Trading across borders (rank) 98 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 6 Time (days) 84 Time (days) 295 Time to export (days) 24 Cost (% of income per capita) 177.2 Cost (% of property value) 13.0 Cost to export (US$ per container) 940 Minimum capital (% of income per capita) 484.5 Documents to import (number) 8 ✔ Getting credit (rank) 126 Time to import (days) 28 Dealing with construction permits (rank) 146 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,109 Procedures (number) 12 Depth of credit information index (0-6) 1 Time (days) 309 Public registry coverage (% of adults) 2.5 Enforcing contracts (rank) 151 Cost (% of income per capita) 994.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 588 Getting electricity (rank) 92 Protecting investors (rank) 147 Cost (% of claim) 47.5 Procedures (number) 4 Extent of disclosure index (0-10) 6 Time (days) 74 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 93 Cost (% of income per capita) 6,023.2 Ease of shareholder suits index (0-10) 4 Time (years) 3.0 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 30.5 ✔ Paying taxes (rank) 161 Payments (number per year) 53 Time (hours per year) 270 Total tax rate (% of profit) 49.5 TONGA East Asia & Pacific GNI per capita (US$) 3,380 Ease of doing business (rank) 58 Lower middle income Population (m) 0.1 ✔ Starting a business (rank) 33 ✘ Registering property (rank) 141 Trading across borders (rank) 77 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 7 Time (days) 16 Time (days) 108 Time to export (days) 20 Cost (% of income per capita) 10.3 Cost (% of property value) 15.2 Cost to export (US$ per container) 775 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 ✔ Getting credit (rank) 78 Time to import (days) 24 Dealing with construction permits (rank) 32 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 775 Procedures (number) 9 Depth of credit information index (0-6) 0 Time (days) 69 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 53 Cost (% of income per capita) 251.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 350 ✔ Getting electricity (rank) 29 Protecting investors (rank) 111 Cost (% of claim) 30.5 Procedures (number) 5 Extent of disclosure index (0-10) 3 Time (days) 42 Extent of director liability index (0-10) 3 Resolving insolvency (rank) 108 Cost (% of income per capita) 111.3 Ease of shareholder suits index (0-10) 8 Time (years) 2.7 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 22 Recovery rate (cents on the dollar) 25.6 Paying taxes (rank) 29 Payments (number per year) 20 Time (hours per year) 164 Total tax rate (% of profit) 25.7 TRINIDAD AND TOBAGO Latin America & Caribbean GNI per capita (US$) 15,380 Ease of doing business (rank) 68 High income Population (m) 1.3 Starting a business (rank) 74 Registering property (rank) 175 Trading across borders (rank) 52 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 5 Time (days) 43 Time (days) 162 Time to export (days) 14 Cost (% of income per capita) 0.9 Cost (% of property value) 7.0 Cost to export (US$ per container) 843 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 40 Time to import (days) 19 ✘ Dealing with construction permits (rank) 93 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,260 Procedures (number) 17 Depth of credit information index (0-6) 4 Time (days) 297 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 169 Cost (% of income per capita) 6.0 Private bureau coverage (% of adults) 46.0 Procedures (number) 42 Time (days) 1,340 Getting electricity (rank) 24 Protecting investors (rank) 24 Cost (% of claim) 33.5 Procedures (number) 5 Extent of disclosure index (0-10) 4 Time (days) 61 Extent of director liability index (0-10) 9 Resolving insolvency (rank) 133 Cost (% of income per capita) 7.9 Ease of shareholder suits index (0-10) 7 Time (years) 4.0 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 25 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business TUNISIA Middle East & North Africa GNI per capita (US$) 4,070 Ease of doing business (rank) 46 Upper middle income Population (m) 10.5 Starting a business (rank) 56 Registering property (rank) 65 Trading across borders (rank) 32 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 4 Time (days) 11 Time (days) 39 Time to export (days) 13 Cost (% of income per capita) 4.2 Cost (% of property value) 6.1 Cost to export (US$ per container) 773 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 98 Time to import (days) 17 Dealing with construction permits (rank) 86 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 858 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 88 Public registry coverage (% of adults) 27.3 Enforcing contracts (rank) 76 Cost (% of income per capita) 260.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 565 Getting electricity (rank) 45 Protecting investors (rank) 46 Cost (% of claim) 21.8 Procedures (number) 4 Extent of disclosure index (0-10) 5 Time (days) 65 Extent of director liability index (0-10) 7 Resolving insolvency (rank) 38 Cost (% of income per capita) 894.1 Ease of shareholder suits index (0-10) 6 Time (years) 1.3 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 52.2 Paying taxes (rank) 64 Payments (number per year) 8 Time (hours per year) 144 Total tax rate (% of profit) 62.9 TURKEY Eastern Europe & Central Asia GNI per capita (US$) 9,500 Ease of doing business (rank) 71 Upper middle income Population (m) 75.7 ✔ Starting a business (rank) 61 Registering property (rank) 44 Trading across borders (rank) 80 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 7 Time (days) 6 Time (days) 6 Time to export (days) 14 Cost (% of income per capita) 11.2 Cost (% of property value) 3.3 Cost to export (US$ per container) 990 Minimum capital (% of income per capita) 8.7 Documents to import (number) 8 Getting credit (rank) 78 Time to import (days) 15 Dealing with construction permits (rank) 155 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,063 Procedures (number) 24 Depth of credit information index (0-6) 5 Time (days) 189 Public registry coverage (% of adults) 23.8 Enforcing contracts (rank) 51 Cost (% of income per capita) 197.7 Private bureau coverage (% of adults) 60.5 Procedures (number) 36 Time (days) 420 Getting electricity (rank) 72 Protecting investors (rank) 65 Cost (% of claim) 27.9 Procedures (number) 5 Extent of disclosure index (0-10) 9 Time (days) 70 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 120 Cost (% of income per capita) 624.4 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 22.3 ✔ Paying taxes (rank) 79 Payments (number per year) 15 Time (hours per year) 223 Total tax rate (% of profit) 41.1 UGANDA Sub-Saharan Africa GNI per capita (US$) 490 Ease of doing business (rank) 123 Low income Population (m) 33.8 ✘ Starting a business (rank) 143 ✔ Registering property (rank) 127 Trading across borders (rank) 158 Procedures (number) 16 Procedures (number) 13 Documents to export (number) 7 Time (days) 34 Time (days) 48 Time to export (days) 37 Cost (% of income per capita) 84.5 Cost (% of property value) 2.9 Cost to export (US$ per container) 2,880 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 48 Time to import (days) 34 Dealing with construction permits (rank) 109 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 3,015 Procedures (number) 15 Depth of credit information index (0-6) 4 Time (days) 125 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 116 Cost (% of income per capita) 946.8 Private bureau coverage (% of adults) 3.0 Procedures (number) 38 Time (days) 490 Getting electricity (rank) 129 Protecting investors (rank) 133 Cost (% of claim) 44.9 Procedures (number) 5 Extent of disclosure index (0-10) 2 Time (days) 91 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 63 Cost (% of income per capita) 5,130.1 Ease of shareholder suits index (0-10) 5 Time (years) 2.2 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 30 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business UKRAINE Eastern Europe & Central Asia GNI per capita (US$) 3,010 Ease of doing business (rank) 152 Lower middle income Population (m) 45.8 ✔ Starting a business (rank) 112 Registering property (rank) 166 ✘ Trading across borders (rank) 140 Procedures (number) 9 Procedures (number) 10 Documents to export (number) 6 Time (days) 24 Time (days) 117 Time to export (days) 30 Cost (% of income per capita) 4.4 Cost (% of property value) 3.9 Cost to export (US$ per container) 1,865 Minimum capital (% of income per capita) 1.8 Documents to import (number) 8 Getting credit (rank) 24 Time to import (days) 33 Dealing with construction permits (rank) 180 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 2,155 Procedures (number) 21 Depth of credit information index (0-6) 4 Time (days) 375 Public registry coverage (% of adults) 0.0 ✔ Enforcing contracts (rank) 44 Cost (% of income per capita) 1,462.3 Private bureau coverage (% of adults) 17.0 Procedures (number) 30 Time (days) 343 Getting electricity (rank) 169 Protecting investors (rank) 111 Cost (% of claim) 41.5 Procedures (number) 11 Extent of disclosure index (0-10) 5 Time (days) 274 Extent of director liability index (0-10) 2 ✔ Resolving insolvency (rank) 156 Cost (% of income per capita) 229.2 Ease of shareholder suits index (0-10) 7 Time (years) 2.9 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 42 Recovery rate (cents on the dollar) 8.9 ✔ Paying taxes (rank) 181 Payments (number per year) 135 Time (hours per year) 657 Total tax rate (% of profit) 57.1 UNITED ARAB EMIRATES Middle East & North Africa GNI per capita (US$) 59,717 Ease of doing business (rank) 33 High income Population (m) 4.7 ✔ Starting a business (rank) 42 Registering property (rank) 6 Trading across borders (rank) 5 Procedures (number) 7 Procedures (number) 1 Documents to export (number) 4 Time (days) 13 Time (days) 2 Time to export (days) 7 Cost (% of income per capita) 5.6 Cost (% of property value) 2.0 Cost to export (US$ per container) 630 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 ✔ Getting credit (rank) 78 Time to import (days) 7 Dealing with construction permits (rank) 12 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 635 Procedures (number) 14 Depth of credit information index (0-6) 5 Time (days) 46 Public registry coverage (% of adults) 9.0 Enforcing contracts (rank) 134 Cost (% of income per capita) 5.2 Private bureau coverage (% of adults) 29.2 Procedures (number) 49 Time (days) 537 Getting electricity (rank) 10 Protecting investors (rank) 122 Cost (% of claim) 26.2 Procedures (number) 4 Extent of disclosure index (0-10) 4 Time (days) 55 Extent of director liability index (0-10) 7 Resolving insolvency (rank) 151 Cost (% of income per capita) 14.6 Ease of shareholder suits index (0-10) 2 Time (years) 5.1 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 30 Recovery rate (cents on the dollar) 11.0 Paying taxes (rank) 7 Payments (number per year) 14 Time (hours per year) 12 Total tax rate (% of profit) 14.1 UNITED KINGDOM OECD high income GNI per capita (US$) 38,540 Ease of doing business (rank) 7 High income Population (m) 62.2 Starting a business (rank) 19 Registering property (rank) 68 Trading across borders (rank) 13 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 4 Time (days) 13 Time (days) 29 Time to export (days) 7 Cost (% of income per capita) 0.7 Cost (% of property value) 4.7 Cost to export (US$ per container) 950 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 1 Time to import (days) 6 ✔ Dealing with construction permits (rank) 22 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 1,045 Procedures (number) 9 Depth of credit information index (0-6) 6 Time (days) 99 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 21 Cost (% of income per capita) 63.8 Private bureau coverage (% of adults) 100.0 Procedures (number) 28 Time (days) 399 Getting electricity (rank) 60 Protecting investors (rank) 10 Cost (% of claim) 24.8 Procedures (number) 5 Extent of disclosure index (0-10) 10 Time (days) 109 Extent of director liability index (0-10) 7 Resolving insolvency (rank) 6 Cost (% of income per capita) 72.3 Ease of shareholder suits index (0-10) 7 Time (years) 1.0 Strength of investor protection index (0-10) 8.0 Cost (% of estate) 6 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business UNITED STATES OECD high income GNI per capita (US$) 47,140 Ease of doing business (rank) 4 High income Population (m) 309.7 Starting a business (rank) 13 Registering property (rank) 16 Trading across borders (rank) 20 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 4 Time (days) 6 Time (days) 12 Time to export (days) 6 Cost (% of income per capita) 1.4 Cost (% of property value) 0.8 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 4 Time to import (days) 5 Dealing with construction permits (rank) 17 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,315 Procedures (number) 15 Depth of credit information index (0-6) 6 Time (days) 26 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 7 Cost (% of income per capita) 12.8 Private bureau coverage (% of adults) 100.0 Procedures (number) 32 Time (days) 300 Getting electricity (rank) 17 Protecting investors (rank) 5 Cost (% of claim) 14.4 Procedures (number) 4 Extent of disclosure index (0-10) 7 Time (days) 68 Extent of director liability index (0-10) 9 Resolving insolvency (rank) 15 Cost (% of income per capita) 16.8 Ease of shareholder suits index (0-10) 9 Time (years) 1.5 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 7 Recovery rate (cents on the dollar) 81.5 Paying taxes (rank) 72 Payments (number per year) 11 Time (hours per year) 187 Total tax rate (% of profit) 46.7 URUGUAY Latin America & Caribbean GNI per capita (US$) 10,590 Ease of doing business (rank) 90 Upper middle income Population (m) 3.4 ✔ Starting a business (rank) 32 Registering property (rank) 165 Trading across borders (rank) 125 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 9 Time (days) 7 Time (days) 66 Time to export (days) 17 Cost (% of income per capita) 24.9 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,100 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 ✔ Getting credit (rank) 67 Time to import (days) 22 Dealing with construction permits (rank) 153 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,330 Procedures (number) 27 Depth of credit information index (0-6) 6 Time (days) 234 Public registry coverage (% of adults) 28.6 Enforcing contracts (rank) 103 Cost (% of income per capita) 74.4 Private bureau coverage (% of adults) 100.0 Procedures (number) 41 Time (days) 720 Getting electricity (rank) 7 Protecting investors (rank) 97 Cost (% of claim) 19.0 Procedures (number) 4 Extent of disclosure index (0-10) 3 Time (days) 48 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 50 Cost (% of income per capita) 15.9 Ease of shareholder suits index (0-10) 8 Time (years) 2.1 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 43.4 Paying taxes (rank) 160 Payments (number per year) 53 Time (hours per year) 336 Total tax rate (% of profit) 42.0 UZBEKISTAN Eastern Europe & Central Asia GNI per capita (US$) 1,280 Ease of doing business (rank) 166 Lower middle income Population (m) 28.2 ✔ Starting a business (rank) 96 Registering property (rank) 136 Trading across borders (rank) 183 Procedures (number) 6 Procedures (number) 12 Documents to export (number) 10 Time (days) 14 Time (days) 78 Time to export (days) 71 Cost (% of income per capita) 6.4 Cost (% of property value) 0.9 Cost to export (US$ per container) 3,150 Minimum capital (% of income per capita) 27.2 Documents to import (number) 11 Getting credit (rank) 159 Time to import (days) 92 Dealing with construction permits (rank) 145 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 4,650 Procedures (number) 25 Depth of credit information index (0-6) 3 Time (days) 243 Public registry coverage (% of adults) 5.0 Enforcing contracts (rank) 43 Cost (% of income per capita) 57.0 Private bureau coverage (% of adults) 3.6 Procedures (number) 42 Time (days) 195 Getting electricity (rank) 170 Protecting investors (rank) 133 Cost (% of claim) 22.2 Procedures (number) 9 Extent of disclosure index (0-10) 4 Time (days) 117 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 117 Cost (% of income per capita) 1,783.3 Ease of shareholder suits index (0-10) 7 Time (years) 4.0 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 10 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business VANUATU East Asia & Pacific GNI per capita (US$) 2,760 Ease of doing business (rank) 76 Lower middle income Population (m) 0.2 ✔ Starting a business (rank) 114 ✔ Registering property (rank) 111 ✔ Trading across borders (rank) 128 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 7 Time (days) 35 Time (days) 118 Time to export (days) 21 Cost (% of income per capita) 47.1 Cost (% of property value) 7.0 Cost to export (US$ per container) 1,690 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 78 Time to import (days) 20 ✘ Dealing with construction permits (rank) 40 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,690 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 39 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 71 Cost (% of income per capita) 341.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 430 Getting electricity (rank) 147 Protecting investors (rank) 79 Cost (% of claim) 56.0 Procedures (number) 5 Extent of disclosure index (0-10) 5 Time (days) 257 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 53 Cost (% of income per capita) 1,171.3 Ease of shareholder suits index (0-10) 5 Time (years) 2.6 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 38 Recovery rate (cents on the dollar) 42.7 Paying taxes (rank) 32 Payments (number per year) 31 Time (hours per year) 120 Total tax rate (% of profit) 8.4 VENEZUELA, RB Latin America & Caribbean GNI per capita (US$) 11,590 Ease of doing business (rank) 177 Upper middle income Population (m) 28.8 Starting a business (rank) 147 Registering property (rank) 91 Trading across borders (rank) 166 Procedures (number) 17 Procedures (number) 8 Documents to export (number) 8 Time (days) 141 Time (days) 38 Time to export (days) 49 Cost (% of income per capita) 26.1 Cost (% of property value) 2.5 Cost to export (US$ per container) 2,590 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 182 Time to import (days) 71 Dealing with construction permits (rank) 109 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 2,868 Procedures (number) 10 Depth of credit information index (0-6) 0 Time (days) 381 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 77 Cost (% of income per capita) 161.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 510 Getting electricity (rank) 155 Protecting investors (rank) 179 Cost (% of claim) 43.7 Procedures (number) 6 Extent of disclosure index (0-10) 3 Time (days) 125 Extent of director liability index (0-10) 2 Resolving insolvency (rank) 161 Cost (% of income per capita) 1,341.1 Ease of shareholder suits index (0-10) 2 Time (years) 4.0 Strength of investor protection index (0-10) 2.3 Cost (% of estate) 38 Recovery rate (cents on the dollar) 6.2 ✘ Paying taxes (rank) 183 Payments (number per year) 70 Time (hours per year) 864 Total tax rate (% of profit) 63.5 VIETNAM East Asia & Pacific GNI per capita (US$) 1,100 Ease of doing business (rank) 98 Lower middle income Population (m) 88.4 Starting a business (rank) 103 Registering property (rank) 47 Trading across borders (rank) 68 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 6 Time (days) 44 Time (days) 57 Time to export (days) 22 Cost (% of income per capita) 10.6 Cost (% of property value) 0.6 Cost to export (US$ per container) 580 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 24 Time to import (days) 21 Dealing with construction permits (rank) 67 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 670 Procedures (number) 10 Depth of credit information index (0-6) 5 Time (days) 200 Public registry coverage (% of adults) 29.8 Enforcing contracts (rank) 30 Cost (% of income per capita) 109.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 295 Getting electricity (rank) 135 ✔ Protecting investors (rank) 166 Cost (% of claim) 28.5 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 142 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 142 Cost (% of income per capita) 1,343.0 Ease of shareholder suits index (0-10) 2 Time (years) 5.0 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business WEST BANK AND GAZA Middle East & North Africa GNI per capita (US$) 1,523 Ease of doing business (rank) 131 Lower middle income Population (m) 4.2 Starting a business (rank) 177 Registering property (rank) 78 Trading across borders (rank) 114 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 6 Time (days) 49 Time (days) 47 Time to export (days) 23 Cost (% of income per capita) 96.0 Cost (% of property value) 0.8 Cost to export (US$ per container) 1,310 Minimum capital (% of income per capita) 218.8 Documents to import (number) 6 Getting credit (rank) 166 Time to import (days) 40 Dealing with construction permits (rank) 129 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 1,295 Procedures (number) 18 Depth of credit information index (0-6) 3 Time (days) 119 Public registry coverage (% of adults) 5.5 Enforcing contracts (rank) 93 Cost (% of income per capita) 1,000.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 540 Getting electricity (rank) 85 Protecting investors (rank) 46 Cost (% of claim) 21.2 Procedures (number) 5 Extent of disclosure index (0-10) 6 Time (days) 63 Extent of director liability index (0-10) 5 Resolving insolvency (rank) 183 Cost (% of income per capita) 1,627.8 Ease of shareholder suits index (0-10) 7 Time (years) NO PRACTICE Strength of investor protection index (0-10) 6.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 39 Payments (number per year) 27 Time (hours per year) 154 Total tax rate (% of profit) 16.8 YEMEN, REP. Middle East & North Africa GNI per capita (US$) 1,060 Ease of doing business (rank) 99 Lower middle income Population (m) 24.3 Starting a business (rank) 66 Registering property (rank) 55 Trading across borders (rank) 118 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 6 Time (days) 12 Time (days) 19 Time to export (days) 27 Cost (% of income per capita) 83.8 Cost (% of property value) 3.8 Cost to export (US$ per container) 890 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 159 Time to import (days) 25 Dealing with construction permits (rank) 35 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,475 Procedures (number) 12 Depth of credit information index (0-6) 2 Time (days) 116 Public registry coverage (% of adults) 0.7 Enforcing contracts (rank) 38 Cost (% of income per capita) 61.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 520 Getting electricity (rank) 52 Protecting investors (rank) 133 Cost (% of claim) 16.5 Procedures (number) 4 Extent of disclosure index (0-10) 6 Time (days) 35 Extent of director liability index (0-10) 4 Resolving insolvency (rank) 114 Cost (% of income per capita) 4,569.8 Ease of shareholder suits index (0-10) 2 Time (years) 3.0 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 8 Recovery rate (cents on the dollar) 24.1 ✔ Paying taxes (rank) 116 Payments (number per year) 44 Time (hours per year) 248 Total tax rate (% of profit) 32.9 ZAMBIA Sub-Saharan Africa GNI per capita (US$) 1,070 Ease of doing business (rank) 84 Lower middle income Population (m) 12.9 Starting a business (rank) 69 ✘ Registering property (rank) 96 Trading across borders (rank) 153 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 6 Time (days) 18 Time (days) 40 Time to export (days) 44 Cost (% of income per capita) 27.4 Cost (% of property value) 8.3 Cost to export (US$ per container) 2,678 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 8 Time to import (days) 56 Dealing with construction permits (rank) 148 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 3,315 Procedures (number) 14 Depth of credit information index (0-6) 5 Time (days) 196 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 85 Cost (% of income per capita) 2,015.2 Private bureau coverage (% of adults) 4.3 Procedures (number) 35 Time (days) 471 Getting electricity (rank) 118 Protecting investors (rank) 79 Cost (% of claim) 38.7 Procedures (number) 5 Extent of disclosure index (0-10) 3 Time (days) 117 Extent of director liability index (0-10) 6 Resolving insolvency (rank) 96 Cost (% of income per capita) 1,317.9 Ease of shareholder suits index (0-10) 7 Time (years) 2.7 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 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 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ✔ Reform making it easier to do business ✘ Reform making it more difficult to do business ZIMBABWE Sub-Saharan Africa GNI per capita (US$) 460 Ease of doing business (rank) 171 Low income Population (m) 12.6 Starting a business (rank) 144 Registering property (rank) 85 Trading across borders (rank) 172 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 8 Time (days) 90 Time (days) 31 Time to export (days) 53 Cost (% of income per capita) 148.9 Cost (% of property value) 8.0 Cost to export (US$ per container) 3,280 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 126 Time to import (days) 73 Dealing with construction permits (rank) 166 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 5,101 Procedures (number) 12 Depth of credit information index (0-6) 0 Time (days) 614 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 112 Cost (% of income per capita) 6,154.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 410 Getting electricity (rank) 167 Protecting investors (rank) 122 Cost (% of claim) 113.1 Procedures (number) 6 Extent of disclosure index (0-10) 8 Time (days) 125 Extent of director liability index (0-10) 1 Resolving insolvency (rank) 153 Cost (% of income per capita) 5,305.5 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 10.0 Paying taxes (rank) 127 Payments (number per year) 49 Time (hours per year) 242 Total tax rate (% of profit) 35.6 Note: Most indicator sets refer to a case scenario in the largest business city of each economy. For more details, see the data notes. COUNTRY TABLES 139 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. This page intentionally left blank. EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Employing workers data EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media 141 use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, EMPLOYING WORKERS DATA Employing workers data Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Priority rules for reemployment? Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Retraining or reassignment? f Notice period for redundancy Premium for work on weekly Dismissal due to redundancy dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to apprentice (US$/month) b 9 workers are dismissed? 9 workers are dismissed? Third-party notification if Third-party notification if 19-year-old worker or an Premium for night work value added per worker weekly holiday work? d 1 worker is dismissed? 1 worker is dismissed? Third-party approval if Third-party approval if for permanent tasks? Minimum wage for a Major restrictions on contracts (months) a Maximum working (% of hourly pay) d Paid annual leave Major restrictions on night work? d allowed by law? (working days) e days per week Afghanistan No No limit 0.0 0.00 Yes 6 25 50 No No 20.0 Yes Yes No Yes Yes No No Yes 4.3 17.3 Albania Yes No limit 198.4 0.40 Yes 6 50 25 Yes No 20.0 Yes No No No No No No Yes 10.1 10.7 Algeria Yes No limit 204.8 0.38 No 6 0 0 No No 22.0 Yes Yes No Yes No Yes Yes No 4.3 13.0 Angola Yes 12 126.9 0.20 Yes 6 25 100 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 11.6 Antigua and Barbuda No No limit 572.5 0.41 Yes 6 0 0 No No 12.0 Yes No No No No Yes Yes No 3.4 12.8 Argentina Yes 60 456.9 0.42 Yes 6 13 50 No No 18.0 Yes No No No No No No No 7.2 23.1 Armenia Yes No limit 88.1 0.23 Yes 6 30 100 No No 20.0 Yes No No No No Yes No No 6.0 5.0 Australia No No limit 1,597.1 0.30 Yes 7 0 0 No No 20.0 Yes No No No No Yes No No 3.0 8.7 Austria No No limit 715.5 0.12 Yes 5.5 17 100 No No 25.0 Yes Yes No Yes No No Yes Yes 2.0 0.0 Azerbaijan No 60 103.9 0.17 Yes 6 40 150 Yes No 17.0 Yes No No No No No Yes No 8.7 13.0 Bahamas, The No No limit 695.8 0.26 Yes 5.5 0 0 No No 11.7 Yes Yes No Yes No No No Yes 2.0 10.7 Bahrain No No limit 0.0 0.00 Yes 6 50 0 No No 18.3 Yes No No No No No No No 4.3 0.0 Bangladesh Yes No limit 23.1 0.28 Yes 6 0 0 No No 17.0 Yes Yes No Yes No No Yes Yes 4.3 26.7 Belarus No No limit 163.3 0.23 Yes 6 20 100 No No 18.0 Yes No No No No Yes Yes No 8.7 13.0 Belgium No No limit 1,725.4 0.30 Yes 6 4 100 No Yes 20.0 Yes No No No No No No No 6.3 0.0 Belize No No limit 289.5 0.56 Yes 6 0 50 No No 10.0 Yes No No No No No No No 3.3 5.0 Benin No 48 66.5 0.57 Yes 6 0 0 No No 24.0 Yes Yes No Yes No No Yes Yes 4.3 7.3 08:01 PM in Washington, DC. Bhutan No No limit 0.0 0.00 Yes 6 0 0 No No 15.0 Yes Yes No Yes No No No No 8.3 0.0 Bolivia g Yes 24 110.2 0.44 Yes 6 30 100 No No 21.7 No n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Bosnia and No 24 520.1 0.92 Yes 6 30 20 No No 18.0 Yes No No Yes No Yes No Yes 2.0 7.2 Herzegovina Botswana No No limit 100.6 0.11 Yes 6 0 100 No No 15.0 Yes Yes No Yes No No Yes Yes 4.9 16.8 Brazil Yes 24 299.6 0.26 Yes 6 20 100 Yes No 26.0 Yes No No No No No No No 4.3 8.9 Brunei Darussalam No No limit 0.0 0.00 Yes 6 0 50 No No 13.3 Yes No No No No No No No 3.0 0.0 Bulgaria No 36 167.2 0.22 Yes 6 10 0 Yes No 20.0 Yes No No No No No No No 4.3 3.2 Burkina Faso No No limit 63.0 0.71 Yes 6 0 0 No No 22.0 Yes No No Yes No No Yes Yes 4.3 6.1 Burundi No No limit 3.0 0.13 Yes 6 30 0 No Yes 21.0 Yes No No Yes No No Yes Yes 8.7 7.2 Cambodia No 24 43.0 0.43 Yes 6 30 100 No No 19.3 Yes No No Yes No No Yes Yes 7.9 11.4 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, Employing workers data Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Priority rules for reemployment? Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Retraining or reassignment? f Notice period for redundancy Premium for work on weekly Dismissal due to redundancy dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to apprentice (US$/month) b 9 workers are dismissed? 9 workers are dismissed? Third-party notification if Third-party notification if 19-year-old worker or an Premium for night work value added per worker weekly holiday work? d 1 worker is dismissed? 1 worker is dismissed? Third-party approval if Third-party approval if for permanent tasks? Minimum wage for a Major restrictions on contracts (months) a Maximum working (% of hourly pay) d Paid annual leave Major restrictions on night work? d allowed by law? (working days) e days per week Cameroon No 48 59.9 0.34 Yes 6 50 0 No No 26.0 Yes Yes Yes Yes Yes No Yes Yes 6.1 8.1 Canada No No limit 1,903.5 0.34 Yes 6 0 0 No No 10.0 Yes No No No No No No No 5.0 5.0 Cape Verde Yes 60 0.0 0.00 Yes 6 25 100 No No 22.0 Yes Yes Yes Yes Yes Yes Yes No 6.4 23.1 Central African Yes 48 39.3 0.57 Yes 5 0 50 No Yes 25.3 Yes Yes No Yes Yes No Yes Yes 4.3 17.3 Republic Chad No 48 124.2 1.28 Yes 6 0 100 No No 24.7 Yes Yes No Yes No No Yes Yes 7.2 5.8 Chile No 24 0.0 0.00 Yes 6 0 0 No No 15.0 Yes Yes No Yes No No No No 4.3 12.0 China No No limit 182.5 0.37 Yes 6 39 100 No No 6.7 Yes Yes No Yes No Yes Yes Yes 4.3 23.1 Colombia No No limit 260.8 0.37 Yes 6 35 75 No No 15.0 Yes No No No No No No No 0.0 16.7 Comoros No 36 60.8 0.52 Yes 6 0 0 No Yes 22.0 Yes Yes No Yes No No Yes Yes 13.0 23.1 Congo, Dem. Rep. Yes 48 65.0 2.20 Yes 5 25 0 No No 13.0 Yes Yes Yes Yes Yes No Yes Yes 10.3 0.0 Congo, Rep. Yes 24 102.5 0.30 Yes 6 0 50 No Yes 29.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 6.5 Costa Rica Yes 12 387.7 0.48 Yes 6 0 100 Yes No 12.0 Yes No No No No No No No 4.3 14.4 Côte d’Ivoire No 24 0.0 0.00 No 6 38 0 No No 27.4 Yes No No Yes No No No Yes 5.8 7.3 Croatia Yes 36 534.2 0.32 Yes 6 10 35 No Yes 20.0 Yes Yes No Yes No Yes Yes Yes 7.9 7.2 Cyprus No 30 0.0 0.00 Yes 6 0 0 No No 20.0 Yes Yes No Yes No Yes No Yes 5.7 0.0 Czech Republic No 24 439.2 0.21 Yes 6 10 10 No No 20.0 Yes No No No No No No No 8.7 13.0 08:01 PM in Washington, DC. Denmark No No limit 0.0 0.00 Yes 6 0 0 No No 25.0 Yes No No No No No No No 0.0 0.0 Djibouti Yes 24 0.0 0.00 Yes 6 0 0 No No 30.0 Yes Yes No Yes No No No Yes 4.3 0.0 Dominica No No limit 290.9 0.45 Yes 6 0 100 No No 15.0 Yes No No No No No Yes Yes 5.8 9.3 Dominican Republic Yes No limit 215.8 0.33 Yes 6 0 100 No Yes 14.0 Yes No No No No No No No 4.0 22.2 Ecuador No 24 253.6 0.42 Yes 5 25 100 No No 12.3 Yes No No Yes Yes No Yes Yes 4.3 31.8 Egypt, Arab Rep. No No limit 31.8 0.10 Yes 6 0 0 No No 24.0 Yes Yes Yes Yes Yes No Yes No 10.1 26.7 DOING BUSINESS 2012 El Salvador Yes No limit 80.8 0.17 Yes 6 25 100 Yes Yes 11.0 Yes No No No No No No No 0.0 22.9 Equatorial Guinea Yes 24 236.0 0.11 Yes 6 25 50 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 34.3 Eritrea Yes No limit 0.0 0.00 Yes 6 0 0 No No 19.0 Yes No No Yes Yes No No No 3.1 12.3 Estonia Yes 120 389.9 0.22 Yes 5 25 0 Yes No 24.0 Yes No No No No Yes Yes No 8.6 4.3 Ethiopia Yes No limit 0.0 0.00 Yes 6 0 0 No No 18.3 Yes No No Yes No Yes Yes No 10.1 10.5 142 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media 143 use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, EMPLOYING WORKERS DATA Employing workers data Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Priority rules for reemployment? Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Retraining or reassignment? f Notice period for redundancy Premium for work on weekly Dismissal due to redundancy dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to apprentice (US$/month) b 9 workers are dismissed? 9 workers are dismissed? Third-party notification if Third-party notification if 19-year-old worker or an Premium for night work value added per worker weekly holiday work? d 1 worker is dismissed? 1 worker is dismissed? Third-party approval if Third-party approval if for permanent tasks? Minimum wage for a Major restrictions on contracts (months) a Maximum working (% of hourly pay) d Paid annual leave Major restrictions on night work? d allowed by law? (working days) e days per week Fiji No No Limit 336.5 0.71 Yes 6 3 100 No No 10.0 Yes Yes No Yes No No No No 4.3 5.3 Finland Yes 60 1,989.5 0.34 Yes 6 8 100 No No 30.0 Yes Yes No Yes No Yes Yes Yes 10.1 0.0 France Yes 18 782.0 0.14 No 6 0 0 No Yes 30.0 Yes No No Yes No Yes Yes Yes 7.2 4.6 Gabon No 48 41.0 0.04 Yes 6 50 100 No No 24.0 Yes Yes Yes Yes Yes No Yes Yes 10.4 4.3 Gambia, The No No limit 0.0 0.00 Yes 5 0 0 No No 21.0 Yes Yes No Yes No No Yes Yes 26.0 0.0 Georgia No No limit 23.4 0.07 Yes 7 0 0 No No 24.0 Yes No No No No No No No 0.0 4.3 Germany No 24 1,145.5 0.21 Yes 6 13 100 No No 24.0 Yes Yes No Yes No Yes Yes No 10.0 11.6 Ghana No No limit 27.6 0.15 Yes 5 0 0 No No 15.0 Yes Yes Yes Yes Yes No No No 3.6 46.2 Greece Yes No limit 986.9 0.29 Yes 5 25 20 No Yes 22.3 Yes No No Yes Yes Yes Yes No 11.6 7.9 Grenada Yes No limit 223.5 0.31 Yes 6 0 0 No No 13.3 Yes No No No No No No No 7.2 5.3 Guatemala Yes No limit 185.5 0.44 Yes 6 0 50 Yes Yes 15.0 Yes No No No No No No No 0.0 27.0 Guinea No 24 0.0 0.00 Yes 6 20 45 No Yes 30.0 Yes Yes No Yes Yes No Yes Yes 2.1 5.8 Guinea-Bissau Yes 12 0.0 0.00 Yes 6 25 50 No No 21.0 Yes Yes Yes Yes Yes No Yes Yes 0.0 26.0 Guyana No No limit 0.0 0.00 Yes 7 0 100 No No 12.0 Yes Yes No Yes No No No No 4.3 12.3 Haiti No No Limit 125.6 1.38 Yes 6 50 50 No No 13.0 Yes No No No No No No No 10.1 0.0 Honduras Yes 24 279.3 1.04 Yes 6 25 100 Yes No 16.7 Yes Yes Yes Yes Yes No No No 7.2 23.1 Hong Kong SAR, China No No limit 0.0 0.00 Yes 6 0 0 No No 10.3 Yes No No No No No No No 4.3 1.5 08:01 PM in Washington, DC. Hungary No 60 394.0 0.25 Yes 5 40 100 No No 21.3 Yes No No No No No No No 6.2 7.2 Iceland No 24 1,406.7 0.34 Yes 6 80 80 No No 24.0 Yes No No No No No No No 10.1 0.0 India No No limit 29.9 0.17 Yes 6 0 0 No No 15.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 11.4 Indonesia Yes 36 132.7 0.41 Yes 6 0 0 No No 12.0 Yes Yes Yes Yes Yes Yes No No 0.0 57.8 Iran, Islamic Rep. No No limit 318.3 0.57 Yes 6 23 40 No No 24.0 Yes Yes Yes Yes Yes No No No 0.0 23.1 Iraq Yes No limit 98.7 0.28 Yes 5 100 50 No No 22.0 Yes Yes No Yes No No No No 0.0 0.0 Ireland No No limit 1,536.1 0.31 Yes 6 0 0 No No 20.0 Yes Yes No Yes No No No No 4.0 2.8 Israel No No limit 1,014.0 0.28 Yes 5.5 0 50 No Yes 18.0 Yes No No No No No No No 4.3 23.1 Italy Yes 44 1,641.4 0.37 Yes 6 15 50 Yes No 20.3 Yes No No Yes No Yes Yes Yes 7.2 0.0 Jamaica No No limit 215.0 0.34 Yes 6 0 100 No No 11.7 Yes No No No No No No No 4.0 10.0 Japan No No limit 1,547.6 0.29 Yes 6 25 35 No No 15.3 Yes Yes No Yes No Yes No No 4.3 0.0 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, Employing workers data Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Priority rules for reemployment? Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Retraining or reassignment? f Notice period for redundancy Premium for work on weekly Dismissal due to redundancy dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to apprentice (US$/month) b 9 workers are dismissed? 9 workers are dismissed? Third-party notification if Third-party notification if 19-year-old worker or an Premium for night work value added per worker weekly holiday work? d 1 worker is dismissed? 1 worker is dismissed? Third-party approval if Third-party approval if for permanent tasks? Minimum wage for a Major restrictions on contracts (months) a Maximum working (% of hourly pay) d Paid annual leave Major restrictions on night work? d allowed by law? (working days) e days per week Jordan No No limit 199.9 0.34 Yes 6 0 150 No No 18.7 Yes Yes Yes Yes Yes No No Yes 4.3 0.0 Kazakhstan No No limit 0.1 0.00 Yes 6 50 100 No No 18.0 Yes Yes No Yes No Yes No No 4.3 4.3 Kenya No No limit 78.9 0.66 Yes 6 0 0 No No 21.0 Yes Yes No Yes No No Yes No 4.3 11.4 Kiribati No No limit 0.0 0.00 Yes 7 0 0 No No 0.0 Yes Yes Yes Yes Yes No No No 4.3 0.0 Korea, Rep. No 24 558.5 0.24 Yes 6 50 50 Yes No 17.0 Yes Yes No Yes No No No Yes 4.3 23.1 Kosovo No No limit 0.0 0.00 No 6 30 0 No No 21.0 Yes No No No No Yes Yes Yes 4.3 7.2 Kuwait No No limit 166.2 0.04 Yes 6 0 50 No Yes 26.0 Yes No No No No No No No 13.0 15.1 Kyrgyz Republic Yes 60 11.5 0.10 Yes 6 50 100 No No 20.0 Yes No No No No No No No 4.3 13.0 Lao PDR No No limit 63.7 0.44 Yes 6 15 150 No No 15.0 Yes Yes Yes Yes Yes No No No 6.4 40.7 Latvia Yes 36 408.2 0.29 Yes 5.5 50 0 Yes No 20.0 Yes Yes No Yes No Yes Yes No 1.0 8.7 Lebanon No 24 318.0 0.29 Yes 6 0 50 No No 15.0 Yes No No Yes No No Yes Yes 8.7 0.0 Lesotho No No limit 93.7 0.59 Yes 6 0 100 Yes No 12.0 Yes No No No No Yes No No 4.3 10.7 Liberia No No Limit 52.0 1.78 Yes 6 0 50 No No 16.0 Yes Yes No Yes No No Yes Yes 4.3 21.3 Lithuania No 60 325.4 0.24 No 5.5 50 100 No No 20.7 Yes No No No No Yes Yes No 8.7 15.9 Luxembourg Yes 24 2,389.3 0.25 No 5.5 15 70 No Yes 25.0 Yes Yes No Yes No No No Yes 17.3 4.3 Macedonia, FYR No 60 167.5 0.31 Yes 6 35 50 Yes No 20.0 Yes No No Yes No No No No 4.3 8.7 Madagascar Yes 24 37.9 0.56 Yes 6 30 40 No No 24.0 Yes No No Yes Yes No Yes Yes 3.4 8.9 08:01 PM in Washington, DC. Malawi Yes No Limit 30.4 0.56 Yes 6 0 100 No No 15.0 Yes Yes No Yes No No No No 4.3 12.3 Malaysia No No limit 0.0 0.00 Yes 6 0 0 No No 13.3 Yes No No Yes No No No No 6.7 17.2 Maldives No 24 0.0 0.00 Yes 6 0 50 No No 30.0 Yes No No No No No No No 5.8 0.0 Mali Yes 72 14.9 0.16 Yes 6 0 0 No No 22.0 Yes Yes No Yes No No Yes Yes 4.3 9.3 Marshall Islands No No limit 0.0 0.00 Yes 7 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0 Mauritania No 24 74.5 0.49 Yes 6 100 50 Yes No 18.0 Yes Yes No Yes No No Yes Yes 4.3 6.1 DOING BUSINESS 2012 Mauritius No No limit 170.5 0.19 Yes 6 0 100 No No 22.0 Yes Yes No Yes No No No No 4.3 6.3 Mexico Yes No limit 121.6 0.10 Yes 6 0 25 Yes No 12.0 Yes Yes Yes Yes Yes No Yes Yes 0.0 22.0 Micronesia, Fed. Sts. No No limit 227.3 0.60 Yes 7 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0 Moldova Yes No limit 91.3 0.44 Yes 6 50 100 Yes Yes 20.0 Yes Yes No Yes No Yes Yes No 8.7 13.9 Mongolia No No limit 95.6 0.42 Yes 5 0 50 No No 16.0 Yes No No No No No No No 4.3 4.3 144 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media 145 use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, EMPLOYING WORKERS DATA Employing workers data Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Priority rules for reemployment? Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Retraining or reassignment? f Notice period for redundancy Premium for work on weekly Dismissal due to redundancy dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to apprentice (US$/month) b 9 workers are dismissed? 9 workers are dismissed? Third-party notification if Third-party notification if 19-year-old worker or an Premium for night work value added per worker weekly holiday work? d 1 worker is dismissed? 1 worker is dismissed? Third-party approval if Third-party approval if for permanent tasks? Minimum wage for a Major restrictions on contracts (months) a Maximum working (% of hourly pay) d Paid annual leave Major restrictions on night work? d allowed by law? (working days) e days per week Montenegro No No limit 303.9 0.37 Yes 6 40 0 No No 19.0 Yes No No No No Yes Yes No 2.1 26.0 Morocco Yes 12 246.5 0.69 Yes 6 0 0 No Yes 19.5 Yes No No Yes Yes Yes Yes Yes 7.2 13.5 Mozambique Yes 72 80.5 1.16 Yes 6 0 100 No Yes 21.3 Yes Yes No Yes No No No No 4.3 36.8 Namibia No No limit 0.0 0.00 Yes 6 6 100 No Yes 20.0 Yes Yes No Yes No No No No 4.3 5.3 Nepal Yes No limit 57.0 0.83 Yes 6 0 50 No No 18.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 22.9 Netherlands No 36 1,041.5 0.17 Yes 5.5 0 0 Yes Yes 20.0 Yes Yes Yes Yes Yes Yes Yes No 8.7 0.0 New Zealand No No limit 1,379.3 0.41 Yes 7 0 0 No No 20.0 Yes No No No No Yes No No 0.0 0.0 Nicaragua No No limit 132.8 0.89 Yes 6 0 100 Yes Yes 30.0 Yes No No No No No No No 0.0 14.9 Niger Yes 24 59.6 0.96 No 6 38 0 No No 22.0 Yes Yes No Yes No Yes Yes Yes 4.3 5.8 Nigeria No No limit 126.5 0.70 Yes 6 0 0 No No 20.0 Yes No No Yes No No Yes No 4.0 12.2 Norway Yes 48 3,608.9 0.34 Yes 6 0 0 Yes Yes 21.0 Yes No No No No Yes Yes Yes 8.7 0.0 Oman No No Limit 506.9 0.21 Yes 6 50 100 No No 18.3 Yes No No No No No No No 4.3 0.0 Pakistan Yes 9 41.8 0.28 Yes 6 0 100 No Yes 14.0 Yes No No No No Yes Yes Yes 4.3 22.9 Palau No No Limit 474.5 0.56 Yes 7 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0 Panama Yes 12 370.6 0.41 Yes 6 0 50 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes No 0.0 19.0 Papua New Guinea No No Limit 116.4 0.62 Yes 6 0 0 No No 11.0 Yes No No No No No No No 3.3 9.2 Paraguay Yes No Limit 191.9 0.48 Yes 6 30 100 Yes No 20.0 Yes Yes Yes Yes Yes No No Yes 7.5 18.6 08:01 PM in Washington, DC. Peru Yes 60 200.3 0.33 Yes 6 35 100 No No 13.0 Yes Yes Yes Yes Yes No No Yes 0.0 11.4 Philippines Yes No limit 181.6 0.66 Yes 6 10 30 No No 5.0 Yes Yes No Yes No No Yes No 4.3 23.1 Poland No 24 386.2 0.27 Yes 6 20 100 No No 22.0 Yes No No No No Yes Yes Yes 10.1 0.0 Portugal Yes 36 789.6 0.29 Yes 6 25 100 No Yes 22.0 Yes Yes No Yes No Yes Yes Yes 7.9 26.0 Puerto Rico (U.S.) No No Limit 1,256.7 0.58 Yes 7 0 100 No No 15.0 Yes No No No No No Yes Yes 0.0 0.0 Qatar No No limit 0.0 0.00 Yes 6 0 0 No No 22.0 Yes No No No No No No No 7.2 16.0 Romania Yes 36 222.9 0.24 Yes 5 25 100 No No 20.0 Yes No No No No Yes Yes Yes 4.0 4.3 Russian Federation Yes 60 139.0 0.12 Yes 6 20 100 No No 22.0 Yes Yes No Yes No Yes Yes No 8.7 8.7 Rwanda No No limit 18.5 0.23 Yes 6 0 0 No No 19.3 Yes No No No No No Yes No 4.3 8.7 Samoa No No Limit 131.7 0.30 Yes 6 0 100 No No 10.0 Yes No No No No No No No 5.8 0.0 São Tomé and Príncipe Yes 36 0.0 0.00 No 6 25 100 No Yes 26.0 Yes Yes Yes Yes Yes No No Yes 4.3 26.0 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, Employing workers data Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Priority rules for reemployment? Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Retraining or reassignment? f Notice period for redundancy Premium for work on weekly Dismissal due to redundancy dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to apprentice (US$/month) b 9 workers are dismissed? 9 workers are dismissed? Third-party notification if Third-party notification if 19-year-old worker or an Premium for night work value added per worker weekly holiday work? d 1 worker is dismissed? 1 worker is dismissed? Third-party approval if Third-party approval if for permanent tasks? Minimum wage for a Major restrictions on contracts (months) a Maximum working (% of hourly pay) d Paid annual leave Major restrictions on night work? d allowed by law? (working days) e days per week Saudi Arabia No No limit 0.0 0.00 Yes 6 0 0 No No 20.7 Yes No No No No No No No 4.3 15.2 Senegal Yes 48 77.3 0.48 Yes 6 38 0 No Yes 24.3 Yes Yes No Yes No Yes Yes Yes 3.2 10.5 Serbia Yes 12 188.0 0.26 Yes 6 26 26 No No 20.0 Yes No No No No Yes Yes Yes 0.0 7.7 Seychelles Yes No limit 337.2 0.27 Yes 6 0 100 No No 21.0 Yes Yes Yes Yes Yes No No No 4.3 9.1 Sierra Leone Yes No limit 10.7 0.21 Yes 5 15 0 No No 21.7 Yes Yes No Yes No Yes Yes Yes 8.7 34.8 Singapore No No limit 0.0 0.00 Yes 6 0 100 No No 10.7 Yes No No No No No No No 3.0 0.0 Slovak Republic No 24 429.2 0.23 Yes 6 20 0 No No 25.0 Yes Yes No Yes No Yes No No 11.6 11.6 Slovenia Yes 24 1,038.0 0.37 Yes 6 30 50 No Yes 21.0 Yes No No No No Yes Yes Yes 5.7 5.7 Solomon Islands No No limit 96.2 0.65 Yes 6 0 0 No No 15.0 Yes Yes No Yes No No No No 4.3 10.7 South Africa Yes No limit 543.1 0.69 Yes 6 0 100 Yes No 15.0 Yes Yes No Yes No Yes No No 4.0 5.3 Spain Yes 12 1,044.0 0.27 Yes 5.5 25 0 Yes Yes 22.0 Yes Yes No Yes No No No No 2.1 15.2 Sri Lanka No No limit 35.6 0.13 Yes 5.5 0 50 No Yes 14.0 Yes Yes Yes Yes Yes No Yes No 4.3 54.2 St. Kitts and Nevis No No limit 505.1 0.39 Yes 7 0 0 No No 14.0 Yes No No No No No No Yes 8.7 0.0 St. Lucia No No limit 0.0 0.00 Yes 6 0 150 No No 21.0 Yes No No No No No No No 3.7 9.3 St. Vincent and the No No Limit 173.5 0.28 Yes 6 0 0 No No 19.3 Yes No No Yes No No No Yes 4.0 10.0 Grenadines Sudan No 48 79.4 0.43 Yes 6 0 0 No No 23.3 Yes Yes Yes Yes Yes No No No 4.3 21.7 08:01 PM in Washington, DC. Suriname No No limit 0.0 0.00 Yes 6 0 100 No No 16.0 Yes Yes Yes Yes Yes No No No 0.0 8.8 Swaziland No No limit 83.7 0.22 Yes 5.5 0 0 No No 11.0 Yes No No Yes No No Yes No 5.9 8.7 Sweden No 24 0.0 0.00 Yes 5.5 0 0 No Yes 25.0 Yes No No Yes No Yes Yes Yes 14.4 0.0 Switzerland No 120 0.0 0.00 Yes 6 0 0 No No 20.0 Yes No No No No No No No 10.1 0.0 Syrian Arab Republic No 60 205.8 0.58 Yes 6 0 100 No Yes 21.7 Yes Yes Yes Yes Yes No No No 8.7 0.0 Taiwan, China Yes 12 561.2 0.26 Yes 6 0 100 No No 12.0 Yes Yes No Yes No Yes No Yes 3.8 18.8 DOING BUSINESS 2012 Tajikistan Yes No limit 18.1 0.17 No 6 0 100 Yes No 23.3 Yes Yes No Yes No Yes Yes No 8.7 6.9 Tanzania Yes 0 58.9 0.70 Yes 6 5 100 No No 20.0 Yes Yes Yes Yes Yes No No No 4.0 5.3 Thailand Yes No limit 79.5 0.16 Yes 6 0 0 No No 6.0 Yes No No No No No No No 4.3 31.7 Timor-Leste Yes No limit 0.0 0.00 Yes 6 0 100 No No 12.0 Yes Yes Yes Yes Yes No No No 4.3 0.0 Togo Yes 48 59.7 0.92 Yes 6 38 60 No No 30.0 Yes Yes No Yes No No Yes Yes 4.3 7.3 146 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media 147 use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, EMPLOYING WORKERS DATA Employing workers data Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Priority rules for reemployment? Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Retraining or reassignment? f Notice period for redundancy Premium for work on weekly Dismissal due to redundancy dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to apprentice (US$/month) b 9 workers are dismissed? 9 workers are dismissed? Third-party notification if Third-party notification if 19-year-old worker or an Premium for night work value added per worker weekly holiday work? d 1 worker is dismissed? 1 worker is dismissed? Third-party approval if Third-party approval if for permanent tasks? Minimum wage for a Major restrictions on contracts (months) a Maximum working (% of hourly pay) d Paid annual leave Major restrictions on night work? d allowed by law? (working days) e days per week Tonga No No limit 0.0 0.00 Yes 6 0 0 No Yes 0.0 Yes No No No No No No No 0.0 0.0 Trinidad and Tobago No No limit 0.0 0.00 Yes 6 0 100 No No 10.0 Yes No No Yes No No Yes No 6.4 14.1 Tunisia No 48 115.9 0.24 Yes 6 0 0 No No 13.0 Yes Yes Yes Yes Yes Yes Yes Yes 4.3 7.8 Turkey Yes No limit 550.6 0.47 Yes 6 0 100 Yes No 18.0 Yes No No No No Yes No Yes 6.7 23.1 Uganda No No limit 2.9 0.03 Yes 6 0 0 No No 21.0 Yes No No No No No No No 8.7 0.0 Ukraine Yes No limit 122.5 0.34 No 5.5 20 100 No No 18.0 Yes Yes No Yes No Yes Yes Yes 8.7 4.3 United Arab Emirates No No limit 0.0 0.00 Yes 6 0 50 No Yes 26.0 Yes No No No No No No No 4.3 0.0 United Kingdom No No limit 1,655.0 0.34 Yes 6 0 0 No No 28.0 Yes No No No No No No No 5.3 2.7 United States No No limit 1,242.6 0.21 Yes 6 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0 Uruguay Yes No limit 294.1 0.21 Yes 6 0 100 No No 21.0 Yes No No No No No No No 0.0 20.8 Uzbekistan Yes 60 29.0 0.18 Yes 6 50 100 Yes No 15.0 Yes No No Yes No Yes Yes No 8.7 13.0 Vanuatu No No limit 254.0 0.64 Yes 6 75 50 No No 15.0 Yes No No No No No No No 9.3 23.1 Venezuela, RB g Yes 24 303.5 0.20 Yes 6 30 50 Yes No 19.3 No n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Vietnam No 72 49.9 0.37 Yes 6 30 100 No No 13.0 Yes No No Yes Yes Yes Yes No 0.0 23.1 West Bank and Gaza No 24 0.0 0.00 Yes 6 0 150 Yes Yes 18.0 Yes Yes No Yes No No No No 4.3 23.1 Yemen, Rep. No No limit 74.9 0.46 Yes 6 15 100 No No 30.0 Yes Yes No Yes No No No Yes 4.3 23.1 Zambia No No limit 91.5 0.52 Yes 5.5 4 100 No No 24.0 Yes Yes No Yes No No No No 4.3 46.2 08:01 PM in Washington, DC. Zimbabwe No No limit 74.9 1.09 Yes 6 0 0 No No 22.0 Yes Yes Yes Yes Yes Yes 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. EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. 