58738 Greece © 2010 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 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: 978-0-8213-7960-8 E-ISBN: 978-0-8213-8630-9 DOI: 10.1596/978-0-8213-7960-8 ISSN: 1729-2638 Library of Congress Cataloging-in-Publication data has been applied for. Printed in the United States Current features News on the Doing Business project http://www.doingbusiness.org Rankings How economies rank-from 1 to 183 http://www.doingbusiness.org/rankings/ Contents Reformers Short summaries of DB2011 reforms, lists of reformers since DB2004 Introduction and a ranking simulation tool and Aggregate Rankings http://www.doingbusiness.org/reforms/ 5 - Year Measure of Historical data Cumulative Change Customized data sets since DB2004 http://www.doingbusiness.org/custom-query/ Starting a Business Methodology and research Dealing with The methodologies and research papers underlying Doing Business Construction Permits http://www.doingbusiness.org/Methodology/ Registering Property Download reports Access to Doing Business reports as well as subnational and regional Getting Credit reports, reform case studies and customized country and regional profiles Protecting Investors http://www.doingbusiness.org/reports/ Paying Taxes Subnational and regional projects Differences in business regulations at the subnational and regional Trading Across Borders level http://www.doingbusiness.org/subnational-reports/ Enforcing Contracts Law Library Closing a Business Online collection of business laws and regulations relating to business and gender issues Doing Business 2011 http://www.doingbusiness.org/law-library/ Business Reforms http://wbl.worldbank.org/ Local partners More than 8,200 specialists in 183 economies who participate in Doing Business http://www.doingbusiness.org/Local-Partners/Doing-Business/ Business Planet Interactive map on the ease of doing business http://rru.worldbank.org/businessplanet Doing Business 2011 : Making a Difference for Entrepreneurs is the eighth in a series of annual reports investigating regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 183 economies, from Afghanistan to Zimbabwe, over time. A set of regulations affecting 9 stages of a business's life are measured: starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. Data in Doing Business 2011 are current as of June 1, 2010*. The indicators are used to analyze economic outcomes and identify what reforms have worked, where, and why. The Doing Business methodology has limitations. Other areas important to business such as an economy 's proximity to large markets, the quality of its infrastructure services (other than those related to trading across borders), the security of property from theft and looting, the transparency of government procurement, macroeconomic conditions or the underlying strength of institutions, are not studied directly by Doing Business. To make the data comparable across economies, the indicators refer to a specific type of business, generally a local limited liability company operating in the largest business city. Because standard assumptions are used in the data collection, comparisons and benchmarks are valid across economies. The data not only highlight the extent of obstacles to doing business; they also help identify the source of those obstacles, supporting policymakers in designing reform. The data set covers 183 economies: 46 in Sub-Saharan Africa, 32 in Latin America and the Caribbean, 25 in Eastern Europe and Central Asia, 24 in East Asia and Pacific, 18 in the Middle East and North Africa and 8 in South Asia, as well as 30 OECD high-income economies. The following pages present the summary Doing Business indicators for Greece. The data used for this economy profile come from the Doing Business database and are summarized in graphs. These graphs allow a comparison of the economies in each region not only with one another but also with the "good practice" economy for each indicator. The good-practice economies are identified by their position in each indicator as well as their overall ranking and by their capacity to provide good examples of business regulation to other countries. These good -practice economies do not necessarily rank number 1 in the topic or indicator, but they are in the top 10. More information is available in the full report. Doing Business 2011 : Making a Difference for Entrepreneurs presents the indicators, analyzes their relationship with economic outcomes and recommends reforms. The data, along with information on ordering the report, are available on the Doing Business website (www.doingbusiness.org). * Except for the Paying Taxes indicator that refers to the period January to December of 2009. Note: 2008-2010 Doing Business data and rankings have been recalculated to reflect changes to the methodology and the addition of new economies (in the case of the rankings). 1 Economy Rankings - Ease of Doing Business Greece is ranked 109 out of 183 economies. Singapore is the top ranked economy in the Ease of Doing Business. Greece - Compared to global good practice economy as well as selected economies: Greece's ranking in Doing Business 2011 Rank Doing Business 2011 Ease of Doing Business 109 Starting a Business 149 Dealing with Construction Permits 51 Registering Property 153 Getting Credit 89 Protecting Investors 154 Paying Taxes 74 Trading Across Borders 84 Enforcing Contracts 88 Closing a Business 49 2 Summary of Indicators - Greece Starting a Business Procedures (number) 15 Time (days) 19 Cost (% of income per capita) 20.7 Min. capital (% of income per capita) 22.3 Dealing with Construction Permits Procedures (number) 15 Time (days) 169 Cost (% of income per capita) 52.9 Registering Property Procedures (number) 11 Time (days) 22 Cost (% of property value) 12.7 Getting Credit Strength of legal rights index (0-10) 3 Depth of credit information index (0-6) 5 Public registry coverage (% of adults) 0.0 Private bureau coverage (% of adults) 61.5 Protecting Investors Extent of disclosure index (0-10) 1 Extent of director liability index (0-10) 4 Ease of shareholder suits index (0-10) 5 Strength of investor protection index (0-10) 3.3 Paying Taxes Payments (number per year) 10 Time (hours per year) 224 Profit tax (%) 13.9 Labor tax and contributions (%) 31.7 Other taxes (%) 1.6 Total tax rate (% profit) 47.2 Trading Across Borders Documents to export (number) 5 Time to export (days) 20 Cost to export (US$ per container) 1153 Documents to import (number) 6 Time to import (days) 25 Cost to import (US$ per container) 1265 3 Enforcing Contracts Procedures (number) 39 Time (days) 819 Cost (% of claim) 14.4 Closing a Business Recovery rate (cents on the dollar) 43.2 Time (years) 2.0 Cost (% of estate) 9 The 5 year measure of cumulative change illustrates how the business regulatory environment has changed in 174 economies from Doing Business 2006 to Doing Business 2011. Instead of highlighting which countries currently have the most business friendly environment, this new approach shows the extent to which an economy's regulatory environment for business has changed compared with 5 years ago. This snapshot reflects all cumulative changes in an economy's business regulation as measured by the Doing Business indicators-such as a reduction in the time to start a business thanks to a one-stop shop or an increase in the strength of investor protection index thanks to new stock exchange rules that tighten disclosure requirements for related -party transactions. This figure shows the distribution of cumulative change across the 9 indicators and time between Doing Business 2006 and Doing Business 2011 0.14 0.12 0.10 Doing business has 0.08 become easier (DB 0.06 change score) 0.04 0.02 0.00 Doing business has -0.02 become more difficult or more -0.04 France Belgium Greece Austria Germany Italy costly 6 1. Benchmarking Starting a Business Regulations: Greece is ranked 149 overall for Starting a Business. Ranking of Greece in Starting a Business - Compared to good practice and selected economies: 7 The following table shows Starting a Business data for Greece compared to good practice and comparator economies: Good Practice Procedures Time (days) Cost (% of Min. capital (number) income per (% of income Economies capita) per capita) Denmark* 0.0 New Zealand* 1 1 0.0 Selected Economy Greece 15 19 20.7 22.3 Comparator Economies Austria 8 28 5.2 53.1 Belgium 3 4 5.4 19.6 France 5 7 0.9 0.0 Germany 9 15 4.8 0.0 Italy 6 6 18.5 10.1 * The following economies are also good practice economies for : Procedures (number): Canada Cost (% of income per capita): Slovenia 8 2. Historical data: Starting a Business in Greece Starting a Business data Doing Business Doing Business Doing Business Doing Business 2008 2009 2010 2011 Rank .. .. 146 149 Procedures (number) 15 15 15 15 Time (days) 38 19 19 19 Cost (% of income per capita) 21.1 22.5 20.2 20.7 Min. capital (% of income per capita) 104.1 19.6 21.4 22.3 3. The following graphs illustrate the Starting a Business sub indicators in Greece over the past 4 years: 9 Starting a Business Summary - Greece This table summarizes the procedures and costs associated with setting up a business in Greece. STANDARDIZED COMPANY Legal Form: Eteria Periorismenis Efthinis (EPE) City: Athens Registration Requirements: No: Procedure Time to complete Cost to complete 1 Get approval of the company's name by the Chamber of Commerce 1 EUR 75 and Industry 2 File company documents with the Athens Bar Association 1 EUR 1,229 3 Sign the articles of incorporation before a notary public 5 EUR 392 4 Deposit capital in a bank 1 no charge 5 Pay the capital tax on the concentration of capital to the local tax 1 EUR 2,018 authority 6 Obtain a stamp from the Lawyers Pension Fund 1 EUR 0 7 Obtain certification by the Lawyers Welfare Fund 1 EUR 6 8 Submit the articles of incorporation and register with the secretariat of 1 EUR 5 the court of first instance, which issues a register number 10 9 Submit summary of the Articles of Incorporation to the Printing Office 3 EUR 272 for publication in the Official Gazette (Fyllo Efhmeridas ths Kyvernhsews) 10 * Register at the Chamber of Commerce and Industry 1 EUR 150 11 * Register with the relevant social security authorities 1 no charge 12 * Obtain a tax registration number (AFM) 1 no charge 13 * Make a seal 1 EUR 40 14 * Have the Tax Authority hole-stamp the company's invoice and 1 no charge account books 15 * Notify the Manpower Employment Organization (OAED) within 30 1 no charge days of hiring a worker * Takes place simultaneously with another procedure. 