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 The team is grateful for valuable comments pro- expertise and generous input of a network of more vided by colleagues across the World Bank Group than 9,000 local partners, including legal experts, and for the guidance of World Bank Group Executive business consultants, accountants, freight forward- Directors. It would especially like to acknowledge the ers, government officials and other professionals comments and guidance of Aart C. Kraay. Comments routinely administering or advising on the relevant were also received from Alejandro Alvarez de la legal and regulatory requirements in the 183 econo- Campa, Sudeshna Ghosh Banerjee, Alexander Berg, mies covered. Contact details for local partners are Lada Busevac, Dobromir Christow, Fabrizio Fraboni, available on the Doing Business website at http://www Jose Maria Garrido, Heike Gramkow, Akvile Gropper, .doingbusiness.org. Olivier Hartmann, Neville Howlett, Dahlia Khalifa, Arvo Kuddo, Charles Kunaka, Oscar Madeddu, Doing Business 2012 was prepared by a team led Andres Federico Martinez, Tadatsugu Matsudaira, by Sylvia Solf, Neil Gregory (through March 2011) Gerard McLinden, Andrei Mikhnev, Nina Mocheva, and Augusto Lopez Claros (from April 2011) under Riz Mokal, Fredesvinda Fatima Montes Herraiz, the general direction of Janamitra Devan. The team Thomas Moullier, Monica Alina Mustra, Jean Denis comprised Beatriz Mejia Asserias, Andres Baquero Pesme, Maria Teresa Goodman Pincetich, Colin Franco, Karim O. Belayachi, Iryna Bilotserkivska, Ewell Wesley Raymond, Francesca Recanatini, Shalini Mariana Carvalho, Maya Choueiri, Santiago Croci, Sankaranarayanan, Raha Shahidsaless, Peter Douglas Fernando Dancausa Diaz, Marie-Lily Delion, Raian Sheerin, Victoria Stanley, Susan Symons, Ignacio Jose Divanbeigi, Alejandro Espinosa-Wang, Margherita Tirado, Mahesh Uttamchandani, Barry Raymond Fabbri, Caroline Frontigny, Carolin Geginat, Cemile Walsh and Ulrich Matthias Zeisluft. Hacibeyoglu, Jamal Haidar, Betina Hennig, Sabine Hertveldt, Hussam Hussein, Joyce Ibrahim, Fakhriyar Oliver Hart and Andrei Shleifer provided academic Jabbarov, Ludmila Jantuan, Nan Jiang, Hervé Kaddoura, advice on the project. The paying taxes project was Nadezhda Lissogor, Jean Michel Lobet, Jean-Philippe conducted in collaboration with PwC, led by Robert Lodugnon-Harding, Valerie Erica Marechal, Frédéric Morris. The development of the getting electricity Meunier, Robert Murillo, Joanna Nasr, Nuria de Oca, indicators was financed by the Norwegian Trust Fund. Mikiko Imai Ollison, Pilar Salgado-Otónel, Valentina The governments of Korea, FYR Macedonia, Mexico Saltane, Lucas Seabra, Paula Garcia Serna, Anastasia and the United Kingdom commented on the economy Shegay, Jayashree Srinivasan, Susanne Szymanski, Tea case studies. Trumbic, Marina Turlakova, Julien Vilquin and Yasmin Zand. Donny Eryastha, Rong Li, Justin Liang, Chang Alison Strong copyedited the manuscript. Corporate Liu, Yukihiro Nakamura, Alexandre Revia, Fang Xia and Vision, Inc. designed the report and the graphs. Beijing Zhu assisted in the months before publication. Quotations in this report are from Doing Business local The online service of the Doing Business database is partners unless otherwise indicated. The names of managed by Preeti Endlaw, Graeme Littler, Kunal H. those wishing to be acknowledged individually are Patel, Vinod Thottikkatu and Hashim Zia. The Doing listed below. The global and regional contributors Business 2012 report media and marketing strategy is listed are firms that have completed multiple surveys managed by Nadine Ghannam. The events and road- in their various offices around the world. show strategy is managed by Jamile Ramadan. ACKNOWLEDGMENTS 149 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. GLOBAL CONTRIBUTORS Farah Siddiq Ilir Johollari Branka Achari-Djokic ALLEN & OVERY LLP MAVERICK ENTREPRISES HOXHA, MEMI & HOXHA BANQUE D’ALGÉRIE BAKER & MCKENZIE Qasem Toddaye Neritan Kallfa Samina Allam USAID ECONOMIC GROWTH AND TONUCCI & PARTNERS NOTARY BOUCHALI CLEARY GOTTLIEB STEEN & HAMILTON LLP GOVERNANCE INITIATIVE Erlind Kodhelaj Mohamed Atbi ERNST & YOUNG Gulrahman Totakhail BOGA & ASSOCIATES ETUDE NOTARIALE MOHAMED ATBI IUS LABORIS, ALLIANCE OF LABOR, EMPLOYMENT, BENEFITS AND PENSIONS LAW FIRMS USAID ECONOMIC GROWTH AND Sabina Lalaj Djamila Azzouz GOVERNANCE INITIATIVE KPMG BOGA & ASSOCIATES CABINET D’AUDIT AZZOUZ, Shah Wali Wardak CORRESPONDENT OF RUSSELL BEDFORD LAW SOCIETY OF ENGLAND AND WALES Fatos Lazimi BARRISTER OFFICE INTERNATIONAL KALO & ASSOCIATES LEX MUNDI, ASSOCIATION OF INDEPENDENT LAW FIRMS Najibullah Wardak Mohammed Salim Azzouz Renata Leka PANALPINA LARA CABINET D’AUDIT AZZOUZ, BOGA & ASSOCIATES CORRESPONDENT OF RUSSELL BEDFORD PWC Abdul Fatah Waziry Petrit Malaj INTERNATIONAL CIVIL ENGINEER RAPOSO BERNARDO & ASSOCIADOS P.B.M. LTD., MEMBER OF RUSSELL BEDFORD Khodja Bachir Mohammadi Khan Yaqoobi INTERNATIONAL RUSSELL BEDFORD INTERNATIONAL SNC KHODJA & CO. DA AFGHANISTAN BANK Dorjana Maliqi SDV INTERNATIONAL LOGISTICS Hassan Djamel Belloula Badruddin Yasini A&B BUSINESS CONSULTING CABINET BELLOULA TOBOC INC. DA AFGHANISTAN BANK Evis Melonashi (Zaja) Nabil Belloula Abdul Salam Zahed OPTIMA LEGAL AND FINANCIAL CABINET BELLOULA REGIONAL CONTRIBUTORS AFGHANISTAN INVESTMENT SUPPORT Andi Memi A.P. MOLLER-MAERSK GROUP AGENCY Tayeb Belloula HOXHA, MEMI & HOXHA CABINET BELLOULA EAST AFRICA LAW SOCIETY Mir Nasiruddin Ziwari Dairida Metalia APPEAL COURT OF KABUL Adnane Bouchaib GARCÍA & BODÁN PWC ALBANIA BOUCHAIB LAW FIRM GLOBALINK TRANSPORTATION & LOGISTICS WORLDWIDE LLP ALBANIA Aigest Milo Bouchali KALO & ASSOCIATES KUEHNE + NAGEL LTD. NOTARY BOUCHALI GRATA LAW FIRM Blerta Nesho MANETCI (MANE TRADING Amine Bouhaddi IKRP ROKAS & PARTNERS WOLF THEISS CONSTRUCTION & INVESTMENT) ENTREPRISE BOUHADDI PRIVATE INVESTORS FOR AFRICA (PIA) Loreta Peci Iris Ago Said Dib SALANS INTERNATIONAL LAW FIRM PWC ALBANIA A&B BUSINESS CONSULTING BANQUE D’ALGÉRIE Florian Piperi TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Artur Asllani Arezki Djadour OPTIMA LEGAL AND FINANCIAL TONUCCI & PARTNERS GIDE LOYRETTE NOUEL, MEMBER OF LEX TRANSUNION INTERNATIONAL Laura Qorlaze MUNDI Sabina Baboci WOLF THEISS AVANNTIVE CONSULTING SH.P.K. KALO & ASSOCIATES Brahim Embouazza Artila Rama MCDCONSULTING AFGHANISTAN Gulya Kolakova Redjan Basha BOGA & ASSOCIATES ARROW GENERAL SUPPLIES COMPANY A&B BUSINESS CONSULTING Halim Faidi Taqi Ahmad A.F. FERGUSONS & CO. Loriana Robo STUDIO A Prakash LB Ledia Beçi KALO & ASSOCIATES USAID HOXHA, MEMI & HOXHA Nicolas Granier Naseem Akbar AFGHANISTAN INVESTMENT SUPPORT Anisa Rrumbullaku LANDWELL & ASSOCIÉS Zahoor Malla Alban Bello AGENCY KALO & ASSOCIATES GLOBALINK LOGISTICS GROUP KPMG ALBANIA SHPK Mohamed El-Amine Haddad Mohammad Zarif Alam Stanikzai Ergis Sefa CABINET AVOCAT AMINE HADDAD Immamudin Masaheb Jona Bica AFGHAN BAR ASSOCIATION ERG, LLC MASAHEB BARRISTER OFFICE KALO & ASSOCIATES Sakina Haddad Mirwais Alami Enkelejd Seitllari CRÉDIT POPULAIRE D’ALGERIE Zabihullah Modaser Artan Bozo DA AFGHANISTAN BRESHNA SHERKAT KALO & ASSOCIATES USAID ECONOMIC GROWTH AND BOZO & ASSOCIATES LAW FIRM Samir Hamouda GOVERNANCE INITIATIVE Ardjana Shehi CABINET D’AVOCATS SAMIR HAMOUDA Ziaullah Astana Ilir Daci AFGHAN LAND CONSULTING ORGANIZATION KALO & ASSOCIATES Tali Mohammed OPTIMA LEGAL AND FINANCIAL Imendassen (ALCO) AFGHANISTAN INVESTMENT SUPPORT Gentian Sinani NOTARY IMENDASSEN Sajmir Dautaj AGENCY A&B BUSINESS CONSULTING Tor Bahdrey TONUCCI & PARTNERS Nabila Kerri PROPERTY CONSULTING AFGHANISTAN Shekeeb Nessar Majlinda Sulstarova PALATINE INTERNATIONAL SERVICES Dael Dervishi DA AFGHANISTAN BRESHNA SHERKAT TONUCCI & PARTNERS Katherine Blanchette OPTIMA LEGAL AND FINANCIAL Goussanem Khaled DELOITTE CONSULTING LLP Gul Pacha Besa Tauzi LAW FIRM GOUSSANEM & ALOUI Erinda Duraj AFGHANISTAN INVESTMENT SUPPORT BOGA & ASSOCIATES Jay Doeden BOZO & ASSOCIATES LAW FIRM Samy Laghouati AGENCY DELOITTE CONSULTING LLP Paul Tobin GIDE LOYRETTE NOUEL, MEMBER OF LEX Sokol Elmazaj Abdullah Dowrani Hussain Rahmani PWC BULGARIA MUNDI BOGA & ASSOCIATES ARAZI FINANCIAL DISPUTES RESOLUTION Ketrin Topçiu Mohamed Lanouar Alba Fagu COMMISSION (FDRC) Tamsil Rashid BOZO & ASSOCIATES LAW FIRM LEFÈVRE PELLETIER & ASSOCIÉS BANK OF ALBANIA AFGHANISTAN INTERNATIONAL BANK Khan Hadawal Ened Topi Karine Lasne Lorena Gega BANK MILLE AFGHAN Mudassir Rizwan BOGA & ASSOCIATES LANDWELL & ASSOCIÉS PWC ALBANIA A.F. FERGUSONS & CO. Zabiullah Hamdard Fioralba Trebicka Vincent Lunel Irsida Gjino AHMAD JAVED Abdul Sami Saber HOXHA, MEMI & HOXHA LEFÈVRE PELLETIER & ASSOCIÉS KALO & ASSOCIATES DA AFGHANISTAN BANK Abdul Hanan Alketa Uruçi Ahmed Mekerba Aurela Gjokutaj AFGHAN LAND CONSULTING ORGANIZATION Ahmad Javed Sadeqi BOGA & ASSOCIATES GHELLAL & MEKERBA (ALCO) AL-TAX STUDIO DELOITTE CONSULTING LLP Gerhard Velaj Tahar Melakhessou Eduart Gjokutaj Abdul Wassay Haqiqi Zakaria Sahibzada BOGA & ASSOCIATES NOTAIRE MELAKHESSOU HAQIQI AUDITING & CONSULTING CO. AL-TAX STUDIO ARROW GENERAL SUPPLIES COMPANY Silva Velaj Narimane Naas Valbona Gjonçari Saduddin Haziq Abdul Saleem BOGA & ASSOCIATES GIDE LOYRETTE NOUEL, MEMBER OF LEX AFGHAN UNITED BANK BOGA & ASSOCIATES USAID ECONOMIC GROWTH AND MUNDI Aspasi Xhori GOVERNANCE INITIATIVE Emel Haxhillari Rashid Ibrahim CEZ SHPERNDARJE SH.A Hassane Nait Ibrahim A.F. FERGUSONS & CO. KALO & ASSOCIATES Richard Scarth UNIVERSAL TRANSIT Selena Ymeri PROPERTY CONSULTING AFGHANISTAN Eljon Hila Sanzar Kakar HOXHA, MEMI & HOXHA Fares Ouzegdouh AFGHANISTAN FINANCIAL SERVICES, LLC BOZO & ASSOCIATES LAW FIRM Shafiqullah Seddiqi BÉJAIA MEDITERRANEAN TERMINAL Enida Zeneli Blerina Hilaj Maryam Kargar Khalil Sediq BOZO & ASSOCIATES LAW FIRM Aloui Salima USAID ECONOMIC GROWTH AND A&B BUSINESS CONSULTING AFGHANISTAN INTERNATIONAL BANK LAW FIRM GOUSSANEM & ALOUI GOVERNANCE INITIATIVE Shpati Hoxha ALGERIA Sharifullah Shirzad Mourad Seghir Mohammed Masood Khwaja HOXHA, MEMI & HOXHA DA AFGHANISTAN BANK Chafika Abdat GHELLAL & MEKERBA DA AFGHANISTAN BRESHNA SHERKAT Elona Hoxhaj CABINET D’AVOCATS SAMIR HAMOUDA Benabid Mohammed Tahar BOGA & ASSOCIATES CABINET MOHAMMED TAHAR BENABID 150 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Nabiha Zerigui Joy Dublin Ignacio Fernández Borzese Martín Gastaldi Guillermo Pavan CABINET D’AVOCATS SAMIR HAMOUDA JAMES & ASSOCIATES LUNA REQUENA & FERNÁNDEZ BORZESE ESTUDIO BECCAR VARELA BRONS & SALAS ABOGADOS TAX LAW FIRM Vernon Edwards Jr. Javier M. Gattó Bicain Angel Pereira ANGOLA FREIGHT FORWARDING & DECONSOLIDATING Mariano Bourdieu CANDIOTI GATTO BICAIN MARVAL, O’FARRELL & MAIRAL, MEMBER BANCO NACIONAL DE ANGOLA SEVERGNINI ROBIOLA GRINBERG & OCANTOS OF LEX MUNDI Gilbert Findlay & LARRECHEA EDEL-EP KPMG María Soledad Gonzalez Javier Martín Petrantonio Nicolás Bühler MARVAL, O’FARRELL & MAIRAL, MEMBER M. & M. BOMCHIL F. CASTELO BRANCO & ASSOCIADOS Ann Henry HOPE, DUGGAN & SILVA OF LEX MUNDI HENRY & BURNETTE Juan Pedro Pomes José Rodrigues Alentejo Luis Bullrich Laura González HOPE, DUGGAN & SILVA CÂMARA DE COMÉRCIO E INDÚSTRIA DE Cecile Hill NICHOLSON Y CANO ABOGADOS QUATTRINI, LAPRIDA ANGOLA LAND REGISTRY Luis Ponsati & ASOCIADOS Iván Burín J.P. O’FARRELL ABOGADOS Sika Awoonor Sherelyn Hughes Thomas ZANG, BERGEL & VIÑES ABOGADOS Matías Grinberg GLOBAL CHOICE SERVICES LLC ANTIGUA AND BARBUDA INVESTMENT José Miguel Puccinelli SEVERGNINI ROBIOLA GRINBERG AUTHORITY Adriana Estefanía Camaño ESTUDIO BECCAR VARELA Fernando Barros & LARRECHEA CANOSA ABOGADOS PWC ANGOLA Alfred McKelly James Julio Alberto Pueyrredón JAMES & ASSOCIATES Javier Canosa Eduardo Guglielmini PRICEWATERHOUSECOOPERS JURÍDICO Alain Brachet CANOSA ABOGADOS Sandra S. Guillan FISCAL S.R.L SDV LOGISTICS Lisa M. John Weste THOMAS, JOHN & CO. Federico Carenzo DE DIOS & GOYENA ABOGADOS Juan Manuel Quintana Pedro Calixto CONSULTORES LEONHARDT, DIETL, GRAF ZANG, BERGEL & VIÑES ABOGADOS PWC ANGOLA Hugh C. Marshall & VON DER FECHT Daniel Intile MARSHALL & CO. Federico José Reibestein Anacleta Cipriano DANIEL INTILE & ASSOC., MEMBER OF Mariano E. Carricart REIBESTEIN ASOCIADOS FBL ADVOGADOS Girvan Pigott RUSSELL BEDFORD INTERNATIONAL FORNIELES LAW FIRM ANTIGUA PUBLIC UTILITY AUTHORITY Flavia Ríos Patricia Dias Martín Jebsen Gustavo Casir J.P. O’FARRELL ABOGADOS AVM ADVOGADOS Marsha Prince-Thomas JEBSEN & CO. QUATTRINI, LAPRIDA PWC ANTIGUA Sebastián Rodrigo Lourdes Caposso Fernandes & ASOCIADOS Santiago Laclau ALFARO ABOGADOS LOURDES CAPOSSO FERNANDES & Septimus A. Rhudd MARVAL, O’FARRELL & MAIRAL, MEMBER Agustín Castro Bravo ASSOCIADOS RHUDD & ASSOCIATES OF LEX MUNDI Ignacio Rodriguez ESTUDIO BECCAR VARELA PWC ARGENTINA Sónia Neto Foreid Andrea Roberts Ernesto Leconte Luciano Cativa AVM ADVOGADOS ROBERTS & CO. MARVAL, O’FARRELL & MAIRAL, MEMBER Mariana Sanchez LUNA REQUENA & FERNÁNDEZ BORZESE OF LEX MUNDI QUATTRINI, LAPRIDA Victor Leonel Lesroy Samuel TAX LAW FIRM & ASOCIADOS ORDEM DOS ARQUITECTOS INTERNAL REVENUE DEPARTMENT Bastiana Locurscio Pablo L. Cavallaro RATTAGAN, MACCHIAVELLO AROCENA & Jorge Sanchez Diaz Paulette Lopes Lestroy Samuel ESTUDIO CAVALLARO ABOGADOS PEÑA ROBIROSA ABOGADOS ECOBAMBOO S.A. FBL ADVOGADOS ANTIGUA AND BARBUDA INVESTMENT Celeste Cicania AUTHORITY Alvaro Luna Requena Esteban Aguirre Saravia Teresinha Lopes ALLONCA ESQUIVEL ABOGADOS. LEGAL & LUNA REQUENA & FERNÁNDEZ BORZESE LUNA REQUENA & FERNÁNDEZ BORZESE FBL ADVOGADOS Cathrona Samuel BUSINESS CONSULTING TAX LAW FIRM TAX LAW FIRM ANTIGUA PUBLIC UTILITY AUTHORITY Joaquim Mahando Guadalupe Cores Dolores Madueño Rodrigo Solá Torino AVM ADVOGADOS Sharon Simmons QUATTRINI, LAPRIDA JEBSEN & CO. MARVAL, O’FARRELL & MAIRAL, MEMBER LAND REGISTRY & ASOCIADOS Manuel Malufuene OF LEX MUNDI ORDEM DOS ARQUITECTOS Patricia Simon-Forde Roberto H. Crouzel Rodrigo Marchan META Pablo Staszewski CHAMBERS PATRICIA SIMON-FORDE ESTUDIO BECCAR VARELA Vítor Marques da Cruz STASZEWSKI & ASOC. FCB&A IN ASSOCIATION WITH EDUARDO Denzil Solomon Valeria D’Alessandro Patricio Martin M. & M. BOMCHIL Maria Alejandra Stefanich VERA-CRUZ ADVOGADOS DEVELOPMENT CONTROL AUTHORITY MARVAL, O’FARRELL & MAIRAL, MEMBER MARVAL, O’FARRELL & MAIRAL, MEMBER OF LEX MUNDI Pablo Mastromarino Luis Miguel Nunes Arthur Thomas OF LEX MUNDI AVM ADVOGADOS THOMAS, JOHN & CO. Nicolás de Ezcurra ESTUDIO BECCAR VARELA Javier Tarasido ESTUDIO BECCAR VARELA Soledad Matteozzi Sofia Oliveira Cherissa Thomas SEVERGNINI ROBIOLA GRINBERG FBL ADVOGADOS ANTIGUA & BARBUDA BAR ASSOCIATION Ángeles del Prado ALFARO ABOGADOS & LARRECHEA ZANG, BERGEL & VIÑES ABOGADOS Pedro Mazer Eduardo Paiva Charles Walwyn Adolfo Tombolini PWC ANGOLA PWC ANTIGUA Carola Del Rio ALFARO ABOGADOS DANIEL INTILE & ASSOC., MEMBER OF SEVERGNINI ROBIOLA GRINBERG Julian Melis RUSSELL BEDFORD INTERNATIONAL Laurinda Prazeres Cardoso FBL ADVOGADOS ARGENTINA & LARRECHEA CANDIOTI GATTO BICAIN Martín Torres Girotti María Victoria Abudara Oscar Alberto del Río & OCANTOS M. & M. BOMCHIL Elisa Rangel Nunes M. & M. BOMCHIL CENTRAL BANK OF ARGENTINA José Oscar Mira ERN ADVOGADOS Marcelo Torterola Fernando Aguinaga Leonardo Damián Diaz CENTRAL BANK OF ARGENTINA QUATTRINI, LAPRIDA Cristina Teixeira ZANG, BERGEL & VIÑES ABOGADOS PRICEWATERHOUSECOOPERS JURÍDICO Jorge Miranda & ASOCIADOS PWC ANGOLA FISCAL S.R.L CLIPPERS S.A. Dolores Aispuru María Paola Trigiani N’Gunu Tiny PRICEWATERHOUSECOOPERS JURÍDICO Andrés Edelstein Enrique Monsegur ALFARO ABOGADOS CFRA ADVOGADOS ASSOCIADOS FISCAL S.R.L PWC ARGENTINA CLIPPERS S.A. Susana Urresti António Vicente Marques Lisandro A. Allende Joaquín Eppens Mariana Morelli EDESUR ELECTRICIDAD DISTRIBUIDORA AVM ADVOGADOS BRONS & SALAS ABOGADOS MURRAY, D´ANDRÉ & SIRITO DE ZAVALÍA ALFARO ABOGADOS SUR S.A. Filomena Victor María Florencia Angélico Juan M. Espeso Natalia Virginia Muller Emilio Beccar Varela ERN ADVOGADOS CANOSA ABOGADOS JEBSEN & CO. DE DIOS & GOYENA ABOGADOS ESTUDIO BECCAR VARELA ANTIGUA AND BARBUDA Natalia Artmann Diego Etchepare CONSULTORES Gustavo Vayo ALFARO ABOGADOS PWC ARGENTINA Pablo Murray HOPE, DUGGAN & SILVA CLARKE & CLARKE Vanesa Balda Domingo Fernandez y Rajo FIORITO MURRAY & DIAZ CORDERO Hernan Verly Vernon Bird VITALE, MANOFF & FEILBOGEN FERNANDEZ Y RAJO Y ASOCIADOS Miguel P. Murray ALFARO ABOGADOS SURVEY DEPARTMENT (MINISTRY OF AGRICULTURE, LANDS, HOUSING & THE Federico Martín Basile Diego M. Fissore MURRAY, D´ANDRÉ & SIRITO DE ZAVALÍA Paz Villamil ENVIRONMENT) M. & M. BOMCHIL G. BREUER Isabel Muscolo RATTAGAN, MACCHIAVELLO AROCENA & QUATTRINI, LAPRIDA & ASOCIADOS PEÑA ROBIROSA ABOGADOS Ricki Camacho Néstor J. Belgrano Alejandro D. Fiuza ANTIGUA & BARBUDA INTELLECTUAL M. & M. BOMCHIL MARVAL, O’FARRELL & MAIRAL, MEMBER Damián Mauricio Najenson Eduardo J. Viñales PROPERTY & COMMERCE (ABIPCO) OF LEX MUNDI ESTUDIO SPOTA FUNES DE RIOJA & ASOCIADOS, MEMBER Nicolás Belgrano OF IUS LABORIS Neil Coates M. & M. BOMCHIL Nicolás Fossatti Ingrid Nardelli PWC ANTIGUA SEVERGNINI ROBIOLA GRINBERG ALLONCA ESQUIVEL ABOGADOS. LEGAL & Silvana Wasersztrom Gabriela Bindi & LARRECHEA BUSINESS CONSULTING ZANG, BERGEL & VIÑES ABOGADOS Nicolette Doherty ZANG, BERGEL & VIÑES ABOGADOS NICOLETTE M. DOHERTY ATTORNEY AT Victoria Funes Alfredo Miguel O’Farrell Saúl Zang Sebastián Bittner LAW AND NOTARY PUBLIC M. & M. BOMCHIL MARVAL, O’FARRELL & MAIRAL, MEMBER ZANG, BERGEL & VIÑES ABOGADOS JEBSEN & CO. Terence Dornellas Ignacio Funes de Rioja OF LEX MUNDI Joaquín Emilio Zappa Pilar Etcheverry Boneo CONSOLIDATED MARITIME SERVICES FUNES DE RIOJA & ASOCIADOS, MEMBER Gonzalo Oliva Beltran J.P. O’FARRELL ABOGADOS MARVAL, O’FARRELL & MAIRAL, MEMBER OF IUS LABORIS RATTAGAN, MACCHIAVELLO AROCENA & Brian D’Ornellas OF LEX MUNDI Carlos Zima OBM INTERNATIONAL, ANTIGUA LTD. PEÑA ROBIROSA ABOGADOS PWC ARGENTINA ACKNOWLEDGMENTS 151 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. ARMENIA Hasmik Harutyunyan Armen Ter-Tachatyan Erica Henshilwood Alexander Brezman CENTRAL BANK OF ARMENIA PARADIGMA ARMENIA CJSC TER-TACHATYAN LEGAL AND BUSINESS MARQUE LAWYERS BINDER GRÖSSWANG RECHTSANWÄLTE CONSULTING GMBH ELECTRIC NETWORKS OF ARMENIA Davit Harutyunyan Eva Hucker PWC ARMENIA Lilit Tunyan BAKER & MCKENZIE Doris Buxbaum PUBLIC SERVICES REGULATORY COMMISSION “FINCA” UNIVERSAL CREDIT HEGER & PARTNER OF ARMENIA Isabella Hovhannisyan Ian Humphreys ORGANIZATION CJSC INVESTMENT LAW GROUP LLC BLAKE DAWSON Werner Christlbauer Mher Abrahamyan Artur Tunyan COLUMBUS CARGO INTERNATIONAL CENTRAL BANK OF ARMENIA Davit Iskandarian Stephen Jauncey JUDICIAL REFORM PROJECT SPEDITION GMBH HSBC BANK HENRY DAVIS YORK Armen Alaverdyan Araik Vardanyan Martin Eckel STATE REVENUE COMMITTEE OF THE Paruyr Jangulyan Doug Jones CHAMBER OF COMMERCE AND INDUSTRY OF E|N|W|C NATLACEN WALDERDORFF GOVERNMENT OF THE REPUBLIC OF MINISTRY OF ECONOMY OF ARMENIA CLAYTON UTZ, MEMBER OF LEX MUNDI THE REPUBLIC OF ARMENIA CANCOLA RECHTSANWÄLTE GMBH ARMENIA Artashes F. Kakoyan Morgan Kelly Tserun Voskanyan Agnes Eigner Sevak Alexanian INVESTMENT LAW GROUP LLC FERRIER HODGSON LIMITED ELECTRIC NETWORKS OF ARMENIA BRANDSTETTER PRITZ & PARTNER INVESTMENT LAW GROUP LLC Vahe G. Kakoyan Sanjay Kinger Liana Yordanyan Tibor Fabian Artak Arzoyan INVESTMENT LAW GROUP LLC AMERINDE CONSOLIDATED, INC. TER-TACHATYAN LEGAL AND BUSINESS BINDER GRÖSSWANG RECHTSANWÄLTE ACRA CREDIT BUREAU Arshak Karapetyan CONSULTING Przemek Kucharski GMBH Sedrak Asatryan INVESTMENT LAW GROUP LLC ALLENS ARTHUR ROBINSON Anush Zadoyan Julian Feichtinger CONCERN-DIALOG LAW FIRM Karen Khachaturyan GLOBAL SPC Peter Leonard CHSH CERHA HEMPEL SPIEGELFELD Musayan Ashot STATE COMMITTEE OF THE REAL PROPERTY GILBERT TOBIN HLAWATI Samuel Zakarian STATE COMMITTEE OF THE REAL PROPERTY CADASTRE GLOBAL SPC John Lobban Ferdinand Graf CADASTRE Karen Martirosyan BLAKE DAWSON GRAF & PITKOWITZ RECHTSANWÄLTE Karen Zakaryan Eduard Avetisyan AMERIA CJSC GMBH THE NASDAQ OMX GROUP ARMENIA John Martin KPMG Lilit Martirosyan THOMSON PLAYFORD Herbert Greinecker Robert Zakharyan Inessa Avzhiyan HOVNANIAN INTERNATIONAL LTD. PWC AUSTRIA TER-TACHATYAN LEGAL AND BUSINESS Mitchell Mathas GLOBAL SPC Lilit Matevosya CONSULTING Andreas Hable PWC ARMENIA Nathan Mattock BINDER GRÖSSWANG RECHTSANWÄLTE Sayad S. Badalyan Arman Zargaryan MARQUE LAWYERS GMBH INVESTMENT LAW GROUP LLC Armen Melkumyan STATE REVENUE COMMITTEE OF THE PRUDENCE LEGAL GOVERNMENT OF THE REPUBLIC OF Kylie McPherson Friedrich Helml Karapet Badalyan ARMENIA MARQUE LAWYERS SAXINGER, CHALUPSKY, WEBER PRUDENCE LEGAL Gurgen Migranovich Minasyan Stephanie Newton & PARTNERS Seda Baghdasaryan UNION OF BUILDERS OF ARMENIA AUSTRALIA PWC AUSTRALIA Herbert Herzig GLOBAL SPC Armen Mkoyan ALLEN & OVERY Maria Nicolof AUSTRIAN CHAMBER OF COMMERCE Anna Baghdasaryan ELITE GROUP FAYMAN INTERNATIONAL PTY. LTD. GILBERT TOBIN Meinrad Meinrad HÖfferer TER-TACHATYAN LEGAL AND BUSINESS Edward Mouradian CONSULTING Kylie Parker CHAMBER OF COMMERCE OF CARINTHIA PRUDENCE CJSC Zeallie Ainsworth CHANG, PISTILLI & SIMMONS LOGICCA CHARTERED ACCOUNTANTS Alexander Hofmann Vardan Bezhanyan Vahe Movsisyan LAW FACULTY, YEREVAN STATE UNIVERSITY Meredith Paynter RA DR. ALEXANDER HOFMANN, LL.M. INVESTMENT LAW GROUP LLC Matthew Allison VEDA ADVANTAGE MALLESONS STEPHEN JACQUES Alexander Isola Hovhannes Burmanyan Rajiv Nagri CORPORATE INTEGRAL SOLUTIONS LLC Mark Pistilli GRAF & PITKOWITZ RECHTSANWÄLTE GLOBALINK LOGISTICS GROUP Ameet Awasthi CHANG, PISTILLI & SIMMONS GMBH Peter Burnie AMERINDE CONSOLIDATED, INC. Nerses Nersisyan PWC KAZAKHSTAN Michael Quinlan Rudolf Kaindl PWC ARMENIA Rasa Baranauskaite ALLENS ARTHUR ROBINSON KOEHLER, KAINDL, DUERR & PARTNER, Vahe Chibukhchyan AMERINDE CONSOLIDATED, INC. Marianna Nikoghosyan CIVIL LAW NOTARIES MINISTRY OF ECONOMY OF ARMENIA GLOBAL SPC Lynda Brumm John Reid OFFICE OF STATE REVENUE, NSW Susanne Kappel Andrew Coxshall PWC AUSTRALIA Karen Petrosyan TREASURY KUNZ SCHIMA WALLENTIN KPMG INVESTMENT LAW GROUP LLC David Buda RECHTSANWÄLTE OG, MEMBER OF IUS RBHM COMMERCIAL LAWYERS Mitch Riley LABORIS Vahe Danielyan Vahe Petrosyan ALLENS ARTHUR ROBINSON MINISTRY OF ECONOMY OF ARMENIA LOGICON DEVELOPMENT LLC Joe Catanzariti Alexander Klauser CLAYTON UTZ, MEMBER OF LEX MUNDI Louise Rumble BRAUNEIS KLAUSER PRÄNDL Kristina Dudukchyan Anahit Petrosyan MARQUE LAWYERS RECHTSANWÄLTE GMBH KPMG PARADIGMA ARMENIA CJSC Fiona Chung ALLENS ARTHUR ROBINSON Tim Short Ulrike Koller Aikanush Edigaryan Naira Petrosyan GILBERT TOBIN PWC AUSTRIA TRANS-ALLIANCE PARADIGMA ARMENIA CJSC Gaibrielle Cleary GOULD RALPH PTY. LTD., MEMBER OF Mattew Speirs Rudolf Krickl Shoghik Gharibyan Apetnak Poghosyan RUSSELL BEDFORD INTERNATIONAL PWC AUSTRALIA PWC AUSTRIA KPMG CORPORATE INTEGRAL SOLUTIONS LLC Vanessa Coffey Amy Spira Peter Madl Vahe Ghavalyan Aram Poghosyan MALLESONS STEPHEN JACQUES ALLENS ARTHUR ROBINSON SCHOENHERR PARADIGMA ARMENIA CJSC GRANT THORNTON LLP Rachel Cornes Damian Sturzaker Patrick Mandl Hayk Ghazazyan Artak Poghosyan BLAKE DAWSON MARQUE LAWYERS BPV HÜGEL RECHTSANWÄLTE OG KPMG MINISTRY OF ECONOMY OF ARMENIA Tim Cox Nick Thomas Elena Martino Suren Gomtsyan Arman Porsughyan PWC AUSTRALIA CLAYTON UTZ, MEMBER OF LEX MUNDI LIMAR CONSULTING GMBH CONCERN-DIALOG LAW FIRM AMERIA CJSC Mark Dalby Simon Truskett Tanja Melber Tigran Grigoryan Gagik Sahakyan OFFICE OF STATE REVENUE, NSW CLAYTON UTZ, MEMBER OF LEX MUNDI GRAF & PITKOWITZ RECHTSANWÄLTE AMERIA CJSC AMERIA CJSC TREASURY David Twigg GMBH Andranik Grigoryan David Sargsyan Anne Davis ENERGYAUSTRALIA Wolfgang Messeritsch CENTRAL BANK OF ARMENIA AMERIA CJSC CLAYTON UTZ, MEMBER OF LEX MUNDI Craig Weston NATIONAL BANK OF AUSTRIA Sargis Grigoryan Ruben Shahmuradyan Jenny Davis W. T. EXPORTERS Elke Napokoj GPARTNERS R&V COMFORT ENERGYAUSTRALIA BPV HÜGEL RECHTSANWÄLTE OG Andrew Wheeler Armine Grigoryan Nelly Stepanyan Ian Farmer PWC AUSTRALIA Michael Podesser STATE COMMITTEE OF THE REAL PROPERTY PARADIGMA ARMENIA CJSC CADASTRE PWC AUSTRALIA Katarina Zlatar PWC AUSTRIA Aleqsey Suqoyan Joan Fitzhenry GILBERT TOBIN Narek Grigoryan COURT OF FIRST INSTANCE Barbara Pogacar STATE COMMITTEE OF THE REAL PROPERTY BAKER & MCKENZIE CADASTRE Hakob Tadevosyan Helen Foy AUSTRIA Martina Raczova GRANT THORNTON LLP GRAF & PITKOWITZ RECHTSANWÄLTE MARQUE LAWYERS AUSTRIAN REGULATORY AUTHORITY GMBH Sargis H. Martirosyan TRANS-ALLIANCE Altaf Tapia Mike Gooley Clemens Baerenthaler PWC GEORGIA Gottfried Schellmann MCKENZIE GROUP DLA PIPER WEISS-TESSBACH BRAUNEIS KLAUSER PRÄNDL Armine Hakobyan RECHTSANWÄLTE GMBH GLOBAL SPC Arsen Tavadyan Owen Hayford RECHTSANWÄLTE GMBH TER-TACHATYAN LEGAL AND BUSINESS CLAYTON UTZ, MEMBER OF LEX MUNDI Georg Brandstetter Monica Harutyunyan CONSULTING Georg Schima BRANDSTETTER PRITZ & PARTNER KUNZ SCHIMA WALLENTIN HSBC BANK Jason Henniker ENERGYAUSTRALIA RECHTSANWÄLTE OG, MEMBER OF IUS LABORIS 152 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Stephan Schmalzl Nigar Hajiyeva Tara Cooper Burnside Seema Isa Al-Thawadi Moin Ghani GRAF & PITKOWITZ RECHTSANWÄLTE BAKER & MCKENZIE - CIS, LIMITED HIGGS & JOHNSON MINISTRY OF MUNICIPALITIES & DR. KAMAL HOSSAIN & ASSOCIATES GMBH AGRICULTURE AFFAIRS. MUNICIPAL ONE Faig Huseynov Erica Culmer-Curry K M A Halim STOP SHOP Ernst Schmidt UNIBANK PWC BAHAMAS UPRIGHT TEXTILE SUPPORTS HALPERN & PRINZ Jawad Habib Jawad Ruhiyya Isayeva Makeba Darville Aneek Haque BDO JAWAD HABIB Christian Schuppich SALANS LENNOX PATON HAQUE & ASSOCIATES CHSH CERHA HEMPEL SPIEGELFELD Ebrahim Karolia Delara Israfilova Surinder Deal Kamal Hossain HLAWATI PWC BAHRAIN BM INTERNATIONAL LLC HIGGS & JOHNSON Franz Schwarzinger Ming Huey Lim Abdul Hye Vagif Karimli Craig G. Delancy BANK OF BANGLADESH REVISIONSTREUHAND, MEMBER OF RUSSELL PWC BAHRAIN BAKER & MCKENZIE - CIS, LIMITED THE COMMONWEALTH OF THE BAHAMAS, BEDFORD INTERNATIONAL Arif Imtiaz MINISTRY OF WORKS & TRANSPORT Saifuddin Mahmood Gunduz Karimov FM ASSOCIATES Benedikt Spiegelfeld HASSAN RADHI & ASSOCIATES BAKER & MCKENZIE - CIS, LIMITED John Delaney CHSH CERHA HEMPEL SPIEGELFELD Amir-Ul Islam HIGGS & JOHNSON Mohammed Mirza Abdul Hussain HLAWATI Natik Mamedov AMIR & AMIR LAW ASSOCIATES, MEMBER MINISTRY OF MUNICIPALITIES & BAKER & MCKENZIE Amos J. Ferguson Jr. OF LEX MUNDI Felix Steinlechner AGRICULTURE AFFAIRS. MUNICIPAL ONE FERGUSON ASSOCIATES & PLANNERS TECHNISCHES BÜRO FILOS Kamal Mamedzade STOP SHOP Seema Karim SALANS Wendy Forsythe AMIR & AMIR LAW ASSOCIATES, MEMBER Alexander Teutsch Eman Omar IMPORT EXPORT BROKERS LTD. OF LEX MUNDI GRAF & PITKOWITZ RECHTSANWÄLTE Javanshir Mammadov QAYS H. ZU’BI ATTORNEYS & LEGAL GMBH GRATA LAW FIRM Vann P. Gaitor CONSULTANTS Sohel Kasem HIGGS & JOHNSON A. QASEM & CO. Wolfgang Tichy Kamil Mammadov Hassan Ali Radhi SCHOENHERR MAMMADOV & PARTNERS LAW FIRM Audley Hanna, Jr HASSAN RADHI & ASSOCIATES Asif Khan HIGGS & JOHNSON A. QASEM & CO. Thomas Trettnak Faiq S. Manafov Najib Saade CHSH CERHA HEMPEL SPIEGELFELD UNIBANK Portia Nicholson ASAR – AL RUWAYEH & PARTNERS Amina Khatoon HLAWATI HIGGS & JOHNSON DOULAH & DOULAH ADVOCATES Daniel Matthews Mohamed Salahuddin Christoph Twaroch BAKER & MCKENZIE - CIS, LIMITED Michael L. Paton MOHAMED SALAHUDDIN CONSULTING Shahjahan Mia TECHNICAL UNIVERSITY VIENNA LENNOX PATON ENGINEERING BUREAU DHAKA ELECTRICITY SUPPLY COMPANY LTD. Aysu Memmedova Alexandra Vacek MINISTRY OF TAXES Castino D. Sands Thamer Salahuddin (DESCO) KSV 1870 LENNOX PATON MOHAMED SALAHUDDIN CONSULTING Nahid Monjur Farhad Mirzayev ENGINEERING BUREAU AMIR & AMIR LAW ASSOCIATES, MEMBER Birgit Vogt-Majarek BM INTERNATIONAL LLC Kevin Seymour KUNZ SCHIMA WALLENTIN PWC BAHAMAS Hamza Saleem OF LEX MUNDI Ruslan Mukhtarov RECHTSANWÄLTE OG, MEMBER OF IUS QAYS H. ZU’BI ATTORNEYS & LEGAL Eva Quasem LABORIS BM INTERNATIONAL LLC Everette B. Sweeting CONSULTANTS BAHAMAS ELECTRICITY CORPORATION AMIR & AMIR LAW ASSOCIATES, MEMBER Rauf Namazov OF LEX MUNDI Gerhard Wagner Ali Asghar Sheikh KSV 1870 MINISTRY OF TAXES Debi Williams ASAR – AL RUWAYEH & PARTNERS WILLIAMS LAW CHAMBERS Ahmedur Rahim Movlan Pashayev REGISTRAR, JOINT STOCK COMPANIES Anton Zeilinger Judith Tosh PWC AZERBAIJAN & FIRMS MINISTRY OF FINANCE BAHRAIN NORTON ROSE Naida Sadigova Al Amin Rahman AGILITY LOGISTICS Hatim S. Zu’bi AZERBAIJAN SALANS HATIM S. ZU’BI & PARTNERS FM ASSOCIATES ERNST & YOUNG ELECTRICITY & WATER AUTHORITY Leyla Safarova Habibur Rahman Sabit Abdullayev BAKER & MCKENZIE - CIS, LIMITED ERNST & YOUNG BANGLADESH THE LAW COUNSEL OMNI LAW FIRM Mustafa Salamov Noora Abdulla MULTI TRADE Nazmul Hasan Serneabat Aliagha Akhundov BM INTERNATIONAL LLC QAYS H. ZU’BI ATTORNEYS & LEGAL Md. Abdul Maleque Mian Abdullah PROTEX INTERNATIONAL BAKER & MCKENZIE - CIS, LIMITED CONSULTANTS BANK OF BANGLADESH Vakhid Saparov Imran Siddiq Rashid Aliyev GRATA LAW FIRM Najma AbdulRedha Hassan Zainul Abedin THE LAW COUNSEL BAKER & MCKENZIE - CIS, LIMITED MINISTRY OF MUNICIPALITIES & A. QASEM & CO. Emma Silyayeva Shahriar Syeed AGRICULTURE AFFAIRS. MUNICIPAL ONE Elnur Aliyev SALANS Ishrat Ahmed V-TEAC FASHION PVT LTD. STOP SHOP BHM BAKU LAW CENTRE LLC Yekaterina V. Kim AMIR & AMIR LAW ASSOCIATES, MEMBER Sabrina Zarin Amel Al Aseeri MICHAEL WILSON & PARTNERS LTD. OF LEX MUNDI Aykhan Asadov ZEENAT AL MANSOORI & ASSOCIATES AL AMIN SABRINA & ASSOCIATES BAKER & MCKENZIE - CIS, LIMITED Matlab Valiyev Sahahuddin Ahmed Faten Al Haddad PWC AZERBAIJAN DR. KAMAL HOSSAIN & ASSOCIATES BELARUS Anar Baghirov TALAL ABU-GHAZALEH LEGAL BHM BAKU LAW CENTRE LLC Kamil Valiyev (TAG-LEGAL) Afrin Akhter MINSK CABLE (ELECTRICAL) NETWORK STATE OIL COMPANY OF AZERBAIJAN A. QASEM & CO. NADEZNYI KONTAKT Samir Balayev Zeenat Al Mansoori UNIBANK REPUBLIC Sharmin Akter ZEENAT AL MANSOORI & ASSOCIATES Tatiana Aleksnina Ilkin Veliyev AMIR & AMIR LAW ASSOCIATES, MEMBER CHSH CERHA HEMPEL SPIEGELFELD Johanna Cronin Reem Al Rayes MINISTRY OF TAXES OF LEX MUNDI BHM BAKU LAW CENTRE LLC ZEENAT AL MANSOORI & ASSOCIATES HLAWATI Murad Yahyayev Tanjib-ul Alam Alexey Anischenko Zaur Fatizadeh Raju Alagarsamy UNIBANK DR. KAMAL HOSSAIN & ASSOCIATES SORAINEN & PARTNERS FLLC MINISTRY OF TAXES HASSAN RADHI & ASSOCIATES Mahmud Yusifli Md. Shafiul Alam Aleksandr Anisovitch Rashad Gafarov Ebtihal Al-Hashimi BAKER & MCKENZIE - CIS, LIMITED THE HONGKONG AND SHANGHAI BANKING PROMAUDIT PANALPINA CENTRAL ASIA EC BLACK AND MINISTRY OF MUNICIPALITIES & CORPORATION LTD. CASPIAN SEA AREA Ulvia Zeynalova-Bockin AGRICULTURE AFFAIRS. MUNICIPAL ONE Aleksander V. Antushevich SALANS STOP SHOP MD. Nurul Amin NATIONAL BANK OF THE REPUBLIC OF Sevil Gasimova DEVELOPMENT CONSTRUCTIONS LTD. BELARUS BAKER & MCKENZIE - CIS, LIMITED Nazim Ziyadov Haider Alnoaimi OMNI LAW FIRM MOHAMED SALAHUDDIN CONSULTING Mehedy Amin Kiryl Apanasevich Fidan Gayibova ENGINEERING BUREAU DEVELOPMENT CONSTRUCTIONS LTD. VLASOVA MIKHEL & PARTNERS BM INTERNATIONAL LLC BAHAMAS, THE Shaji Alukkal Saady Amin Rizvan Gubiyev Dmitry Arkhipenko GRAHAM, THOMPSON & CO. PANALPINA WORLD TRANSPORT LLP DEVELOPMENT CONSTRUCTIONS LTD. REVERA CONSULTING GROUP PWC AZERBAIJAN SUPREME COURT OF FREEPORT Michael Durgavich Jennifer Ashraf Vladimir G. Biruk Abbas Guliyev ASAR – AL RUWAYEH & PARTNERS FM ASSOCIATES CAPITAL GROUP BAKER & MCKENZIE - CIS, LIMITED David F. Allen BAHAMAS LAW CHAMBERS Simon Green Noorul Azhar Denis Bogdanov Arif Guliyev NORTON ROSE AZHAR & ASSOCIATES REVERA CONSULTING GROUP PWC AZERBAIJAN Kevin Basden BAHAMAS ELECTRICITY CORPORATION Qays H. Zu’bi Sharif Bhuiyan Dmitry Bokhan Gulnar Gurbanova QAYS H. ZU’BI ATTORNEYS & LEGAL DR. KAMAL HOSSAIN & ASSOCIATES BUSINESSCONSULT LAW FIRM BHM BAKU LAW CENTRE LLC Lisa Bostwick CONSULTANTS BOSTWICK AND BOSTWICK Badrud Doulah Elena Bortnovskaya Elchin Habibov Hessa Hussain DOULAH & DOULAH ADVOCATES REVERA CONSULTING GROUP NATIONAL BANK OF AZERBAIJAN Rodney W. Braynen THE BENEFIT COMPANY DESIGN HÄUS Nasirud Doulah Alexander Botian Samir Hadjiyev DOULAH & DOULAH ADVOCATES BOROVTSOV & SALEI LAW OFFICES MICHAEL WILSON & PARTNERS LTD. Jilian Chase-Johnson HIGGS & JOHNSON Shamsud Doulah Alexey Daryin DOULAH & DOULAH ADVOCATES REVERA CONSULTING GROUP ACKNOWLEDGMENTS 153 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Sergey Dubovik Sergei Oditsov Yves Brosens Bart Van Rossum Saidi Vaccaro NATIONAL BANK OF THE REPUBLIC OF PWC BELARUS DLA PIPER UK LLP B.T.V. ARGUELLES & COMPANY LLC BELARUS Yulia Ovseichyk Tim Carnewal Sibylle Vandenberghe C. Phillip Waight Marina Dymovich REVERA CONSULTING GROUP NOTAIRES ASSOCIÉS CVBA/SCRL PWC BELGIUM WAIGHT & ASSOCIATES BOROVTSOV & SALEI LAW OFFICES Sergey Pinchuk Adriaan Dauwe Grégory Vandenbussche Ryan Wrobel Andrej Ermolenko LAWYER ALTIUS AREN ARCHITECTS AND ENGINEERS SPRL WROBEL & CO., ATTORNEYS-AT-LAW VLASOVA MIKHEL & PARTNERS Antonina Raduk Arnaud Dawans Marie-Noëlle Vanderhoven Carlton Young Kirill Golovko JURZNAK LAW FIRM LLC LUCID - LAB FOR USER COGNITION AND PWC BELGIUM YOUNG’S ENGINEERING CONSULTANCY LTD. REVERA CONSULTING GROUP INNOVATIVE DESIGN Maksim Salahub Tom Vantroyen Oleg Gvozd VLASOVA MIKHEL & PARTNERS Kris De Schutter ALTIUS BENIN PWC BELARUS LOYENS & LOEFF Safia Abdoulaye Vassili I. Salei Isabel Vergooghe CABINET D’AVOCATS Elena Hmeleva BOROVTSOV & SALEI LAW OFFICES Didier De Vliegher ASHURST BUSINESSCONSULT LAW FIRM NAUTADUTILH Diaby Aboubakar Yury Samkov Katrien Vorlat BCEAO Antonina Ivanova BOROVTSOV & SALEI LAW OFFICES Olivier Debray STIBBE LAW FIRM DICSA CLAEYS & ENGELS, MEMBER OF IUS Ganiou Adechy Katerina Sereda Bram Vuylsteke LABORIS ETUDE DE ME GANIOU ADECHY Elena Kagarlitskaya LAW FIRM SHERSTNEV AND PARTNERS LTD. NOTARY BRAM VUYLSTEKE LAW FIRM SHERSTNEV AND PARTNERS LTD. Jean-Michel Detry Isbatou Adjaho Maliki Denis Sherstnev Herman De Wilde DLA PIPER UK LLP CABINET DE ME ISBATOU ADJAHO MALIKI Marina Kalinovskaya LAW FIRM SHERSTNEV AND PARTNERS LTD. HVG ADVOCATEN/AVOCATS, WITH THE JURZNAK LAW FIRM LLC Frank Dierckx SUPPORT OF ERNST & YOUNG A. Abdou Kabir Adoumbou Kristina Shibeko PWC BELGIUM CABINET MAÎTRE RAFIKOU ALABI Uljana Karpekina REVERA CONSULTING GROUP Christian Willems REVERA CONSULTING GROUP Camille Dümm LOYENS & LOEFF Agathe Affougnon Ago Dmitry Skorodulin NATIONAL BANK OF BELGIUM CABINET AGATHE AFFOUGNON AGO Michael Karpuk BELARUS STATE UNIVERSITY Dirk Wouters REVERA CONSULTING GROUP David DuPont WOUTERS, VAN MERODE & CO. Saïdou Agbantou Anna Skorodulina ASHURST BEDRIJFSREVISOREN B.V.B.A, MEMBER OF CABINET D’AVOCATS Dmitry Khalimonchyk JURZNAK LAW FIRM LLC RUSSELL BEDFORD INTERNATIONAL JURZNAK LAW FIRM LLC Jürgen Egger Rodolphe Kadoukpe Akoto Vyacheslav Slabodnik LAGA COMAN S.A. Maria Khomenko UNIVEST-M BELIZE PWC BELARUS Aline Etienne Sybel Akuesson Sergey Strelchik Navid Ahmadiyeh NAUTADUTILH CABINET FIDUCIAIRE D’AFRIQUE Alexander Khrapoutski VALEX CONSULT BELIZE ELECTRICITY LTD. STEPANOVSKI, PAPAKUL AND PARTNERS LTD. Pierrette Fraisse Rafikou Agnila Alabi Andrey Sviridov Emil Arguelles SPF FINANCES - AGDP CABINET MAÎTRE RAFIKOU ALABI Alexander Kirilenko SLONIM TRADE CENTER ARGUELLES & COMPANY LLC AGENCY OF TERNAROUND TECHNOLOGIES Alain François Jacques Moïse Atchade Natalia Talai John Avery EUBELIUS ATTORNEYS CABINET DE MAÎTRE ATCHADE Nina Knyazeva VLASOVA MIKHEL & PARTNERS PUBLIC UTILITIES COMMISSION BUSINESSCONSULT LAW FIRM Christel Godfroid Godefroy Chekete Pavel Tsarev José A. Bautista HVG ADVOCATEN/AVOCATS, WITH THE SOCIETE BENINOISE D’ENERGIE ELECTRIQUE Irina Koikova REVERA CONSULTING GROUP PKF INTERNATIONAL SUPPORT OF ERNST & YOUNG (SBEE) LAW FIRM DICSA Alesia Tsekhanava Emory K. Bennett Conny Grenson Alice Codjia-Sohouenou Oksana Kotel LAW FIRM DICSA YOUNG’S ENGINEERING CONSULTANCY LTD. EUBELIUS ATTORNEYS CABINET D’AVOCATS ME ALICE CODJIA REVERA CONSULTING GROUP Natalia Ulasevich Claude Burrell SOHOUÉNOU Kurt Grillet Dmitry Kovalchik GLIMSTEDT CASTILLO SANCHEZ & BURRELL, LLP. ALTIUS Michel Djossouvi STEPANOVSKI, PAPAKUL AND PARTNERS LTD. Eugenia Urodnich Christopher Coye CABINET DE MAÎTRE MICHEL DJOSSOUVI Sandrine Hirsch Mikhail Kozlov GLIMSTEDT COURTENAY COYE LLP SIMONT BRAUN Henri Fadonougbo ASSTRA WEISSRUSSLAND LTD. Sviatlana Valuyeva Sherman Ferguson TRIBUNAL DE PREMIÈRE INSTANCE DE Thibaut Hollanders de Ouderaen Kristina Kriščiūnaitė STEPANOVSKI, PAPAKUL AND PARTNERS LTD. BELIZE ELECTRICITY LTD. COTONOU DLA PIPER UK LLP PWC LITHUANIA Alexander Vasilevsky Gian C. Gandhi Jean Claude Gnamien An Jacobs Ronaldas Kubilius VALEX CONSULT INTERNATIONAL FINANCIAL SERVICES PWC CÔTE D’IVOIRE LIEDEKERKE WOLTERS WAELBROECK PWC LITHUANIA COMMISSION Igor Verkhovodko KIRKPATRICK, MEMBER OF LEX MUNDI Marcel Sègbégnon Hounnou Olga Kuchinskaya BUSINESSCONSULT LAW FIRM Glenn D Godfrey S.C. CABINET D’AVOCATS Erika Leenknecht VLASOVA MIKHEL & PARTNERS GLENN D. GODFREY & CO. LLP Maria Yurieva EUBELIUS ATTORNEYS Camille Kpogbemabou Vladimir Kukuruzin SORAINEN & PARTNERS FLLC Rodolfo Gutierrez SOCIETE BENINOISE D’ENERGIE ELECTRIQUE Stephan Legein CHSH CERHA HEMPEL SPIEGELFELD BELIZE ELECTRICITY LTD. (SBEE) Pavel S. Yurkevich FEDERAL PUBLIC SERVICE FINANCE HLAWATI THE SUPREME ECONOMIC COURT OF THE Mirna Lara Loukmanou Ladany Luc Legon Elena Kulchitskaya REPUBLIC OF BELARUS EUROCARIBE SHIPPING SERVICES, LTD. CABINET DE ME LOUKMANOU LADANY PWC BELGIUM ASSTRA WEISSRUSSLAND LTD. Ekaterina Zabello Russell Longsworth Taoïdi Osseni Axel Maeterlinck Egidijus Kundelis VLASOVA MIKHEL & PARTNERS CARIBBEAN SHIPPING AGENCIES LTD. SOCIETE BENINOISE D’ENERGIE ELECTRIQUE SIMONT BRAUN PWC LITHUANIA (SBEE) Darya Zhuk Fred Lumor Sabine Martin Tatsiana Kuushynava GLIMSTEDT FRED LUMOR & CO. Olagnika Salam CREG REVERA CONSULTING GROUP OFFICE NOTARIAL OLAGNIKA Maxim Znak Reynaldo F. Magana Dominique Mougenot Sergei Makarchuk JURZNAK LAW FIRM LLC RFMAGANA & ASSOCIATES Adegbindin Saliou COMMERCIAL COURT MONS CHSH CERHA HEMPEL SPIEGELFELD CABINET DES EXPERTS ASSOCIÉS - CEA Nadezhda Znak Andrew Marshalleck HLAWATI Sabrina Otten SARL JURZNAK LAW FIRM LLC BARROW & CO., ATTORNEYS-AT-LAW PWC BELGIUM Olga Mankevich Ousmane Samba Mamadou Tania Moody JURZNAK LAW FIRM LLC BELGIUM Stéphane Robyns BARROW & WILLIAMS BCEAO DLA PIPER UK LLP Mikalai Markounik COUR DE CASSATION Zakari Djibril Sambaou Jose Moreno VLASOVA MIKHEL & PARTNERS Peter Rooryck HVG ADVOCATEN / AVOCATS, WITH THE BELIZE ELECTRICITY LTD. Didier Sterlingot MONARD-D’HULST Dmitry Matveyev SUPPORT OF ERNST & YOUNG SDV LOGISTICS Patricia Rodriguez LAW GROUP ARGUMENT Julien Sad SIBELGA BELIZE COMPANIES AND CORPORATE Nelly Tagnon Gambor MCGUIRE WOODS LLP Konstantin Mikhel AFFAIRS REGISTRY CABINET FIDUCIAIRE D’AFRIQUE Hubert André-Dumont VLASOVA MIKHEL & PARTNERS Frédéric Souchon MCGUIRE WOODS LLP Oscar Sabido S.C. Dominique Taty PWC BELGIUM Aleksandr Mironichenko SABIDO & COMPANY PWC CÔTE D’IVOIRE Géraldine Blairvacq MINISTRY OF ECONOMY OF REPUBLIC OF Nicolas Stoffels SPF FINANCES - AGDP Dawn Sampson Jean-Bosco Todjinou BELARUS PWC BELGIUM BELIZE ELECTRICITY LTD. ECOPLAN SARL Erik Bomans Dmitry Montik William Timmermans DEMINOR INTERNATIONAL SCRL Giacomo Sanchez José Tonato INDIVIDUAL ENTREPRENEUR ALTIUS CASTILLO SANCHEZ & BURRELL, LLP. IMPACT CONSULTANTS Hakim Boularbah Helen Mourashko Jan Van Celst LIEDEKERKE WOLTERS WAELBROECK Janelle Tillett Emmanuel Yehouessi REVERA CONSULTING GROUP DLA PIPER UK LLP KIRKPATRICK, MEMBER OF LEX MUNDI EUROCARIBE SHIPPING SERVICES, LTD. BCEAO Valiantsina Neizvestnaya Peter Van Melkebeke Charlotte Boumal Robert Tillett AUDIT AND CONSULTING LTD., BELARUS NOTAIRES BERQUIN ALTIUS PUBLIC UTILITIES COMMISSION 154 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Wassi Yessoufou Deki Wangmo Paola Justiniano Arias Roberto Viscafé Ureña Nedžada Kapidžić SOCIETE BENINOISE D’ENERGIE ELECTRIQUE BHUTAN NATIONAL BANK SANJINÉS & ASOCIADOS SOC. CIV. PWC BOLIVIA NOTARY (SBEE) ABOGADOS Karma Yeshey Karla Würth Kerim Karabdić MINISTRY OF ECONOMIC AFFAIRS Mario Kempff WÜRTH KIM COSTA DU RELS ADVOKAT KARABDIC KERIM BHUTAN C.R. & F. ROJAS, MEMBER OF LEX MUNDI Tashi Yezer Mauricio Zambrana Cuéllar Almedina Karšić Loknath Chapagai ROYAL SECURITIES EXCHANGE OF Maria Kim INFOCRED - SERVICIO DE INFORMACION LAW OFFICE OF EMIR KOVAČEVIĆ MINISTRY OF ECONOMIC AFFAIRS BHUTAN LTD. SHIN WÜRTH KIM COSTA DU RELS CREDITICIA BIC S.A. Muhidin Karšić Tashi Chenzom Yishay Wangdi Yontan Julio César Landívar Castro LAW OFFICE OF EMIR KOVAČEVIĆ MINISTRY OF LABOUR AND HUMAN NIMA CONSTRUCTION COMPANY GUEVARA & GUTIÉRREZ S.C. BOSNIA AND HERZEGOVINA RESOURCES Damir Koldžo DERK (STATE ELECTRICITY REGULATORY Tshering Zam Sandra Leiton GAVRANKAPETANOVIC KOLDZO Dawa Dakpa COMMISSION) NATIONAL LAND COMMISSION SECRETARIAT SUPERINTENDENCIA DE BANCOS Y ROYAL SECURITIES EXCHANGE OF Damir Konjičanin ENTIDADES FINANCIERAS FERK (REGULATORY COMMISSION FOR BHUTAN LTD. MUNICIPALITY OF CENTAR BOLIVIA Alex Linares Cabrera ELECTRICITY IN THE FEDERATION OF BOSNIA Tashi Delek AND HERZEGOVINA) Emir Kovačević Fernando Aguirre SANJINÉS & ASOCIADOS SOC. CIV. OFFICE OF LEGAL AFFAIRS LAW OFFICE OF EMIR KOVAČEVIĆ BUFETE AGUIRRE SOC. CIV. ABOGADOS KN KARANOVIĆ & NIKOLIĆ Eden Dema Fariz Kulenović Ignacio Aguirre César Lora Moretto Aida Ajanović ROYAL MONETARY AUTHORITY OF BHUTAN TRILAND DEVELOPEMENT BUFETE AGUIRRE SOC. CIV. PWC BOLIVIA IKRP ROKAS & PARTNERS Ugyen Dhendup Krzysztof Lipka Carolina Aguirre Urioste Daniel Mariaca Dunja Arnaut BHUTAN DEVELOPMENT FINANCE PWC SERBIA BUFETE AGUIRRE SOC. CIV. CRIALES, URCULLO & ANTEZANA LAW OFFICE SPAHO CORPORATION LTD. Anja Margetić David Alcózer Gonzalo Mendieta Romero Ankush Bahl Bhim L. Dhungel CENTRAL BANK OF BOSNIA AND CRIALES, URCULLO & ANTEZANA ESTUDIO DE ABOGADOS MENDIETA INTERLINER AGENCIES D.O.O. ZORIG CONSULTANCY HERZEGOVINA ROMERO & ASOCIADOS Christian Amestegui Amar Bajramović Tashi Dorji Branko Marić ASESORES LEGALES CP Ariel Morales Vasquez LAW OFFICE MILJKOVIĆ DISTRICT COURT OF THIMPHU MARIĆ & CO. LAW FIRM C.R. & F. ROJAS, MEMBER OF LEX MUNDI Daniela Aragones Cortez Samir Bajrović Lhundub Dorji Zoran Mićević SANJINÉS & ASOCIADOS SOC. CIV. Ana Carola Muñoz LAW OFFICE FEMIL CURT (PART OF DLA EAST - WEST CONSTRUCTION ARCHITECT ABOGADOS WÜRTH KIM COSTA DU RELS PIPER GROUP) Kencho Dorji Sead Miljković Eduardo Aramayo Jaime Muñoz-Reyes G. Dario Biščević LEKO PACKERS WOLF THEISS D.O.O. PWC BOLIVIA CORPORATIVE LAW BOLIVIA CONSULTORES DB SCHENKER Sonam Tobgay Dorji ASOCIADOS Džemaludin Mutapčić Miguel Arduz Petar Bosnić NIMA CONSTRUCTION COMPANY NOTARY ELECTROPAZ S.A. Daniela Murialdo Lopez USAID TAX AND FISCAL PROJECT IN Tashi Dorji ESTUDIO DE ABOGADOS MENDIETA BIH (TAF) Mehmed Omeragic Johnny Arteaga TASHI LOGISTICS SERVICES ROMERO & ASOCIADOS COVJEK I PROSTOR Carola Ayaroa Mantilla Mubera Brković Chheku Dukpa Orlando Pérez PWC BOSNIA AND HERZEGOVINA Ermin Omeragic CONSTRUCTION ASSOCIATION OF BHUTAN Raúl A. Baldivia ELECTROPAZ S.A. FEDEX EXPRESS BALDIVIA UNZAGA & ASOCIADOS Zlatko Čengić N. B. Gurung Oscar Antonio Plaza Ponte UNIONINVEST D.D Indir Osmic GLOBAL LOGISTICS Maria del Carmen Ballivián ENTIDAD DE SERVICIOS DE INFORMACIÓN CMS REICH-ROHRWIG HAINZ D.O.O. C.R. & F. ROJAS, MEMBER OF LEX MUNDI Višnja Dizdarević ENSERBIC S.A. Rebecca Gurung MARIĆ & CO. LAW FIRM Mirsad Pitić ZORIG CONSULTANCY Adrián Barrenechea Julio Quintanilla Quiroga MUNICIPALITY OF NOVO SARAJEVO CRIALES, URCULLO & ANTEZANA Ozren Dolic QUINTANILLA, SORIA & NISHIZAWA Sonam Gyeltshen FEDEX EXPRESS Edin Praso Armando Berdecio DeMartini SOC. CIV BHUTAN POWER CORPORATION LTD. N.P. PROJEKT D.O.O. MOSTAR VANGUARD MUEBLES Dula Dukić Diego Rojas Sonam Letho FEDERAL MINISTRY OF TRADE Đorđe Racković Hugo Berthin C.R. & F. ROJAS, MEMBER OF LEX MUNDI BHUTAN DEVELOPMENT FINANCE CENTRAL BANK OF BOSNIA AND BDO BERTHIN AMENGUAL & ASOCIADOS Feđa Dupovac CORPORATION LTD. Patricio Rojas HERZEGOVINA LAW OFFICE SPAHO C.R. & F. ROJAS, MEMBER OF LEX MUNDI Shera Lhendup Marco Blaker Alma Ramezić Dina Duraković Morankić SAYANG LAW CHAMBERS Mariela Rojas PWC BOSNIA AND HERZEGOVINA Mariela Castro LAW OFFICE DURAKOVIC ENTIDAD DE SERVICIOS DE INFORMACIÓN Sonam Lhundrup SUPERINTENDENCIA DE BANCOS Faruk Sahinagic ENSERBIC S.A. Almir Gagula DRUK HOLDING AND INVESTMENTS Y ENTIDADES FINANCIERAS FEDEX EXPRESS ADVOKATSKI URED MUJARIC Pilar Salasar Jigme Thinlye Namgyal Mauricio Costa du Rels & GAGULA Goran Salihovic BUFETE AGUIRRE SOC. CIV. G-C PROJECT WÜRTH KIM COSTA DU RELS SARAJEVO MUNICIPAL COURT Jasmina Gabela Esteban Salazar-Machicado Tashi Pem Dorian de Rojas UNIONINVEST D.D Nedžida Salihović-Whalen SALAZAR, SALAZAR & ASOCIADOS, SOC. MINISTRY OF FINANCE GAVA BOLIVIA CMS REICH-ROHRWIG HAINZ D.O.O. CIV. Igor Gavran Sonam Pema Jose Luis Diaz Romero FOREIGN TRADE CHAMBER OF BOSNIA AND Hasib Salkić Sergio Salazar-Machicado THIMPHU CITY CORPORATION SERVICIOS GENERALES EN ELECTRICIDAD Y HERZEGOVINA INTERNATIONAL FREIGHT JUMP LOGISTICS D.O.O. SALAZAR, SALAZAR & ASOCIADOS, SOC. CONSTRUCCIÓN (SGEC) FORWARDERS ASSOCIATION Dorji Phuntsho CIV. Arijana Selimic ROYAL SECURITIES EXCHANGE OF Ewaldo Fischer Alen Glinac JP ELEKTROPRIVREDA BIH PODRUŽNICA Fernando Salazar-Paredes BHUTAN LTD. WÜRTH KIM COSTA DU RELS ŠIRBEGOVIĆ GROUP “ELEKTRODISTRIBUCIJA” SARAJEVO SALAZAR, SALAZAR & ASOCIADOS, SOC. T. B. Rai Roberto Gomez-Justiniano CIV. Dzemila Gavrankapetanovic Maja Šimunac ZORIG CONSULTANCY SALAZAR, SALAZAR & ASOCIADOS, SOC. GAVRANKAPETANOVIC KOLDZO WOLF THEISS D.O.O. Sandra Salinas Pelzore Rumba CIV. C.R. & F. ROJAS, MEMBER OF LEX MUNDI Emin Hadžić Berna Šljokić BHUTAN NATIONAL BANK Primitivo Gutiérrez MARIĆ & CO. LAW FIRM PKF INTERNATIONAL Rodolfo Raúl Sanjinés Elizagoyen Yeshey Selden GUEVARA & GUTIÉRREZ S.C. SANJINÉS & ASOCIADOS SOC. CIV. Edin Hatibović Džana Smailagić-Hromić MINISTRY OF ECONOMIC AFFAIRS Ana Carola Guzman Gonzales ABOGADOS INTERLINER AGENCIES D.O.O. MARIĆ & CO. LAW FIRM Lalit Singhal SALAZAR, SALAZAR & ASOCIADOS, SOC. Claudio Sejas Senada Havić Hrenovica Emir Spaho BHUTAN ELECTRIC COMPANY CIV. BERATERS LRC CREDIT BUREAU LAW OFFICE SPAHO Sonam Tobgay Rachel Hardcastle Jorge Nelson Serrate Munevera Hodzic Mehmed Spaho BHUTAN NATIONAL BANK WÜRTH KIM COSTA DU RELS WÜRTH KIM COSTA DU RELS MUNICIPALITY OF CENTAR LAW OFFICE SPAHO Dorji Tshering Marcelo Hurtado-Sandoval A. Mauricio Torrico Galindo Ismeta Huremović Selma Spaho BHUTAN POWER CORPORATION LTD. SALAZAR, SALAZAR & ASOCIADOS, SOC. QUINTANILLA, SORIA & NISHIZAWA LAND REGISTRY OFFICE OF THE SARAJEVO LAW OFFICE SPAHO CIV. SOC. CIV MUNICIPAL COURT Gem Tshering Anisa Strujić BHUTAN POWER CORPORATION LTD. Jorge Luis Inchauste Javier Urcullo Amra Isic MARIĆ & CO. LAW FIRM GUEVARA & GUTIÉRREZ S.C. CRIALES, URCULLO & ANTEZANA MARIĆ & CO. LAW FIRM Sonam Tshering Bojana Tkalčić-Djulić MINISTRY OF FINANCE Jaime M. Jiménez Alvarez Lenny Valdivia Arela Jusufbasić-Goloman LAWYERS’ OFFICE BOJANA TKALCIC - COLEGIO DE INGENIEROS ELECTRICISTAS Y SUPERINTENDENCIA DE BANCOS Y LAWYERS’ OFFICE BOJANA TKALCIC - DJULIC, OLODAR PREBANIC, ADELA RIZVIC Sonam P. Wangdi ELECTRÓNICOS LA PAZ ENTIDADES FINANCIERAS DJULIC, OLODAR PREBANIC, ADELA RIZVIC & ARELA JUSUFBASIC - GOLOMAN MINISTRY OF ECONOMIC AFFAIRS Rodrigo Jimenez-Cusicanqui & ARELA JUSUFBASIC - GOLOMAN Lizet Vanessa Villarroel Vildana Uščuplić Reezang Wangdi SALAZAR, SALAZAR & ASOCIADOS, SOC. BALDIVIA UNZAGA & ASOCIADOS Lejla Kaknjo WOLF THEISS D.O.O. THIMPHU CITY CORPORATION CIV. PKF INTERNATIONAL ACKNOWLEDGMENTS 155 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Sabina Viteskic Pedro Vitor Araujo da Costa Cleber Dal Rovere Peluzo Fernando Frugiuele Pascowitch Renata Martins de Oliveira MUNICIPALITY OF ILIDZA VITOR COSTA ADVOGADOS CUNHA ORICCHIO RICCA LOPES SOUZA, CESCON, BARRIEU & FLESCH MACHADO MEYER SENDACZ E OPICE ADVOGADOS ADVOGADOS ADVOGADOS Fernanda Azevedo BOTSWANA RAYES, FAGUNDES & OLIVEIRA RAMOS Bruno Henrique de Aguiar Rafael Gagliardi Laura Massetto Meyer COLLINS NEWMAN & CO. ADVOGADOS RAYES, FAGUNDES & OLIVEIRA RAMOS DEMAREST E ALMEIDA ADVOGADOS PINHEIRO GUIMARÃES ADVOGADOS ADVOGADOS Jeffrey Bookbinder Bruno Balduccini Alessandra Ganz Felipe Oliveira Mavignier BOOKBINDER BUSINESS LAW PINHEIRO NETO ADVOGADOS Joao Luis Ribeiro de Almeida VEIRANO ADVOGADOS FLEURY MALHEIROS, GASPARINI, DE CRESCI DEMAREST E ALMEIDA ADVOGADOS E NOGUEIRA DE LIMA ADVOGADOS John Carr-Hartley Priscyla Barbosa Thelma Eliza Gatuzzo ARMSTRONGS ATTORNEYS VEIRANO ADVOGADOS Flavio Coelho de Almeida LOESER E PORTELA ADVOGADOS Thiago Medaglia PINHEIRO NETO ADVOGADOS FELSBERG, PEDRETTI, MANNRICH E AIDAR Ofentse Chifedi Valmir Souza Barbosa Thiago Giantomassi Medeiros ADVOGADOS E CONSULTORES LEGAIS HOYA REMOVALS & FREIGHT ADCCONT Jose Constantino de Bastos Jr. DEMAREST E ALMEIDA ADVOGADOS GOVERNO DO ESTADO DE SAO PAULO Marianne Mendes Webber Tatenda Dumba Julio Henrique Batista Michelle Giraldi Lacerda SOUZA, CESCON, BARRIEU & FLESCH ARMSTRONGS ATTORNEYS GUERRA E BATISTA ADVOGADOS Rafael De Conti PWC BRAZIL ADVOGADOS DE CONTI LAW OFFICE Edward W. Fasholé-Luke II Celina Bernardes Claudio R. F. Golgo Cássio Mesquita Barros LUKE & ASSOCIATES 18O OFICIO DE NOTAS Aldo de Cresci Neto GOLGO ADVOGADOS MESQUITA BARROS ADVOGADOS, MEMBER FLEURY MALHEIROS, GASPARINI, DE CRESCI Akheel Jinabhai Guilherme Bertolini Fernandes dos Rodrigo Gomes Maia OF IUS LABORIS E NOGUEIRA DE LIMA ADVOGADOS AKHEEL JINABHAI & ASSOCIATES Santos NORONHA ADVOGADOS Sarah Mila Barbassa FLEURY MALHEIROS, GASPARINI, DE CRESCI Ingrid E. T. Schwartz de Mendonca Pauline Mabelebele Agildo Goncalves SOUZA, CESCON, BARRIEU & FLESCH E NOGUEIRA DE LIMA ADVOGADOS NORONHA ADVOGADOS ARMSTRONGS ATTORNEYS A. GONCALVES ASSESSORIA & ADVOGADOS Bernardo Bessa Beatriz Gross Bueno de Moraes CONTABILIDADE LTDA. Finola McMahon Gustavo Morel FELSBERG, PEDRETTI, MANNRICH E AIDAR Visnevski OSEI-OFEI SWABI & CO. Jorge Eduardo Gouvêa Vieira VEIRANO ADVOGADOS ADVOGADOS E CONSULTORES LEGAIS DE VIVO, WHITAKER, CASTRO E GOUVÊA VIEIRA ADVOGADOS Tsemetse Mmolai GONÇALVES ADVOGADOS Cassio S. Namur Camila Biral BOTSWANA STOCK EXCHANGE Vanessa Grosso da Silveria Lardosa SOUZA, CESCON, BARRIEU & FLESCH DEMAREST E ALMEIDA ADVOGADOS Marcelo Viveiros de Moura GOUVÊA VIEIRA ADVOGADOS ADVOGADOS Neo Thelma Moathlodi PINHEIRO NETO ADVOGADOS Richard Blanchet Eduardo Ferraz Guerra Diogo Nebias Moilwa LOESER E PORTELA ADVOGADOS Flavia Soeiro de Nascimento GUERRA E BATISTA ADVOGADOS SOUZA, CESCON, BARRIEU & FLESCH ZISMO ENGINEERING (PTY) LTD. DEMAREST E ALMEIDA ADVOGADOS Adriano Boni De Souza ADVOGADOS Luis Guidetti Claude A. Mojafi NORONHA ADVOGADOS Paulo Marcelo de Oliveira Bento TMF GROUP - BRAZIL Jorge Nemr MINISTRY OF LABOUR AND HOME AFFAIRS SOUZA, CESCON, BARRIEU & FLESCH Adriano Borges LEITE, TOSTO E BARROS ADVOGADOS Enrique Hadad Mmatshipi Motsepe DE VIVO, WHITAKER, CASTRO E LOESER E PORTELA ADVOGADOS Fernando Nieto MANICA AFRICA PTY. LTD. GONÇALVES ADVOGADOS Andreza de Souza Ribeiro SOUZA, CESCON, BARRIEU & FLESCH SOUZA, CESCON, BARRIEU & FLESCH Daniel Henrique Calvoso Alvarenga Jack Allan Mutua Altimiro Boscoli ADVOGADOS ADVOGADOS NORONHA ADVOGADOS TECTURA INTERNATIONAL BOTSWANA DEMAREST E ALMEIDA ADVOGADOS Walter Nimir Nadia Demoliner Lacerda Ricardo Higashitani Rajesh Narasimhan Sergio Bronstein DE VIVO, WHITAKER, CASTRO E MESQUITA BARROS ADVOGADOS, MEMBER KLA-KOURY LOPES ADVOGADOS GRANT THORNTON LLP VEIRANO ADVOGADOS GONÇALVES ADVOGADOS OF IUS LABORIS Luiz Felipe Horta Maia Buhlebenkosi Ncube Joao Henrique Brum Alexandre Nogueira Eduardo Depassier RAYES, FAGUNDES & OLIVEIRA RAMOS LUKE & ASSOCIATES DOMINGES E PINHO CONTADORES TMF GROUP - BRAZIL LOESER E PORTELA ADVOGADOS ADVOGADOS Milikani Ndaba Clarissa Abrahão Bruzzi João Paulo Nogueira Barros Ubajara Arcas Dias Carlos Alberto Iacia ARMSTRONGS ATTORNEYS NORONHA ADVOGADOS GOUVÊA VIEIRA ADVOGADOS FLEURY MALHEIROS, GASPARINI, DE CRESCI PWC BRAZIL Júlio César Bueno E NOGUEIRA DE LIMA ADVOGADOS Danilo Nogueira de Almeida Kwadwo Osei-Ofei Marcelo Inglez de Souza OSEI-OFEI SWABI & CO. PINHEIRO NETO ADVOGADOS FLEURY MALHEIROS, GASPARINI, DE CRESCI Alexandre Augusto Dias Ramos DEMAREST E ALMEIDA ADVOGADOS E NOGUEIRA DE LIMA ADVOGADOS Chabo Peo Gisela Velloso Cafe Huffell Viola Maria Cristina Junqueira BOOKBINDER BUSINESS LAW C. BARRETO AVOGADOS ASSOCIADOS FLEURY MALHEIROS, GASPARINI, DE CRESCI Flavio Pinto Nunes E NOGUEIRA DE LIMA ADVOGADOS KLA-KOURY LOPES ADVOGADOS THYSSENKRUPP CSA SIDERURGICA DO Butler Phirie Ronaldo Camargo Eduardo Takemi Kataoka ATLANTICO PWC BOTSWANA PREFEITURA DO MUNICIPIO DE SAO PAULO Antonio Donizetti DAS CONSULTORIA CASTRO, BARROS, SOBRAL, GOMES Ricardo Oliva Claudio Rossi Paulo Campana ADVOGADOS SOUZA, CESCON, BARRIEU & FLESCH SHARPS ELECTRICAL (PTY) LTD. FELSBERG, PEDRETTI, MANNRICH E AIDAR José Ricardo dos Santos Luz Júnior Fernando Koury Lopes ADVOGADOS ADVOGADOS E CONSULTORES LEGAIS DUARTE GARCIA, CASELLI GUIMARÃES E Daniel Swabi TERRA ADVOGADOS KLA-KOURY LOPES ADVOGADOS Evany Oliveira OSEI-OFEI SWABI & CO. Renato Canizares Miguel Kreling PWC BRAZIL DEMAREST E ALMEIDA ADVOGADOS Brigida Melo e Cruz Moemedi J. Tafa PINHEIRO NETO ADVOGADOS PINHEIRO NETO ADVOGADOS Daniel Oliveira ARMSTRONGS ATTORNEYS Paulo Henrique Carvalho Pinto Leonardo Kriuger SOUZA, CESCON, BARRIEU & FLESCH MACHADO MEYER SENDACZ E OPICE Joao Paulo F.A. Fagundes Onkemetse Thomas AGS BRAZIL ADVOGADOS ADVOGADOS RAYES, FAGUNDES & OLIVEIRA RAMOS BOTSWANA STOCK EXCHANGE ADVOGADOS Everaldo Lacerda João Otávio Pinheiro Olivério Debora Casseb Dilini Waidyanatha CARTORIO MARITIMO CAMPOS MELLO ADVOGADOS, IN FELSBERG, PEDRETTI, MANNRICH E AIDAR Vanessa Felício COOPERATION WITH DLA PIPER PWC BOTSWANA ADVOGADOS E CONSULTORES LEGAIS VEIRANO ADVOGADOS José Paulo Lago Alves Pequeno Frederick Webb NORONHA ADVOGADOS Andrea Oricchio Kirsh Marina Castro Aranha Thomas Benes Felsberg ARMSTRONGS ATTORNEYS CUNHA ORICCHIO RICCA LOPES SOUZA, CESCON, BARRIEU & FLESCH FELSBERG, PEDRETTI, MANNRICH E AIDAR Flavio Lantelme ADVOGADOS Sipho Ziga ADVOGADOS ADVOGADOS E CONSULTORES LEGAIS PREFEITURA DA CIDADE DE SAO PAULO ARMSTRONGS ATTORNEYS Simone Orlandini Veridiana Celestino Alexsander Fernandes de Andrade Jose Augusto Leal LIGHT SERVICOS DE ELETRICIDADE S.A. VEIRANO ADVOGADOS DUARTE GARCIA, CASELLI GUIMARÃES E CASTRO, BARROS, SOBRAL, GOMES BRAZIL TERRA ADVOGADOS ADVOGADOS Priscilla Palazzo Fernanda Cirne Montorfano ULHÔA CANTO, REZENDE E DE VIVO, WHITAKER, CASTRO E GOUVÊA VIEIRA ADVOGADOS Glaucia Ferreira Fernando Loeser GUERRA-ADVOGADOS GONÇALVES ADVOGADOS DEMAREST E ALMEIDA ADVOGADOS LOESER E PORTELA ADVOGADOS Ricardo E. Vieira Coelho Antonio Aires Gyedre Palma Carneiro de Oliveira PINHEIRO NETO ADVOGADOS Silvia Rajsfeld Fiszman Ricardo Loureiro DEMAREST E ALMEIDA ADVOGADOS SOUZA, CESCON, BARRIEU & FLESCH MACHADO MEYER SENDACZ E OPICE SERASA S.A. Gilberto Deon Corrêa Jr. ADVOGADOS Carlos Alberto Alvares Vono ADVOGADOS VEIRANO ADVOGADOS Marina Maccabelli Rogerio Rabelo Peixoto ADCCONT Álvaro Luis Fleury Malheiros DEMAREST E ALMEIDA ADVOGADOS Tiago Cortez BANCO CENTRAL DO BRASIL Julio Cesar Alves FLEURY MALHEIROS, GASPARINI, DE CRESCI KLA-KOURY LOPES ADVOGADOS E NOGUEIRA DE LIMA ADVOGADOS Pedro Maciel Luiz Eduardo Pereira Paz NORONHA ADVOGADOS VEIRANO ADVOGADOS Gladztone Oliveira da Silva LIGHT SERVICOS DE ELETRICIDADE S.A. Antonio Amendola Gabriella Florence Victorino Read AGS BRAZIL SOUZA, CESCON, BARRIEU & FLESCH Joao Gabriel A. L. Clark Magon Monica Pinheiro dos Anjos FELSBERG, PEDRETTI, MANNRICH E AIDAR DEMAREST E ALMEIDA ADVOGADOS ADVOGADOS E CONSULTORES LEGAIS Jose Lusiano da Silva ADVOGADOS PLANETA BRASIL CONSULTANCY GOVERNO DO ESTADO DO RIO DE JANEIRO Clarissa Freitas André Marques Laércio Pinto Marco Antonio Sabino PINHEIRO NETO ADVOGADOS KLA-KOURY LOPES ADVOGADOS Adriana Daiuto MACHADO MEYER SENDACZ E OPICE SERASA S.A. DEMAREST E ALMEIDA ADVOGADOS ADVOGADOS Ana Paula Martins Quintão Mariana Aranha Andréa Pitthan Françolin PREFEITURA DO MUNICIPIO DO RIO DE DE VIVO, WHITAKER, CASTRO E MACHADO MEYER SENDACZ E OPICE JANERIO ADVOGADOS GONÇALVES ADVOGADOS 156 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Raphael Polito Renato Souza Coelho Rostaina Pg Hj Duraman Katerina Ilcheva Svilen Todorov RAYES, FAGUNDES & OLIVEIRA RAMOS SOUZA, CESCON, BARRIEU & FLESCH THE JUDICIAL DEPARTMENT ECONOMOU INTERNATIONAL SHIPPING TODOROV & DOYKOVA LAW FIRM ADVOGADOS ADVOGADOS AGENCY LIMITED See Tiat Quek Kaloyan Todorov Durval Portela Walter Stuber PWC SINGAPORE Ginka Iskrova WOLF THEISS LOESER E PORTELA ADVOGADOS WALTER STUBER CONSULTORIA JURÍDICA PWC BULGARIA Alan Ross Lily Trifonova José Ribeiro do Prado Junior Milena Tesser PWC SINGAPORE Vesela Kabatliyska REX CONSULTING LTD., MEMBER OF RUSSELL MACHADO MEYER SENDACZ E OPICE RAYES, FAGUNDES & OLIVEIRA RAMOS DINOVA RUSEV & PARTNERS BEDFORD INTERNATIONAL Martin Sinnung Jr. ADVOGADOS ADVOGADOS BRUNEI TRANSPORTING COMPANY Angel Kalaidjiev Irina Tsvetkova Rodrigo Eduardo Pricoli Heloisa Tourinho KALAIDJIEV, GEORGIEV & MINCHEV TSVETKOVA, BEBOV AND PARTNERS Shazali Sulaiman RAYES, FAGUNDES & OLIVEIRA RAMOS C. BARRETO AVOGADOS ASSOCIADOS KPMG Yavor Kambourov Stefan Tzakov ADVOGADOS Ivandro Trevelim KAMBOUROV & PARTNERS KAMBOUROV & PARTNERS Cecilia Wong Daniela Prieto SOUZA, CESCON, BARRIEU & FLESCH TRICOR Irena Karpe Georgi Tzvetkov VEIRANO ADVOGADOS ADVOGADOS KAMBOUROV & PARTNERS DJINGOV, GOUGINSKI, KYUTCHUKOV & Soon Teck Yu Ana Paula Martins Quintao Suslei Tufaniuk VELICHKOV PETAR PERUNDING SDN BHD Hristina Kirilova RIO PREFEITURA AES ELETROPAULO KAMBOUROV & PARTNERS Maria Urmanova Joanita Zain Dario Rabay Luiz Fernando Valente De Paiva TSVETKOVA, BEBOV AND PARTNERS THE BRUNEI ECONOMIC DEVELOPMENT Nikolay Kolev SOUZA, CESCON, BARRIEU & FLESCH PINHEIRO NETO ADVOGADOS BOARD BORISLAV BOYANOV & CO. Kamena Valcheva ADVOGADOS Vitor Hugo Erlich Varella TSVETKOVA, BEBOV AND PARTNERS Fernanda Rabelo DEMAREST E ALMEIDA ADVOGADOS BULGARIA Donko Kolev Atanas Valov PINHEIRO GUIMARÃES ADVOGADOS Ilya Komarevski Ronaldo C. Veirano EXPERIAN BULGARIA EAD PENKOV, MARKOV & PARTNERS Ronaldo Rayes VEIRANO ADVOGADOS TSVETKOVA, BEBOV AND PARTNERS Svetlin Adrianov Miroslav Varnaliev RAYES, FAGUNDES & OLIVEIRA RAMOS Boika Komsulova Pedro Vieira PENKOV, MARKOV & PARTNERS UNIMASTERS LOGISTICS PLC. ADVOGADOS PWC BULGARIA CASTRO, BARROS, SOBRAL, GOMES Anton Andreev Venzi Vassilev Domingos Fernando Refinetti ADVOGADOS Tsvetan Krumov SCHOENHERR REX CONSULTING LTD., MEMBER OF RUSSELL MACHADO MEYER SENDACZ E OPICE SCHOENHERR José Carlos Wahle BEDFORD INTERNATIONAL ADVOGADOS Stefan Angelov VEIRANO ADVOGADOS Stephan Kyutchukov V CONSULTING BULGARIA Eliane Ribeiro Gago Eduardo Guimarães Wanderley DJINGOV, GOUGINSKI, KYUTCHUKOV & BURKINA FASO DUARTE GARCIA, CASELLI GUIMARÃES E Rusalena Angelova VELICHKOV VEIRANO ADVOGADOS BOLLORÉ AFRICA LOGISTICS TERRA ADVOGADOS DJINGOV, GOUGINSKI, KYUTCHUKOV & Thiago Wscieklica VELICHKOV Jordan Manahilov JFA AFRIQUE Laura Ribeiro Vissotto BULGARIAN NATIONAL BANK SOUZA, CESCON, BARRIEU & FLESCH 1º CARTÓRIO DE NOTAS DE SÃO JOSÉ DOS Iva Baeva Diaby Aboubakar ADVOGADOS Ivan Markov CAMPOS LEGALEX BCEAO Celso Xavier PENKOV, MARKOV & PARTNERS Viviane Rodrigues Plamen Borissov Antoine Apiou DEMAREST E ALMEIDA ADVOGADOS Slavi Mikinski SOUZA, CESCON, BARRIEU & FLESCH BORISSOV & PARTNERS KOMBOÏGO & ASSOCIÉS ADVOGADOS Karin Yamauti Hatanaka LEGALEX Christopher Christov Joséphine Bassolet SOUZA, CESCON, BARRIEU & FLESCH Blagomir Minov Ana Carolina Rua Rodriguez PENEV LLP SONABEL ADVOGADOS TSVETKOVA, BEBOV AND PARTNERS Rochedo Maria Danailova Fortune Bicaba NORONHA ADVOGADOS Alessandra Zequi Salybe de Moura Tzvetoslav Mitev WOLF THEISS ETUDE DE MAÎTRE FORTUNE BICABA SOUZA, CESCON, BARRIEU & FLESCH