11 Starting a Business Details - Greece Procedure 1 Get approval of the company's name by the Chamber of Commerce and Industry Time to complete: 1 Cost to complete: EUR 75 Comment: The Chamber of Commerce and Industry examines, before giving the approval, whether the proposed company's name or title "is distinctly different from those recorded in the books" (according to Art. 4 paragraph 5 of Law 1089/1980). Procedure 2 File company documents with the Athens Bar Association Time to complete: 1 Cost to complete: EUR 1,229 Comment: The fee for filing company documents with the bar association varies, based on company capital: - EUR 29,347 to EUR 44,020: 1% of company capital. - EUR 44,020 to EUR 1,467,351: 0.5%. - EUR 1,467,351 to EUR 2,934,702: 0.4%. - EUR 2,934,702 to EUR 5,869,405: 0.3%. - EUR 5,869,405 to EUR 14,673,514: 0.2%. - EUR 14,673,514 to EUR 29,347,028: 0.1%. - EUR 29,347,028 to EUR 58,694,057: 0.05%. - Over EUR 58,694,057: 0.01%. The filing fee is payable only when company capital exceeds EUR 29,347. A fixed fee of EUR 10 is levied for certifying the signature of the attorney who signed said draft. Procedure 3 Sign the articles of incorporation before a notary public Time to complete: 5 Cost to complete: EUR 392 Comment: According to the revised Notary fee : Nr K 32126/10.3.1988 (Government Gazette B/ 418/14.3.1988), there is a fixed amount of 44, 02 which covers the first two pages. Also, according to art.4 of Common decision of Ministers of Justice and Economy and Finance (Government Gazette B/599/5.5.2005) notaries collect fees for a) every additional paper 6 and b) every paper of the copies 5 . Procedure 4 Deposit capital in a bank Time to complete: 1 Cost to complete: no charge Comment: Procedure 5 Pay the capital tax on the concentration of capital to the local tax authority 12 Time to complete: 1 Cost to complete: EUR 2,018 Comment: Capital tax on the concentration of capital must be paid-in within 15 days of the signing of the articles of incorporation; otherwise, a penalty is imposed. Procedure 6 Obtain a stamp from the Lawyers Pension Fund Time to complete: 1 Cost to complete: EUR 0 Comment: The Lawyers' Pension Fund is located in Athens at Pireaus and Sokratous streets. Procedure 7 Obtain certification by the Lawyers Welfare Fund Time to complete: 1 Cost to complete: EUR 6 Comment: The Lawyers' Welfare Fund is located in Athens at Harilaou Trikoupi and Navarinou streets. Procedure 8 Submit the articles of incorporation and register with the secretariat of the court of first instance, which issues a register number Time to complete: 1 Cost to complete: EUR 5 Comment: Required to register the company are the articles of incorporation (two copies, one authenticated and one unauthenticated, of which one is retained by the secretariat and the other is stamped and returned). Procedure 9 Submit summary of the Articles of Incorporation to the Printing Office for publication in the Official Gazette (Fyllo Efhmeridas ths Kyvernhsews) Time to complete: 3 Cost to complete: EUR 272 Comment: A part of the fee is paid to a tax office, which issues a duplicate, and another part is paid to the National Printing Office. After the papers are filed with the Official Gazette, a protocol number is issued verifying submission. The actual publication of the company's articles of incorporation by the National Printing Office may take 1 to 2 months, depending on the Gazette's workload (when company financial statements are published, substantial delays may occur). Procedure 10 Register at the Chamber of Commerce and Industry Time to complete: 1 Cost to complete: EUR 150 Comment: The following documents are required to register the company for taxes and social security contributions: notarized articles of incorporation that are stamped by the tax authority, the Lawyers' Pension Fund, and the Lawyers' Welfare Fund; the certification of the preapproval of company name by the Chamber of Commerce and Industry, a copy of the Official Gazette containing the published summary of the articles of association, a copy of the original articles of incorporation; and copies of the police identity cards of all company owners. It is possible that the founder can first file the protocol number and then file the published issue. 13 Procedure 11 Register with the relevant social security authorities Time to complete: 1 Cost to complete: no charge Comment: Procedure 12 Obtain a tax registration number (AFM) Time to complete: 1 Cost to complete: no charge Comment: The company must submit a statement on the commencement of its operations within 30 days of submitting its articles of association to the Secretariat of the Court of First Instance. The statement is filed with the District Tax Office of the company's registered seat and must be supported by the following documents: - Company's official articles of incorporation (certified copy). - Official Gazette announcement, with the summary of the articles of incorporation (two copies). - Lease agreement or agreement for the free assignment of use of the office space to be used as the company's registered seat, duly certified by the landlord's competent tax authority. - Registration certificate from the competent chamber of commerce. - Social security certificate for the company's partners, issued by the competent social security fund or, if applicable, a certificate of exemption. - Receipt of payment of capital concentration tax (photocopy). - Identity card of the company's administrator and the individual's tax registration number (photocopy). - Authorization letter by the company's administrator to the individual who will undertake all filing procedures before the tax authorities. - Preprinted forms provided by the Greek tax authority. Upon submitting these documents, the competent tax office furnishes the company with the tax registration number and the required certificate to start its business operations. Procedure 13 Make a seal Time to complete: 1 Cost to complete: EUR 40 Comment: A company seal is compulsory because all company books and records must be sealed before they are certified, and because the company seal must contain the company's tax registration number and competent tax office. Procedure 14 Have the Tax Authority hole-stamp the company's invoice and account books Time to complete: 1 Cost to complete: no charge Comment: Following issuance of the tax registration number, the company accountant first prepares the computerized accounting books, which must contain all required company information (address, contact information, and tax registration number). The company then presents the accounting books and the required tax records (invoices, dispatch notes, etc.) to the competent tax office for perforation. Procedure 15 Notify the Manpower Employment Organization (OAED) within 30 days of hiring a worker 14 Time to complete: 1 Cost to complete: no charge Comment: In case of a newly-establisted company, the timeframe for the notification of OAED is extended to 30 days upon hiring the worker, for the first three months of the company's operation. 15 16 1. Benchmarking Dealing with Construction Permits Regulations: Greece is ranked 51 overall for Dealing with Construction Permits. Ranking of Greece in Dealing with Construction Permits - Compared to good practice and selected economies: 17 The following table shows Dealing with Construction Permits data for Greece compared to good practice and comparator economies: Good Practice Procedures Time (days) Cost (% of (number) income per Economies capita) Denmark 6 Qatar 0.8 Singapore 25 Selected Economy Greece 15 169 52.9 Comparator Economies Austria 14 194 72.9 Belgium 14 169 64.1 France 13 137 23.6 Germany 12 100 61.8 Italy 14 257 142.3 18 2. Historical data: Dealing with Construction Permits in Greece Dealing with Construction Permits data Doing Business Doing Business Doing Business Doing Business 2008 2009 2010 2011 Rank .. .. 51 51 Procedures (number) 15 15 15 15 Time (days) 169 169 169 169 Cost (% of income per capita) 61.7 46.4 50.7 52.9 3. The following graphs illustrate the Dealing with Construction Permits sub indicators in Greece over the past 4 years: 19 Dealing with Construction Permits in Greece The table below summarizes the procedures, time, and costs to build a warehouse in Greece. BUILDING A WAREHOUSE City: Athens Registration Requirements: No: Procedure Time to complete Cost to complete 1 Obtain a copy of notary deed 1 day no charge 2 * Obtain a copy of the land registry certificate 1 day no charge 3 * Obtain a waste disposal study 10 days no charge 4 * Obtain active fire protection approval 10 days no charge 5 Obtain an installation permit 15 days no charge 6 Obtain a building permit 90 days no charge 7 * Pay workers' social security 3 days no charge 8 Obtain police approval for the start of construction 3 days no charge 20 9 * Obtain municipal approval for the start of construction and for the 3 days EUR 600 occupation of pavement 10 Receive the final inspection from the municipality 1 day no charge 11 Obtain electric power connection 45 days EUR 10,000 12 * Obtain water connection 45 days EUR 35 13 * Obtain sewerage connection 7 days EUR 1 14 * Obtain telephone connection 7 days EUR 30 15 Register the building with the municipal authorities 1 day no charge * Takes place simultaneously with another procedure. 21 Dealing with Construction Permits Details - Greece Procedure 1 Obtain a copy of notary deed Time to complete: 1 day Cost to complete: no charge Agency: Notary Public Comment: Obtain a copy of notary deed Procedure 2 Obtain a copy of the land registry certificate Time to complete: 1 day Cost to complete: no charge Agency: Land Registry Comment: Obtain a copy of the land registry certificate Procedure 3 Obtain a waste disposal study Time to complete: 10 days Cost to complete: no charge Agency: Prefecture (Department of Health) Comment: Obtain a waste disposal study Procedure 4 Obtain active fire protection approval Time to complete: 10 days Cost to complete: no charge Agency: Fire Brigade Comment: Obtain active fire protection approval Procedure 5 Obtain an installation permit Time to complete: 15 days Cost to complete: no charge Agency: Prefecture (Department of Industry) 22 Comment: Obtain an installation permit Procedure 6 Obtain a building permit Time to complete: 90 days Cost to complete: no charge Agency: Town Planning Department Comment: Obtain a building permit Procedure 7 Pay workers' social security Time to complete: 3 days Cost to complete: no charge Agency: Social Security (IKA) Comment: Pay workers' social security Procedure 8 Obtain police approval for the start of construction Time to complete: 3 days Cost to complete: no charge Agency: Police Comment: Obtain police approval for the start of construction Procedure 9 Obtain municipal approval for the start of construction and for the occupation of pavement Time to complete: 3 days Cost to complete: EUR 600 Agency: Municipality