GEORGIEV, TODOROV & CO. Cezar Roedel ADVOGADOS George Dimitrov Flora Josiane Bila HALLEY DO BRASIL Vladimir Natchev DIMITROV, PETROV & CO. SCPA YAGUIBOU & YANOGO Raphael Roque BRUNEI DARUSSALAM ARSOV NATCHEV GANEVA Yana Dimitrova Aimé Bonkoungou CASTRO, BARROS, SOBRAL, GOMES Yordan Naydenov ERNST & YOUNG PENEV LLP SONABEL ADVOGADOS BORISLAV BOYANOV & CO. HSE ENGINEERING SDN BHD Kristina Dimitrova B. Thierry Compaoré Tulio Fernandes Rosa Neli Nedkova TSVETKOVA, BEBOV AND PARTNERS INGENIERIE-DESIGN-ARCHITECTURE AGS BRAZIL Danny Chua WOLF THEISS BRUNEI TRANSPORTING COMPANY Elina Dimova Bobson Coulibaly Andrea Giamondo Massei Rossi Violeta Nikolova PENKOV, MARKOV & PARTNERS CABINET D’AVOCATS BARTHÉLEMY KERE MACHADO MEYER SENDACZ E OPICE Nur al-Ain Haji Abdullah REGISTRY AGENCY OF BULGARIA ADVOGADOS ATTORNEY GENERAL’S CHAMBERS Alexandra Doytchinova Denis Dawende SCHOENHERR Yulia Peeva OFFICE NOTARIAL ME JEAN CELESTIN Lia Roston Amiriah Haji Ali REX CONSULTING LTD., MEMBER OF RUSSELL ZOURE RAYES, FAGUNDES & OLIVEIRA RAMOS ATTORNEY GENERAL’S CHAMBERS Silvia Dulevska BEDFORD INTERNATIONAL ADVOGADOS BULGARIAN NATIONAL BANK Seydou Diarra Haji Abidin Haji Saidin Sergey Penev BANQUE COMMERCIALE DU BURKINA Marcos Sader ABCI Alexander Georgiev PENEV LLP ULHÔA CANTO, REZENDE E DOBREV, KINKIN & LYUTSKANOV Ambroise Farama Ridzlan Ibrahim Veselka Petrova GUERRA-ADVOGADOS RIDZLAN & CO. ADVOCATES AND Plamen Georgiev TSVETKOVA, BEBOV AND PARTNERS Jean Claude Gnamien José Samurai Saiani SOLICITORS ECONOMOU INTERNATIONAL SHIPPING PWC CÔTE D’IVOIRE MACHADO MEYER SENDACZ E OPICE AGENCY LIMITED Martin Plamenov Stanchev Cynthia Kong DOBREV, KINKIN & LYUTSKANOV Sibi Desire Gouba ADVOGADOS WIDDOWS KONG & ASSOCIATES Atanas Georgiev OFFICE NOTARIAL ME JEAN CELESTIN Bruno Sanchez Belo UCONOMICS Gergana Popova Nancy Lai ZOURE NORONHA ADVOGADOS GEORGIEV, TODOROV & CO. LEE CORPORATEHOUSE ASSOCIATES Velislava Georgieva Jean Bedel Gouba Sérgio Savi ECONOMOU INTERNATIONAL SHIPPING Svilena Ralcheva Kin Chee Lee SONABEL CASTRO, BARROS, SOBRAL, GOMES AGENCY LIMITED PENEV LLP LEE CORPORATEHOUSE ASSOCIATES Fulgence Habiyaremye ADVOGADOS Alexander Rangelov Marieta Getcheva CABINET D’AVOCATS BARTHÉLEMY KERE Lennon Lee PWC BULGARIA Joana Scarpa PWC BULGARIA PWC SINGAPORE Issaka Kargougou VEIRANO ADVOGADOS Milen Rusev Matea Gospodinova MAISON DE L’ENTREPRISE DU BURKINA FASO Yew Choh Lee DINOVA RUSEV & PARTNERS Gabriel Seijo Leal de Figueiredo DJINGOV, GOUGINSKI, KYUTCHUKOV & Y.C. LEE & LEE ADVOCATES & SOLICITORS Barthélémy Kere SOUZA, CESCON, BARRIEU & FLESCH VELICHKOV Anna Saeva ADVOGADOS Kelvin Lim CABINET D’AVOCATS BARTHÉLEMY KERE Ralitsa Gougleva BORISLAV BOYANOV & CO. K. LIM & CO. Gilbert Kibtonre Robson Silva Campos DJINGOV, GOUGINSKI, KYUTCHUKOV & Roman Stoyanov AGRURAL Siew Yen Lim VELICHKOV CEFAC PENKOV, MARKOV & PARTNERS THE JUDICIAL DEPARTMENT Clarisse Kienou Raissa Simões Tavares de Melo Katerina Gramatikova Margarita Stoyanova DEMAREST E ALMEIDA ADVOGADOS Chris Loh DOBREV, KINKIN & LYUTSKANOV MAISON DE L’ENTREPRISE DU BURKINA FASO KAMBOUROV & PARTNERS PWC SINGAPORE Eddie Komboïgo Sydney Simonaggio Stefan Gugushev Kalina Tchakarova AES ELETROPAULO Naimah Md Ali GUGUSHEV & PARTNERS KOMBOÏGO & ASSOCIÉS DJINGOV, GOUGINSKI, KYUTCHUKOV & ATTORNEY GENERAL’S CHAMBERS VELICHKOV Moumouny Kopiho Keila Fonseca Soares Iassen Hristev NORONHA ADVOGADOS Yong Muhd. Robin DOBREV, KINKIN & LYUTSKANOV CABINET D’AVOCATS MOUMOUNY KOPIHO Vessela Tcherneva Yankova ABCI V CONSULTING BULGARIA Raphaël Kouraogo Beatriz Souza Tatyana Hristova SOUZA, CESCON, BARRIEU & FLESCH Colin Ong LEGALEX SONABEL Yordan Terziev ADVOGADOS DR. COLIN ONG LEGAL SERVICES ARSOV NATCHEV GANEVA Frédéric O. Lompo ETUDE MAÎTRE LOMPO ACKNOWLEDGMENTS 157 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Adeline Messou BURUNDI Leanghor Hak Pierre Aloma Serge Jokung PWC CÔTE D’IVOIRE REGIDESO-BURUNDI LINEHAUL EXPRESS (CAMBODIA) CO., LTD. GUICHET UNIQUE DES OPERATIONS DU CABINET MAÎTRE MARIE ANDRÉE NGWE COMMERCE EXTERIEUR-GIE Ange Laure M’Pow Joseph Bahizi Hour Naryth Hem Eugene Romeo Kengne Sikadi SCPA YAGUIBOU & YANOGO BANQUE DE LA RÉPUBLIQUE DU BURUNDI BNG LEGAL Daniel Ambassa Kedy NIMBA CONSEIL SARL LAFARGE S. Al Nadia Sylvestre Banzubaze Sokpheaneath Huon Julienne Kengue Piam CABINET D’AVOCATS MOUMOUNY KOPIHO AVOCAT AU BARREAU DU BURUNDI CAMBODIAN FEDERATION OF EMPLOYERS Gilbert Awah Bongam NIMBA CONSEIL SARL AND BUSINESS ASSOCIATIONS ACHU AND FON-NDIKUM LAW FIRM Marie Ouedraogo Cyprien Bigirimana Jean Aime Kounga BARREAU DU BURKINA FASO TRIBUNAL DE GRANDE INSTANCE DE GITEGA Phalla Im Thomas Didier Remy CABINET D’AVOCATS ABENG ROLAND SCIARONI & ASSOCIATES Batoumbouck Pascal Ouedraogo Mélance Bukera Kéedji à Moudji Mathurin CADIRE CABINET D’AVOCATS BARTHÉLEMY KERE INTERCONTACT SERVICES, S.A. Sophealeak Ing CAGES BUN & ASSOCIATES Mohaman Bello Oumarou Ouedraogo Ange Gakundwakazi Alain Serges Mbebi LAFARGE CABINET OUEDRAOGO DELOITTE LLP Visal Iv CADIRE ELECTRICITE DU CAMBODGE Pierre Bertin Simbafo Thierry Ismael Ouedraogo Gerard Handika Jean Michel Mbock Biumla BICEC DIRECTION GÉNÉRALE DU TRÉSOR ET DE LA DELOITTE LLP Phoung Wattey Kemnay M&N LAW FIRM COMPTABILITÉ PUBLIQUE BNG LEGAL Isidore Biyiha René Claude Madebari Patrick Menyeng Manga GUICHET UNIQUE DES OPERATIONS DU Denise Ouedraogo MKONO & CO. ADVOCATES Chhorpornpisey Keo THE ABENG LAW FIRM COMMERCE EXTERIEUR-GIE ETUDE DE MAÎTRE OUEDRAOGO ACLEDA BANK PLC. Kelly Mategeko Jules Minamo Hiol Bonheur Ousmane Honore Ouedraogo LE GENIE CIVIL, SPRL Sonya Kim KARVAN FINANCE FIDUCIAIRE RATIO MAISON DE L’ENTREPRISE DU BURKINA ARBITRATION COUNCIL FOUNDATION Ildephonse Nahimana A.D. Monkam FASO Miafo Bonny Bonn BANQUE DE LA RÉPUBLIQUE DU BURUNDI Vicheka Lay ETUDE DE NOTAIRE WO’O BONNY BONN ENTERPRISES Moussa Ouedraogo SCPA YAGUIBOU & YANOGO Patrick Ndayishimiye Michael Liam Garvey David Boyo Jacqueline Moussinga Bapes BNG LEGAL BOYO & PATIMARK LLP François de Salle Ouedraogo Bonaventure Nicimpaye Jean Jacques Mpanjo Lobe SONABEL INTERCONTACT SERVICES, S.A. Long Mom Bernard Burinyuy Ngaibe MCA AUDIT & CONSEIL RAF INTERNATIONAL FORWARDING THE ABENG LAW FIRM Martin Ouedraogo Lambert Nigarura Marie Agathe Ndeme (CAMBODIA) INC. UNION INTERNATIONALE DE NOTARIAT MKONO & CO. ADVOCATES Anne Marie Diboundje Njocke CADIRE LATIN Vichhra Mouyly CABINET EKOBO Claver Nigarura Marcelin Yoyo Ndoum ARBITRATION COUNCIL FOUNDATION Roger Omer Ouédraogo RUBEYA & CO. - ADVOCATES Paul Marie Djamen ETUDE DE NOTAIRE WO’O ASSOCIATION PROFESSIONNELLE DES Sokvirak Peang MOBILE TELEPHONE NETWORKS Simon Pierre Nemba TRANSITAIRES & COMMISSIONNAIRES EN Charles Nihangaza PWC CAMBODIA CAMEROON (MTN) CABINET MAÎTRE MARIE ANDRÉE NGWE DOUANE AGRÉES Thea Pheng Gustave Niyonzima Aurelien Djengue Kotte Pierre Roger Ngangwou Alain Serge Paré MKONO & CO. ADVOCATES BNG LEGAL CABINET EKOBO PWC CAMEROON CABINET YAGUIBOU & YANOGO Sotheaphal Pho Prosper Niyoyankana Joseph Djeuga Virgile Ngassam Njiké Sawadogo W. Pulchérie SCIARONI & ASSOCIATES LAFARGE NGASSAMNJIKE & ASSOCIÉS TRIBUNAL D’INSTANCE DE OUAGADOUGOU Jocelyne Ntibangana Muny Samreth Etienne Donfack CABINET DE ME NTIBANGANA Julius Ngu Tabe Achu Ousmane Samba Mamadou PWC CAMBODIA GIEA ACHU AND FON-NDIKUM LAW FIRM BCEAO Antoine Ntisigana Chanthy Sin Laurent Dongmo SODETRA LTD. Marie-Andrée Ngwe Bénéwendé S. Sankara LINEHAUL EXPRESS (CAMBODIA) CO., LTD. JING & PARTNERS CABINET MAÎTRE MARIE ANDRÉE NGWE CABINET MAÎTRE SANKARA Happy Ntwari Chea Sinhel Régine Dooh Collins MKONO & CO. ADVOCATES Mosely Njebayi Hermann Lambert Sanon ELECTRICITE DU CAMBODGE ETUDE ME RÉGINE DOOH COLLINS CSE GROUPE HAGE François Nyamoya Lor Sok William Douandji AVOCAT À LA COUR Eugénie Carolle Njignou Mdojang Dieudonné Sawadogo ARBITRATION COUNCIL FOUNDATION LAFARGE NIMBA CONSEIL SARL CABINET D’AVOCATS MOUMOUNY KOPIHO Gilbert L.P. Nyatanyi Chamnan Som Lisette Catherine Elobo MKONO & CO. ADVOCATES Noupoue Ngaffa Richard Moussa Ousmane Sawadogo CAMBODIAN FEDERATION OF EMPLOYERS MINISTRY OF SMALL AND MEDIUM-SIZED LEGAL POWER LAW FIRM DIRECTION GÉNÉRALE DES IMPÔTS Déogratias Nzemba AND BUSINESS ASSOCIATIONS ENTERPRISES, SOCIAL ECONOMY AND ATTORNEY-AT-LAW HANDICRAFTS Ndie Tadmi Noël Soumnere Ny Som LEGAL POWER LAW FIRM SONABEL Prosper Ringuyeneza SDV LOGISTICS Marie Marceline Enganalim LE GENIE CIVIL, SPRL ETUDE ME ENGANALIM MARCELINE Joseph Mbi Tanyi Olga Tamini Vannaroth Sovann TANYI MBI & PARTNERS SCPA YAGUIBOU & YANOGO Willy Rubeya BNG LEGAL Pascal Enpe RUBEYA & CO. - ADVOCATES Dominique Taty Hyppolite Tapsoba Ousaphea Suos Mboule Reagan Esone PWC CÔTE D’IVOIRE TRIBUNAL D’INSTANCE DE OUAGADOUGOU Benjamin Rufagari ACLEDA BANK PLC. CABINET D’AVOCATS HENRI JOB DELOITTE LLP Pierre Morgant Tchuikwa Dominique Taty Bridie Sweetman Lucas Florent Essomba CADIRE PWC CÔTE D’IVOIRE Thierry Rujerwaka BNG LEGAL CABINET ESSOMBA & ASSOCIÉS LABORATOIRE NATIONAL DU BÂTIMENT ET Nadine Tinen Kassoum Traore Michael Tan DES TRAVAUX PUBLICS (LNBTP) BURUNDI Joël Etoke PRICEWATERHOUSECOOPERS TAX & DIRECTION GÉNÉRALE DES IMPÔTS RAF INTERNATIONAL FORWARDING ETUDE ME ETOKE LEGAL SARL Fabien Segatwa (CAMBODIA) INC. Moussa Traore ETUDE ME SEGATWA Marie-Claude Etoke Chrétien Toudjui DIRECTION GÉNÉRALE DES IMPÔTS Chesda Teng ETUDE ME ETOKE AFRIQUE AUDIT CONSEIL BAKER TILLY Gabriel Sinarinzi ARBITRATION COUNCIL FOUNDATION Moussa Traore CABINET ME GABRIEL SINARINZI Hyacinthe Clément Fansi Ngamou Tamfu Ngarka Tristel Richard MAISON DE L’ENTREPRISE DU BURKINA Rathvisal Thara NGASSAMNJIKE & ASSOCIÉS LEGAL POWER LAW FIRM FASO Egide Uwimana BNG LEGAL TRIBUNAL DU TRAVAIL DE BUJUMBURA Oréol Marcel Fetue Jean Vincent Whassom Emmanuel Yehouessi Heng Thy NIMBA CONSEIL SARL LAFARGE BCEAO PWC CAMBODIA CAMBODIA Atsishi Fon Ndikum Eliane Yomsi K. Cyrille Zangre Janvibol Tip ACLEDA BANK PLC. ACHU AND FON-NDIKUM LAW FIRM KARVAN FINANCE CABINET D’AVOCATS MOUMOUNY KOPIHO TIP & PARTNERS ERNST & YOUNG Georges Fopa Philippe Zouna Bassinaly Zerbo Sokhan Uch GIEA PWC CAMEROON SONABEL Kearath Chan ACLEDA BANK PLC. LINEHAUL EXPRESS (CAMBODIA) CO., LTD. Bertrand Gieangnitchoke Ousmane Prosper Zoungrana Bun Youdy GIEA CANADA TRIBUNAL DE GRANDE INSTANCE DE Phanin Cheam BUN & ASSOCIATES SDV LOGISTICS (CANADA) INC. OUAGADOUGOU MUNICIPALITY OF PHNOM PENH BUREAU Kingue Godor Dummas Potim Yun OF URBAN AFFAIRS LEGAL POWER LAW FIRM Saad Ahmad Jean Celéstin Zoure DFDL MEKONG LAW GROUP BLAKE, CASSELS & GRAYDON, MEMBER OF OFFICE NOTARIAL ME JEAN CELESTIN Rithy Chey Samuel Iyug Iyug LEX MUNDI ZOURE BNG LEGAL CAMEROON GROUPEMENT DES ENTREPRISES DE FRET ET MESSAGERIE DU CAMEROUN Marlon Alfred Théophane Noël Zoure Susanna Coghlan LA BANQUE DES ETATS DE L’AFRIQUE (GEFMCAM) PWC CANADA OFFICE NOTARIAL ME JEAN CELESTIN AAA CAMBODIA LTD. CENTRALE ZOURE Henri Pierre Job David Bish Antoine Fontaine Roland Abeng CABINET D’AVOCATS HENRI JOB TORYS LLP BUN & ASSOCIATES THE ABENG LAW FIRM 158 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Ann Borooah Christopher Richter Zilmar D. Silva Lopes Theophile B. Bongoro Manuel Brunet Bofill TORONTO CITY HALL WOODS LLP AMADO & MEDINA ADVOGADAS CABINET NOTARIAL BONGORO CÁMARA CHILENA DE LA CONSTRUCCIÓN Colin L. Campbell Damian Rigolo Luís Filipe Sousa Oscar D’estaing Deffosso Rodrigo Cabrera Ortiz SUPERIOR COURT OF JUSTICE OF ONTARIO OSLER, HOSKIN & HARCOURT LLP PWC PORTUGAL PRICEWATERHOUSECOOPERS TAX & CHILECTRA LEGAL SARL Allan Coleman Jenifer Robertson Jose Spinola Josefina Campos OSLER, HOSKIN & HARCOURT LLP ELECTRICAL SAFETY AUTHORITY FPS Thomas Dingamgoto CLARO & CIÁ., ABOGADOS, MEMBER OF CABINET THOMAS DINGAMGOTO LEX MUNDI John Craig Harris M. Rosen Frantz Tavares HEENAN BLAIKIE LLP, MEMBER OF IUS FOGLER RUBINOFF INOVE - CONSULTORES EMPRESARIAIS Mahamat Ousman Djidda Miguel Capo Valdes LABORIS CABINET D’ARCHITECTURE & URBANISME BESALCO S.A. Paul Schabas João Carlos Tavares Fidalgo Aaron Dovell BLAKE, CASSELS & GRAYDON, MEMBER OF BANCO CENTRAL DE CABO VERDE N’Doningar Djimasna Javier Carrasco BERRIS MANGAN, MEMBER OF RUSSELL LEX MUNDI FACULTÉ DE DROIT, UNIVERSITÉ DE NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Liza Helena Vaz BEDFORD INTERNATIONAL N’DJAMENA Nicholas Scheib PWC PORTUGAL Héctor Carrasco Abe Dube MCMILLAN LLP Mahamat Nour Idriss Haggar SUPERINTENDENCIA DE BANCOS Y Leendert Verschoor AMERINDE LAW GROUP SOCIÉTÉ TCHADIENNE D’EAU ET INSTITUCIONES FINANCIERAS CHILE Lincoln Schreiner PWC PORTUGAL D’ELECTRICITÉ (STEE) David G. Ellis PWC CANADA Andrés Chirgwin OXFORD PROPERTIES Shane Todd CENTRAL AFRICAN REPUBLIC Delphine K. Djiraibe CHIRGWIN RECART ABOGADOS SPA AVOCATE À LA COUR Diedier Eric HEENAN BLAIKIE LLP, MEMBER OF IUS LA BANQUE DES ETATS DE L’AFRIQUE Cristobal Correa Echavarria LABORIS CENTRALE Francis Kadjilembaye GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ Isabelle Foley CABINET THOMAS DINGAMGOTO ABOGADOS CORPORATIONS CANADA Dmitry Uduman Blaise Banguitoumba PWC CANADA ENERCA (ENERGIE CENTRAFRICAINE) Gérard Leclaire Sergio Cruz Jeremy Fraiberg CABINET D’ARCHITECTURE & URBANISME CRUZ & CIA. ABOGADOS OSLER, HOSKIN & HARCOURT LLP Randal S. Van de Mosselaer Thierry Chaou MACLEOD DIXON CABINET G.E.C. SA FIDUCIAIRE Béchir Madet Bernardita Dittus Kelly Francis OFFICE NOTARIAL ALESSANDRI & COMPAÑÍA MCMILLAN LLP Sharon Vogel Maurice Dibert-Dollet BORDEN LADNER GERVAIS LLP MINISTÈRE DE LA JUSTICE Athanase Mbaigangnon Fernando Echeverria Paul Gasparatto CABINET NOTARIAL BONGORO CÁMARA CHILENA DE LA CONSTRUCCIÓN ONTARIO ENERGY BOARD George Waggot Christiane Doraz-Serefessenet MCMILLAN LLP CABINET NOTAIRE DORAZ-SEREFESSENET Issa Ngarmbassa Alejandro Eliash Marlow Gereluk ETUDE ME ISSA NGAR MBASSA CÁMARA CHILENA DE LA CONSTRUCCIÓN MACLEOD DIXON Emile Doraz-Serefessenet CAPE VERDE CABINET NOTAIRE DORAZ-SEREFESSENET Tchouafiene Pandare Claudia Paz Escobar Anne Glover EMPRESA DE ELECTRICIDADE E AGUA CABINET NOTARIAL BONGORO CHIRGWIN RECART ABOGADOS SPA BLAKE, CASSELS & GRAYDON, MEMBER OF Dolly Gotilogue (ELECTRA) LEX MUNDI AVOCAT À LA COUR Nissaouabé Passang Jaime Espina Hermínio Afonso ETUDE ME PASSANG PWC CHILE Yoine Goldstein Théodore Lawson PWC CAPE VERDE MCMILLAN LLP CABINET LAWSON & ASSOCIÉS Nastasja Schnorfeil-Pauthe Cristián S. Eyzaguirre Ana Cristina Almada PRICEWATERHOUSECOOPERS TAX & EYZAGUIRRE & CÍA. Karen Grant Jean Paul Maradas Nado D. HOPFFER ALMADA & ASSOCIADOS LEGAL SARL TRANSUNION MINISTÈRE DE L’URBANISME Maria Teresa Fernandez Bruno Andrade Alves Gilles Schwarz BAHAMONDEZ, ALVAREZ & ZEGERS Pamela S. Hughes Timothee M’beto PWC PORTUGAL SDV LOGISTICS BLAKE, CASSELS & GRAYDON, MEMBER OF TTCI Benjamín Ferrada LEX MUNDI José Manuel Andrade Senoussi Ahmat Senoussi GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ Serge Médard Missamou NÚCLEO OPERACIONAL DA SOCIEDADE DE CABINET D’ARCHITECTURE & URBANISME ABOGADOS Robert Hughes CLUB OHADA RÉPUBLIQUE INFORMAÇÃO OSLER, HOSKIN & HARCOURT LLP CENTRAFRICAINE Amos D. Tatoloum Onde Pamela Flores Susana Caetano SOCIETE AFRICAINE D’ARCHITECTURE ET PWC CHILE Dino Infanti Yves Namkomokoina PWC PORTUGAL D’INGENIERIE BERRIS MANGAN, MEMBER OF RUSSELL TRIBUNAL DE COMMERCE DE BANGUI Rodrigo Galleguillos BEDFORD INTERNATIONAL Liver Canuto Dominique Taty NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Jacob Ngaya PWC PORTUGAL PWC CÔTE D’IVOIRE Andrew Kent MINISTÈRE DES FINANCES - DIRECTION Nicolás García MCMILLAN LLP Ana Catarina Carnaz GÉNÉRALE DES IMPÔTS ET DES DOMAINES Nadine Tinen NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS PWC PORTUGAL PRICEWATERHOUSECOOPERS TAX & Matthew Kindree Marcelin Ngondang Gianfranco Gazzana LEGAL SARL BAKER & MCKENZIE Ana Raquel Costa MINISTÈRE DES FINANCES - DIRECTION GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ PWC PORTUGAL GÉNÉRALE DES IMPÔTS ET DES DOMAINES Masrangue Trahogra ABOGADOS Joshua Kochath CABINET D’AVOCATS ASSOCIÉS COMAGE CONTAINER LINES Ilidio Cruz Gina Roosalem Andrés González ILIDIO CRUZ & ASSOCIADOS-SOCIEDADE CHAMBRE DES NOTAIRES DE CENTRAFRIQUE Issouf Traore NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Susan Leslie DE ADVOGADOS RL IMPERIAL TOBACCO FIRST CANADIAN TITLE François Sabegala Mauricio Hederra Jorge Lima Delgado Lopes GUICHET UNIQUE DE FORMALITÉS DES Sobdibé Zoua CRUZ & CIA. ABOGADOS Craig Lockwood NÚCLEO OPERACIONAL DA SOCIEDADE DE ENTREPRISES (GUFE) CABINET SOBDIBE ZOUA OSLER, HOSKIN & HARCOURT LLP Christian Hermansen Rebolledo INFORMAÇÃO Ghislain Samba Mokamanede Patedjore Zoukalne ACTIC CONSULTORES Rebecca Ma John Duggan BAMELEC DIRECTION DE L’ENREGISTREMENT BAKER & MCKENZIE Manuel Hinojosa PWC PORTUGAL DES DOMAINES, DU TIMBRE ET DE LA Bandiba Max Symphorien NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS Patrick Mangan CONSERVATION FONCIERE Florentino Jorge Fonseca Jesus CLUB OHADA RÉPUBLIQUE BERRIS MANGAN, MEMBER OF RUSSELL Javier Hurtado MUNICIPALITY OF PRAIA CENTRAFRICAINE BEDFORD INTERNATIONAL CHILE CÁMARA CHILENA DE LA CONSTRUCCIÓN João Gomes Nicolas Tiangaye Terry McCann BOLETIN COMERCIAL Fernando Jamarne D. HOPFFER ALMADA & ASSOCIADOS NICOLAS TIANGAYE LAW FIRM MLG ENTERPRISES LTD. ALESSANDRI & COMPAÑÍA Leticia Acosta Aguirre Julio Martins Jr. Marcial Zoba William McCarthy REDLINES GROUP Andrés Jara RAPOSO BERNARDO & ASSOCIADOS MINISTÈRE DES FINANCES - DIRECTION FIRST CANADIAN TITLE GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ GÉNÉRALE DES IMPÔTS ET DES DOMAINES Tania Almuna João Medina ABOGADOS Dave McKechnie CRUZ & CIA. ABOGADOS NEVILLE DE ROUGEMONT & ASSOCIADOS MCMILLAN LLP CHAD Luis Avello José Ignacio Jiménez Francisco Guimarães Melo LA BANQUE DES ETATS DE L’AFRIQUE GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ Patricia Meehan PWC CHILE PWC PORTUGAL ABOGADOS PWC CANADA CENTRALE Angeles Barría Fernando Aguiar Monteiro Pedro Lagos Michael Nowina Mahamat Hassan Abakar PHILIPPI, YRARRAZAVAL, PULIDO & ADVOGADOS ASSOCIADOS YRARRÁZAVAL, RUIZ-TAGLE, GOLDENBERG, BAKER & MCKENZIE CABINET ME MAHAMAT HASSAN ABAKAR BRUNNER, ABOGADOS LTDA. LAGOS & SILVA Ana Pinto Morais Eric Paton Dana Abdelkader Waya José Benitez PWC PORTUGAL Jose Luis Letelier PWC CANADA CABINET NOTARIAL BONGORO PWC CHILE CARIOLA DIEZ PEREZ-COPATOS & CIA Catarina Nunes Saul Plener Adoum Daoud Adoum Haroun Enrique Benitez Urrutia PWC PORTUGAL Gianfranco Lotito PWC CANADA S.C.G.A.D.A. ET FILS URRUTIA & CÍA CLARO & CIÁ., ABOGADOS, MEMBER OF Ana Rita Reis Martin Post Abdelkerim Ahmat Jorge Benitez Urrutia LEX MUNDI NEVILLE DE ROUGEMONT & ASSOCIADOS ELECTRICAL SAFETY AUTHORITY SDV LOGISTICS URRUTIA & CÍA Luis Maldonado Croquevielle Armando J.F. Rodrigues Antonin Pribetic Atadet Azarak Mogro Mario Bezanilla CONSERVADOR DE BIENES RAÍCES Y PWC CAPE VERDE STEINBERG MORTON HOPE & ISRAEL LLP SOCIÉTÉ TCHADIENNE D’EAU ET ALCAÍNO, RODRÍGUEZ & SAHLI LIMITADA COMERCIO DE SANTIAGO Henrique Semedo Borges D’ELECTRICITÉ (STEE) LAW FIRM SEMEDO BORGES ACKNOWLEDGMENTS 159 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Juan Ignacio Marín Ricardo Tisi L. Edward E. Lehman Kent Woo María Camila Bagés GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ CARIOLA DIEZ PEREZ-COPATOS & CIA LEHMAN, LEE & XU GUANGDA LAW FIRM BRIGARD & URRUTIA, MEMBER OF LEX ABOGADOS MUNDI Esteban Tomic Errázuriz Ian Lewis Christina Wu Nicolas Maturana CRUZ & CIA. ABOGADOS MAYER BROWN JSM CAPITAL LAW & PARTNERS Luis Alfredo Barragán CHIRGWIN RECART ABOGADOS SPA BRIGARD & URRUTIA, MEMBER OF LEX Carlos Torres Qing Li Bruce Wu MUNDI Consuelo Maze REDLINES GROUP JUN HE LAW OFFICE, MEMBER OF LEX JIANGSU HONGTENG FOOD CO., LTD. NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS MUNDI Daniel Bayona Sebastián Valdivieso Elisa Xiao MUÑOZ TAMAYO & ASOCIADOS Enrique Munita YRARRÁZAVAL, RUIZ-TAGLE, GOLDENBERG, Jane Li HUA-ANDER CPAS, MEMBER OF RUSSELL PHILIPPI, YRARRAZAVAL, PULIDO & LAGOS & SILVA NORONHA ADVOGADOS BEDFORD INTERNATIONAL Fernando Bermúdez Durana BRUNNER, ABOGADOS LTDA. MUÑOZ TAMAYO & ASOCIADOS Matias Valenzuela Audry Li Wang Xiaolei Rodrigo Muñoz ALESSANDRI & COMPAÑÍA ZHONG LUN LAW FIRM PEOPLE’S BANK OF CHINA Joe Ignacio Bonilla Gálvez NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS MUÑOZ TAMAYO & ASOCIADOS Luis Felipe Vergara Mark Li Emily Xiong Alberto Oltra CONSERVADOR DE BIENES RAÍCES Y ZHONG LUN LAW FIRM SHENZHEN QIFENG STONE MATERIAL Carolina Camacho DHL GLOBAL FORWARDING COMERCIO DE SANTIAGO CO, LTD. POSSE HERRERA & RUIZ Frankie Lin Felipe Ossa Arturo Yrarrázaval Covarrubias ZHECHEM Hua Xuan Claudia Marcela Camargo CLARO & CIÁ., ABOGADOS, MEMBER OF YRARRÁZAVAL, RUIZ-TAGLE, GOLDENBERG, MMLC GROUP PWC COLOMBIA Grace Liu LEX MUNDI LAGOS & SILVA HUA-ANDER CPAS, MEMBER OF RUSSELL Maggie Yan Pablo Cárdenas Gerardo Ovalle Mahns Jean Paul Zalaquett BEDFORD INTERNATIONAL HUA-ANDER CPAS, MEMBER OF RUSSELL BRIGARD & URRUTIA, MEMBER OF LEX YRARRÁZAVAL, RUIZ-TAGLE, GOLDENBERG, CHILECTRA BEDFORD INTERNATIONAL MUNDI Li Liu LAGOS & SILVA Matías Zegers JINGJIANG TAIGOO IMPORT & EXPORT Frank Yang Darío Cárdenas Luis Parada Hoyl BAHAMONDEZ, ALVAREZ & ZEGERS TRADING COMPANY MAYER BROWN JSM CÁRDENAS & CÁRDENAS BAHAMONDEZ, ALVAREZ & ZEGERS Jingtao Liu Queenie Yip Daniel Cardoso Miguel Pavez CHINA JONES LANG LASALLE EXPORT/IMPORT PWC COLOMBIA RUSSELL BEDFORD CHILE, MEMBER OF ALLEN & OVERY LLP Zhiqiang Liu Ricky Yiu Carlos Carvajal RUSSELL BEDFORD INTERNATIONAL BYZ DIGITAL TECHNOLOGY KING & WOOD PRC LAWYERS BAKER & MCKENZIE JOSE LLOREDA CAMACHO & CO. Carmen Paz Cruz Lozano Russell Brown Lucy Lu Hai Yong Felipe Cuberos CÁMARA CHILENA DE LA CONSTRUCCIÓN LEHMANBROWN KING & WOOD PRC LAWYERS BAKER & MCKENZIE PRIETO & CARRIZOSA S.A. Alberto Pulido A. Rico Chan Hongli Ma Tian Yongsheng Maria Cristina Cuestas PHILIPPI, YRARRAZAVAL, PULIDO & BAKER & MCKENZIE JUN HE LAW OFFICE, MEMBER OF LEX Y-AXIS INTERNATIONAL TRADING CO. DHL GLOBAL FORWARDING BRUNNER, ABOGADOS LTDA. MUNDI Rex Chan Eugenia Yu Andrés de la Rosa Alfonso Reymond Larrain PWC CHINA Natalie Ma HKS CAVELIER ABOGADOS CHADWICK & ALDUNATE ABOGADOS PWC CHINA Jie Chen Xia Yu Lorena Diaz Sebastián Riesco JUN HE LAW OFFICE, MEMBER OF LEX Mark Ma MMLC GROUP JOSE LLOREDA CAMACHO & CO. EYZAGUIRRE & CÍA. MUNDI YANTAI I.G. PRODUCE CO., LTD. Natalie Yu María Helena Díaz Méndez Ricardo Riesco Elliott Youchun Chen SHU JIN LAW FIRM PWC COLOMBIA Thomas Man PHILIPPI, YRARRAZAVAL, PULIDO & JUN ZE JUN LAW OFFICES BRUNNER, ABOGADOS LTDA. Matthew Murphy Yvonne Zeng Paula Duarte Donald Chen MMLC GROUP LEHMANBROWN NIETO & CHALELA Constanza Rodriguez NINGBO SUNSEA APPAREL PHILIPPI, YRARRAZAVAL, PULIDO & Stephen Rynhart Honglei Zhang Karla Sofia Escobar Arango BRUNNER, ABOGADOS LTDA. Grace Cheng JONES LANG LASALLE BEIJING HUANZHONG & PARTNERS POSSE HERRERA & RUIZ CAPITAL LAW & PARTNERS Edmundo Rojas García Han Shen Sarah Zhang Jairo Flechas CONSERVADOR DE BIENES RAÍCES Y Ke Deng DAVIS POLK & WARDWELL HOGAN LOVELLS GENELEC LTDA. COMERCIO DE SANTIAGO AG LOGISTICS Tina Shi Yi Zhang Carlos Fradique-Méndez Pamela Rubio Robert Du MAYER BROWN JSM KING & WOOD PRC LAWYERS BRIGARD & URRUTIA, MEMBER OF LEX NÚÑEZ MUÑOZ & CÍA LTDA. ABOGADOS HKS MUNDI Jack Sun Sheng Hui Zhao Carlos Saavedra Yu Du HOGAN LOVELLS BEIJING HUANZHONG & PARTNERS Luis Hernando Gallo Medina CRUZ & CIA. ABOGADOS MMLC GROUP GALLO MEDINA ABOGADOS ASOCIADOS Jessie Tang Zoe Zhu Bernardita Saez Xi Jun Duan GLOBAL STAR LOGISTICS CO. LTD. JOINWAY LAWFIRM Hermes García ALESSANDRI & COMPAÑÍA AG LOGISTICS CAVELIER ABOGADOS Terence Tung Judy Zhu Marco Salgado Hongtao Fan MAYER BROWN JSM MAYER BROWN JSM Yamile Andrea Gómez ALCAÍNO, RODRÍGUEZ & SAHLI LIMITADA JOINWAY LAWFIRM PRODUCTOS STAHL DE COLOMBIA S.A. Felicity Wang Alina Zhu Adriana Salias Elwin Feng AG LOGISTICS ZHONG LUN LAW FIRM Santiago Gutiérrez REDLINES GROUP QINGHE COUNTY BAOSHIDA AUTOMOBILE JOSE LLOREDA CAMACHO & CO. PARTS CO. LTD. Xuehua Wang COLOMBIA Hugo Salinas BEIJING HUANZHONG & PARTNERS Natalia Gutierrez de Larrauri PWC CHILE Wei Gao EINCE LTDA. BRIGARD & URRUTIA, MEMBER OF LEX Fenghe Wang MUNDI Andrés Sanfuentes Lawrence Linjun Guo DACHENG LAW OFFICES LEWIN & WILLS, ABOGADOS PHILIPPI, YRARRAZAVAL, PULIDO & JADE & FOUNTAIN PRC LAWYERS Monica Hernandez Guoqi Wang Julio César Acosta BRUNNER, ABOGADOS LTDA. ARRIETA BUSTAMANTE Joanna Guo HUA-ANDER CPAS, MEMBER OF RUSSELL DHL GLOBAL FORWARDING Martín Santa María O. ZHONG LUN LAW FIRM BEDFORD INTERNATIONAL Laura Villaveces Hollman Enrique Alvarez GUERRERO, OLIVOS, NOVOA & ERRÁZURIZ BRIGARD & URRUTIA, MEMBER OF LEX Jennifer He George Wang JOSE LLOREDA CAMACHO & CO. ABOGADOS MUNDI LEHMANBROWN JUN HE LAW OFFICE, MEMBER OF LEX Jaime Mauricio Angulo Sanchez Francisco Selamé MUNDI Jorge Lara-Urbaneja Kian Heong Hew COMPUTEC - DATACRÉDITO PWC CHILE LARA CONSULTORES PINSENT MASONS Xin Wang Lorena Arambula Marcela Silva PINSENT MASONS Ernesto López Vivian Ho CÁRDENAS & CÁRDENAS PHILIPPI, YRARRAZAVAL, PULIDO & CÁRDENAS & CÁRDENAS BAKER & MCKENZIE Celia Wang Alexandra Arbeláez Cardona BRUNNER, ABOGADOS LTDA. Adriana Lopez Moncayo PWC CHINA RUSSELL BEDFORD COLOMBIA, MEMBER OF Sheng Ho CURADURIA URBANA 3 Luis Fernando Silva Ibañez RUSSELL BEDFORD INTERNATIONAL SHANGHAI TRICO BARIUM SALTS BUSINESS William Wang YRARRÁZAVAL, RUIZ-TAGLE, GOLDENBERG, Carlos Mantilla DEPARTMENT PWC CHINA Jorge Mauricio Arenas Sanchez LAGOS & SILVA MUÑOZ TAMAYO & ASOCIADOS Jinquan Hu Max Wong CODENSA S.A. ESP Alan Smith Luis Mendoza KING & WOOD PRC LAWYERS JONES LANG LASALLE Manuela Arizmendi AGENCIA DE ADUANA SMITH Y CIA. LTDA. JOSE LLOREDA CAMACHO & CO. Felix Hu Chris Wong POSSE HERRERA & RUIZ Cristobal Smythe Maria Montejo SHENZHEN EONVER CO. LTD. LEHMANBROWN Patricia Arrázola-Bustillo BAHAMONDEZ, ALVAREZ & ZEGERS GÓMEZ-PINZÓN ZULETA ABOGADOS S.A. Marvin Jiang Anthea Wong GÓMEZ-PINZÓN ZULETA ABOGADOS S.A. Alan Spencer Luis Gabriel Morcillo-Méndez TELOON CHEMICALS PWC CHINA Bernardo Avila ALESSANDRI & COMPAÑÍA BRIGARD & URRUTIA, MEMBER OF LEX Liu Jing Cassie Wong PARRA RODRIGUEZ & CAVELIER Victor Tavera MUNDI BEIJING HUANZHONG & PARTNERS PWC CHINA CHILECTRA Sandra Marcela Murcia Mora CIBERGESTION COLOMBIA S.A.S. 160 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Diana Navas Mohamed Ahamada Baco Antoine Mandemvo Jean Prosper Mabassi V. Andrés Gómez JOSE LLOREDA CAMACHO & CO. LAWYER SOCIÉTÉ NATIONALE D’ELECTRICITÉ ORDRE NATIONAL DES AVOCATS DU PWC COSTA RICA (SNEL) CONGO BARREAU DE BRAZZAVILLE Luis Carlos Neira Mejía Ali Mohamed Choibou Andrea González HOLGUÍN, NEIRA & POMBO ABOGADOS ETUDE MAÎTRE CHOIBOU Roger Masamba Makela Ado Patricia Marlene Matissa BLP ABOGADOS CABINET MASAMBA CABINET NOTARIAL MATISSA María Neira Tobón Ali Abdou Elaniou Randall González HOLGUÍN, NEIRA & POMBO ABOGADOS CABINET ELANIOU Jean Claude Mbaki Siluzaku François Ngaka BLP ABOGADOS CABINET MBAKI ET ASSOCIÉS LA BANQUE DES ETATS DE L’AFRIQUE Luis E. Nieto Remy Grondin David Gutierrez CENTRALE NIETO & CHALELA VITOGAZ COMORES Didier Mopiti BLP ABOGADOS MBM CONSEIL Regina Nicole Okandza Yoka Adriana Carolina Ospina Jiménez Adili Hassani Paola Gutiérrez Mora DIRECTION GÉNÉRALE DES IMPÔTS BRIGARD & URRUTIA, MEMBER OF LEX ELECTRICITÉ ET EAU DES COMORES Gérard Mosolo LEX COUNSEL MUNDI MBM CONSEIL Armand Robert Okoko Youssouf Ismael Mario Gutiérrez Quintero CABINET ARMAND ROBERT OKOKO Felipe Payan DIRECTION GÉNÉRALE DES IMPÔTS Louman Mpoy LEX COUNSEL CAVELIER ABOGADOS MPOY LOUMAN & ASSOCIÉS Jean Petro Madiane Mohamed Issa Jorge Guzmán CABINET D’AVOCATS JEAN PETRO Mónica Pedroza Garcés LAWYER Emery Mukendi Wafwana LEX COUNSEL CORPORACIÓN EXCELENCIA EN LA JUSTICIA CABINET EMERY MUKENDI WAFWANA Chimène Prisca Nina Pongui Faouzi Mohamed Lakj Roy Guzman Ramirez & ASSOCIÉS ETUDE DE ME CHIMÈNE PRISCA NINA Carolina Posada TRIBUNAL DE COMMERCE COMOROS COMPAÑÍA NACIONAL DE FUERZA Y LUZ PONGUI POSSE HERRERA & RUIZ Hilaire Mumvudi Mulangi Abdoulabastoi Moudjahid Randall Zamora Hidalgo MINISTÉRE DE L’URBANISME ET DE Andre Francois Quenum Raul Quevedo CLUB OHADA COMORES COSTA RICA ABC L’HABITAT CABINET ANDRE FRANCOIS QUENUM JOSE LLOREDA CAMACHO & CO. Said Mohamed Nassur Milena Hidalgo Eric Mumwena Kasonga Bassu Daniel Reyes ENERGIE COMOROS CABINET EMERY MUKENDI WAFWANA COSTA RICA TELETEC S.A. CURADURIA URBANA 3 Siti-Kalathoumi Soidri & ASSOCIÉS AUTORIDAD REGULADORA DE LOS Anneth Jimenez Catalina Reyes AVOCAT À LA COUR SERVICIOS PUBLICOS (ARESEP) BLP ABOGADOS Jacques Munday JOSE LLOREDA CAMACHO & CO. Daoud Saidali Toihiri CABINET NTOTO ET NSWAL FACIO & CAÑAS, MEMBER OF LEX MUNDI Vivian Jiménez Irma Rivera MINISTRY OF PROMOTION AND OLLER ABOGADOS Jean Pierre Muyaya Aisha Acuña BRIGARD & URRUTIA, MEMBER OF LEX EMPLOYMENT CABINET EMERY MUKENDI WAFWANA ANDRÉ TINOCO ABOGADOS Elvis Eduardo Jiménez Gutiérrez MUNDI Mohamed Youssouf & ASSOCIÉS SUPERINTENDENCIA GENERAL DE Arnoldo André Luis Carlos Robayo Higuera ETUDE MAÎTRE ABDOURAZAK ENTIDADES FINANCIERAS Ilunga Israel Ndambi ANDRÉ TINOCO ABOGADOS RUSSELL BEDFORD COLOMBIA, MEMBER OF S.I.E.C. SPRL Ivannia Méndez Rodríguez RUSSELL BEDFORD INTERNATIONAL CONGO, DEM. REP. Alejandro Antillon OLLER ABOGADOS Victorine Bibiche Nsimba Kilembe PACHECO COTO Jaime Rodriguez Louise Abonzore Alebam BARREAU DE KINSHASA/MATETE Andres Mercado NOTARIA 13 DE BOGOTÁ MINISTÉRE DE L’URBANISME ET DE Carlos Araya OLLER ABOGADOS L’HABITAT Adam Ntumba QUIROS ABOGADOS CENTRAL LAW Bernardo Rodriguez ANAPI Gabriela Miranda PARRA RODRIGUEZ & CAVELIER Alphin Babala Mangala Alvaro Barrantes OLLER ABOGADOS GTS EXPRESS Laurent Okitonembo AUTORIDAD REGULADORA DE LOS Maria Isabel Rodriguez CABINET DJUNGA & RISASI SERVICIOS PUBLICOS (ARESEP) Jaime Molina POSSE HERRERA & RUIZ Romain Battajon PROYECTOS ICC S.A. CABINET BATTAJON Otton Oligo Mbelia Kanalia Carlos Barrantes Sonia Elizabeth Rojas Izaquita ANAPI PWC COSTA RICA Jorge Montenegro GALLO MEDINA ABOGADOS ASOCIADOS Prince Bintene SCGMT ARQUITECTURA Y DISEÑO CABINET MASAMBA R. Rigo Ignacio Beirute Carolina Romero QUIROS ABOGADOS CENTRAL LAW Eduardo Montoya Solano GÓMEZ-PINZÓN ZULETA ABOGADOS S.A. Patrick Bondonga Lesambo Pierre Risasi SUPERINTENDENCIA GENERAL DE CABINET EMERY MUKENDI WAFWANA CABINET DJUNGA & RISASI Alejandro Bettoni Traube Juan Carlos Ruiz ENTIDADES FINANCIERAS & ASSOCIÉS DONINELLI & DONINELLI - ASESORES JOSE LLOREDA CAMACHO & CO. Dominique Taty JURÍDICOS ASOCIADOS Freddy Morales Deo Bukayafwa PWC CÔTE D’IVOIRE Angela Salazar Blanco JAPDEVA CARIBBEAN PORT AUTHORITY MBM CONSEIL Gerardo Bogantes JOSE LLOREDA CAMACHO & CO. Antoine Tshibuabua Mbuyi BLP ABOGADOS Cecilia Naranjo Edmond Cibamba Diata SOCIÉTÉ NATIONALE D’ELECTRICITÉ Paola Spada LEX COUNSEL CABINET EMERY MUKENDI WAFWANA (SNEL) Eduardo Calderón-Odio CORPORACIÓN EXCELENCIA EN LA JUSTICIA & ASSOCIÉS BLP ABOGADOS Pedro Oller OLLER ABOGADOS Raúl Alberto Suárez Arcila Claudine Dipo CONGO, REP. Bernardo Calvo M. Gustavo Tamayo Arango MINISTÉRE DE L’URBANISME ET DE LA BANQUE DES ETATS DE L’AFRIQUE GRUPO MEGA DE COSTA RICA BR, S.A Ramón Ortega L’HABITAT CENTRALE PWC DOMINICAN REPUBLIC JOSE LLOREDA CAMACHO & CO. Juan José Carreras Marcel Tangarife Prosper Djuma Bilali SOCIÉTÉ NATIONALE D’ELECTRICITÉ BLP ABOGADOS Andrea Paniagua PARRA RODRIGUEZ & CAVELIER CABINET MASAMBA (SNEL) PWC DOMINICAN REPUBLIC Adriana Castro Jose Alejandro Torres Irénée Falanka Jean Roger Bakoulou BLP ABOGADOS Felix Pecou Johnson POSSE HERRERA & RUIZ CABINET IRÉNÉE FALANKA LA BANQUE DES ETATS DE L’AFRIQUE JAPDEVA CARIBBEAN PORT AUTHORITY Juan Jose Castro Patrick Gérenthon CENTRALE EDIFICAR S.A. Laura Perez Carolina Villadiego Burbano CORPORACIÓN EXCELENCIA EN LA JUSTICIA SDV LOGISTICS Prosper Bizitou CINDE Leonardo Castro Ngalamulume Kalala Emmanuel PWC CONGO (DEMOCRATIC REPUBLIC OF) OLLER ABOGADOS Sergio Pérez Alberto Zuleta CÁRDENAS & CÁRDENAS BARREAU DE KINSHASA/MATETE Claude Coelho ANDRÉ TINOCO ABOGADOS Silvia Chacon Robert Katambu CABINET D’AVOCATS CLAUDE COELHO ALFREDO FOURNIER & ASOCIADOS Mainor Quesada Diana Zuleta PARRA RODRIGUEZ & CAVELIER CABINET ROBERT KATAMBU & ASSOCIÉS Mohammad Daoudou TELETEC S.A. Daniel Chaves Pierrot Kazadi Tshibanda PWC CONGO (DEMOCRATIC REPUBLIC OF) CINDE Alvaro Quesada Loría COMOROS CABINET MASAMBA Mathias Essereke AGUILAR CASTILLO LOVE Luis Fernando Escalante J. Chabani Abdallah Halifa Kamba Kitabi Clovis CABINET D’AVOCATS CLAUDE COELHO GRUPO MEGA DE COSTA RICA BR, S.A Mauricio Quiros GROUPE HASSANATI SOILIHI - GROUPE CABINET ROBERT KATAMBU & ASSOCIÉS QUIROS ABOGADOS CENTRAL LAW Henriette Lucie Arlette Galiba Roberto Esquivel HASOIL Jean-Délphin Lokonde OFFICE NOTARIAL ME GALIBA OLLER ABOGADOS Rafael Quiros Mohamed Abdallah Halifa Mvulukunda QUIROS ABOGADOS CENTRAL LAW Gaston Gapo Freddy Fachler GROUPE HASSANATI SOILIHI - GROUPE CABINET MASAMBA ATELIER D’ARCHITECTURE ET D’URBANISME PACHECO COTO Ana Quiros Vaglio HASOIL Francis Lugunda Lubamba Moise Kokolo TRANSUNION Issiaka Abdourazak Elizabeth Fallas CABINET LUGUNDA LUBAMBA PWC CONGO (DEMOCRATIC REPUBLIC OF) ETUDE MAÎTRE ABDOURAZAK QUIROS ABOGADOS CENTRAL LAW Manrique Rojas Serge Mwankana Lulu Karelle Koubatika ANDRÉ TINOCO ABOGADOS Hilmy Aboudsaid Irene Fernández AVOCAT OFFICE 2K ARCHITECTURE & DESIGN COMORES CARGO INTERNATIONAL LEX COUNSEL Miguel Ruiz Herrera Aubin Mabanza Christian Eric Locko LEX COUNSEL Yassian Ahamed Alejandro Fernández de Castro KLAM & PARTNERS AVOCATS BRUDEY, ONDZIEL GNELENGA, LOCKO DIRECTION DE L’ENERGIE PWC DOMINICAN REPUBLIC Mauricio Salas Béatrice Mabanza CABINET D’AVOCATS BLP ABOGADOS Mouzaoui Amroine Octavio Fournier KLAM & PARTNERS AVOCATS Salomon Louboula ORGANISATION PATRONALE DES COMORES ALFREDO FOURNIER & ASOCIADOS Jose Luis Salinas Andre Malangu Muabila SCP SENGHOR & SARR, NOTAIRES SCGMT ARQUITECTURA Y DISEÑO Said Ali Said Athouman ASSOCIÉS Alfredo Fournier-Beeche CABINET FAMILLE UNION OF THE CHAMBER OF COMMERCE ALFREDO FOURNIER & ASOCIADOS Walter Anderson Salomons JAPDEVA CARIBBEAN PORT AUTHORITY ACKNOWLEDGMENTS 161 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Fernando Sanchez Castillo Andrea August Andrea Loncar CYPRUS Theodoros Kringou RUSSELL BEDFORD COSTA RICA, ABBQ FINANCIAL AGENCY - CENTRE FOR GLINSKA & MIŠKOVIĆ LTD. ERNST & YOUNG FIRST CYPRUS CREDIT BUREAU CONSULTORES, S.A, MEMBER OF RUSSELL HITRO.HR Marko Lovrić RAS RESTRUCTURING ADVISORY SERVICES Nicholas Ktenas BEDFORD INTERNATIONAL Zoran Avramović DIVJAK, TOPIĆ & BAHTIJAREVIĆ LTD. ANDREAS NEOCLEOUS & CO. LEGAL Luis Sibaja MINISTRY OF JUSTICE CONSULTANTS Miroljub Mačešić Olga Adamidou LEX COUNSEL Emir Bahtijarević MAČEŠIĆ & PARTNERS, ODVJETNICKO ANTIS TRIANTAFYLLIDES & SONS LLC Olga Lambrou Dagoberto Sibaja Morales DIVJAK, TOPIĆ & BAHTIJAREVIĆ DRUSTVO MOUAIMIS & MOUAIMIS ADVOCATES REGISTRO NACIONAL DE COSTA RICA Alexandros Alexandrou Ivana Bandov Josip Marohnić TORNARITIS LAW FIRM Pieris M. Markou Alonso Vargas JURIC AND PARTNERS ATTORNEYS AT LAW GLINSKA & MIŠKOVIĆ LTD. DELOITTE LLP ANDRÉ TINOCO ABOGADOS Irene Anastassiou Hrvoje Bardek Andrej Matijevich DR. K. CHRYSOSTOMIDES & CO. LLC Christos Mavrellis Marianela Vargas CMS LEGAL MATIJEVICH LAW OFFICE CHRYSSES DEMETRIADES & CO. PWC COSTA RICA Andreas Andreou Ivo Bijelic Jan Mokos CYPRUS GLOBAL LOGISTICS Demosthenes Mavrellis Rocio Vega PWC CROATIA KORPER & PARTNERI LAW FIRM CHRYSSES DEMETRIADES & CO. GRUPO MEGA DE COSTA RICA BR, S.A. Pavlos Aristodemou Marko Borsky Marija Mušec ARISTODEMOU LOIZIDES YIOLITIS LLC Phivos Michaelides Jafet Zúñiga Salas DIVJAK, TOPIĆ & BAHTIJAREVIĆ CMS LEGAL IOANNIDES DEMETRIOU LLC SUPERINTENDENCIA GENERAL DE Anja Arsalides Marijana Božić Tatjana Pahljina CYPRUS INVESTMENT PROMOTION AGENCY Panayotis Mouaimis ENTIDADES FINANCIERAS DIVJAK, TOPIĆ & BAHTIJAREVIĆ TRANSADRIA MOUAIMIS & MOUAIMIS ADVOCATES Anita Boyadjian CÔTE D’IVOIRE Linda Brcic Tomislav Pedišić INFO CREDIT GROUP Alexia Mouskou DIVJAK, TOPIĆ & BAHTIJAREVIĆ VUKMIR & ASOCIATES LAW FIRM IOANNIDES DEMETRIOU LLC CABINET RAUX, AMIEN & ASSOCIÉS Amanda Cacoyanni Lana Brlek Miroslav Plašćar CHRYSSES DEMETRIADES & CO. Demetris Nicolaou ETUDE DE MAÎTRE KONE MAHOUA PWC CROATIA ŽURIĆ I PARTNERI ARISTODEMOU LOIZIDES YIOLITIS LLC Diaby Aboubakar Antonis Christodoulides Nana Bulat Marko Praljak PWC CYPRUS Themis Panayi BCEAO ČAČIĆ & PARTNERS ATTORNEY PARTNERSHIP CYPRUS STOCK EXCHANGE César Asman Thomas Christodoulou Belinda Čačić Branimir Puskaric CHRYSSES DEMETRIADES & CO. Marios Panayiotou CABINET N’GOAN, ASMAN & ASSOCIÉS ČAČIĆ & PARTNERS KORPER & PARTNERI LAW FIRM TORNARITIS LAW FIRM Binta Nany Bakayoko Christakis Christou Ivan Ćuk Hrvoje Radić PWC CYPRUS Georgios Papadopoulos CLK AVOCATS VUKMIR & ASOCIATES LAW FIRM GJURGJAN & ŠRIBAR RADIĆ LAW FIRM M.ELIADES & PARTNERS LLC Kizito Brizoua-Bi Kypros Chrysostomides Stefanija Čukman Kristina Rihtar DR. K. CHRYSOSTOMIDES & CO. LLC Stella Papadopoulou BILE-AKA, BRIZOUA-BI & ASSOCIÉS JURIC AND PARTNERS ATTORNEYS AT LAW IVEKOVIĆ LAW OFFICE MINISTRY OF INTERIOR OF CYPRUS Michel Brizoua-Bi Alexandros Economou Saša Divjak Gordan Rotkvić CHRYSSES DEMETRIADES & CO. Marios Pelekanos BILE-AKA, BRIZOUA-BI & ASSOCIÉS DIVJAK, TOPIĆ & BAHTIJAREVIĆ PWC CROATIA MESARITIS PELEKANOS ARCHITECTS Lassiney Kathann Camara Lefteris S. Eleftheriou - ENGINEERS Anela Dizdarević Davor Rukonić CYPRUS INVESTMENT PROMOTION AGENCY CLK AVOCATS SIHTAR ATTORNEYS AT LAW DIVJAK, TOPIĆ & BAHTIJAREVIĆ Chrysilios Pelekanos Aminata Cone Marios Eliades PWC CYPRUS Ronald Given Boris Sarovic M.ELIADES & PARTNERS LLC SCPA DOGUÉ-ABBÉ YAO & ASSOCIÉS WOLF THEISS ŠAVORIĆ & PARTNERS Maria Pilikou Dorothée K. Dreesen Panicos Florides DR. K. CHRYSOSTOMIDES & CO. LLC Tonka Gjoić Ana Sihtar P.G. ECONOMIDES & CO. LIMITED, ETUDE MAÎTRE DREESEN GLINSKA & MIŠKOVIĆ LTD. SIHTAR ATTORNEYS AT LAW MEMBER OF RUSSELL BEDFORD Yiannos Pipis Olivier Germanos INTERNATIONAL NICE DAY DEVELOPERS Ivan Gjurgjan Andrej Skočić BOLLORÉ AFRICA LOGISTICSCI GJURGJAN & ŠRIBAR RADIĆ LAW FIRM MERVIS D.O.O., MEMBER OF RUSSELL Angela T. Frangou Petros Rialas Barnabe Kabore BEDFORD INTERNATIONAL CYPRUS STOCK EXCHANGE P.G. ECONOMIDES & CO. LIMITED, Kresimir Golubić NOVELEC SARL MEMBER OF RUSSELL BEDFORD GOLMAX D.O.O. Vladimir Skočić Elena Frixou INTERNATIONAL Fatoumata Konate Toure-B. MERVIS D.O.O., MEMBER OF RUSSELL ARTEMIS BANK INFORMATION SYSTEMS Tom Hadzija ETUDE DE ME KONATE TOURE-B. BEDFORD INTERNATIONAL LTD. Criton Tornaritis KORPER & PARTNERI LAW FIRM FATOUMATA TORNARITIS LAW FIRM Toni Smrcek Olga Gaponova Lidija Hanžek Dogbémin Gérard Kone ŠAVORIĆ & PARTNERS DELOITTE LLP Nikos Tripatsas HROK D.O.O. SCPA NAMBEYA-DOGBEMIN & ASSOCIES CYPRUS STOCK EXCHANGE Manuela Špoljarić Elvira Georgiou Jana Hitrec Arsène Dablé Kouassi LEKO I PARTNERI ATTORNEYS AT LAW ANTIS TRIANTAFYLLIDES & SONS LLC Panikos Tsiailis ČAČIĆ & PARTNERS SCPA DOGUÉ-ABBÉ YAO & ASSOCIÉS PWC CYPRUS Irena Šribar Radić Marios Hadjigavriel Branimir Iveković Charlotte-Yolande Mangoua GJURGJAN & ŠRIBAR RADIĆ LAW FIRM ANTIS TRIANTAFYLLIDES & SONS LLC James West IVEKOVIĆ LAW OFFICE ETUDE DE MAÎTRE MANGOUA ANTIS TRIANTAFYLLIDES & SONS LLC Tihana Svetek Iacovos Hadjivarnavas Irina Jelčić Adeline Messou LEKO I PARTNERI ATTORNEYS AT LAW CYPRUS GENERAL BONDED AND TRANSIT Xenios Xenopoulos HANŽEKOVIĆ & PARTNERS LTD., MEMBER PWC CÔTE D’IVOIRE STORES ASSOCIATION LAWYER OF LEX MUNDI Marin Svić André Monso PRALJAK & SVIĆ Samantha G. Hellicar PWC CÔTE D’IVOIRE Ivica Jelovcic CZECH REPUBLIC DAMCO Tena Tomek ANTIS TRIANTAFYLLIDES & SONS LLC ALLEN & OVERY (CZECH REPUBLIC) LLP, Georges N’Goan DIVJAK, TOPIĆ & BAHTIJAREVIĆ Marina Ierokipiotou Saša Jovičić ORGANIZAČNÍ SLOŽKA CABINET N’GOAN, ASMAN & ASSOCIÉS ANTIS TRIANTAFYLLIDES & SONS LLC WOLF THEISS Branka Tutek MAURICE WARD & CO. SRO Ousmane Samba Mamadou JURIC AND PARTNERS ATTORNEYS AT LAW Christina Ioannidou Sanja Jurkovic BCEAO IOANNIDES DEMETRIOU LLC PREDISTRIBUCE PWC CROATIA Ivana Urem Simon Dognima Silué ASSONO LTD. CROATIA Demetra Kalogerou Vladimír Ambruz Anela Kedić BILE-AKA, BRIZOUA-BI & ASSOCIÉS CYPRUS STOCK EXCHANGE AMBRUZ & DARK LAW FIRM WOLF THEISS Hrvoje Vidan Dominique Taty IVEKOVIĆ LAW OFFICE George Karakannas Tomas Babacek Branko Kirin PWC CÔTE D’IVOIRE CH.P. KARAKANNAS ELECTRICAL LTD. AMBRUZ & DARK LAW FIRM ČAČIĆ & PARTNERS Zeljko Vrban Fousséni Traoré HEP DISTRIBUTION SYSTEM OPERATOR Melina Karaolia Michaela Baranyková Ozren Kobsa PWC CÔTE D’IVOIRE LTD. M.ELIADES & PARTNERS LLC EURO-TREND, S. R. O., MEMBER OF RUSSELL DIVJAK, TOPIĆ & BAHTIJAREVIĆ BEDFORD INTERNATIONAL Jean Christian Turkson Zrinka Vrtaric Thomas Keane Dina Korper CIE CMS LEGAL CHRYSSES DEMETRIADES & CO. Libor Basl KORPER & PARTNERI LAW FIRM BAKER & MCKENZIE Koffi Noël Yao Mario Vukelić Harris Kleanthous Marija Krizanec CABINET YZAS BAKER TILLY HIGH COMMERCIAL COURT OF THE DELOITTE LLP Stanislav Bednár JURIC AND PARTNERS ATTORNEYS AT LAW REPUBLIC OF CROATIA PETERKA & PARTNERS Emmanuel Yehouessi Spyros G. Kokkinos Anita Krizmanić BCEAO Marin Vukovic DEPARTMENT OF REGISTRAR OF COMPANIES Tomáš Běhounek MAČEŠIĆ & PARTNERS, ODVJETNICKO DIVJAK, TOPIĆ & BAHTIJAREVIĆ AND OFFICIAL RECEIVER BNT - PRAVDA & PARTNER, S.R.O. Seydou Zerbo DRUSTVO SCPA DOGUÉ-ABBÉ YAO & ASSOCIÉS Gorana Vukušić Christina Koronis Stanislav Beran Dubravka Lacković LEKO I PARTNERI ATTORNEYS AT LAW PWC CYPRUS PETERKA & PARTNERS CMS LEGAL CROATIA Eugen Zadravec Jan Beres Krešimir Ljubić Christina Kotsapa ERNST & YOUNG EUGEN ZADRAVEC LAW FIRM ANTIS TRIANTAFYLLIDES & SONS LLC KOCIAN SOLC BALASTIK LEKO I PARTNERI ATTORNEYS AT LAW 162 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Martin Bohuslav Petr Měšťánek Ole Borch Anders Worsøe Eugene G. Royer AMBRUZ & DARK LAW FIRM KINSTELLAR BECH-BRUUN LAW FIRM MAGNUSSON EUGENE G. ROYER CHARTERED ARCHITECT Jiří Černý Veronika Mistova Frants Dalgaard-Knudsen Duncan G. Stowe PETERKA & PARTNERS PRK PARTNERS S.R.O. ADVOKÁTNÍ PLESNER DJIBOUTI STOWE & CO. KANCELÁŘ ELECTRICITÉ DE DJIBOUTI Ivan Chalupa Mogens Ebeling Dawn Yearwood SQUIRE, SANDERS & DEMPSEY, V.O.S. Pavlína Mišutová BRUUN & HJEJLE Souleiman Idriss Abdi YEARWOOD CHAMBERS ADVOKÁTNÍ KANCELÁŘ WHITE & CASE MSC DJIBOUTI Alice Folker Peter Chrenko Marie Mrázková GORRISSEN FEDERSPIEL Fatouma Ahmed DOMINICAN REPUBLIC PWC CZECH REPUBLIC PETERKA & PARTNERS SERVICE DES DOMAINES, DJIBOUTI Rhadys Abreu de Polanco Anne Birgitte Gammeljord UNION INTERNACIONAL DEL NOTARIADO Pavel Cirek Lenka Mrazova GORRISSEN FEDERSPIEL Houmed Abdallah Bourhan LATINO ENERGY REGULATOR OFFICE CZECH PWC CZECH REPUBLIC CONSERVATION FONCIERE, DJIBOUTI Ata Ghilassi REPUBLIC Cristian Alvarez David Musil KROMANN REUMERT, MEMBER OF LEX Wabat Daoud RC ADVISORS, MEMBER OF RUSSELL Martin Dančišin PWC CZECH REPUBLIC MUNDI AVOCAT À LA COUR BEDFORD INTERNATIONAL GLATZOVÁ & CO. Jarmila Musilova Anne Louise Haack Andersen Bruno Detroyat Odalys Burgos Matěj Daněk CZECH NATIONAL BANK LETT LAW FIRM SOCIÉTÉ MARITIME L. SAVON & RIES PWC DOMINICAN REPUBLIC PRK PARTNERS S.R.O. ADVOKÁTNÍ Lenka Navrátilová Lita Misozi Hansen Daniel Dubois KANCELÁŘ Ana Isabel Caceres AMBRUZ & DARK LAW FIRM PWC DENMARK ATELIER D’ARCHITECTURE TRONCOSO Y CACERES Dagmar Dubecka Robert Nemec Annette Hastrup Hassam Mohamed Egaeh KOCIAN SOLC BALASTIK Giselle Castillo PRK PARTNERS S.R.O. ADVOKÁTNÍ MAGNUSSON DIRECTION LEGISLATION & CONTENTIEUX SUPERINTENDENCIA DE BANCOS Tomáš Elbert KANCELÁŘ DE LA DIRECTIONS DES IMPOTS Anders Hjortsholm WHITE & CASE Ramon Ceballos Martina Pavelkova KROMANN REUMERT, MEMBER OF LEX Félix Emok N’Dolo CEBALLOS & SÁNCHEZ, INGENIERÍA Y Tereza Erényi PANALPINA CZECH S.R.O. MUNDI CHD GROUP ENERGÍA, C. POR A. PRK PARTNERS S.R.O. ADVOKÁTNÍ Marketa Penazova Jens Hjortskov Mourad Farah KANCELÁŘ Laureana Corral AMBRUZ & DARK LAW FIRM PHILIP LAW FIRM Malik Garad DANNA CONSULTING Pavel Ficek Veronika Plešková Heidi Hoelgaard BANQUE CENTRALE DE DJIBOUTI PANALPINA CZECH S.R.O. Mariano Corral HAVEL, HOLÁSEK & PARTNERS S.R.O., EXPERIAN NORTHERN EUROPE Habib Ibrahim Mohamed DANNA CONSULTING Michal Forýtek ADVOKÁTNÍ KANCELÁŘ Peter Honoré DIRECTION DE L’HABITAT ET DE KINSTELLAR Leandro Corral Jan Procházka KROMANN REUMERT, MEMBER OF LEX L’URBANISME ESTRELLA & TUPETE Jakub Hajek AMBRUZ & DARK LAW FIRM MUNDI AMBRUZ & DARK LAW FIRM Ismael Mahamoud José Cruz Campillo Markéta Protivankova Jens Steen Jensen UNIVERSITE DE DJIBOUTI JIMÉNEZ CRUZ PEÑA Michal Hanko VEJMELKA & WÜNSCH, S.R.O. KROMANN REUMERT, MEMBER OF LEX BUBNIK, MYSLIL & PARTNERS MUNDI Fatouma Mahamoud Hassan Robinson Cuello Shanlatte Zdenek Rosicky PROGRAMA DE CONSOLIDACION DE Jarmila Hanzalova SQUIRE, SANDERS & DEMPSEY, V.O.S. Poul Jespersen Alain Martinet LA JURISDICCION INMOBILIARIA PODER PRK PARTNERS S.R.O. ADVOKÁTNÍ ADVOKÁTNÍ KANCELÁŘ CABINET D’AVOCATS MARTINET & Camilla Jørgensen JUDICIAL KANCELÁŘ Petra Schneiderova MARTINET PHILIP LAW FIRM Richard De la Cruz Jitka Hlavova AMBRUZ & DARK LAW FIRM Marie-Paule Martinet Lars Kjaer RC ADVISORS, MEMBER OF RUSSELL PRK PARTNERS S.R.O. ADVOKÁTNÍ CABINET D’AVOCATS MARTINET & Paul Sestak BECH-BRUUN LAW FIRM BEDFORD INTERNATIONAL KANCELÁŘ WOLF THEISS MARTINET Alexander Troeltzsch Larsen Marcos de Leon Vít Horáček Mayank Metha Leona Ševčíková BECH-BRUUN LAW FIRM SUPERINTENDENCIA DE BANCOS GLATZOVÁ & CO. SOCIÉTÉ MARITIME L. SAVON & RIES PANALPINA CZECH S.R.O. Mikkel Stig Larsen Sarah de León Perelló Radek Horký Ibrahim Mohamed Omar Robert Sgariboldi KROMANN REUMERT, MEMBER OF LEX HEADRICK RIZIK ALVAREZ & FERNÁNDEZ NOTARY CHAMBER, CZECH REPUBLIC CABINET CECA PANALPINA CZECH S.R.O. MUNDI Raúl De Moya Michal Hrnčíř Abdallah Mohammed Kamil Dana Sládečková Susanne Schjølin Larsen ARQUITECTURA & PLANIFICACIÓN AMBRUZ & DARK LAW FIRM ETUDE NOTARIALE CZECH NATIONAL BANK KROMANN REUMERT, MEMBER OF LEX Juan Carlos De Moya Pavel Jakab MUNDI Mohamed Omar Mohamed Ladislav Smejkal GONZÁLEZ & COISCOU PETERKA & PARTNERS WHITE & CASE Morten Bang Mikkelsen Ahmed Osman Rosa Díaz Kateřina Jarolímková PWC DENMARK BANQUE CENTRALE DE DJIBOUTI Petra Sochorova JIMÉNEZ CRUZ PEÑA NOTÁŘSKÁ KOMORA ČESKÉ REPUBLIKY HAVEL, HOLÁSEK & PARTNERS S.R.O., Andreas Nielsen Lantosoa Hurfin Ralaiarinosy Ana Esther Dominguez Ludvik Juřička ADVOKÁTNÍ KANCELÁŘ BRUUN & HJEJLE GROUPEMENT COSMEZZ DJIBOUTI S.A. BIAGGI & MESSINA AMBRUZ & DARK LAW FIRM Erik Steger Susanne Nørgaard Harilalao Ravalison Joaquín Guillermo Estrella Ramia Jitka Korejzova WOLF THEISS PWC DENMARK CABINET D’AVOCATS MARTINET ESTRELLA & TUPETE PRK PARTNERS S.R.O. ADVOKÁTNÍ & MARTINET Martin Štěpaník Jim Øksnebjerg KANCELÁŘ Alejandro Fernández de Castro PETERKA & PARTNERS ADVOKATAKTIESELSKABET HORTEN Aicha Youssouf Abdi PWC DOMINICAN REPUBLIC Adela Krbcová CABINET CECA Paul Stewart Carsten Pedersen PETERKA & PARTNERS Mary Fernández Rodríguez PWC CZECH REPUBLIC BECH-BRUUN LAW FIRM HEADRICK RIZIK ALVAREZ & FERNÁNDEZ Martin Krechler Stanislav Travnicek DOMINICA GLATZOVÁ & CO. Lars Lindencrone Petersen Jose Ernesto Garcia A. ENERGY REGULATOR OFFICE CZECH BECH-BRUUN LAW FIRM Joelle A.V. Harris HARRIS & HARRIS TRANSGLOBAL LOGISTIC Tomáš Kren REPUBLIC WHITE & CASE Jette H. Ronøe Gloria Gasso Růžena Trojánková BECH-BRUUN LAW FIRM Jerry Brisbane O.D. BRISBANE & SONS HEADRICK RIZIK ALVAREZ & FERNÁNDEZ Aleš Kubáč KINSTELLAR AMBRUZ & DARK LAW FIRM Kim Sejberg Marvlyn Estrado Jetti Gomez Klara Valentova KPB CHARTERED ACCOUNTANTS BIAGGI & MESSINA Petr Kucera AMBRUZ & DARK LAW FIRM Louise Krarup Simonsen CCB - CZECH CREDIT BUREAU KROMANN REUMERT, MEMBER OF LEX F. Adler Hamlet Pablo Gonzalez Tapia Ludek Vrána MUNDI REALCO COMPANY LIMITED GONZÁLEZ & COISCOU Petr Kuhn VRÁNA & PELIKÁN WHITE & CASE Martin Sørensen Sandra Julien Ralvin Gross Vaclav Zaloudek 2M EL-INSTALLATION A/S COMPANIES AND INTELLECTUAL PROPERTY HEADRICK RIZIK ALVAREZ & FERNÁNDEZ Bohumil Kunc WHITE & CASE NOTARY CHAMBER, CZECH REPUBLIC Christel Tegler OFFICE Luis Heredia Bonetti Irena Lazurova DENMARK KROMANN REUMERT, MEMBER OF LEX Charlene Mae Magnaye RUSSIN & VECCHI, LLC. LAW OFFICE IRENA LAZUROVA Elsebeth Aaes-Jørgensen MUNDI PWC ST. LUCIA María Elisa Holguín López NORRBOM VINDING, MEMBER OF IUS Anette Thorburn Severin McKenzie RUSSIN & VECCHI, LLC. Zuzana Luklova LABORIS MCKENZIE ARCHITECTURAL & AMBRUZ & DARK LAW FIRM José Antonio Logroño Morales Niels Bang Henrik Thuesen CONSTRUCTION SERVICES INC. ADAMS GUZMAN & LOGROÑO Ondřej Mánek GORRISSEN FEDERSPIEL Kim Trenskow Richard Peterkin WOLF THEISS José Ramón Logroño Morales Thomas Bang KROMANN REUMERT, MEMBER OF LEX PWC ST. LUCIA ADAMS GUZMAN & LOGROÑO Jiří Markvart MUNDI LETT LAW FIRM Joan K.R. Prevost AMBRUZ & DARK LAW FIRM Annie Luna Peter Bang Knud Villemoes Hansen PREVOST & ROBERTS PELLERANO & HERRERA, MEMBER OF LEX Peter Maysenhölder NATIONAL SURVEY AND CADASTRE PLESNER MUNDI BNT - PRAVDA & PARTNER, S.R.O. ACKNOWLEDGMENTS 163 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Fernando Marranzini Miguel Falconi-Puig Ghada Abdel Aziz Ashraf Elibrachy Mustafa Makram HEADRICK RIZIK ALVAREZ & FERNÁNDEZ FALCONI PUIG ABOGADOS IBRACHY & DERMARKAR LAW FIRM IBRACHY LAW FIRM BDO, KHALED & CO. Carlos Marte Martin Galarza Lanas Sara Abdel Gabbar Sara Elmatbouly John Matouk AGENCIA DE COMERCIO EXTERIOR CM PUENTE REYES & GALARZA ATTORNEYS AT NOUR LAW OFFICE, MANAGED BY TROWERS NOUR LAW OFFICE, MANAGED BY TROWERS DLA MATOUK BASSIOUNY (PART OF DLA LAW CIA. LTDA. & HAMLINS & HAMLINS PIPER GROUP) Jesús Geraldo Martínez SUPERINTENDENCIA DE BANCOS Leopoldo González R. Ibrahim Mustafa Ibrahim Abdel Rana Elnahal Mostafa Mostafa PAZ HOROWITZ ABOGADOS Khalek IBRACHY LAW FIRM AL KAMEL LAW OFFICE Laura Medina GENERAL AUTHORITY FOR INVESTMENT JIMÉNEZ CRUZ PEÑA Alvaro Jarrín Mostafa Elshafei Mostafa Mohamed Mostafa GAFI SUPERINTENDENCIA DE BANCOS Y SEGUROS IBRACHY LAW FIRM AL KAMEL LAW OFFICE Fabiola Medina Sayed Abuelkomsan MEDINA & RIZEK, ABOGADOS María Isabel Machado Tovar Amany Elwessal Marwa Omara MINISTRY OF INDUSTRY AND FOREIGN FALCONI PUIG ABOGADOS MINISTRY OF INDUSTRY AND FOREIGN TELELAWS Doris Miranda TRADE TRADE GONZÁLEZ & COISCOU Juan Manuel Marchán Alya Rady Nermine Abulata PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF Hassan Fahmy MINISTRY OF INDUSTRY AND FOREIGN Natia Núñez MINISTRY OF INDUSTRY AND FOREIGN LEX MUNDI MINISTRY OF INVESTMENT TRADE HEADRICK RIZIK ALVAREZ & FERNÁNDEZ TRADE Luis Marin-Tobar Mariam Fahmy Mohamed Ramadan Ramón Ortega Ghada Adel PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF SHALAKANY LAW OFFICE, MEMBER OF DLA MATOUK BASSIOUNY (PART OF DLA PWC DOMINICAN REPUBLIC PWC EGYPT LEX MUNDI LEX MUNDI PIPER GROUP) Andrea Paniagua Shaimaa Ali Sansone Massimiliano Ghada Farouk Ingy Rasekh PWC DOMINICAN REPUBLIC MINISTRY OF INDUSTRY AND FOREIGN SHALAKANY LAW OFFICE, MEMBER OF MENA ASSOCIATES, MEMBER OF AMERELLER Romina Meuti TRADE Luis R. Pellerano LEX MUNDI RECHTSANWÄLTE PELLERANO & HERRERA, MEMBER OF LEX PWC ECUADOR Osama Abd Al-Monem Tarek Gadallah Menha Samy MUNDI Francisco Javier Naranjo Grijalva MINISTRY OF INDUSTRY AND FOREIGN IBRACHY LAW FIRM IBRACHY & DERMARKAR LAW FIRM PAZ HOROWITZ ABOGADOS TRADE Carolina Pichardo Ashraf Gamal El-Din Mohamed Serry BIAGGI & MESSINA María Dolores Orbe Abdoul Karim Alpha Gado EGYPTIAN INSTITUTE OF DIRECTORS SERRY LAW OFFICE VIVANCO & VIVANCO GEREC-AFRIKIYA Edward Piña Fernandez Mahmoud Gamal El-Din Mohamed Shafik BIAGGI & MESSINA Esteban Ortiz Abd El Wahab Aly Ibrahim MINISTRY OF INDUSTRY AND FOREIGN MINISTRY OF INDUSTRY AND FOREIGN PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF ABD EL WAHAB SONS Julio Pinedo TRADE TRADE PWC DOMINICAN REPUBLIC LEX MUNDI Sarah Ammar Dena Ghobashy Abdallah Shalash Pablo Padilla Muirragui AL KAMEL LAW OFFICE Maria Portes DLA MATOUK BASSIOUNY (PART OF DLA ABDALLAH SHALASH & CO. (CHARTERED CASTILLO Y CASTILLO ECUADOR CARGO SYSTEM Sayed Ammar PIPER GROUP) ACCOUNTANTS - TAX CONSULTANTS - Jorge Paz Durini AL KAMEL LAW OFFICE BUSINESS ADVISORS) Alejandro Miguel Ramirez Suzaña Zeinab Saieed Gohar RAMIREZ SUZAÑA & ASOC. PAZ HOROWITZ ABOGADOS Tim Armsby CENTRAL BANK OF EGYPT Ramy Shalash Bruno Pineda-Cordero NOUR LAW OFFICE, MANAGED BY TROWERS ABDALLAH SHALASH & CO. (CHARTERED Nelson Rodriguez Mohamed Gomaa Ali PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF & HAMLINS ACCOUNTANTS - TAX CONSULTANTS - GAMEI MINISTRY OF INDUSTRY AND FOREIGN LEX MUNDI BUSINESS ADVISORS) Khaled Balbaa TRADE Wendy Sánchez Xavier Amador Pino KPMG Abdelrahman Sherif TRANSUNION Farah Ahmed Haggag ESTUDIO JURIDICO AMADOR MENA ASSOCIATES, MEMBER OF AMERELLER Karim Dabbous MINISTRY OF INDUSTRY AND FOREIGN Carolina Silié RECHTSANWÄLTE Daniel Pino Arroba SHERIF DABBOUS, AUDITORS & FINANCIAL TRADE HEADRICK RIZIK ALVAREZ & FERNÁNDEZ CONSULTANCIES, MEMBER OF RUSSELL Omar Sherif CORONEL Y PÉREZ Mohamed Hashish Maricell Silvestre Rodriguez BEDFORD INTERNATIONAL SHALAKANY LAW OFFICE, MEMBER OF Ramiro Pinto TELELAWS JIMÉNEZ CRUZ PEÑA LEX MUNDI PINTO & GARCES ASOC. CIA LTDA., Sherif Dabbous Maha Hassan Juan Tejada MEMBER OF RUSSELL BEDFORD SHERIF DABBOUS, AUDITORS & FINANCIAL Adham Shetehy AFIFI WORLD TRANSPORT ALEXANDRIA PWC DOMINICAN REPUBLIC INTERNATIONAL CONSULTANCIES, MEMBER OF RUSSELL AASTMT BEDFORD INTERNATIONAL Emad Hassan Vilma Verras Terrero Patricia Ponce Arteta Sharif Shihata MINISTRY OF STATE FOR ADMINISTRATIVE JIMÉNEZ CRUZ PEÑA BUSTAMANTE & BUSTAMANTE Sameh Dahroug SHALAKANY LAW OFFICE, MEMBER OF DEVELOPMENT IBRACHY & DERMARKAR LAW FIRM LEX MUNDI Nathalie Vidal Juan Carlos Proaño Tarek Hassib GONZÁLEZ & COISCOU PANALPINA WORLD TRANSPORT LLP Abdallah El Adly Frédéric Soliman AL KAMEL LAW OFFICE PWC EGYPT TELELAWS Chery Zacarías Angel Alfonso Puente Reyes Omneia Helmy MEDINA & RIZEK, ABOGADOS PUENTE REYES & GALARZA ATTORNEYS AT Amany El Bagoury Emile Tadros EGYPTIAN CENTER FOR ECONOMIC STUDIES LAW CIA. LTDA. AL KAMEL LAW OFFICE TADROS & KHATCHADOURIAN LAW FIRM ECUADOR Cherine El Dib Mohamed Hisham Hassan Amira Thabet Juan Jose Puente Reyes MINISTRY OF INVESTMENT ACREDITA BURÓ DE INFORMACIÓN PUENTE REYES & GALARZA ATTORNEYS AT SHALAKANY LAW OFFICE, MEMBER OF SHERIF DABBOUS, AUDITORS & FINANCIAL CREDITICIA S.A. LAW CIA. LTDA. LEX MUNDI Mohamed Ibrahim CONSULTANCIES, MEMBER OF RUSSELL DLA MATOUK BASSIOUNY (PART OF DLA BEDFORD INTERNATIONAL EMPRESA ELÉCTRICA “QUITO” S.A. Falconi Puig Ahmed El Gammal PIPER GROUP) FALCONI PUIG ABOGADOS SHALAKANY LAW OFFICE, MEMBER OF Randa Tharwat Pablo Aguirre LEX MUNDI NACITA CORPORATION Badawi Ibrahim PWC ECUADOR Sandra Reed MINISTRY OF INDUSTRY AND FOREIGN PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF Mohamed Refaat El Houshy Tarek Zahran Gerardo Aguirre TRADE LEX MUNDI THE EGYPTIAN CREDIT BUREAU I-SCORE AL KAMEL LAW OFFICE VIVANCO & VIVANCO Ahmed Ibrahim Gustavo Romero Hassan El Maraashly Mona Zobaa Natalia Almeida NOUR LAW OFFICE, MANAGED BY TROWERS ROMERO ARTETA PONCE AAW CONSULTING ENGINEERS MINISTRY OF INVESTMENT PÉREZ, BUSTAMANTE Y PONCE, MEMBER OF & HAMLINS LEX MUNDI Montserrat Sánchez Zienab El Oraby SHALAKANY LAW OFFICE, MEMBER OF Stephan Jäger EL SALVADOR Xavier Bravo CORONEL Y PÉREZ AMERELLER RECHTSANWÄLTE LEX MUNDI Miguel Angel SUPERINTENDENCIA DE BANCOS Y SEGUROS Michelle Semanate ALE CARGO S.A. DE C.V. Mohamed Kamal FALCONI PUIG ABOGADOS Emad El Shalakany Xavier Andrade Cadena SHALAKANY LAW OFFICE, MEMBER OF SHALAKANY LAW OFFICE, MEMBER OF Ana Margoth Arévalo