Comment: Obtain municipal approval for the start of construction and for the occupation of pavement Procedure 10 Receive the final inspection from the municipality Time to complete: 1 day Cost to complete: no charge Agency: Municipality 23 Comment: Receive the final inspection from the municipality Procedure 11 Obtain electric power connection Time to complete: 45 days Cost to complete: EUR 10,000 Agency: Dimosia Epicheirisi Ilektrismou (DEI) Comment: Obtain electric power connection Procedure 12 Obtain water connection Time to complete: 45 days Cost to complete: EUR 35 Agency: Athens Water And Sewerage Company (EYDAP) Comment: Obtain water connection Procedure 13 Obtain sewerage connection Time to complete: 7 days Cost to complete: EUR 1 Agency: Municipality Comment: Obtain sewerage connection Procedure 14 Obtain telephone connection Time to complete: 7 days Cost to complete: EUR 30 Agency: Hellenic Telecommunications Organization S.A. (OTE) Comment: Obtain telephone connection Procedure 15 Register the building with the municipal authorities Time to complete: 1 day Cost to complete: no charge Agency: Municipality 24 Comment: 25 26 1. Benchmarking Registering Property Regulations: Greece is ranked 153 overall for Registering Property. Ranking of Greece in Registering Property - Compared to good practice and selected economies: 27 The following table shows Registering Property data for Greece compared to good practice and comparator economies: Good Practice Procedures Time (days) Cost (% of (number) property Economies value) New Zealand* 2 Norway* 1 Saudi Arabia 0.0 Selected Economy Greece 11 22 12.7 Comparator Economies Austria 3 21 4.5 Belgium 8 79 12.7 France 8 59 6.1 Germany 5 40 5.1 Italy 8 27 4.5 * The following economies are also good practice economies for : Procedures (number): United Arab Emirates Time (days): Saudi Arabia, Thailand, United Arab Emirates 28 2. Historical data: Registering Property in Greece Registering Property data Doing Business Doing Business Doing Business Doing Business 2008 2009 2010 2011 Rank .. .. 107 153 Procedures (number) 11 11 11 11 Time (days) 22 22 22 22 Cost (% of property value) 4.0 3.8 4.0 12.7 3. The following graphs illustrate the Registering Property sub indicators in Greece over the past 4 years: 29 Registering Property in Greece This topic examines the steps, time, and cost involved in registering property in Greece. STANDARDIZED PROPERTY Property Value: 1,008,805.06 City: Athens Registration Requirements: No: Procedure Time to complete Cost to complete 1 * Receive site visit by the engineer 1 day (simultaneous Included in proc. 2 with proc. 2,3,4,5,6) 2 * Obtain a topographic site plan sealed and signed by 1 day (simultaneous EUR 300 the engineer with proc.1,3,4,5,6) 3 * Search of information in the Land Registry and 1 days (simultaneous EUR 450 preparation of the sale agreement by a lawyer with proc.1, 2, 4,5,6) 4 * Seller obtains tax clearance certificate from the tax 1 day (simultaneous no cost authority with proc.1 , 2,3,5,6) 5 * Seller obtains a certificate from Social Security 1 day (simultaneous no cost Institute with proc.1 , 2, 3, 4,6) 6 * Obtain tax clearance from the Municipality 1 day (simultaneous no cost with proc.1 , 2, 3, 4,5) 7 Payment of property transfer tax at the Tax Authority 1 day 8% up to the amount of EUR 20,000 and 10% for the excess 30 8 Deliver the draft of the sale agreement to the Bar 1 day Lawyer fees, according to Association the following schedule: Value of contract (in EUR) Lawyer fees (in EUR) Up to 44,020.55 1% of the contract value From 44,020.55 to 1,467,351.43 440.21 + 0.5% of excess over 44,020.55 From 1,467,351.43 to 2,934,702.86 7,556.87 + 0.4% of excess over 1,467,351.43 9 A notary public notarizes the sale agreement and 1 day 1% of property value prepares the transfer deed 10 The deed is recorded under the name of the buyer at 8 days (1 day for 0.475% of property value the Land Registry registration and 7 days (registrar's rights)+ EUR 25 for issuing the + EUR 5 for each certificate certificates) (4 certificates) 11 Registration of the transfer in the Cadastre 5 days EUR 25 (cadastral extract) (ktimatologio) + 0.575% of property value (registrar's rights) + EUR 5 for each certificate * Takes place simultaneously with another procedure. 31 Registering Property Details - Greece Procedure 1 Receive site visit by the engineer Time to complete: 1 day (simultaneous with proc. 2,3,4,5,6) Cost to complete: Included in proc. 2 Comment: An inspection by an engineer is required for the new topographic site plan to be drafted. Procedure 2 Obtain a topographic site plan sealed and signed by the engineer Time to complete: 1 day (simultaneous with proc.1,3,4,5,6) Cost to complete: EUR 300 Comment: After the inspection in Procedure 1, it is necessary to issue a recent topographic diagram depicting the boundaries of the property (new site plan) sealed and signed by the engineer. The plan shall be submitted to the notary public a few days before the conclusion of the sale contract. Given that the property has been owned by the seller for 10 years, we may easily assume that the topographic site plan used for the previous transaction (the acquisition of the property by the current seller) is still valid and therefore there is no need for a new topographic site plan. Procedure 3 Search of information in the Land Registry and preparation of the sale agreement by a lawyer Time to complete: 1 days (simultaneous with proc.1, 2, 4,5,6) Cost to complete: EUR 450 Agency: Land Registry ("Ypothikofilakeion") Comment: A lawyer conducts a search of information in the Real Estate office and then prepares the sale agreement. Only lawyers are entitled to conduct a search in the Real Estate Office. The research in the Land Registry mentioned in procedure 3 may take more than 2 days, since the due diligence of the ownership titles goes back 20 years at least; the duration of the research also depends on the findings of the due diligence of the ownership titles of the real property. An attorney's participation at the conclusion of the sale contract is obligatory only if the contract value (determined by the real estate's real value) exceeds 29,347. The sale agreement is usually prepared by the notary and then reviewed by the seller's and the buyer's lawyers. Procedure 4 Seller obtains tax clearance certificate from the tax authority Time to complete: 1 day (simultaneous with proc.1 , 2,3,5,6) Cost to complete: no cost Agency: Tax Authority Comment: The seller should provide a Tax certificate issued by the competent Tax Authority, according 32 to Law 1882/1990 . The certificate assures that the seller has been paying his taxes accordingly. The tax certificate may also be obtained by the notary public. Procedure 5 Seller obtains a certificate from Social Security Institute Time to complete: 1 day (simultaneous with proc.1 , 2, 3, 4,6) Cost to complete: no cost Agency: Social Security Institute Comment: The seller must obtain a certificate of good standing from the Social Security Institute, which assures that the seller (company) has been paying its social security. Procedure 6 Obtain tax clearance from the Municipality Time to complete: 1 day (simultaneous with proc.1 , 2, 3, 4,5) Cost to complete: no cost Agency: Municipality Comment: The seller must obtain a tax clearance certificate from the Municipality. The certificate assures that the seller has been paying the real estate fees. Procedure 7 Payment of property transfer tax at the Tax Authority Time to complete: 1 day Cost to complete: 8% up to the amount of EUR 20,000 and 10% for the excess Agency: Inland Revenue Service Comment: Parties obtain a copy of the declaration made before the Tax Authority competent in the locality of the property verifying that the buyer has paid the property transfer tax. The transfer tax is paid on the objective value of the property. In April 2010, Greece introduced a new regulations increasing the transfer tax from a 1% of the property to a scale of 8% up to the amount of 20,000 and 10% for the excess (according to art. 22 & 23 of tax bill under no. 3842/2010). This tax bill under no. 3842/2010 "Tax Equity Reform and Tax Evasion Control" implemented in 2010, repelled the law no 3427/2005 which provided for the percentage of 1% to be applied in cases in which the property had been acquired by the seller after 01.01.2006. Procedure 8 Deliver the draft of the sale agreement to the Bar Association Time to complete: 1 day Cost to complete: Lawyer fees, according to the following schedule: Value of contract (in EUR) Lawyer fees (in EUR) Up to 44,020.55 1% of the contract value From 44,020.55 to 1,467,351.43 440.21 + 0.5% of excess over 44,020.55 From 1,467,351.43 to 2,934,702.86 7,556.87 + 0.4% of excess over 1,467,351.43 33 Agency: Bar Association Comment: The draft of the sale agreement is delivered to the Bar Association of the Lawyers. Article 37 par 1 of law 2915/2001 sets the value above which a lawyer must be retained to appear and be a signatory to a notarial document. These limits are: 29,347.03 for the areas of Athens and Piraeus Bar Associations. Bar association fees must be paid before the execution of the sales contract at the notary. Either the lawyer or the parties can deliver the agreement to the Bar Association. Procedure 9 A notary public notarizes the sale agreement and prepares the transfer deed Time to complete: 1 day Cost to complete: 1% of property value Comment: The notary notarizes the sale agreement and prepares the public deed in the presence of the parties and their lawyers, who must also sign. The notary checks up on the documentation which legitimizes the legal representatives of the contracting parties (i.e. Minutes of the Board of Directors regarding the representation of the company published in the Government Gazette, Minutes of the Board of Directors and notarized Power of Attorney regarding the authorization of the contracting party to act on behalf of the company and execute a sale agreement regarding the specific real estate), the ID's of seller and buyer and attaches to the Public Deed the documentation obtained in the previous procedures. The documentation includes: Site plan or Cadastral extract (obtained in Procedure 2) Sale agreement (prepared in Procedures 3 and 4) Tax clearance certificate (obtained in Procedure 5) Social Security certificate (obtained in Procedure 6) Municipal tax clearance (obtained in Procedure 7) Verification of payment of transfer tax (obtained in Procedure 8) Copy of the building license (already in possession of seller) At the same time, the Ministerial Decision no 100692/08.07.2009, published in Official Gazette no 1487/23.07.2009 decreased the notary fees from 1.2% to 1% of the amount of the transaction. Procedure 