ANDRADE VELOZ & ASOCIADOS Leonardo Sempértegui LEX MUNDI LEX MUNDI SUPERINTENDENCIA DEL SISTEMA Patricio Carrion SEMPÉRTEGUI ONTANEDA Mohamed Kamel FINANCIERO Khaled El Shalakany Esteban Alejandro Torres Valencia AL KAMEL LAW OFFICE SHALAKANY LAW OFFICE, MEMBER OF Francisco Armando Arias Rivera Pablo Chiriboga Dechiara PUENTE REYES & GALARZA ATTORNEYS AT LEX MUNDI ARIAS & MUÑOZ Shahira Khaled PUENTE REYES & GALARZA ATTORNEYS AT LAW CIA. LTDA. AL KAMEL LAW OFFICE LAW CIA. LTDA. Sally El Shalakany Irene Arrieta de Díaz Nuila Ruth Urbano SHALAKANY LAW OFFICE, MEMBER OF Mohanad Khaled ARRIETA BUSTAMANTE Fernando Coral SEMPÉRTEGUI ONTANEDA LEX MUNDI BDO, KHALED & CO. PANALPINA WORLD TRANSPORT LLP Francisco José Barrientos Passant El Tabei Taha Khaled AGUILAR CASTILLO LOVE Lucía Cordero Ledergerber EGYPT, ARAB REP. PWC EGYPT BDO, KHALED & CO. FALCONI PUIG ABOGADOS TALAL ABU GHAZALEH LEGAL Abraham Bichara (TAG-LEGAL) Soheir Elbanna Minas Khatchadourian AES EL SALVADOR Renato Coronel IBRACHY LAW FIRM EGYPT LEGAL DESK PINTO & GARCES ASOC. CIA LTDA, MEMBER Abdel Aal Aly Carlos Roberto Alfaro Castillo OF RUSSELL BEDFORD INTERNATIONAL AFIFI WORLD TRANSPORT ALEXANDRIA Samir El-Gammal Adel Kheir AGUILAR CASTILLO LOVE MINISTRY OF INDUSTRY AND FOREIGN ADEL KHEIR LAW OFFICE Fernando Del Pozo Contreras Naguib Abadir Francesca Cedrola TRADE GALLEGOS, VALAREZO & NEIRA NACITA CORPORATION PWC EL SALVADOR 164 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Ricardo Cevallos Roxana Romero Berhane Gila-Michael Tanja Kriisa Veikko Toomere CONSORTIUM CENTRO AMÉRICA ROMERO PINEDA & ASOCIADOS, MEMBER BERHANE GILA-MICHAEL LAW FIRM PWC ESTONIA MAQS LAW FIRM ABOGADOS OF LEX MUNDI Fessahaie Habte Paul Künnap Karolina Ullman Walter Chávez Kelly Beatriz Romero ATTORNEY-AT-LAW AND LEGAL LAW FIRM SORAINEN MAQS LAW FIRM GOLD SERVICE RUSCONI, MEDINA & ASOCIADOS CONSULTANT Timo Kullerkupp Neve Uudelt David Claros Mario Enrique Sáenz Mulgheta Hailu MAQS LAW FIRM RAIDLA LEJINS & NORCOUS GARCÍA & BODÁN SÁENZ & ASOCIADOS TEFERI BERHANE & MULGHETA HAILU Piia Kulm Ingmar Vali LAW FIRM Porfirio Diaz Fuentes Ana Guadalupe Sáenz Padilla LEXTAL LAW OFFICE REGISTRITE JA INFOSUSTEEMIDE KESKUS DLM, ABOGADOS, NOTARIOS SÁENZ & ASOCIADOS Tekeste Mesghenna Peeter Kutman Aleksander Vares & CONSULTORES MTD ENTERPRISES PLC Oscar Samour ATTORNEYS AT LAW BORENIUS LAW OFFICE VARES & PARTNERID Gabriel Dominguez CONSORTIUM CENTRO AMÉRICA Akberom Tedla Priit Lepasepp Mirjam Vili RUSCONI, MEDINA & ASOCIADOS ABOGADOS CHAMBER OF COMMERCE LAW FIRM SORAINEN BNT KLAUBERG KRAUKLIS Roberta Gallardo de Cromeyer Alonso V. Saravia Isac Tesfazion ADVOKAADIBÜROO Erik Lepik ARIAS & MUÑOZ ASOCIACIÓN SALVADOREÑA DE INGENIEROS LAWIN Ago Vilu Y ARQUITECTOS (ASIA) Carlos Hernán Gil ESTONIA PWC ESTONIA Gerda Liik LEXINCORP Manuel Telles Suvillaga ESTONIAN LOGISTICS AND FREIGHT RAIDLA LEJINS & NORCOUS Vesse Võhma LEXINCORP FORWARDING ASSOCIATION Karla Guzmán Martinez LAWIN Liina Linsi ARRIETA BUSTAMANTE Oscar Torres Ott Aava LAWIN Urmas Volens GARCÍA & BODÁN ATTORNEYS AT LAW BORENIUS Erwin Alexander Haas Quinteros LAW FIRM SORAINEN Karin Madisson RUSCONI, MEDINA & ASOCIADOS María Alejandra Tulipano Katrin Altmets LAW FIRM SORAINEN Joel Zernask CONSORTIUM CENTRO AMÉRICA LAW FIRM SORAINEN Carlos Henriquez KPMG ABOGADOS Mart Maidla GOLD SERVICE Aet Bergmann EESTI ENERGIA JAOTUSVÕRK OÜ Mauricio Antonio Urrutia America Hernandez LAW OFFICE BERGMANN (DISTRIBUTION GRID) ETHIOPIA SUPERINTENDENCIA DEL SISTEMA ALE CARGO S.A. DE C.V. Mark Butzmann ERNST & YOUNG FINANCIERO Olger Marjak Luis Lievano BNT KLAUBERG KRAUKLIS LAW OFFICE TARK GRUNTE SUTKIENE Julio Vargas Woubishet Amanuel ASSOCIACION DE INGENIEROS Y ADVOKAADIBÜROO GARCÍA & BODÁN Marko Mehilane BETE SAM PLC ARQUITECTOS Jane Eespõld LAWIN Nassir Jemal Amdehun Juan Vásquez LAW FIRM SORAINEN Thelma Dinora Lizama de Osorio AMDEHUN GENERAL TRADING GOLD SERVICE Veiko Meos SUPERINTENDENCIA DEL SISTEMA Indrek Ergma KREDIIDIINFO A.S. Bekure Assefa FINANCIERO Rene Velasquez LAW FIRM SORAINEN ARIAS & MUÑOZ Jaanus Mody BEKURE ASSEFA LAW OFFICE Jerson Lopez Alger Ers ATTORNEYS AT LAW BORENIUS Teshome Gabre-Mariam Bokan GOLD SERVICE Luis Mario Villalta AE PROJEKTI INSENER CONSORTIUM CENTRO AMÉRICA Margus Mugu TESHOME GABRE-MARIAM LAW FIRM Mario Lozano Diana Freivald ABOGADOS ATTORNEYS AT LAW BORENIUS Tesfaye Dagnachew ARIAS & MUÑOZ MINISTRY OF JUSTICE Ligia Villeda Arne Ots DAGNACHEW TESFAYE LAW OFFICE Mónica Pineda Machuca Helen Ginter ARRIETA BUSTAMANTE RAIDLA LEJINS & NORCOUS Teferra Demiss LAW FIRM SORAINEN Fidel Márquez Karina Paatsi LEGAL AND INSURANCE CONSULTANT AND ARIAS & MUÑOZ EQUATORIAL GUINEA Heili Haabu ATTORNEYS AT LAW BORENIUS ATTORNEY LA BANQUE DES ETATS DE L’AFRIQUE ATTORNEYS AT LAW BORENIUS Luis Alonso Medina Lopez Priit Pahapill Solomon Desta CENTRALE Kristjan Hänni NATIONAL BANK OF ETHIOPIA RUSCONI, MEDINA & ASOCIADOS ATTORNEYS AT LAW BORENIUS SEGESA (SOCIEDAD DE ELECTRICIDAD DE KAWE KAPITAL Astrud María Meléndez Sven Papp Berhane Ghebray GUINEA ECUATORIAL) Pirkko-Liis Harkmaa BERHANE GHEBRAY & ASSOCIATES ASOCIACIÓN PROTECTORA DE CRÉDITOS DE RAIDLA LEJINS & NORCOUS EL SALVADOR (PROCREDITO) Angel Mba Abeso LAWIN Evelin Pärn-Lee Zekarias Keneaa CENTURION LLP Triinu Hiob ADDIS ABABA UNIVERSITY Mauricio Melhado MAQS LAW FIRM GOLD SERVICE Gabriel Amugu LAWIN Kirsti Pent Taddesse Lencho INTERACTIVOS GE Risto Hübner ADDIS ABABA UNIVERSITY Camilo Mena LAW OFFICE TARK GRUNTE SUTKIENE GOLD SERVICE N.J. Ayuk LAW OFFICE TARK GRUNTE SUTKIENE Leho Pihkva Molla Mengistu CENTURION LLP Annika Jaanson ADDIS ABABA UNIVERSITY Antonio R. Mendez Llort LAW FIRM SORAINEN ROMERO PINEDA & ASOCIADOS, MEMBER Eddy Garrigo ATTORNEYS AT LAW BORENIUS Tiina Pukk Belachew Moges OF LEX MUNDI PRICEWATERHOUSECOOPERS TAX & LEGAL Andres Juss EEPCO. SARL LEXTAL LAW OFFICE Edgar Mendoza ESTONIAN LAND BOARD Kristiina Puuste Hailye Sahle Seifu PWC GUATEMALA Sébastien Lechêne Riina Käämer ATTORNEY-AT-LAW PRICEWATERHOUSECOOPERS TAX & LEGAL KPMG Miriam Eleana Mixco Reyna LAW OFFICE VARES & PARTNERID SARL Kaidi Reiljan-Sihvart Eyasu Tequame GOLD SERVICE Erica Kaldre JEHOIACHIN TECHNO PVT. LTD. CO. Paulino Mbo Obama LAWIN Jocelyn Mónico HOUGH, HUTT & PARTNERS OU OFICINA DE ESTUDIEOS - ATEG Dmitri Rozenblat Elias Tesfaye AGUILAR CASTILLO LOVE Helerin Kaldvee NATIONAL BANK OF ETHIOPIA François Münzer LAWIN Fernando Montano RAIDLA LEJINS & NORCOUS PRICEWATERHOUSECOOPERS TAX & LEGAL Merle Saaliste Amanuel Teshome ARIAS & MUÑOZ Aidi Kallavus AMAN & PARTNERS SARL LAW FIRM SORAINEN Ramón Ortega KPMG Maria Nchana Piret Saartee Meheret Tewodros PWC DOMINICAN REPUBLIC Meelis Kaps ADDIS ABABA UNIVERSITY CENTURION LLP Andrea Paniagua EESTI ENERGIA JAOTUSVÕRK OÜ Katrin Sarap Gustavo Ndong Edu Shimelis Tilahun PWC DOMINICAN REPUBLIC (DISTRIBUTION GRID) MAQS LAW FIRM AFRI LOGISTICS NET CONSULT Jessica Margarita Pineda Machuca Kadri-Catre Kasak Jacinto Ona Abuye Tsehay ACZALAW MINISTRY OF JUSTICE Martin Simovart CENTURION LLP UNIVERSITY OF TRENTO Kersti Kerstna-Vaks LAWIN Jose Antonio Polanco Merga Wakweya LEXINCORP ERITREA TARTU COUNTY COURT Monika Tamm NATIONAL BANK OF ETHIOPIA BERHANE WOLDU, WITH THE SUPPORT OF Kilvar Kessler LAWIN Ana Patricia Portillo Reyes GUANDIQUE SEGOVIA QUINTANILLA ERNST & YOUNG LAW OFFICE TARK GRUNTE SUTKIENE Tarvi Thomberg FIJI Rahel Abera Gerli Kilusk EESTI ENERGIA JAOTUSVÕRK OÜ ERNST & YOUNG Hector Rios BERHANE GILA-MICHAEL LAW FIRM LAWIN (DISTRIBUTION GRID) CONSORTIUM CENTRO AMÉRICA David Aidney ABOGADOS Senai Andemariam Igor Kostjuk Holger Tilk WILLIAMS & GOSLING LTD. UNIVERSITY OF ASMARA HOUGH, HUTT & PARTNERS OU LAWIN Emilio Rivera Caroll Sela Ali PWC EL SALVADOR Villu Kõve Villi Tõntson CROMPTONS SOLICITORS Tadesse Beraki PWC ESTONIA Flor de Maria Rodriguez ESTONIAN SUPREME COURT Eddielin Almonte ARIAS & MUÑOZ Biniam Fessehazion Ghebremichael Triin Toomemets ERITREAN AIRLINES Ksenia Kravtshenko PWC FIJI LAW OFFICE VARES & PARTNERID LAW FIRM SORAINEN Lisa Apted Tesfai Ghebrehiwet DEPARTMENT OF ENERGY KPMG ACKNOWLEDGMENTS 165 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Jon Apted Manne Airaksinen Kimmo Mettälä Sylvie Ghesquiere Pélagie Massamba Mouckocko MUNRO LEYS ROSCHIER ATTORNEYS LTD., MEMBER OF KROGERUS ATTORNEYS LTD. BANQUE DE FRANCE PRICEWATERHOUSECOOPERS TAX & LEX MUNDI LEGAL SA Nehla Basawaiya Ville Mykkänen Kevin Grossmann MUNRO LEYS Tuomo Åvall WABUCO OY, MEMBER OF RUSSELL MAYER BROWN Jean Mbagou WABUCO OY, MEMBER OF RUSSELL BEDFORD INTERNATIONAL BANQUE INTERNATIONALE POUR LE Mahendra Chand Philippe Guibert BEDFORD INTERNATIONAL COMMERCE ET L’INDUSTRIE DU GABON MUNRO LEYS Emma Niemistö FIEEC Kasper Björkstén CASTRÉN & SNELLMAN ATTORNEYS LTD. Jean-Joel Mebaley Jeremy Chang Sabrina Henocq HELEN SÄHKÖVERKKO OY DESTINY EXECUTIVES ARCHITECTS - AGENCE SUVA CITY COUNCIL Linda Nyman DELSOL AVOCATS DU BORD DE MER Claudio Busi WASELIUS & WIST William Wylie Clarke Marc Jobert CASTRÉN & SNELLMAN ATTORNEYS LTD. Célestin Ndelia HOWARDS LAWYERS Ilona Paakkala JOBERT & ASSOCIÉS ETUDE MAÎTRE NDELIA CÉLESTIN Marja Eskola PWC FINLAND Delores Elliott Carol Khoury PWC FINLAND Ruben Mindonga Ndongo Laura Peltonen JONES DAY Isireli Fa CABINET ME ANGUILER Johannes Frände PWC FINLAND THE FIJI LAW SOCIETY / FA & COMPANY Daniel Arthur Laprès ROSCHIER ATTORNEYS LTD., MEMBER OF Thierry Ngomo BARRISTERS & SOLICITORS Elina Pesonen CABINET D’AVOCATS LEX MUNDI ARCHIPRO INTERNATIONAL CASTRÉN & SNELLMAN ATTORNEYS LTD. Vamarasi Faktaufon Julien Maire du Poset Esa Halmari Lubin Ntoutoume Q. B. BALE & ASSOCIATES Ilkka Pesonen SMITH VIOLET HEDMAN PARTNERS AVOCAT WABUCO OY, MEMBER OF RUSSELL Florence Fenton Jean-Louis Martin Pekka Halme BEDFORD INTERNATIONAL Josette Cadie Olendo MUNRO LEYS JONES DAY Markku Pulkkinen Marie-Jose Ongo Mendou Dilip Jamnadas Johanna Haltia-Tapio Nathalie Morel HEDMAN PARTNERS BUSINESS CONSULTING JAMNADAS AND ASSOCIATES HANNES SNELLMAN LLC MAYER BROWN Mikko Reinikainen Laurent Pommera Jerome Kado Joni Hatanmaa Jerome Orsel PWC FINLAND PRICEWATERHOUSECOOPERS TAX & PWC FIJI HEDMAN PARTNERS SCHENKER Veli-Pekka Saajo LEGAL SA Viren Kapadia Berndt Heikel Arnaud Pèdron ENERGY MARKET AUTHORITY Christophe A. Relongoué SHERANI & CO. HANNES SNELLMAN LLC TAJ, MEMBER OF DELOITTE TOUCHE Petri Taivalkoski TOHMATSU LIMITED PRICEWATERHOUSECOOPERS TAX & Releshni Karan Leenamaija Heinonen LEGAL SA ROSCHIER ATTORNEYS LTD., MEMBER OF MISHRA PRAKASH & ASSOCIATES ROSCHIER ATTORNEYS LTD., MEMBER OF Arnaud Pelpel LEX MUNDI Yala Tchimbakala LEX MUNDI PELPEL AVOCATS Usenia Losalini Seija Vartiainen ETUDE BIKALOU MINISTRY OF JUSTICE Harri Hirvonen Caroline Poncelet PWC FINLAND PWC FINLAND MAYER BROWN Paul McDonnell GAMBIA, THE Helena Viita CROMPTONS SOLICITORS Jani Hovila Hugues Roux Gideon Ayi-Owoo ROSCHIER ATTORNEYS LTD., MEMBER OF HANNES SNELLMAN LLC BANQUE DE FRANCE PWC GHANA Richard Naidu LEX MUNDI MUNRO LEYS Mia Hukkinen Carole Sabbah Christiana Baah Anna Vuori ROSCHIER ATTORNEYS LTD., MEMBER OF MAYER BROWN PWC GHANA Anuleshni Neelum Neelta HEDMAN PARTNERS LEX MUNDI NEELTA LAW Pierre-Nicolas Sanzey Alpha Amadou Barry Marko Vuori Nina Isokorpi HERBERT SMITH PARIS LLP DT ASSOCIATES, INDEPENDENT Jon Orton KROGERUS ATTORNEYS LTD. ROSCHIER ATTORNEYS LTD., MEMBER OF CORRESPONDENCE FIRM OF DELOITTE ORTON ARCHITECTS Isabelle Smith Monnerville LEX MUNDI Christoffer Waselius TOUCHE TOHMATSU LIMITED SMITH VIOLET Pradeep Patel WASELIUS & WIST Pekka Jaatinen Amie N.D. Bensouda PKF INTERNATIONAL Agnes Soizic CASTRÉN & SNELLMAN ATTORNEYS LTD. Gunnar Westerlund AMIE BENSOUDA & CO. ASHURST Ramesh Prakash ROSCHIER ATTORNEYS LTD., MEMBER OF Nina Järvinen MISHRA PRAKASH & ASSOCIATES LEX MUNDI Camille Sparfel Abdul Aziz Bensouda CARGOWORLD AB/OY CAPSTAN Ramesh Prasad Lal Kai Wist Bakary Demba Juuso Jokela CARPENTERS SHIPPING PWC FINLAND Caroline Stéphane GAMBIA SHIPPING AGENCIES SUOMEN ASIAKASTIETO OY DELSOL AVOCATS Colin Radford Ida Denise Drameh Tanja Jussila FRANCE Jean Luc Vallens IDA D. DRAMEH & ASSOCIATES LARSEN HOLTEN MAYBIN & COMPANY LTD. WASELIUS & WIST ALLEN & OVERY LLP COUR D’APPEL DE COLMAR Abhi Ram Sakari Kauppinen Abdul Aleem Faye COMPANIES REGISTRAR BRÉMOND & ASSOCIÉS Philippe Xavier-Bender GAMBIA SHIPPING AGENCIES NATIONAL BOARD OF PATENTS & REGISTRATION GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER Varun Shandil Anne Antoni Jon Goldy OF LEX MUNDI MUNRO LEYS GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER AMIE BENSOUDA & CO. Aki Kauppinen OF LEX MUNDI Claire Zuliani Shelvin Singh ROSCHIER ATTORNEYS LTD., MEMBER OF Cherno Alieu Jallow LEX MUNDI TRANSPARENCE, A MEMBER OF RUSSELL PARSHOTAM & CO. Nicolas Barberis DT ASSOCIATES, INDEPENDENT BEDFORD INTERNATIONAL ASHURST CORRESPONDENCE FIRM OF DELOITTE James Sloan Antti Kivipuro TOUCHE TOHMATSU LIMITED SIWATIBAU & SLOAN ENERGY MARKET AUTHORITY Andrew Booth GABON ANDREW BOOTH ARCHITECT Alhaji Jallow Narotam Solanki Gisela Knuts LA BANQUE DES ETATS DE L’AFRIQUE ROSCHIER ATTORNEYS LTD., MEMBER OF Guillaume Bordier CENTRALE NATIONAL WATER AND ELECTRICITY PWC FIJI COMPANY LTD. LEX MUNDI CAPSTAN Shayne Sorby NOTARY Markku Korvenmaa Franck Buffaud Lamin S. Jatta MUNRO LEYS Marcellin Massila Akendengue DT ASSOCIATES, INDEPENDENT HH PARTNERS, ATTORNEYS-AT-LAW LTD. DELSOL AVOCATS Mark Swamy SEEG, SOCIÉTÉ D’ENERGIE ET D’EAU DU CORRESPONDENCE FIRM OF DELOITTE LARSEN HOLTEN MAYBIN & COMPANY LTD. Arto Kukkonen Stèphanie Chatelon GABON TOUCHE TOHMATSU LIMITED HH PARTNERS, ATTORNEYS-AT-LAW LTD. TAJ, MEMBER OF DELOITTE TOUCHE Eparama Tawake Gianni Ardizzone Sulayman M. Joof TOHMATSU LIMITED FEA (FIJI ELECTRICITY AUTHORITY) Jouni Lehtinen SATRAM S.M. JOOF AGENCY HELEN SÄHKÖVERKKO OY Frédérique Chifflot Bourgeois Vulisere Tukama Marie Carmel Ketty Ayimambenwe Nani Juwara LAWYER AT THE BAR OF PARIS SUVA CITY COUNCIL Tiina Leppälahti BANQUE INTERNATIONALE POUR LE NATIONAL WATER AND ELECTRICITY HELEN SÄHKÖVERKKO OY Michel Combe COMMERCE ET L’INDUSTRIE DU GABON COMPANY LTD. Chirk Yam LANDWELL & ASSOCIÉS PWC FIJI Jan Lilius Albert Bikalou Lamin Keita HANNES SNELLMAN LLC Raphaëlle de Ruffi de Pontevès ETUDE BIKALOU MSITA ENTERPRISE Eddie Yuen LANDWELL & ASSOCIÉS WILLIAMS & GOSLING LTD. Patrik Lindfors Benoît Boulikou Mary Kwarteng LINDFORS & CO., ATTORNEYS-AT-LAW LTD. Nicolas Deshayes SEEG, SOCIÉTÉ D’ENERGIE ET D’EAU DU PWC GHANA AJASSOCIÉS GABON FINLAND Risto Löf George Kwatia Markku Aaltonen PWC FINLAND Olivier Everaere Daniel Chevallon PWC GHANA CONFEDERATION OF FINNISH CONSTRUCTION AGENCE EPURE SARL MATELEC Tuomas Lukkarinen Prossie Namakula INDUSTRIES NATIONAL LAND SURVEY OF FINLAND Benoit Fauvelet Gilbert Erangah PWC GHANA Ville Ahtola BANQUE DE FRANCE ETUDE MAÎTRE ERANGAH Anna Lumijärvi Omar Njie CASTRÉN & SNELLMAN ATTORNEYS LTD. KROGERUS ATTORNEYS LTD. Ingrid Fauvelière Augustin Fang LAW FIRM OMAR NJIE Mikko Äijälä GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER Jyri Makela Michael Jeannot Miriam Nortey OF LEX MUNDI KROGERUS ATTORNEYS LTD. CONFEDERATION OF FINNISH CONSTRUCTION MATELEC PWC GHANA INDUSTRIES 166 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Mary Abdoulie Samba-Christensen Tinatin Petriashvili Markus J. Goetzmann Michael Rinas Kweku Ainuson LEGAL PRACTITIONER MGALOBLISHVILI, KIPIANI, DZIDZIGURI C·B·H RECHTSANWÄLTE PRICEWATERHOUSECOOPERS MISSISSIPPI STATE UNIVERSITY (MKD) LAW FIRM LEGAL AKTIENGESELLSCHAFT Hawa Sisay-Sabally Andrea Gruss Godwin Prince Amartey RECHTSANWALTSGESELLSCHAFT LAWYER Irakli Pipia MERGET + PARTNER ANDAH AND ANDAH CHARTERED DLA PIPER GEORGIA LP Michael Roemer ACCOUNTANTS Salieu Taal Klaus Günther VATTENFALL EUROPE DISTRIBUTION TEMPLE LEGAL PRACTITIONERS Joseph Salukvadze OPPENHOFF & PARTNER Nene Amegatcher HAMBURG GMBH TBILISI STATE UNIVERSITY SAM OKUDZETO & ASSOCIATES Darcy White Henrich C. Heggemann Christoph Schauenburg PWC GHANA Natia Samushia GRAF VON WESTPHALEN Kennedy Paschal Anaba CLEARY GOTTLIEB STEEN & HAMILTON LLP CHANCELLERY OF THE GOVERNMENT OF INSOLVENZVERWALTUNG UND SANIERUNG LAWFIELDS CONSULTING GEORGIA GEORGIA Ilka Heinemeyer Ulrich Schroeder Kweku Brebu Andah GRAF VON WESTPHALEN Mushfig Aliyev Manzoor Shah SJ BERWIN LLP ANDAH AND ANDAH CHARTERED INSOLVENZVERWALTUNG UND SANIERUNG PWC AZERBAIJAN GLOBALINK LOGISTICS GROUP ACCOUNTANTS Manfred Heinrich Thomas Schulz Natalia Babakishvili Vakhtang Shevardnadze DEUTSCHE BUNDESBANK Wilfred Kwabena Anim-Odame NÖRR STIEFENHOFER LUTZ, MEMBER OF MGALOBLISHVILI, KIPIANI, DZIDZIGURI MGALOBLISHVILI, KIPIANI, DZIDZIGURI LAND COMMISSION Silvanne Helle LEX MUNDI (MKD) LAW FIRM (MKD) LAW FIRM OPPENHOFF & PARTNER Adwoa S. Asamoah-Addo Kirstin Schwedt Niko Bakashvilli Manana Shurghulaia LAWFIELDS CONSULTING Götz-Sebastian Hök LINKLATERS LLP AUDITORIAL FIRM BAKASHVILI & CO. AGENCY FOR FREE TRADE AND DR. HÖK STIEGLMEIER & PARTNER Fred Asiamah-Koranteng COMPETITION Ingrid Seitz Zaza Bibilashvili BANK OF GHANA Peter Holzhäuser DEUTSCHE BUNDESBANK BGI LEGAL Eka Siradze PRICEWATERHOUSECOOPERS Elsie A. Awadzi GRATA GEORGIA LLC Hyeon-Won Song Temur Bolotashvili LEGAL AKTIENGESELLSCHAFT LAWFIELDS CONSULTING PWC GERMANY USAID ECONOMIC PROSPERITY INITIATIVE Rusa Sreseli RECHTSANWALTSGESELLSCHAFT Gideon Ayi-Owoo GDC SOLUTIONS Kai Sebastian Staak Kakha Damenia Markus Jakoby PWC GHANA PRICEWATERHOUSECOOPERS GDC SOLUTIONS Avto Svanidze JAKOBY RECHTSANWÄLTE LEGAL AKTIENGESELLSCHAFT Christiana Baah DLA PIPER GEORGIA LP Lasha Gogiberidze Christof Kautzsch RECHTSANWALTSGESELLSCHAFT PWC GHANA BGI LEGAL Anna Tabidze SALANS Susanne Stellbrink Rachel Baddoo MGALOBLISHVILI, KIPIANI, DZIDZIGURI Mamuka Gordeziani Henrik Kirchhoff PWC GERMANY LARYEA, LARYEA & CO. P.C. (MKD) LAW FIRM ITM GLOBAL LOGISTICS LATHAM & WATKINS LLP Dirk Stiller Ellen Bannerman Altaf Tapia Bela Gutidze Britta Klatte PRICEWATERHOUSECOOPERS BRUCE-LYLE BANNERMAN & ASSOCIATES PWC GEORGIA GDC SOLUTIONS SCHUFA HOLDING AG LEGAL AKTIENGESELLSCHAFT Reginald Bannerman Tamara Tevdoradze RECHTSANWALTSGESELLSCHAFT Irakli Gvilia Johann Klein BRUCE-LYLE BANNERMAN & ASSOCIATES BGI LEGAL ALLIANCE GROUP HOLDING BEEH & HAPPICH GMBH Dieter Straub Kojo Bentsi-Enchill Tato Urjumelashvili WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT Gia Jandieri Tobias Taetzner BENTSI-ENCHILL, LETSA & ANKOMAH, STATE PROCUREMENT AGENCY STEUERBERATUNGSGESELLSCHAFT, MEMBER NEW ECONOMIC SCHOOL - GEORGIA PWC GERMANY MEMBER OF LEX MUNDI OF RUSSELL BEDFORD INTERNATIONAL Revaz Javelidze GERMANY Jörg Kraffel Nora Thies Joe Biney GRATA GEORGIA LLC GRAF VON WESTPHALEN BAJ FREIGHT & LOGISTICS SENATSVERWALTUNG FÜR WHITE & CASE Aleksandre Kacharava STADTENTWICKLUNG BERLIN INSOLVENZVERWALTUNG UND SANIERUNG Binditi Chitor Holger Kühl CHANCELLERY OF THE GOVERNMENT OF Holger Thomas AB LEXMALL & ASSOCIATES Bassem Al Abed GRAF VON WESTPHALEN GEORGIA SJ BERWIN LLP GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG Nana Ato Dadzie David Kakabadze INSOLVENZVERWALTUNG UND SANIERUNG Matthias Thorns AB LEXMALL & ASSOCIATES Carsten Liersch Friedhold E. Andreas GRAF VON WESTPHALEN BDA | CONFEDERATION OF GERMAN Ras Afful Davis Grigol Kakauridze FREILING, ANDREAS & PARTNER INSOLVENZVERWALTUNG UND SANIERUNG EMPLOYERS CLIMATE SHIPPING & TRADING MINISTRY OF ECONOMIC DEVELOPMENT GEORGIA Stephan Bank Peter Limmer Arne Vogel Appiah Densu CLEARY GOTTLIEB STEEN & HAMILTON LLP NOTARE DR. LIMMER PRICEWATERHOUSECOOPERS APDCONSULT GHANA LTD. Mari Khardziani & DR. FRIEDERICH LEGAL AKTIENGESELLSCHAFT NATIONAL AGENCY OF PUBLIC REGISTRY Henning Berger Emmanuel Dorsu RECHTSANWALTSGESELLSCHAFT Victor Kipiani WHITE & CASE Frank Lohrmann TOWN AND COUNTRY PLANNING DEPT CLEARY GOTTLIEB STEEN Heiko Vogt MGALOBLISHVILI, KIPIANI, DZIDZIGURI Jennifer Bierly Clifford Gershon Fiadjoe & HAMILTON LLP PANALPINA WELTTRANSPORT GMBH (MKD) LAW FIRM GSK STOCKMANN + KOLLEGEN ANDAH AND ANDAH CHARTERED Cornelia Marquardt Annekatren Werthmann-Feldhues ACCOUNTANTS Anastasia Kipiani Joerg Boehmer NORTON ROSE PRICEWATERHOUSECOOPERS PWC GEORGIA Emmanuel Fiati LEGAL AKTIENGESELLSCHAFT Arnd Böken Jan Geert Meents PUBLIC UTILITIES REGULATORY COMMISSION Koba Koakhidze RECHTSANWALTSGESELLSCHAFT GRAF VON WESTPHALEN DLA PIPER UK LLP OF GHANA JSC CREDIT INFO GEORGIA INSOLVENZVERWALTUNG UND SANIERUNG Gerlind Wisskirchen Sergi Kobakhidze Dirk Meyer-Claassen CMS HASCHE SIGLE Angela Gyasi Cord-Henning Brandes SENATSVERWALTUNG FÜR BENTSI-ENCHILL, LETSA & ANKOMAH, PWC GEORGIA GRAF VON WESTPHALEN STADTENTWICKLUNG BERLIN Uwe Witt MEMBER OF LEX MUNDI Aieti Kukava INSOLVENZVERWALTUNG UND SANIERUNG PRICEWATERHOUSECOOPERS ALLIANCE GROUP HOLDING Thomas Miller LEGAL AKTIENGESELLSCHAFT Adam Imoru-Ayarna Thomas Büssow KROHN RECHTSANWÄLTE SAFMARINE CONTAINER LINES RECHTSANWALTSGESELLSCHAFT Vakhtang Lejava PWC GERMANY CHANCELLERY OF THE GOVERNMENT OF Peter Mussaeus Christian Zeissler Cynthia Jumu Lorenz Czajka PRICEWATERHOUSECOOPERS BEYUO JUMU & CO. GEORGIA C·B·H RECHTSANWÄLTE GRAF VON WESTPHALEN LEGAL AKTIENGESELLSCHAFT Nino Lortkipanidze INSOLVENZVERWALTUNG UND SANIERUNG Farida Karim RECHTSANWALTSGESELLSCHAFT PWC GEORGIA GHANA CROWN AGENTS LTD. Helge Dammann Eike Najork Samuel Abbiaw Dorothy Kingsley Nyinah Vano Mechurchishvili PRICEWATERHOUSECOOPERS C·B·H RECHTSANWÄLTE ANDAH AND ANDAH CHARTERED GEORGIA NATIONAL ENERGY AND WATER LEGAL AKTIENGESELLSCHAFT COMMERCIAL DIVISION, HIGH COURT Wolfgang Nardi ACCOUNTANTS SUPPLY REGULATORY COMMISSION RECHTSANWALTSGESELLSCHAFT Emmanuel Kissi-Boateng KIRKLAND & ELLIS LLP GERMANY MUNICH George K. Acquah Ekaterina Meskhidze Stefan Ditsch PUBLIC UTILITIES REGULATORY COMMISSION Dirk Otto LARYEA, LARYEA & CO. P.C. OF GHANA NATIONAL AGENCY OF PUBLIC REGISTRY PWC GERMANY NORTON ROSE LLP Larry Adjetey Dieter Endres Rosa Kudoadzi Kakhaber Nariashvili Laura Pfirrmann LAW TRUST COMPANY BENTSI-ENCHILL, LETSA & ANKOMAH, PWC GERMANY Merab Narmania CLEARY GOTTLIEB STEEN & HAMILTON LLP Stephen N. Adu MEMBER OF LEX MUNDI CHANCELLERY OF THE GOVERNMENT OF Shahzadi Firdous Peter Polke PUBLIC UTILITIES REGULATORY COMMISSION Mary Kwarteng GEORGIA GRAF VON WESTPHALEN OF GHANA INSOLVENZVERWALTUNG UND SANIERUNG CLEARY GOTTLIEB STEEN & HAMILTON LLP PWC GHANA Vachtang Okreshidze Sebastian Prügel George Ahiafor Emmanuel Manu GEORGIA NATIONAL ENERGY AND WATER Peter Fissenewert WHITE & CASE XDSDATA GHANA LTD. LAW TRUST COMPANY SUPPLY REGULATORY COMMISSION BUSE HEBERER FROMM Jörn Radloff Brigitte Ainuson Prossie Namakula Maia Okruashvili Alexander Freiherr von Aretin PRICEWATERHOUSECOOPERS AB LEXMALL & ASSOCIATES PWC GHANA GEORGIAN LEGAL PARTNERSHIP GRAF VON WESTPHALEN INSOLVENZVERWALTUNG UND SANIERUNG LEGAL AKTIENGESELLSCHAFT Kwesi Ainuson Miriam Nortey Vakhtang Paresishvili RECHTSANWALTSGESELLSCHAFT KGA EXCELLENCE CONSULT Björn Gaul PWC GHANA DLA PIPER GEORGIA LP CMS HASCHE SIGLE ACKNOWLEDGMENTS 167 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Woodsworth Odame Larbi Christina Lampropoulou W.R. Agostini Eva Cacacho González Evelyn Rebuli LANDS COMMISSION POTAMITISVEKRIS AGOSTINI W.R. FCCA QUIÑONES, IBARGÜEN, LUJÁN & MATA, QUIÑONES, IBARGÜEN, LUJÁN & MATA, S.C. S.C. Akosua Poku Vassiliki G. Lazarakou James Bristol BENTSI-ENCHILL, LETSA & ANKOMAH, ZEPOS & YANNOPOULOS LAW FIRM, HENRY, HENRY & BRISTOL Rodrigo Callejas Aquino Edgar Alfredo Rodríguez MEMBER OF LEX MUNDI MEMBER OF LEX MUNDI CARRILLO & ASOCIADOS REGISTRO GENERAL DE LA PROPIEDAD DE Thaddus Charles GUATEMALA Jacob Saah Konstantinos Logaras INLAND REVENUE DEPARTMENT José Alfredo Cándido Durón SAAH & CO. ZEPOS & YANNOPOULOS LAW FIRM, SUPERINTENDENCIA DE BANCOS Alfredo Rodríguez Mahuad Christopher DeRiggs MEMBER OF LEX MUNDI CONSORTIUM - RACSA Marc Tankam MINISTRY OF FINANCE, PLANNING, Juan Pablo Carrasco de Groote Evangelia Martinovits ECONOMY, ENERGY, FOREIGN TRADE & DÍAZ-DURÁN & ASOCIADOS CENTRAL LAW Rodrigo Salguero Darcy White IKRP ROKAS & PARTNERS CO-OPERATIVES PWC GUATEMALA PWC GHANA Francisco José Castillo Chacón Panorea Mastora Richard W. Duncan CASTILLO LOVE ABOGADOS Salvador A. Saravia Castillo KREMALIS LAW FIRM, MEMBER OF IUS GRENADA CO-OPERATIVE BANK LIMITED GREECE Juan Carlos Castillo Chacón LABORIS Salvador Augusto Saravia Castillo George Apostolakos Ruggles Ferguson CASTILLO LOVE ABOGADOS SARAVIA & MUÑOZ APOSTOLAKOS ARCHITECTS Emmanuel Mastromanolis CIBONEY CHAMBERS Paola van der Beek de Andrino ZEPOS & YANNOPOULOS LAW FIRM, José Augusto Toledo Cruz Ioanna Argyraki Keisha Greenidge CÁMARA GUATEMALTECA DE LA MEMBER OF LEX MUNDI ARIAS & MUÑOZ KYRIAKIDES GEORGOPOULOS & DANIOLOS GRENADA CO-OPERATIVE BANK LIMITED CONSTRUCCIÓN ISSAIAS LAW FIRM Margarita Matsi Allan F. Unfried Annette Henry Fanny de Estrada KELEMENIS & CO. DHL GLOBAL FORWARDING Antonis Bavas MINISTRY OF LEGAL AFFAIRS ASOCIACIÓN GUATEMALTECA DE STEPHENSON HARWOOD, PIRAEUS John Mazarakos EXPORTADORES Elmer Vargas Winston Hosten ELIAS PARASKEVAS ATTORNEYS 1933 ACZALAW Marilena Bellou HOSTEN’S (ELECTRICAL SERVICES) LTD Karla de Mata DRAKOPOULOS LAW FIRM Makariou Panagiota CPS LOGISTICS Julio Zaldaña Kelvin Jacobs GRANT THORNTON LLP REGISTRO GENERAL DE LA PROPIEDAD DE Stefanos Charaktiniotis CREATIVE DESIGN Cristóbal Fernández GUATEMALA ZEPOS & YANNOPOULOS LAW FIRM, Panayis Panagiotopoulos MAYORA & MAYORA S.C. Claudette Joseph MEMBER OF LEX MUNDI KREMMYDAS-DORIS & ASSOCIATES LAW FIRM AMICUS ATTORNEYS Walter Figueroa GUINEA Ira Charisiadou CÁMARA GUATEMALTECA DE LA Henry Joseph ERNST & YOUNG CHARISIADOU LAW OFFICE Elena Papachristou CONSTRUCCIÓN PKF INTERNATIONAL ZEPOS & YANNOPOULOS LAW FIRM, Aminatou Bah Alkistis - Marina Christofilou Hugo Daniel Figueroa Estrada MEMBER OF LEX MUNDI Michell Julien NIMBA CONSEIL SARL IKRP ROKAS & PARTNERS SUPERINTENDENCIA DE BANCOS MINISTRY OF FINANCE, PLANNING, Eleftheria Papakanellou Aminata Bah Tall Sotiris Constantinou ECONOMY, ENERGY, FOREIGN TRADE & Lorena Flores Estrada INTERSEA CONTAINER SERVICES NIMBA CONSEIL SARL GRANT THORNTON LLP CO-OPERATIVES DÍAZ-DURÁN & ASOCIADOS CENTRAL LAW Dimitris E. Paraskevas Boubacar Barry Theodora D. Karagiorgou Kurt LaBarrie Rodolfo Fuentes ELIAS PARASKEVAS ATTORNEYS 1933 JURIFIS CONSULT GUINEE KOUTALIDIS LAW FIRM CREATIVE DESIGN PROTECTORA DE CRÈDITO COMERCIAL Michalis Pattakos Lousseny Cisse Nikos Daskalakis Sonia Roden Rafael Garavito ZEPOS & YANNOPOULOS LAW FIRM, NIMBA CONSEIL SARL HELLENIC CONFEDERATION OF GRENADA INDUSTRIAL DEVELOPMENT BUFETE GARAVITO MEMBER OF LEX MUNDI PROFESSIONALS, CRAFTSMEN AND CORPORATION Aïssata Diakite Wendy Garcia MERCHANTS Katerina Politi NIMBA CONSEIL SARL Ian H. Sandy RUSSELL BEDFORD GUATEMALA GARCÍA KYRIAKIDES GEORGOPOULOS & DANIOLOS Eleni Dikonimaki AMICUS ATTORNEYS SIERRA Y ASOCIADOS, S.C., MEMBER OF Mohamed Kadialiou Diallo ISSAIAS LAW FIRM TEIRESIAS S.A. INTERBANKING INFORMATION RUSSELL BEDFORD INTERNATIONAL ELECTRICITÉ DE GUINÉE Valentino Sawney SYSTEMS Chryssiis Poulakou TRADSHIP INTERNATIONAL Oscar Ernesto Garcia Sierra Ahmadou Diallo KYRIAKIDES GEORGOPOULOS & DANIOLOS Panagiotis Drakopoulos RUSSELL BEDFORD GUATEMALA GARCÍA ISSAIAS LAW FIRM David Sinclair El Hajj Barry Djoudja DRAKOPOULOS LAW FIRM SIERRA Y ASOCIADOS, S.C., MEMBER OF SINCLAIR ENTERPRISES LIMITED AICHFEET Mary Psylla RUSSELL BEDFORD INTERNATIONAL Anastasia Dritsa PWC GREECE Trevor St. Bernard Raúl Stuardo Juárez Leal Soukeina Fofana KYRIAKIDES GEORGOPOULOS & DANIOLOS LEWIS & RENWICK Sofia Pyriochou SUPERINTENDENCIA DE BANCOS BANQUE CENTRALE DE GUINEE - B.C.R.G. ISSAIAS LAW FIRM KREMALIS LAW FIRM, MEMBER OF IUS Phinsley St. Louis Jean Baptiste Jocamey Margarita Flerianou Christian Lanuza LABORIS ST. LOUIS SERVICE CABINET KOÛMY ECONOMOU INTERNATIONAL SHIPPING DÍAZ-DURÁN & ASOCIADOS CENTRAL LAW AGENCIES Vasiliki Salaka Lisa Telesford Lansana Kaba María Isabel Luján Zilbermann KARATZAS & PARTNERS SUPREME COURT REGISTRY CARIG Sotiris Gioussios QUIÑONES, IBARGÜEN, LUJÁN & MATA, GRANT THORNTON LLP Constantine Sarantis S.C. Abdel Aziz Kaba ZEPOS & YANNOPOULOS LAW FIRM, GUATEMALA Víctor Manuel Mancilla Castro NIMBA CONSEIL SARL Yanos Gramatidis MEMBER OF LEX MUNDI EMPRESA ELÉCTRICA DE GUATEMALA, S. A. BAHAS, GRAMATIDIS & PARTNERS SUPERINTENDENCIA DE BANCOS Mariama Ciré Keita Diallo Anastasia Stamou ERNST & YOUNG NIMBA CONSEIL SARL Marco Antonio Martinez Marinela Kampadelli ATHENS EXCHANGE SA Gabriella Aguirre CPS LOGISTICS Nounké Kourouma Vanessa Kapnoutzi Nehtarios Stefanidis CONSORTIUM - RACSA ADMINISTRATION ET CONTRÔLE DES Eduardo Mayora Alvarado M & P BERNITSAS LAW OFFICES NEHTARIOS GRANDS PROJETS Pedro Aragón MAYORA & MAYORA S.C. Evangelos Karaindros Alexia Stratou ARAGÓN & ARAGÓN Mohamed Lahlou Guillermo Melgar EVANGELOS KARAINDROS LAW FIRM KREMALIS LAW FIRM, MEMBER OF IUS PWC GUINEA Mario R. Archila Cruz CÁMARA GUATEMALTECA DE LA LABORIS Artemis Karathanassi CONSORTIUM - RACSA CONSTRUCCIÓN Guy Piam PWC GREECE Fotini Trigazi NIMBA CONSEIL SARL Oscar Arriaga Edgar Mendoza NOTARY Constantine Karydis COMISIÓN NACIONAL DE ENERGÍA PWC GUATEMALA Raffi Raja PWC GREECE John Tripidakis ELÉCTRICA CABINET KOÛMY Hugo Menes JOHN M. TRIPIDAKIS AND ASSOCIATES Nikos Klironomos Elias Arriaza MAYORA & MAYORA S.C. Assiatou Sow MARITIMESUN Antonios Tsavdaridis CONSORTIUM - RACSA MINISTÈRE DE LA CONSTRUCTION, DE Christian Michelangeli IKRP ROKAS & PARTNERS L’URBANISME ET HABITAT Alexandra Kondyli Ruby María Asturias Castillo CARRILLO & ASOCIADOS KARATZAS & PARTNERS Ioannis Vekris ACZALAW Dominique Taty María José Morales Guillén POTAMITISVEKRIS PWC CÔTE D’IVOIRE Nicholas Kontizas María de los Angeles Barillas CASTILLO LOVE ABOGADOS ZEPOS & YANNOPOULOS LAW FIRM, Kalliopi Vlachopoulou Buchhalter Hakilas Paul Tchagna Anajoyce Oliva MEMBER OF LEX MUNDI KELEMENIS & CO. SARAVIA & MUÑOZ PWC CÔTE D’IVOIRE MUNICIPALIDAD DE GUATEMALA Panos Koromantzos Sofia Xanthoulea Amaury Barrera Abdourahamane Tounkara Marco Antonio Palacios BAHAS, GRAMATIDIS & PARTNERS JOHN M. TRIPIDAKIS AND ASSOCIATES DHV CONSULTANTS GUINÉE CONSULTING PALACIOS & ASOCIADOS Olga Koromilia Vicky Xourafa Jorge Rolando Barrios Aboubacar Salimatou Toure Jose Enrique Pensabene PWC GREECE KYRIAKIDES GEORGOPOULOS & DANIOLOS BONILLA, MONTANO, TORIELLO & BARRIOS NIMBA CONSEIL SARL PALACIOS & ASOCIADOS ISSAIAS LAW FIRM Yannis Kourniotis Julio Roberto Berduo Yansane Fatoumata Yari Soumah Rita Pérez M & P BERNITSAS LAW OFFICES Fredy Yatracou PALACIOS & ASOCIADOS OFFICE NOTARIAL ARAGÓN & ARAGÓN PWC GREECE Dimitrios Kremalis L.L.M Mario Adolfo Búcaro Flores Melida Pineda KREMALIS LAW FIRM, MEMBER OF IUS DÍAZ-DURÁN & ASOCIADOS CENTRAL LAW GUINEA-BISSAU LABORIS GRENADA CARRILLO & ASOCIADOS ELECTRICIDADE E AGUAS DA GUINE-BISSAU DANNY WILLIAMS & CO. 168 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Diaby Aboubakar Teni Housty Enerlio Gassant Jorge Hernandez Jimmy Chung BCEAO FRASER, HOUSTY & YEARWOOD CABINET GASSANT CNBS - COMISION NACIONAL DE BANCOS RUSSELL BEDFORD HONG KONG ATTORNEYS-AT-LAW Y SEGUROS LIMITED, JAMES NGAI & PARTNERS CPA José Alves Té Giordani Gilbert Emile LIMITED, MEMBER OF RUSSELL BEDFORD MINISTÉRIO DA JUSTIÇA Rexford Jackson ETUDE BRISSON CASSAGNOL Camilo Janania INTERNATIONAL SINGH, DOODNAUTH LAW FIRM AGUILAR CASTILLO LOVE Emílio Ano Mendes Emile Giordani Greta Gerazimaite GB LEGAL - MIRANDA ALLIANCE Cliffton Mortimer Llewelyn John Carmen Jovel Marc Hebert Ignace AMERINDE CONSOLIDATED, INC. ATTORNEY-AT-LAW PWC HONDURAS Abú Camará BANQUE DE LA RÉPUBLIQUE D’HAITI Vivian Ho MINISTÉRIO DAS INFRAESTRUTURAS Kalam Azad Juman-Yassin Juan Diego Lacayo González Luciner Joseph BAKER & MCKENZIE GUYANA OLYMPIC ASSOCIATION AGUILAR CASTILLO LOVE Humiliano Alves Cardoso MAIRIE DE PETIONVILLE Keith Man Kei Ho GABINETE ADVOCACIA Kashir Khan Evangelina Lardizábal Robert Laforest WILKINSON & GRIST ARIAS & MUÑOZ Adelaida Mesa D’Almeida Rakesh Latchana CABINET LAFOREST Tam Yuen Hung JURISCONTA SRL RAM & MCRAE German E. Leitzelar H. Camille Leblanc GUANGDONG AND HONG KONG FEEDER DESPACHO LEGAL LEITZELAR Y ASOCIADOS Radu Krohne Alexis Monize CABINET LEBLANC & ASSOCIÉS ASSOCIATION LTD. INTEC GUYANA OFFICE FOR INVESTMENT Dennis Matamoros Batson Wilhelm E. Lemke, Jr Basil Hwang ARIAS & MUÑOZ Octávio Lopes Colin Murray ENMARCOLDA (D’ADESKY) DECHERT GB LEGAL - MIRANDA ALLIANCE COASTAL CONSTRUCTION SERVICES Juan Carlos Mejía Cotto Louis Gary Lissade Edita Jauniute INSTITUTO DE LA PROPIEDAD Suzette Maria Lopes da Costa Harry Noel Narine CABINET LISSADE AMERINDE CONSOLIDATED, INC. Graça PKF INTERNATIONAL Iván Alfredo Vigíl Molina Roberson Louis Salina Ko MINISTÉRIO DA JUSTIÇA ABOGADO Clarence Antony Nigel Hughes CABINET GASSANT APL Jorge Mandinga HUGHES FIELDS & STOBY Ricardo Montes Kathia Magloire Howard Lam MANDINGA EMPREITEROS SA ARIAS & MUÑOZ Carolyn Paul CABINET GASSANT LINKLATERS Miguel Mango AMICE LEGAL CONSULTANTS INC. Ramón E. Morales Alexandrine Nelson Billy Lam AUDI - CONTA LDA PWC HONDURAS R.N. Poonai CHATELAIN CARGO SERVICES MAYER BROWN JSM Vítor Marques da Cruz POONAI & POONAI Vanessa Oquelí Joseph Paillant Cindy Lam FCB&A IN ASSOCIATION WITH ARMANDO GARCÍA & BODÁN Christopher Ram BUCOFISC THE LAND REGISTRY OF HONG KONG MANGO & ASSOCIADOS RAM & MCRAE Ramón Ortega Micosky Pompilus Lauren Lau Joaozinho Mendes PWC DOMINICAN REPUBLIC Vishwamint Ramnarine CABINET D’AVOCATS CHALMERS KLC KENNIC LUI & CO MINISTERIO DA JUSTICA - DIRECCAO PFK BARCELLOS, NARINE & CO. Jose Ramon Paz GERAL DE IDENTIFICACAO CIVIL, REGISTRO Jean Frederic Sales Candas Lee CONSORTIUM CENTRO AMÉRICA E NOTARIADO EDMUND W. H. CHOW & CO Reginald Roach CABINET SALES ABOGADOS Francisco Mendes R&D ENGINEERING SERVICES Juliana Lee Salim Succar Jessica Ramos Guifarro MINISTRY OF FOREIGN AFFAIRS Albert Rodrigues CABINET LISSADE MAYER BROWN JSM CONSORTIUM CENTRO AMÉRICA Ismael Mendes de Medina RODRIGUES ARCHITECTS LTD. ABOGADOS Tommy Li Antoine Turnier GB LEGAL - MIRANDA ALLIANCE Shaundell Stephenson FIRME TURNIER - COMPTABLE EDMUND W. H. CHOW & CO Daniel Rivera Eduardo Pimentel OFFICE OF THE PRIME MINISTER PROFESSIONNELS AGRÉÉS CONSEILS DE PWC HONDURAS Maurice Loo CENTRO DE FORMALIZAÇÃO DE EMPRESAS DIRECTION HONG KONG ECONOMIC & TRADE OFFICE Germene Stewart José Rafael Rivera Ferrari (C.F.E.) CENTRAL HOUSING & PLANNING CONSORTIUM CENTRO AMÉRICA Kennic L H Lui AUTHORITY HONDURAS Osiris Francisco Pina Ferreira ABOGADOS KLC KENNIC LUI & CO CONSELHO JUDICIAL DA MAGISTRADURA, EMPRESA NACIONAL DE ENERGÍA ELÉCTRICA Gidel Thomside Enrique Rodriguez Burchard James Ngai REPÚBLICA DA GUINÉ - BISSAU NATIONAL SHIPPING CORPORATION LTD. José Antonio Abate AGUILAR CASTILLO LOVE RUSSELL BEDFORD HONG KONG Armando Procel ABAS CONSULTORES LIMITED, JAMES NGAI & PARTNERS CPA Josephine Whitehead Fanny Rodríguez del Cid REPÚBLICA DA GUINÉ-BISSAU CAMERON & SHEPHERD Juan José Alcerro Milla LIMITED, MEMBER OF RUSSELL BEDFORD ARIAS & MUÑOZ AGUILAR CASTILLO LOVE INTERNATIONAL Augusto Regala Troy Williams René Serrano RAM & MCRAE Jose Miguel Alvarez Kok Leong Ngan Rogério Reis ARIAS & MUÑOZ CONSORTIUM CENTRO AMÉRICA CLP POWER HONG KONG LIMITED ROGÉRIO REIS DESPACHANTE Roger Yearwood Godofredo Siercke ABOGADOS Kenneth Poon BRITTON, HAMILTON & ADAMS GARCÍA & BODÁN Ousmane Samba Mamadou THE LAND REGISTRY OF HONG KONG José Simón Azcona BCEAO Cristian Stefan Handal HAITI INMOBILIARIA ALIANZA SA Martinal Quan Suleimane Seide ZACARÍAS & ASOCIADOS MÉROVÉ-PIERRE - CABINET César Augusto Cabrera Zapata METOPRO ASSOCIATES LIMITED MINISTRY OF FINANCE Gricelda Urquía D’EXPERTS-COMPTABLES TRANSUNION Ashish Sahi Fernando Tavares TRANSUNION Claudette Belfont Janeth Castañeda de Aquino TOP IMPETUS TRANSMAR SERVICES Roberto Manuel Zacarías Urrutia CABINET PIERRE DELVA GRUPO CROPA PANALPINA Bassanio So Djunco Suleiman Ture ZACARÍAS & ASOCIADOS Karine Jadotte Bouchereau Graciela Cruz HONG KONG ECONOMIC & TRADE OFFICE MUNICIPALITY OF BISSAU Mario Rubén Zelaya BENJAMIN-JADOTTE ARCHITECTE ET GARCÍA & BODÁN Derek Tsang Carlos Vamain INGÉNIEURS ASSOCIÉS ENERGÍA INTEGRAL S. DE R.L. DE C.V. Ramón Discua MAYER BROWN JSM GOMES & VAMAIN ASSOCIADOS Jean Baptiste Brown BATRES, DISCUA, MARTINEZ ABOGADOS HONG KONG SAR, CHINA Anita Tsang Emmanuel Yehouessi BROWN LEGAL GROUP PWC HONG KONG Gilda Espinal Veliz ALLEN & OVERY BCEAO Martin Camille Cangé ASJ - ASOCIACION PARA UNA SOCIEDAD Laurence Tsong ELECTRICITÉ D’HAÏTI MAS JUSTA David Bateson TRANSUNION HONG KONG GUYANA MALLESONS STEPHEN JACQUES Monique César Guillaume Alejandro Fernández de Castro Paul Tsui Faye Barker Rico Chan PAGS - CABINET D’EXPERTS COMPATBLES PWC DOMINICAN REPUBLIC HONG KONG ASSOCIATION OF FREIGHT HUGHES FIELDS & STOBY BAKER & MCKENZIE Robinson Charles Lillizeth Garay FORWARDING & LOGISTICS LTD. (HAFFA) Marcel Bobb WC Chan BANQUE DE LA RÉPUBLIQUE D’HAITI CNBS - COMISION NACIONAL DE BANCOS Yuen-ho Wan FRASER, HOUSTY & YEARWOOD HONG KONG FINANCIAL SECRETARY Y SEGUROS RUSSELL BEDFORD HONG KONG ATTORNEYS-AT-LAW Djacaman Charles CABINET GASSANT Doris García Albert P.C. Chan LIMITED, JAMES NGAI & PARTNERS CPA Ashton Chase THE HONG KONG POLYTECHNIC UNIVERSITY LIMITED, MEMBER OF RUSSELL BEDFORD CONSORTIUM CENTRO AMÉRICA LAW OFFICE OF ASHTON CHASE Karine Chenet INTERNATIONAL  ABOGADOS Vashi Ram Chandi ASSOCIATES Martine Chevalier Oscar Armando Girón EXCELLENCE INTERNATIONAL Jackson Wong Lucia Desir-John CABINET LEBLANC & ASSOCIÉS HONG KONG ECONOMIC & TRADE OFFICE ASOCIACIÓN HONDUREÑA DE Deborah Y. Cheng D & J SHIPPING SERVICES Diggan d’Adesky COMPAÑÍAS Y REPRESENTANTES NAVIEROS SQUIRE, SANDERS & DEMPSEY L.L.P. James Wong Orin Hinds D’ADESKY IMPORT EXPORT S.A. (AHCORENA) THE HONG KONG POLYTECHNIC UNIVERSITY ORIN HINDS & ASSCOIATES ARCH. LTD. Winnie Cheung Jose Ramon Gonzales THE LAND REGISTRY OF HONG KONG Patrick Wong Gary Holder Inelor Dorval CNBS - COMISION NACIONAL DE BANCOS MAYER BROWN JSM ORIN HINDS & ASSCOIATES ARCH. LTD. Jean Gerard Eveillard Y SEGUROS Robert Chu CABINET EVEILLARD ECONOMIC ANALYSIS AND BUSINESS Fergus Wong Renford Homer Jessica Handal FACILITATION UNIT, HONG KONG SAR PWC HONG KONG GUYANA POWER & LIGHT INC. Lucien Fresnel ARIAS & MUÑOZ GOVERNMENT CABINET GASSANT Ricky Yiu Anna Chu BAKER & MCKENZIE MAYER BROWN JSM ACKNOWLEDGMENTS 169 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Hai Yong Tamás Pásztor Lára V. Júlíusdóttir Ugen Bhutia Nikhil Gupta BAKER & MCKENZIE NAGY ÉS TRÓCSÁNYI LAW OFFICE, MEMBER LÖGMENN LAUGAVEGI 3 EHF. FOXMANDAL LITTLE PWC INDIA OF LEX MUNDI Peter Yu Ásta Kristjánsdóttir Rewati Bobde Ruchira Gupta PWC HONG KONG István Sándor PWC ICELAND JURIS CORP THE JURIS SOCIIS KELEMEN, MESZAROS, SANDOR & Frank Yuen Jóhann Magnús Jóhannsson Nidhi Bothra Atul Gupta PARTNERS KLC KENNIC LUI & CO. LOGOS, MEMBER OF LEX MUNDI VINOD KOTHARI & CO., COMPANY TRILEGAL Zsolt Sóki SECRETARIES Gordon Zhu Benedetto Nardini Adarsh Hathi BDO HUNGARY AMERINDE CONSOLIDATED, INC. BBA LEGAL Bharat Budholia HATHI & ASSOCIATES Krisztina Stacho JURIS CORP Dagbjört Oddsdóttir Kabir Hathi HUNGARY BPV | LEGAL JÁDI NÉMETH BBA LEGAL Rajarshi Chakrabarti HATHI & ASSOCIATES JONES LANG LASALLE Tibor Szabó KOCHHAR & CO. Dögg Páksdóttir Akil Hirani RETI, ANTALL AND PARTNERS LAW FIRM MALTACOURT HUNGARY REYKJAVIK UNIVERSITY Harshala Chandorkar MAJMUDAR & CO. András Szecskay CREDIT INFORMATION BUREAU LTD. MORLEY ALLEN & OVERY IRODA Kristján Pálsson Raina Jain SZECSKAY ATTORNEYS AT LAW JÓNAR TRANSPORT Bidan Chandran AMERINDE CONSOLIDATED, INC. Péter Bárdos Ágnes Szent-Ivány SINGHANIA & PARTNERS LLP SOLICITORS LAW FIRM DR. PÉTER AND RITA BÁRDOS Margrét Ragnarsdóttir Ruchi Jain SÁNDOR SZEGEDI SZENT-IVÁNY KOMÁROMI & ADVOCATES LOGOS, MEMBER OF LEX MUNDI PWC INDIA Marianna Bártfai EVERSHEDS Prashant Chauhan BDO HUNGARY Fridgeir Sigurdsson Vipin Jain Viktória Szilágyi ADVOCATE PWC ICELAND SHREE BHIKSHU MARBLE AND GRANITES Sándor Békési NAGY ÉS TRÓCSÁNYI LAW OFFICE, MEMBER Manjula Chawla PARTOS & NOBLET HOGAN LOVELLS OF LEX MUNDI Eyvindur Sólnes Ashok Jain PHOENIX LEGAL LVA-LEGAL SERVICES VEEPLUS INDUSTRIES PVT., LTD RUNTAI Péter Berethalmi Gábor Varga Daizy Chawla INDUSTRY CO., LTD NAGY ÉS TRÓCSÁNYI LAW OFFICE, MEMBER BISZ CENTRAL CREDIT INFORMATION Jóhannes Stephensen SINGH & ASSOCIATES ADVOCATES AND OF LEX MUNDI (PLC) CREDITINFO ICELAND Yogesh Jare SOLICITORS SUHASINI IMPEX Hedi Bozsonyik Blanka Zombori Gunnar Sturluson Jijo Cherian SZECSKAY ATTORNEYS AT LAW PWC HUNGARY LOGOS, MEMBER OF LEX MUNDI Anil Jarial PHOENIX LEGAL JURIS CORP Jan Burmeister Antonia Zsigmon Rúnar Svavar Svavarsson Ipsita Chowdhury BNT SZABÓ TOM BURMEISTER ÜGYVÉDI BPV | LEGAL JÁDI NÉMETH ORKUVEITA REYKJAVÍKUR, DISTRIBUTION- H. Jayesh TRILEGAL IRODA ELECTRICAL SYSTEM JURIS CORP Zsuzsanna Cseri ICELAND Stefán A. Svensson Sachin Chugh Dharmendra Johari SINGHI CHUGH & KUMAR, CHARTERED BÁRD, CSERI & PARTNERS LAW FIRM Halla Ýr Albertsdóttir JURIS LAW OFFICE STONEX INC. ACCOUNTANTS PRICEWATERHOUSECOOPERS LEGAL EHF András Elekes Einor Thor Sverisson Rajat Joneja Manish Dadhania IMMOBILIA REAL ESTATE DEVELOPMENT KFT Jón Gunnar Ásbjörnsson JONSSON & HALL LAW FIRM KNM & PARTNERS, LAW OFFICES PRECISION SINTERED PRODUCTS BBA LEGAL Gabriella Erdos Jayesh Karandikar PWC HUNGARY Arnar Bjarnason INDIA Ketan Dalal KOCHHAR & CO. PWC INDIA FRAKT.IS FOXMANDAL LITTLE Ágnes Fábry Rajas Kasbekar Vishwang Desai PRK PARTNERS / FÁBRY LAW OFFICE Þórður Búason G. D. INTERNATIONAL LITTLE & CO. DESAI & DIWANJI REYKJAVIK CONSTRUCTION AGENCY György Fehér MAHAMUNI EXPORT IMPORT Mukund Kasture Devendra Deshmukh PRK PARTNERS / FÁBRY LAW OFFICE Eymundur Einarsson HITECH EQUIPMENTS TRANSWORLD VENTURES KHAITAN & CO. ENDURSKOÐUN OG RÁÐGJÖF EHF, MEMBER Ernő Garamvölgyi Charandeep Kaur OF RUSSELL BEDFORD INTERNATIONAL Subramaniam A. Prashant Dharia BUDAPEST IX DISTRICT MUNICIPALITY TRILEGAL SUBRAMANIAM IMPORTERS ANANT INDUSTRIES Ólafur Eiríksson Anna Gáspár Mitalee Kaushal LOGOS, MEMBER OF LEX MUNDI John Agana Suruchi Dhavale BUILD-ECON LTD. KNM & PARTNERS, LAW OFFICES YURI-ENGA ENGA ENTERPRISE JURIS CORP Skuli Th. Fjeldsted Zoltán Gerendy Arun Kedia FJELDSTED, BLÖNDAL & FJELDSTED Amit Agarwal Farida Dholkawala BDO HUNGARY VAV LIFE SCIENCES P. LTD. PWC INDIA DESAI & DIWANJI Benedikt Geirsson Csaba Attila Hajdu Amruta Kelkar ISTAK Bhavuk Agarwal Rajendran Dorai BNT SZABÓ TOM BURMEISTER ÜGYVÉDI JURIS CORP SINGHANIA & CO. LLP SUPRIYA CONSTRUCTION IRODA Gier Gestsson JONSSON & HALL LAW FIRM Anup Khanna Fraser Alexander Siddharth Dubey Tamas Halmos MAJMUDAR & CO. JURIS CORP SINGHANIA & PARTNERS LLP SOLICITORS PARTOS & NOBLET HOGAN LOVELLS Erlendur Gíslason & ADVOCATES Gautam Khattar LOGOS, MEMBER OF LEX MUNDI Clarence Anthony Vilma Hasuly PWC INDIA Elísabet Guðbjörnsdóttir JURIS CORP Thambi Durai PRK PARTNERS / FÁBRY LAW OFFICE T. DURAI & CO. Bhavna Kohli PRICEWATERHOUSECOOPERS LEGAL EHF Mansij Arya Dóra Horváth PWC INDIA Sindri Gudjónsson KNM & PARTNERS, LAW OFFICES Nehal Gandhi RETI, ANTALL AND PARTNERS LAW FIRM A-1 ELECTRICALS Ravinder Komaragiri LOGOS, MEMBER OF LEX MUNDI Pavithra B. Norbert Izer THE TATA POWER COMPANY LIMITED Guðrún Guðmundsdóttir MAHARANI LAXMI AMMANNI CENTRE FOR Vir Gandhi PWC HUNGARY SOCIAL SCIENCE RESEARCH PROFOUND OUTSOURCING SOLUTIONS Vinod Kothari JÓNAR TRANSPORT David Kerpel PVT. LTD. VINOD KOTHARI & CO., COMPANY Madhu Bansal SZECSKAY ATTORNEYS AT LAW Hjördís Gulla Gylfadóttir SECRETARIES BBA LEGAL PWC INDIA Ritika Ganju Dorottya Kovacsics PHOENIX LEGAL Madan Krishna Daksha Bara PARTOS & NOBLET HOGAN LOVELLS Gisli Gudni Hall RAYTHEON JONSSON & HALL LAW FIRM MAHARANI LAXMI AMMANNI CENTRE FOR Rahul Garg Russell Lambert SOCIAL SCIENCE RESEARCH PWC INDIA Mukesh Kumar PWC HUNGARY Ragnar Halldor Hall KNM & PARTNERS, LAW OFFICES Meghalee Barthakur Tanushree Ghildiyal JONSSON & HALL LAW FIRM Petra Lencs PWC INDIA KNM & PARTNERS, LAW OFFICES Ra Kumar BÁRD, CSERI & PARTNERS LAW FIRM Reynir Haraldsson SINGHANIA & PARTNERS LLP SOLICITORS Sumant Batra Karanvir Gill JÓNAR TRANSPORT & ADVOCATES Andrea Májer KESAR DASS B & ASSOCIATES KHAITAN & CO. BDO HUNGARY Hordur Felix Hardarson Harsh Kumar Shruti Baya Vijay Goel JONSSON & HALL LAW FIRM SINGHI CHUGH & KUMAR, CHARTERED Dóra Máthé JURIS CORP SINGHANIA & CO. LLP ACCOUNTANTS PWC HUNGARY Margrét Hauksdóttir Abhishek Bhalla Chandrika Gogia THE LAND REGISTRY OF ICELAND Vikram Kumar László Mohai PHOENIX LEGAL PWC INDIA SUPPLY SOURCE INDIA Thora Jónsdóttir Robert Nagy Pradeep Bhandari Trupti Guha JURIS LAW OFFICE Dilip Kumar Niranjan BISZ CENTRAL CREDIT INFORMATION PROTEAM CONSULTING PRIVATE LIMITED KOCHHAR & CO. SINGH & ASSOCIATES ADVOCATES AND (PLC) Jóhanna Áskels Jónsdóttir Gopa Bhardwaz Sameer Guha SOLICITORS PRICEWATERHOUSECOOPERS LEGAL EHF Sándor Németh INTERNATIONAL LAW AFFILIATES TRILEGAL Manoj Kumar Singh SZECSKAY ATTORNEYS AT LAW Gestur Jonsson Sushil Bhasin Arun Gupta SINGH & ASSOCIATES ADVOCATES AND JONSSON & HALL LAW FIRM Christopher Noblet BHASIN INTERNATIONAL CORPORATE PROFESSIONALS SOLICITORS PARTOS & NOBLET HOGAN LOVELLS Gunnar Jonsson Prabjot Bhullar Deepak Gupta Vijay Kumar Singh JONSSON & HALL LAW FIRM KHAITAN & CO. PWC INDIA SINGH & ASSOCIATES ADVOCATES AND SOLICITORS 170 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Sumit Kumar Vij Bhadrinath Madhusudan Pogul Vinay Sirohia Ayik Gunadi Marinza Savanthy FOXMANDAL LITTLE KALKI INTERNATIONAL AXON PARTNERS LLP ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, WIDYAWAN & PARTNERS MEMBER OF LEX MUNDI Sougata Kundu Madhavi Pogul Veena Sivaramakrishnan Natasha A. Sebayang PWC INDIA KALKI INTERNATIONAL JURIS CORP Didik S. Hadiwidodo SOEWITO SUHARDIMAN EDDYMURTHY PT. NASIO KARYA PRATAMA KARDONO Shreedhar Kunte Madhusudan Venkatesh Pogul Harshita Srivastava SHARP AND TANNAN, MEMBER OF RUSSELL KALKI INTERNATIONAL NISHITH DESAI ASSOCIATES Dedet Hardiansyah Indra Setiawan BEDFORD BUDIMAN AND PARTNERS ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, M. Prabhakaran Prashant Suthar MEMBER OF LEX MUNDI Harjeet Lall CONSULTA JURIS INDIAN ARTISANAL Michael Hasian Giovanni AXON PARTNERS LLP BRIGITTA I. RAHAYOE & PARTNERS Kevin Omar Sidharta Ajay Raghavan Niranjan Talati ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, Chandni Lochan TRILEGAL SHREEJI MARKETING Ray Headifen MEMBER OF LEX MUNDI TRILEGAL PWC INDONESIA Anil Raj Sandhya Tanwar Ricardo Simanjuntak Rajiv Luthra PHOENIX LEGAL PWC INDIA Erwandi Hendarta RICARDO SIMANJUNTAK & PARTNERS LUTHRA & LUTHRA HADIPUTRANTO, HADINOTO & PARTNERS Mohan Rajasekharan Rajesh Tayal Terman Siregar Neha Madan PHOENIX LEGAL KNM & PARTNERS, LAW OFFICES Mohammad Kamal Hidayat JAKARTA INVESTMENT AND PROMOTION KESAR DASS B & ASSOCIATES FURNITURE FIKAMAR J.T. Rajasuriya Chetan Thakkar BOARD Ravi Mahto J.T.RAJASURIYA & ASSOCIATES KANGA & CO. Rahayuningsih Hoed Dyah Sitawati TRILEGAL MAKARIM & TAIRA S. Ashok Ramgir Piyush Thareja PWC INDONESIA Shipra Makkar HARSH IMPEX NEERAJ BHAGAT & CO. Alexander Hutauruk Yukiko Lyla Usman Tambunan SINGH & ASSOCIATES ADVOCATES AND HADIPUTRANTO, HADINOTO & PARTNERS Harsh Ramgir Richa Tiwari BANK INDONESIA SOLICITORS HARSH IMPEX PWC INDIA Brigitta Imam Rahayoe Yuliana Tjhai Jignesh Makwana BRIGITTA I. RAHAYOE & PARTNERS Ami Ranjan Praveen Kumar Tiwary BAHAR & PARTNERS SWIFTINDIAINC CORPORATE SERVICES SINGHANIA & PARTNERS LLP SOLICITORS FOXMANDAL LITTLE Robert Buana Jaya PRIVATE LIMITED Hanum Ariana Tobing & ADVOCATES BUDIDJAJA & ASSOCIATES LAW OFFICES Dhirajkumar Totala BUDIDJAJA & ASSOCIATES LAW OFFICES Aditi Manchanda Dipak Rao JURIS CORP Timothy Jhansen JURIS CORP Gatot Triprasetio SINGHANIA & PARTNERS LLP SOLICITORS PT POST CYCLE GLOBAL Suhas Tuljapurkar WIDYAWAN & PARTNERS Som Mandal & ADVOCATES LEGASIS SERVICES PVT. LTD. Iswahjudi A. Karim FOXMANDAL LITTLE Heru Tumbelaka Ragini Rastogi KARIMSYAH LAW FIRM Rahul Tyagi SURIA NATAADMADJA & ASSOCIATES Vipender Mann PWC INDIA FOXMANDAL LITTLE Mirza Karim KNM & PARTNERS, LAW OFFICES Pudji Wahjuni Purbo Prem Rath KARIMSYAH LAW FIRM Kanisshka Tyagi MAKARIM & TAIRA S. Rishabh G Mastaram AMERINDE CONSOLIDATED, INC. KESAR DASS B & ASSOCIATES Herry N. Kurniawan NAIK NAIK AND COMPANY Sony Panji Wicaksono Tanya Rath ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, Harsh Vijayvargiya BANK INDONESIA Preeti G. Mehta AMERINDE CONSOLIDATED, INC. MEMBER OF LEX MUNDI FOXMANDAL LITTLE KANGA & CO. Fransiska Ade Kurnia Widodo Rahul Renavikar Rudy Kusmanto Ramesh Babu Vishwanathula BUDIDJAJA & ASSOCIATES LAW OFFICES Dara Mehta PWC INDIA MAKARIM & TAIRA S. VISHWANATH & GLOBAL ATTORNEYS LITTLE & CO. Aditya Kesha Wijayanto Sameer Sah Winita E. Kusnandar Rajat Vohra WIDYAWAN & PARTNERS Vikas Mehta MAJMUDAR & CO. KUSNANDAR & CO. TRILEGAL PRADEEP TRADERS Richie Sancheti Saral Kumar Yadav Eddy M. Leks IRAN, ISLAMIC REP. Jitesh Mehta NISHITH DESAI ASSOCIATES LEKS & CO. INFOSOL INFORMATION SOLUTION WORD MORADI LAWYER COMPANY SOURCE INDIA Aayushi Sehgal Ferry P. Madian Aashii Yadav Camellia Abdolsamad Sharad Mishra KHAITAN & CO. ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, KESAR DASS B & ASSOCIATES INTERNATIONAL LAW OFFICE OF DR. NEO MULTIMEDIAN MEMBER OF LEX MUNDI Vandana Sekhri BEHROOZ AKHLAGHI & ASSOCIATES Amit Yadkikar Saurabh Misra JURIS CORP Marshel Tristant Makaminan DESAI & DIWANJI Hamid Reza Adabi SAURABH MISRA & ASSOCIATES, BUDIDJAJA & ASSOCIATES LAW OFFICES ADVOCATES Ramani Seshadri INDONESIA Ella Melany Allah Mohammad Aghaee Atul Mittal Manav Shah HANAFIAH PONGGAWA & PARTNERS IRANIAN NATIONAL TAX ADMINISTRATION KOCHHAR & CO. CV. FORTUNE ENTERPRISE PWC INDIA Ahmadi Ahmadi Karen Mills Parag Shah Nafis Adwani IRAN CREDIT SCORING Shyamal Mukherjee KARIMSYAH LAW FIRM PARAG G SHAH AND ASSOCIATES ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, PWC INDIA Nazem Ahmadian Nasrabadi MEMBER OF LEX MUNDI Norma Mutalib Sudip Mullick Prakash Shah MAKARIM & TAIRA S. STATE ORGANIZATION FOR REGISTRATION OF PARIJAT MARKETING SERVICES Retno Anggraeni DEEDS & PROPERTIES OF ISLAMIC REPUBLIC KHAITAN & CO. LEKS & CO. Julinus Omrie Napitupulu OF IRAN Rajiv Mundhra Vikram Shroff BUDIDJAJA & ASSOCIATES LAW OFFICES NISHITH DESAI ASSOCIATES Jhony Anugrah Behrooz Akhlaghi CROWN AGENTS LTD. PT SENTRA ANUGRAH MOTOR Chandra Nataadmadja INTERNATIONAL LAW OFFICE OF DR. Ramaratnam Muralidharan Manjosh K Sidhu SURIA NATAADMADJA & ASSOCIATES BEHROOZ AKHLAGHI & ASSOCIATES Hamud M. Balfas PWC INDIA Ankita Singh ALI BUDIARDJO, NUGROHO, REKSODIPUTRO, Suria Nataadmadja Ali Amani Vidya Nashimath FOXMANDAL LITTLE MEMBER OF LEX MUNDI SURIA NATAADMADJA & ASSOCIATES DAYARAYAN AUDITING & FINANCIAL TOBOC SERVICES Praveen Singh Simon Barrie Mia Noni Yuniar Madhav Pande FOXMANDAL LITTLE KARIMSYAH LAW FIRM BRIGITTA I. RAHAYOE & PARTNERS Mahdi Amouri Girija Shankar Pandey Nirmal Singh Fabian Buddy Pascoal Doddy B. Pangaribuan IRANIAN NATIONAL TAX ADMINISTRATION Janak Pandya PWC INDIA HANAFIAH PONGGAWA & PARTNERS PT PERUSAHAAN LISTRIK NEGARA Abbas Arbabsoleimani NISHITH DESAI ASSOCIATES Harsimran Singh Ita Budhi Meiske Panggabean IRANIAN ASSOCIATION OF CERTIFIED PUBLIC SINGH & ASSOCIATES ADVOCATES AND PWC INDONESIA BAHAR & PARTNERS ACCOUNTANTS Tejas R. Parekh NISHITH DESAI ASSOCIATES SOLICITORS Prianto Budi Ilman Rakhmat Gholam Ali Asghari Kaviraj Singh PT PRATAMA INDOMITRA KONSULTAN, KARIMSYAH LAW FIRM GREAT TEHRAN ELECTRICITY DISTRIBUTION Amir Z. Singh Pasrich COMPANY (GTEDC) TRUSTMAN & CO MEMBER OF RUSSELL BEDFORD INTERNATIONAL LAW AFFILIATES Sophia Rengganis INTERNATIONAL Swagateeka Patel Mukesh Singhal PWC INDONESIA Mir Rostam Assadollahzadeh Bali KESAR DASS B & ASSOCIATES KNM & PARTNERS, LAW OFFICES Tony Budidjaja Arno F. Rizaldi Saeed Astaraki BUDIDJAJA & ASSOCIATES LAW OFFICES Shreyas Patel Ravinder Singhania KUSNANDAR & CO. KHAYBAR MAJMUDAR & CO. SINGHANIA & PARTNERS LLP SOLICITORS Juni Dani Kelvin Santoso Hassan Badamchi & ADVOCATES BUDIDJAJA & ASSOCIATES LAW OFFICES Sanjay Patil PWC INDONESIA HAMI LEGAL SERVICES BDH INDUSTRIES LIMITED Ankit Singhi Utari Dyah Kusuma Gatot Sanyoto Mohammad Badamchi CORPORATE PROFESSIONALS BRIGITTA I. RAHAYOE & PARTNERS Dhruv Paul KUSNANDAR & CO. HAMI LEGAL SERVICES TRILEGAL Arvind Sinha Ira A. Eddymurthy Mahardikha K. Sardjana Behrooz Bagheri RCS PVT. LTD. BUSINESS ADVISORS GROUP SOEWITO SUHARDIMAN EDDYMURTHY Francisca Philip HADIPUTRANTO, HADINOTO & PARTNERS EHSAGARANE DANESH AFROOZ KARDONO SINGHANIA & PARTNERS LLP SOLICITORS Rajat Ratan Sinha Nur Asyura Anggini Sari Peyman Barazandeh & ADVOCATES RCS PVT. LTD. BUSINESS ADVISORS GROUP Sani Eka Duta BANK INDONESIA GHODS NIROO CONSULTING ENGINEERS BANK INDONESIA ACKNOWLEDGMENTS 171 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Mohammad Hossein Barkhordar Gholam Reza Malekshoar Farhad Yazdi Eoin Cunneen Barry Walsh MOHAMMAD HOSSEIN CENTRAL BANK OF THE ISLAMIC REPUBLIC LK SHIELDS SOLICITORS, MEMBER OF IUS MASON HAYES+CURRAN Azadeh Zarei OF IRAN LABORIS Gholamhossein Davani IRAN TRADE PROMOTION ORGANIZATION Maeve Walsh DAYARAYAN AUDITING & FINANCIAL Seyed Ali MirshafieI Richard Curran REDDY CHARLTON MCKNIGHT SERVICES TEHRAN CHAMBER OF COMMERCE, IRAQ LK SHIELDS SOLICITORS, MEMBER OF IUS Emma Weld-Moore INDUSTRY AND MINES LABORIS Morteza Dezfoulian ERNST & YOUNG DANIEL MURPHY SOLICITORS MORTEZA Younes Gharbali Moghadam Patrick Daly IRAQI ASSOCIATION OF SECURITIES DEALERS Mahmoud Ebadi Tabrizi PORTS AND MARITIME ORGANIZATION ARTHUR COX, MEMBER OF LEX MUNDI ISRAEL TALAL ABU GHAZALEH LEGAL M. EBADI TABRIZI & ASSOCIATES Seyedeh Fatemeh Moghimi Kiara Daly PUBLIC UTILITY AUTHORITY-ELECTRICITY (TAG-LEGAL) SADID BAR INT TRANSPORT DANIEL MURPHY SOLICITORS Mona Ebrahimi Ofer Bar-On Hadeel Salih Abboud Al-Janabi INTERNATIONAL LAW OFFICE OF DR. Seyed Iman Mohamadian Gavin Doherty SHAVIT BAR-ON GAL-ON TZIN YAGUR, MENA ASSOCIATES, MEMBER OF AMERELLER BEHROOZ AKHLAGHI & ASSOCIATES INTERNATIONAL LAW OFFICE OF DR. EUGENE F. COLLINS SOLICITORS LAW OFFICES RECHTSANWÄLTE BEHROOZ AKHLAGHI & ASSOCIATES Maryam Ebrahimi John Doyle Jacob Ben-Chitrit Ahmed Al-Jannabi TEHRAN STOCK EXCHANGE (TSE) Mozaffar Mohammadian DILLON EUSTACE YIGAL ARNON & CO. MENA ASSOCIATES, MEMBER OF AMERELLER TEEMA BAR INTERNATIONAL TRANSPORT Mohammadali Eshaghi RECHTSANWÄLTE Ray Duffy Jeremy Benjamin THE STATE ORGANIZATION FOR Majid Mohebi THE PROPERTY REGISTRATION AUTHORITY GOLDFARB LEVY ERAN MEIRI TZAFRIR Florian Amereller REGISTRATION OF DEEDS AND PROPERTIES GREAT TEHRAN ELECTRICITY DISTRIBUTION & CO. AMERELLER RECHTSANWÄLTE Bryan Dunne COMPANY (GTEDC) Sarah Eshaghi MATHESON ORMSBY PRENTICE Marina Benvenisti Munther B. Hamoudi THE STATE ORGANIZATION FOR Mehrdad Mostaghimi RUTH CARGO AL ATTAR REAL ESTATE OFFICE Garret Farrelly REGISTRATION OF DEEDS AND PROPERTIES GHODS NIROO CONSULTING ENGINEERS MATHESON ORMSBY PRENTICE Yitzchak Chikorel Ali Baker Mahmoud Eskandari Seyed Mohamad Sadegh DELOITTE LLP AL-FURAT FOR LEGAL AND BUSINESS Frank Flanagan IRAN TRADE PROMOTION ORGANIZATION Mousavianfar CONSULTANCY LLC MASON HAYES+CURRAN Koby Cohen TEHRAN INSOLVENCY AFFAIRS LIQUIDATION Shirzad Eslami PWC ISRAEL OFFICE, GENERAL DIRECTORATE OF Majed Butrous Sarah Gallagher Hossein Fahimi INSOLVENCY AFFAIRS LIQUIDATION, THE DILLON EUSTACE Doron Cohon JUDICIARY OF IRAN Ahmed Dawood RAVEH, RAVID & CO. CPAS, MEMBER OF SECURITIES AND EXCHANGE ORGANIZATION Micheál Grace BAET AL HIKMA FOR LEGAL SERVICES AND RUSSELL BEDFORD INTERNATIONAL OF IRAN Babak Namazi MASON HAYES+CURRAN CONSULTANCY LLC Zahra Farzaliyan ATIEH ASSOCIATES Danny Dilbary Ninos Hozaya Sinéad Greene STATE ORGANIZATION FOR REGISTRATION OF GOLDFARB LEVY ERAN MEIRI TZAFRIR Rassoul Nowroozi BCC LOGISTICS LK SHIELDS SOLICITORS, MEMBER OF IUS DEEDS & PROPERTIES OF ISLAMIC REPUBLIC & CO. IRAN TRADE PROMOTION ORGANIZATION LABORIS OF IRAN Stephan Jäger Ido Gonen Ahmad Parkhideh AMERELLER RECHTSANWÄLTE Darren Isaacson Hengameh Fazeli Daie Zangi GOLDFARB LEVY ERAN MEIRI TZAFRIR IRAN CHAMBER OF COMMERCE ARTHUR COX, MEMBER OF LEX MUNDI STATE ORGANIZATION FOR REGISTRATION OF Jamal Mehdi Shalal & CO. DEEDS & PROPERTIES OF ISLAMIC REPUBLIC Mohammad Reza Pasban AL ATTAR REAL ESTATE OFFICE Thomas Johnson Amos Hacmun OF IRAN ALLAME TABATABAEI UN.