10 The deed is recorded under the name of the buyer at the Land Registry Time to complete: 8 days (1 day for registration and 7 days for issuing the certificates) Cost to complete: 0.475% of property value (registrar's rights)+ EUR 25 + EUR 5 for each certificate (4 certificates) Agency: Land Registry ("Ypothikofilakeion") Comment: As per article 369 of the Greek Civil Code, contracts relating to real property (such as a purchase document) must be drafted and executed by and before a notary public.The public deed is delivered to the Real Estate Office to be recorded under the name of the buyer. At the same time, parties request a property certificate, an ownership certificate, a non-opposition certificate and a records certificate from the Real Estate Office. The transfer of deeds usually takes place during the day of application. Procedure 11 Registration of the transfer in the Cadastre (ktimatologio) 34 Time to complete: 5 days Cost to complete: EUR 25 (cadastral extract) + 0.575% of property value (registrar's rights) + EUR 5 for each certificate Agency: Cadastre ("Ktimatologio") Comment: The transfer is registered in the Cadastre. During this period the Registrar checks the legality of the deeds' transfer by using the cadastral database. 35 36 1. Benchmarking Getting Credit Regulations: Greece is ranked 89 overall for Getting Credit. Ranking of Greece in Getting Credit - Compared to good practice and selected economies: 37 The following table shows Getting Credit data for Greece compared to good practice and comparator economies: Good Practice Strength of Depth of Public Private legal rights credit registry bureau Economies index (0-10) information coverage (% coverage (% index (0-6) of adults) of adults) New Zealand* 100.0 Portugal 67.1 Singapore* 10 United Kingdom 6 Selected Economy Greece 3 5 0.0 61.5 Comparator Economies Austria 7 6 1.4 40.6 Belgium 7 4 57.2 0.0 France 7 4 33.3 0.0 Germany 7 6 1.0 98.4 Italy 3 5 16.6 80.5 * The following economies are also good practice economies for : Strength of legal rights index (0-10): Hong Kong, China, Kenya, Kyrgyz Republic, Malaysia Private bureau coverage (% of adults): Argentina, Australia, Canada, Iceland, Ireland, Norway, Sweden, United Kingdom, United States 27 countries have the highest credit information index. 38 2. Historical data: Getting Credit in Greece Getting Credit data Doing Business Doing Business Doing Business Doing Business 2008 2009 2010 2011 Rank .. .. 87 89 Strength of legal rights index (0-10) 3 3 3 3 Depth of credit information index (0-6) 4 4 5 5 Private bureau coverage (% of adults) 38.7 39.0 46.9 61.5 Public registry coverage (% of adults) 0.0 0.0 0.0 0.0 3. The following graphs illustrate the Getting Credit sub indicators in Greece over the past 4 years: 39 Getting Credit in Greece The following table summarize legal rights of borrowers and lenders, and the availability and legal framework of credit registries in Greece. Getting Credit Indicators (2010) Indicator Private credit Public credit Private bureau coverage (% of adults) 5 bureau registry Are data on both firms and individuals distributed? Yes No 1 Are both positive and negative data distributed? Yes No 1 Does the registry distribute credit information from retailers, trade No No 0 creditors or utility companies as well as financial institutions? Are more than 2 years of historical credit information distributed? Yes No 1 Is data on all loans below 1% of income per capita distributed? Yes No 1 Is it guaranteed by law that borrowers can inspect their data in the Yes No 1 largest credit registry? Coverage 61.5 0.0 Number of individuals 5,856,600 0 Number of firms 95,594 0 40 Strength of legal rights index (0-10) 3 Can any business use movable assets as collateral while keeping possession of the assets; and any financial Yes institution accept such assets as collateral ? Does the law allow businesses to grant a non possessory security right in a single category of movable assets, No without requiring a specific description of collateral? Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without No requiring a specific description of collateral? May a security right extend to future or after-acquired assets, and may it extend automatically to the products, Yes proceeds or replacements of the original assets ? Is a general description of debts and obligations permitted in collateral agreements, so that all types of obligations Yes and debts can be secured by stating a maximum amount rather than a specific amount between the parties ? Is a collateral registry in operation, that is unified geographically and by asset type, as well as indexed by the No grantor's name of a security right ? Do secured creditors have absolute priority to their collateral outside bankruptcy procedures? No Do secured creditors have absolute priority to their collateral in bankruptcy procedures? No During reorganization, are secured creditors' claims exempt from an automatic stay on enforcement? No Does the law authorize parties to agree on out of court enforcement? No 41 42 1. Benchmarking Protecting Investors Regulations: Greece is ranked 154 overall for Protecting Investors. Ranking of Greece in Protecting Investors - Compared to good practice and selected economies: 43 The following table shows Protecting Investors data for Greece compared to good practice and comparator economies: Good Practice Strength of investor Economies protection index (0-10) New Zealand 9.7 Selected Economy Greece 3.3 Comparator Economies Austria 4.0 Belgium 7.0 France 5.3 Germany 5.0 Italy 5.7 44 2. Historical data: Protecting Investors in Greece Protecting Investors data Doing Business Doing Business Doing Business Doing Business 2008 2009 2010 2011 Rank .. .. 