- IRANIAN IRISH BUILDING CONTROL INSTITUTE Mohammad Murad HESKIA-HACMUN LAW FIRM CENTRAL BAR ASSOCIATION Nematollah Hajali AL RAFIDAIN BROKERS William Johnston Roee Hecht TEHRAN INSOLVENCY AFFAIRS LIQUIDATION Farmand Pourkarim ARTHUR COX, MEMBER OF LEX MUNDI Ibrahim Musa Qadori Ahmed SHAVIT BAR-ON GAL-ON TZIN YAGUR, OFFICE, GENERAL DIRECTORATE OF TEHRAN MUNICIPALITY AL RAWDHA REAL-ESTATE OFFICE Georgina Kabemba LAW OFFICES INSOLVENCY AFFAIRS LIQUIDATION, THE Yahya Rayegani MATHESON ORMSBY PRENTICE JUDICIARY OF IRAN Ammar Naji Yossi Katsav FARJAM LAW OFFICE AL-FURAT FOR LEGAL AND BUSINESS Ian Lavelle RUTH CARGO Mahdiyar Hosseini Aria Roustapour LK SHIELDS SOLICITORS, MEMBER OF IUS CONSULTANCY LLC Zeev Katz NOTARY OFFICE NO. 1286 OF TEHRAN PORTS AND MARITIME ORGANIZATION LABORIS Auday Najim Ali PWC ISRAEL Behboud Hosseinpour Encyeh Seyed Sadr Niamh Loughran ASHUR INTERNATIONAL BANK Vered Kirshner PORTS AND MARITIME ORGANIZATION INTERNATIONAL LAW OFFICE OF DR. DILLON EUSTACE Oday Najim Ali PWC ISRAEL Soraya Hosseinpour Kolli BEHROOZ AKHLAGHI & ASSOCIATES ASHUR INTERNATIONAL BANK Paul McCutcheon MORTEZA Adam Klein Cyrus Shafizadeh L.K. SHIELDS SOLICITORS Arin Pinto GOLDFARB LEVY ERAN MEIRI TZAFRIR Mohammad Javad Hosseynzade ATIEH ASSOCIATES KHUDAIRI GROUP Elaine McGrath & CO. TEHRAN INSOLVENCY AFFAIRS LIQUIDATION Ali Shahabi REDDY CHARLTON MCKNIGHT OFFICE, GENERAL DIRECTORATE OF Ahmed Salih Al-Janabi Gideon Koren INTERNATIONAL LAW OFFICE OF DR. INSOLVENCY AFFAIRS LIQUIDATION, THE MENA ASSOCIATES, MEMBER OF AMERELLER Kevin Meehan GIDEON KOREN & CO. LAW OFFICES BEHROOZ AKHLAGHI & ASSOCIATES JUDICIARY OF IRAN RECHTSANWÄLTE COMPASS MARITIME LTD. Orna Kornreich-Cohen Abolfazl Shahrabadi Nassim Jahanbani David Salman Gavan Neary SHAVIT BAR-ON GAL-ON TZIN YAGUR, TEHRAN STOCK EXCHANGE (TSE) GREAT TEHRAN ELECTRICITY DISTRIBUTION ASHUR INTERNATIONAL BANK PWC IRELAND LAW OFFICES COMPANY (GTEDC) Javad Bahar Shanjani Abdelrahman Sherif Michael O’Connor Michael Lagon FARJAM LAW OFFICE Mohammad Jalili MENA ASSOCIATES, MEMBER OF AMERELLER MATHESON ORMSBY PRENTICE THE ISRAEL ELECTRIC CORPORATION LTD.- IRAN CREDIT SCORING Narges Shariati RECHTSANWÄLTE DAN DISTRICT Matt O’Keeffe INTERNATIONAL LAW OFFICE OF DR. Farid Kani Khaled Yaseen PWC IRELAND Aaron Lampert BEHROOZ AKHLAGHI & ASSOCIATES ATIEH ASSOCIATES IRAQI NATIONAL INVESTMENT COMMISSION NASCHITZ, BRANDES & CO., WITH THE Deirdre O’Mahony SUPPORT OF ERNST & YOUNG Alireza Shariaty Eivari ARTHUR COX, MEMBER OF LEX MUNDI Kiumars Kermanshahi IRAN TRADE PROMOTION ORGANIZATION Rajat Ratan Sinha IRELAND Benjamin Leventhal Feargal Orourke GIDEON FISHER & CO. RCS PVT. LTD. BUSINESS ADVISORS GROUP ESB NETWORKS PWC IRELAND Kheirollah Khadem IRAN TRADE PROMOTION ORGANIZATION Pedram Soltani IRISH CREDIT BUREAU Michelle Liberman Robert O’Shea S. HOROWITZ & CO., MEMBER OF LEX PERSOL CORPORATION MATHESON ORMSBY PRENTICE Fatemeh Khademi Margaret Austin MUNDI AFTABE EDALAT Mohammad Soltani EUGENE F. COLLINS SOLICITORS Maurice Phelan SECURITIES AND EXCHANGE ORGANIZATION Danielle Loewenstein Behnam Khatami Andrew Bates MASON HAYES+CURRAN S. HOROWITZ & CO., MEMBER OF LEX OF IRAN ATIEH ASSOCIATES DILLON EUSTACE Matthew Ryan MUNDI Abbas Taghipour DILLON EUSTACE Amir Kheirollahy Roisin Bennett Rotem Muntner CENTRAL BANK OF THE ISLAMIC REPUBLIC HT CO, LTD. REDDY CHARLTON MCKNIGHT Brendan Sharkey RUTH CARGO OF IRAN Masoud Kiumarthi Michael Bergin REDDY CHARLTON MCKNIGHT Marcelle Noussimovitch Ebrahim Tavakoli CENTRAL BANK OF THE ISLAMIC REPUBLIC PWC IRELAND Gavin Simons RAPHAEL KATZ & CO. CUSTOMS BROKERS TAVAKOLI & SHAHABI OF IRAN DANIEL MURPHY SOLICITORS LTD. Finola Boyle Meghdad Torabi Majid Mahallati EUGENE F. COLLINS SOLICITORS Caroline Sommers Meir Nussbaum TAVAKOLI & SHAHABI MAHALLATI & CO. CHARTERED MATHESON ORMSBY PRENTICE DELOITTE LLP Alan Browning ACCOUNTANTS Vrej Torossian LK SHIELDS SOLICITORS, MEMBER OF IUS Lorcan Tiernan Helen Raziel TOROSSIAN, AVANESSIAN & ASSOCIATE Amir Ahmad Mahdian Rad LABORIS DILLON EUSTACE NASCHITZ, BRANDES & CO., WITH THE SOHRAB SEPEHRI Abdolamir Yaghouti SUPPORT OF ERNST & YOUNG John Comerford Mark Traynor GREAT TEHRAN ELECTRICITY DISTRIBUTION Shahrzad Majdameli COONEY CAREY, MEMBER OF RUSSELL A&L GOODBODY Yoav Razin COMPANY (GTEDC) INTERNATIONAL LAW OFFICE OF DR. BEDFORD INTERNATIONAL NASCHITZ, BRANDES & CO., WITH THE BEHROOZ AKHLAGHI & ASSOCIATES Colm Walsh SUPPORT OF ERNST & YOUNG IRISH INTERNATIONAL FREIGHT ASSOCIATION 172 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Matt Rosenbaum Alessandro Caridi Valentino Guarini Yan Pecoraro Gavin Goffe HACOHEN & WOLF LAW OFFICES TLS - ASSOCIAZIONE PROFESSIONALE DI TLS - ASSOCIAZIONE PROFESSIONALE DI PORTOLANO COLELLA CAVALLO MYERS, FLETCHER & GORDON, MEMBER OF AVVOCATI E COMMERCIALISTI AVVOCATI E COMMERCIALISTI LEX MUNDI Liat Rothschild Federica Peres GOLDFARB LEVY ERAN MEIRI TZAFRIR Cecilia Carrara Federico Guasti PORTOLANO COLELLA CAVALLO Nicole Goodin & CO. LEGANCE STUDIO LEGALE GUASTI JAMAICA PUBLIC SERVICE COMPANY Davide Petris LIMITED Gerry Seligman Ana Carretero Goffredo Guerra PORTOLANO COLELLA CAVALLO PWC ISRAEL STUDIO LEGALE SINATRA STUDIO LEGALE TRIBUTARIO ASSOCIATO Herbert Winston Grant Martina Pivetti GRANT, STEWART, PHILLIPS & CO. Amir Shani Gennaro Cassiani Christian Iannacccone TLS - ASSOCIAZIONE PROFESSIONALE DI AMIT (PANALPINA) GC ARCHITECTURE BURO STUDIO LEGALE TRIBUTARIO ASSOCIATO AVVOCATI E COMMERCIALISTI Errol Greene KINGSTON AND ST. ANDREW CORPORATION Edward Shtaif Lucia Ceccarelli Francesco Iodice Laura Prosperetti THE ISRAEL ELECTRIC CORPORATION LTD.- PORTOLANO COLELLA CAVALLO CLEARY GOTTLIEB STEEN & HAMILTON LLP CLEARY GOTTLIEB STEEN & HAMILTON LLP Kerry-Ann Heavens DAN DISTRICT MYERS, FLETCHER & GORDON, MEMBER OF Giorgio Cherubini Giovanni Izzo Sharon Reilly LEX MUNDI Daniel Singerman PIROLA PENNUTO ZEI & ASSOCIATI ABBATESCIANNI STUDIO LEGALE E TOFFOLETTO E SOCI LAW FIRM, MEMBER OF BUSINESS DATA ISRAEL + PERSONAL CHECK TRIBUTARIO IUS LABORIS Corrine N. Henry Domenico Colella MYERS, FLETCHER & GORDON, MEMBER OF Ayelet Suissa PORTOLANO COLELLA CAVALLO Paramjeet Kaur Davide Rossini LEX MUNDI PWC ISRAEL PARAM OVERSEAS APL SRL Fabrizio Colonna Hopeton Heron Daphna Tsarfaty LCA - LEGA COLUCCI E ASSOCIATI Ignazio la Candia Gianluca Russo OFFICE OF UTILITIES REGULATION GOLDFARB LEVY ERAN MEIRI TZAFRIR PIROLA PENNUTO ZEI & ASSOCIATI CLEARY GOTTLIEB STEEN & HAMILTON LLP Mattia Colonnelli de Gasperis & CO. Alicia P. Hussey COLONNELLI DE GASPERIS STUDIO LEGALE Enrico Lodi Mike Salerno MYERS, FLETCHER & GORDON, MEMBER OF Eylam Weiss CRIF S. P. A. KRCOM Fabio Corno LEX MUNDI WEISS-PORAT & CO. STUDIO CORNO, MEMBER OF RUSSELL Artemisia Lorusso Silvia Sandrin Donovan Jackson Zeev Weiss BEDFORD INTERNATIONAL TONUCCI & PARTNERS, IN ALLIANCE WITH ASHURST NUNES, SCHOLEFIELD, DELEON & CO. WEISS-PORAT & CO. MAYER BROWN LLP Barbara Corsetti Mario Scofferi ATTORNEY-AT-LAW Dave Wolf PORTOLANO COLELLA CAVALLO Paolo Lucarini GIGLIO & SCOFFERI STUDIO LEGALE DEL Joan Lawla HACOHEN & WOLF LAW OFFICES TLS - ASSOCIAZIONE PROFESSIONALE DI LAVORO Filippo Corsini MANAGER, ACADEMICIAN AVVOCATI E COMMERCIALISTI Shlomi Zehavi CHIOMENTI STUDIO LEGALE Susanna Servi Noelle Llewellyn Heron PWC ISRAEL Stefano Macchi di Cellere CARABBA & PARTNERS Barbara Cortesi TAX ADMINISTRATION SERVICES JONES DAY STUDIO LEGALE GUASTI Massimiliano Silvetti DEPARTMENT ITALY Matteo Magistrelli NUNZIANTE MAGRONE Massimo Cremona Melinda Lloyd PARAM OVERSEAS PORTOLANO COLELLA CAVALLO PIROLA PENNUTO ZEI & ASSOCIATI Carlo Sinatra JAMAICA PUBLIC SERVICE COMPANY STUDIO DELL’AVVOCATO ANTICH Donatella Martinelli STUDIO LEGALE SINATRA LIMITED Salvatore Cuzzocrea ALEGAL - INTERNATIONAL LAW FIRM Marianna Abbaticchio TLS - ASSOCIAZIONE PROFESSIONALE DI Pierluigi Sodini Zaila McCalla RISTUCCIA & TUFARELLI AVVOCATI E COMMERCIALISTI Pietro Masi UNIONCAMERE THE SUPREME COURT OF JAMAICA PORTOLANO COLELLA CAVALLO Fabrizio Acerbis Elena Davanzo Piervincenzo Spasaro Andrine McLaren TLS - ASSOCIAZIONE PROFESSIONALE DI STUDIO LEGALE TRIBUTARIO ASSOCIATO Patrizia Masselli SPASARO DE MARTINIS LAW FIRM KINGSTON AND ST. ANDREW CORPORATION AVVOCATI E COMMERCIALISTI CLEARY GOTTLIEB STEEN & HAMILTON LLP Daniele de Benedetti Maria Antonietta Tanico Sandra Minott-Phillips Mario Altavilla STUDIO BENESSIA - MACCAGNO Gennaro Mazzuoccolo STUDIO LEGALE TANICO MYERS, FLETCHER & GORDON, MEMBER OF UNIONCAMERE NORTON ROSE LEX MUNDI Antonio de Martinis Andrea Tedioli Roberto Argeri SPASARO DE MARTINIS LAW FIRM Stefano Merli TEDIOLI LAW FIRM Deborah Newland CLEARY GOTTLIEB STEEN & HAMILTON LLP TLS - ASSOCIAZIONE PROFESSIONALE DI LEX CARIBBEAN Francesca De Paolis Francesca Tironi AVVOCATI E COMMERCIALISTI Gaetano Arnò INTERNATIONAL CENTRE FOR DISPUTE TLS - ASSOCIAZIONE PROFESSIONALE DI Lorna Phillips TLS - ASSOCIAZIONE PROFESSIONALE DI RESOLUTION Andrea Messuti AVVOCATI E COMMERCIALISTI NICHOLSON PHILLIPS, ATTORNEYS-AT-LAW AVVOCATI E COMMERCIALISTI LCA - LEGA COLUCCI E ASSOCIATI Claudio Di Falco Giacinto Tommasini Gina Phillips Black Maria Pia Ascenzo CLEARY GOTTLIEB STEEN & HAMILTON LLP Mario Miccoli ALEGAL - INTERNATIONAL LAW FIRM MYERS, FLETCHER & GORDON, MEMBER OF BANK OF ITALY NOTAIO MICCOLI LEX MUNDI Massimiliano Di Tommaso Luca Tufarelli Romina Ballanca CLEARY GOTTLIEB STEEN & HAMILTON LLP Federica Micoli RISTUCCIA & TUFARELLI Judith Ramlogan TLS - ASSOCIAZIONE PROFESSIONALE DI LAWYER COMPANIES OFFICE OF JAMAICA Iacopo Donati Rachele Vacca de Dominicis AVVOCATI E COMMERCIALISTI CLEARY GOTTLIEB STEEN & HAMILTON LLP Nunzia Moliterni GRIECO E ASSOCIATI Hilary Reid Paola Barazzetta JONES LANG LASALLE MYERS, FLETCHER & GORDON, MEMBER OF Sunil Dutt Sharma Mario Valentini TLS - ASSOCIAZIONE PROFESSIONALE DI LEX MUNDI PARAM OVERSEAS Marco Monaco Sorge PIROLA PENNUTO ZEI & ASSOCIATI AVVOCATI E COMMERCIALISTI TONUCCI & PARTNERS, IN ALLIANCE WITH Heather Rowe Emanuele Ferrari Vito Vittore Lamberto Barbieri MAYER BROWN LLP JAMAICA PUBLIC SERVICE COMPANY STUDIO NOTARILE FERRARI NUNZIANTE MAGRONE LIMITED CRIF S. P. A. Micael Montinari Maddalena Ferrari Angelo Zambelli Giuseppe Battaglia PORTOLANO COLELLA CAVALLO Lisa N. Russell STUDIO NOTARILE FERRARI DEWEY & LEBOEUF MYERS, FLETCHER & GORDON, MEMBER OF PORTOLANO COLELLA CAVALLO Valeria Morosini Paola Flora Filippo Zucchinelli LEX MUNDI Sylvia Beccio TOFFOLETTO E SOCI LAW FIRM, MEMBER OF ASHURST TLS - ASSOCIAZIONE PROFESSIONALE DI STUDIO LEGALE SINATRA IUS LABORIS Oneil Sherman AVVOCATI E COMMERCIALISTI GLOBAL TRADING Pier Andrea Fré Torelli Massini Alvise Becker Gianmatteo Nunziante CARABBA & PARTNERS TLS - ASSOCIAZIONE PROFESSIONALE DI NUNZIANTE MAGRONE JAMAICA Arturo Stewart AVVOCATI E COMMERCIALISTI Linda Nicoletta Frigo GRANT, STEWART, PHILLIPS & CO. Francesco Nuzzolo Cheronne Allen GRUPPO PAM S.P.A. Susanna Beltramo TLS - ASSOCIAZIONE PROFESSIONALE DI JAMAICA PROMOTIONS CORPORATION Humprey Taylor STUDIO LEGALE BELTRAMO Cristina Fugazza AVVOCATI E COMMERCIALISTI (JAMPRO) TAYLOR CONSTRUCTION LTD. STUDIO LEGALE SINATRA Donovan Wignal Stefano Biagioli Ferdinando Offredi Roy K. Anderson TLS - ASSOCIAZIONE PROFESSIONALE DI Andrea Gangemi VENOSTA R.E. S.RL THE SUPREME COURT OF JAMAICA MAIRTRANS INTERNATIONAL LOGISTICS LTD. AVVOCATI E COMMERCIALISTI PORTOLANO COLELLA CAVALLO Fabiana Padroni Paul Barton Maliaca Wong Gianluca Borghetto Enrica Maria Ghia RISTUCCIA & TUFARELLI GLOBAL TRADING MYERS, FLETCHER & GORDON, MEMBER OF NUNZIANTE MAGRONE GHIA LAW FIRM LEX MUNDI Marcella Panucci Garfield Bryan Paola Calabrese Lucio Ghia CONFINDUSTRIA (NATIONAL BUSINESS OFFICE OF UTILITIES REGULATION CALABRESE LAW FIRM GHIA LAW FIRM ASSOCIATION) JAPAN Mitzie W. Gordon Burke-Green ERNST & YOUNG Sergio Calderara Vincenzo Fabrizio Giglio Luciano Panzani JAMAICA TRADING SERVICES LTD. ALMAVIVA S.P.A. - DIREZIONE AFFARI GIGLIO & SCOFFERI STUDIO LEGALE DEL TORINO COURT OF FIRST INSTANCE TOKYO ELECTRIC POWER COMPANY INC. Nicole Foga LEGALI LAVORO Paolo Pasqualis FOGA DALEY Miho Arimura Stefano Cancarini Antonio Grieco NOTARY HATASAWA & WAKAI LAW FIRM Dave García TLS - ASSOCIAZIONE PROFESSIONALE DI GRIECO E ASSOCIATI Giovanni Patti MYERS, FLETCHER & GORDON, MEMBER OF Toyoki Emoto AVVOCATI E COMMERCIALISTI Tommaso Gualco ABBATESCIANNI STUDIO LEGALE E LEX MUNDI ATSUMI & PARTNERS Alessandro Cardia BRE-ENGINEERING SRL TRIBUTARIO David Geddes Miho Fujita GRIECO E ASSOCIATI OFFICE OF UTILITIES REGULATION ADACHI, HENDERSON, MIYATAKE & FUJITA ACKNOWLEDGMENTS 173 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Tatsuya Fukui Yoshihito Shibata Mohammad Al-Said Kareem Zureikat Saule Mukhambetzhan ATSUMI & PARTNERS BINGHAM MCCUTCHEN MURASE, SAKAI & MARKA AUDIT ACF LLP Khaled Asfour Shinnosuke Fukuoka MIMURA FOREIGN LAW JOINT ENTERPRISE ALI SHARIF ZU’BI, ADVOCATES & LEGAL KAZAKHSTAN Ruslan Murzashev NISHIMURA & ASAHI Tomoko Shimomukai CONSULTANTS, MEMBER OF LEX MUNDI Yerkin Abdrakhmanov BMF GROUP LLP NISHIMURA & ASAHI PWC KAZAKHSTAN Mika Haga Micheal T. Dabit Daniyar Mussakhan DAVIS & TAKAHASHI Hiroaki Shinomiya MICHAEL T. DABIT & ASSOCIATES Askar Abubakirov MACLEOD DIXON DAVIS & TAKAHASHI AEQUITAS LAW FIRM Tamotsu Hatasawa Anwar Elliyan Assel Mussina HATASAWA & WAKAI LAW FIRM Hisako Shiotani THE JORDANIAN ELECTRIC POWER CO. LTD. Zulfiya Akchurina SNR DENTON KAZAKHSTAN LIMITED ATSUMI & PARTNERS (JEPCO) GRATA LAW FIRM Kan Hayashi Alina Mustafayeva PWC JAPAN Yuri Sugano Tariq Hammouri Aktan Akhmetov SIGNUM LAW FIRM NISHIMURA & ASAHI HAMMOURI & PARTNERS FIRST CREDIT BUREAU Takashi Hirose Nazira Nurbayeva OH-EBASHI LPC & PARTNERS Sachiko Sugawara George Hazboun Aman Aliev PWC KAZAKHSTAN ATSUMI & PARTNERS HAZBOUN & CO. FOR INTERNATIONAL ASSISTANCE, LLC LAW FIRM Kenichi Homan Zhanar Ordabayeva LEGAL BUSINESS CONSULTATIONS ADACHI, HENDERSON, MIYATAKE & FUJITA Yuri Suzuki Jypar Beishenalieva BMF GROUP LLP ATSUMI & PARTNERS Reem Hazboun MICHAEL WILSON & PARTNERS LTD. Taro Honda Yuliya V. Petrenko HAZBOUN & CO. FOR INTERNATIONAL ATSUMI & PARTNERS Hiroyuki Suzuki Gulnur Bekmukhanbetova BMF GROUP LLP LEGAL BUSINESS CONSULTATIONS PWC JAPAN BMF GROUP LLP Hiroyasu Horimoto Olga Salimova Tayseer Ismail CITY-YUWA PARTNERS Shunji Suzuki Assel Bekturganova ORIS LAW FIRM EAST ECHO CO. PWC JAPAN GRATA LAW FIRM Michiya Iwasaki Ernur Seysenov Emad Karkar ATSUMI & PARTNERS Mikio Tasaka Peter Burnie DESA EC PWC JORDAN NITTSU RESEARCH INSTITUTE AND PWC KAZAKHSTAN Tomomi Kagawa Gennadiy Shestakov CONSULTING, INC. Ahmed Khalifeh Yelena Bychkova KAZAKHSTAN LOGISTICS SERVICE Aya Kamimura HAMMOURI & PARTNERS Atsushi Tempaku AEQUITAS LAW FIRM NISHIMURA & ASAHI Karina Sultanaliyeva NIPPON EXPRESS CO., LTD. Youssef S. Khalilieh Shaimerden Chikanayev AEQUITAS LAW FIRM Yosuke Kanegae RAJAI DAJANI & ASSOCIATES LAW OFFICE Junichi Tobimatsu GRATA LAW FIRM OH-EBASHI LPC & PARTNERS Amir Tussupkhanov MORI HAMADA & MATSUMOTO Hussein Kofahy Richard Chudzynski ORIS LAW FIRM Hideki Thurgood Kano CENTRAL BANK OF JORDAN Yoshito Tsuji MICHAEL WILSON & PARTNERS LTD. ANDERSON MORI & TOMOTSUNE Zhaniya Ussen OBAYASHI CORPORATION Rasha Laswi Walter Daniel ASSISTANCE, LLC LAW FIRM Chie Kasahara ZALLOUM & LASWI LAW FIRM Masatoshi Ujimori PWC KAZAKHSTAN ATSUMI & PARTNERS Yekaterina V. Kim ATSUMI & PARTNERS Emad Majid Botakoz Dykanbayeva MICHAEL WILSON & PARTNERS LTD. Shigenobu Kataoka PWC JORDAN Kenji Utsumi GRATA LAW FIRM ENGINEER, INC. Marla Valdez NAGASHIMA OHNO & TSUNEMATSU Firas Malhas Ardak Dyussembayeva SNR DENTON KAZAKHSTAN LIMITED Takahiro Kato INTERNATIONAL BUSINESS LEGAL Jun Yamada AEQUITAS LAW FIRM NISHIMURA & ASAHI ASSOCIATES Arlan Yerzhanov ANDERSON MORI & TOMOTSUNE Vladimir P. Furman GRATA LAW FIRM Susumi Kawaguchi Nizar Musleh Michi Yamagami BMF GROUP LLP OBAYASHI CORPORATION HAZBOUN & CO. FOR INTERNATIONAL Dubek Zhabykenov ANDERSON MORI & TOMOTSUNE LEGAL BUSINESS CONSULTATIONS Sevil Gassanova Kohei Kawamura Akio Yamamoto MACLEOD DIXON Liza Zhumakhmetova NISHIMURA & ASAHI Amer Nabulsi PWC KAZAKHSTAN KAJIMA CORPORATION (NEN) AL WAGAYAN, AL AWADHI, AL Karina Iliusizova Yasuyuki Kuribayashi Yusuke Yukawa SAIF, MEMBER OF DLA PIPER GROUP PWC KAZAKHSTAN Sofiya Zhylkaidarov CITY-YUWA PARTNERS NISHIMURA & ASAHI SIGNUM LAW FIRM Ahmed Naiemat Semion Issyk Yukie Kurosawa LAW & ARBITRATION CENTRE AEQUITAS LAW FIRM O’MELVENY & MYERS LLP JORDAN KENYA Omar B. Naim Vladimir Ivlev George Akoto Yoji Maeda ERNST & YOUNG NATIONAL CONSTRUCTION COMPANY FIRST CREDIT BUREAU AKOTO & AKOTO ADVOCATES O’MELVENY & MYERS LLP Tamara Abbadi Ridha Nasair Kamil Jambakiyev Philip Aluku Nobuaki Matsuoka HAZBOUN & CO. FOR INTERNATIONAL LAW GATE ATTORNEYS ORG MACLEOD DIXON SDV TRANSAMI OSAKA INTERNATIONAL LAW OFFICES LEGAL BUSINESS CONSULTATIONS Laith Nasrawin Dinara M. Jarmukhanova Oliver Fowler Kazuya Miyakawa Hassan Abdullah ALJAZY & CO. ADVOCATES & LEGAL BMF GROUP LLP KAPLAN & STRATTON PWC JAPAN THE JORDANIAN ELECTRIC POWER CO. LTD. CONSULTANTS (JEPCO) Thomas Johnson Hilary Gachiri Toshio Miyatake Khaldoun Nazer SNR DENTON KAZAKHSTAN LIMITED Hayja’a Abu AlHayja’a KAPLAN & STRATTON ADACHI, HENDERSON, MIYATAKE & FUJITA KHALIFEH & PARTNERS TALAL ABU GHAZALEH LEGAL Elena Kaeva Peter Gachuhi Tsuyoshi Mizoguchi (TAG-LEGAL) Mutasem Nsair PWC KAZAKHSTAN KAPLAN & STRATTON PWC JAPAN KHALIFEH & PARTNERS Nayef Abu Alim Marina Kahiani Francis Gichuhi Michihiro Mori PREMIER LAW FIRM LLP Akram Obeidat GRATA LAW FIRM PRISM DESIGNS AFRICA NISHIMURA & ASAHI KHALIFEH & PARTNERS Osama Abu Rub Assel Kazbekova Edmond Gichuru Taeko Morita LAW & ARBITRATION CENTRE Osama Y. Sabbagh MICHAEL WILSON & PARTNERS LTD. POST BANK NISHIMURA & ASAHI THE JORDANIAN ELECTRIC POWER CO. LTD. Ibrahim Abunameh Tatyana Kim William Ikutha Maema Masahiro Murashima (JEPCO) LAW & ARBITRATION CENTRE MARKA AUDIT ACF LLP ISEME, KAMAU & MAEMA ADVOCATES KITAHAMA PARTNERS Mohammad Sawafeen Maha Al Abdallat Marina Kolesnikova Shellomith Irungu Hirosato Nabika LAND AND SURVEY DIRECTORATE CENTRAL BANK OF JORDAN GRATA LAW FIRM ANJARWALLA & KHANNA ADVOCATES CITY-YUWA PARTNERS Ali Shishani Arwa Al-Azzeh Yerbol Konarbayev Nigel Jeremy Yukie Nakagawa CROWN LOGISTICS RAJAI DAJANI & ASSOCIATES LAW OFFICE SNR DENTON KAZAKHSTAN LIMITED DALY & FIGGIS ADVOCATES ATSUMI & PARTNERS Stephan Stephan Tamara Al-Banna Anna Kravchenko Karori Kamau Kazutoshi Nishijima PWC JORDAN KHALIFEH & PARTNERS GRATA LAW FIRM ISEME, KAMAU & MAEMA ADVOCATES ADACHI, HENDERSON, MIYATAKE & FUJITA Bassil Swaiss Eman M. Al-Dabbas Gulfiya Kurmanova Benson Kamau Miho Niunoya INTERNATIONAL BUSINESS LEGAL INTERNATIONAL BUSINESS LEGAL HALYK BANK KAZAKHSTAN PWC KENYA ATSUMI & PARTNERS ASSOCIATES ASSOCIATES Irina Latipova Judith Kavuki Takashi Saito Omar Aljazy Mohammed Tarawneh MARKA AUDIT ACF LLP KOKA KOIMBURI & CO. CITY-YUWA PARTNERS ALJAZY & CO. ADVOCATES & LEGAL Mahmoud Wafa Aigerim Malikova Hamish Keith Yuka Sakai CONSULTANTS CUSTOMS DEPARTMENT PWC KAZAKHSTAN DALY & FIGGIS ADVOCATES CITY-YUWA PARTNERS Sabri S. Al-Khassib Azzam Zalloum Saule Marka Morris Kimuli Takefumi Sato AMMAN CHAMBER OF COMMERCE ZALLOUM & LASWI LAW FIRM MARKA AUDIT ACF LLP B.M. MUSAU & CO. ADVOCATES ANDERSON MORI & TOMOTSUNE Mohamed Al-Kurdi Faris Zaru Vsevolod Markov Owen Koimburi Tetsuro Sato GARDENIA CLEARANCE FARIS AND FARIS BMF GROUP LLP KOKA KOIMBURI & CO. BAKER & MCKENZIE Malek Zreiqat Bolat Miyatov Nicholas Malonza ALI SHARIF ZU’BI, ADVOCATES & LEGAL GRATA LAW FIRM SISULE MUNYI KILONZO & ASSOCIATES CONSULTANTS, MEMBER OF LEX MUNDI 174 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Rosemary Mburu Kenneth Barden Sang Wook Kang Bong Woo Song Jeton Vokshi INSTITUTE OF TRADE DEVELOPMENT ATTORNEY-AT-LAW KOREAN ELECTRICAL CONTRACTORS HANJIN SHIPPING CO. LTD. INTEREUROPA KOSOVA LLC ASSOCIATION James Mburu Kamau Rengaua Bauro Jiwon Suh Shaha Zylfiu ISEME, KAMAU & MAEMA ADVOCATES MINISTRY OF FINANCE Sung Won Kim MINISTRY OF STRATEGY AND FINANCE CENTRAL BANK OF THE REPUBLIC OF HANARO TNS KOSOVO Lilian Membo Moanataake Beiabure Kyung Hee Suh SDV TRANSAMI MINISTRY OF PUBLIC WORKS AND UTILITIES Se Jin Kim YULCHON HWANG MOK PARK P.C. KUWAIT Richard Miano Taake Cama Huh Uoung-uhk CREDIT INFORMATION NETWORK ISEME, KAMAU & MAEMA ADVOCATES MINISTRY OF FINANCE Yoon Young Kim KEPCO ECONOMY MANAGEMENT HWANG MOK PARK P.C. RESEARCH INSTITUTE (KEMRI) ERNST & YOUNG Mansoor A. Mohamed Kiata Tebau Kabure RUMAN SHIP CONTRACTORS LIMITED KK & SONS Hyo-Sang Kim Dong-Suk Wang FREIGHT EXCEL LOGISTICS KIM & CHANG KOREA CREDIT BUREAU Bernard Muange Willie Karakaua Maen Labeed Abdal ANJARWALLA & KHANNA ADVOCATES MOEL TRADING CO. LTD. Jung-In Kim Jee Yeon Yu THE LAW FIRM OF LABEED ABDAL KOREA CREDIT BUREAU KIM & CHANG Davies Mugo Tekeeua Kauongo Hossam Abduel Fetouh LAFARGE ANZ BANK (KIRIBATI) LTD. Miok Kim KIM & CHANG KOSOVO Mahmoud Abdulfattah Benjamin Musau Iaokiri Koreaua THE LAW OFFICES OF MISHARI KOSOVO ENERGY CORPORATION J.S.C. B.M. MUSAU & CO. ADVOCATES KIRIBATI CUSTOMS SERVICE (KCS) Yong-Chul Kim AL-GHAZALI KOREA CUSTOMS SERVICE SHYQIRI BYTYQI VALA CONSULTING Muteti Mutisya Terence Low Hossam Abdullah B.M. MUSAU & CO. ADVOCATES ANZ BANK (KIRIBATI) LTD. Kyu-Dong Kim Muhamed Disha ASAR – AL RUWAYEH & PARTNERS SAMIL PRICEWATERHOUSECOOPERS KOSOVO INVESTMENT PROMOTION AGENCY Wachira Ndege Paul McLaughlin Waleed Abdulrahim CREDIT REFERENCE BUREAU AFRICA LTD. CA’BELLA BETIO CONSTRUCTION Wan-Seok Kim Sokol Elmazaj ABDULLAH KH. AL-AYOUB & ASSOCIATES, SAMIL PRICEWATERHOUSECOOPERS BOGA & ASSOCIATES MEMBER OF LEX MUNDI Christina Ndiho Debrah Mercurio KAPLAN & STRATTON OFFICE OF THE PEOPLE’S LAWYER Young-Sik Kim Mirjeta Emini Lina A.K. Adlouni SAMIL PRICEWATERHOUSECOOPERS BOGA & ASSOCIATES KIPCO ASSET MANAGEMENT COMPANY Joseph Ng’ang’ira Tekaai Mikaer DALY & FIGGIS ADVOCATES SWIRE SHIPPING LTD. S.E. Stephan Kim Lorena Gega K.S.C SOJONG PARTNERS PWC ALBANIA Abdullah Musfir Al Hayyan Kenneth Nganzi Lawrence Muller UNILEVER KENYA LTD. OCEANIC SHIPPING SERVICE Kwang Soo Kim Maliq Gjyshinca KUWAIT UNIVERSITY WOOSUN ELECTRIC COMPANY LTD. INTEREUROPA KOSOVA LLC Faten Al Naqeeb Beatrice Bosibori Nyabira Tetiro Semilota ISEME, KAMAU & MAEMA ADVOCATES HIGH COURT OF KIRIBATI Wonhyung Kim Mustafa Hasani ALI & PARTNERS YOON & YANG LLC. KOSOVO INVESTMENT PROMOTION AGENCY Fahad Al Zumai Conrad Nyukuri Eliza Takotaake CHUNGA ASSOCIATES BETIO TOWN COUNCIL Joong Hoon Kwak Ahmet Hasolli GUST UNIVERSITY LEE & KO KALO & ASSOCIATES Aiman Alaraj Julius Odawo Tieri Tamoa LAFARGE MINISTRY OF COMMERCE, INDUSTRY AND Ki Hyun Kwon Virtyt Ibrahimaga KEO INTERNATIONAL CONSULTANTS COOPERATIVES CHEON JI ACCOUNTING CORPORATION, AVOKATURA I.O.T. Abdullah Al-Ayoub Gilbert Okello MEMBER OF RUSSELL BEDFORD ABDULLAH KH. AL-AYOUB & ASSOCIATES, LAFARGE Martin Tekanene Bejtush Isufi INTERNATIONAL MEMBER OF LEX MUNDI KIRIBATI PROVIDENT FUND INTERLEX ASSOCIATES L.L.C. Sam Omukoko Hye Jeong Lee METROPOL CORPORATION LTD. Batitea Tekanito Besarta Kllokoqi Omar Hamad Yousuf Al-Essa AHNSE LAW OFFICES DEVELOPMENT BANK OF KIRIBATI BOGA & ASSOCIATES THE LAW OFFICE OF AL-ESSA & PARTNERS Tom Odhiambo Onyango Sung Whan Lee OCHIENG, ONYANGO, KIBET & OHAGA Moaniti Teuea Agron Krasniqi Nada F. A. Al-Fahad AHNSE LAW OFFICES JOYCE SHIPPING LINE BOGA & ASSOCIATES GEC DAR Robert Osiro Jung-Un Lee LAFARGE Reei Tioti Sabina Lalaj Ammar Al-Fouzan KIM & CHANG MINISTRY OF ENVIRONMENT, LANDS & BOGA & ASSOCIATES THE LAW OFFICES OF MISHARI Cephas Osoro AGRICULTURE DEVELOPMENT (MELAD) Seung Yoon Lee AL-GHAZALI CROWE HORWATH EA, MEMBER CROWE Abedin Matoshi KIM & CHANG HORWATH INTERNATIONAL INTERLEX ASSOCIATES L.L.C. Mishari M. Al-Ghazali KOREA, REP. Kyu Wha Lee THE LAW OFFICES OF MISHARI Don Priestman Fitore Mekaj Yong Seok Ahn LEE & KO AL-GHAZALI THE KENYA POWER AND LIGHTING BOGA & ASSOCIATES LEE & KO COMPANY LTD. Hongyou Lee Reema Ali Dairida Metalia Cheolhyo Ahn PANALPINA IAF LTD. ALI & PARTNERS Sonal Sejpal PWC ALBANIA YULCHON ANJARWALLA & KHANNA ADVOCATES Jin-Young Lee Akusa Batwala Ilir Murseli Jong-Hyun Baek SAMIL PRICEWATERHOUSECOOPERS ASAR – AL RUWAYEH & PARTNERS Rajesh Shah MURSELI ARCHITECTS & PARTNERS JEIL BROKER PWC KENYA Jong Ho Lee Christoph Birk Arben Mustafa Min-Sook Chae SOJONG PARTNERS PANALPINA WORLD TRANSPORT (KUWAIT) Deepen Shah INTEREUROPA KOSOVA LLC KOREA CREDIT BUREAU WLL WALKER KONTOS ADVOCATES Ji Woong Lim Gazmend Nushi Min-Jeong Cho YULCHON Nada Bourahmah Christopher Siambe KALO & ASSOCIATES KOREA CREDIT BUREAU THE LAW OFFICES OF MISHARI CROWN AGENTS LTD. Chul-Gue Maeng Besim Osmani AL-GHAZALI Hyeong-Tae Cho KOREA CUSTOMS SERVICE David Tanki INTERLEX ASSOCIATES L.L.C. SAMIL PRICEWATERHOUSECOOPERS Luis Nene Cunha LAN-X AFRICA LTD. Ho Joon Moon Andi Pacani ASAR – AL RUWAYEH & PARTNERS Hyoung-Kyun Choi LEE & KO Joseph Taracha BOGA & ASSOCIATES KOREA CUSTOMS SERVICE Paul Day CENTRAL BANK OF KENYA Yon-Kyun Oh Gazmend Pallaska ASAR – AL RUWAYEH & PARTNERS Han-Jun Chon KIM & CHANG Peter Wahome PALLASKA & ASSOCIATES SAMIL PRICEWATERHOUSECOOPERS Mahmoud Ezzat PWC KENYA Joo Seok Paik Loreta Peci BURGAN BANK Eui Jong Chung SOJONG PARTNERS Nicholas Wambua PWC ALBANIA BAE, KIM & LEE LLC Yaser Farook B.M. MUSAU & CO. ADVOCATES Ji Yeoun Park Mehdi Pllashniku GEC DAR Sang-goo Han HWANG MOK PARK P.C. Angela Waweru KOSOVO BUSINESS REGISTARTION AGENCY YOON & YANG LLC. Sam Habbas KAPLAN & STRATTON Sang Il Park Vigan Rogova ASAR – AL RUWAYEH & PARTNERS C.W. Hyun HWANG MOK PARK P.C. ETHEM ROGOVA LAW FIRM KIRIBATI KIM & CHANG Soo-Hwan Park Chirine Krayem Moujaes Iliriana Osmani Serreqi THE LAW OFFICES OF MISHARI KIRIBATI PORTS AUTHORITY (KPA) James I.S. Jeon SAMIL PRICEWATERHOUSECOOPERS AVOKATURA I.O.T. AL-GHAZALI SOJONG PARTNERS PUBLIC UTILITIES BOARD Jeong Seo Flakron Sylejmani Dany Labaki Goo-Chun Jeong KIM & CHANG Kibae Akaaka LAW FIRM IBRAHIMAGA/OSAMNI/TIGANI THE LAW OFFICE OF AL-ESSA & PARTNERS KOREA CUSTOMS SERVICE MINISTRY OF FINANCE Brian Shim Kreshnik Thaqi Dany Labaky In Beom Jin CHEON JI ACCOUNTING CORPORATION, Mary Amanu KOSOVO INVESTMENT PROMOTION AGENCY THE LAW OFFICE OF AL-ESSA & PARTNERS CHEON JI ACCOUNTING CORPORATION, MEMBER OF RUSSELL BEDFORD MOEL TRADING CO. LTD. MEMBER OF RUSSELL BEDFORD INTERNATIONAL Anita Tigani Amer Nabulsi Neiran Areta INTERNATIONAL LAW FIRM IBRAHIMAGA/OSAMNI/TIGANI (NEN) AL WAGAYAN, AL AWADHI, AL Won-Il Sohn MINISTRY OF COMMERCE, INDUSTRY AND SAIF, MEMBER OF DLA PIPER GROUP Bo Moon Jung YULCHON Paul Tobin COOPERATIVES KIM & CHANG PWC BULGARIA ACKNOWLEDGMENTS 175 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Anupama Nair Kamila Tursunkulova Martins Aljens Krista Zariņa Georges Kadige ABDULLAH KH. AL-AYOUB & ASSOCIATES, PWC KAZAKHSTAN RAIDLA LEJINS & NORCOUS LAWIN KLAVINS & SLAIDINS KADIGE & KADIGE LAW FIRM MEMBER OF LEX MUNDI Gulnara Uskenbaeva Laura Ausekle Agate Ziverte Michel Kadige Mohammed Ramadan AUDIT PLUS LATVIJAS BANKA PWC LATVIA KADIGE & KADIGE LAW FIRM AL MARKAZ LAW FIRM Azim Usmanov Ieva Balcere Daiga Zivtina Najib Khattar Shafeek Rhaman GRATA LAW FIRM LAW FIRM SORAINEN LAWIN KLAVINS & SLAIDINS KHATTAR ASSOCIATES MAY INTERNATIONAL A-Z FREIGHT Ali Ramazanovich Vodyanov Ilona Bauda Josephine Khoury SOLUTIONS ELECTROSILA LEBANON TALAL ABU GHAZALEH LEGAL Abdul Qayyum Saeed Elina Bedanova ELECTRICITÉ DU LIBAN (TAG-LEGAL) GHF LAWYERS LAO PDR RAIDLA LEJINS & NORCOUS ERNST & YOUNG Albert Laham David Walker ENTERPRISE REGISTRY OFFICE Eva Berlaus LAW FIRM SORAINEN KORDAHI EST. COMPANY Georges Mallat ASAR – AL RUWAYEH & PARTNERS John Biddle HYAM G. MALLAT LAW FIRM Andis Burkevics Nadim Abboud LS HORIZON LIMITED (LAO) KYRGYZ REPUBLIC LAW FIRM SORAINEN LAW OFFICE OF A. ABBOUD & ASSOCIATES Nabil Mallat John Bowes HYAM G. MALLAT LAW FIRM Alexander Ahn Andis Čonka Hanan Abboud KPMG LAO CO. LTD. KALIKOVA & ASSOCIATES LAW FIRM LATVIJAS BANKA PWC LEBANON Xaynari Chanthala Fares Moawad Shuhrat Akhmatakhunov Ingrida Dimina Nada Abdelsater-Abusamra LS HORIZON LIMITED (LAO) Fadi Moghaizel KALIKOVA & ASSOCIATES LAW FIRM PWC LATVIA RAPHAËL & ASSOCIÉS MOGHAIZEL LAW FIRM, MEMBER OF LEX Gulnara Akhmatova Sithong Chanthasouk Wassim Abou Nader MUNDI Valters Diure INTERNATIONAL BUSINESS COUNCIL Aristotle David LAWIN KLAVINS & SLAIDINS MENA CITY LAWYERS Mario Mohanna Niyazbek Aldashev DFDL MEKONG LAW GROUP Wadih Abou Nasr PATRIMOINE CONSEIL SARL Zane Džule LORENZ INTERNATIONAL LAW FIRM ATTORNEYS AT LAW BORENIUS PWC LEBANON Sornpheth Douangdy Rita Moukarzel Nurlan Alymbaev Zlata Elksnina-Zascirinska Karen Baroud BADRI AND SALIM EL MEOUCHI LAW FIRM, ANDASH MAINING COMPANY LLC Daodeuane Duangdara PWC LEBANON PWC LATVIA MEMBER OF INTERLEGES PRICEWATERHOUSECOOPERS (LAO) LTD. Iskender Batyrbekov Valters Gencs Jean Baroudi Andre Nader LORENZ INTERNATIONAL LAW FIRM William D. Greenlee, Jr. BAROUDI & ASSOCIATES GENCS VALTERS LAW FIRM NADER LAW OFFICE DFDL MEKONG LAW GROUP Richard Bregonje Andris Ignatenko Tarek Baz Rana Nader PWC KAZAKHSTAN Somdy Inmyxay HYAM G. MALLAT LAW FIRM ESTMA LTD. NADER LAW OFFICE SME PROMOTION AND DEVELOPMENT Peter Burnie OFFICE Janis Irbe Katia Bou Assi Toufic Nehme PWC KAZAKHSTAN LATVENERGO AS, SADALES TIKLS MOGHAIZEL LAW FIRM, MEMBER OF LEX LAW OFFICE OF ALBERT LAHAM Latsamy Inthavong MUNDI Samara Dumanaeva EDL UTILITY AND NETWORKS Zinta Jansons Hala Raphael-Abillama LORENZ INTERNATIONAL LAW FIRM LAWIN KLAVINS & SLAIDINS Melynda BouAoun RAPHAËL & ASSOCIÉS Ganesan Kolandevelu BADRI AND SALIM EL MEOUCHI LAW FIRM, Akjoltoi Elebesova KPMG LAO CO. LTD. Helmuts Jauja Mireille Richa MEMBER OF INTERLEGES CREDIT INFORMATION BUREAU ISHENIM LATVIAN INSOLVENCY ADMINISTRATION TYAN & ZGHEIB LAW FIRM Litsamy Latsavong Najib Choucair Leyla Gulieva Sandis Jermuts Jihane Rizk Khattar Khamkhong Liemphrachan CENTRAL BANK OF LEBANON LORENZ INTERNATIONAL LAW FIRM PUBLIC UTILITIES COMMISSION LATVIA KHATTAR ASSOCIATES R&T KHOUN MUANG LAO CO.,LTD. Sanna Daakour Saltanat Ismailova Aris Kakstans Jihad Rizkallah Chris Manley MENA CITY LAWYERS PWC KAZAKHSTAN EVERSHEDS BITĀNS BADRI AND SALIM EL MEOUCHI LAW FIRM, DFDL MEKONG LAW GROUP Aline Dantziguian MEMBER OF INTERLEGES Nurbek Ismankulov Dace Kalnmeiere Varavudh Meesaiyati CHAMBER OF COMMERCE, INDUSTRY & M&M TRANSPORT LOGISTIC SERVICES ATTORNEYS AT LAW BORENIUS Samir Safa PRICEWATERHOUSECOOPERS (LAO) LTD. AGRICULTURE OF BEIRUT Elena Kaeva BAROUDI & ASSOCIATES Irina Kostina Michel Doueihy PWC KAZAKHSTAN Somlack Nhoybouakong LAWIN KLAVINS & SLAIDINS Joseph Safar LAO FREIGHT FORWARDER CO. LTD. BADRI AND SALIM EL MEOUCHI LAW FIRM, Gulnara Kalikova MEMBER OF INTERLEGES HAYEK GROUP Gunda Leite KALIKOVA & ASSOCIATES LAW FIRM Somphone Phasavath GENCS VALTERS LAW FIRM Rached Sarkis LAO FREIGHT FORWARDER CO. LTD. Chadia El Meouchi Assel Khamzina BADRI AND SALIM EL MEOUCHI LAW FIRM, RACHED SARKIS - CONSULTANT Dainis Leons PWC KAZAKHSTAN Khamphaeng Phochanthilath LATVENERGO AS, SADALES TIKLS MEMBER OF INTERLEGES Antoine Sfeir DFDL MEKONG LAW GROUP BADRI AND SALIM EL MEOUCHI LAW FIRM, Nurdin Kumushbekov Indrikis Liepa Sarah Fakhry Ketsana Phommachanh MEMBER OF INTERLEGES USAID BUSINESS ENVIRONMENT ATTORNEYS AT LAW BORENIUS BADRI AND SALIM EL MEOUCHI LAW FIRM, IMPROVEMENT PROJECT THE PRAGMA MINISTRY OF JUSTICE MEMBER OF INTERLEGES George Tannous CORPORATION Janis Loze BEIRUT INTERNATIONAL MOVERS Phasith Phommarak Dania George Svetlana Lebedeva Irina Olevska PWC LEBANON Bassel Tohme LORENZ INTERNATIONAL LAW FIRM Thavorn Rujivanarom ATTORNEYS AT LAW BORENIUS MENA CITY LAWYERS PWC THAILAND Abdallah Hayek Marina Lim Sergejs Rudans HAYEK GROUP Nady Tyan KALIKOVA & ASSOCIATES LAW FIRM Vichit Sadettan ATTORNEYS AT LAW BORENIUS TYAN & ZGHEIB LAW FIRM LAO FREIGHT FORWARDER CO. LTD. Antoine Hayek Asel Momoshova Lāsma Rugāte RAPHAËL & ASSOCIÉS Rania Yazbeck KALIKOVA & ASSOCIATES LAW FIRM Ei Ei (Jessica) San LAW FIRM SORAINEN TYAN & ZGHEIB LAW FIRM KPMG LAO CO. LTD. Alexa Hechaime Almas Nakipov Dace Silava-Tomsone HECHAIME LAW FIRM PWC KAZAKHSTAN Khamsene Sayavong RAIDLA LEJINS & NORCOUS LESOTHO LAO LAW & CONSULTANCY GROUP Wajih Hechaime Karlygash Ospankulova HECHAIME LAW FIRM ERNST & YOUNG Anita Sondore KALIKOVA & ASSOCIATES LAW FIRM Siri Sayavong GENCS VALTERS LAW FIRM HARLEY & MORRIS LAO LAW & CONSULTANCY GROUP Walid Honein Nurbek Sabirov Mihails Špika BADRI AND SALIM EL MEOUCHI LAW FIRM, WEBBER NEWDIGATE KALIKOVA & ASSOCIATES LAW FIRM Sivath Sengdouangchanh JSC DZINTARS MEMBER OF INTERLEGES CONSULTANT Lebereko Lethobane Kanat Seidaliev Sarmis Spilbergs Maher Hoteit LABOUR COURT LESOTHO GRATA LAW FIRM Darika Soponawat LAWIN KLAVINS & SLAIDINS MENA CITY LAWYERS PRICEWATERHOUSECOOPERS (LAO) LTD. Qhalehang Letsika Temirbek Shabdanaliev Zane Štālberga – Markvarte Dany Issa MEI & MEI ATTORNEYS INC. ASSOCIATION OF CARRIERS AND FREIGHT- Phonxay Southiphong MARKVARTE LEXCHANGE LAW OFFICE MOGHAIZEL LAW FIRM, MEMBER OF LEX FORWARDERS OF KYRGYZSTAN DESIGN GROUP CO. LTD. MUNDI Sechaba Makhabane Anatolij Strelin SELLO-MAFATLE ATTORNEYS Elvira Sharshekeeva Sengdara Tiamtisack COLLIERS INTERNATIONAL Marie-Anne Jabbour GRATA LAW FIRM LAO FREIGHT FORWARDER CO. LTD. BADRI AND SALIM EL MEOUCHI LAW FIRM, Bokang Makhaketso Ruta Teresko MEMBER OF INTERLEGES MINISTRY OF JUSTICE Maksim Smirnov Andrea Wilson AZ SERVICE SIA KALIKOVA & ASSOCIATES LAW FIRM DFDL MEKONG LAW GROUP Fady Jamaleddine Thakane Makume Maija Tipaine MENA CITY LAWYERS LESOTHO ELECTRICITY COMPANY (PTY) Aisuluu Sydygalieva LATVIA RAIDLA LEJINS & NORCOUS LTD. USAID BEI BUSINESS ENVIRONMENT Edgard Joujou IMPROVEMENT PROJECT (BY PRAGMA ERNST & YOUNG Ziedonis Udris KPMG PCC Moeketsi Marumo CORPORATION) SKUDRA & UDRIS LAW OFFICES POWERCONSULT (PTY) LTD. Ilze Abika Elie Kachouh Ulan Tilenbaev SKUDRA & UDRIS LAW OFFICES Maris Vainovskis ELC TRANSPORT SERVICES SAL Andrew Marumo KALIKOVA & ASSOCIATES LAW FIRM EVERSHEDS BITĀNS SHEERAN & ASSOCIATES 176 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Thandiwe Metsing G. Lahaison Waritay Jurgita Kiškiūnaitė Giedre Zalpyte Wim Piot MINISTRY OF PUBLIC WORKS LAW FIRM ZABIELA, ZABIELAITE & BNT HEEMANN KLAUBERG KRAUKLIS APB PWC LUXEMBOURG Molomo Mohale PARTNERS SYSTEMATIC ARCHITECTS T. Negbalee Warner Agnietė Žukauskaitė Judith Raijmakers PIERRE, TWEH & ASSOCIATES Monika Knyzelyte LAW FIRM SORAINEN LOYENS & LOEFF Sentsuoe Lenka Mohau AMERINDE CONSOLIDATED, INC. REGISTRAR - GENERAL Darcy White Audrius Žvybas Jean-Luc Schaus PWC GHANA Kristina Kriščiūnaitė GLIMSTEDT PIERRE THIELEN AVOCATS M.R. Mokhethi PWC LITHUANIA MASERU CITY COUNCIL Phillipe Schmit LITHUANIA Ronaldas Kubilius LUXEMBOURG ARENDT & MEDERNACH Phillip Mophethe ERNST & YOUNG PWC LITHUANIA ALLEN & OVERY LUXEMBOURG PHILLIPS CLEARING & FORWARDING AGENT Alex Schmitt (PTY) LTD. Kęstutis Adamonis Egidijus Kundelis INSTITUT LUXEMBOURGEOIS DE RÉGULATION BONN SCHMITT STEICHEN, MEMBER OF LAW FIRM SORAINEN PWC LITHUANIA LEX MUNDI Phelane Phomane PAUL WURTH S.A. ENGINEERING & Dovile Alekniene Kęstutis Kvainauskas. PROJECT MANAGEMENT Elodie Simonian Duduzile Seamatha GENCS VALTERS LAW FIRM ECOVIS MISKINIS, KVAINAUSKAS IR OPF PARTNERS SHEERAN & ASSOCIATES Clemens Abt PARTNERIAI ADVOKATU KONTORA Dovile Aukstuolyte KUEHNE + NAGEL KN LUXEMBOURG Alessandro Sorcinelli Tiisetso Sello-Mafatle ECOVIS MISKINIS, KVAINAUSKAS IR Žilvinas Kvietkus LINKLATERS SELLO-MAFATLE ATTORNEYS Lara Aherne PARTNERIAI ADVOKATU KONTORA RAIDLA LEJINS & NORCOUS BONN SCHMITT STEICHEN, MEMBER OF Davide Visin Marorisang Thekiso Pavel Balbatunov Gytis Malinauskas LEX MUNDI PWC LUXEMBOURG SHEERAN & ASSOCIATES UAB CONVENTUS LAW FIRM SORAINEN Guy Arendt Frank von Roesgen Phoka Thene Petras Baltusevičius Linas Margevicius BONN SCHMITT STEICHEN, MEMBER OF SCHROEDER & ASSOCIÉS DSV TRANSPORT UAB LEGAL BUREAU OF LINAS MARGEVICIUS LEX MUNDI Mahlape Tjela Cynetta Walters NEDBANK LESOTHO LTD. Donatas Baranauskas Marius Matiukas Jalila Bakkali FITZWILLIAM STONE FURNESS-SMITH & VILNIAUS MIESTO 14 - ASIS NOTARU TARK GRUNTE SUTKIENE PWC LUXEMBOURG MORGAN LIBERIA BIURAS Rūta Matonienė Louis Berns CENTRAL BANK OF LIBERIA Kim Bartholdy VILNIUS CITY MUNICIPALITY ARENDT & MEDERNACH MACEDONIA, FYR DSV TRANSPORT UAB ERNST & YOUNG LIBERIA LAW SERVICES Vaidotas Melynavicius Sabrina Bodson Vilius Bernatonis AAA BALTIC SERVICE COMPANY -LAW ARENDT & MEDERNACH Slavica Bogoeva Amos P. Andrews TARK GRUNTE SUTKIENE FIRM MACEDONIAN CREDIT BUREAU AD SKOPJE ECOBANK Eleonora Broman Andrius Bogdanovičius Tomas Mieliauskas LOYENS & LOEFF PWC MACEDONIA Gideon Ayi-Owoo JSC “CREDITINFO LIETUVA” LAW FIRM FORESTA PWC GHANA Olivier Buscheman Zivko Ackoski Ina Budelinaitė Bronislovas Mikūta PWC LUXEMBOURG NOTARY OFFICE ACKOSKI Christiana Baah LAW FIRM SORAINEN PWC GHANA Jurate Misionyte Guy Castegnaro Mitko Aleksov Dovilė Burgienė TARK GRUNTE SUTKIENE IUS LABORIS LUXEMBOURG, MACEDONIAN CHAMBERS OF COMMERCE F. Augustus Caesar, Jr. LAW FIRM LAWIN CASTEGNARO CAESAR ARCHITECTS, INC. Asta Misiukiene Nada Andonovska Jurate Burnell MINISTRY OF ECONOMY OF THE REPUBLIC Christel Dumont IKRP ROKAS & PARTNERS Henry Reed Cooper AMERINDE CONSOLIDATED, INC. OPF PARTNERS COOPER & TOGBAH LAW OFFICE OF LITHUANIA Zoran Andonovski Dovile Cepulyte Žygimantas Pacevičius Gérard Eischen POLENAK LAW FIRM Peter Doe-Sumah LAW FIRM LAWIN CHAMBER OF COMMERCE OF THE GRAND- GBEHZON HOLDINGS (LIBERIA) INC. ATTORNEYS AT LAW BORENIUS Natasha Andreeva DUCHY OF LUXEMBOURG Giedre Cerniauske Rytis Paukste NATIONAL BANK OF THE REPUBLIC OF Uzoma Ebeku LAW FIRM LAWIN Annie Elfassi MACEDONIA COOPER & TOGBAH LAW OFFICE LAW FIRM LAWIN LOYENS & LOEFF Robertas Čiočys Algirdas Pekšys Zlatko Antevski Patrick S. Fallah LAW FIRM LAWIN Martine Gerber Lemaire LAWYERS ANTEVSKI ECOBANK LAW FIRM SORAINEN OPF PARTNERS Giedre Dailidenaite Mantas Petkevičius Rubin Atanasoski Christine Sonpon Freeman VARUL Anabela Fernandes Gonçalves TIMELPROJECT ENGINEERING COOPER & TOGBAH LAW OFFICE LAW FIRM SORAINEN PWC LUXEMBOURG Lina Daruliene Angelija Petrauskienė Dragan Blažev Anthony Henry AAA BALTIC SERVICE COMPANY - LAW Alain Grosjean TIMELPROJECT ENGINEERING CUTTINGTON UNIVERSITY GRADUATE VILNIUS CITY MUNICIPALITY FIRM BONN SCHMITT STEICHEN, MEMBER OF SCHOOL Andrius Pilkauskas Jela Boskovic LEX MUNDI Gintaras Daugela ATTORNEYS AT LAW BORENIUS IKRP ROKAS & PARTNERS Cyril Jones BANK OF LITHUANIA Véronique Hoffeld JONES & JONES Diana Puodziunaite Biljana Briskoska-Boskovski LOYENS & LOEFF Goda Deltuvaitė AMERINDE CONSOLIDATED, INC. MINISTRY OF JUSTICE, REPUBLIC OF Abu Kamara LAW FIRM SORAINEN Anthony Husianycia MACEDONIA MINISTRY OF COMMERCE & INDUSTRY Amanda Revalde PWC LUXEMBOURG Giedre Domkute GENCS VALTERS LAW FIRM Biljana Čakmakova Elijah Karnley AAA BALTIC SERVICE COMPANY - LAW Renata Jokubauskaite CAKMAKOVA ADVOCATES MINISTRY OF PUBLIC WORKS FIRM Marius Rindinas BONN SCHMITT STEICHEN, MEMBER OF LAW FIRM ZABIELA, ZABIELAITE & Tanja Cenova-Mitrovska Samuel T. K. Kortimai LEX MUNDI Ieva Dosinaite PARTNERS AGENCY FOR REAL ESTATE CADASTRE COOPER & TOGBAH LAW OFFICE RAIDLA LEJINS & NORCOUS Pierre-Alexandre Lechantre Rimantas Simaitis Ema Cubrinovska Mary Kwarteng LINKLATERS Dalia Foigt-Norvaišienė RAIDLA LEJINS & NORCOUS ENERGO DIZAJN PWC GHANA ATTORNEYS AT LAW BORENIUS Michaël Lockman Egle Sliogeryte Aleksandar Dimić George Kwatia PWC LUXEMBOURG Valters Gencs AMERINDE CONSOLIDATED, INC. POLENAK LAW FIRM PWC GHANA GENCS VALTERS LAW FIRM Tom Loesch Julija Solovjova Josip Dimitrovski Prossie Namakula LINKLATERS Simas Gudynas PWC LITHUANIA LIKVIDAT DOOEL – BITOLA PWC GHANA LAW FIRM LAWIN Slke Metzdorf Alius Stamkauskas Elena Dimova Miriam Nortey KUEHNE + NAGEL KN LUXEMBOURG Arturas Gutauskas UAB ELMONTA CAKMAKOVA ADVOCATES PWC GHANA ECOVIS MISKINIS, KVAINAUSKAS IR Séverine Moca Jonas Stamkauskas Dragi Dimovski Sylvanus O’Connor PARTNERIAI ADVOKATU KONTORA PWC LUXEMBOURG UAB ELMONTA TP DRAGI ALEKSANDAR DIMOVSKI AEP CONSULTANTS INC. Frank Heemann Charles Monnier Marius Stračkaitis Jakup Fetai Sylvester Rennie BNT HEEMANN KLAUBERG KRAUKLIS APB LINKLATERS LITHUANIAN NOTARY CHAMBER AGENCY FOR REAL ESTATE CADASTRE COOPER & TOGBAH LAW OFFICE Indrė Jonaitytė Peter Moons Mindaugas Vaiciunas Vesna Gavriloska Bloh Sayeh LAW FIRM LAWIN LOYENS & LOEFF ATTORNEYS AT LAW BORENIUS CAKMAKOVA ADVOCATES CENTER FOR NATIONAL DOCUMENTS & Agne Jonaitytė Anne Murrath RECORDS (NATIONAL ARCHIVES) Vilija Vaitkutė Pavan Ljupco Georgievski LAW FIRM SORAINEN PWC LUXEMBOURG LAW FIRM LAWIN AGENCY FOR REAL ESTATE CADASTRE Yancy Seeboe Povilas Junevičius Laurent Paquet NATIONAL CUSTOM BROKERS ASSOCIATION Adrijus Vegys Radica Lazareska Gerovska LAW FIRM LAWIN PWC LUXEMBOURG OF LIBERIA BANK OF LITHUANIA MINISTRY OF JUSTICE, REPUBLIC OF Romualdas Kasperavičius Simon Paul MACEDONIA Benjamin M. Togbah Darius Zabiela LOYENS & LOEFF COOPER & TOGBAH LAW OFFICE Jonas Kiauleikis LAW FIRM ZABIELA, ZABIELAITE & Marijana Gjoreska ATTORNEYS AT LAW BORENIUS PARTNERS Françoise Pfeiffer CENTRAL REGISTRY OF THE REPUBLIC OF Jerome Verdier SPEECHLY BIRCHAM PFEIFFER & PARTNERS MACEDONIA VERDIER AND ASSOCIATES ACKNOWLEDGMENTS 177 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Goce Gruevski Kristijan Polenak Danielle Rakotomanana Alfred Majamanda Mohammed Rhiza Ghazi AGENCY FOR REAL ESTATE CADASTRE POLENAK LAW FIRM CABINET RAKOTOMANANA MBENDERA & NKHONO ASSOCIATES RHIZA & RICHARD Verica Hadzi Vasileva-Markovska Tatjana Popovski Buloski James Masumbu Hashim Hamzah Tojo Rakotomamonjy AAG - ANALYSIS AND ADVISORY GROUP POLENAK LAW FIRM TEMBENU, MASUMBU & CO. FEDERAL COURT OF MALAYSIA ETUDE RAZANADRAKOTO RIJA Ana Hadzieva Zorica Pulejkova Joseph Malinga Moyo Mukhriz Hamzah Heritiana Rakotosalama POLENAK LAW FIRM REPUBLIC OF MACEDONIA NOTARY PUBLIC QUANT CONSULT ASSOCIATES MINISTRY OF INTERNATIONAL TRADE AND LEGISLINK CONSULTING INDUSTRY Slobodan Hristovski Gligor Ralev Misheck Msiska Mamisoa Rakotosalama POLENAK LAW FIRM AGENCY FOR REAL ESTATE CADASTRE PWC MALAWI Betty Hasan LEGISLINK CONSULTING MINISTRY OF HUMAN RESOURCE Biljana Ickovska Viktor Ristovski Arthur Alick Msowoya Lanto Tiana Ralison LAW OFFICE NIKOLOVSKI & ASSOCIATES CAKMAKOVA ADVOCATES WILSON & MORGAN Dato’ Ir. Hamzah b. Hassan PWC MADAGASCAR LEMBAGA PEMBANGUNAN INDUSTRI Aleksandar Ickovski Ljubica Ruben Charles Mvula Gérard Ramarijaona PEMBINAAN MALAYSIA MENS LEGIS LAW FIRM DUMA ELECTRICS - CONTROL SYSTEMS Marjan Ivanov PRIME LEX AND ENERGY MANAGEMENT Hj. Hasim Hj. Ismail EURO CONSULT Biljana Saraginova Michel Ramboa LAND & MINES OFFICE MONEVSKI LAW FIRM Benard Ndau Nena Ivanovska MADAGASCAR LAW OFFICES SAVJANI & CO. Hung Hoong JUDICIAL REFORM IMPLEMENTATION PROJECT Natasa Simonovska Tsiry Ramiadanarivelo SHEARN DELAMORE & CO. IKRP ROKAS & PARTNERS Remmie Ng’omba Dragan Ivanovski GROWIN’ MADAGASCAR WILSON & MORGAN Rohani Ismail CUSTOMS ADMINISTRATION Tatjana Siskovska Rivolalaina Randrianarisoa MAGISTRATE COURT KUALA LUMPUR POLENAK LAW FIRM Davis Njobvu Maja Jakimovska PWC MADAGASCAR SAVJANI & CO. P Jayasingam CAKMAKOVA ADVOCATES Dejan Stojanoski William Randrianarivelo ZUL RAFIQUE & PARTNERS, ADVOCATE & LAW OFFICE PEPELJUGOSKI Grant Nyirongo Ilija Janoski PWC MADAGASCAR SOLICITORS ELEMECH DESIGNS CUSTOMS ADMINISTRATION Aleksandar Stojanov Sahondra Rasoarisoa Kumar Kanagasabai AGENCY FOR REAL ESTATE CADASTRE Dinker A. Raval Dragana Jasevic DELTA AUDIT DELOITTE SKRINE, MEMBER OF LEX MUNDI WILSON & MORGAN LAW OFFICE NIKOLOVSKI & ASSOCIATES Ljupka Stojanovska Joseph Ratsimandresy Kumar Kanagasingam LAW OFFICE NIKOLOVSKI & ASSOCIATES Duncan Singano Biljana Joanidis PRIME LEX LEE HISHAMMUDDIN ALLEN & GELDHILL SAVJANI & CO. LAW & PATENT OFFICE JOANIDIS Zika Stojanovski Mialy Ratsimba Kesavan Karuppiah REPUBLIC OF MACEDONIA, MUNICIPALITY Svetlana Jovanoska OF ILINDEN PWC MADAGASCAR MALAYSIA MINISTRY OF HUMAN RESOURCE REPUBLIC OF MACEDONIA, MUNICIPALITY Théodore Raveloarison ERNST & YOUNG Azemi Kasim OF GAZI BABA - SKOPJE Suzana Stojkoska JARY - BUREAU D’ETUDES ARCHITECTURE DEPARTMENT OF DIRECTOR GENERAL OF MARKOVSKA & ANDREVSKI Nor Azimah Abdul Aziz Aneta Jovanoska Trajanovska INGENIERIE LAND & MINES COMPANIES COMMISSION OF MALAYSIA LAWYERS ANTEVSKI Margareta Taseva Andriamisa Ravelomanana Geeta Kaur CAKMAKOVA ADVOCATES Abdul Karim Abdul Jalil Aleksandar Kcev PWC MADAGASCAR SDV TRANSPORT MALAYSIA DEPARTMENT OF INSOLVENCY POLENAK LAW FIRM Dragica Tasevska Jean Marcel Razafimahenina Ng Swee Kee NATIONAL BANK OF THE REPUBLIC OF Sonia Abraham Dejan Knezović DELTA AUDIT DELOITTE SHEARN DELAMORE & CO. MACEDONIA AZMAN, DAVIDSON & CO. LAW OFFICE KNEZOVIC & ASSOCIATES Rija Nirina Razanadrakoto Fong Keng Lun Zoja Andreeva Trajkovska Wilfred Abraham Sead Kocan ETUDE RAZANADRAKOTO RIJA SHIPPING ASSOCIATION OF MALAYSIA NOTARY OFFICE TRAJKOVSKA ZUL RAFIQUE & PARTNERS, ADVOCATE & MACEDONIAN CHAMBERS OF COMMERCE Rivolala Razanatsimba SOLICITORS Chuan Keat Khoo Toni Trajkovski Vancho Kostadinovski JIRO SY RANO MALAGASY PWC MALAYSIA REPUBLIC OF MACEDONIA, MUNICIPALITY Sue Lyn Adeline Thor CENTRAL REGISTRY OF THE REPUBLIC OF (JIRAMA) OF GAZI BABA - SKOPJE RUSSELL BEDFORD LC & COMPANY, Richard Kok MACEDONIA Louis Sagot MEMBER OF RUSSELL BEDFORD RHIZA & RICHARD Vladimir Vasilevski Lidija Krstevska CABINET D’AVOCAT LOUIS SAGOT INTERNATIONAL BETASPED DOO Christopher Lee AGENCY FOR REAL ESTATE CADASTRE Ida Soamiliarimana Wee Ah Sah CHRISTOPHER LEE & CO. Metodija Velkov Dragan Manailov MADAGASCAR CONSEIL INTERNATIONAL SELANGOR FREIGHT FORWARDERS AND POLENAK LAW FIRM Mai Yeen Leong SINTEK LOGISTICS ASSOCIATION (SFFLA) PROFESSIONAL INNOVATORS SDN. BHD. Zlatko Veterovski MALAWI Alwizah Al-Yafii Ahmad Kamal Irena Mitkovska CUSTOMS ADMINISTRATION Seok Hua Lim LAWYERS ANTEVSKI ERNST & YOUNG ZAID IBRAHIM & CO. (ZICO) NORTH PORT (MALAYSIA) BHD Martin Monevski MADAGASCAR MANICA AFRICA PTY. LTD. Dato’ Abdul Halim Ain San Peen Lim MONEVSKI LAW FIRM DEPARTMENT OF DIRECTOR GENERAL OF Rakotondrazaka Aina Binnie Banda PWC MALAYSIA LAND & MINES Valerjan Monevski MADAGASCAR CONSEIL INTERNATIONAL ESCOM Koon Huan Lim MONEVSKI LAW FIRM Dato’ Sh. Yahya bin Sh. Mohamed Eric Robson Andriamihaja Kevin M. Carpenter SKRINE, MEMBER OF LEX MUNDI Almurisi Elena Mucheva ECONOMIC DEVELOPMENT BOARD OF PWC MALAWI MINISTRY OF HUMAN RESOURCE Kok Leong Loh NATIONAL BANK OF THE REPUBLIC OF MADAGASCAR Joseph Chavula RUSSELL BEDFORD LC & COMPANY, MACEDONIA Azmi Ariffin Tsiry Andriamisamanana SDV LOGISTICS MEMBER OF RUSSELL BEDFORD COMPANIES COMMISSION OF MALAYSIA Gorgi Naumovski MADAGASCAR CONSEIL INTERNATIONAL INTERNATIONAL W. Chigona CUSTOMS ADMINISTRATION Mohd Azlan B. Mohd Radzi Josoa Lucien Andrianelinjaka MALAWI REVENUE AUTHORITY Caesar Loong LAND & MINES OFFICE Svetlana Neceva BANQUE CENTRALE DE MADAGASCAR RASLAN - LOONG Brent Chikho LAW OFFICE PEPELJUGOSKI Anita Balakrishnan Andriamanalina Andrianjaka CITY BUILDING CONTRACTORS Len Toong Low SHEARN DELAMORE & CO. Ilija Nedelkoski OFFICE NOTARIAL DE TAMATAVE NORTH PORT (MALAYSIA) BHD Marshal Chilenga CAKMAKOVA ADVOCATES Shamsuddin Bardan Yves Duchateau TF & PARTNERS Daniel Musa MD. Daud MALAYSIAN EMPLOYERS FEDERATION Marina Nikoloska SDV LOGISTICS MINISTRY OF INTERNATIONAL TRADE AND Isaac Chimwala CAKMAKOVA ADVOCATES Datuk Arpah Binti Abdul Razak INDUSTRY Raphaël Jakoba ESCOM MINISTRY OF HOUSING AND LOCAL Marija Nikolova MADAGASCAR CONSEIL INTERNATIONAL Sze Mei Choong Alan Chinula GOVERNMENT MALAYSIA LAW OFFICE KNEZOVIC & ASSOCIATES PWC MALAYSIA Hanna Keyserlingk WILLIAM FAULKNER Hong Yun Chang Vesna Nikolovska CABINET HK JURIFISC. Rokiah Mhd Noor John Deans TAY & PARTNERS LAW OFFICE NIKOLOVSKI & ASSOCIATES COMPANIES COMMISSION OF MALAYSIA Pascaline R. Rasamoeliarisoa SDV LOGISTICS Ar Teoh Chee Wui Goran Nikolovski DELTA AUDIT DELOITTE Zuhaidi Mohd Shahari Wiseman Kabwazi ARCHICENTRE SDN BHD LAW OFFICE NIKOLOVSKI & ASSOCIATES AZMI & ASSOCIATES Sahondra Rabenarivo ESCOM Andrew Ean Vooi Chiew Zlatko Nikolovski MADAGASCAR LAW OFFICES Marina Nathan Gautoni D. Kainja LEE HISHAMMUDDIN ALLEN & GELDHILL NOTARY CHAMBER OF R. OF MACEDONIA COMPANIES COMMISSION OF MALAYSIA Pierrette Rajaonarisoa KANJA AND ROBERTS LAW FIRM Meng Sim Chuah Valentin Pepeljugoski SDV LOGISTICS Nor Rafidz Nazri Chimwemwe Kalua RUSSELL BEDFORD LC & COMPANY, LAW OFFICE PEPELJUGOSKI BANK NEGARA MALAYSIA Serge Lucien Rajoelina GOLDEN & LAW MEMBER OF RUSSELL BEDFORD Sonja Peshevska JIRO SY RANO MALAGASY INTERNATIONAL Oy Moon Ng Frank Edgar Kapanda LAW OFFICE PEPELJUGOSKI (JIRAMA) CTOS SDN BHD HIGH COURT OF MALAWI Tze Keong Chung Nesa Petrusevska Mamy Rakolonandria CTOS SDN BHD Shahri Omar Kalekeni Kaphale AGENCY FOR REAL ESTATE CADASTRE POLES INTEGRES DE CROISSANCE NORTH PORT (MALAYSIA) BHD KALEKENI KAPHALE Nadesh Ganabaskaran ZUL RAFIQUE & PARTNERS, ADVOCATE & Allison Ong SOLICITORS AZMAN, DAVIDSON & CO. 178 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Hock An Ong Ahmed Murad Benjamin Chutaro Ahmed Ould Cheikh Sidya Arvin Halkhoree KPMG MAZLAN & MURAD LAW ASSOCIATES BANK OF MARSHALL ISLANDS PRIVATE PRACTICE AHMED OULD CHEIKH CITILAW SIDYA Sabariah Othman Mazlan Rasheed Ben Graham Marc Hein MAHKAMAH KUALA LUMPUR MAZLAN & MURAD LAW ASSOCIATES CONSULTANT Brahim Ould Daddah JURISTCONSULT CHAMBERS CABINET DADDAH CONSEILS Zulkifly Rafique Ahmed Rasheed Jerry Kramer Nitish Hurnaum ZUL RAFIQUE & PARTNERS, ADVOCATE & THE WIZ COMPANY PACIFIC INTERNATIONAL, INC. Brahim Ould Ebetty GEROUDIS GLOVER GHURBURRUN SOLICITORS LAWYER Aminath Rizna James McCaffrey Anthony Leung Shing Aminah BT Abd. Rahman SHAH, HUSSAIN & CO. BARRISTERS & THE MCCAFFREY FIRM, LTD. Abdallahi Ould Gah PWC MAURITIUS MINISTRY OF HOUSING AND LOCAL ATTORNEYS CABINET D’AVOCAT GAH Steve Philip Stephen John Mendes GOVERNMENT MALAYSIA Shuaib M. Shah CHAMBER OF COMMERCE Mohamed Mahmoud Ould CUSTOMS AND EXCISE DEPARTMENT Sakaya Johns Rani SHAH, HUSSAIN & CO. BARRISTERS & Mohamedou Dennis Reeder Ramdas Mootanah PWC MALAYSIA ATTORNEYS GENISERVICES RMI RECEIVERSHIPS ARCHITECTURE & DESIGN LTD. Ashraf Rezal Abdul Manan Mizna Shareef Moulaye El Ghali Ould Moulaye Ely Scott H. Stege R. Mungly-Gulbul MAGISTRATE COURT KUALA LUMPUR SHAH, HUSSAIN & CO. BARRISTERS & AVOCAT LAW OFFICES OF SCOTT STEGE SUPREME COURT ATTORNEYS Sugumar Saminathan Ahmed Ould Radhi Bori Ysawa Loganayagan Munian MALAYSIA PRODUCTIVITY CORPORATION Hussain Siraj BANQUE CENTRALE DE MAURITANIE MAJURO MARINE ARTISCO INTERNATIONAL Shaleni Sangaran Abdel Fettah Ould Sidi Mohamed Bori Ysawa Suddul Oudesh SKRINE, MEMBER OF LEX MUNDI MALI SOCIÉTÉ MAURITANIENNE D’ELECTRICITÉ ROBERT REIMERS ENTERPRISES, INC. KROSS BORDER TRUST SERVICES Diaby Aboubakar (SOMELEC) Tan Lai Seng LTD., MEMBER OF RUSSELL BEDFORD MINISTRY OF HOUSING AND LOCAL BCEAO MAURITANIA Salah INTERNATIONAL GOVERNMENT MALAYSIA Oumar Bane COMMISSAIRE AUX COMPTES Mohamed Salem Abdy Marie Cristelle Joanna Andy Seo JURIFIS CONSULT LAWYER Aly Ould Salihi Parsooramen FEDERATION OF MALAYSIAN Amadou Camara TRANSIT LOGISTIQUES TRANSPORT BANYMANDHUB BOOLELL CHAMBERS Sid’Ahmed Abeidna MANUFACTURERS SCP CAMARA TRAORÉ SOGECO MAURITANIA Aliou Sall Siv Potayya Hadiman Bin Simin Céline Camara Sib ASSURIM CONSULTING WORTELS LEXUS Esteit Mohamedou Amane MINISTRY OF HOUSING AND LOCAL ETUDE ME CELINE CAMARA SIB ETUDES RECHERCHES ET MAINTENANCE Cheikh Sall Iqbal Rajahbalee GOVERNMENT MALAYSIA Boubacar Coulibaly ETUDE HADY MAOULOUDVALL BLC CHAMBERS Tidiane Bal Rishwant Singh MATRANS MALI SARL BSD & ASSOCIÉS Ndeye Khar Sarr Vivekanand Ramburun ZUL RAFIQUE & PARTNERS, ADVOCATE & Sekou Dembele BSD & ASSOCIÉS MAURITIUS REVENUE AUTHORITY SOLICITORS Ibrahim Camara ETUDE MAÎTRE SEKOU DEMBELE Hurday Reshma Professor Dato Seri Dr Visu Abdellahi Seyidi Mohamed Cheikh Abdallahi KROSS BORDER TRUST SERVICES Sinnadurai Yacouba Diarra A.F.A.C.OR SARL Becaye Toure LTD., MEMBER OF RUSSELL BEDFORD LAWYER MATRANS MALI SARL BSD & ASSOCIÉS INTERNATIONAL Maroufa Diabira David Soong Mohamed Abdoulaye Diop LAWYER Khalidou Traoré André Robert RASLAN - LOONG SDV LOGISTICS COMMUNAUTÉ URBAINE DE NOUAKCHOTT ATTORNEY-AT-LAW Youssoupha Diallo Muhendaran Suppiah Djénéba Diop Sidibe BSD & ASSOCIÉS Gilbert Seeyave MUHENDARAN SRI SCP D’AVOCAT DIOP-DIALLO MAURITIUS Fatoumata Diarra BDO DE CHAZAL DU MEE Kenneth Tiong Kouma Fatoumata Fofana Ryan Allas BSD & ASSOCIÉS Gaetan Siew THE ASSOCIATED CHINESE CHAMBERS OF ETUDE KOUMA FOFANA PWC MAURITIUS Maouloud Vall El Hady Seyid L&S ARCHITECTS COMMERCE AND INDUSTRY OF MALAYSIA Gaoussou Haîdara Mohamed Iqbal Belath (ACCCIM) ETUDE HADY MAOULOUDVALL Deviantee Sobarun ETUDE GAOUSSOU HAIDARA BANK OF MAURITIUS Hamoud Ismail MINISTRY OF FINANCE & ECONOMIC Hock Chai Toh Abdoul Karim Kone Jean-François Boisvenu SMPN DEVELOPMENT BANK NEGARA MALAYSIA CABINET BERTHE AVOCATS ASSOCIÉS BLC CHAMBERS Cheikany Jules Rajendra Sokoon Heng Choon Wan Amadou Maiga André Bonieux CHEIKHANY JULES LAW OFFICE KROSS BORDER TRUST SERVICES PWC MALAYSIA MAIRIE DU MALI PWC MAURITIUS LTD., MEMBER OF RUSSELL BEDFORD Keat Ching Wong Mohamed Lemine Salem Ould INTERNATIONAL Maiga Mamadou Urmila Boolell ZUL RAFIQUE & PARTNERS, ADVOCATE & Béchir AGENCE NATIONALE D’ASSISTANCE BANYMANDHUB BOOLELL CHAMBERS Chitra Soobagrah SOLICITORS EXACO MEDICALE GEROUDIS GLOVER GHURBURRUN Nicolas Carcasse Wei Kwang Woo Abdou M’Bodj Adeline Messou DAGON INGENIEUR CONSEIL LTÉE Shamina Toofanee WONG & PARTNERS COMMUNAUTÉ URBAINE DE NOUAKCHOTT PWC CÔTE D’IVOIRE PWC MAURITIUS D.P. Chinien Clifford Eng Hong Yap Fatimetou Mint Abdel Malick Bérenger Y. Meuke REGISTRAR OF COMPANIES AND BUSINESSES, Natasha Towokul-Jiagoo PWC MALAYSIA COMMUNE DE TEVRAGH-ZEINA JURIFIS CONSULT OFFICE OF THE REGISTRAR OF COMPANIES JURISTCONSULT CHAMBERS Norhazizah Yusoff Abdallahi Ould Abdel Vettah Keita Zeïnabou Sacko Vincent Chong Leung BANK NEGARA MALAYSIA DIRECTION DES DOMAINES MEXICO API MALI JURISTCONSULT CHAMBERS Bekaye Ould Abdelkader Ruben Almaraz MALDIVES Ousmane Samba Mamadou Sandy Chuong MINISTÈRE DE LA FONCTION PUBLIQUE, LOPEZ VELARDE, HEFTYE Y SORIA BCEAO GEROUDIS GLOVER GHURBURRUN ERNST & YOUNG DU TRAVAIL ET DE LA MODERNISATION DE Alassane T. Sangaré L’ADMINISTRATION Chandansingh Chutoori Jesus Alvarado Nieto Jatindra Bhattray NOTARY DAGON INGENIEUR CONSEIL LTÉE BAKER & MCKENZIE PWC MALDIVES Mine Ould Abdoullah Djibril Semega PRIVATE PRACTICE Roland Constantin Salvador Alverdi Carmona Asma Chan-Rahim CABINET SEAG CONSEIL ETUDE CONSTANTIN CAAAREM SHAH, HUSSAIN & CO. BARRISTERS & Abdellah Ould Ahmed Baba Mamadou Moustapha Sow ATELIER ARCHITECTURE ET DESIGN Bert C. Cunningham Carlos Angulo ATTORNEYS CABINET SOW & ASSOCIÉS CUSTOMS AND EXCISE DEPARTMENT BAKER & MCKENZIE Mohamed Fizan Ishagh Ould Ahmed Miské Perignama Sylla CABINET ISHAGH MISKE Kalyanee Dayal Francisco Samuel Arias González SHAH, HUSSAIN & CO. BARRISTERS & ARCHITECT DE/AU BANYMANDHUB BOOLELL CHAMBERS NOTARY PUBLIC 28 ATTORNEYS Mustafa Ould Bilal Dominique Taty TRIBUNAL DE COMMERCE DE NOUAKCHOTT Catherine de Rosnay José Angel Becerril González Mohamed Hameed PWC CÔTE D’IVOIRE LEGIS & PARTNERS GOODRICH, RIQUELME Y ASOCIADOS ANTRAC PVT. LTD. Moustapha Ould Bilal TRIBUNAL DU COMMERCE Shalinee Dreepaul-Halkhoree Gilberto Calderon Dheena Hussain Mahamadou Traore JURISTCONSULT CHAMBERS GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., SHAH, HUSSAIN & CO. BARRISTERS & Mohamed Ould Bouddida Alassane Traoré MEMBER OF DELOITTE TOUCHE TOHMATSU ATTORNEYS ETUDE MAÎTRE MOHAMED OULD Robert Ferrat ICON SARL LIMITED Laila Manik BOUDDIDA LEGIS & PARTNERS Fousséni Traoré Carlos Cano SHAH, HUSSAIN & CO. BARRISTERS & Ahmed Salem Ould Bouhoubeyni Gavin Glover PWC CÔTE D’IVOIRE PWC MEXICO ATTORNEYS CABINET BOUHOUBEYNI GEROUDIS GLOVER GHURBURRUN Emmanuel Yehouessi Josué Cantú Flores Ibrahim Nasir Mohamed J. Gilbert Gnany BCEAO Salimou Ould Bouhoubeyni SOLUCIONES INTEGRALES EN LYNX CHAMBERS-NASIR LAW OFFICE THE MAURITIUS COMMERCIAL BANK INFRAESTRUCTURA VERDE ADVOCATES Abdellahi Ould Charrouck LIMITED MARSHALL ISLANDS ATELIER ARCHITECTURE ET DESIGN María Casas López Ahmed Mohamed Jameel Darmalingum Goorriah Kenneth Barden BAKER & MCKENZIE RAAJJE CHAMBERS ETUDE ME DARMALINGUM GOORRIAH ATTORNEY-AT-LAW ACKNOWLEDGMENTS 179 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Tania Castellanos Juan Huitron David Puente-Tostado Ronald Pangelinan Carolina Parcalab PWC MEXICO SÁNCHEZ DEVANNY ESEVERRI, S.C. SÁNCHEZ DEVANNY ESEVERRI, S.C. A&P ENTERPRISES, INC. ACI PARTNERS LAW OFFICE Hector Castro Agustin Humann Monica Ramos Bendura Rodriquez Vladimir Plehov PWC MEXICO SÁNCHEZ DEVANNY ESEVERRI, S.C JÁUREGUI, NAVARRETE Y NADER, S.C. FOREIGN INVESTMENT BOARD, POHNPEI MARITIMTRANS STATE GOVERNMENT Hermilo Ceja Mauricio Hurtado Eduardo Reyes Díaz-Leal Olga Saveliev COMISIÓN FEDERAL DE ELECTRICIDAD PWC MEXICO BUFETE INTERNACIONAL Salomon Saimon TURCAN CAZAC MICRONESIAN LEGAL SERVICES Alvaro Cepeda Eguibar Jose Ricardo Ibarra Cordova Héctor Reyes Freaner Alexandru Savva CORPORATION BAKER & MCKENZIE SÁNCHEZ DEVANNY ESEVERRI, S.C. BAKER & MCKENZIE BUSINESS RESEARCH COMPANY Joe Vitt Jesus Chan Jorge Jimenez Claudia Ríos Foca Silviu POHNPEI TRANSFER & STORAGE, INC. PWC MEXICO LOPEZ VELARDE, HEFTYE Y SORIA PWC MEXICO BIROUL DE CREDIT - MOLDOVA Carlos Chávez Jorge Jiménez Fernando Rivadeneyra Larry Wentworth Viorel Sirghi GALICIA Y ROBLES, S.C. RUSSELL BEDFORD MEXICO, MEMBER OF Rivadeneyra, Trevino & De BSMB LEGAL COUNSELLORS RUSSELL BEDFORD INTERNATIONAL Campo, S.C. MOLDOVA Rodrigo Conesa Adrian Soroceanu RITCH MUELLER, S.C. Diana Juárez Martínez ICS RED UNION FNOSA S.A. ACI PARTNERS LAW OFFICE José Rodríguez Pérez BAKER & MCKENZIE Brian Arnold Fabio Corominas de la Pera CAAAREM Eugenia Stancu BAKER & MCKENZIE Alejandro Ledesma PWC MOLDOVA DAI Cecilia Rojas PWC MEXICO Eduard Boian Eduardo Corzo Ramos GALICIA Y ROBLES, S.C. Tatiana Stefanet HOLLAND & KNIGHT-GALLÁSTEGUI Y Ricardo León-Santacruz INTREPRINDEREA CU CAPITAL STRAIN GLADEI & PARTNERS Raúl Sahagun PRICEWATERHOUSECOOPERS LEGAL SRL LOZANO, S.C. SÁNCHEZ DEVANNY ESEVERRI, S.C. BUFETE INTERNACIONAL Mariana Stratan Jose Covarrubias-Azuela Daniel Maldonado Vitsaliy Nikolaevich Bulgak TURCAN CAZAC Adrián Salgado Morante SELF EMPLOYED SOLORZANO, CARVAJAL, GONZALEZ Y SÁNCHEZ DEVANNY ESEVERRI, S.C COMAD, S. C. Elena Talmazan PEREZ-CORREA, S.C. Victor Burac Gabriel Manrique SC “CONTABIL PRINCIPAL” SRL Ana Cristina Sanchez VICTOR BURAC LAW FIRM Cecilia Curiel RUSSELL BEDFORD MEXICO, MEMBER OF ELECTRICITY REGULATOR MEXICO Alexander Tuceac SÁNCHEZ DEVANNY ESEVERRI, S.C. RUSSELL BEDFORD INTERNATIONAL Octavian Cazac TURCAN CAZAC Jorge Sanchez TURCAN CAZAC Oscar de La Vega Gabriel Manriquez GOODRICH, RIQUELME Y ASOCIADOS Irina Verhovetchi BASHAM, RINGE Y CORREA, MEMBER OF CAAAREM Svetlana Ceban ACI PARTNERS LAW OFFICE IUS LABORIS Lucero Sánchez de la Concha PWC MOLDOVA Lucia Manzo BAKER & MCKENZIE Franco del Valle Prado GALICIA Y ROBLES, S.C. Vitalie Ciofu MONGOLIA MIRANDA & ESTAVILLO, S.C. Cristina Sanchez Vebber GLADEI & PARTNERS Esteban Maqueo Barnetche ULAANBAATAR ELECTRICITY DISTRIBUTION SÁNCHEZ DEVANNY ESEVERRI, S.C Felipe Dominguez P. MAQUEO ABOGADOS, S.C. Bogdan Ciubotaru NETWORK COMPANY MOORE STEPHENS OROZCO MEDINA, S.C. Cristina Sánchez-Urtiz TURCAN CAZAC José Antonio Marquez González Telenged Baast MIRANDA & ESTAVILLO, S.C. Mariana Eguiarte Morett NOTARY PUBLIC 28 Anastasia Dereveanchina MONLOGISTICS WORLDWIDE LLC SÁNCHEZ DEVANNY ESEVERRI, S.C. Francisco Santoyo PWC MOLDOVA Carlos Manuel Martinez Badarch Bayarmaa COMISIÓN FEDERAL DE ELECTRICIDAD Dolores Enriquez PWC MEXICO Georgiana Descultu LYNCH & MAHONEY PWC MEXICO Monica Schiaffino Pérez PWC ROMANIA Edgar Francisco Martínez Herrasti Richard Bregonje BASHAM, RINGE Y CORREA, MEMBER OF Luis Miguel Esparza GOODRICH, RIQUELME Y ASOCIADOS Igor Domente PWC KAZAKHSTAN IUS LABORIS PWC MEXICO ENERGONADZOR MOLDOVA Bernardo Martínez Negrete David C. Buxbaum Ernesto Silvas Miguel Espitia GALICIA Y ROBLES, S.C. Sergiu Dumitrasco ANDERSON & ANDERSON SÁNCHEZ DEVANNY ESEVERRI, S.C. BUFETE INTERNACIONAL PWC MOLDOVA Carla E. Mendoza Pérez Baljinnyam Buyantogos Pietro Straulino-Rodriguez Roberto Fagoaga BAKER & MCKENZIE Serghei Filatov ANDERSON & ANDERSON SÁNCHEZ DEVANNY ESEVERRI, S.C SÁNCHEZ DEVANNY ESEVERRI, S.C ACI PARTNERS LAW OFFICE Carlos E. Montemayor Batbayar Byambaa Yazbek Taja Pedro Flores Carillo PWC MEXICO Iulia Furtuna GTS ADVOCATES LLC Rivadeneyra, Trevino & De MOORE STEPHENS OROZCO MEDINA, S.C. TURCAN CAZAC Guillermo Moran Campo, S.C. Khatanbat Dashdarjaa Julio Flores Luna GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., Roger Gladei ARLEX CONSULTING SERVICES GOODRICH, RIQUELME Y ASOCIADOS MEMBER OF DELOITTE TOUCHE TOHMATSU Juan Francisco Torres Landa Ruffo GLADEI & PARTNERS Zoljargal Dashnyam LIMITED BARRERA, SIQUEIROS Y TORRES LANDA, SC Manuel Galicia Ion Gonta GTS ADVOCATES LLC GALICIA Y ROBLES, S.C. Jorge Narváez Hasfura Maribel Trigo Aja STRENGTHEN POLICY MANAGEMENT Enkhgerel Deleg BAKER & MCKENZIE GOODRICH, RIQUELME Y ASOCIADOS CAPACITY PROJECT IN MOLDOVA Mauricio Gamboa ANDERSON & ANDERSON TRANSUNION DE MEXICO SA SIC Marco Nava Alfredo Valdés Oxana Guţu Emma Enkhriimaa PWC MEXICO RITCH MUELLER, S.C. ECORYS IN UK Joaquín A. García Hugues TUUSHIN COMPANY LTD. COMAD, S.C. Mario Neave Jose Villa Ramirez Andrian Guzun Battsetseg Ganbold GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., COMAD, S.C. SCHOENHERR Jose Garcia ANDERSON & ANDERSON MEMBER OF DELOITTE TOUCHE TOHMATSU GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., Miguel Villalobos Vladimir Iurkovski LIMITED Tuvshin Javkhlant MEMBER OF DELOITTE TOUCHE TOHMATSU GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., SCHOENHERR GTS ADVOCATES LLC LIMITED Omar Nieto MEMBER OF DELOITTE TOUCHE TOHMATSU PWC MEXICO LIMITED Roman Ivanov D. Kang Hans Goebel VERNON DAVID & ASSOCIATES TSETS JÁUREGUI, NAVARRETE Y NADER, S.C. Martin Pavon-Perez Claudio Villavicencio BAKER & MCKENZIE GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., Fedor Kistol Damdinsuren Khand Daniel Gómez Alba OFERT-CONSTRUCT S.R.L. MEMBER OF DELOITTE TOUCHE TOHMATSU TSETS CAAAREM Arturo Pedromo LIMITED GALICIA Y ROBLES, S.C. Vera Malancea Unurbayar Khurelbaatar Teresa de Lourdes Gómez Neri PWC MOLDOVA Humberto Zapien TUUSHIN COMPANY LTD. GOODRICH, RIQUELME Y ASOCIADOS Arturo Perdomo GALAZ, YAMAZAKI, RUIZ URQUIZA, S.C., GALICIA Y ROBLES, S.C. Georgeta Mincu Daniel Mahoney Paloma Gomez Perez de Zabalza MEMBER OF DELOITTE TOUCHE TOHMATSU IOM LYNCH & MAHONEY SÁNCHEZ DEVANNY ESEVERRI, S.C Teresa Pérez LIMITED RUSSELL BEDFORD MEXICO, MEMBER OF Marin Moraru Sebastian Merriman Patricia Gonzalez INTREPRINDEREA CU CAPITAL STRAIN PWC MEXICO RUSSELL BEDFORD INTERNATIONAL MICRONESIA, FED. STS. PWC MONGOLIA PRICEWATERHOUSECOOPERS LEGAL SRL Eduardo Perez Armienta FSM SUPREME COURT Bayartsetseg Nergui Eugenia González Rivas Alexandru Munteanu MOORE STEPHENS OROZCO MEDINA, S.C. Kenneth Barden CHONO CORPORATION GOODRICH, RIQUELME Y ASOCIADOS INTREPRINDEREA CU CAPITAL STRAIN Gabriela Pérez Castro Ponce de ATTORNEY-AT-LAW PRICEWATERHOUSECOOPERS LEGAL SRL Davaadorj Nomingerel Luis Enrique Graham León Wayne Bricknell ANDERSON & ANDERSON CHADBOURNE & PARKE LLP Alexandr Muravschi MIRANDA & ESTAVILLO, S.C. E - CAD PROJECT MANAGEMENT DARTAX CONSULTING SRL Maralgua Sharkhuu Mario Alberto Gutiérrez Fernando Perez-Correa Lam Dang TSETS PWC MEXICO Igor Odobescu SOLORZANO, CARVAJAL, GONZALEZ Y CONGRESS OF THE FSM ACI PARTNERS LAW OFFICE Baatarsuren Sukhbaatar Yves Hayaux-du-Tilly PEREZ-CORREA, S.C. Stephen V. Finnen THE BANK OF MONGOLIA JÁUREGUI, NAVARRETE Y NADER, S.C. Aelita Orhei Guillermo Piecarchic STEPHEN FINNEN’S LAW CORPORATION GLADEI & PARTNERS Andrew Weber Roberto Hernandez Garcia PMC ASOCIADOS Kevin Palep ANDERSON & ANDERSON COMAD, S.C. Ilona Panurco Gerardo Prado-Hernandez OFFICE OF THE REGISTRAR OF INTREPRINDEREA CU CAPITAL STRAIN L. Zolbayar SÁNCHEZ DEVANNY ESEVERRI, S.C. CORPORATIONS PRICEWATERHOUSECOOPERS LEGAL SRL TSETS 180 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Misheel Zorig Ivan Radulović Mohamed Benkirane Adil Said Lamtiri Jorge Graça ARLEX CONSULTING SERVICES MINISTRY OF FINANCE ESPACE TRANSIT AVOCAT AU BARREAU CGA - COUTO, GRAÇA E ASSOCIADOS, SOCIEDADE DE ADVOGADOS Vesna Radunović Myriam Emmanuelle Bennani Beatrice Larregle MONTENEGRO R&P AUDITING AMIN HAJJI & ASSOCIÉS ASSOCIATION EXPERIAN Ássma Omar Nordine Jeque Bojana Andrić D’AVOCATS SAL & CALDEIRA ADVOGADOS, LDA. Slađana Raičković Wilfried Le Bihan ČELEBIĆ FINANCEPLUS Saad Beygrine CMS BUREAU FRANCIS LEFEBVRE Annette Landman Veselin Anđušić CABINET DE NOTAIRE ALAMI PWC SOUTH AFRICA Dragan Rakočević Anis Mahfoud ČELEBIĆ COMMERCIAL COURT OF PODGORICA Rachid Boubakry ABOUAKIL, BENJELLOUN & MAHFOUD Rui Loforte Bojana Bjelicic AUDIT CONCEPT AVOCATS - AB AVOCATS & FURTADO, BHIKHA, LOFORTE, POPAT & Savo Robović PWC SERBIA ASSOCIES ASSOCIADOS ADVOGADOS KVATRO PROJEKT Khalid Boumichi Vasilije Bošković TECNOMAR Amine Mahfoud Gimina Luís Mahumana Danijela Saban LAW FIRM BOŠKOVIĆ AMINE MAHFOUD NOTAIRE SAL & CALDEIRA ADVOGADOS, LDA. ČELEBIĆ Johan Bruneau Bojana Bošković CMS BUREAU FRANCIS LEFEBVRE Abdelkhalek Merzouki Vítor Marques da Cruz Tijana Saveljic MINISTRY OF FINANCE ADMINISTRATION DES DOUANES ET IMPOTS FCB&A IN ASSOCIATION WITH LAW & PRELEVIĆ LAW FIRM Richard Cantin INDIRECTS MARK, ADVOGADOS E CONSULTORES LAW Sebek Branislav JURISTRUCTURES - PROJECT MANAGEMENT Slaven Šćepanović & MARK, LDA MONTINSPEKT D.O.O & LEGAL ADVISORY SERVICES LLP Abdelaziz Messaoudi LEGAL CONSULTANT MINISTÈRE DE L’ÉCONOMIE ET DES FINANCES João Martins Marija Crnogorac Mahat Chraibi Nino Scepovic PWC MOZAMBIQUE KN KARANOVIĆ & NIKOLIĆ PWC ADVISORY MAROC Mahboub Mohamed ZETATRANS ETUDE DE ME MAHBOUB Camilo Mate Savo Djurovic Sylvain Da Fonseca Lidija Šećković CGA - COUTO, GRAÇA E ASSOCIADOS, ADRIATIC MARINAS DOO PWC ADVISORY MAROC Alaoui Ismaili Mohammed TAX AUTHORITY MONTENEGRO SOCIEDADE DE ADVOGADOS ADATRA Vuk Drašković Merieme Diouri Slavko Simović Gonçalo Meneses BOJOVIĆ DAŠIĆ KOJOVIĆ ETUDE DE NOTARIAT MODERNE Anthony Mopty GOVERNMENT OF THE REPUBLIC CARLOS DE SOUSA E BRITO & ASSOCIADOS YASSIR KHALIL STUDIO Danilo Gvozdenović OF MONTENEGRO REAL ESTATE Michael Duhamel Auxílio Eugénio Nhabanga MINISTRY OF SUSTAINABLE DEVELOPMENT ADMINISTRATION COMANAV Said Mouhcine FURTADO, BHIKHA, LOFORTE, POPAT & AND TOURISM IMPACT ARCHITECTURE, MOROCCO Miloš Stojanović Sarah El Couhen ASSOCIADOS ADVOGADOS Ana Ivanović ZETAGRADNJA ETUDE DE NOTARIAT MODERNE Tayeb Mohamed Omar Rute Ramos MINISTRY OF FINANCE AVOCAT AU BARREAU DE CASABLANCA Velimir Strugar Youssef El Falah CARLOS DE SOUSA E BRITO & ASSOCIADOS Milorad Janjević EPCG AD NIKŠIĆ ABA RULE OF LAW INITIATIVE-MOROCCO Hicham Oughza Malaika Ribeiro LAW OFFICE VUJAČIĆ DAR ALKHIBRA Brane Tešović Mohssin El Makoudi PWC MOZAMBIQUE Maja Jokanović PRIMASOFT D.O.O DAR ALKHIBRA Nesrine Roudane Paula Castro Silveira MINISTRY OF ECONOMY NERO BOUTIQUE LAW FIRM Ana Vojvodic Hamid Elafdil RAPOSO BERNARDO & ASSOCIADOS Nada Jovanović LAW OFFICE VUJAČIĆ CENTRE RÉGIONALE D’INVESTISSEMENT Mehdi Salmouni-Zerhouni CENTRAL BANK OF MONTENEGRO Saša Vujačić Driss Ettaki SALMOUNI-ZERHOUNI LAW FIRM NAMIBIA Srđan Kalezić LAW OFFICE VUJAČIĆ ADMINISTRATION DES DOUANES ET IMPOTS Ghalia Sebti ERNST & YOUNG TAX AUTHORITY MONTENEGRO INDIRECTS AIT MANOS Jelena Vujisić WOKER FREIGHT SERVICES Darko Konjević LAW OFFICE VUJAČIĆ Nadia Fajr Houcine Sefrioui Joos Agenbach CEED ETUDE DE NOTARIAT MODERNE Lana Vukmirovic-Misic Adil Fasshii KOEP & PARTNERS Ana Krsmanović HARRISONS SOLICITORS LYDEC Marc Veuillot Ronnie Beukes CMS BUREAU FRANCIS LEFEBVRE Sefko Kurpejović Radovan Vulićević Youssef Fassi Fihri CITY OF WINDHOEK ELECTRICITY MINISTRY OF FINANCE ADVOKATSKA KANCELARIJA FYBA LAWYERS DEPARTMENT MOZAMBIQUE Krzysztof Lipka Mustapha Fekkar Clifford Bezuidenhout MOROCCO Carolina Balate ENGLING, STRITTER & PARTNERS PWC SERBIA AGENCE NATIONALE DE LA CONSERVATION PWC MOZAMBIQUE AGENCE URBAINE DE CASABLANCA FONCIÈRE DU CADASTRE ET DE LA Mirjana Ljumović Benita Blume CARTOGRAPHIE (ANCFCC) José Manuel Caldeira GOVERNMENT OF THE REPUBLIC BANK AL-MAGHRIB H.D. BOSSAU & CO. SAL & CALDEIRA ADVOGADOS, LDA. OF MONTENEGRO REAL ESTATE DIRECTION GÉNÉRALE DES IMPÔTS Nasser Filali Hanno D. Bossau ADMINISTRATION ZIMAG Eduardo Calú H.D. BOSSAU & CO. ERNST & YOUNG SAL & CALDEIRA ADVOGADOS, LDA. Velizar Luković Fatima Zahrae Gouttaya Lorna Celliers VELMI-YUVEL Benali Abdelmajid ETUDE DE NOTARIAT MODERNE Liliana Chacon BDO SPENCER STEWARD (NAMIBIA) EXPERIAN FURTADO, BHIKHA, LOFORTE, POPAT & Nikola Martinović Karima Hadrya ASSOCIADOS ADVOGADOS Jana-marie De Bruyn ADVOKATSKA KANCELARIJA Sidimohamed Abouchikhi CAISSE NATIONALE DE SÉCURITÉ SOCIALE BDO SPENCER STEWARD (NAMIBIA) EXPERIAN Jonas Chitsumba Angelina Mijušković Amin Hajji ELECTRICIDADE DE MOÇAMBIQUE E.P. Ferdinand Diener URAL MONT Samir Agoumi AMIN HAJJI & ASSOCIÉS ASSOCIATION CITY OF WINDHOEK ELECTRICITY DAR ALKHIBRA D’AVOCATS Pedro Couto Jelena Miljkovic DEPARTMENT H. GAMITO, COUTO, GONÇALVES PEREIRA E PWC SERBIA Hanane Ait Addi Zohra Hasnaoui CASTELO BRANCO & ASSOCIADOS Hans-Bruno Gerdes BASSAMAT & ASSOCIÉE HASNAOUI LAW FIRM ENGLING, STRITTER & PARTNERS Mirjana Nikcevic Avelar Da Silva LAW OFFICE VUJAČIĆ Lamya Alami Ahmad Hussein INTERTEK INTERNATIONAL LTD. Amanda Gous CABINET DE NOTAIRE ALAMI TALAL ABU GHAZALEH LEGAL PWC NAMIBIA Nebojša Nikitović Thera Dai Meredith Allen-Belghiti (TAG-LEGAL) PROINSPECT++ FURTADO, BHIKHA, LOFORTE, POPAT & Ismeralda Hangue KETTANI LAW FIRM Bahya Ibn Khaldoun ASSOCIADOS ADVOGADOS DEEDS OFFICE Goran Nikolić Karim Amroune UNIVERSITÉ MOHAMED V MINISTRY OF ECONOMY Alberto de Deus Stefan Hugo PWC ADVISORY MAROC Ghiyta Iraqi FURTADO, BHIKHA, LOFORTE, POPAT & PWC NAMIBIA Milorad Peković Younes Anibar AUGUST & DEBOUZY AVOCATS ASSOCIADOS ADVOGADOS FINANCEPLUS Jaco Jacobs CABINET YOUNES ANIBAR Naoual Jellouli Carlos de Sousa e Brito ELLIS SHILENGUDWA Nikola Perović Redouane Assakhen MINISTÈRE DE L’ÉCONOMIE ET DES FINANCES CARLOS DE SOUSA E BRITO & ASSOCIADOS PLANTAŽE Sakaria Kadhila Amoomo CENTRE RÉGIONALE D’INVESTISSEMENT Mehdi Kettani Fulgêncio Dimande PEREIRA FISHING (PTY) LTD. Dragana Radević Adnane Bahija KETTANI & ASSOCIÉS MANICA FREIGHT SERVICES S.A.R.L CEED Herman Charl Kinghorn DAR ALKHIBRA Rita Kettani Rita Donato HC KINGHORN LEGAL PRACTITIONER Ana Radivojević Fassi-Fihri Bassamat KETTANI & ASSOCIÉS H. GAMITO, COUTO, GONÇALVES PEREIRA E PWC SERBIA Mignon Klein BASSAMAT & ASSOCIÉE Nadia Kettani CASTELO BRANCO & ASSOCIADOS Radmila Radoičić G.F. KÖPPLINGER LEGAL PRACTITIONERS Linda Oumama Benali KETTANI LAW FIRM Pinto Fulane LAW OFFICE VUJAČIĆ Frank Köpplinger CABINET NOTAIRE Abdelmajid Khachai BANCO DE MOÇAMBIQUE Miladin Radošević G.F. KÖPPLINGER LEGAL PRACTITIONERS Azel-arab Benjelloun BAKER & MCKENZIE Rita Furtado LAW FIRM RADOŠEVIĆ Norbert Liebich AGENCE D’ARCHITECTURE D’URBANISME ET Nabyl Lakhdar FURTADO, BHIKHA, LOFORTE, POPAT & Slobodan Radovic TRANSWORLD CARGO (PTY) LTD. DE DECORATION ADMINISTRATION DES DOUANES ET IMPOTS ASSOCIADOS ADVOGADOS BAST D.O.O The Manager Mohamed Benkhalid INDIRECTS Xiluva Gonçalves Nogueira da Slobodan Radović NAMIBIA REAL ESTATE CAISSE NATIONALE DE SÉCURITÉ SOCIALE Costa FINANCEPLUS SAL & CALDEIRA ADVOGADOS, LDA. ACKNOWLEDGMENTS 181 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. John D. Mandy Purna Man Napit Martin Brink Kees van den Udenhout Shaun McMaster NAMIBIAN STOCK EXCHANGE NIC BANK VAN BENTHEM & KEULEN NV MINTER ELLISON RUDD WATTS Jos van der Schans Richard Traugott Diethelm Mueller Nur Nidhi Neupane Stephan de Baan DE BRAUW BLACKSTONE WESTBROEK Andrew Minturn KOEP & PARTNERS KATHMANDU METROPOLITAN CITY BERKMAN FORWARDING B.V. QUALTECH INTERNATIONAL LTD. Florentine van der Schrieck Brigitte Nependa Matrika Niraula Margriet de Boer DE BRAUW BLACKSTONE WESTBROEK Nick Moffatt NIRAULA LAW CHAMBER & CO. DE BRAUW BLACKSTONE WESTBROEK BELL GULLY Coenraad Nolte Emilia L.C. van Egmond-de ENGLING, STRITTER & PARTNERS Nav Raj Ojha Rolef de Weijs Wilde de Ligny Robert Muir NEPAL ELECTRICITY AUTHORITY HOUTHOFF BURUMA FACULTY OF TECHNOLOGY MANAGEMENT, LAND INFORMATION NEW ZEALAND Riana Oosthuizen EINDHOVEN UNIVERSITY OF TECHNOLOGY BDO SPENCER STEWARD (NAMIBIA) Dev Raj Paudyal Hans de Wilde Ciaron Murnane MINISTRY OF LAND REFORM AND KAB ACCOUNTANTS & BELASTINGADVISEURS, Gert-Jan van Gijs BELL GULLY Axel Stritter MANAGEMENT MEMBER OF RUSSELL BEDFORD VAT LOGISTICS (OCEAN FREIGHT) BV ENGLING, STRITTER & PARTNERS Catherine Otten INTERNATIONAL Egaraj Pokharel Femke van Herk NEW ZEALAND COMPANIES OFFICE Marius van Breda LEGAL RESEARCH ASSOCIATES Kees de Zeeuw DE BRAUW BLACKSTONE WESTBROEK TRANSUNION Ian Page CADASTRE, LAND REGISTRY AND MAPPING Megh Raj Pokharel Sjaak van Leeuwen BRANZ AGENCY Hugo Van den Berg LEGAL RESEARCH ASSOCIATES STICHTING BUREAU KREDIET REGISTRATIE Mihai Pascariu Henriette Derks Ockhuizen Welbert Sakar Pradhan Jan van Oorschot MINTER ELLISON RUDD WATTS LIANDER NAMIBIA WATER CORPORATION INTER-SPACE DESIGN GROUP LIANDER John Powell (NAMWATER) Myrna Dop Devendra Pradhan Petra van Raad RUSSELL MCVEAGH ROYAL NETHERLANDS NOTARIAL Renate Williamson PRADHAN & ASSOCIATES PWC NETHERLANDS ORGANIZATION Jim Roberts KOEP & PARTNERS Anup Raj Upreti Janine Verweij HESKETH HENRY LAWYERS Mark Huijzen PIONEER LAW ASSOCIATES OFFICE OF ENERGY REGULATION NEPAL SIMMONS & SIMMONS LLP Michael Slyuzberg Rajiv Shahi Frank Werger INLAND REVENUE DEPARTMENT Mahesh P. Acharya Niels Huurdeman ATLAS GROUP PWC NETHERLANDS NEPAL ELECTRICITY AUTHORITY HOUTHOFF BURUMA Neill Sullivan Madan Krishna Sharma Michiel Wesseling LAND INFORMATION NEW ZEALAND Sulakshan Adhikari Alexander Kaarls CSC & CO. HOUTHOFF BURUMA SHANGRI-LA FREIGHT PVT. LTD. HOUTHOFF BURUMA Mike Tames Chiranjibi Sharma Paudel Hylda Wiarda PWC NEW ZEALAND Lalit Aryal Marcel Kettenis NEPAL ELECTRICITY AUTHORITY BRONSGEEST DEUR ADVOCATEN, MEMBER PWC NETHERLANDS Howard Thomas OF IUS LABORIS Tulasi Bhatta Rup Narayan Shrestha LOWNDES ASSOCIATES - CORPORATE AND UNITY LAW FIRM & CONSULTANCY Edwin Kleefstra DEVELOPMENT LAW ASSOCIATES Marcel Willems COMMERCIAL LAW SPECIALISTS KAB ACCOUNTANTS & BELASTINGADVISEURS, Komal Chitracar KENNEDY VAN DER LAAN P. L. Shrestha MEMBER OF RUSSELL BEDFORD Murray Tingey K.B. CHITRACAR & CO. EVERGREEN CARGO SERVICES PVT. LTD. INTERNATIONAL Christiaan Zijderveld BELL GULLY Basu Dahal SIMMONS & SIMMONS LLP Suman Lal Shrestha Christian Koedam Amy Tiong HIMALAYAN BANK EVERGREEN CARGO SERVICES PVT. LTD. PWC NETHERLANDS PWC NEW ZEALAND NEW ZEALAND Nirmal Dhakal Deepak K. Shrestha Filip Krsteski Michael McLean Toepfer GOVERNMENT OF NEPAL MINISTRY OF Matthew Allison NEPAL INVESTMENT BANK VAN DOORNE N.V. WANAKA OFFICE AWS LEGAL INDUSTRY VEDA ADVANTAGE Rajeshwor Shrestha Andrej Kwitowski Ben Upton Shivaraj Dhital Jania Baigent SINHA - VERMA LAW CONCERN DHV B.V. SIMPSON GRIERSON, MEMBER OF LEX NEPAL FREIGHT FORWARDERS ASSOCIATION SIMPSON GRIERSON, MEMBER OF LEX MUNDI Anil Kumar Sinha Stefan Leening MUNDI Devendra Dongol SINHA - VERMA LAW CONCERN PWC NETHERLANDS Kay Warren KATHMANDU METROPOLITAN CITY Geoff Bevan LAND INFORMATION NEW ZEALAND Ram Chandra Subedi Allard Meine Jansen CHAPMAN TRIPP Komal Prakash Ghimire APEX LAW CHAMBER ALLARD ARCHITECTURE Mike Whale GHIMIRE & CO. Kara Bonnevie LOWNDES ASSOCIATES - CORPORATE AND Ramesh Subedi Matthias Noorlander NEW ZEALAND COMPANIES OFFICE Tika Ram Ghimire COMMERCIAL LAW SPECIALISTS GOVERNMENT OF NEPAL MINISTRY OF OFFICE OF ENERGY REGULATION MINISTRY OF LAND REFORM AND Shelley Cave INDUSTRY Sam Whiting MANAGEMENT Hugo Oppelaar SIMPSON GRIERSON, MEMBER OF LEX HESKETH HENRY LAWYERS Nab Raj Subedi HOUTHOFF BURUMA MUNDI Ajay Gupta MINISTRY OF LAND REFORM AND Richard Wilson ATLAS GROUP Peter Plug Philip Coombe MANAGEMENT JACKSON RUSSELL OFFICE OF ENERGY REGULATION PANALPINA WORLD TRANSPORT LLP Rameswor K.C. L.R. Tamang NEPAL FREIGHT FORWARDERS ASSOCIATION HYONJAN ELECTRICAL ENGINEERING Johan Polet John Cuthbertson NICARAGUA SIMMONS & SIMMONS LLP PWC NEW ZEALAND Mahesh Kafle FABRICATOR P, LTD. DISNORTE-DISSUR (UNION FENOSA) KATHMANDU METROPOLITAN CITY Willemieke Princée Vince Duffin Keshav Bahadur Thapa Diana Aguilar DE BRAUW BLACKSTONE WESTBROEK VECTOR ELECTRICITY Gourish K. Kharel GOVERNMENT OF NEPAL MINISTRY OF ACZALAW KTO INC. INDUSTRY Mark G. Rebergen Koustabh Gadgil Guillermo Alemán Gómez DE BRAUW BLACKSTONE WESTBROEK INVESTMENT NEW ZEALAND (A DIVISION OF Satish Krishna Kharel Mahesh Kumar Thapa ACZALAW NEW ZEALAND TRADE AND ENTERPRISE) SAMAN LEGAL SERVICE SINHA - VERMA LAW CONCERN Helena Redons Schaatsberen Bertha Argüello de Rizo MUNICIPALITY OF AMSTERDAM Tony Gault Parsuram Koirala Mdhusudan Yadav ARIAS & MUÑOZ PWC NEW ZEALAND KOIRALA & ASSOCIATES NEPAL ELECTRICITY AUTHORITY Hugo Reumkens Carlos Barrantes VAN DOORNE N.V. Don Grant Tek Narayan Kunwar Sachidananda Yadav PWC COSTA RICA LAND INFORMATION NEW ZEALAND KATHMANDU DISTRICT COURT NEPAL ELECTRICITY AUTHORITY Stefan Sagel Minerva Adriana Bellorín Rodríguez DE BRAUW BLACKSTONE WESTBROEK Steffan Kelly ACZALAW Hari Bahadur Kunwar NETHERLANDS Jan Willem Schenk BELL GULLY KATHMANDU METROPOLITAN CITY María José Bendaña Guerrero Joost Achterberg BAKER & MCKENZIE Matt Kersey Bharat Lamsal BENDAÑA & BENDAÑA KENNEDY VAN DER LAAN RUSSELL MCVEAGH KATHMANDU DISTRICT COURT Rutger Schimmelpenninck Ricardo Bendaña Guerrero Andre Anders HOUTHOFF BURUMA Greg King Hom Prasad Luitel BENDAÑA & BENDAÑA TAKENAKA CORPORATION JACKSON RUSSELL GOVERNMENT OF NEPAL MINISTRY OF Hans Londonck Sluijk Carlos Alberto Bonilla López INDUSTRY W.R. Bremer HOUTHOFF BURUMA Mahesh Lala SUPERINTENDENCIA DE BANCOS MINISTRY OF HOUSING, SPATIAL PLANNING JACKSON RUSSELL Amir Maharjan Stéphanie Spoelder AND THE ENVIRONMENT-GOVERNMENT Orlando Cardoza SAFE CONSULTING ARCHITECTS & BAKER & MCKENZIE Leroy Langeveld BUILDINGS AGENCY BUFETE JURIDICO OBREGON Y ASOCIADOS ENGINEERS PVT. LTD. SIMPSON GRIERSON, MEMBER OF LEX Fedor Tanke Karin W.M. Bodewes MUNDI Thelma Carrion Lumb Mahat BAKER & MCKENZIE BAKER & MCKENZIE AGUILAR CASTILLO LOVE CSC & CO. John Lawrence Maarten Tinnemans Mark Bodt AUCKLAND CITY COUNCIL Humberto Carrión Surendra Kumar Mahto DE BRAUW BLACKSTONE WESTBROEK PWC NETHERLANDS CARRIÓN, SOMARRIBA & ASOCIADOS PRADHAN & ASSOCIATES Brent Lewers Helene van Bommel Sytso Boonstra INLAND REVENUE DEPARTMENT Ramón Castro Ashok Man Kapali PWC NETHERLANDS PWC NETHERLANDS ARIAS & MUÑOZ SHANGRI-LA FREIGHT PVT. LTD. Mandy McDonald Roland Brandsma MINISTRY OF ECONOMIC DEVELOPMENT Ana Cecilia Chamorro PWC NETHERLANDS ARIAS & MUÑOZ 182 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Dorisabel Conrado NIGER Olufunke Adekoya Samuel Etuk Babatunde Olubando CONSORTIUM TABOADA Y ASOCIADOS MAERSK S.A. AELEX, LEGAL PRACTITIONERS & 1ST ATTORNEYS BABATUNDE OLUBANDO & CO. ARBITRATORS Sergio David Corrales Montenegro Diaby Aboubakar Anse Agu Ezetah Patrick Omeke GARCÍA & BODÁN BCEAO Tolu Aderemi CHIEF LAW AGU EZETAH & CO. COLUMBIA UNIVERSITY, SCHOOL OF LAW, PERCHSTONE & GRAEYS NEW YORK Juan Carlos Cortes Espinoza Sidi Sanoussi Baba Sidi Babatunde Fagbohunlu PWC NICARAGUA CABINET D’AVOCATS SOUNA-COULIBALY Taiwo Adeshina ALUKO & OYEBODE Funke Onadeko JACKSON, ETTI & EDU OLANIWUN AJAYI LP Gloria Maria de Alvarado Joël Broux Olawale Fapohunda ALVARADO Y ASOCIADOS, MEMBER OF SDV LOGISTICS Yetunde Adewale IKEYI & ARIFAYAN Olayemi Onakoya LEX MUNDI AKINWUNMI & BUSARI LEGAL PWC NIGERIA Moussa Coulibaly Olubunmi Fayokun PRACTITIONERS Maricarmen Espinosa de Molina CABINET D’AVOCATS SOUNA-COULIBALY ALUKO & OYEBODE Fred Onuobia MOLINA & ASOCIADOS CENTRAL LAW Daniel Agbor G. ELIAS & CO. SOLICITORS AND Elvis Danon Bimbola Fowler-Ekar UDO UDOMA & BELO-OSAGIE ADVOCATES Melvin Estrada PWC CÔTE D’IVOIRE JACKSON, ETTI & EDU GARCÍA & BODÁN Tokunbo Agoro Donald Orji Abdou Djando Adejoke A. Gbenro JAIYE AGORO & CO. JACKSON, ETTI & EDU Teodoro Flores Gonzalez EMTEF ADEBANKE ADEOLA & CO. MULTITRANS Kunle Ajagbe Christian Oronsaye Aïssatou Djibo Justice Idehen-Nathaniel PERCHSTONE & GRAEYS ALUKO & OYEBODE Terencio Garcia Montenegro ETUDE DE MAÎTRE DJIBO AÏSSATOU PERCHSTONE & GRAEYS GARCÍA & BODÁN Olaoluwa Ajala Tunde Osasona Boureïma Fodi Afoke Igwe GBENGA BIOBAKU & CO. WHITESTONE WORLDWIDE LTD. Engelsberth Gómez CABINET D’AVOCATS SOUNA-COULIBALY UDO UDOMA & BELO-OSAGIE PRO NICARAGUA Koyin Ajayi Kola Osholeye Jean Claude Gnamien Nduka Ikeyi OLANIWUN AJAYI LP ELEKTRINT (NIGERIA) LIMITED Denis González Torres PWC CÔTE D’IVOIRE IKEYI & ARIFAYAN G.E. ELECTROMECÁNICA & CIA LTDA. Bola Ajibola Omotola Owoyemi Okorie Kalu Souley Hammi Illiassou LANDS REGISTRY ALAUSA PERCHSTONE & GRAEYS Claudia Guevara PUNUKA ATTORNEYS & SOLICITORS AGUILAR CASTILLO LOVE Issoufou Harouna Funbi Akinwale Abraham Oyakhilome Yetunde Kilanse CABINET D’AVOCAT HAROUNA ISSOUFOU IKEYI & ARIFAYAN FIRST & FIRST INTERNATIONAL AGENCIES Marianela Gutierrez GBENGA BIOBAKU & CO. AGUILAR CASTILLO LOVE Bernar-Oliver Kouaovi Dafe Akpeneye Taiwo Oyedele Adetola Lawal CABINET KOUAOVI PWC NIGERIA PWC NIGERIA Mario José Gutiérrez Avendaño OKONJO, ODIAWA & EBIE ACZALAW Marc Le Bihan Overaye Brodrick Akpotaire Titilola Rotifa Emmanuel Egwuagu Nomso ETUDE D’AVOCATS MARC LE BIHAN & LIDUD NIGERIA LTD. OKONJO, ODIAWA & EBIE Gerardo Hernandez OBLA & CO. CONSORTIUM TABOADA Y ASOCIADOS COLLABORATEURS Taofeek Shittu Barbara Ufuoma Akpotaire Chidnma Nwaogu Laouali Madougou IKEYI & ARIFAYAN Rodrigo Ibarra Rodney Jonathan Aluju PUNUKA ATTORNEYS & SOLICITORS ARIAS & MUÑOZ ETUDE D’AVOCATS MARC LE BIHAN & Serifat Solebo COLLABORATEURS OLANIWUN AJAYI LP Kenechi Nwizu LAND SERVICES DIRECTORATE María Fernanda Jarquín Segun Aluko IKEYI & ARIFAYAN ARIAS & MUÑOZ Boubacar Nouhou Maiga Olufemi Sunmonu E.N.G.E. ALUKO & OYEBODE Godwin Obla FEMI SUNMONU & ASSOCIATES, SOLICITORS Mariela Jiménez Godwin Amadi OBLA & CO. ACZALAW Mamane Sani Manane Olubukola Thomas BUREAU D’ETUDES BALA & HIMO NNENNA EJEKAM ASSOCIATES Abimbola Odeyemi PERCHSTONE & GRAEYS Brenda Martinez Tracy Amadigwe FORTIS LP CONSORTIUM TABOADA Y ASOCIADOS Issaka Manzo Yvonne Udegbe EGTC ALKINGSHOLA CHAMBERS Oluwakemi Oduntan IKEYI & ARIFAYAN Fabiola Martinez Linda Arifayan JADE & STONE SOLICITORS VENTANILLA UNICA DE INVERSIONES Ibrahim Mounouni Aniekan Ukpanah BUREAU D’ETUDES BALA & HIMO WTS ADEBIYI & ASSOCIATES Godson Ogheneochuko UDO UDOMA & BELO-OSAGIE Fernando Midence Mantilla Esther Atoyebi UDO UDOMA & BELO-OSAGIE ALVARADO Y ASOCIADOS, MEMBER OF Mayaki Oumarou Maxwell Ukpebor DESS NOTARIAL OKONJO, ODIAWA & EBIE Alayo Ogunbiyi LEX MUNDI WTS ADEBIYI & ASSOCIATES Akinshola Babatunde ABDULAI, TAIWO & CO. Alvaro Molina Ousmane Samba Mamadou Adamu M. Usman BCEAO ALKINGSHOLA CHAMBERS Ayokunle Ogundipe MOLINA & ASOCIADOS CENTRAL LAW F.O. AKINRELE & CO. Titilola Bamisile PERCHSTONE & GRAEYS Roberto José Montes Doña Abdou Moussa Sanoussi Edward Vera-Cruz E.N.G.E. GBENGA BIOBAKU & CO. Ayodele Ogunsemowo ARIAS & MUÑOZ GBENGA BIOBAKU & CO Ngozi Chianakwalam CROWN AGENTS LTD. Soraya Montoya Herrera Ousmane Sidibé AUDIT & CONSEIL SIDIBÉ & CONSEIL LEGAL STANDARD CONSULTING Charity Ogwugwa NORWAY MOLINA & ASOCIADOS CENTRAL LAW (A.C.S.A.) Stanley Chikwendu LAW, UNION & ROCK ADVOKATFIRMAET HJORT DA, MEMBER OF Michael Navas AELEX, LEGAL PRACTITIONERS & Dominique Taty Onyinye Okafo IUS LABORIS PRO NICARAGUA ARBITRATORS PWC CÔTE D’IVOIRE UDO UDOMA & BELO-OSAGIE Eli Aasheim Jacinto Obregon Sanchez Chinwe Chiwete Idrissa Tchernaka Ogoegbunam Okafor WIERSHOLM LAW OFFICE AS BUFETE JURIDICO OBREGON Y ASOCIADOS PUNUKA ATTORNEYS & SOLICITORS ETUDE D’AVOCATS MARC LE BIHAN & PERCHSTONE & GRAEYS Anders Aasland Kittelsen Róger Pérez COLLABORATEURS Peter Crabb Ifedayo Oke-Lawal ADVOKATFIRMAET SCHJØDT DA ARIAS & MUÑOZ NNENNA EJEKAM ASSOCIATES Ramatou Wankoye PERCHSTONE & GRAEYS Ingvild Andersen Mazziel Rivera OFFICE NOTARIAL ETUDE WANKOYE Rebecca Dokun Mathias Okojie ADVOKATFIRMAET SCHJØDT DA ACZALAW ALUKO & OYEBODE Hamadou Yacouba PUNUKA ATTORNEYS & SOLICITORS Sverre Ardø Ana Teresa Rizo Briseño ETUDE DE ME DODO DAN GADO HAOUA Oluwadamilola Durowaiye Christine Okokon EXPERIAN ARIAS & MUÑOZ OLANIWUN AJAYI LP Hamado Yahaya UDO UDOMA & BELO-OSAGIE Jan L. Backer Erwin Rodriguez SOCIETE CIVILE PROFESSIONNELLE Ohireime Eboreime Patrick Okonjo WIKBORG, REIN & CO. ACZALAW D’AVOCATS YANKORI ET ASSOCIÉS UDO UDOMA & BELO-OSAGIE OKONJO, ODIAWA & EBIE Rannveig Bakke Tvedten Felipe Sanchez Emmanuel Yehouessi Oyinda Ehiwere Dozie Okwuosah HOMBLE OLSBY ADVOKATFIRMA AS UNICA BCEAO UDO UDOMA & BELO-OSAGIE CENTRAL BANK OF NIGERIA Stig Berge Felipe Sánchez Nnenna Ejekam NIGERIA Stephen Ola Jagun THOMMESSEN AS ACZALAW NNENNA EJEKAM ASSOCIATES JAGUN ASSOCIATES ERNST & YOUNG Trine Bjerke Welhaven Alfonso José Sandino Granera Mary Ekemezie Adefunke Oladosu HOMBLE OLSBY ADVOKATFIRMA AS CONSORTIUM TABOADA Y ASOCIADOS Ijeoma Abalogu UDO UDOMA & BELO-OSAGIE AKINWUNMI & BUSARI LEGAL GBENGA BIOBAKU & CO. Jacob S. Bjønnes-Jacobsen Julio E. Sequeira Nelson Ekere PRACTITIONERS GRETTE LAW FIRM DA EVENOR VALDIVIA P. & ASOCIADOS Mohammed K. Abdulsalam 1ST ATTORNEYS Demilade Olaosun GITRAS LTD. Henrik Boehlke Arnulfo Somarriba Harrison Emmanuel IKEYI & ARIFAYAN ADVOKATFIRMAET HJORT DA, MEMBER OF TRANSUNION Oluseyi Abiodun Akinwunmi ABDULAI, TAIWO & CO. Titilola Olateju IUS LABORIS Rodrigo Taboada AKINWUNMI & BUSARI LEGAL OKONJO, ODIAWA & EBIE PRACTITIONERS Ebele Enedah Erik Børrud CONSORTIUM TABOADA Y ASOCIADOS PUNUKA ATTORNEYS & SOLICITORS Adebayo Ologe EXPERIAN Carlos Tellez Kunle Adegbite PERCHSTONE & GRAEYS CANAAN SOLICITORS Kenneth Erikume Einard Brunes GARCÍA & BODÁN PWC NIGERIA Ayotunde Ologe RAEDER ADVOKATFIRMA Diana Zelaya SYNERGY LEGAL PRACTITIONERS GARCÍA & BODÁN ACKNOWLEDGMENTS 183 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Elena Busch Bernt Olav Steinland Sadaf Buchanan Taqi Ahmad Muhammad Maki NORWEGIAN MAPPING AUTHORITY, ADVOKATFIRMAET SELMER DA SNR DENTON & CO. A.F. FERGUSONS & CO. ABRAHAM & SARWANA CADASTRE AND LAND REGISTRY, CENTRE Svein Sulland M.K. Das Nasir Mehmood Ahmed Farah Malik FOR PROPERTY RIGHTS AND DEVELOPMENT ADVOKATFIRMAET SELMER DA BANK MUSCAT BUNKER LOGISTICS HASEEB LAW ASSOCIATES Carl Arthur Christiansen Ingvill Tollman Fosse Francis D’Souza Ahmad Syed Akhter Muhammad Aslam Memon RAEDER ADVOKATFIRMA ADVOKATFIRMAET SELMER DA BDO JAWAD HABIB PYRAMID TRANSPORTATION GROUP UNITED AGENCIES Lars Davidsen Kristin Tosterud Holte Kobus Havemann Hasnain Ashraf Moazzam Mughal HAFSLUND ADVOKATFIRMAET HJORT DA, MEMBER OF DRIVER CONSULT OMAN LLC AQLAAL ADVOCATES BOXING WINNER Knut Ekern IUS LABORIS Hussein Muhammed Moeen Aslam Uzma Munir PWC NORWAY Espen Trædal MUSCAT ELECTRICITY DISTRIBUTION BILAL RICE MILLS HASSAN KAUNAIN NAFEES Simen Aasen Engebretsen PWC NORWAY COMPANY Hyder Hussain Baig, Mirza Faiza Muzaffar DELOITTE LLP Oyvind Vagan Robert Kenedy HAIDER SHAMSI & CO., CHARTERED LEGIS INN (ATTORNEYS & CORPORATE Jan Erik Bauge THE BRONNOYSUND REGISTER CENTER CURTIS MALLET - PREVOST, COLT & ACCOUNTANTS CONSULTANTS) SIMONSEN ADVOKATFIRMA DA MOSLE LLP Tore Walle-Jensen Ali Javed Bajwa Saqib Naveed Line Foss Hals THE BRONNOYSUND REGISTER CENTER Philip Keun HASEEB LAW ASSOCIATES ANAYA SALT CRAFTS WIKBORG, REIN & CO. SNR DENTON & CO. Akeel Bilgrami Jamal Panhwar Amund Fougner OMAN Andrew Kincaid NAJMI BILGRAMI COLLABORATIVE (PVT) TRAVEL AND CULTURE SERVICES ADVOKATFIRMAET HJORT DA, MEMBER OF AL BUSAIDY, MANSOOR JAMAL & CO. SASLO (FORMERLY SAID AL SHAHRY LTD. Irshad Panhwer IUS LABORIS LAW OFFICE) ERNST & YOUNG Waheed Chaudhary MOHSIN TAYEBALY & CO., CORPORATE Jan Fougner Kenneth Macfarlane LEGIS INN (ATTORNEYS & CORPORATE LEGAL CONSULTANTS, BARRISTERS AND Hamad Al Abri WIERSHOLM LAW OFFICE AS PWC OMAN CONSULTANTS) ADVOCATES MUSCAT ELECTRICITY DISTRIBUTION Christian Friestad COMPANY Jose Madukakuzhy Elizabeth Daniel Zaki Rahman PWC NORWAY KHIMJI RAMDAS ZAFAR & ASSOCIATES LLP EBRAHIM HOSAIN, ADVOCATES AND Zahir Abdulla Al Abri CORPORATE COUNSEL Geir Frøholm MUSCAT ELECTRICITY DISTRIBUTION Pushpa Malani Faisal Daudpota ADVOKATFIRMAET SCHJØDT DA COMPANY PWC OMAN KHALID DAUDPOTA & CO. Abdul Rahman QAMAR ABBAS & CO. Mads Fuglesang Zubaida Fakir Mohamed Al Balushi Yashpal Mehta Junaid Daudpota ADVOKATFIRMAET SELMER DA CENTRAL BANK OF OMAN BDO JAWAD HABIB KHALID DAUDPOTA & CO. Fahad Hameedl Rana LEGIS INN (ATTORNEYS & CORPORATE Ingenborg Gjølstad Ahmed Al Barwani Subha Mohan Khalid Daudpota CONSULTANTS) THOMMESSEN AS SNR DENTON & CO. CURTIS MALLET - PREVOST, COLT & KHALID DAUDPOTA & CO. MOSLE LLP Muhammad Saleem Rana Renate Iren Heggelund Salman Ali Al Hattali Zaki Ejaz STATE BANK OF PAKISTAN ADVOKATFIRMAET SELMER DA MUSCAT ELECTRICITY DISTRIBUTION Ahmed Naveed Farooqui ZAKI & ZAKI (ADVOCATES AND COMPANY OMAN CABLES INDUSTRY (SAOG) SOLICITORS) Tariq Saeed Rana Heidi Holmelin SURRIDGE & BEECHENO ADVOKATFIRMAET SELMER DA Zaid Al Khattab Rachael Oxby Salman Faisal TALAL ABU GHAZALEH LEGAL SNR DENTON & CO. HASEEB LAW ASSOCIATES Abdur Razzaq Therese Høyer Grimstad (TAG-LEGAL) QAMAR ABBAS & CO. ADVOKATFIRMAET HJORT DA, MEMBER OF Bruce Palmer Iram Fatima IUS LABORIS Hanaan Al Marhuby CURTIS MALLET - PREVOST, COLT & ZAFAR & ASSOCIATES LLP Mudassir Rizwan PWC OMAN MOSLE LLP A.F. FERGUSONS & CO. Odd Hylland Ikram Fayaz PWC NORWAY Amer Al Rawas Raghavendra Pangala QAMAR ABBAS & CO. Abdul Salam OMANTEL SEMAC & PARTNERS LLC LEGIS INN (ATTORNEYS & CORPORATE Hanne Karlsen Khalid Habibullah CONSULTANTS) RAEDER ADVOKATFIRMA Eman Al Shahry Khalid Al Riyami Dy. ABRAHAM & SARWANA SASLO (FORMERLY SAID AL SHAHRY AMJAAD ENGINEERING CONSULTANCY Jawad A. Sarwana Anne Kaurin Irfan Haider LAW OFFICE) ABRAHAM & SARWANA KVALE ADVOKATFIRMA DA Hussain Salman PYRAMID TRANSPORTATION GROUP Said bin Saad Al Shahry OMAN CABLES INDUSTRY (SAOG) Ghulam Haider Shamsi Bjørn H. Kise Asim Hameed Khan SASLO (FORMERLY SAID AL SHAHRY HAIDER SHAMSI & CO., CHARTERED ADVOKATFIRMA VOGT & WIIG AS George Sandars IVON TRADING COMPANY PVT. LTD. LAW OFFICE) ACCOUNTANTS SNR DENTON & CO. Charlotte Kristensen Asma Hameed Khan Majid Al Toky Muhammad Siddique PWC NORWAY Charles Schofield SURRIDGE & BEECHENO TROWERS & HAMLINS SECURITIES AND EXCHANGE COMMISSION TROWERS & HAMLINS Bjarne Lothe Sohail Hasan OF PAKISTAN Azzan Al Yahmadi NITTER AS, MEMBER OF RUSSELL BEDFORD Paul Sheridan A.F. FERGUSONS & CO. SASLO (FORMERLY SAID AL SHAHRY Mian Haseeb ul Hassan INTERNATIONAL SNR DENTON & CO. LAW OFFICE) Sana Hassan HASEEB LAW ASSOCIATES Ronny Lund Rajshekhar Singh ZAFAR & ASSOCIATES LLP Ibrahim Albri Baleegh Ur-Rehman WIERSHOLM LAW OFFICE AS BANK MUSCAT MUSCAT MUNICIPALITY Syed Ahmad Hassan Shah JWC TRUCKER LEATHER Knut Martinsen Ganesan Sridhar HASSAN KAUNAIN NAFEES Khalid Khamis Al-Hashmi Chaudhary Usman THOMMESSEN AS BANK MUSCAT MUSCAT MUNICIPALITY Rashid Ibrahim EBRAHIM HOSAIN, ADVOCATES AND Ole Fredrik Melleby Tawfiq Ahmed Sultan A.F. FERGUSONS & CO. CORPORATE COUNSEL Leyan Al-Mawali RAEDER ADVOKATFIRMA W J TOWELL & CO. LLC TROWERS & HAMLINS Ejaz Ishaq Saleem uz Zaman Anders Midbøe Danielle Town AQLAAL ADVOCATES SALEEM UZ ZAMAN & CO. Hilal Almayahi PWC NORWAY SASLO (FORMERLY SAID AL SHAHRY MUSCAT MUNICIPALITY Fiza Islam Sana Waheed LAW OFFICE) Ernst Arvid Moe LEGIS INN (ATTORNEYS & CORPORATE ZAFAR & ASSOCIATES LLP Ahmed al-Mukhaini STAVENGER BANKRUPTCY COURT Alessandra Zingales CONSULTANTS) SASLO (FORMERLY SAID AL SHAHRY Muhammad Yousuf SASLO (FORMERLY SAID AL SHAHRY Karl Erik Nedregotten LAW OFFICE) Muzaffar Islam HAIDER SHAMSI & CO., CHARTERED LAW OFFICE) PWC NORWAY LEGIS INN (ATTORNEYS & CORPORATE ACCOUNTANTS Mohamed Alrashdi CONSULTANTS) Halfdan Nitter MUSCAT MUNICIPALITY PAKISTAN Ilyas Zafar NITTER AS, MEMBER OF RUSSELL BEDFORD Masooma Jaffer ZAFAR & ASSOCIATES LLP Mohammed Alshahri GEORGETOWN UNIVERSITY LAW CENTER INTERNATIONAL ABRAHAM & SARWANA MOHAMMED AISHAHRI & ASSOCIATES Asf Ali Zaidi HAGLER BAILLEY PAKISTAN (PVT) LTD. Ole Kristian Olsby Zahid Jamil PYRAMID TRANSPORTATION GROUP Mona Taha Amer HOMBLE OLSBY ADVOKATFIRMA AS KESC JAMIL AND JAMIL QAIS AL-QASMI AND MONA AMER Xavier Zamurrad Helge Onsrud LAWYERS SHAMIM & SHAMS CO. Saila Jamshaid XNRR TECHNOLOGIES STATENS KARTVERK SECURITIES AND EXCHANGE COMMISSION Mohammed Ahmet Atieh Ahmed Abbas Camilla Schøyen Breibøl AMJAAD ENGINEERING CONSULTANCY SURRIDGE & BEECHENO OF PAKISTAN PALAU WIERSHOLM LAW OFFICE AS Tariq Nasim Jan PALAU PUBLIC UTILITY CORPORATION Russell Aycock Sh. Farooq Abdullah DATACHECK PVT. LTD. Ståle Skutle Arneson PWC OMAN ABRAHAM & SARWANA Kenneth Barden ADVOKATFIRMA VOGT & WIIG AS Zulfiqar Khan ATTORNEY-AT-LAW David Ball Ali Jafar Abidi KHURSHEED KHAN & ASSOCIATES Simen Smeby Lium SASLO (FORMERLY SAID AL SHAHRY STATE BANK OF PAKISTAN Cristina Castro WIKBORG, REIN & CO. LAW OFFICE) Arif Khan WESTERN CAROLINE TRADING CO. Masooma Afzal QAMAR ABBAS & CO. Christel Spannow Mahmoud Bilal HASEEB LAW ASSOCIATES Yukiwo P. Dengokl PWC NORWAY SASLO (FORMERLY SAID AL SHAHRY Aftab Ahmed Khan DIMDJTRUK & NAKAMURA LAW OFFICE) SURRIDGE & BEECHENO 184 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Kevin N. Kirk Edwin Solis Hugo T. Berkemeyer Walter Aguirre Arturo Ferrari THE LAW OFFICE OF KIRK AND SHADEL PANALPINA WORLD TRANSPORT LLP BERKEMEYER, ATTORNEYS & COUNSELORS PWC PERU MUÑIZ, RAMÍREZ, PERÉZ-TAIMAN & LUNA VICTORIA ATTORNEYS AT LAW Kuniwo Nakamura Ricardo Tribaldos Hernández Luis Alberto Breuer Marco Antonio Alarcón Piana BELAU TRANSFER & TERMINAL CO. GROUP PANAMA MINISTRY OF ECONOMY AND BERKEMEYER, ATTORNEYS & COUNSELORS ESTUDIO LUIS ECHECOPAR GARCÍA S.R.L. Guillermo Ferrero FINANCES ESTUDIO FERRERO ABOGADOS David Shadel Esteban Burt Alejandro Almendariz THE LAW OFFICE OF KIRK AND SHADEL Marlaine Tuñón PERONI, SOSA, TELLECHEA, BURT & JORGE AVENDAÑO - FORSYTH & ARBE Carol Flores Bernal NARVAJA, MEMBER OF LEX MUNDI ABOGADOS Neco Shao Ramon Valdes Luis Enrique Narro Forno NECO CONSTRUCTION INC AROSEMENA NORIEGA & CONTRERAS Victoria Burt Pamela Arce SUNAT PERONI, SOSA, TELLECHEA, BURT & REBAZA, ALCAZAR & DE LAS CASAS Peter C. Tsao Ramón Varela Jorge Fuentes NARVAJA, MEMBER OF LEX MUNDI ABOGADOS FINANCIEROS WESTERN CAROLINE TRADING CO. MORGAN & MORGAN RUBIO LEGUÍA NORMAND Laura Cabrera Guilhermo Auler PANAMA VOUGA & OLMEDO ABOGADOS JORGE AVENDAÑO - FORSYTH & ARBE Carlos Gallardo Torres PAPUA NEW GUINEA GENERAL AGENCY OF PUBLIC INCOME ABOGADOS ERNST & YOUNG ERNST & YOUNG Ramón Antonio Castillo Saenz POLICY INFORMCONF S. A. Milagros A. Barrera PANAMÁ SOLUCIONES LOGÍSTICAS Naomi Abel Julio Gallo BARRIOS & FUENTES ABOGADOS INT. - PSLI IPA María Debattisti GALLO BARRIOS PICKMANN SERVIMEX SACI Raul Barrios Alejandro Alemán Simon Bendo Juan García Montúfar BARRIOS & FUENTES ABOGADOS ALFARO, FERRER & RAMÍREZ DEPARTMENT OF LANDS AND PHYSICAL Giselle Deiró RUBIO LEGUÍA NORMAND PLANNING BERKEMEYER, ATTORNEYS & COUNSELORS Juan Domingo Barzola Aristides Anguizola Pamela Goyzueta BARZOLA & ASOCIADOS S.C., MEMBER OF MORGAN & MORGAN Moses Billy Lorena Dolsa EQUIFAX PERU S.A. RUSSELL BEDFORD INTERNATIONAL BILLY ARCHITECTS BERKEMEYER, ATTORNEYS & COUNSELORS Mercedes Arauz de Grimaldo Gerardo Guzman Vanessa Barzola MORGAN & MORGAN Vincent Bull Natalia Enciso Benitez DELMAR UGARTE ABOGADOS PWC PERU ALLENS ARTHUR ROBINSON NOTARY PUBLIC Renan Arjona Cecilia Guzman-Barron Maritza Barzola Vilchez CAPAC (CÁMARA PANAMEÑA DE LA David Caradus Bruno Fiorio Carrizosa BARRIOS & FUENTES ABOGADOS BARZOLA & ASOCIADOS S.C., MEMBER OF CONSTRUCCIÓN) PWC PAPUA NEW GUINEA FIORIO, CARDOZO & ALVARADO RUSSELL BEDFORD INTERNATIONAL Jose A. Honda Gilberto Arosemena Vanessa Geita Juan Bautista Fiorio Gimenez ESTUDIO OLAECHEA, MEMBER OF LEX Manuel Aguilar Bermúdez AROSEMENA NORIEGA & CONTRERAS PWC PAPUA NEW GUINEA FIORIO, CARDOZO & ALVARADO MUNDI SUNARP Amanda Barraza de Wong Loani R. Henao Ana Franco Diego Huertas del Pino Giuliana Bonelli PWC PANAMA HENAOS LAWYERS BDO RUBINSZTEIN & GUILLÉN BARRIOS & FUENTES ABOGADOS BARZOLA & ASOCIADOS S.C., MEMBER OF Luis Barría Clarence Hoot Sergio Franco RUSSELL BEDFORD INTERNATIONAL Marco Iannacone IPA PWC URUGUAY PWC PERU Gustavo Adolfo Bernal Giancarlo Bracamonte SOCIEDAD PANAMEÑA DE INGENIEROS Y Gary Juffa Jorge Guillermo Gomez RANSA Felipe Eduardo Iannacone Silva ARQUITECTOS PNG CUSTOMS SERVICE PWC PARAGUAY SUNAT Stephany Giovanna Bravo de Rueda Carlos Klaus Bieberach Ambeng Kandakasi Nadia Gorostiaga Arce César Ballón Izquierdo PWC PANAMA SUPREME COURT OF JUSTICE PWC PARAGUAY RANSA RANSA Luis Chalhoub Stanley Kewa Carl Thomas Gwynn Jorge Calle José Antonio Jiménez ICAZA, GONZALEZ-RUIZ & ALEMAN PNG POWER LTD. GWYNN & GWYNN - LEGAL COUNSELLING REBAZA, ALCAZAR & DE LAS CASAS AND TRANSLATIONS Liliana Callirgos ABOGADOS FINANCIEROS Julio Cesar Contreras III John Leahy BARRIOS & FUENTES ABOGADOS AROSEMENA NORIEGA & CONTRERAS PETER ALLAN LOWING LAWYERS Norman Gwynn Rafael Junco GWYNN & GWYNN - LEGAL COUNSELLING Renzo Camaiora CAMARA PERUANA DE LA CONSTRUCCION Jeanina Aileen Diaz Bruce Mackinlay AND TRANSLATIONS GALLO BARRIOS PICKMANN PRICEWATERHOUSECOOPERS CORPORATE CREDIT & DATA BUREAU LIMITED Juan Carlos Leon Carlos R. Gwynn S. Gaston Castillo LEGAL SERVICES Antonia Nohou GWYNN & GWYNN - LEGAL COUNSELLING SUNARP Gianfranco Linares Manuel E. Espino PWC PAPUA NEW GUINEA AND TRANSLATIONS MUÑIZ, RAMÍREZ, PERÉZ-TAIMAN & LUNA José Ignacio Castro FABREGA, MOLINO & MULINO VICTORIA ATTORNEYS AT LAW Ivan Pomaleu Jorge Jimenez Rey RUBIO LEGUÍA NORMAND Michael Fernandez IPA BANCO CENTRAL DEL PARAGUAY Herles Loayza Casimiro Fernando Castro Kahn CAPAC (CÁMARA PANAMEÑA DE LA CAMARA PERUANA DE LA CONSTRUCCION Kapu Rageau Nestor Loizaga MUÑIZ, RAMÍREZ, PERÉZ-TAIMAN & LUNA CONSTRUCCIÓN) RAGEAU, MANUA & KIKIRA LAWYERS FERRERE ATTORNEYS VICTORIA ATTORNEYS AT LAW German Lora Enna Ferrer PAYET, REY, CAUVI ABOGADOS Jason Reclamado Karina Lozano Cecilia Catacora ALFARO, FERRER & RAMÍREZ ELTECH ENGINEERING SERVICES LTD. PWC PARAGUAY ESTUDIO OLAECHEA, MEMBER OF LEX Ursula Luna Gina Gómez MUNDI RUBIO LEGUÍA NORMAND John Brian Sam Augusto César Mengual Mazacotte Yamileth Herrera PNG CUSTOMS SERVICE FIORIO, CARDOZO & ALVARADO Alessandra Cocchella Cecilia Manrique MORGAN & MORGAN RUBIO LEGUÍA NORMAND PWC PERU Benjamin Samson María Esmeralda Moreno Ricardo Lachman DEPARTMENT OF LANDS AND PHYSICAL MORENO RUFFINELLI & ASOCIADOS Sandro Cogorno Milagros Maravi Sumar MORGAN & MORGAN PLANNING JORGE AVENDAÑO - FORSYTH & ARBE RUBIO LEGUÍA NORMAND Roberto Moreno Rodríguez Alcalá ABOGADOS Ivette Elisa Martínez Saenz Ian Shepherd MORENO RUFFINELLI & ASOCIADOS Carlos Martinez Ebell PATTON, MORENO & ASVAT BLAKE DAWSON Luis Dávila RUBIO LEGUÍA NORMAND Rocío Penayo DEPARTMENT OF CUSTOMS PROCEDURES Gloria Moreno de López Stuart Smith MORENO RUFFINELLI & ASOCIADOS Jesús Matos AUTORIDAD NACIONAL DE ADUANAS WESTPAC PNG LIMITED Joanna Dawson ESTUDIO OLAECHEA, MEMBER OF LEX Yolanda Pereira ESTUDIO OLAECHEA, MEMBER OF LEX (ANA) Lawrence Solomon BERKEMEYER, ATTORNEYS & COUNSELORS MUNDI MUNDI José Miguel Navarrete PNG POWER LTD. Milagros Mendoza Beatriz Pisano Ricardo de la Piedra AROSEMENA NORIEGA & CONTRERAS Thomas Taberia FERRERE ATTORNEYS RUBIO LEGUÍA NORMAND ESTUDIO OLAECHEA, MEMBER OF LEX Ramón Ortega PETER ALLAN LOWING LAWYERS Marlene Molero Armindo Riquelme MUNDI PWC DOMINICAN REPUBLIC Stanley Timun FIORIO, CARDOZO & ALVARADO RUBIO LEGUÍA NORMAND Alfonso De Los Heros Pérez Albela Sebastián Perez IPA Juan Antonio Morales Natalio Rubinsztein ESTUDIO LUIS ECHECOPAR GARCÍA S.R.L. UNION FENOSA - EDEMET - EDECHI Alex Tongayu BDO RUBINSZTEIN & GUILLÉN AGENCIA DE ADUANA ANTANA Paula Devescovi Jorge Quijano IPA Javier Mori Cockburn Belen Saldivar Romañach BARRIOS & FUENTES ABOGADOS AROSEMENA NORIEGA & CONTRERAS FERRERE ATTORNEYS EQUIFAX PERU S.A. PARAGUAY Ana María Diez Loreto Rivera Federico Silva ESTUDIO OLAECHEA, MEMBER OF LEX Claudio Mundaca NACIONAL DE CALIFICACIÓN, REGISTRO Y ADMINISTRACIÓN NACIONAL DE BARRIOS & FUENTES ABOGADOS FERRERE ATTORNEYS MUNDI CERTIFICACIÓN ELECTRICIDAD Ruben Taboada Carlos Roberto Drago Llanos Franco Muschi Loayza Luz María Salamina Magalí Rodríguez Alcalá PAYET, REY, CAUVI ABOGADOS PWC PARAGUAY SUNAT ASOCIACIÓN PANAMEÑA DE CRÉDITO BERKEMEYER, ATTORNEYS & COUNSELORS Juan Carlos Durand Grahammer L. Oliver Verónica Sinisterra Perla Alderete PERU SUNARP DURAND ABOGADOS AROSEMENA NORIEGA & CONTRERAS VOUGA & OLMEDO ABOGADOS SUPERINTENDENCY OF BANKING, José Espinoza Lilian Oliver Michelle Solanilla Florinda Benitez INSURANCE AND PRIVATE PENSION FUND SUNARP DEPARTMENT OF CUSTOMS PROCEDURES AROSEMENA NORIEGA & CONTRERAS NOTARY PUBLIC ADMINISTRATOR Luis Orrego DELMAR UGARTE ABOGADOS ACKNOWLEDGMENTS 185 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Cristina Oviedo Manuel Villa-García Gwen Grecia-de Vera Felix Sy Joanna Gasowski PAYET, REY, CAUVI ABOGADOS ESTUDIO OLAECHEA, MEMBER OF LEX PJS LAW BAKER & MCKENZIE WIERZBOWSKI EVERSHEDS, MEMBER OF MUNDI EVERSHEDS INTERNATIONAL LTD. Max Panay Kathlyn Joy Guanzon Sheryl Tanquilut SUNARP Agustín Yrigoyen JIMENEZ GONZALES BELLO VALDEZ CALUYA ROMULO, MABANTA, BUENAVENTURA, Lech Giliciński ESTUDIO AURELIO GARCÍA & FERNANDEZ SAYOC & DE LOS ANGELES, MEMBER OF WIERZBOWSKI EVERSHEDS, MEMBER OF Lucianna Polar SAYÁN- ABOGADOS LEX MUNDI EVERSHEDS INTERNATIONAL LTD. ESTUDIO OLAECHEA, MEMBER OF LEX Tadeo F. Hilado MUNDI Gustavo Raúl Ytokazu Minami ANGARA ABELLO CONCEPCION REGALA & Maribel B. Tejada Rafał Godlewski PWC PERU CRUZ LAW OFFICES (ACCRALAW) PUYAT JACINTO SANTOS LAW OFFICE WARDYŃSKI & PARTNERS María José Puertas GALLO BARRIOS PICKMANN Gustavo Zanabria Jessica Hilado Anna Bianca Torres Tomasz Grygorczuk GENERAL AGENCY OF FOREIGN ECONOMIC PUYAT, JACINTO & SANTOS LAW OFFICE PUYAT, JACINTO & SANTOS LAW OFFICE HOGAN LOVELLS (WARSZAWA) LLP Bruno Marchese Quintana MATTERS, COMPETITION AND PRIVATE RUBIO LEGUÍA NORMAND Jose Vicente E. Jimenez Ma. Melva Valdez Jakub Guzik INVESTMENT JIMENEZ GONZALES BELLO VALDEZ CALUYA JIMENEZ GONZALES BELLO VALDEZ CALUYA SOŁTYSIŃSKI KAWECKI & SZLĘZAK Carlos Javier Rabanal Sobrino Hector Zegarra & FERNANDEZ & FERNANDEZ DURAND ABOGADOS Monika Hartung PAYET, REY, CAUVI ABOGADOS Gene Nicholas A. Lee Shirley Velasquez WARDYŃSKI & PARTNERS Fernando M. Ramos JIMENEZ GONZALES BELLO VALDEZ CALUYA PUYAT, JACINTO & SANTOS LAW OFFICE BARRIOS & FUENTES ABOGADOS PHILIPPINES & FERNANDEZ Łukasz Hejmej Virginia B. Viray WHITE & CASE W. DANIŁOWICZ, W. Jorge Reategui ERNST & YOUNG Victoria Limkico PUYAT JACINTO SANTOS LAW OFFICE JURCEWICZ I WSPÓLNICY - KANCELARIA ESTUDIO FERRERO ABOGADOS Myla Gloria Amboy JIMENEZ GONZALES BELLO VALDEZ CALUYA PRAWNA SP.K. Maria Winda Ysibido Patricio Remon JIMENEZ GONZALES BELLO VALDEZ CALUYA & FERNANDEZ ISLA LIPANA & CO. Magdalena Jarosz EQUIFAX PERU S.A. & FERNANDEZ Eleanor Lucas Roque WIERZBOWSKI EVERSHEDS, MEMBER OF Redentor C. Zapata Sonia L. Rengifo Jazmin Banal PUNONGBAYAN & ARAULLO EVERSHEDS INTERNATIONAL LTD. QUASHA ANCHETA PENA & NOLASCO BARRIOS & FUENTES ABOGADOS ROMULO, MABANTA, BUENAVENTURA, Mel A. Macaraig Witold Jarzyński SAYOC & DE LOS ANGELES, MEMBER OF Gil Roberto Zerrudo Alonso Rey Bustamante CASTILLO LAMAN TAN PANTALEON & RYMAR AND PARTNERS LEX MUNDI QUISUMBING TORRES, MEMBER FIRM OF PAYET, REY, CAUVI ABOGADOS SAN JOSE BAKER & MCKENZIE INTERNATIONAL Jakub Jędrzejak Manuel Batallones Guillermo Acuña Roeder Redentor Marquez WKB WIERCINSKI, KWIECINSKI, BAEHR BAP CREDIT BUREAU MERALCO POLAND Magdalena Kalinska Jose Rosas Alexander Cabrera LIMA CHAMBER OF COMMERCE Lory Anne McMullin ALLEN & OVERY, A. PĘDZICH SP. K. WKB WIERCINSKI, KWIECINSKI, BAEHR ISLA LIPANA & CO. JIMENEZ GONZALES BELLO VALDEZ CALUYA Renzo Rufasto Lira Piotr Andrzejak Rafał Kamiński Ciriaco S. Calalang & FERNANDEZ PAYET, REY, CAUVI ABOGADOS SOŁTYSIŃSKI KAWECKI & SZLĘZAK WHITE & CASE W. DANIŁOWICZ, W. CALALANG LAW OFFICES Yolanda Mendoza-Eleazar JURCEWICZ I WSPÓLNICY - KANCELARIA Augusto Ruiloba Morante Jerzy Baehr Ernesto Caluya Jr CASTILLO LAMAN TAN PANTALEON & PRAWNA SP.K. ESTUDIO LUIS ECHECOPAR GARCÍA S.R.L. WKB WIERCINSKI, KWIECINSKI, BAEHR JIMENEZ GONZALES BELLO VALDEZ CALUYA SAN JOSE Tomasz Kański & FERNANDEZ Grzegorz Banasiuk Emil Ruppert Cheryll Grace Montealegre SOŁTYSIŃSKI KAWECKI & SZLĘZAK GIDE LOYRETTE NOUEL, MEMBER OF LEX Cecile Margaret Caro ISLA LIPANA & CO. Carolina Sáenz Llanos MUNDI Iwona Karasek SYCIP SALAZAR HERNANDEZ & GATMAITAN RUBIO LEGUÍA NORMAND Jesusito G. Morallos JAGIELLONIAN UNIVERSITY KRAKOW Michal Barłowski Bryant Casiw FOLLOSCO MORALLOS & HERCE César Arbe Saldaña WARDYNSKI & PARTNERS Beniamin Kiewra BAKER & MCKENZIE JORGE AVENDAÑO - FORSYTH & ARBE Freddie Naagas SOŁTYSIŃSKI KAWECKI & SZLĘZAK Ewelina Batnik ABOGADOS Joseph Omar A. Castillo SCM CREATIVE CONCEPTS INC. MULTIBANK S. A Katarzyna Konstanty PUYAT JACINTO SANTOS LAW OFFICE Adolfo Sanabria Mercado Alan Ortiz ZACHARZEWSKI & PARTNERS Michal Białobrzeski MUÑIZ, RAMÍREZ, PERÉZ-TAIMAN & LUNA Sandhya Marie Castro FOLLOSCO MORALLOS & HERCE HOGAN LOVELLS (WARSZAWA) LLP Artur Kopijkowski-Gozuch VICTORIA ATTORNEYS AT LAW ROMULO, MABANTA, BUENAVENTURA, Carla Ortiz MINISTRY OF ECONOMY SAYOC & DE LOS ANGELES, MEMBER OF Anna Bochnia Arturo Ruiz Sanchez ROMULO, MABANTA, BUENAVENTURA, LEX MUNDI DLA PIPER WIATER SP.K. Tomasz Korczyński RUBIO LEGUÍA NORMAND SAYOC & DE LOS ANGELES, MEMBER OF WIERZBOWSKI EVERSHEDS, MEMBER OF Pamela Ann T. Cayabyab LEX MUNDI Aleksander Borowicz Paola Joselyn Sánchez Alfaro EVERSHEDS INTERNATIONAL LTD. JIMENEZ GONZALES BELLO VALDEZ CALUYA BIURO INFORMACJI KREDYTOWEJ S.A. RANSA Emmanuel C. Paras & FERNANDEZ Olga Koszewska SYCIP SALAZAR HERNANDEZ & GATMAITAN Piotr Brzezinski Victor Scarsi CHADBOURNE & PARKE LLP Kenneth Chua GIDE LOYRETTE NOUEL, MEMBER OF LEX LUZ DEL SUR Lianne Ivy Pascua-Medina QUISUMBING TORRES, MEMBER FIRM OF MUNDI Ewa Łachowska - Brol QUASHA ANCHETA PENA & NOLASCO Alvaro Delgado Schelje BAKER & MCKENZIE INTERNATIONAL WIERZBOWSKI EVERSHEDS, MEMBER OF Krzysztof Cichocki SUNARP Zayber John Protacio EVERSHEDS INTERNATIONAL LTD. Barbara Jill Clara SOŁTYSIŃSKI KAWECKI & SZLĘZAK ISLA LIPANA & CO. Martin Serkovic SYCIP SALAZAR HERNANDEZ & GATMAITAN Agnieszka Lisiecka Jan Ciećwierz ESTUDIO OLAECHEA, MEMBER OF LEX Senen Quizon WARDYŃSKI & PARTNERS Juan Paolo Colet WARDYŃSKI & PARTNERS MUNDI PUNONGBAYAN & ARAULLO CASTILLO LAMAN TAN PANTALEON & Wojciech Łuczka Bożena Ciosek Hugo Silva SAN JOSE Janice Kae Ramirez HOGAN LOVELLS (WARSZAWA) LLP WIERZBOWSKI EVERSHEDS, MEMBER OF RODRIGO, ELÍAS, MEDRANO ABOGADOS QUASHA ANCHETA PENA & NOLASCO Von Bryan Cuerpo EVERSHEDS INTERNATIONAL LTD. Firlej Marek Ricardo Arturo Toma Oyama SYCIP SALAZAR HERNANDEZ & GATMAITAN Teodore D. Regala MINISTRY OF FINANCE OF POLAND Katarzyna Czarnecka-Zochowska SUNAT ANGARA ABELLO CONCEPCION REGALA & Emerico O. de Guzman PWC POLAND Sebastian Michalik CRUZ LAW OFFICES (ACCRALAW) Liliana Tsuboyama ANGARA ABELLO CONCEPCION REGALA & CARGO-PARTNER SPEDYCJA SP. Z.O.O. Michał Dąbrowski ESTUDIO LUIS ECHECOPAR GARCÍA S.R.L. CRUZ LAW OFFICES (ACCRALAW) Judy Alice Repol MINISTRY OF JUSTICE Agata Mierzwa ANGARA ABELLO CONCEPCION REGALA & Manuel A. Ugarte Sheila S. De la Rosa WIERZBOWSKI EVERSHEDS, MEMBER OF CRUZ LAW OFFICES (ACCRALAW) Andrzej Dmowski DELMAR UGARTE ABOGADOS PUYAT JACINTO SANTOS LAW OFFICE EVERSHEDS INTERNATIONAL LTD. DZO DMOWSKI ZAREMBA OLCZAK SP. Roderick Reyes Daniel Ulloa Redel Domingo Z O.O., MEMBER OF RUSSELL BEDFORD Tomasz Misiak JIMENEZ GONZALES BELLO VALDEZ CALUYA REBAZA, ALCAZAR & DE LAS CASAS MERALCO INTERNATIONAL PWC POLAND & FERNANDEZ ABOGADOS FINANCIEROS Jaime Raphael Feliciano Bartosz Draniewicz Radosław Moczadło Ricardo J. Romulo Carlos Urbina Ćarcamo ROMULO, MABANTA, BUENAVENTURA, BARTOSZ GIDE LOYRETTE NOUEL, MEMBER OF LEX ROMULO, MABANTA, BUENAVENTURA, RANSA SAYOC & DE LOS ANGELES, MEMBER OF MUNDI SAYOC & DE LOS ANGELES, MEMBER OF Edyta Dubikowska LEX MUNDI Jack Vainstein LEX MUNDI SQUIRE SANDERS ŚWIĘCICKI KRZEŚNIAK Magdalena Moczulska VAINSTEIN & INGENIEROS S.A. Rachel Follosco SP. K. WARDYNSKI & PARTNERS Lea L. Roque FOLLOSCO MORALLOS & HERCE José Antonio Valdez PUNONGBAYAN & ARAULLO Piotr Falarz Michal Niemirowicz-Szczytt ESTUDIO OLAECHEA, MEMBER OF LEX Catherine Franco DLA PIPER WIATER SP.K. BNT NEUPERT ZAMORSKA & PARTNERZY Rowena Fatima Salonga MUNDI QUISUMBING TORRES, MEMBER FIRM OF S.C. PUYAT JACINTO SANTOS LAW OFFICE Agnieszka Fedor BAKER & MCKENZIE INTERNATIONAL Veronica Valverde WKB WIERCINSKI, KWIECINSKI, BAEHR Krystyna Olczak Neptali Salvanera SUNARP Gilberto Gallos DZO DMOWSKI ZAREMBA OLCZAK SP. ANGARA ABELLO CONCEPCION REGALA & Krzysztof Feluch ANGARA ABELLO CONCEPCION REGALA & Z O.O., MEMBER OF RUSSELL BEDFORD Carlos Vegas Quintana CRUZ LAW OFFICES (ACCRALAW) WIERZBOWSKI EVERSHEDS, MEMBER OF CRUZ LAW OFFICES (ACCRALAW) INTERNATIONAL CAMARA PERUANA DE LA CONSTRUCCION EVERSHEDS INTERNATIONAL LTD. Froilan Savet Geraldine Garcia Krzysztof Pawlak Ana Vidal MERALCO Klaudia Frątczak FOLLOSCO MORALLOS & HERCE SOŁTYSIŃSKI KAWECKI & SZLĘZAK GALLO BARRIOS PICKMANN WKB WIERCINSKI, KWIECINSKI, BAEHR Abigail D. Sese Andres Gatmaitan Weronika Pelc CASTILLO LAMAN TAN PANTALEON & Jan Furtas SYCIP SALAZAR HERNANDEZ & GATMAITAN WARDYNSKI & PARTNERS SAN JOSE THE SPIN INITIATIVE ASSOCIATION 186 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Alexandra Pereira dos Reis PORTUGAL Miguel Inácio Castro Pedro Porto Dordio Edward Calvesbert RAPOSO BERNARDO & ASSOCIADOS EDP DISTRIBUIÇÃO - ENERGIA, SA MOUTEIRA GUERREIRO, ROSA AMARAL & ANTÓNIO FRUTUOSO DE MELO E DEPARTAMENTO DE DESARROLLO ASSOCIADOS - SOCIEDADE DE ADVOGADOS ASSOCIADOS - SOCIEDADE DE ADVOGADOS, ECONOMICO PUERTO RICO Łukasz Piebiak VIEIRA DE ALMEIDA & ASSOCIADOS R.L. R.L. VIII DISTRICT COMMERCIAL COURT IN Jorge Capó Matos WARSAW Maria Isabel Abreu Maria João Ricou Laurinda Prazeres Cardoso O’NEILL & BORGES POLYTECHNIC INSTITUTE OF BRAGANÇA CUATRECASAS, GONÇALVES PEREIRA FBL ADVOGADOS Jakub Pokrzywniak Nydia Cardona WKB WIERCINSKI, KWIECINSKI, BAEHR Paula Alegria Martins Andreia Junior Margarida Ramalho CMA ARCHITECTS & ENGINEERS LLP MOUTEIRA GUERREIRO, ROSA AMARAL & GALI MACEDO & ASSOCIADOS ASSOCIAÇÃO DE EMPRESAS DE Bartłomiej Raczkowski ASSOCIADOS - SOCIEDADE DE ADVOGADOS Solymar Castillo-Morales CONSTRUÇÃO, OBRAS PÚBLICAS E SERVIÇOS BARTŁOMIEJ RACZKOWSKI KANCELARIA R.L. Caetano Leitão GOLDMAN ANTONETTI & CÓRDOVA P.S.C PRAWA PRACY BARROS, SOBRAL, G. GOMES & Rute Ramos Natália Garcia Alves Samuel Céspedes Jr ASSOCIADOS CARLOS DE SOUSA E BRITO & ASSOCIADOS Anna Ratajczyk-Salamacha ABREU ADVOGADOS MCCONNELL VALDÉS LLC GIDE LOYRETTE NOUEL, MEMBER OF LEX Maria Manuel Leitão Marques Manuel Raposo Bruno Andrade Alves Odemaris Chacon MUNDI SECRETARY OF STATE FOR ADMINISTRATIVE PWC PORTUGAL PWC PORTUGAL WILLIAM ESTRELLA | ATTORNEYS & MODERNISATION Piotr Sadownik Filomena Rosa COUNSELORS GIDE LOYRETTE NOUEL, MEMBER OF LEX Filipa Arantes Pedroso Tiago Lemos INSTITUTO DOS REGISTOS E DO NOTARIADO MORAIS LEITÃO, GALVÃO TELES, SOARES Walter F. Chow MUNDI PLEN - SOCIEDADE DE ADVOGADOS, RL DA SILVA & ASSOCIADOS, MEMBER OF César Sá Esteves O’NEILL & BORGES Katarzyna Sarek LEX MUNDI Diogo Léonidas Rocha SRS ADVOGADOS Andrés Colberg BARTŁOMIEJ RACZKOWSKI KANCELARIA J & A GARRIGUES, S.L.P Miguel Azevedo Francisco Salgueiro WILLIAM ESTRELLA | ATTORNEYS & PRAWA PRACY J & A GARRIGUES, S.L.P Jorge Pedro Lopes NEVILLE DE ROUGEMONT & ASSOCIADOS COUNSELORS Karolina Schiffter POLYTECHNIC INSTITUTE OF BRAGANÇA João Banza Pedro Santos Harry Cook SOŁTYSIŃSKI KAWECKI & SZLĘZAK PWC PORTUGAL Helga Lopes Ribeiro GRANT THORNTON LLP MCCONNELL VALDÉS LLC Zbigniew Skórczyński MOUTEIRA GUERREIRO, ROSA AMARAL & João Nuno Barrocas Raquel Santos Miguel A. Cordero CHADBOURNE & PARKE LLP ASSOCIADOS - SOCIEDADE DE ADVOGADOS BARROCAS SARMENTO NEVES MORAIS LEITÃO, GALVÃO TELES, SOARES PUERTO RICO ELECTRIC POWER AUTHORITY R.L. Iwona Smith DA SILVA & ASSOCIADOS, MEMBER OF Manuel P. Barrocas Manuel De Lemos PWC POLAND Tiago Gali Macedo LEX MUNDI BARROCAS SARMENTO NEVES COLEGIO DE ARQUITECTOS Y ARQUITECTOS GALI MACEDO & ASSOCIADOS Ewelina Stobiecka Filipe Santos Barata PAISAJISTAS DE PUERTO RICO E|N|W|C RECHTSANWALTE E.STOBIECKA Mark Bekker Ana Margarida Maia CUATRECASAS, GONÇALVES PEREIRA BEKKER LOGISTICA Miguel Del Rio KANCELARIA PRAWNA SP.K. MIRANDA CORREIA AMENDOEIRA & Cláudia Santos Malaquias DEL RIO ARQUITECTOS Barbara Berckmoes ASSOCIADOS Natalia Świderska MIRANDA CORREIA AMENDOEIRA & PWC PORTUGAL Myrtelena Díaz Pedora THE SPIN INITIATIVE ASSOCIATION Nuno Mansilha ASSOCIADOS ADSUAR MUÑIZ GOYCO SEDA & PÉREZ- Nelson Bernardo MIRANDA CORREIA AMENDOEIRA & Izabela Szcygielska Inês Saraiva de Aguilar OCHOA, P.S.C RAPOSO BERNARDO & ASSOCIADOS ASSOCIADOS WKB WIERCINSKI, KWIECINSKI, BAEHR ANTÓNIO FRUTUOSO DE MELO E Francisco Dox Marco Bicó da Costa Miguel Marques dos Santos ASSOCIADOS - SOCIEDADE DE ADVOGADOS, Łukasz Szegda GOLDMAN ANTONETTI & CÓRDOVA P.S.C CREDINFORMAÇÕES/ EQUIFAX J & A GARRIGUES, S.L.P R.L. WARDYNSKI & PARTNERS Antonio Escudero Rui Capote Fernando Marta Angela Maria Silva Anna Tarasiuk-Flodrowska MCCONNELL VALDÉS LLC PLEN - SOCIEDADE DE ADVOGADOS, RL CREDINFORMAÇÕES/ EQUIFAX PWC PORTUGAL HOGAN LOVELLS (WARSZAWA) LLP Isabel Martínez de Salas Eliana Silva Pereira Alberto G. Estrella Dariusz Tokarczuk Ana Catarina Carnaz PWC PORTUGAL J & A GARRIGUES, S.L.P GALI MACEDO & ASSOCIADOS Ubaldo Fernandez GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI Susana Melo Manuel Silveira Botelho O’NEILL & BORGES Tiago Castanheira Marques ABREU ADVOGADOS GRANT THORNTON LLP ANTÓNIO FRUTUOSO DE MELO E Dagmar Fernández Sylwia Tylenda ASSOCIADOS - SOCIEDADE DE ADVOGADOS, QUIÑONES & SÁNCHEZ, PSC RAPOSO BERNARDO & ASSOCIADOS Susana Cebola Francisco Guimarães Melo R.L. INSTITUTO DOS REGISTOS E DO NOTARIADO PWC PORTUGAL Bennett Díaz Figueroa Dominika Wagrodzka Luís Filipe Sousa COLEGIO DE ARQUITECTOS Y ARQUITECTOS BNT NEUPERT ZAMORSKA & PARTNERZY Joaquim Luis Mendes Gabriel Cordeiro PWC PORTUGAL PAISAJISTAS DE PUERTO RICO S.C. GRANT THORNTON LLP DIRECÇÃO MUNICIPAL DE GESTÃO URBANÍSTICA Carmo Sousa Machado Edwin Figueroa Radoslaw Waszkiewicz Gonçalo Meneses ABREU ADVOGADOS MCCONNELL VALDÉS LLC SOŁTYSIŃSKI KAWECKI & SZLĘZAK Maria Manuela Correia CARLOS DE SOUSA E BRITO & ASSOCIADOS GALI MACEDO & ASSOCIADOS Bruna Sousa Pereira David Freedman Krzysztof Wierzbowski José Carlos Monteiro PWC PORTUGAL O’NEILL & BORGES WIERZBOWSKI EVERSHEDS, MEMBER OF Joana Correia JMSROC, LDA, MEMBER OF RUSSELL EVERSHEDS INTERNATIONAL LTD. RAPOSO BERNARDO & ASSOCIADOS BEDFORD INTERNATIONAL João Paulo Teixeira de Matos Virginia Gomez J & A GARRIGUES, S.L.P PUERTO RICO ELECTRIC POWER AUTHORITY Anna Wietrzyńska Marcelo Correia Alves Ana Pinto Morais DLA PIPER WIATER SP.K. BARROCAS SARMENTO NEVES PWC PORTUGAL Nuno Telleria Pedro Janer BARROS, SOBRAL, G. GOMES & CMA ARCHITECTS & ENGINEERS LLP Robert Windmill Ana Raquel Costa João Moucheira ASSOCIADOS WINDMILL GĄSIEWSKI & ROMAN LAW PWC PORTUGAL INSTITUTO DOS REGISTOS E DO NOTARIADO Gerardo Jusino OFFICE Liza Helena Vaz CMA ARCHITECTS & ENGINEERS LLP Miguel de Avillez Pereira António Mouteira Guerreiro PWC PORTUGAL Jaroslaw Wisniewski ABREU ADVOGADOS MOUTEIRA GUERREIRO, ROSA AMARAL & Héctor Lebrón PWC POLAND ASSOCIADOS - SOCIEDADE DE ADVOGADOS FERRAIUOLI, LLC Maria de Lancastre Valente R.L. PUERTO RICO (U.S.) Piotr Witecki SRS ADVOGADOS Myrna I. Lozada-Guzmán Viviana Aguilu DLA PIPER WIATER SP.K. Rita Nogueira Neto GOLDMAN ANTONETTI & CÓRDOVA P.S.C João Cadete de Matos PWC PUERTO RICO J & A GARRIGUES, S.L.P Gurba Włodzimierz BANCO DE PORTUGAL Antonio Marichal-Aponte Alfredo Alvarez-Ibañez MINISTRY OF FINANCE OF POLAND Catarina Nunes MARICHAL & HERNANDEZ LLP Carlos de Sousa e Brito O’NEILL & BORGES PWC PORTUGAL Tomasz Zabost CARLOS DE SOUSA E BRITO & ASSOCIADOS Hernan Marrero Calderon Vicente Antonetti PROLOGIS Vitorino Oliveira MCCONNELL VALDÉS LLC João Duarte de Sousa GOLDMAN ANTONETTI & CÓRDOVA P.S.C INSTITUTO DOS REGISTOS E DO NOTARIADO Andrzej Zacharzewski J & A GARRIGUES, S.L.P Oscar O Meléndez - Sauri Salvador Antonetti ZACHARZEWSKI & PARTNERS Ema Palma COTO MALLEY & TAMARGO, LLP John Duggan O’NEILL & BORGES JMSROC, LDA, MEMBER OF RUSSELL Malgorzata Zamorska PWC PORTUGAL Juan Carlos Méndez BEDFORD INTERNATIONAL Juan Aquino BNT NEUPERT ZAMORSKA & PARTNERZY O’NEILL & BORGES MCCONNELL VALDÉS LLC S.C. Jaime Esteves Rui Peixoto Duarte PWC PORTUGAL ABREU ADVOGADOS Antonio A. Arias-Larcada Rafael Pérez-Villarini Grazyna Zaremba FPV & GALINDEZ CPAS, PSC, MEMBER OF Bruno Ferreira MCCONNELL VALDÉS LLC DZO DMOWSKI ZAREMBA OLCZAK SP. Pedro Pereira Coutinho RUSSELL BEDFORD INTERNATIONAL Z O.O., MEMBER OF RUSSELL BEDFORD J & A GARRIGUES, S.L.P J & A GARRIGUES, S.L.P Luis Ariza INTERNATIONAL ABF FREIGHT SYSTEMS, INC. Edwin Quiñones Sofia Ferreira Enriquez António Luís Pereira Figueiredo QUIÑONES & SÁNCHEZ, PSC Tomasz Zasacki RAPOSO BERNARDO & ASSOCIADOS INSTITUTO DOS REGISTOS E DO NOTARIADO James A. Arroyo WARDYNSKI & PARTNERS TRANSUNION DE PUERTO RICO Eduardo Regis Nuno Pimentel Gomes Isabel Pinheiro Torres TRG ARCHITECTS Magdalena Zwolinska ABREU ADVOGADOS ABREU ADVOGADOS Hermann Bauer BARTŁOMIEJ RACZKOWSKI KANCELARIA O’NEILL & BORGES Thelma Rivera Paulo Henriques Acácio Pita Negrão GOLDMAN ANTONETTI & CÓRDOVA P.S.C PRAWA PRACY UNIVERSITY OF COIMBRA PLEN - SOCIEDADE DE ADVOGADOS, RL Nikos Buxeda Ferrer ADSUAR MUÑIZ GOYCO SEDA & PÉREZ- Victor Rodriguez OCHOA, P.S.C MULTITRANSPORT & MARINE CO. ACKNOWLEDGMENTS 187 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Victor Rodriguez Kamal Hafez RADU TĂRĂCILĂ PĂDURARI RETEVOESCU Adriana Gaspar Delia Paceagiu PWC PUERTO RICO AL TAMIMI & COMPANY ADVOCATES & SPRL IN ASSOCIATION WITH ALLEN & NESTOR NESTOR DICULESCU KINGSTON NESTOR NESTOR DICULESCU KINGSTON LEGAL CONSULTANTS OVERY PETERSEN PETERSEN Loudres Rodriguez-Morera Robert Hager Adriana Almasan Monica Georgiadis Marius Pătrăşcanu Edgardo Rosa PATTON BOGGS LLP STOICA & ASOCIAŢII - SOCIETATE CIVILĂ DLA PIPER DINU SCA MUŞAT & ASOCIAŢII FPV & GALINDEZ CPAS, PSC, MEMBER OF DE AVOCAŢI RUSSELL BEDFORD INTERNATIONAL Walid Honein Gina Gheorghe Steven Pepa BADRI AND SALIM EL MEOUCHI LAW FIRM, Cosmin Anghel LEAUA & ASOCIATII POP PEPA S C.A. ATTORNEYS- AT- LAW José Fernando Rovira-Rullán MEMBER OF INTERLEGES BADEA ASOCIATII IN ASSOCIATION WITH FERRAIUOLI, LLC Georgiana Ghitu Cosmin Petru-Bonea CLIFFORD CHANCE Tajedin Idris Babekir DLA PIPER DINU SCA SALANS MOORE & ASOCIATII SCA Jorge M. Ruiz Montilla MEEZA QSTP-LLC Andrei Badiu MCCONNELL VALDÉS LLC Sergiu Gidei Eugen Pop 3B EXPERT AUDIT, MEMBER OF RUSSELL Abdulla Omar Ismail Al-Dafaa D&B DAVID ŞI BAIAS LAW FIRM ENESCU, PANAIT, POP & PARTNERS Patricia Salichs BEDFORD INTERNATIONAL QATAR PETROLEUM O’NEILL & BORGES Ciprian Glodeanu Claudiu Pop Emanuel Băncilă Daoud Adel Issa WOLF THEISS POP PEPA S C.A. ATTORNEYS- AT- LAW Hector Silen D&B DAVID ŞI BAIAS LAW FIRM QATAR PETROLEUM O’NEILL & BORGES Andra Gogulescu Alida Popa Irina Elena Bănică Ahmed Jaafir DLA PIPER DINU SCA MUŞAT & ASOCIAŢII Eduardo Tamargo POP PEPA S C.A. ATTORNEYS- AT- LAW AL TAMIMI & COMPANY ADVOCATES & COTO MALLEY & TAMARGO, LLP Laura Gradinescu Cristina Popescu LEGAL CONSULTANTS Alexandra Barac DLA PIPER DINU SCA LINA & GUIA S.C.A Jose Torres POP PEPA S C.A. ATTORNEYS- AT- LAW Marie-Anne Jabbour PUERTO RICO ELECTRICAL CONTRACTORS Marius Grigorescu Alina Popescu BADRI AND SALIM EL MEOUCHI LAW FIRM, Irina Barbu ASSOCIATION LEAUA & ASOCIATII MUŞAT & ASOCIAŢII MEMBER OF INTERLEGES D&B DAVID ŞI BAIAS LAW FIRM Carlos Valldejuly Mihai Guia Mariana Popescu Marc Jreidini Monica Biciusca O’NEILL & BORGES LINA & GUIA S.C.A NATIONAL BANK OF ROMANIA BADRI AND SALIM EL MEOUCHI LAW FIRM, ANGHEL STABB & PARTNERS MEMBER OF INTERLEGES Argentina Hincu Cristian Predan Laura Velez Velez Silvia Bohalteanu MCCONNELL VALDÉS LLC SALANS MOORE & ASOCIATII SCA GEBRUEDER WEISS SRL Maryline Kalaydjian MUŞAT & ASOCIAŢII Travis Wheatley BADRI AND SALIM EL MEOUCHI LAW FIRM, Cristina Iacobescu Irina Preoteasa Alin Buftea MEMBER OF INTERLEGES POP PEPA S C.A. ATTORNEYS- AT- LAW PWC ROMANIA O’NEILL & BORGES DLA PIPER DINU SCA Upuli Kasturiarachchi Cristina Ibolea Monica Preotescu Lucian Catrinoiu QATAR PWC QATAR BADEA ASOCIATII IN ASSOCIATION WITH NESTOR NESTOR DICULESCU KINGSTON STOICA & ASOCIAŢII - SOCIETATE CIVILĂ DIAMOND SHIPPING SERVICES CLIFFORD CHANCE PETERSEN Sajid Khan DE AVOCAŢI ERNST & YOUNG PWC QATAR Diana Emanuela Ispas Raluca Radu Adrian Cazan NESTOR NESTOR DICULESCU KINGSTON SALANS MOORE & ASOCIATII SCA NATIONAL SHIPPING AND MARINE SERVICES Frank Lucente DLA PIPER DINU SCA PETERSEN COMPANY WLL AL TAMIMI & COMPANY ADVOCATES & Laura Radu Cezara Chirica LEGAL CONSULTANTS CRENGUTA LEAUA STOICA & ASOCIAŢII - SOCIETATE CIVILĂ QATAR CREDIT BUREAU D&B DAVID ŞI BAIAS LAW FIRM LEAUA & ASOCIATII DE AVOCAŢI Elias Matni SHARAF SHIPPING AGENCY Mara Ciju BADRI AND SALIM EL MEOUCHI LAW FIRM, Cristian Lina Cristian Radulescu MEMBER OF INTERLEGES LINA & GUIA S.C.A SUPREME JUDICIARY COUNCIL, QATAR LINA & GUIA S.C.A TAXHOUSE SRL Victor Ciocîltan Abdelmoniem Abutiffa Arnaud Montouché Amalia Lincaru Ana Maria Ralea SCP D’AVOCATS UGGC & ASSOCIÉS OANCEA CIOCÎLTAN & ASOCIATII QATAR INTERNATIONAL LAW FIRM SALANS MOORE & ASOCIATII SCA D&B DAVID ŞI BAIAS LAW FIRM Andreea Ciorapciu Hani Al Naddaf Rita Moukarzel Edita Lovin Alexandra Rimbu BADRI AND SALIM EL MEOUCHI LAW FIRM, SALANS MOORE & ASOCIATII SCA AL TAMIMI & COMPANY ADVOCATES & RETIRED JUDGE OF ROMANIAN SUPREME MUŞAT & ASOCIAŢII MEMBER OF INTERLEGES Anamaria Corbescu COURT OF JUSTICE LEGAL CONSULTANTS Anda Rojanschi Ahmed Tawfik Nassim SALANS MOORE & ASOCIATII SCA Rashed Albuflasa Smaranda Mandrescu D&B DAVID ŞI BAIAS LAW FIRM PANALPINA QATAR WLL AHMED TAWFIK & CO. CERTIFIED PUBLIC Dorin Coza POP PEPA S C.A. ATTORNEYS- AT- LAW Angela Rosca ACCOUNTANT SULICA PROTOPOPESCU VONICA Monita Barghachieh Dumitru Viorel Manescu TAXHOUSE SRL PATTON BOGGS LLP Charbel Neaman Ana Craciun NATIONAL UNION OF CIVIL LAW NOTARIES Andrei Săvescu CLYDE & CO. POP PEPA S C.A. ATTORNEYS- AT- LAW OF ROMANIA Solymar Castillo-Morales SĂVESCU SI ASOCIATII GOLDMAN ANTONETTI & CÓRDOVA P.S.C Sujani Nisansala Tiberiu Csaki Oana Manuceanu Valentin Serban PWC QATAR SALANS MOORE & ASOCIATII SCA PWC ROMANIA Ian Clay SALANS MOORE & ASOCIATII SCA PWC QATAR Ziad Raheb Rebeca Dan Gelu Maravela Iulia Simion BADRI AND SALIM EL MEOUCHI LAW FIRM, POP PEPA S C.A. ATTORNEYS-AT-LAW MUŞAT & ASOCIAŢII Sleiman Dagher MEMBER OF INTERLEGES WOLF THEISS BADRI AND SALIM EL MEOUCHI LAW FIRM, Peter De Ruiter Carmen Medar Alexandru Slujitoru MEMBER OF INTERLEGES Lyka Rom PWC ROMANIA D&B DAVID ŞI BAIAS LAW FIRM AHMED TAWFIK & CO. CERTIFIED PUBLIC D&B DAVID ŞI BAIAS LAW FIRM Arnaud Depierrefeu Adrian Deaconu Raluca Mihaila ACCOUNTANT Ileana Sovaila SCP D’AVOCATS UGGC & ASSOCIÉS TAXHOUSE SRL PWC ROMANIA Sadek Sadek MUŞAT & ASOCIAŢII Francisco Dox Georgiana Descultu Mihaela Mihu AHMED TAWFIK & CO. CERTIFIED PUBLIC Oana Soviani GOLDMAN ANTONETTI & CÓRDOVA P.S.C ACCOUNTANT PWC ROMANIA SALANS MOORE & ASOCIATII SCA SALANS MOORE & ASOCIATII SCA Fouad El Haddad Luminita Dima Dan Minoiu David Salt David Stabb CLYDE & CO. CLYDE & CO. NESTOR NESTOR DICULESCU KINGSTON MUŞAT & ASOCIAŢII ANGHEL STABB & PARTNERS PETERSEN Chadia El Meouchi Dominic Morega Mohammad Sami Alexandru Stanciu BADRI AND SALIM EL MEOUCHI LAW FIRM, AL SULAITI, ATTORNEYS, LEGAL Răzvan Dincă MUŞAT & ASOCIAŢII LEAUA & ASOCIATII MEMBER OF INTERLEGES CONSULTANTS & ARBITRATORS STOICA & ASOCIAŢII - SOCIETATE CIVILĂ Razvan Nanescu DE AVOCAŢI Cristiana Stoica Neyla El-Khazen Zain Al Abdin Sharar NESTOR NESTOR DICULESCU KINGSTON STOICA & ASOCIAŢII - SOCIETATE CIVILĂ BADRI AND SALIM EL MEOUCHI LAW FIRM, QATAR UNIVERSITY Adriana Dobre PETERSEN DE AVOCAŢI MEMBER OF INTERLEGES D&B DAVID ŞI BAIAS LAW FIRM Adriana Neagoe Abdul Aziz Mohammed Sorour Sorin Corneliu Stratula Sami Fakhoury MINISTRY OF JUSTICE Rodica Dobre NATIONAL BANK OF ROMANIA STRATULA MOCANU & ASOCIATII AL TAMIMI & COMPANY ADVOCATES & PWC ROMANIA Manuela Marina Nestor LEGAL CONSULTANTS Terence G.C. Witzmann Roxana Talasman HSBC Alexandru Dobrescu NESTOR NESTOR DICULESCU KINGSTON NESTOR NESTOR DICULESCU KINGSTON Sarah Fakhry LINA & GUIA S.C.A PETERSEN Yuenping Wong PETERSEN BADRI AND SALIM EL MEOUCHI LAW FIRM, Ion Dragulin Theodor Catalin Nicolescu MEMBER OF INTERLEGES AL TAMIMI & COMPANY ADVOCATES & Florin Tineghe LEGAL CONSULTANTS NATIONAL BANK OF ROMANIA NICOLESCU & PERIANU LAW FIRM DLA PIPER DINU SCA Dalal K. Farhat Harb Laura Adina Duca Oana Niculescu ARAB ENGINEERING BUREAU Laura Tiuca ROMANIA NESTOR NESTOR DICULESCU KINGSTON PWC ROMANIA SALANS MOORE & ASOCIATII SCA Mohamed Fouad ANRE PETERSEN Georgiana Nito SULTAN AL-ABDULLA & PARTNERS Madalina Trifan BITRANS LTD., MEMBER OF WORLD Serban Epure BADEA ASOCIATII IN ASSOCIATION WITH SALANS MOORE & ASOCIATII SCA Antonio Ghaleb MEDIATRANS GROUP BIROUL DE CREDIT CLIFFORD CHANCE AHMED TAWFIK & CO. CERTIFIED PUBLIC Ionut Ursache HERCULE IMPEX Corneliu Frunzescu Tudor Oancea ACCOUNTANT PWC ROMANIA D&B DAVID ŞI BAIAS LAW FIRM OANCEA CIOCÎLTAN & ASOCIATII 188 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Cristina Vedel Oksana Kostenko Olga Yudina Ravi Vadgama Sukayna Braganca POP PEPA S C.A. ATTORNEYS- AT- LAW CMS LEGAL CMS LEGAL CREDIT REFERENCE BUREAU AFRICA LIMITED BANCO INTERNACIONAL DE SÃO TOMÉ E PRÍNCIPE Cristina Virtopeanu Georgy Koval Vladislav Zabrodin NESTOR NESTOR DICULESCU KINGSTON CMS LEGAL CAPITAL LEGAL SERVICES LLC SAMOA Adelino Castelo David PETERSEN ELECTRIC POWER CORPORATION MINISTÉRE DU PLAN ET DES FINANCES Alyona Kozyreva Julia Zasukhina Roxana Vornicu MACLEOD DIXON MACLEOD DIXON Tiffany Acton Celiza Deus Lima NESTOR NESTOR DICULESCU KINGSTON QUANTUM CONTRAX LTD. JPALMS ADVOGADOS Marina Krasnobaeva Andrey Zavalishin PETERSEN YUKOV, KHRENOV & PARTNERS CMS LEGAL Hugo Betham Ilza Maria dos Santos Mado Vaz BETHAM BROTHERS ENTERPRISES LTD. DIRECÇÃO DAS ALFÂNDEGAS RUSSIAN FEDERATION Alyona Kucher Andrey Zelenin DEBEVOISE & PLIMPTON LLP LIDINGS LAW FIRM Mike Betham Alexandra Ferreira NATIONAL BUREAU OF CREDIT HISTORIES TRANSAM LTD. ATS – AGÊNCIA DE TRANSITOS VIAGENS E Ekaterina Evgenievna Lamanova Nadezda Zenjutich RD CONSTRUCTION MANAGEMENT LOGÍSTICA LDA MOESK ABU ACCOUNTING SERVICES Lawrie Burich TAX SERVICE QUANTUM CONTRAX LTD. Saul Fonseca David Lasfargue Andrei Afanasiev GIDE LOYRETTE NOUEL, MEMBER OF LEX RWANDA Murray Drake MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS BAKER & MCKENZIE - CIS, LIMITED MUNDI BARLIRWA LTD. DRAKE & CO. Eudes Gabriel Marat Agabalyan Andrey Lebedev Alberto Basomingera Ruby Drake SUPERMARITIME SAO TOME HERBERT SMITH CIS LLP YUKOV, KHRENOV & PARTNERS CABINET D’AVOCATS MHAYIMANA DRAKE & CO. Fidelio Lopes do Nascimento Dania Aknazarova Anastasiya Lemysh Guillermo Bolaños Fiona Ey EBIC- CONSTRUÇÃO CIVIL CMS LEGAL CMS LEGAL Pierre Célestin Bumbakare CLARKE EY LAWYERS RWANDA REVENUE AUTHORITY Vítor Marques da Cruz Mike Allen Maxim Likholetov Heather Filisita FCB&A IN ASSOCIATION WITH POSSER DA RUSSIA CONSULTING MAGNUSSON Gasore Edward MINISTRY OF NATURAL RESOURCES & COSTA & ASSOCIADOS NATIONAL BANK OF RWANDA ENVIRONMENT Alexey Almazov Stepan Lubavsky Idalina Martinho PROSPERITY PROJECT MANAGEMENT FINEC Duru Emmanuel Margaret Fruean DESPACHANTE OFICIAL HELDER BATISTA GML LTD. MINISTRY OF COMMERCE, INDUSTRY AND Julia Andreeva Dmitry Lyakhov LABOUR Raul Mota Cerveira CAPITAL LEGAL SERVICES LLC RUSSIN & VECCHI, LLC. Claudine Gasarabwe MIRANDA CORREIA AMENDOEIRA & GASARABWE CLAUDINE & ASSOCIES Siíliíli Aumua Isaia Lameko Anatoly E. Andriash Igor N. Makarov ASSOCIADOS MINISTRY OF COMMERCE, INDUSTRY AND MACLEOD DIXON BAKER & MCKENZIE - CIS, LIMITED Patrick Gashagaza LABOUR Hugo Rita DELOITTE LLP Maxim Anisimov Anna Maximenko TERRA FORMA Namulauuul Lameko Viali PROSPERITY PROJECT MANAGEMENT DEBEVOISE & PLIMPTON LLP Jean Havugimana LAND TRANSPORT AUTHORITY SAMOA Manuel Roque SHP CONSULTANTS Mikhail Anosov Lyudmila Merzlikina MANUEL ROQUE LTDA. George Latu CAPITAL LEGAL SERVICES LLC ALRUD LAW FIRM Suzanne Iyakaremye LATU EY LAWYERS Ilma Salvaterra SDV TRANSAMI Konstantin Baranov Yekaterina Migel GUICHÉ ÚNICO PARA EMPRESAS Tima Leavai CMS LEGAL INTEREXPERTIZA LLC Francois Xavier Kalinda LEAVAI LAW Vitor Santos UNIVERSITÉ NATIONALE DU RWANDA Marina Baranova Svetlana Minakova EBIC- CONSTRUÇÃO CIVIL Sala Isitolo Leota MIKHALILOV & PARTNERS, MEMBER OF YUKOV, KHRENOV & PARTNERS Désiré Kamanzi PUBLIC ACCOUNTANT Cláudia Santos Malaquias RUSSELL BEDFORD INTERNATIONAL KAMANZI, NTAGANIRA & ASSOCIATES Dmitry Nikolaev MIRANDA CORREIA AMENDOEIRA & Leulua’iali’i Tasi Malifa Elena Barikhnovskaya MAERSK LINE RUSSIAN FEDERATION Théophile Kazeneza ASSOCIADOS SOGI LAW SALANS CABINET D’AVOCATS KAZENEZA Aleksandr Panarin Peter Schouten Maiava Peteru Alexander Batalov LOGISTIC SERVICE Rodolphe Kembukuswa SUPERMARITIME SAO TOME LAW FIRM MAIAVA V.R. PETERU CMS LEGAL SDV TRANSAMI Andrey Panov Rui Veríssimo Peato Sam Ling Derek Bloom MONASTYRSKY, ZYUBA, STEPANOV & Nathan Loyd SOARES DA COSTA SAMOA SHIPPING SERVICES LTD. CAPITAL LEGAL SERVICES LLC PARTNERS DN INTERNATIONAL Fedor Bogatyrev Roman Peikrishvili Isaïe Mhayimana Faiiletasi Elaine Seuao SAUDI ARABIA MINISTRY OF COMMERCE, INDUSTRY AND ALRUD LAW FIRM GLOBALINK LOGISTICS GROUP CABINET D’AVOCATS MHAYIMANA ERNST & YOUNG LABOUR Maria Bykovskaya Eugene Perkunov Richard Mugisha Emad Fareed Abdul Jawad Sala Theodore Sialau Toalepai GIDE LOYRETTE NOUEL, MEMBER OF LEX HOGAN LOVELLS TRUST LAW CHAMBERS GLOBE MARINE SERVICES CO. SAMOA SHIPPING SERVICES LTD. MUNDI Oleg Petrov Virginie Mukashema Abdulaziz Abdullatif Wilber Stewart David Cranfield CMS LEGAL VIRGINIE MUKASHEMA AL-SOAIB LAW FIRM STEWART ARCHITECTURE CMS LEGAL Ivan Podbereznyak Léopold Munderere Asad Abedi Aleluia Taise Davidovskaya DEBEVOISE & PLIMPTON LLP CABINET D’AVOCATS-CONSEILS THE ALLIANCE OF ABBAS F. GHAZZAWI & PLANNING AND URBAN MANAGEMENT CHAMBER OF TAX ADVISERS OF RUSSIA CO. AND HAMMAD, AL-MEHDAR & CO. Ekaterina Raykevich Claude Mutabazi Abayo AGENCY Andrey Demusenko DEBEVOISE & PLIMPTON LLP MUTABAZI ABAYO LAW FIRM Omar Al Saab Toleafoa RS Toailoa RUSSIA CONSULTING LAW OFFICE OF MOHANNED BIN SAUD Mikhail Romanovsky Pothin Muvara TOA LAW OFFICE AL-RASHEED IN ASSOCIATION WITH BAKER Grigory Domashenko FINEC BOTTS LLP Martin Nkurunziza Shan Shiraz Ali Usman Andrey Dukhin Andrey Savin DELOITTE LLP TRADEPAC MARKETING LTD. Ibrahim Al-Ajaji GIDE LOYRETTE NOUEL, MEMBER OF LEX CAPITAL LEGAL SERVICES LLC THE LAW FIRM OF DR. KHALID Abel Nsengiyumva Avalisa Viali-Fautua’alii MUNDI Maria Sinyavskaya MINISTRY OF REVENUE ALNOWAISER CABINET ABEL NSENGIYUMVA Valery Fedoreev CMS LEGAL Fayez Aldebs Jean Claude Nsengiyumva Sieni Voorwinden BAKER & MCKENZIE Alexey Soldatov MANAGER LEGAL PWC SAUDI ARABIA TRIBUNAL DE COMMERCE DE MUSANZE Maria Gorban ABU ACCOUNTING SERVICES Ali. R. Al-Edrees Paul Pavlidis SÃO TOMÉ AND PRÍNCIPE GIDE LOYRETTE NOUEL, MEMBER OF LEX Rainer Stawinoga AL-BASSAM CREDIT REFERENCE BUREAU AFRICA LIMITED MUNDI MAZARS RUSSIA EMAE Damas Rurangwa Mohammed Al-Ghamdi Inna Havanova Tatiana Stepanenko António de Barros A. Aguiar FULBRIGHT & JAWORSKI LLP EWSA CHAMBER OF TAX ADVISERS OF RUSSIA RUSSIA CONSULTING SOCOGESTA Lucien Ruterana Nader Alharbi Anton Kalanov Valentina Subbotina Adelino Amado Pereira AL-JADAAN & PARTNERS LAW FIRM EWSA INTEREXPERTIZA LLC INTEREXPERTIZA LLC AMADO PEREIRA & ASSOCIADOS, Abdullah Al-Hashim Ekaterina Karunets Etienne Ruzibiza SOCIEDADE DE ADVOGADOS Victoria Subocheva AL-JADAAN & PARTNERS LAW FIRM BAKER & MCKENZIE - CIS, LIMITED RUSSIN & VECCHI, LLC. Sandrali Sebakara Rui Amaral Hesham Al-Homoud Darya Kazakova Podolskaia BUREAU D’ETUDES CAEDEC MIRANDA CORREIA AMENDOEIRA & Ivetta Tchistiakova-Berd THE LAW FIRM OF DR. HESHAM AMERINDE CONSOLIDATED, INC. ASSOCIADOS GIDE LOYRETTE NOUEL, MEMBER OF LEX Patrick Sebatigita AL-HOMOUD Alexander Khretinin MUNDI UGENJE Eudes Aguiar Abdulrahman Al-Ibrahim HERBERT SMITH CIS LLP EBIC- CONSTRUÇÃO CIVIL Pavel Timofeev Vincent Shyirambere ELECTRICITY & CO-GENERATION Olga Konkova HANNES SNELLMAN LLC OFFICE OF THE REGISTRAR OF LAND TITLES André Aureliano Aragão REGULATORY AUTHORITY ABU ACCOUNTING SERVICES JURISCONSULTA & ADVOGADO Sergey Tufar Florence Umurungi Mohammed Al-Jadaan Anastasia Konovalova ALRUD LAW FIRM FREIGHT LOGISTIC SERVICES (R) LTD. Helder Batista AL-JADAAN & PARTNERS LAW FIRM MACLEOD DIXON DESPACHANTE OFICIAL HELDER BATISTA ACKNOWLEDGMENTS 189 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Nabil Abdullah Al-Mubarak Marie Ba Mbaye Sarr Aleksandra Jovic Miloš Vulić SAUDI CREDIT BUREAU - SIMAH BDO S.A. SCP MAME ADAMA GUEYE & ASSOCIÉS CMS CAMERON MCKENNA PRICA & PARTNERS LAW OFFICE Fayez Al-Nemer Ibrahima Diagne Daniel-Sedar Senghor Branko Jovičić Miloš Živković TALAL BIN NAIF AL-HARBI LAW FIRM GAINDE 2000 SCP SENGHOR & SARR, NOTAIRES ADVOKATSKA KANCELARIJA ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE ASSOCIÉS Lamia Abdulaziz Al-Ogailee Amadou Diouldé Diallo Nemanja Kacavenda FULBRIGHT & JAWORSKI LLP MINISTÈRE DE L’URBANISME ET DE Fatma Sene A.D. INTEREUROPA, BELGRADE SEYCHELLES L’ASSAINISSEMENT CABINET SARR & ASSOCIÉS, MEMBER OF AQUARIUS SHIPPING AGENCY Ayedh Al-Otaibi Tatjana Kaplanovic LEX MUNDI SAUDI ARABIAN GENERAL INVESTMENT Fidèle Dieme JETSET REAL ESTATE AGENCY PUBLIC UTILITIES CORPORATION AUTHORITY SENELEC Mbacké Sene Nikola Kliska Laura. A. Alcindor Valabhji SENELEC Musaed Al-Otaibi Adiouma Dione MARIC, MALISIC & DOSTANIC O.A.D. STERLING OFFSHORE LIMITED THE LAW FIRM OF SALAH AL-HEJAILAN PROQUELEC Codou Sow-Seck CORRESPONDENT LAW FIRM OF GIDE Bobby Brantley Jr. GENI & KEBE LOYRETTE NOUEL Mohammed Al-Soaib Issa Dione STERLING OFFSHORE LIMITED AL-SOAIB LAW FIRM SENELEC Ousmane Thiam Emmanuel Koenig Lucienne Charlette MAERSK LOGISTICS PWC SERBIA Wicki Andersen Amadou Diop SEYCHELLES REGISTRAR GENERAL BAKER BOTTS LLP GAINDE 2000 Ibra Thiombane Dubravka Kosić Brian Julie CABINET JURAFRIK CONSEIL EN AFFAIRES LAW OFFICE KOSIĆ Abdul Moeen Arnous Andrée Diop-Depret DERJACQUES & ELIZABETH CHAMBERS (JCA) LAW OFFICE OF HASSAN MAHASSNI GA 2 D Vidak Kovacevic Conrad Lablache Sokna Thiombane WOLF THEISS Wael Bafakih Khadijatou Fary Diop Thiombane PARDIWALLA TWOMEY LABLACHE CABINET JURAFRIK CONSEIL EN AFFAIRES BAFAKIH & NASSIEF CABINET JURAFRIK CONSEIL EN AFFAIRES Dejan Krstic (JCA) Susan Morel (JCA) FREE LANCE LEGAL CONSULTANT John Beaumont MINISTRY OF EMPLOYMENT AND HUMAN Baba Traore AL-JADAAN & PARTNERS LAW FIRM Amadou Drame Zach Kuvizić RESOURCE DEVELOPMENT TRANSFRET CABINET D’AVOCAT KUVIZIĆ LAW OFFICE Salah Deeb Joe Morin Emmanuel Yehouessi AL TAMIMI & COMPANY ADVOCATES & Cheikh Fall Krzysztof Lipka MAHE SHIPPING CO. LTD. BCEAO LEGAL CONSULTANTS CABINET D’AVOCAT PWC SERBIA Margaret Nourice Abou Bakr Gadour Aïssatou Fall SERBIA Rastko Malisic STAMP DUTY COMMISSION TOBAN, ATTORNEYS AT LAW & LEGAL PRICEWATERHOUSECOOPERS TAX & MARIĆ, MALIŠIĆ & DOSTANIĆ O.A.D. TRIMO INZENJERING D.O.O. Brian Orr ADVISORS LEGAL SA Aleksandar Mančev MEJ ELECTRICAL Milos Andjelkovic Imad El-Dine Ghazi Malick Fall PRICA & PARTNERS LAW OFFICE WOLF THEISS Serge Rouillon LAW OFFICE OF HASSAN MAHASSNI PRICEWATERHOUSECOOPERS TAX & Ines Matijević-Papulin ATTORNEY-AT-LAW LEGAL SA Bojana Bjelicic Rahul Goswami HARRISON SOLICITORS PWC SERBIA Divino Sabino LAW OFFICE OF HASSAN MAHASSNI Bakary Faye Jelena Miljkovic PARDIWALLA TWOMEY LABLACHE BDS Marija Bojović Shadi Haroon PWC SERBIA BOJOVIĆ DAŠIĆ KOJOVIĆ Kieran B. Shah LAW OFFICE OF MOHANNED BIN SAUD Mustapha Faye Marko Mrvic BARRISTER & ATTORNEY-AT-LAW AL-RASHEED IN ASSOCIATION WITH BAKER CABINET SARR & ASSOCIÉS, MEMBER OF Bojana Bregovic LAW OFFICE KOSIĆ BOTTS LLP LEX MUNDI WOLF THEISS Harry Tirant Dimitrije Nikolić TIRANT & ASSOCIATES Kenny Hawsey Balla Gningue Milan Brkovic CARGO T. WEISS D.O.O. PWC SAUDI ARABIA SCP MAME ADAMA GUEYE & ASSOCIÉS ASSOCIATION OF SERBIAN BANKS Melchior Vidot Jelena Obradović APPLEBY GLOBAL Hazim Karam Antoine Gomis Branko Bukvić ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE BAFAKIH & NASSIEF SCP SENGHOR & SARR, NOTAIRES ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE ASSOCIÉS Darija Ognjenović SIERRA LEONE Glenn Lovell Marina Bulatovic PRICA & PARTNERS LAW OFFICE BANK OF SIERRA LEONE AL TAMIMI & COMPANY ADVOCATES & Matthias Hubert WOLF THEISS LEGAL CONSULTANTS PRICEWATERHOUSECOOPERS TAX & Vladimir Perić FITZ-GRAHAM & ASSOCIATES Ana Čalić LEGAL SA PRICA & PARTNERS LAW OFFICE Zaid Mahayni PRICA & PARTNERS LAW OFFICE SIERRA LEONE COMMERCIAL BANK LAW OFFICE OF HASSAN MAHASSNI Alioune Ka Milan Petrović Dejan Certic Alfred Akibo-Betts ETUDE SCP MES KA ADVOKATSKA KANCELARIJA Abdulrahman M. Al Mohizai ADVOKATSKA KANCELARIJA NATIONAL REVENUE AUTHORITY ELECTRICITY & CO-GENERATION Oumy Kalsoum Gaye Mihajlo Prica Jovan Cirkovic Gideon Ayi-Owoo REGULATORY AUTHORITY CHAMBRE DE COMMERCE D’INDUSTRIE ET PRICA & PARTNERS LAW OFFICE HARRISON SOLICITORS PWC GHANA D’AGRICULTURE DE DAKAR Fadi Obiedat Ana Radivojević Nataša Cvetićanin Christiana Baah TALAL ABU GHAZALEH LEGAL Mahi Kane PWC SERBIA LAW OFFICES JANKOVIĆ, POPOVIĆ & MITIĆ PWC GHANA (TAG-LEGAL) PRICEWATERHOUSECOOPERS TAX & Branislav Ristić LEGAL SA Vladimir Dabić Abdul Akim Bangura K. Joseph Rajan ADVOKATSKA KANCELARIJA THE INTERNATIONAL CENTER FOR FINANCIAL ASSOCIATION OF CLEARING AND GLOBE MARINE SERVICES CO. Sidy Abdallah Kanoute MARKET DEVELOPMENT Carol Santoni FORWARDING AGENCIES SIERRA LEONE ETUDE ME IDY KANOUTÉ Mustafa Saleh MARIĆ-MALIŠIĆ-DOSTANIĆ OAD Simon Dayes Desmond Dalton Beckley EMDAD ARRIYADH Mouhamed Kebe CORRESPONDENT LAW FIRM OF GIDE CMS CAMERON MCKENNA DALTTECH / DESMI ENTERPRISES GENI & KEBE LOYRETTE NOUEL Abdul Shakoor Lidija Djeric Cheryl Blake GLOBE MARINE SERVICES CO. Ousseynou Lagnane Stojan Semiz LAW OFFICES POPOVIC, POPOVIC, B & J PARTNERS BDS CMS CAMERON MCKENNA Peter Stansfield SAMARDZIJA & POPOVIC Charles Campbell AL-JADAAN & PARTNERS LAW FIRM Moussa Mbacke Milan Stefanović Uroš Djordjević CHARLES CAMPBELL & CO. ETUDE NOTARIALE MOUSSA MBACKE REGULATORY REVIEW UNIT Sameh M. Toban ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE Emile Carr TOBAN, ATTORNEYS AT LAW & LEGAL Mamadou Mbaye Zoran Teodosijević Nemanja Djukic LEONE CONSULTANTS ADVISORS SCP MAME ADAMA GUEYE & ASSOCIÉS LAW OFFICES JANKOVIĆ, POPOVIĆ & MITIĆ ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE Paul Chiy Natasha Zahid Ibrahima Mbodj Jovana Tomić Bojana Djurovic CLAS LEGAL BAKER BOTTS LLP AVOCAT À LA COUR ŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE WOLF THEISS Leslie Theophilus Clarkson Soudki Zawaydeh Pierre Michaux Snežana Tošić Veljko Dostanic AHMRY SERVICES PWC SAUDI ARABIA PRICEWATERHOUSECOOPERS TAX & SERBIAN BUSINESS REGISTERS AGENCY MARIC, MALISIC & DOSTANIC O.A.D. LEGAL SA Kpana M. Conteh Jean Benoit Zegers CORRESPONDENT LAW FIRM OF GIDE Sanja Vesic NATIONAL REVENUE AUTHORITY THE LAW FIRM OF SALAH AL-HEJAILAN Aly Mar Ndiaye LOYRETTE NOUEL A.D. INTEREUROPA, BELGRADE COMMISSION DE RÉGULATION DU SECTEUR Michaela Kadijatu Conteh Vuk Drašković Andreja Vrazalic SENEGAL DE L’ELECTRICITÉ BOJOVIĆ DAŠIĆ KOJOVIĆ MORAVČEVIĆ, VOJNOVIĆ & ZDRAVKOVIĆ U WRIGHT & CO. SDV LOGISTICS Moustapha Ndoye SARADNJI SA SCHÖNHERR Abu Bakr Dexter Jelena Edelman AVOCAT À LA COUR E.E.C. SHEARS-MOSES & CO. Khaled Abou El Houda PRICA & PARTNERS LAW OFFICE Milenko Vucaj CABINET KANJO KOITA Madior Niang PD “ELEKTRODISTRIBUCIJA BEOGRAD” Mariama Dumbuya Jelena S. Gazivoda TRANSCONTINENTAL TRANSIT D.O.O. RENNER THOMAS & CO., ADELE CHAMBERS Diaby Aboubakar LAW OFFICES JANKOVIĆ, POPOVIĆ & MITIĆ BCEAO Babacar Sall Srećko Vujaković William L. Farmer Danica Gligorijevic BDS MORAVČEVIĆ, VOJNOVIĆ & ZDRAVKOVIĆ U MINISTRY OF LANDS, COUNTRY PLANNING Adoul Aziz PRICA & PARTNERS LAW OFFICE SARADNJI SA SCHÖNHERR AND THE ENVIRONMENT CENTRE DE GESTION AGRÉÉ DE DAKAR Ousmane Samba Mamadou Dejan Jeremić BCEAO Tanja Vukotić Marinković Pabai Fofanah REPUBLIC GEODETIC AUTHORITY SERBIAN BUSINESS REGISTERS AGENCY NATIONAL REVENUE AUTHORITY 190 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Joseph Fofanah Mohamed Ahmad Tunis Yong Tat Tan Soňa Lehocká SODO D.O.O. OFFICE OF THE ADMINISTRATOR AND AHMRY SERVICES ACCOUNTING & CORPORATE REGULATORY ALIANCIAADVOKÁTOV AK, S.R.O. Teja Batagelj REGISTRAR GENERAL (OARG) AUTHORITY, ACRA Darcy White Katarina Leitmannová AGENCY OF THE REPUBLIC OF SLOVENIA Manilius Garber PWC GHANA Douglas Tan GEODESY, CARTOGRAPHY AND CADASTRE FOR PUBLIC LEGAL RECORDS AND RELATED JARRETT-YASKEY, GARBER & ASSOCIATES: STEVEN TAN PAC, MEMBER OF RUSSELL AUTHORITY OF THE SLOVAK REPUBLIC SERVICES Franklyn Williams ARCHITECTS (JYGA) BEDFORD INTERNATIONAL SIERRA LEONE BUSINESS FORUM LTD. Ľubomír Leško Ana Berce Eke Ahmed Halloway Nicole Tang PETERKA & PARTNERS ODVETNIKI ŠELIH & PARTNERJI Yada Williams HALLOWAY & PARTNERS CREDIT BUREAU SINGAPORE PTE LTD. YADA WILLIAMS AND ASSOCIATE Jozef Malý Vesna Božič Jacquie Hope Siu Ing Teng DETVAI LUDIK MALÝ UDVAROS ODVETNIKI ŠELIH & PARTNERJI Rowland Wright CLAS LEGAL SINGAPORE LAND AUTHORITY WRIGHT & CO. Maria Malovcova Nataša Božović Christopher Jarrett Keith Tnee PWC SLOVAKIA BANK OF SLOVENIA MINISTRY OF WORKS HOUSING AND SINGAPORE TAN KOK QUAN PARTNERSHIP Přemysl Marek Erika Braniselj INFRASTRUCTURE (MWH&I) BUILDING & CONSTRUCTION AUTHORITY Stefanie Yuen Thio PETERKA & PARTNERS NOTARY OFFICE BRANISELJ Donald Jones TSMP LAW CORPORATION ERNST & YOUNG Tomáš Maretta Mitja Černe MINISTRY OF LANDS, COUNTRY PLANNING ČECHOVÁ & PARTNERS, MEMBER OF LEX BDO EOS SVETOVANJE D.O.O. AND THE ENVIRONMENT FIRE SAFETY & SHELTER DEPARTMENT SLOVAK REPUBLIC MUNDI AND WSG ALLEN & OVERY BRATISLAVA, S.R.O. Thomas Dane Francis Kaifala LAND TRANSPORT AUTHORITY Lucia Miklasová PWC SLOVENIA WRIGHT & CO. MINISTRY OF MANPOWER Zuzana Lodova Amrichová PETERKA & PARTNERS PWC SLOVAKIA Miodrag Dordevic Mariama Seray Kallay THE NATIONAL ENVIRONMENT AGENCY Nadezda Niksova SUPREME COURT OF THE REPUBLIC OF GOVERNMENT OF SIERRA LEONE Martina Behuliaková GEODESY, CARTOGRAPHY AND CADASTRE SLOVENIA PUBLIC UTILITIES BOARD GEODESY, CARTOGRAPHY AND CADASTRE Alimamy S. Kamara AUTHORITY OF THE SLOVAK REPUBLIC AUTHORITY OF THE SLOVAK REPUBLIC Nada Drobnic NATIONAL REVENUE AUTHORITY SHOOK LIN & BOK IN ASSOCIATION WITH Jaroslav Niznansky KPMG ALLEN & OVERY Raymond F. Kamara Peter Bollardt JNC LEGAL S.R.O. ČECHOVÁ & PARTNERS, MEMBER OF LEX Marina Ferfolja Howland NATIONAL REVENUE AUTHORITY URBAN REDEVELOPMENT AUTHORITY Veronika Pazmanyova FERFOLJA, LJUBIC IN PARTNERJI MUNDI AND WSG M.B. Kargbo WONG TAN & MOLLY LIM LLC WHITE & CASE Aleksander Ferk MINISTRY OF FINANCE Todd Bradshaw Malcolm BH Tan Ladislav Pompura PWC SLOVENIA PWC SLOVAKIA George Kawaley INSOLVENCY & PUBLIC TRUSTEE’S OFFICE MONAREX AUDIT CONSULTING Ana Filipov BABADORIE CLEARING & FORWARDING CO. Miroslava Budínska Paerin Choa Zora Puškáčová FILIPOV PETROVIČ JERAJ IN COOPERATION DEDÁK & PARTNERS Alieyah Keita TSMP LAW CORPORATION ZUKALOVÁ - ADVOKÁTSKA KANCELÁRIA WITH SCHÖNHERR Ján Budinský S.R.O. Adekunle Milton King Douglas Chow SLOVAK CREDIT BUREAU, S.R.O. Nastja Gojtan PETROLEUM RESOURCES UNIT MINISTRY OF TRADE & INDUSTRY Simona Rapavá MIRO SENICA IN ODVETNIKI Katarína Čechová WHITE & CASE Mary Kwarteng Kit Min Chye ČECHOVÁ & PARTNERS, MEMBER OF LEX Alenka Gorenčič PWC GHANA TAN PENG CHIN LLC Zuzana Šálková DELOITTE LLP MUNDI AND WSG ČECHOVÁ & PARTNERS, MEMBER OF LEX Millicent Lewis-Ojumu Leonard Goh Hermina Govekar Vičič Kristina Cermakova MUNDI AND WSG CLAS LEGAL ACCOUNTING & CORPORATE REGULATORY PETERKA & PARTNERS THE BANK ASSOCIATION OF SLOVENIA AUTHORITY, ACRA Gerta Sámelová-Flassiková Corneleius Max-Williams Damijan Gregorc Elena Červenová ALIANCIAADVOKÁTOV AK, S.R.O. DESTINY SHIPPING AGENCIES AND CLEARING Thomas Ho WHITE & CASE MIRO SENICA IN ODVETNIKI AND FORWARDING AGENCIES ONG & ONG ARCHITECTS Ľubomír Šatka Masa Grgurevic Alcin Tomas Cibula WHITE & CASE Mohamed Pa Momoh Fofanah Ashok Kumar WHITE & CASE SUPREME COURT OF THE REPUBLIC OF EDRINA CHAMBERS Zuzana Satkova SLOVENIA K. Latha Ema Cveckova PWC SLOVAKIA Prossie Namakula ACCOUNTING & CORPORATE REGULATORY DEDÁK & PARTNERS Matej Grm PWC GHANA AUTHORITY, ACRA Christiana Serugova THE BANK ASSOCIATION OF SLOVENIA Ondřej Dušek PWC SLOVAKIA Melron Nicol-Wilson Kwok Ting Lee PETERKA & PARTNERS Barbara Guzina NICOL WILSON & CO. PARTNERS GROUP PTE LTD. (SINGAPORE) Michal Simunic DELOITTE LLP Matej Firicky ČECHOVÁ & PARTNERS, MEMBER OF LEX Miriam Nortey Eng Beng Lee WHITE & CASE Rajko Hribar MUNDI AND WSG PWC GHANA RAJAH & TANN LLP ELEKTRO LJUBLJANA D.D. Peter Formela Jaroslav Škubal Christopher J. Peacock James Leong ABONEX, S.R.O. Damjana Iglič PRK PARTNERS S.R.O. ADVOKÁTNÍ SERPICO TRADING ENTERPRISES SUBORDINATE COURTS KANCELÁŘ BANK OF SLOVENIA Juraj Fuska Christian Pratt Yik Wee Liew WHITE & CASE Sabina Jereb Michaela Špetková MINISTRY OF LANDS, COUNTRY PLANNING WONGPARTNERSHIP LLP GEODESY, CARTOGRAPHY AND CADASTRE MINISTRY FOR ENVIRONMENTAL AND AND THE ENVIRONMENT Petronela Galambosova SPATIAL PLANNING William Lim AUTHORITY OF THE SLOVAK REPUBLIC PANALPINA SLOVAKIA, S.R.O. Ade Renner-Thomas CREDIT BUREAU SINGAPORE PTE LTD. Aleksandra Jemc Lubica Suhajova RENNER THOMAS & CO., ADELE CHAMBERS Miroslava Terem Greštiaková LAW OFFICE JADEK & PENSA D.N.O. - O.P., Kexin Lim PWC SLOVAKIA PWC SLOVAKIA WITH THE SUPPORT OF ERNST & YOUNG Mohamed Salisu PWC SINGAPORE Andrea Šupáková MINISTRY OF FINANCE Simona Halakova Jernej Jeraj Max Ng DETVAI LUDIK MAlÝ UDVAROS ČECHOVÁ & PARTNERS, MEMBER OF LEX FILIPOV PETROVIČ JERAJ IN COOPERATION Kargbo Santigie GATEWAY LAW CORPORATION MUNDI AND WSG Zdenka Švingalová WITH SCHÖNHERR A+S BUSINESS CENTRE MONAREX AUDIT CONSULTING Chee Siong Ng Peter Hodál Roman Jesenko Augustine Santos Kamara SINGAPORE CUSTOMS WHITE & CASE Michal Toman ELEKTRO LJUBLJANA D.D. NATIONAL REVENUE AUTHORITY PWC SLOVAKIA Mehul Patel Radoslava Hoglová Mia Kalaš Julia Sarkodie-Mensah GLOBAL IMPEX LINK ZUKALOVÁ - ADVOKÁTSKA KANCELÁRIA Stanislava Valientová ODVETNIKI ŠELIH & PARTNERJI S.R.O. WHITE & CASE Horatio Sawyer See Tiat Quek Ermina Kamencic MINISTRY OF WORKS HOUSING AND PWC SINGAPORE Vladimir Ivanco Peter Varga CMS REICH-ROHRWIG HAINZ INFRASTRUCTURE (MWH&I) Kannan Ramesh WHITE & CASE PRK PARTNERS S.R.O. ADVOKÁTNÍ Boštjan Kavšek KANCELÁŘ Michaela Serry TAN KOK QUAN PARTNERSHIP Miroslav Jalec ODVETNIKI ŠELIH & PARTNERJI WRIGHT & CO. Alan Ross ZAPADOSLOVENSKA ENERGETIKA, A.S. Lukas Vlnecka Rok Kokalj PWC SINGAPORE PWC SLOVAKIA Edward Siaffa Tomáš Kamenec ROJS, PELJHAN, PRELESNIK & PARTNERJI, NATIONAL REVENUE AUTHORITY Amitoj Saini DEDÁK & PARTNERS Jakub Vojtko O.P., D.O.O. MONETARY AUTHORITY OF SINGAPORE JNC LEGAL S.R.O. Fatmata Sorie Veronika Keszeliova Vita Korinšek WRIGHT & CO. David Sandison ČECHOVÁ & PARTNERS, MEMBER OF LEX Martina Zdechovanova CITY STUDIO PWC SINGAPORE MUNDI AND WSG PETERKA & PARTNERS Samuel Swarray-Lewis Miro Košak CLAS LEGAL Lee Chuan Seng Roman Konrad Dagmar Zukalová NOTARY OFFICE KOŠAK BECA CARTER HOLDINGS & FERNER (S.E. PROFINAM, S.R.O. ZUKALOVÁ - ADVOKÁTSKA KANCELÁRIA Rodney O. Temple Vida Kovše S.R.O. EROD CONSTRUCTION & ENGINEERING ASIA) PTE. LTD. Miroslav Kopac ODVETNIKI ŠELIH & PARTNERJI SERVICES Disa Sim NATIONAL BANK OF SLOVAKIA SLOVENIA Nevenka Kržan Valisius Thomas RAJAH & TANN LLP Lukas Kvokacka KPMG ENERGY AGENCY OF THE REPUBLIC OF ADVENT CHAMBERS PWC SLOVAKIA SLOVENIA ACKNOWLEDGMENTS 191 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Vatovec Lea Alojz Zupančič Kim Goss RAPOSO BERNARDO & ASSOCIADOS Pedro Garrido Chamorro CMS REICH-ROHRWIG HAINZ CUSTOMS ADMINISTRATION OF THE BOWMAN GILFILLAN INC. NOTARIADO Basilio Aguirre REPUBLIC OF SLOVENIA Aleš Lunder Ryan Kraut REGISTRO DE LA PROPIEDAD DE ESPAÑA Juan Ignacio Gomeza Villa CMS REICH-ROHRWIG HAINZ BDO SPENCER STEWARD SOUTHERN NOTARIO DE BILBAO SOLOMON ISLANDS AFRICAN CO-ORDINATION (PTY) LIMITED Marco Alcalde Marjan Mahnič DR. FRÜHBECK ABOGADOS S.L.P Jorge Hernandez Dayson Boso KPMG Annette Landman EQUIFAX IBERICA OFFICE OF THE CHIEF MAGISTRAR Angel Alonso Hernández PWC SOUTH AFRICA Darja Malogorski URÍA & MENÉNDEZ, MEMBER OF LEX Joaquín Rodriguez Hernández Don Boykin KPMG Paul Lategan MUNDI COLEGIO DE REGISTRADORES PACIFIC ARCHITECTS LTD. EDWARD NATHAN SONNENBERGS INC. Clare Moger Nuria Armas Alejandro Huertas León Chris Harpa PWC SLOVENIA Amanda Lea BANCO DE ESPAÑA J & A GARRIGUES, S.L.P PACIFIC LAWYERS BOWMAN GILFILLAN INC. Eva Mozina Ana Armijo Montserrat Jané John Katahanas MIRO SENICA IN ODVETNIKI Robert Steven Gordon Linde ASHURST GÓMEZ-ACEBO & POMBO ABOGADOS SOL - LAW SIL-GATTY TRADING CARRIERS AND Lojze Mrhar Cristina Ayo Ferrándiz Igor Kokorev John Keniapisia CONSULTANTS VIATOR & VEKTOR URÍA & MENÉNDEZ, MEMBER OF LEX PÉREZ - LLORCA LAWYER Joey Mathekga MUNDI Mojca Muha Jaime Llopis Dentana McKinnie CIPRO (COMPANIES & IPR REGISTRATION MIRO SENICA IN ODVETNIKI Juan Antonio Barcelo Ramis CUATRECASAS, GONÇALVES PEREIRA SOLOMON ISLANDS GOVERNMENT OFFICE) Siniša Nišavić Santiago Barrenechea Joaquin Macias Maurice Nonipitu Burton Meyer DATA D.O.O LANDWELL PRICEWATERHOUSECOOPERS TAX ASHURST KRAMER AUSENCO CLIFFE DEKKER HOFMEYR INC. Matic Novak & LEGAL SERVICES S.L. Juan Carlos Marhuenda Gómez Andrew Norrie Gabriel Meyer ROJS, PELJHAN, PRELESNIK & PARTNERJI, Denise Bejarano TLACORP BRIDGE LAWYERS DENEYS REITZ INC. / AFRICA LEGAL O.P., D.O.O. PÉREZ - LLORCA Susana Marimón Charola Haelo Pelu Phetole Modika Blaž Ogorevc Alfonso Benavides GÓMEZ-ACEBO & POMBO ABOGADOS MINISTRY OF JUSTICE AND LEGAL AFFAIRS CLIFFE DEKKER HOFMEYR INC. ODVETNIKI ŠELIH & PARTNERJI CLIFFORD CHANCE Daniel Marín Roselle R. Rosales Glory Moumakwe Irena Ostojic Juan Bolás Alfonso GÓMEZ-ACEBO & POMBO ABOGADOS PACIFIC ARCHITECTS LTD. CIPRO (COMPANIES & IPR REGISTRATION CITY STUDIO NOTARIADO OFFICE) Ana Martín Leonard Saii Grega Peljhan Vicente Bootello J & A GARRIGUES, S.L.P SPARK ELECTRICAL SERVICES Lebogang Mphahlele ROJS, PELJHAN, PRELESNIK & PARTNERJI, J & A GARRIGUES, S.L.P MERVYN TABACK INCORPORATED Jorge Martín - Fernández O.P., D.O.O. Gregory Joseph Sojnocki Agustín Bou CLIFFORD CHANCE MORRIS & SOJNOCKI CHARTERED Sizwe Msimang Tomaž Petrovič JAUSAS ACCOUNTANTS, WITH THE SUPPORT OF BOWMAN GILFILLAN INC. Ignacio Martín Martín Fernández FILIPOV PETROVIČ JERAJ IN COOPERATION ERNST & YOUNG Héctor Bouzo Cortejosa CAZORLA ABOGADOS, SLP WITH SCHÖNHERR Twaambo Muleza John Sullivan BOWMAN GILFILLAN INC. SOLCAISUR S.L. Joaquim Martínez Natasa Pipan Nahtigal SOL - LAW Teresa Camacho Artacho FEDERAL LOGISTIC SERVICES ODVETNIKI ŠELIH & PARTNERJI Emmanuel Ngubane Billy Titiulu LAFARGE URÍA & MENÉNDEZ, MEMBER OF LEX Gabriel Martínez Petra Plevnik MUNDI PACIFIC LAWYERS RUSSELL BEDFORD ESPANA, MEMBER OF MIRO SENICA IN ODVETNIKI Sanelisiwe Nyasulu Laura Camarero RUSSELL BEDFORD INTERNATIONAL Whitlam K. Togamae GARLICKE & BOUSFIELD INC. Igor Podbelšek BAKER & MCKENZIE WHITLAM K TOGAMAE LAWYERS José Manuel Mateo ELEKTRO LJUBLJANA D.D. Kerry Plots Virginia Casado J & A GARRIGUES, S.L.P Pamela Wilde CLIFFE DEKKER HOFMEYR INC. Bojan Podgoršek URÍA & MENÉNDEZ, MEMBER OF LEX MINISTRY FOR JUSTICE AND LEGAL AFFAIRS Eva Mur Mestre NOTARIAT Eamonn David Quinn MUNDI PWC SPAIN ATTORNEY-AT-LAW Jan Poniž SOUTH AFRICA Lorenzo Clemente Naranjo Nicolás Nogueroles Peiró DATA D.O.O ESKOM Hansuya Reddy J & A GARRIGUES, S.L.P COLEGIO DE REGISTRADORES DE LA DENEYS REITZ INC. / AFRICA LEGAL Magda Posavec Q & N WEST EXPORT TRADING HOUSE Francisco Conde Viñuelas PROPIEDAD Y MERCANTILES DE ESPAÑA KPMG Lucinde Rhoodie CUATRECASAS, GONÇALVES PEREIRA Hajira Akhalwaya Ana Novoa CLIFFE DEKKER HOFMEYR INC. Jan Primec PWC SOUTH AFRICA Jaume Cornudella i Marquès BAKER & MCKENZIE ROJS, PELJHAN, PRELESNIK & PARTNERJI, Andres Sepp PWC SPAIN Nicolaos Akritidis Alberto Núñez-Lagos Burguera O.P., D.O.O. OFFICE OF THE CHIEF REGISTRAR OF DEEDS PARADIGM ARCHITECTS Juan Jose Corral Moreno URÍA & MENÉNDEZ, MEMBER OF LEX Aleksander Rajh Richard Shein CUATRECASAS, GONÇALVES PEREIRA MUNDI VIATOR & VEKTOR Ross Alcock BOWMAN GILFILLAN INC. EDWARD NATHAN SONNENBERGS INC. Sara Crespo Jose Palacios Savic Sanja Themba Sikhosana J & A GARRIGUES, S.L.P J & A GARRIGUES, S.L.P DELOITTE LLP Mark Badenhorst CLIFFE DEKKER HOFMEYR INC. PWC SOUTH AFRICA Pelayo de Salvador Daniel Parejo Ballesteros Jaka Simončič Arvind Sinha J & A GARRIGUES, S.L.P J & A GARRIGUES, S.L.P LAW OFFICE JADEK & PENSA D.N.O. - O.P., Claire Barclay RCS PVT. LTD. BUSINESS ADVISORS GROUP CLIFFE DEKKER HOFMEYR INC. Almudena del Río Galán Pedro Pérez-Llorca Zamora WITH THE SUPPORT OF ERNST & YOUNG Rajat Ratan Sinha COLEGIO DE REGISTRADORES DE LA PÉREZ - LLORCA Andreja Škofič-Klanjšček Kobus Blignaut RCS PVT. LTD. BUSINESS ADVISORS GROUP PROPIEDAD Y MERCANTILES DE ESPAÑA EDWARD NATHAN SONNENBERGS INC. Maria Redondo DELOITTE LLP Jane Strydom Agustín Del Río Galeote BAKER & MCKENZIE Boštjan Špec Boitumelo Bogatsu TRANSUNION GÓMEZ-ACEBO & POMBO ABOGADOS GARLICKE & BOUSFIELD INC. Guillermo Rodrigo García LAW OFFICE JADEK & PENSA D.N.O. - O.P., Andrew Theron Iván Delgado González CLIFFORD CHANCE WITH THE SUPPORT OF ERNST & YOUNG Ann Bonner BDO SPENCER STEWARD SOUTHERN PÉREZ - LLORCA BAKER & MCKENZIE Déborah Rodríguez Maja Stojko AFRICAN CO-ORDINATION (PTY) LIMITED Rossanna D’Onza CLIFFORD CHANCE MIRO SENICA IN ODVETNIKI Matthew Bonner Muhammed Vally BAKER & MCKENZIE BAKER & MCKENZIE Joaquín Rodríguez Gregor Strojin EDWARD NATHAN SONNENBERGS INC. Antonio Fernández COLEGIO DE REGISTRADORES DE LA SUPREME COURT OF THE REPUBLIC OF Willem Cronje Dawid Van der Berg J & A GARRIGUES, S.L.P PROPIEDAD Y MERCANTILES DE ESPAÑA SLOVENIA B-EARTH BDO SPENCER STEWARD SOUTHERN Luis Fernandez Arbex Noemi Rodriguez Alonso Tilen Terlep AFRICAN CO-ORDINATION (PTY) LIMITED Beric Croome ALTIUS S.A. VIGO SAGARDOY ABOGADOS, MEMBER OF IUS ODVETNIKI ŠELIH & PARTNERJI EDWARD NATHAN SONNENBERGS INC. Nicky van der Weshuizen LABORIS Josip Tomac EDWARD NATHAN SONNENBERGS INC. Idoya Fernandez Elorza Haydn Davies CUATRECASAS, GONÇALVES PEREIRA Javier Rubio HIDRIA PERLES D.O.O. WEBBER WENTZEL Colin Van Rooyen URÍA & MENÉNDEZ, MEMBER OF LEX Melita Trop TRANSUNION Guillermo Frühbeck MUNDI Gretchen de Smit DR. FRÜHBECK ABOGADOS S.L.P MIRO SENICA IN ODVETNIKI EDWARD NATHAN SONNENBERGS INC. Anastasia Vatalidis Javier Ruz Cerezo Lea Volovec WERKSMANS INC. Ignacio García Errandonea Steve Donninger J & A GARRIGUES, S.L.P Álvaro Ryan Murua LAW OFFICE JADEK & PENSA D.N.O. - O.P., RAWLINS WALES & PARTNERS St Elmo Wilken IBERDROLA S.A. WITH THE SUPPORT OF ERNST & YOUNG MERVYN TABACK INCORPORATED Valentín García González Daniel Francois Fyfer CUATRECASAS, GONÇALVES PEREIRA Iñigo Sagardoy de Simón Katja Wostner CLIFFE DEKKER HOFMEYR INC. SAGARDOY ABOGADOS, MEMBER OF IUS BDO EOS SVETOVANJE D.O.O. SPAIN Monica Garcia Prieto Tim Gordon-Grant LABORIS Katja Šegedin Zevnik ALLEN & OVERY ARQUITECTA MONICA GARCIA PRIETO BOWMAN GILFILLAN INC. Eduardo Santamaría Moral DATA D.O.O Borja García-Alamán PROMOMADRID J & A GARRIGUES, S.L.P J & A GARRIGUES, S.L.P 192 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Ramón Santillán Yudhishtran Kanagasabai Tamara Malcolm Kimberly Roheman Mohamed Ibrahim BANCO DE ESPAÑA PWC SRI LANKA LIBURD AND DASH MCNAMARA & CO. SOMARAIN OREINTAL CO. Pablo Santos Neelakandan Kandiah Jeoffrey Nisbett Michael Sewordor Ahmed Mahdi GÓMEZ-ACEBO & POMBO ABOGADOS MURUGESU & NEELAKANDAN JEFFREY & NISBETTS MINISTRY OF COMMUNICATIONS WORKS MAHMOUD ELSHEIKH OMER & ASSOCIATES TRANSPORT AND PUBLIC UTILITIES ADVOCATES Catalina Santos Janaka Lakmal Mahailia Pencheon J & A GARRIGUES, S.L.P CREDIT INFORMATION BUREAU LTD. PWC ANTIGUA Kim Camille St. Rose Tarig Mahmoud El Sheikh Omer CHONG & CO. MAHMOUD ELSHEIKH OMER & ASSOCIATES Cristina Soler Ishara Madarasinghe Nervin Rawlins ADVOCATES GÓMEZ-ACEBO & POMBO ABOGADOS F.J. & G. DE SARAM, MEMBER OF LEX INLAND REVENUE AUTHORITY Leandra Gabrielle Verneuil MUNDI CHAMBERS OF JENNIFER REMY & Amel M. Sharif Francisco Téllez Larkland M. Richards ASSOCIATES MAHMOUD ELSHEIKH OMER & ASSOCIATES J & A GARRIGUES, S.L.P Sasikala Mayadunne LARKLAND M. RICHARDS & ASSOCIATES ADVOCATES SUDATH PERERA ASSOCIATES Andie A. Wilkie Adrián Thery Reginald Richards GORDON & GORDON CO. AbdelGadir Warsama Ghalib J & A GARRIGUES, S.L.P Kaushalya Meedeniya R & R ELECTRICAL ENGINEERING AIR DR. ABDEL GADIR WARSAMA GHALIB & SUDATH PERERA ASSOCIATES CONDITIONING & REFRIGERATION SERVICES Brenda M. Williams Roberto Tojo Thomas de Carranza ASSOCIATES LEGAL FIRM LTD. BDO ST. LUCIA CLIFFORD CHANCE Fathima Amra Mohamed Tag Eldin Yamani Sadig SUDATH PERERA ASSOCIATES Arlene Ross-Daisley Alejandro Valls WEBSTER DYRUD MITCHELL ST. VINCENT AND THE MONTAG TRADING & ENGINEERING CO. BAKER & MCKENZIE Sudath Perera GRENADINES LTD. SUDATH PERERA ASSOCIATES Tavo Sargeant Juan Verdugo ST. VINCENT ELECTRICITY SERVICES LTD. J & A GARRIGUES, S.L.P Lilangi Randeni CUSTOMS AND EXCISE DEPARTMENT SURINAME F.J. & G. DE SARAM, MEMBER OF LEX Anastacia Saunders Kay R.A. Bacchus-Browne KPMG Marina Villanueva KAY BACCHUS - BROWNE CHAMBERS MUNDI C & C TRADING LTD. CLIFFORD CHANCE G. Clide Cambridge Hiranthi Ratnayake Warren Thompson Allan P. Burke PARAMARIBO CUSTOM BROKER & PACKER Fernando Vives Ruiz PERRY’S CUSTOMS AND SHIPPING AGENCY, PWC SRI LANKA CONSTRUCTION MANAGEMENT AND J & A GARRIGUES, S.L.P LTD. Anoeschka Debipersad CONSULTING AGENCY INC (CMCAI) Sanath Senaratne A.E. DEBIPERSAD & ASSOCIATES Tamara Gibson-Marks SRI LANKA CEYLON ELECTRICITY BOARD Charles Walwyn HIGH COURT REGISTRAR Marcel K. Eyndhoven PWC ANTIGUA APL Shane Silva N.V. ENERGIEBEDRIJVEN SURINAME JULIUS & CREASY Deidre N. Williams Sean Joachim ERNST & YOUNG CARIBTRANS Johan Kastelein WALWYNLAW Priya Sivagananathan KDV ARCHITECTS FREIGHT LINKS INTERNATIONAL (PTE) LTD. Stanley John JULIUS & CREASY PROGRESSIVE DESIGN ASSOCIATES ST. LUCIA ELIZABETH LAW CHAMBERS B.M. Oemraw J.M. Swaminathan N.V. GLOBAL EXPEDITION LUCELEC Cornelius Joseph Ayomi Aluwihare-Gunawardene JULIUS & CREASY GENERAL & MARITIME AGENCIES LTD. Joanne Pancham F.J. & G. DE SARAM, MEMBER OF LEX MINISTRY OF HOUSING, URBAN RENEWAL Dhanika Umagiliya CHAMBER OF COMMERCE & INDUSTRY MUNDI AND LOCAL GOVERNMENT Errol E. Layne TIRUCHELVAM ASSOCIATES ERROL E. LAYNE CHAMBERS Adiel Sakoer Shanaka Amarasinghe Thaddeus M. Antoine Shashi Weththasinghe N.V. GLOBAL EXPEDITION JULIUS & CREASY FRANCIS & ANTOINE Isaac Legair JULIUS & CREASY DENNINGS Inder Sardjoe Gerard David Clive Antoine Nihal Wicramasooriya N.V. EASY ELECTRIC SJMS ASSOCIATES MINISTRY OF COMMUNICATIONS WORKS Linton A. Lewis CEYLON ELECTRICITY BOARD TRANSPORT AND PUBLIC UTILITIES DR. LEWIS LAW CHAMBERS Prija Soechitram Savantha De Saram John Wilson CHAMBER OF COMMERCE & INDUSTRY D.L. & F. DE SARAM Gerard Bergasse Charlene Mae Magnaye JOHN WILSON PARTNERS TROPICAL SHIPPING PWC ST. LUCIA Albert D. Soedamah Chamari de Silva LAWFIRM SOEDAMAH & ASSOCIATES F.J. & G. DE SARAM, MEMBER OF LEX ST. KITTS AND NEVIS Candace Cadasse Polius Moulton Mayers MUNDI NICHOLAS JOHN & CO. MOULTON MAYERS ARCHITECTS Radjen A. Soerdjbalie ST. KITTS ELECTRICITY DEPARTMENT NOTARIAAT R.A. SOERDJBALIE Sadhini Edirisinghe Desma F. Charles Floyd A. Patterson Michella Adrien F.J. & G. DE SARAM, MEMBER OF LEX REGISTRY OF COMPANIES AND INTELLECTUAL INTERNATIONAL LIAISON PARTNER BDO Carol-Ann Tjon-Pian-Gi MICHELLA ADRIEN LAW OFFICE MUNDI PROPERTY EASTERN CARIBBEAN LAWYER & SWORN TRANSLATOR Launlia Archibald Nilmini Ediriweera Shannon Chitolie Richard Peterkin Jennifer van Dijk-Silos CUSTOMS AND EXCISE DEPARTMENT JULIUS & CREASY GORDON & GORDON CO. PWC ST. LUCIA LAW FIRM VAN DIJK-SILOS Rublin Audain Chamindi Ekanayake Shonari Clarke Patrice Roberts-Samuel Carel van Hest AUDAIN & ASSOCIATES NITHYA PARTNERS FRANCIS & ANTOINE LABOUR DEPARTMENT CAREL VAN HEST ARCHITECTEN N.V. Nicholas Brisbane Anjali Fernando Peter I. Foster L.A. Douglas Williams Dayenne Wielingen - Verwey N. BRISBANE & ASSOCIATES F.J. & G. DE SARAM, MEMBER OF LEX PETER I. FOSTER & ASSOCIATES LAW FIRM OF PHILLIPS & WILLIAMS VERENIGING SURINAAMS BEDRIJFSLEVEN, MUNDI Scott Caines SURINAME TRADE & INDUSTRY Peterson D. Francis Andrea Young-Lewis C & C TRADING LTD. ASSOCIATION Amila Fernando PETERSON D. FRANCIS WORLDWIDE COMMERCE & INTELLECTUAL PROPERTY JULIUS & CREASY Idris Fidela Clarke SHIPPING & CUSTOMS SERVICES LTD. OFFICE (CIPO) Perry D. Wolfram FINANCIAL SERVICES DEPARTMENT BROCAD N.V. Lasantha Garusinghe Annick Gajadhar TIRUCHELVAM ASSOCIATES Neil Coates TROPICAL SHIPPING SUDAN PWC ANTIGUA ABU-GHAZALEH INTELLECTUAL PROPERTY SWAZILAND Jivan Goonetilleke Carol J. Gedeon (AGIP) TMP AGENTS CO. LTD. OFFICE OF THE REGISTRAR SWAZILAND D.L. & F. DE SARAM Jan Dash CHANCERY CHAMBERS LIBURD AND DASH DESIGN 2000 LTD. Robert Cloete Naomal Goonewardena Claire Greene-Malaykhan CLOETE HENWOOD NITHYA PARTNERS Peter Davis PETER I. FOSTER & ASSOCIATES Omer Abdel Ati P.W.DAVIDS & ASSOCIATES OMER ABDEL ATI SOLICITORS Susanne DeBeer Locana Gunaratna Leevie Herelle MNS GROUP GUNARATNA ASSOCIATES Kennedy de Silva HERELLE, LEEVIE & ASSOCIATES Abdalla Abuzeid CUSTOMS AND EXCISE DEPARTMENT ABDALLA A. ABUZEID & ASSOCIATES Musa Dlamini P. Mervyn Gunasekera Simon Jeffers M.L. DLAMINI ATTORNEYS LAN MANAGEMENT DEVELOPMENT Renee Gumbs TROPICAL SHIPPING Mohamed Ibrahim Adam SERVICE FINANCIAL SERVICES DEPARTMENT DR. ADAM & ASSOCIATES Welile Dlamini Anderson Lake STANDARD BANK Dharshika Herath Gunarathna Barbara L. Hardtman BANK OF SAINT LUCIA LIMITED Al Fadel Ahmed Al Mahdi SUDATH PERERA ASSOCIATES HARDTMAN & ASSOCIATES AL MAHDI LAW OFFICE Veli Dlamini Charlene Mae Magnaye Dharshanie Illukpitiya K. Gregory Hardtman PWC ST. LUCIA Eihab Babiker E.J. Henwood F.J. & G. DE SARAM, MEMBER OF LEX HARDTMAN & ASSOCIATES EIHAB BABIKER & ASSOCIATES M.L. DLAMINI ATTORNEYS Duane C. Marquis MUNDI - ADVOCATES Rodney Harris NLBA ARCHITECTS Phumlile Tina Khoza Sonali Jayasuriya CUSTOMS AND EXCISE DEPARTMENT Elmugtaba Bannaga STANDARD BANK Stephen Mcnamara D.L. & F. DE SARAM BIN SUWAIDAN ADVOCATES & LEGAL Marsha T. Henderson MCNAMARA & CO. Paul Lewis Tudor Jayasuriya HENDERSON LEGAL CHAMBERS CONSULTANTS Bradley Paul PWC SWAZILAND F.J. & G. DE SARAM, MEMBER OF LEX Amani Ejami Dahlia Joseph BRADLEY PAUL ASSOCIATES Andrew Linsey MUNDI EL KARIB & MEDANI ADVOCATES DANIEL BRANTLEY & ASSOCIATES PWC SWAZILAND Richard Peterkin Mahes Jeyadevan Asma Homad Abdellatif Ali Herman Liburd PWC ST. LUCIA Zodwa Mabuza PWC SRI LANKA MAHMOUD ELSHEIKH OMER & ASSOCIATES LIBURD AND DASH FEDERATION OF SWAZILAND EMPLOYERS Eldris Pierre-Mauricette ADVOCATES TROPICAL SHIPPING AND CHAMBER OF COMMERCE ACKNOWLEDGMENTS 193 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Mangaliso Magagula Johan Lindberg Gema Olivar Pascual Olivier Beydon Chih-Shan Lee MAGAGULA & HLOPHE ADVOKATFIRMAN LINDAHL PWC SWITZERLAND YANGMING PARTNERS WINKLER PARTNERS Sabelo Masuku Anna Mansson Daniela Reinhardt Victor Chang Yu-Hsun Li MAPHANGA HOWE MASUKU NSIBANDE VATTENFALL ELDISTRIBUTION AB PWC SWITZERLAND LCS & PARTNERS PRICEWATERHOUSECOOPERS LEGAL Shadrack Mnisi Christoffer Monell Patricia Roberty Jersey Chang Justin Liang SHARP FREIGHT SWD PTY. LTD. MANNHEIMER SWARTLING ADVOKATBYRÅ VISCHER AG PRICEWATERHOUSECOOPERS LEGAL BAKER & MCKENZIE Bongani Mtshali Michael Nyman Marc Schenk Eve Chen Ming-Yen Lin FEDERATION OF SWAZILAND EMPLOYERS ADVOKATFIRMAN LINDAHL PWC SWITZERLAND EIGER LAW DEEP & FAR, ATTORNEYS-AT-LAW AND CHAMBER OF COMMERCE Ola Lo Olsson Daniel Schmitz Yo-Yi Chen Lilian Lin Zakes Nkosi ELMZELL ADVOKATBYRÅ AB, MEMBER OF PWC SWITZERLAND FORMOSA TRANSNATIONAL FINANCIAL SUPERVISORY FEDERATION OF SWAZILAND EMPLOYERS IUS LABORIS COMMISSION,BANKING BUREAU Roland Stadler Nicholas V. Chen AND CHAMBER OF COMMERCE Karl-Arne Olsson MIGROS-GENOSSENSCHAFTS-BUND PAMIR LAW GROUP Nelson J Lin Kate Paton GÄRDE WESSLAU ADVOKATBYRÅ HUANG & PARTNERS Andreas Staubli Edgar Y. Chen TRANSUNION ITC Lennart Svantesson PWC SWITZERLAND TSAR & TSAI LAW FIRM, MEMBER OF LEX Rich Lin José Rodrigues PWC SWEDEN MUNDI LCS & PARTNERS Daniel Steudler RODRIGUES & ASSOCIATES Lars-Olof Svensson SWISSTOPO, DIRECTORATE FOR CADASTRAL Christine Chen Emily Lin P.M. Shilubane WISTRAND ADVOKATBYRÅ SURVEYING WINKLER PARTNERS PAMIR LAW GROUP P.M. SHILUBANE & ASSOCIATES Odd Swarting Tanja Sussmann Hui-ling Chen Yishian Lin Bob Sigwane SETTERWALLS ADVOKATBYRÅ HOSOYA SCHAEFER WINKLER PARTNERS PWC TAIWAN SIGWANE AND PARTNERS Bo Thomaeus Beatrice Vetsch Chun-Yih Cheng Frank Lin John Thomson GÄRDE WESSLAU ADVOKATBYRÅ PWC SWITZERLAND FORMOSA TRANSNATIONAL REXMED INDUSTRIES CO., LTD. MORMOND ELECTRICAL CONTRACTORS Robert Tischner Meinrad Vetter Chia Yi Chiang Jennifer C. Lin Manene Thwala BAKER & MCKENZIE ECONOMIESUISSE PRICEWATERHOUSECOOPERS LEGAL TSAR & TSAI LAW FIRM, MEMBER OF LEX THWALA ATTORNEYS MUNDI Erik Westman Marc Widmer Yu-Chung Chiu Bradford Mark Walker PWC SWEDEN FRORIEP RENGGLI MINISTRY OF THE INTERIOR Youlanda Liu BRAD WALKER ARCHITECTS PAMIR LAW GROUP Albert Wallfren Pascal Wirth Ying-Che Chiu Diane Webb PWC SWITZERLAND TAIPEI CITY GOVERNMENT Joseph Ni CHAMBERS VILAKATI & ASSOCIATES SWITZERLAND GOOD EARTH CPA Cindy Chou ARCHITECTS ALTENBURGER LTD. LEGAL AND TAX SYRIAN ARAB REPUBLIC CHEN, SHYUU & PUN Mark Ohlson SBV-SSE SOCIÉTÉ SUISSE DES ERNST & YOUNG YANGMING PARTNERS SWEDEN ENTREPRENEURS Dennis Chou SARKIS & ASSOCIATES EIGER LAW Lawrence S. Ong UC AB Beat M. Barthold PRICEWATERHOUSECOOPERS LEGAL TALAL ABU GHAZALEH LEGAL Peter Dernbach Stig Åkerman FRORIEP RENGGLI (TAG-LEGAL) WINKLER PARTNERS J. F. Pun BOVERKET- SWEDISH NATIONAL BOARD OF Sébastien Bettschart CHEN, SHYUU & PUN HOUSING, BUILDING AND PLANNING Maysa Abu Baker John Eastwood ABELS AVOCATS CENTRAL BANK OF SYRIA EIGER LAW Lloyd G. Roberts III Nicklas Anth Myriam Büchi-Bänteli WINKLER PARTNERS PANALPINA AB Boulos Al Ashhab Rosamund Fan PWC SWITZERLAND AUDITING CONSULTING ACCOUNTING PWC TAIWAN Jasmine C. Shen Ola Avdic Lucas Bühlmann CENTER PAMIR LAW GROUP ADVOKATFIRMAN VINGE KB, MEMBER OF Philip T. C. Fei PWC SWITZERLAND LEX MUNDI Mouazza Al Ashhab FEI & CHENG ASSOCIATES Tanya Y. Teng Antonio Calvo AUDITING CONSULTING ACCOUNTING HUANG & PARTNERS Nicolas Beaver Steven Go BAKER & MCKENZIE CENTER AMERINDE CONSOLIDATED, INC. PWC TAIWAN Bee Leay Teo Andrea Cesare Canonica Rawaa Al Midani BAKER & MCKENZIE Martin Bergander James Hong SWISS CUSTOMS MINISTRY OF ECONOMY & TRADE GÄRDE WESSLAU ADVOKATBYRÅ CHEN, SHYUU & PUN C.F. Tsai Sonia de la Fuente Kanaan Al-Ahmar DEEP & FAR, ATTORNEYS-AT-LAW Mats Berter Sophia Hsieh ABELS AVOCATS AL-AHMAR & PARTNERS MAQS LAW FIRM TSAR & TSAI LAW FIRM, MEMBER OF LEX Eric Tsai Stefan Eberhard Bisher Al-Houssami MUNDI PRICEWATERHOUSECOOPERS LEGAL Alexander Broch ABELS AVOCATS AL-ISRAA INT’L FREIGHT FORWARDER ÖRESUNDS REDOVISNING AB Katherine Hsu Joe Tseng Suzanne Eckert Serene Almaleh JOINT CREDIT INFORMATION CENTER LCS & PARTNERS Magnus Graner WENGER PLATTNER KARAWANI LAW OFFICE ADVOKATFIRMAN LINDAHL Tony Hsu Chao-Yu Wang Jana Essebier Anas Ghazi PAMIR LAW GROUP YANGMING PARTNERS Ingemar Gustafsson VISCHER AG MEETHAK - LAWYERS & CONSULTANTS SCHEIWILLER SVENSSON ARKITEKTKONTOR Robert Hsu Robin J. Winkler AB Benjamin Fehr Abdul Raouf Hamwi SDV LOGISTICS WINKLER PARTNERS PWC SWITZERLAND CIVIL ENGINEERING OFFICE Lars Hartzell T.C. Huang Ja Lin Wu ELMZELL ADVOKATBYRÅ AB, MEMBER OF Peter Flueckiger Joumana Jabbour HUANG & PARTNERS COUNCIL FOR ECONOMIC PLANNING & IUS LABORIS ECONOMIESUISSE ATTORNEY-AT-LAW DEVELOPMENT Jack J.T. Huang Emil Hedberg Michael Gwelessiani Azzam Kaddour JONES DAY Quiao-ling Wu ADVOKATFIRMAN VINGE KB, MEMBER OF COMMERCIAL REGISTER OF THE CANTON INTERNATIONAL LEGAL BUREAU DEEP & FAR, ATTORNEYS-AT-LAW LEX MUNDI Margaret Huang ZURICH Osama Karawani LCS & PARTNERS Stephen Wu Lukas Holmén Olivier Hari KARAWANI LAW OFFICE LEE AND LI ADVOKATFIRMAN VINGE KB, MEMBER OF James J.M. Hwang SCHELLENBERG WITTMER LEX MUNDI Mazen N. Khaddour TSAR & TSAI LAW FIRM, MEMBER OF LEX Echo Yeh Jakob Hoehn INTERNATIONAL LEGAL BUREAU MUNDI LEXCEL PARTNERS Erik Hygrell PESTALOZZI, MEMBER OF LEX MUNDI Loubna Khoury Charles Hwang Shih-Ming You WISTRAND ADVOKATBYRÅ David Jenny AUDITING CONSULTING ACCOUNTING YANGMING PARTNERS MINISTRY OF THE INTERIOR Anders Isgren VISCHER AG CENTER Charlotte J. Lin BAKER & MCKENZIE Urs Klöti Moussa Mitry LCS & PARTNERS TAJIKISTAN Magnus Johnsson PESTALOZZI, MEMBER OF LEX MUNDI UNIVERSITY OF DAMASCUS / LOUKA & NATIONAL BANK OF TAJIKISTAN PWC SWEDEN Joan Jing MITRY LAW OFFICE Armin Marti PRICEWATERHOUSECOOPERS LEGAL TAJIKHYDROELEKTROMONTAJ Bengt Kjellson PWC SWITZERLAND Gabriel Oussi Nathan Kaiser Timur Abdulayev LANTMÄTERIET OUSSI LAW FIRM Michel Merlotti EIGER LAW LEGAL CONSULTING GROUP Niklas Körling NOTARY & CONSULTANT Housam Safadi Yang Kun-Te Bakhtiyor Abdulhamidov SETTERWALLS ADVOKATBYRÅ SAFADI BUREAU Valerie Meyer Bahar YANG & ASSOCIATES CONSULTING AKHMEDOV, AZIZOV & ABDULHAMIDOV Caroline Lagergréen NIEDERER KRAFT & FREY AG Samer Sultan ENGINEERS ATTORNEYS ELMZELL ADVOKATBYRÅ AB, MEMBER OF SULTANS LAW Georg Naegeli Vivian Lee Shavkat Akhmedov IUS LABORIS HOMBURGER HUANG & PARTNERS AKHMEDOV, AZIZOV & ABDULHAMIDOV Jasmine Lawson TAIWAN, CHINA ATTORNEYS Roland Niklaus Michael D. Lee PWC SWEDEN TAI E INTERNATIONAL PATENT & LAW NCMB NOTAIRES ASSOCIÉS PAMIR LAW GROUP OFFICE 194 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Nasira Avazova Jamhuri Johnson ASSOCIATION OF SIAMESE ARCHITECTS Alexander Polgar Jose Pedro Camoes MINISTRY OF LABOR & SOCIAL PROTECTION TANESCO LTD. UNDER ROYAL PATRONAGE ANTARES CONSULTING LTD. ASOSIASAUN ADVOGADO Farhad Azizov Wilbert B. Kapinga ERNST & YOUNG Ratana Poonsombudlert Miguel Carreira Martins AKHMEDOV, AZIZOV & ABDULHAMIDOV MKONO & CO. ADVOCATES CHANDLER & THONG-EK NATIONAL UNIVERSITY OF TIMOR-LESTE ATTORNEYS THAI CONTRACTORS ASSOCIATION UNDER (UNTL) Cuthbert Kazora H.M. THE KING’S PATRONAGE Cynthia M. Pornavalai Richard Bregonje CRB AFRICA LEGAL TILLEKE & GIBBINS Vital dos Santos Janist Aphornratana PWC KAZAKHSTAN VSP - VITAL DOS SANTOS & PARTNERS Rehema Khalid-Saria PWC THAILAND Supan Poshyananda Jienshoh Bukhoriev MKONO & CO. ADVOCATES SECURITIES AND EXCHANGE COMMISSION Jofino Ronuel Fernandes Reci Roi Bak USAID BEI BUSINESS ENVIRONMENT BANKING AND PAYMENTS AUTHORITY Jacktone Koyugi DEJ-UDOM & ASSOCIATES Somboonpoonpol Pratumporn IMPROVEMENT PROJECT (BY PRAGMA OF TIMOR-LESTE CREDIT REGISTRY MKONO & CO. ADVOCATES SIAM CITY LAW OFFICES LTD. CORPORATION) Chanakarn Boonyasith INFORMATION SYSTEM (CRIS) Diana Kyobutungi SIAM CITY LAW OFFICES LTD. Chitchai Punsan Peter Burnie Renato Guerra de Almeida MKONO & CO. ADVOCATES TILLEKE & GIBBINS PWC KAZAKHSTAN Chalee Chantanayingyong MIRANDA CORREIA AMENDOEIRA & Victoria Makani SECURITIES AND EXCHANGE COMMISSION Sutatip Raktiprakorn ASSOCIADOS Ashraf Sharifovich Ikromov VELMA LAW CHAMBERS SIAM CITY LAW OFFICES LTD. SAMAD SOZ LLC Phadet Charoensivakon Jackson Lay Hyacintha Benedict Makileo NATIONAL CREDIT BUREAU CO. LTD. Wanna Rakyao PALM SPRING ESTATES Elena Kaeva NATIONAL CONSTRUCTION COUNCIL THAILAND LAND TITLING PROJECT OFFICE PWC KAZAKHSTAN Thunyaporn Chartisathian Aderito LCA de Araujo Lilian Maleko ALLENS ARTHUR ROBINSON / SIAM Anake Rattanajitbanjong ARCHTIMOR ENGINEERING CONSULTANT Parviz Kamoliddinov YARA TANZANIA LTD. PREMIER INTERNATIONAL LAW OFFICE TILLEKE & GIBBINS TSG - USAID REGIONAL TRADE Cornelio Pacheco LIBERALISATION AND CUSTOMS PROJECT LIMITED JVK INTERNATIONAL MOVERS David Mawalla Suraphon Rittipongchusit (RTLC) LAFARGE Warattaya Chiaracharuwat DLA PIPER (THAILAND) LIMITED Tjia Soh Siang Manuchehr Kasimov VICKERY & WORACHAI LTD. TJIA & TCHAI ASSOCIATES Waziri Mchome Thavorn Rujivanarom GLOBALINK LOGISTICS GROUP MKONO & CO. ADVOCATES Chinnavat Chinsangaram PWC THAILAND Assel Khamzina Lotus Menezes WEERAWONG, CHINNAVAT & PEANGPANOR Boriboon Rungklan TOGO PWC KAZAKHSTAN LTD. BOLLORÉ AFRICA LOGISTICS AKO LAW PRICEWATERHOUSECOOPERS LEGAL & TAX Wachakorn Chiramongkolkul CONSULTANTS LIMITED Parviz Kuliev Sophia Mgonja CABINET DE NOTAIRE KADJAKA-ABOUGNIMA MASHVARAT LIMITED LIABILITY COMPANY PWC THAILAND TANESCO LTD. Sawat Sangkavisit Diaby Aboubakar Kanphassorn Chotwathana ALLENS ARTHUR ROBINSON / SIAM Umar Muhammadkarim Lucia Minde BCEAO PWC THAILAND PREMIER INTERNATIONAL LAW OFFICE GLOBALINK LOGISTICS GROUP AKO LAW LIMITED Jean-Marie Adenka David Duncan CABINET ADENKA Takhir Nabiev Jimmy Mkenda AITEN CONSULTING GROUP TILLEKE & GIBBINS Maythawee Sarathai LAFARGE MAYER BROWN JSM Koudzo Mawuéna Agbemaple Wongwaris Dunlayanitikosol AUTORITÉ DE RÉGLEMENTATION DU SECTEUR Mizrobiddin Nugmanov Nimrod Mkono GLOBALINK LOGISTICS GROUP NATIONAL CREDIT BUREAU CO. LTD. Somchai Sathiramongkolkul DE L’ELECTRICITÉ MKONO & CO. ADVOCATES PRICEWATERHOUSECOOPERS LEGAL & TAX Frederic Favre Jurabek Toshtemurovich Okhonov Steven Mlote CONSULTANTS LIMITED Kokou Gadémon Agbessi LLC “MOVAROUNNAHR” VOVAN & ASSOCIES CABINET LUCREATIF ENGINEERS REGISTRATION BOARD Seetha Gopalakrishnan Jeffrey Sok Ravshan Rashidov Angela Mndolwa Franck Akakpo LAW FIRM LEX PWC THAILAND Maprang Sombattha MAERSK LINE AKO LAW Yothin Intaraprasong DLA PIPER (THAILAND) LIMITED Firdavs Sadikov Felchesmi Mramba Martial Akakpo SOMON CAPITAL JSC CHANDLER & THONG-EK Kowit Somwaiya SCP MARTIAL AKAKPO & ASSOCIES TANESCO LTD. Pimwasee Jaismut LAWPLUS LTD. Emin Sanginov August Mrena Richard Akpoto — Kougbleneou MINISTRY OF LABOR & SOCIAL PROTECTION SIAM CITY LAW OFFICES LTD. Pornchai Srisawang L'ECOLE AFRICAINE DES MÉTIERS DE MKONO & CO. ADVOCATES Tanach Kanjanasiri TILLEKE & GIBBINS I'ARCHITECTURE ET DE I'URBANISME Marina Shamilova Octavianus Mushukuma DLA PIPER (THAILAND) LIMITED Rachamarn Suchitchon (EAMAU) STUDIO ALPHA A.I.C LEGAL CONSULTING GROUP CRB AFRICA LEGAL Tayvee Kanokjote SECURITIES AND EXCHANGE COMMISSION Adzewoda Ametsiagbe Nurali Shukurov Alex Thomas Nguluma THAILAND LAND TITLING PROJECT OFFICE Picharn Sukparangsee DIRECTION GÉNÉRALE DE L’URBANISME ET LEGAL CONSULTING GROUP REX ATTORNEYS DE L’HABITAT Yingyong Karnchanapayap SIAM CITY LAW OFFICES LTD. Kamila Tursunkulova Cyril Pesha TILLEKE & GIBBINS Siripong Supakijjanusorn Coffi Alexis Aquereburu PWC KAZAKHSTAN CRB AFRICA LEGAL PRICEWATERHOUSECOOPERS LEGAL & TAX AQUEREBURU AND PARTNERS CABINET Yongyuth Kenikanon D’AVOCATS Aliya Utegaliyeva Charles R.B. Rwechungura CONSULTANTS LIMITED PWC KAZAKHSTAN EEC LINCOLNE SCOTT CO. LTD. CRB AFRICA LEGAL Cecile Assogbavi Chaiwat Keratisuthisathorn Prasopchoke Suwanaroj Abdurakhmon Yuldoshev Rishit Shah DEPARTMENT OF LANDS ETUDE NOTARIALE ASSOGBAVI MINISTRY OF LABOR & SOCIAL PROTECTION TILLEKE & GIBBINS PWC TANZANIA Sylvanus Dodzi Awutey Suwat Kerdphon Naddaporn Suwanvajukkasikij Jaffery Shengeza LAWPLUS LTD. CABINET LUCREATIF TANZANIA LAFARGE DEPARTMENT OF LANDS Hunt Talmage Tiem Bolidja ISHENGOMA, MASHA, MUJULIZI & MAGAI Chanida Leelanuntakul Thadeus J. Shio CHANDLER & THONG-EK COMPAGNIE ENERGIE ELECTRIQUE DU TOGO UmmiKulthum Abdallah SIAM CITY LAW OFFICES LTD. (CEET) CQS SERVICES LIMITED AKO LAW Jinjutha Techakumphu Christopher Siambe William Lehane Romain Dansou SIAM CITY LAW OFFICES LTD. Patrick Ache CROWN AGENTS LTD. Sakchai Limsiripothong AGENCE EPAUC NOUVELLE MKONO & CO. ADVOCATES Paisan Tulapornpipat Eve Hawa Sinare WEERAWONG, CHINNAVAT & PEANGPANOR BLUE OCEAN LOGISTICS CO., LTD. Thomas Foli Doe-Bruce Albina Burra REX ATTORNEYS LTD. ORDRE NATIONAL DES ARCHITECTES DU MINISTRY OF LANDS & HUMAN Sutharm Valaisathien TOGO, (ONAT) Aisha Ally Sinda Steven Miller SETTLEMENTS DEVELOPMENT INTERNATIONAL LEGAL COUNSELLORS MKONO & CO. ADVOCATES MAYER BROWN JSM Koffi Joseph Dogbevi Lydia Dominic Pattara Vasinwatanapong CABINET LUCREATIF Filip Tack Sally Mouhim UNIVERSITY OF DAR ES SALAAM VICKERY & WORACHAI LTD. MKONO & CO. ADVOCATES TILLEKE & GIBBINS Firmin Kwami Dzonoukou Theresia Dominic Harold K. Vickery Jr. ETUDE NOTARIALE DZONOUKOU Joseph T. Tango Surapol Opasatien UNIVERSITY OF DAR ES SALAAM VICKERY & WORACHAI LTD. CQS SERVICES LIMITED NATIONAL CREDIT BUREAU CO. LTD. Kodjo John Kokou Wayne Forbes Patcharaporn Vinitnuntarat CABINET D’AVOCATS JOHN KOKOU David Tarimo Nipa Pakdeechanuan YARA TANZANIA LTD. SIAM CITY LAW OFFICES LTD. PWC TANZANIA DEJ-UDOM & ASSOCIATES Atchroe Leonard Johnson Santosh Gajjar Pimvimol Vipamaneerut SCP AQUEREBURU & PARTNERS Mustafa Tharoo Tanadee Pantumkomol SUMAR VARMA ASSOCIATES TILLEKE & GIBBINS ADEPT CHAMBERS CHANDLER & THONG-EK Bleounou Komlan Kennedy Gastorn Auradee Wongsaroj AVOCAT À LA COUR Sarah Thomas Massamu Santhapat Periera MKONO & CO. ADVOCATES CHANDLER & THONG-EK ADEPT CHAMBERS TILLEKE & GIBBINS Hokaméto Kpenou Christopher Giattas AUTORITÉ DE RÉGLEMENTATION DU SECTEUR Sudthana Pilakasiri TIMOR-LESTE DE L’ELECTRICITÉ REX ATTORNEYS THAILAND NATIONAL CREDIT BUREAU CO. LTD. BIMAVI UNIPESSOAL LDA Johnson Jasson ALLEN & OVERY (THAILAND) CO., LTD. Thawatchai Pittayasophon Kofi Kumodzi JOHNSON JASSON & ASSOCIATES EDTL GLOBAL EXCEL INTERNATIONAL - DRH APL SECURITIES AND EXCHANGE COMMISSION ADVOCATES Martin Breen Sibivi Elina Lawson-Atutu CRA TIMOR SCP MARTIAL AKAKPO & ASSOCIES ACKNOWLEDGMENTS 195 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Adeline Messou John Fanua Uele Kelvin Ramsook Yassine El Hafi TURKEY PWC CÔTE D’IVOIRE MINISTRY OF LANDS, SURVEY, NATURAL TRINIDAD & TOBAGO ELECTRICITY ADLY BELLAGHA & ASSOCIATES BALKAN SULFUR LTD. RESOURCES & ENVIRONMENT COMMISSION Kissao Napo Myriam Escheikh ERNST & YOUNG COMPAGNIE ENERGIE ELECTRIQUE DU TOGO Christine Uta’atu Danzel Reid LEGALYS (CEET) UTA’ATU & ASSOCIATES TRINIDAD & TOBAGO ELECTRICITY Emre Akarkarasu Cheiakh Faouzi PWC TURKEY COMMISSION Yawovi Negbegble Lepaola B. Vaea BANQUE CENTRALE DE TUNISIE AUTORITÉ DE RÉGLEMENTATION DU SECTEUR INLAND REVENUE TONGA Myrna Robinson-Walters Ceyda Akbal Abderrahmen Fendri TURUNÇ LAW OFFICE DE L’ELECTRICITÉ M. HAMEL-SMITH & CO., MEMBER OF Jone Vuli PWC TUNISIA LEX MUNDI Sezin Akoğlu Comlan Eli-Eli N’soukpoé WESTPAC BANK OF TONGA Yessine Ferah PEKIN & PEKIN SCP MARTIAL AKAKPO & ASSOCIES Gregory Salandy F&A LAW FIRM Adoko Pascal TRINIDAD AND TOBAGO GSAL DESIGNS LTD. Müjdem Aksoy Noureddine Ferchiou CERRAHOĞLU LAW FIRM TRIANGLE CONSTRUCTEUR CUSTOMS AND EXCISE DIVISION OF Arun Seenath FERCHIOU & ASSOCIÉS TRINIDAD AND TOBAGO DELOITTE LLP Seza Ceren Aktaş Olivier Pedanou Slim Gargouri BASARAN NAS YEMINLI MALI MUSAVIRLIK CABINET LUCREATIF ERNST & YOUNG Stephen A. Singh CPA A.S. JOHNSON, CAMACHO & SINGH Ousmane Samba Mamadou Israiell Ali Imene Hanafi Simge Akyüz BCEAO TRINIDAD & TOBAGO ELECTRICITY Jonathan Walker LEGALYS DEVRES LAW OFFICE COMMISSION M. HAMEL-SMITH & CO., MEMBER OF Galolo Soedjede LEX MUNDI Anis Jabnoun Kenan Alpdündar CABINET DE MAÎTRE GALOLO SOEDJEDE Tara Mary Allum GIDE LOYRETTE NOUEL, MEMBER OF LEX CENTRAL BANK OF THE REPUBLIC OF FITZWILLIAM STONE FURNESS-SMITH & Grantley Wilshire Hoedjeto Tonton Soedjede MUNDI TURKEY MORGAN M. HAMEL-SMITH & CO., MEMBER OF CABINET DE MAÎTRE GALOLO SOEDJEDE LEX MUNDI Atf Jebali Nasri Ekin Altıntaş Steve Beckles Dominique Taty LEGALYS PWC TURKEY DELOITTE LLP Jude Xavier PWC CÔTE D’IVOIRE CARGO CONSOLIDATORS AGENCY LTD. Najla Jezi Melsa Ararat Cecil Camacho Mouhamed Tchassona Traore ACR CORPORATE GOVERNANCE FORUM OF JOHNSON, CAMACHO & SINGH Phillip Xavier ETUDE ME MOUHAMED TCHASSONA TURKEY, SABANCI UNIVERSITY CARGO CONSOLIDATORS AGENCY LTD. Sami Kallel TRAORE Tiffanny Castillo KALLEL & ASSOCIATES Özlem Özgür Arslan M. HAMEL-SMITH & CO., MEMBER OF Inès Mazalo Tekpa LEX MUNDI TUNISIA Larbi Kedira TALAL ABU GHAZALEH LEGAL CABINET LUCREATIF (TAG-LEGAL) ERNST & YOUNG CHAFTER RAOUADI LAW FIRM Stacy Lee Daniell Fousséni Traoré Ilkay Arslantaslı M. HAMEL-SMITH & CO., MEMBER OF Fakhfakh Abdellatif Mabrouk Maalaoui PWC CÔTE D’IVOIRE KPMG LEX MUNDI BANQUE CENTRALE DE TUNISIE PWC TUNISIA Komi Tsakadi Ozgur Asik Anthony Farfan Samir Abdelly Dina Magroun CABINET DE ME TSAKADI INLAWCO LAW FIRM SKYLINE FREIGHT & MANAGEMENT LIMITED ABDELLY & ASSOCIES EL AJERI LAWYERS, PARTENAIRE DE DS Bruno Dosseh Wodotzo AVOCATS Melis Atasagun Charisse Farfan Mourad Abdelmoula OMNITRA PEKIN & BAYAR LAW FIRM SKYLINE FREIGHT & MANAGEMENT LIMITED AFINCO, A MEMBER OF NEXIA Jomaa Mahmoud Emmanuel Yehouessi INTERNATIONAL CAF JURIDIQUE ET FISCAL SARL Ozgecan Aydinsoy Hadyn-John Gadsby BCEAO ÖZEL & ÖZEL ATTORNEYS AT LAW J.D. SELLIER & CO. Ilhem Abderrahim Mohamed Ali Masmoudi Edem Amétéfé Zotchi SOCIÉTÉ TUNISIENNE DE L’ELECRICITÉ ET DU CAF JURIDIQUE ET FISCAL SARL Elvan Aziz Sheryl Anne Haynes SCP MARTIAL AKAKPO & ASSOCIES GAZ (STEG) PAKSOY LAW FIRM TOWN AND COUNTRY PLANNING DIVISION Emna Mazouni Mohamed Ammar CAF JURIDIQUE ET FISCAL SARL Derya Baksı TONGA Nadia Henriques SOCIÉTÉ TUNISIENNE DE L’ELECRICITÉ ET DU M. HAMEL-SMITH & CO., MEMBER OF Sarah Mebazaa TARLAN – BAKSI LAW FIRM SUPREME COURT GAZ (STEG) LEX MUNDI COMETE ENGINEERING Gokce Balcioglu Inoke Afu Leila Aouichri ÖZEL & ÖZEL ATTORNEYS AT LAW Glenn A. Khan Radhi Meddeb DATELINE TRANSAM SHIPPING AIT SARL REGULATED INDUSTRIES COMMISSION COMETE ENGINEERING Z. İlayda Balkan Rosamond Bling Mohamed Moncef Barouni ADMD LAW FIRM Keomi Lourenco Faouzi Mili MINISTRY OF LANDS, SURVEY, NATURAL ACR M. HAMEL-SMITH & CO., MEMBER OF MILI AND ASSOCIATES Naz Bandik RESOURCES & ENVIRONMENT LEX MUNDI Adly Bellagha ÇAKMAK AVUKATLIK BÜROSU ADLY BELLAGHA & ASSOCIATES Mohamed Taieb Mrabet Lord Dalgety Ann-marie Mahabir BANQUE CENTRALE DE TUNISIE Selin Barlak Gümrükçü ELECTRICITY COMMISSION M. HAMEL-SMITH & CO., MEMBER OF Hend Ben Achour PAKSOY LAW FIRM LEX MUNDI ADLY BELLAGHA & ASSOCIATES Amel Mrabet Nailasikau Halatuituia EL AJERI LAWYERS, PARTENAIRE DE DS Ayça Bayburan Aminiasi Kefu Rena M. Mahadeo Mohamed Salah Ben Afia AVOCATS ADMD LAW FIRM CROWN LAW M. HAMEL-SMITH & CO., MEMBER OF ORGA AUDIT, MEMBER OF RUSSELL LEX MUNDI BEDFORD INTERNATIONAL Atf Nasri Pelin Baysal Fisilau Leone FERCHIOU & ASSOCIÉS MEHMET GÜN & PARTNERS KRAMER AUSENCO TONGA Kurt Andrew Anthony Miller Ismail Ben Farhat FITZWILLIAM STONE FURNESS-SMITH & ADLY BELLAGHA & ASSOCIATES Imen Nouira Ayşe Eda Biçer Ashleigh Matheson MORGAN CONSERVATION FONCIÈRE TUNISIA ÇAKMAK AVUKATLIK BÜROSU WESTPAC BANK OF TONGA Leila Ben Mbarek Celeste Mohammed LEGALYS Othmane Olfa Sinan Borovalı Lee Miller M. HAMEL-SMITH & CO., MEMBER OF BANQUE CENTRALE DE TUNISIE KARATAŞYILDIZBOROVALI WASTE MANAGEMENT LTD. Miriam Ben Rejeb LEX MUNDI Habiba Raouadi Yildirim Bozbiyik CAF JURIDIQUE ET FISCAL SARL Laki M. Niu Jon Paul Dominic Mouttet CHAFTER RAOUADI LAW FIRM MINISTRY OF FINANCE LAKI NIU OFFICES Abdelfetah Benahji FITZWILLIAM STONE FURNESS-SMITH & Lotfi Rebai Melis Buhan FERCHIOU & ASSOCIÉS Michael O’Shannassy MORGAN CABINET REBAI PEKIN & PEKIN INLAND REVENUE TONGA Manel Bondi Dean Nieves Hédi Rezgui Zeynep Buharali PWC TUNISIA Sipiloni Raas TRANSUNION SOCIÉTÉ TUNISIENNE DE L’ELECRICITÉ ET DU BASARAN NAS YEMINLI MALI MUSAVIRLIK JAIMI ASSOCIATES - ARCHITECTS Elyes Chafter GAZ (STEG) A.S. Marjorie Nunez CHAFTER RAOUADI LAW FIRM Jemma San Jose LEX CARIBBEAN Koubaa Rym Burcu Çakallı ELECTRICITY COMMISSION Zine el Abidine Chafter CRK KPMG Ronald Patience CHAFTER RAOUADI LAW FIRM Dana Stephenson CARGO CONSOLIDATORS AGENCY LTD. Nizar Sdiri A. Efe Çakmak LAW OFFICE Kmar Chaïbi NIZAR SDIRI LAW FIRM DELOITTE LLP Steven M. Paul BANQUE CENTRALE DE TUNISIE Ralph Stephenson J.D. SELLIER & CO. Imed Tanazefti Taylan Çalışkan LAW OFFICE Afef Challouf GIDE LOYRETTE NOUEL, MEMBER OF LEX PEKIN & PEKIN Fanta Punch SOCIÉTÉ TUNISIENNE DE L’ELECRICITÉ ET DU MUNDI Teimumu Tapueluelu-Schock M. HAMEL-SMITH & CO., MEMBER OF Esin Çamlıbel GAZ (STEG) WESTPAC BANK OF TONGA LEX MUNDI Rachid Tmar TURUNÇ LAW OFFICE Abdelmalek Dahmani CAF JURIDIQUE ET FISCAL SARL Hiva Tatila Mark Ramkerrysingh Burcu Canpolat DAHMANI TRANSIT INTERNATIONAL TONGA DEVELOPMENT BANK FITZWILLIAM STONE FURNESS-SMITH & Wassim Turki PWC TURKEY MORGAN Mohamed Derbel AWT AUDIT & CONSEIL Fine Tohi BDO Maria Lianides Çelebi DATELINE TRANSAM SHIPPING Ramdath Dave Rampersad Ben Afia Zied BENER LAW OFFICE, MEMBER OF IUS DELOITTE LLP Mohamed Lotfi El Ajeri ORGA AUDIT, MEMBER OF RUSSELL LABORIS Lesina Tonga EL AJERI LAWYERS, PARTENAIRE DE DS BEDFORD INTERNATIONAL LESINA TONGA LAW FIRM AVOCATS 196 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Ipek Merve Celik Ahmet Güran Okşan Özkan Furkan Ünal Ida Kussima PEKIN & PEKIN TURUNÇ LAW OFFICE BASARAN NAS YEMINLI MALI MUSAVIRLIK PGLOBAL GLOBAL ADVISORY AND TRAINING KATENDE, SSEMPEBWA & CO. ADVOCATES A.S. SERVICES LTD. M. Fadlullah Cerrahoğlu Ömer Gürbüz Robinah Lutaaya CERRAHOĞLU LAW FIRM MEHMET GÜN & PARTNERS Tuba Özsezen Hakan Volkan PWC UGANDA YASED - INTERNATIONAL INVESTORS Fikret Çetinkaya Ayşegül Gürsoy Selcen Yalçın Michael Malan ASSOCIATION KPMG CERRAHOĞLU LAW FIRM MEHMET GÜN & PARTNERS COMPUSCAN CRB LTD. Özlem Özyiğit Orçun Çetinkaya Zeki Gunduz Barış Yalçın Paul Mbuga YASED - INTERNATIONAL INVESTORS MEHMET GÜN & PARTNERS PWC TURKEY PWC TURKEY SEBALU & LULE ADVOCATES AND LEGAL ASSOCIATION CONSULTANTS Dilek Çolakel Remzi Orkun Guner Ayşegül Yalçınmani Merler Serkan Pamukkale BASARAN NAS YEMINLI MALI MUSAVIRLIK ADMD LAW FIRM CERRAHOĞLU LAW FIRM John Mpambala BIRSEL LAW OFFICES A.S. KAMPALA CITY COUNCIL Salih Zeki Haklı Begüm Yavuzdoğan Ferhat Pekin Niyazi Çömez TOBB MEHMET GÜN & PARTNERS Cornelius Mukiibi PEKIN & BAYAR LAW FIRM DELOITTE LLP C.MUKIIBI.SENTAMU & CO. ADVOCATES Aydin Bugra Ilter Beril Yayla Ahmed Pekin Alisya Bnegi Danisman ILTER, TURAN & ARGUN MEHMET GÜN & PARTNERS Andrew Munanura Kamuteera PEKIN & PEKIN MEHMET GÜN & PARTNERS SEBALU & LULE ADVOCATES AND LEGAL Gül Incesulu Cansu Yazıcı Batuhan Şahmay CONSULTANTS Orkun Deniz ÇAKMAK AVUKATLIK BÜROSU MEHMET GÜN & PARTNERS BENER LAW OFFICE, MEMBER OF IUS KREDIT KAYIT BUREAU Rachel Mwanje Musoke Şebnem Işık LABORIS A.Çağrı Yıldız MMAKS ADVOCATES Pınar Denktaş MEHMET GÜN & PARTNERS ADMD LAW FIRM Bilge Saltan PEKIN & PEKIN Peters Musoke Baris Kalayci DÜLGER LAW FIRM Hülya Yılmaz SHONUBI, MUSOKE & CO. ADVOCATES Chelsea Dereli MEHMET GÜN & PARTNERS DELOITTE LLP Hasan Sarıçiçek LAWYER Jimmy M. Muyanja Ibrahim Kara KPMG Aylin Yontar MUYANJA & ASSOCIATES Rüçhan Derici KREDIT KAYIT BUREAU CERRAHOĞLU LAW FIRM Simhan Savaşçın Başaran 3E DANIŞMANLIK LTD. ŞTI. Plaxeda Namirimu Ali Ozan Karaduman TURUNÇ LAW OFFICE Filiz Yüksel PWC UGANDA Kazım Derman MEHMET GÜN & PARTNERS CERRAHOĞLU LAW FIRM Ahmet Can Seber KREDIT KAYIT BUREAU Sophia Nampijja Bengi Su Karaköylü INLAWCO LAW FIRM Murat Yülek KATENDE, SSEMPEBWA & CO. ADVOCATES Pia Deshpande BASARAN NAS YEMINLI MALI MUSAVIRLIK PGLOBAL GLOBAL ADVISORY AND TRAINING Duygu Şeftalici WEIL, GOTSHAL & MANGES LLP A.S. SERVICES LTD. Diana Ninsiima CERRAHOĞLU LAW FIRM MMAKS ADVOCATES Emine Devres Serhat Karakulaç Izzet Zakuto Ayşe Sert DEVRES LAW OFFICE BASARAN NAS YEMINLI MALI MUSAVIRLIK SOMAY HUKUK BÜROSU Eddie Nsamba-Gayiiya ÇAKMAK AVUKATLIK BÜROSU A.S. CONSULTANT SURVEYORS AND PLANNERS Ebru Dicle Serap Zuvin Ömer Kayhan Seyhun TURKISH INDUSTRIALISTS’ AND Sıddık Kaya SERAP ZUVIN LAW OFFICES Charles Odere CENTRAL BANK OF THE REPUBLIC OF BUSINESSMEN’S ASSOCIATION (TUSIAD) MINISTRY OF INDUSTRY & TRADE LEX UGANDA ADVOCATES & SOLICITORS TURKEY Başak Diclehan Burak Kepkep UGANDA Harriet Wandira Rumanyika Aaron Shafer KPMG KEPKEP INTERNATIONAL LEGAL COUNSELING ERNST & YOUNG SDV TRANSAMI BASARAN NAS YEMINLI MALI MUSAVIRLIK Tarık Dilek Özlem Kızıl A.S. KARGO INTERNATIONAL LTD. Kenneth Rutaremwa BOLERO SOCKS ÇAKMAK AVUKATLIK BÜROSU KATEERA & KAGUMIRE ADVOCATES M. Ufuk Söğütlüoğlu Claire Amanya Irmak Dirik Çiğdem Koğar DELOITTE LLP KAMPALA ASSOCIATED ADVOCATES Moses Segawa PEKIN & PEKIN CENTRAL BANK OF THE REPUBLIC OF SEBALU & LULE ADVOCATES AND LEGAL Çağıl Sünbül Leria Arinaitwe TURKEY CONSULTANTS Ahmet Ílker Doğan BASARAN NAS YEMINLI MALI MUSAVIRLIK SEBALU & LULE ADVOCATES AND LEGAL ÇAKMAK AVUKATLIK BÜROSU Omruncegul Koyuncuoglu A.S. CONSULTANTS Monica Kisubi Senjako BASARAN NAS YEMINLI MALI MUSAVIRLIK SDV TRANSAMI Didem Doğar Esin Taboglu Yurtal Bernard Baingana A.S. PAKSOY LAW FIRM TABOGLU & DEMIRHAN PWC UGANDA Stephen Serunjogi Nergis Kundakçıoğlu KATEERA & KAGUMIRE ADVOCATES Murat Volkan Dülger Aylin Tarlan Tüzemen Matovu Emmy CERRAHOĞLU LAW FIRM DÜLGER LAW FIRM TARLAN – BAKSI LAW FIRM MARMA TECHNICAL SERVICES Alan Shonubi Sait Kurşuncu SHONUBI, MUSOKE & CO. ADVOCATES Dilara Duman Ferya Taş Ivan Engoru CERRAHOĞLU LAW FIRM SARIIBRAHIMOĞLU LAW OFFICE TURUNÇ LAW OFFICE A.F. MPANGA ADVOCATES Christopher Siambe Gülçin Kurt CROWN AGENTS LTD. Çisil Durgun Pınar Tatar Sarfaraz Jiwani CERRAHOĞLU LAW FIRM CERRAHOĞLU LAW FIRM PWC TURKEY SEYANI BROTHERS & CO. (U) LTD. Obed Tindyebwa Ümit Kurt GRAND & NOBLE Pelin Ecevit Muge Temel Lwanga John Bosco JONES LANG LASALLE SERAP ZUVIN LAW OFFICES ÖZEL & ÖZEL ATTORNEYS AT LAW MARMA TECHNICAL SERVICES Ronald Tusingwire Zeki Kurtçu SYNERGY SOLICITORS & ADVOCATES Murat Emirhanoğlu Selen Terzi Özsoylu Charles Kalu Kalumiya DELOITTE LLP KPMG PAKSOY LAW FIRM KAMPALA ASSOCIATED ADVOCATES Isaac Walukagga Orhan Yavuz Mavioğlu MMAKS ADVOCATES Sedat Eratalar Zeynep Tezcan Richard Kamajugo ADMD LAW FIRM DELOITTE LLP PEKIN & PEKIN UGANDA REVENUE AUTHORITY Charlotte McCrudden UKRAINE Gökben Erdem Dirican Elif Tezcan Bayırlı Francis Kamulegeya PEKIN & PEKIN IBCH PEKIN & PEKIN BAYIRLI & MURATOĞLU LAW FIRM PWC UGANDA Banu Mert Oleg Y. Alyoshin Hulya Ergin Güzel Toker John Fisher Kanyemibwa CERRAHOĞLU LAW FIRM VASIL KISIL & PARTNERS INLAWCO LAW FIRM BASARAN NAS YEMINLI MALI MUSAVIRLIK KATEERA & KAGUMIRE ADVOCATES Sıla Muratoğlu A.S. Andrey Astapov Onur Erol Phillip Karugaba BAYIRLI & MURATOĞLU LAW FIRM ASTAPOV LAWYERS INTERNATIONAL LAW PWC TURKEY Berna Toksoy MMAKS ADVOCATES GROUP Yılmaz Nalçakar TURKISH INDUSTRIALISTS’ AND Umurcan Gago Baati Katende MED SHIPPING LOGISTICS TRANSPORT & BUSINESSMEN’S ASSOCIATION (TUSIAD) Ron J. Barden PWC TURKEY KATENDE, SSEMPEBWA & CO. ADVOCATES TRADE LTD. CORPORATION PWC UKRAINE Filiz Toprak Zeynephan Gemicioğlu Sim K. Katende Melis Oget Koc MEHMET GÜN & PARTNERS Olena Basanska CERRAHOĞLU LAW FIRM KATENDE, SSEMPEBWA & CO. ADVOCATES SERAP ZUVIN LAW OFFICES CMS CAMERON MCKENNA Oya Tosunlar Nigar Gökmen Vincent Katutsi Gülçin Özlem Oğuzlar PWC TURKEY Anastasiya Bolkhovitinova ÇAKMAK AVUKATLIK BÜROSU KATEERA & KAGUMIRE ADVOCATES TURUNÇ LAW OFFICE DLA PIPER UKRAINE LLC Noyan Turunç Osman Nuri Gönenç Peter Kauma Mert Oner TURUNÇ LAW OFFICE Timur Bondaryev CENTRAL BANK OF THE REPUBLIC OF KIWANUKA & KARUGIRE ADVOCATES KPMG ARZINGER & PARTNERS INTERNATIONAL TURKEY Ibrahim Tutar Muzamiru Kibeedi LAW FIRM Selin Özbek PENETRA CONSULTING AND AUDITING Sait Gözüm KIBEEDI & CO. OZBEK ATTORNEYS AT LAW Alexander Borisov DELOITTE LLP Ebru Tuygun Robert Komakec GRANT THORNTON LLP Selin Ozdamar DELOITTE LLP Onur Gülsaran ARCH FORUM LTD. ÖZEL & ÖZEL ATTORNEYS AT LAW Solomiya Borshosh CERRAHOĞLU LAW FIRM N.Kerem Üler Brigitte Kusiima Byarugaba PWC UKRAINE Caner Özen ÖZEL & ÖZEL ATTORNEYS AT LAW Sezin Güner SHONUBI, MUSOKE & CO. ADVOCATES ÖZEL & ÖZEL ATTORNEYS AT LAW Lilia Boulakh PEKIN & PEKIN DLA PIPER UKRAINE LLC ACKNOWLEDGMENTS 197 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Alexander Buryak Oleksii Onishchenko Karim Abaza Samer Hamzeh Sujaya Rao PWC UKRAINE GRISCHENKO & PARTNERS SHALAKANY LAW OFFICE, MEMBER OF TROWERS & HAMLINS LLP DHL GLOBAL FORWARDING LEX MUNDI Maryna Bychkova Oleksandr Padalka Jayaram Hariharan Basheer Hameed Rasheed DLA PIPER UKRAINE LLC ASTERS Moutaz Abddullat VASCO GLOBAL MARITIME PROFESSIONAL STAR ENGINEERING TALAL ABU GHAZALEH LEGAL CONSULTANTS Serhiy Chorny Magdalena Patrzyk Mohamed Hassan Ali Al Sherif (TAG-LEGAL) BAKER & MCKENZIE PWC UKRAINE FARZANA TRADING Dean Rolfe Saeed Abdulla Al Hamiz PWC UNITED ARAB EMIRATES Dmytro Derkach Iryna Pidlisna Sydene Helwick CENTRAL BANK OF THE UAE DLA PIPER UKRAINE LLC SALANS AL TAMIMI & COMPANY ADVOCATES & Luke Sajan Simon Adams LEGAL CONSULTANTS DAMCO Anna Deshko Andriy Pozhidayev CLYDE & CO. DAMCO ASTERS Raina Jain Herbert Schroder Farid Ahmadi AMERINDE CONSOLIDATED, INC. EMCREDIT Vladimir Didenko Dmytro Pshenychnyuk NATIONAL TRADING AND DEVELOPMENT MAGISTERS DLA PIPER UKRAINE LLC Zaid Kamhawi Kannan Senthilkumar EST. EMCREDIT GLG SHIPPING Lyudmyla Dzhurylyuk Yuliana Revyuk Yakud Ahmed DLA PIPER UKRAINE LLC KPMG Mohammad Z. Kawasmi Mustafa Sharqawi ORCHID GULF AL TAMIMI & COMPANY ADVOCATES & DUBAI COURTS Svetlana Faieva Vadym Samoilenko Abdulla Al Kaabi LEGAL CONSULTANTS GRANT THORNTON LLP ASTERS N.K. Sidharthan DEPARTMENT OF ECONOMIC DEVELOPMENT Jamal Khan NATIONAL TRADING AND DEVELOPMENT Yuliya Goptarenko Marina Savchenko – DUBAI AMERINDE CONSOLIDATED, INC. EST. KPMG ASTAPOV LAWYERS INTERNATIONAL LAW Essam Al Tamimi GROUP Naeem Khan Sreekumar Sivasankaran Sergiy Gryshko AL TAMIMI & COMPANY ADVOCATES & MOHAMMED ESHAQ TRADING COMPANY GLOBELINK WEST STAR SHIPPING L.L.C. CMS CAMERON MCKENNA Vladimir Sayenko LEGAL CONSULTANTS SAYENKO KHARENKO Khaled Kilani Wayne Smith Valeriia Gudiy Saeed Al-Hamiz ARAMEX EMIRATES LLC AL FUTTAIM LOGISTICS ILYASHEV & PARTNERS Olga Serbul CENTRAL BANK OF THE UAE LAW FIRM IP & C. CONSULT, LLC Vipul Kothari Suresh Dirk Hagemann Yousef Al-Suwaidi KOTHARI AUDITORS & ACCOUNTANTS X-ARCHITECTS BNT & PARTNER Dmytro Shevchenko DUBAI COURTS ARZINGER & PARTNERS INTERNATIONAL Solafa Kouta Pervez Tatary Maryana Hoy Joseph Altendorff LAW FIRM SHARAF SHIPPING AGENCY GREEN PORT SHIPPING AGENCY PWC UKRAINE SNR DENTON & CO. Alla Shevchenko B.S. Krishna Moorthy Mohammed Thani Oksana Ilchenko Deepak Amin BNT & PARTNER LANDMARK GROUP DUBAI LAND DEPARTMENT MAGISTERS INCHCAPE SHIPPING SERVICES Oleg Shevchuk Suresh Krishnamurthy Hamad Thani Mutar Olga Ivaniv Wicki Andersen PROXEN & PARTNERS AL KHALEEJ SUGAR DUBAI COURTS VASIL KISIL & PARTNERS BAKER BOTTS LLP Hanna Shtepa Rajiv Krishnan Raju V. Varghese Vitaliy Kazakov Sara Apostolides BAKER & MCKENZIE FARZANA TRADING AL YOUSUF L.L.C GRANT THORNTON LLP SNR DENTON & CO. Markian B. Silecky John Kunjappan Suresh Vallu Natalya Kim Manavalan Arumugam SALANS MAERSK KANOO LLC DIAMOND SHIPPING SERVICES CHADBOURNE & PARKE LLP EROS GROUP Anna Sisetska Ehab Lamie Justin Varghese Andriy Kirmach Mohammed Ather VASIL KISIL & PARTNERS SHALAKANY LAW OFFICE, MEMBER OF AL FUTTAIM LOGISTICS CHADBOURNE & PARKE LLP FARZANA TRADING LEX MUNDI Andriy Stetsenko Gary Watts Natalia Koloskova Ali Awais CMS CAMERON MCKENNA Charles S. Laubach AL TAMIMI & COMPANY ADVOCATES & THE UKRAINIAN JOURNAL OF BUSINESS BAKER BOTTS LLP AFRIDI & ANGELL, MEMBER OF LEX MUNDI LEGAL CONSULTANTS LAW Yaroslav Teklyuk T Suresh Babu VASIL KISIL & PARTNERS P.S. Liaquath Natasha Zahid Maksym Kopeychykov LANDMARK GROUP SHARAF SHIPPING AGENCY BAKER BOTTS LLP ILYASHEV & PARTNERS Olexander Tereschenko Srinivas Balla VASIL KISIL & PARTNERS Sohail Maklai Evgeniy Kornievskiy GREEN PORT SHIPPING AGENCY MOHAMMED ESHAQ TRADING COMPANY UNITED KINGDOM KONNOV & SOZANOVSKY Svitlana Teush Prakash Bhanushali AERONA CUSTOMS CLEARING AGENTS LTD. ARZINGER & PARTNERS INTERNATIONAL Premanand Maroly Natalia Kozyar ALSAHM AL SAREE TRANSPORT & LAW FIRM VASCO GLOBAL MARITIME ALLEN & OVERY LLP THE UKRAINIAN JOURNAL OF BUSINESS CLEARING LAW Dmytro Tkachenko Sharnooz Mohammed EXPERIAN LTD. Hiten Bhatia DLA PIPER UKRAINE LLC DHL GLOBAL FORWARDING Tatyana Kuzmenko SILVER LINE TRANSPORTATION OFGEM ASTAPOV LAWYERS INTERNATIONAL LAW Anna Tkachenko Praveen Narikutty Jennifer Bibbings WHITE & BALCK LEGAL LLP GROUP SALANS FREIGHTWORKS TROWERS & HAMLINS LLP Guy Bailey Natalia Levchuk Zakhar Tropin Edward Nisbet Maryam Bin Lahej CBI - THE CONFEDERATION OF BRITISH DLA PIPER UKRAINE LLC PROXEN & PARTNERS SNR DENTON & CO. DUBAI COURTS INDUSTRY Yulia Logunova Olga Usenko Yasser Omar Mazen Boustany Jim Bligh DLA PIPER UKRAINE LLC THE UKRAINIAN JOURNAL OF BUSINESS SHALAKANY LAW OFFICE, MEMBER OF HABIB AL MULLA & CO. CBI - THE CONFEDERATION OF BRITISH LAW LEX MUNDI Olga Lubiv INDUSTRY R. Chandran KPMG Elina Vavryshchuk Ravi Parambott SEA BRIDGE SHIPPING CO. LLC David Bridge DLA PIPER UKRAINE LLC IAL LOGISTICS EMIRATES LLC Nellie Makary SIMMONS & SIMMONS LLP Sudesh Chaturvedi GRANT THORNTON LLP Olena Verba Vijendra Vikram Singh Paul GULF AGENCY COMPANY LLC Sebastian Cameron ARZINGER & PARTNERS INTERNATIONAL TALAL ABU GHAZALEH LEGAL Oleksandr Maydanyk CLEARY GOTTLIEB STEEN & HAMILTON LLP LAW FIRM Sarah Dahabiyeh (TAG-LEGAL) MAGISTERS SNR DENTON & CO. Michael Canvin Oleksandr Vygovskyy Marjan Payan Tabari Tetiana Melnychuk CROWN AGENTS LTD. ASTERS Lisa Dale TALAL ABU GHAZALEH LEGAL Arsenyy Milyutin AL TAMIMI & COMPANY ADVOCATES & (TAG-LEGAL) Jonathan Dawe Zeeshan Wani MAGISTERS LEGAL CONSULTANTS HRO GRANT DAWE LLP GLOBALINK TRANSPORTATION & LOGISTICS Biju Pillai Vadim Mizyakov WORLDWIDE LLP Shirish Deshpande DHL GLOBAL FORWARDING Paul de Bernier ASTERS ARABIAN AUTOMOBILES MAYER BROWN LLP Olexiy Yanov Jaya Prakash Anna Moliboga LAW FIRM IP & C. CONSULT, LLC Ibrahim Elsadig AL FUTTAIM LOGISTICS Kirsten Dunlop KPMG SNR DENTON & CO. SHEPHERD & WEDDERBURN Yulia Yashenkova V. Prakash Oleksandr Mozheiko ASTAPOV LAWYERS INTERNATIONAL LAW Ashfat Farhan AL TAJIR GLASS INDUSTRIES Nick Francis ASTERS GROUP AIR SOLUTIONS FZE PWC UNITED KINGDOM Lal Premarathne Nataliya Mykolska Galyna Zagorodniuk Anthea Fernandes DHL GLOBAL FORWARDING Laura Freestone VASIL KISIL & PARTNERS DLA PIPER UKRAINE LLC SHALAKANY LAW OFFICE, MEMBER OF PRICEWATERHOUSECOOPERS LEGAL LLP Samer Qudah LEX MUNDI Aleksandra Odynets Tatiana Zamorska AL TAMIMI & COMPANY ADVOCATES & Tony Grant GRISCHENKO & PARTNERS KPMG Senil George LEGAL CONSULTANTS HRO GRANT DAWE LLP NATIONAL TRADING AND DEVELOPMENT Sergiy Onishchenko Yusuf Rafiudeen Donald Gray UNITED ARAB EMIRATES EST. DUBAI ELECTRICITY AND WATER DARWIN GRAY LLP CHADBOURNE & PARKE LLP ERNST & YOUNG Michael Hamway AUTHORITY Stephen Gummer PWC UNITED ARAB EMIRATES INTUIT MANAGEMENT CONSULTANCY PRICEWATERHOUSECOOPERS LEGAL LLP 198 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Helen Hall Alice Steward Edita Jauniute Rigoberto Paredes Ayllón Cecilia Larrosa DLA PIPER UK LLP SIMMONS & SIMMONS LLP AMERINDE CONSOLIDATED, INC. RIGOBERTO PAREDES & ASSOCIATES GUYER & REGULES, MEMBER OF LEX MUNDI Stephen Hall Lance Terry Charles L. Kerr Fernando Bado Andrea Medina PRICEWATERHOUSECOOPERS LEGAL LLP GLANVILLES SOLICITORS MORRISON AND FOERSTER ESTUDIO DR. MEZZERA ARCIA STORACE FUENTES MEDINA ABOGADOS Jonathan Harries Angela Warrington Joshua Kochath Sofia Borba PRICEWATERHOUSECOOPERS LEGAL LLP DLA PIPER UK LLP COMAGE CONTAINER LINES VIÑOLES ARQUITECT STUDIO Ricardo Mezzera ESTUDIO DR. MEZZERA Jillian Hastings Carmel Weitzmann Arthur Kohn Carlos Brandes DEPARTMENT FOR COMMUNITIES AND PRICEWATERHOUSECOOPERS LEGAL LLP CLEARY GOTTLIEB STEEN & HAMILTON LLP GUYER & REGULES, MEMBER OF LEX MUNDI Matilde Milicevic Santana LOCAL GOVERNMENT EQUIFAX - CLEARING DE INFORMES Christopher Wigley Michael Lazerwitz, Esq. Virginia Brause Neville Howlett LONDON BUILDING CONTROL LTD. CLEARY GOTTLIEB STEEN & HAMILTON LLP JIMÉNEZ DE ARÉCHAGA, VIANA & BRAUSE Robert Miller PWC UNITED KINGDOM GALANTE & MARTINS Sally Willcock Macey Levington Ricardo Marcelo Bregani Alice Isted WEIL, GOTSHAL & MANGES LLP CLEARY GOTTLIEB STEEN & HAMILTON LLP ESTUDIO BLANCO & ETCHEVERRY Alejandro Miller Artola SIMMONS & SIMMONS LLP GUYER & REGULES, MEMBER OF LEX MUNDI Andrew Wilson Bradford L. Livingston Manuela Alejandra Bustillos García Simon Jay ANDREW WILSON & CO. SEYFARTH SHAW LLP RIGOBERTO PAREDES & ASSOCIATES Matias Morgare CLEARY GOTTLIEB STEEN & HAMILTON LLP SDV URUGUAY Colin Lloyd Irene Cao Shahriar Khan UNITED STATES CLEARY GOTTLIEB STEEN & HAMILTON LLP STAVROS MOYAL Y ASOCIADOS, MEMBER OF Pablo Mosto CROWN AGENTS LTD. BEMEX INTERNATIONAL RUSSELL BEDFORD INTERNATIONAL ADMINISTRACIÓN NACIONAL DE USINAS Y Paul Marquardt TRANSMISIÓN ELÉCTRICA (UTE) Rebecca Knight CROWN AGENTS LTD. CLEARY GOTTLIEB STEEN & HAMILTON LLP Mariana Caporale PWC UNITED KINGDOM JIMENEZ DE ARÉCHAGA VIANA & BRAUSE Pablo Moyal TRANSUNION Kerry Mohan STAVROS MOYAL Y ASOCIADOS, MEMBER OF Susan Knowles SEYFARTH SHAW LLP Augusto Cibils Michael Aktipis RUSSELL BEDFORD INTERNATIONAL HER MAJESTY’S LAND REGISTRY PWC URUGUAY CLEARY GOTTLIEB STEEN & HAMILTON LLP Robert Morris María Concepción Olivera Shinoj Koshy PWC UNITED STATES Martín Colombo Sam J. Alberts OLIVERA ABOGADOS CLEARY GOTTLIEB STEEN & HAMILTON LLP FERRERE INTERNACIONAL DICKSTEIN SHAPIRO LLP Kelly Murray Ricardo Olivera García Maria Llewellyn PWC UNITED STATES Nicolas Constantinidi Stephen Anderson OLIVERA ABOGADOS WATSON, FARLEY & WILLIAMS JIMÉNEZ DE ARÉCHAGA, VIANA & BRAUSE PWC UNITED STATES David Newberg María Cecilia Orlando Mushtak Macci COLLIER, HALPERN, NEWBERG, NOLLETTI, Leonardo Couto Phillip Anzalone GUYER & REGULES, MEMBER OF LEX MUNDI LUBBOCK FINE, MEMBER OF RUSSELL & BOCK JOSE MARIA FACAL & CO. ATELIER ARCHITECTURE 64, PLLC BEDFORD INTERNATIONAL Juan Orticochea Samuel Nolen Jorge De Vita Pamy Arora GUYER & REGULES, MEMBER OF LEX MUNDI Helen Macdonald RICHARDS, LAYTON & FINGER, P.A., JORGE DE VITA STUDIO CORNELL GROUP, INC PRICEWATERHOUSECOOPERS LEGAL LLP MEMBER OF LEX MUNDI Virginia Palleiro María Durán Asheet Awasthi ARCIA STORACE FUENTES MEDINA Christopher Mallon Sean O’Neal HUGHES & HUGHES AMERINDE CONSOLIDATED, INC. ABOGADOS SKADDEN, ARPS, SLATE, MEAGHER & CLEARY GOTTLIEB STEEN & HAMILTON LLP Noelia Eiras FLOM LLP Birute Awasthi Hugo Pereira Jeffrey Penn HUGHES & HUGHES AMERINDE CONSOLIDATED, INC. ARCIA STORACE FUENTES MEDINA Emily Marshall CLEARY GOTTLIEB STEEN & HAMILTON LLP Agustín Etcheverry Reyes ABOGADOS CLEARY GOTTLIEB STEEN & HAMILTON LLP Luke A. Barefoot Sandra Rocks ESTUDIO BLANCO & ETCHEVERRY CLEARY GOTTLIEB STEEN & HAMILTON LLP Ismael Pignatta Sánchez Charles Mayo CLEARY GOTTLIEB STEEN & HAMILTON LLP Fabrizio Fava GUYER & REGULES, MEMBER OF LEX MUNDI SIMMONS & SIMMONS LLP David Bartlett William Rucci COVIDIEN URUGUAY AMERINDE CONSOLIDATED, INC. María José Poey Forbes McNaughton RUCCI, BARDARO & BARRETT, PC Javier Fernández Zerbino GUYER & REGULES, MEMBER OF LEX MUNDI TRICOR-ATC EUROPE LLP Richard F. Broude CPA’S, MEMBER OF RUSSELL BEDFORD BADO, KUSTER, ZERBINO & RACHETTI INTERNATIONAL Nathalie Polak Alexander Mehra Elya Caplan Hector Ferreira FISCHER & SCHICKENDANTZ CLEARY GOTTLIEB STEEN & HAMILTON LLP LEGAL ENFORCEMENT SERVICE Manuel Santiago HUGHES & HUGHES MILROSE CONSULTANTS, INC. Mariana Saracho Nnenna Morah Vaiva Cepukaityte Juan Federico Fischer GUYER & REGULES, MEMBER OF LEX MUNDI LEWIS SILKIN SOLICITORS, MEMBER OF IUS AMERINDE CONSOLIDATED, INC. Vincent Scott FISCHER & SCHICKENDANTZ LABORIS VINCENT SCOTT ENTERPRISES Eliana Sartori Victor Chiu Federico Florin PWC URUGUAY Matthew Percival CLEARY GOTTLIEB STEEN & HAMILTON LLP Helen Skinner GUYER & REGULES, MEMBER OF LEX MUNDI CBI - THE CONFEDERATION OF BRITISH CLEARY GOTTLIEB STEEN & HAMILTON LLP Enrique Schickendantz INDUSTRY Richard Conza, Esq. Federico Formento FISCHER & SCHICKENDANTZ CLEARY GOTTLIEB STEEN & HAMILTON LLP Cole Smith FISCHER & SCHICKENDANTZ Chris Perkins CLEARY GOTTLIEB STEEN & HAMILTON LLP Betania Silvera PRICEWATERHOUSECOOPERS LEGAL LLP Brendan Cyr Sergio Franco GUYER & REGULES, MEMBER OF LEX MUNDI CLEARY GOTTLIEB STEEN & HAMILTON LLP David Snyder PWC URUGUAY Stewart Perry SNYDER & SNYDER, LLP Leonardo Slinger CLYDE & CO. James Denn Andres Fuentes GUYER & REGULES, MEMBER OF LEX MUNDI NEW YORK STATE PUBLIC SERVICE Jantira Supawong ARCIA STORACE FUENTES MEDINA David Pickstone COMMISSION CLEARY GOTTLIEB STEEN & HAMILTON LLP Beatriz Spiess ABOGADOS PRICEWATERHOUSECOOPERS LEGAL LLP GUYER & REGULES, MEMBER OF LEX MUNDI Joshua L. Ditelberg F.W. Turner Diego Galante Steve Pocock SEYFARTH SHAW LLP TURNER & TURNER Dolores Storace GALANTE & MARTINS CROWN AGENTS LTD. ARCIA STORACE FUENTES MEDINA Margareta Faris Penny Vaughn Pablo Galmarini ABOGADOS Kate Pointer INTERDEVELOPMENT, INC. PWC UNITED STATES GALMARINI SIMMONS & SIMMONS LLP Miguel Angel Tambo Torrez Irma Foley David Wilson Enrique Garcia Pini RIGOBERTO PAREDES & ASSOCIATES Anna Portsmouth ORRICK, HERRINGTON & SUTCLIFFE LLP HOLME ROBERTS & OWEN LLP ADMINISTRACIÓN NACIONAL DE USINAS Y DLA PIPER UK LLP Alvaro Tarabal Daphney François Julie Yip-Williams TRANSMISIÓN ELÉCTRICA (UTE) GUYER & REGULES, MEMBER OF LEX MUNDI Eleanor Richardson CLEARY GOTTLIEB STEEN & HAMILTON LLP CLEARY GOTTLIEB STEEN & HAMILTON LLP Santiago Gatica DAVIES ARNOLD COOPER LLP Alejandro Taranto Patrick Fuller, Esq. GUYER & REGULES, MEMBER OF LEX MUNDI Alex Rogan URUGUAY ESTUDIO TARANTO CLEARY GOTTLIEB STEEN & HAMILTON LLP Nelson Alfredo Gonzalez SKADDEN, ARPS, SLATE, MEAGHER & Isabel Abarno Martín Thomasset Greta Gerazimaite SDV URUGUAY FLOM LLP OLIVERA ABOGADOS GALANTE & MARTINS AMERINDE CONSOLIDATED, INC. Andrés Hessdörfer Andrew Shutter Juan Achugar Juan Ignacio Troccoli Robert Goethe ARCIA STORACE FUENTES MEDINA CLEARY GOTTLIEB STEEN & HAMILTON LLP BANCO CENTRAL DEL URUGUAY FISCHER & SCHICKENDANTZ CORNELL GROUP, INC ABOGADOS Sandra Simoni Marta Alvarez Mariana Venturino Boris Grosman Marcela Hughes DEPARTMENT FOR COMMUNITIES AND ADMINISTRACIÓN NACIONAL DE USINAS Y ARCIA STORACE FUENTES MEDINA L & B ELECTRICAL INTERNATIONAL HUGHES & HUGHES LOCAL GOVERNMENT TRANSMISIÓN ELÉCTRICA (UTE) ABOGADOS Sonya H.S. Lee Gonzalo Iglesias Stacey-Jo Smith Eduardo Ameglio Horacio Viana CLEARY GOTTLIEB STEEN & HAMILTON LLP GUYER & REGULES, MEMBER OF LEX MUNDI COMPANIES HOUSE GUYER & REGULES, MEMBER OF LEX MUNDI JIMÉNEZ DE ARÉCHAGA, VIANA & BRAUSE Adam Heintz Ariel Imken Paul Speirs Bernardo Amorín Maria Noel Vidal MORRISON AND FOERSTER SUPERINTENDENCIA DE INSTITUCIONES DE EXPERIAN LTD. OLIVERA ABOGADOS PWC URUGUAY INTERMEDIACIÓN FINANCIERA - BANCO Spencer Stevenson James Hough Sebastián Arcia CENTRAL DEL URUGUAY Gerardo Viñoles BRITISH INTERNATIONAL FREIGHT MORRISON AND FOERSTER ARCIA STORACE FUENTES MEDINA VIÑOLES ARQUITECT STUDIO Alfredo Inciarte Blanco ASSOCIATION Neil Jacobs ABOGADOS ESTUDIO PÉREZ DEL CASTILLO, INCIARTE, NI JACOBS & ASSOCIATES GARI ABOGADOS ACKNOWLEDGMENTS 199 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Ignacio Zubillaga Andy Cottam Arturo De Sola Lander Carlos Velandia Sanchez Dao Nguyen ARCIA STORACE FUENTES MEDINA NATIONAL BANK OF VANUATU DE SOLA PATE & BROWN, ABOGADOS ASOCIACIÓN VENEZOLANA DE DERECHO MAYER BROWN JSM ABOGADOS - CONSULTORES REGISTRAL “AVEDER” Paul de Montgolfier Huong Nguyen CABINET AJC Carlos Domínguez Hernández Anhelisa Villarroel MAYER BROWN JSM UZBEKISTAN HOET PELAEZ CASTILLO & DUQUE CONAPRI Frederic Derousseau Linh D. Nguyen GLOBALINK LOGISTICS GROUP VATE ELECTRICS Jose Fereira José Vivas VILAF - HONG DUC LAW FIRM UZBEKENERGO RODRIGUEZ & MENDOZA SELF EMPLOYED Julie Donald Tram Nguyen Huyen Askar K. Abdusagatov BARRETT & PARTNERS Francisco Gámez Arcaya Bernardo Wallis GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER OOO “PROGRESS-DEVELOPMENT” MACLEOD DIXON OF LEX MUNDI Roger Fabros Jose Garcia Mels Akhmedov GENESIS SHIPPING SERVICES PWC VENEZUELA Tam Nguyen Tinh BAS LAW FIRM VIETNAM GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER Silas Charles Hakwa Hector Garcia Corredor DFDL MEKONG LAW GROUP OF LEX MUNDI Rano Anvari SILAS CHARLES HAKWA & ASSOCIATES HOET PELAEZ CASTILLO & DUQUE SNR DENTON WILDE SAPTE & CO. PANALPINA WORLD TRANSPORT LLP Ronald Parks David Hudson Jose Alfredo Giral GRANT THORNTON LLP Natalya Apukhtina HUDSON & SUGDEN BAKER & MCKENZIE Frederick Burke SNR DENTON WILDE SAPTE & CO. BAKER & MCKENZIE Vu Anh Phan Richard Ierongen Ybeth Gonzalez INDOCHINE COUNSEL Umid Aripdjanov BARRETT & PARTNERS BAKER & MCKENZIE Samantha Campbell GRATA LAW FIRM GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER Viet D. Phan Ari Jenshel Andres Felipe Guevara OF LEX MUNDI TRAN H.N. & ASSOCIATES Irina Gosteva STATE LAW OFFICE BAKER & MCKENZIE SNR DENTON WILDE SAPTE & CO. Giles Thomas Cooper Truong Nhat Quang Frida Karie Alfredo Hurtado DUANE MORRIS LLC YKVN Nail Hassanov BARRETT & PARTNERS HURTADO ESTEBAN & ASOCIADOS, MEMBER LEGES ADVOKAT LAW FIRM OF RUSSELL BEDFORD INTERNATIONAL Thi Thu Quyen Dang Nguyen Que Tam Chris Kernot UNCTAD CHEN SHAN & PARTNERS Bakhodir Jabbarov FR8 LOGISTICS LTD. Maigualida Ifill GRATA LAW FIRM PWC VENEZUELA Nguyen Dang Viet Toby Nicholas Rees Tony Lace BIZCONSULT LAW FIRM MAYER BROWN JSM Mouborak Kambarova FLETCHER CONSTRUCTION Enrique Itriago SNR DENTON WILDE SAPTE & CO. RODRIGUEZ & MENDOZA Van Dinh Thi Quynh Yee Chung Seck Colin B. Leo PWC VIETNAM BAKER & MCKENZIE Khurshid Kasimdzhanov COLIN BRIGHT LEO LAWYERS Manuel Iturbe M&M TRAVIESO EVANS ARRIA RENGEL & PAZ Ngoan Doan Huynh Tan Loi John Malcolm GRANT THORNTON LLP INDOCHINE COUNSEL Tatyana Kasimova Ana Lugo M&M Philippe Mehrengerger Linh Doan Dinh The Phuc HOET PELAEZ CASTILLO & DUQUE UNELCO LVN & ASSOCIATES ELECTRICITY REGULATORY AUTHORITY OF Nurali Eshibaevich Khalmuratov Andreina Lusinchi Edward Nalyal VIETNAM NATIONAL INSTITUTE OF CREDIT TRAVIESO EVANS ARRIA RENGEL & PAZ Dang The Duc INFORMATION OF CENTRAL BANK OF THE EDWARD NALYAL & PARTNERS INDOCHINE COUNSEL Le Thi Nhat Linh REPUBLIC OF UZBEKISTAN Luiz Ignacio Mendoza BAN MAI CO. LTD. Serah Obed Thanh Long Duong RODRIGUEZ & MENDOZA Davron Khasanov VANUATU FINANCIAL SERVICES ALIAT LEGAL Nhung Thieu Hong MUKHAMEDJANOV & PARTNERS LAW FIRM COMMISSION Maritza Meszaros PWC VIETNAM BAKER & MCKENZIE David Fitzgerald Olga Kim Juris Ozols PWC VIETNAM Tan Heng Thye GRATA LAW FIRM Patricia Milano Hernández CHEN SHAN & PARTNERS Harold Qualao DE SOLA PATE & BROWN, ABOGADOS Ngoc Hai Ha Marina Kondratova QUALAO CONSULTING - CONSULTORES BAKER & MCKENZIE Antoine Toussaint MARIKON AUDIT LLC, MEMBER OF RUSSELL GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER Katoa Rezel Lorena Mingarelli Lozzi Quang Ha Dang BEDFORD INTERNATIONAL OF LEX MUNDI DEPARTMENT OF LANDS, SURVEYS & DE SOLA PATE & BROWN, ABOGADOS GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER Ibrahim Mukhamedjanov RECORDS OF LEX MUNDI Chi Anhi Traan - CONSULTORES MUKHAMEDJANOV & PARTNERS LAW FIRM BAKER & MCKENZIE John Ridgway José Manuel Ortega Pérez Giang Ha Thi Phuong Behruz Nizamutdinov PLN LAWYERS PALACIOS, ORTEGA Y ASOCIADOS PWC VIETNAM Thanh Ha Tran M&M BAKER & MCKENZIE Martin Saint Hilaire Luis Esteban Palacios Wannoni Minh Ho Thi Hieu Shavkat Radjabov CABINET AJC PALACIOS, ORTEGA Y ASOCIADOS GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER Nguyen Anh Tuan FABIS CONSULTING AND TRADING LLC OF LEX MUNDI DP CONSULTING LTD. Mark Stafford John R. Pate Laziza Rakhimova BARRETT & PARTNERS DE SOLA PATE & BROWN, ABOGADOS Le Hong Phong Nguyen Thu Thuy Vo GRATA LAW FIRM - CONSULTORES BIZCONSULT LAW FIRM SDV LOGISTICS Mandes K. Tangaras Ravshan Rakhmanov MUNICIPALITY OF PORT VILA Thomas J. Pate Páez Nguyen Thi Hong Van Chi Vo Ngoc Phuong GRATA LAW FIRM DE SOLA PATE & BROWN, ABOGADOS YKVN GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER VENEZUELA, RB - CONSULTORES OF LEX MUNDI Alexander Samborsky Kim Ngoan Huynh NATIONAL CENTRE OF GEODESY & Jorge Acedo-Prato Fernando Pelaez-Pier GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER Thang Vu CARTOGRAPHY HOET PELAEZ CASTILLO & DUQUE HOET PELAEZ CASTILLO & DUQUE OF LEX MUNDI BAKER & MCKENZIE Vakhid Saparov Tamara Adrian Bernardo Pisani Tuong Long Huynh Dzung Vu GRATA LAW FIRM ADRIAN & ADRIAN RODRIGUEZ & MENDOZA GIDE LOYRETTE NOUEL A.A.R.P.I., MEMBER LVN & ASSOCIATES OF LEX MUNDI Nizomiddin Shakhabutdinov Yanet Aguiar Eduardo Porcarelli Anh Thu Vu LEGES ADVOKAT LAW FIRM MACLEOD DIXON CONAPRI Anh Tuan Le MAYER BROWN JSM CREDIT INFORMATION CENTRE - STATE Sofia Shakhrazieva Juan Enrique Aigster Juan Carlos Pró-Rísquez Le Vu Anh BANK OF VIETNAM GRATA LAW FIRM HOET PELAEZ CASTILLO & DUQUE MACLEOD DIXON PWC VIETNAM Phuc Le Hong Atabek Sharipov Servio T. Altuve Jr. Melissa Puga Santaella GRATA LAW FIRM SERVIO T. ALTUVE R. & ASOCIADOS LUATVIET - ADVOCATES & SOLICITORS WEST BANK AND GAZA CONAPRI Thuy Le Nguyen Huy ERNST & YOUNG Petros Tsakanyan Francisco Alvarez Silva Wendy Quintero INDOCHINE COUNSEL AZIZOV & PARTNERS TRAVIESO EVANS ARRIA RENGEL & PAZ MACLEOD DIXON Hani Abdel Jaldeh Thuy Anh Le Phan Murad Abu Mwis Aziz Turdibaev Ramon Alvins Jose Felix Ramirez G. VILAF - HONG DUC LAW FIRM MINISTRY OF NATIONAL ECONOMY M&M MACLEOD DIXON MIRKO INTERNACIONAL Phuoc Le Van Ata Al Biary Laziza Walter Luis Andueza Laura Silva Aparicio HO CHI MINH CITY POWER COMPANY GRATA LAW FIRM MACLEOD DIXON HOET PELAEZ CASTILLO & DUQUE Sharhabeel Al-Zaeem Le Thi Loc SHARHABEEL AL-ZAEEM AND ASSOCIATES Nodir Yuldashev Carlos Bachrich Nagy Raúl Stolk Nevett YKVN GRATA LAW FIRM DE SOLA PATE & BROWN, ABOGADOS HOET PELAEZ CASTILLO & DUQUE Haytham L. Al-Zubi - CONSULTORES Tien Ngoc Luu AL-ZUBI LAW OFFICE, ADVOCATES & VANUATU Oscar Ignacio Torres VISION & ASSOCIATES Edgar Eduardo Berroteran LEGAL CONSULTANTS TRAVIESO EVANS ARRIA RENGEL & PAZ Barry Amoss HOET PELAEZ CASTILLO & DUQUE Duy Minh Ngo Moayad Amouri SOUTH SEA SHIPPING LTD. John Tucker DC LAW Sergio Casinelli SA’ADI ORFALY & DAHER CERTIFIED PUBLIC HOET PELAEZ CASTILLO & DUQUE Loïc Bernier MACLEOD DIXON Quoc Phong Nguyen ACCOUNTANTS CAILLARD & KADDOUR Ricardo Useche ALIAT LEGAL Diego Castagnino Khalil Ansara ELECTRIFICACIONES GUAYANA CA Garry Blake HOET PELAEZ CASTILLO & DUQUE Hong Hai Nguyen CATHOLIC RELIEF SERVICES RIDGEWAY BLAKE PARTNERS DUANE MORRIS LLC 200 DOING BUSINESS 2012 EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Nada Atrash Taha Tawawala ZIMBABWE Unity Sakhe ARCHITECTURE & DESIGN AL SUWAIDI & COMPANY ERNST & YOUNG KANTOR & IMMERMAN Nizam Ayoob Nigel Truscott Richard Beattie Aisha Thuliswa Tsimba MINISTRY OF NATIONAL ECONOMY AL SUWAIDI & COMPANY THE STONE/BEATTIE STUDIO STANBIC BANK Ali Faroun Khaled Hassan Zaid Tim Boulton PALESTINIAN MONETARY AUTHORITY YEMEN CHAMBER OF SHIPPING MANICA AFRICA PTY. LTD. George Handal Peter Cawood BETHLEHEM FREIGHT ZAMBIA PWC ZIMBABWE ENERGY REGULATION BOARD (ERB) Hiba I. Husseini Onias Chigavazira HUSSEINI & HUSSEINI Tinenenji Banda HLB RUZENGWE & COMPANY CHIBESAKUNDA & COMPANY (PART OF Mohamed Khader Benjamin Chikowero DLA PIPER GROUP) LAUSANNE TRADING CONSULTANTS GUTU & CHIKOWERO Chewe K. Bwalya Absal Nusseibeh Grant Davies D.H. KEMP & CO. HUSSEINI & HUSSEINI MANICA AFRICA PTY. LTD. Bonaventure Chibamba Mutale Michael F. Orfaly Paul De Chalain ELLIS & CO. SA’ADI ORFALY & DAHER CERTIFIED PUBLIC PWC SOUTH AFRICA ACCOUNTANTS Mwelwa Chibesakunda CHIBESAKUNDA & COMPANY (PART OF Beloved Dhlakama Maysa Quod DHLAKAMA B. ATTORNEYS DLA PIPER GROUP) PALESTINIAN MONETARY AUTHORITY Sydney Chisenga Canaan Farirai Dube Wael Sa’adi DUBE, MANIKAI AND HWACHA LEGAL CORPUS LEGAL PRACTITIONERS SA’ADI ORFALY & DAHER CERTIFIED PUBLIC PRACTITIONERS - DMH COMMERCIAL LAW ACCOUNTANTS Emmanuel Chisenga Chulu CHAMBERS PWC ZAMBIA Samir Sahhar Paul Fraser OFFICE OF SAMIR SAHHAR Chiko Chuula LOFTY & FRASER CHIBESAKUNDA & COMPANY (PART OF Husein Sholi Obert Chaurura Gutu DLA PIPER GROUP) JUSTICE SECTOR ASSISTANCE PROJECT GUTU & CHIKOWERO - JSAPII Harjinder Dogra PWC ZAMBIA Selby Hwacha YEMEN, REP. DUBE, MANIKAI AND HWACHA LEGAL Arshad A. Dudhia PRACTITIONERS - DMH COMMERCIAL LAW Abdulalah A. Al karraz MUSA DUDHIA & COMPANY CHAMBERS LANDS & SURVEYING AUTHORITY Charles Haanyika Ali Imedi Tariq Abdullah UTILINK LIMITED CROWN AGENTS LTD. LAW OFFICES OF SHEIKH TARIQ ABDULLAH Diane Harrington Edwin Isaac Manikai Khalid Abdullah SDV LOGISTICS DUBE, MANIKAI AND HWACHA LEGAL SHEIKH MOHAMMED ABDULLAH SONS PRACTITIONERS - DMH COMMERCIAL LAW Chance Kaonga Khaled Al Buraihi NATIONAL COUNCIL FOR CONSTRUCTION CHAMBERS KHALED AL BURAIHI FOR ADVOCACY & R.T. Katsande Namaala Liebenthal LEGAL SERVICES ZIMBABWE ELECTRICITY TRANSMISSION & CHIBESAKUNDA & COMPANY (PART OF Yaser Al-Adimi DLA PIPER GROUP) DISTRIBUTION COMPANY ABDUL GABAR A. AL-ADIMI FOR Abraham Kudzai Maguchu Mumba Makumba CONSTRUCTION & TRADE DUBE, MANIKAI AND HWACHA LEGAL PACRO Fahdl M. Al-Akwa PRACTITIONERS - DMH COMMERCIAL LAW Bonaventure Mbewe CHAMBERS COURT OF APPEAL FOR TORY OF SANA’A BARCLAYS BANK & AL-GOUF Annette Landman Jyoti Mistry PWC SOUTH AFRICA Mohamed Taha Hamood PWC ZAMBIA Al-Hashimi Manuel Lopes MOHAMED TAHA HAMOOD & CO. Namwene Mkadawire PWC ZIMBABWE SIKAULU LUNGU MUPESO LEGAL Abdulkadir AL-Hebshi Immaculate Chipo Makone PRACTITIONERS ALCO - ADVOCACY AND LIGAL MANICA AFRICA PTY. LTD. CONSULTATIANS OFFICE Gerald Mkandawire SDV LOGISTICS Tavengwa Masara Ali AL-Hebshi V.S. NYANGULU & ASSOCIATES ALCO - ADVOCACY AND LIGAL Mwape Mondoloka CONSULTATIANS OFFICE BARCLAYS BANK Nunudzai Masunda SCANLEN & HOLDERNESS Rashad Khalid Al-Howiadi Henry Musonda KIRAN & MUSONDA ASSOCIATES Lloyd Mhishi Ismail Ahmed Alwazir DUBE, MANIKAI AND HWACHA LEGAL ALWAZIR CONSULTANTS, ADVOCATES & Augustine Musumali PRACTITIONERS - DMH COMMERCIAL LAW LEGAL RESEARCH ZESCO LTD. CHAMBERS Randall Cameron Francis Mwape Sternford Moyo KPMG NATIONAL COUNCIL FOR CONSTRUCTION SCANLEN & HOLDERNESS Abdulla Farouk Luqman Nchima Nchito Benjamin Mukandi LUQMAN LEGAL ADVOCATES & LEGAL MNB LEGAL PRACTITIONERS FREIGHT WORLD (PVT) LTD. CONSULTANTS Solly Patel T. Muringani Zayed Mohammed Budier CHRISTOPHER, RUSSELL COOK & CO. SPEARTEC LANDS & SURVEYING AUTHORITY Aleksandar Perunicic Ostern Mutero Esam Nadeesh SDV LOGISTICS SAWYER & MKUSHI ALCO - ADVOCACY AND LIGAL Miriam Sabi CONSULTATIANS OFFICE Maxwell Ngorima ZRA- CUSTOMER SERVICE CENTER BDO KUDENGA & COMPANY Zuhair Abdul Rasheed Valerie Sesia LAW OFFICES OF SHEIKH TARIQ ABDULLAH Vanani Nyangulu CUSTOMIZED CLEARING AND FORWARDING V.S. NYANGULU & ASSOCIATES Yousra Salem LTD. LUQMAN LEGAL ADVOCATES & LEGAL Rudo Nyngulu Namakuzu Shandavu PERSPECTIVES CONSULTANTS CONSULTANTS CORPUS LEGAL PRACTITIONERS Khaled Mohammed Salem Ali Anjuli Rebelo Juliana Shoko Chilombo SCANLEN & HOLDERNESS LUQMAN LEGAL ADVOCATES & LEGAL MINISTRY OF LAND CONSULTANTS Archford Rutanhirs Mildred Stephenson SCANLEN & HOLDERNESS Saeed Sohbi CREDIT REFERENCE BUREAU AFRICA LTD. SAEED HASSAN SOHBI C.M. Ruzengwe Enos Zulu HLB RUZENGWE & COMPANY PACRO EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. Doin Doi g Busines B s 2012 STANDING ORDER FORM Standing orders are available to institutional customers only. If you or your organization would like to automatically receive each new edition of Doing Business as it is published, please check the box below, complete your address details, and mail or fax this order form to us. This will establish a standing order for your organization, and you will be invoiced each year upon publication. You may also e-mail books@worldbank.org requesting your standing order for Doing Business. At any time you can cancel the standing order by sending an e-mail to books@worldbank.org. …  I would like to automatically receive each new edition of Doing Business. I understand that I will be invoiced each year upon publication. Name By mail World Bank Publications Title P.O. Box 960, Herndon VA 20 172-0960, USA Organization Online Address www.worldbank.org/publications City By fax State Zip/Postal code + 1-703-661-1501 Country Questions? E-mail us at books@worldbank.org Phone By phone Fax +1-703 -661-1580 or 800-645-7247 E-mail Institutional customers in the U.S. only: Please include purchase order Available for US customers only, international customers please contact your local distributor to establish a standing order. Individuals interested in receiving future editions of Doing Business may ask to be added to our mailing list at books@worldbank.org. Please indicate in your e-mail that you would like to be added to the Doing Business e-mail list. EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. EMBARGOED: Not for news wire transmission, posting on Web sites, or any other media use until Thursday, October 20, 2011, 00:01 GMT, which is Wednesday, October 19, 08:01 PM in Washington, DC. WWW.DOINGBUSINESS.ORG ISBN 978-0-8213-8833-4 SKU 18833