153 154 Strength of investor protection index (0-10) 3.0 3.3 3.3 3.3 3. The following graph illustrates the Protecting Investors index in Greece compared to best practice and selected Economies: 9.7 7.0 5.7 5.3 5.0 4.0 3.3 y ce al m e y nd ia an It ec an iu tr a lg re Fr m us al Be G Ze er A G ew N Note: The higher the score, the greater the investor protection. 45 Protecting Investors in Greece The table below provides a full breakdown of how the disclosure, director liability, and shareholder suits indexes are calculated in Greece. Protecting Investors Data (2010) Indicator Extent of disclosure index (0-10) 1 0 What corporate body provides legally sufficient approval for the transaction? 0 Whether immediate disclosure of the transaction to the public and/or shareholders is required? 0 Whether disclosure of the transaction in published periodic filings (annual reports) is required? 1 Whether disclosure of the conflict of interest by Mr. James to the board of directors is required? 0 Whether an external body must review the terms of the transaction before it takes place? Extent of director liability index (0-10) 4 1 Whether shareholders can hold Mr. James liable for the damage that the Buyer-Seller transaction causes to the company? 1 Whether shareholders can hold the approving body (the CEO or board of directors) liable for the damage that the Buyer-Seller transaction causes to the company? 0 Whether a court can void the transaction upon a successful claim by a shareholder plaintiff? 1 Whether Mr. James pays damages for the harm caused to the company upon a successful claim by the shareholder plaintiff? 46 0 Whether Mr. James repays profits made from the transaction upon a successful claim by the shareholder plaintiff? 0 Whether fines and imprisonment can be applied against Mr. James? 1 Whether shareholders can sue directly or derivatively for the damage that the Buyer-Seller transaction causes to the company? Ease of shareholder suits index (0-10) 5 2 Whether the plaintiff can obtain any documents from the defendant and witnesses during trial? 1 Whether the plaintiff can directly question the defendant and witnesses during trial? 0 Whether the plaintiff can request categories of documents from the defendant without identifying specific ones? 1 Whether shareholders owning 10% or less of Buyer's shares can request an inspector to investigate the transaction? 0 Whether the level of proof required for civil suits is lower than that of criminal cases? 1 Whether shareholders owning 10% or less of Buyer's shares can inspect transaction documents before filing suit? Strength of investor protection index (0-10) 3.3 47 48 1. Benchmarking Paying Taxes Regulations: Greece is ranked 74 overall for Paying Taxes. Ranking of Greece in Paying Taxes - Compared to good practice and selected economies: 49 The following table shows Paying Taxes data for Greece compared to good practice and comparator economies: Good Practice Payments Time (hours Total tax rate (number per per year) (% profit) Economies year) Maldives* 3 0 Timor-Leste 0.2 Selected Economy Greece 10 224 47.2 Comparator Economies Austria 22 170 55.5 Belgium 11 156 57.0 France 7 132 65.8 Germany 16 215 48.2 Italy 15 285 68.6 * The following economies are also good practice economies for : Payments (number per year): Qatar 50 2. Historical data: Paying Taxes in Greece Paying Taxes data Doing Business Doing Business Doing Business Doing Business 2008 2009 2010 2011 Rank .. .. 74 74 Total tax rate (% profit) 49.6 47.4 47.4 47.2 Payments (number per year) 21 10 10 10 Time (hours per year) 264 224 224 224 3. The following graphs illustrate the Paying Taxes sub indicators in Greece over the past 4 years: 51 Paying Taxes in Greece The table below addresses the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year in Greece, as well as measures of administrative burden in paying taxes. Tax or mandatory Payments Notes on Time Statutory tax Tax Totaltax rate Notes on contribution (number) Payments (hours) rate base (% profit) TTR Value added tax (VAT) 1 online 88 19.0% value added filing Advertising tax 1 various rates depending on the type of advertising Stamp duty 1 2.4% contract value Road Tax 1 various rates depending on 0.00 truck weight Vehicle tax 1 various rates cubic 0.10 centimeters Insurance premium 1 20.0% insurance 0.20 premium Interest tax 0 withheld 15.0% interest 0.40 income Fuel tax 1 EUR 260 per fuel 0.70 1000 liters consumption Property tax 1 0.8% assessed 0.70 value 52 Corporate income tax 1 online 88 25.0% taxable profit 13.90 filing Social security 1 online 48 28.1% gross salaries 31.70 contributions filing Totals 10 224 47.2 53 54 1. Benchmarking Trading Across Borders Regulations: Greece is ranked 84 overall for Trading Across Borders. Ranking of Greece in Trading Across Borders - Compared to good practice and selected economies: 55 The following table shows Trading Across Borders data for Greece compared to good practice and comparator economies: Good Practice Documents to Time to Cost to Documents to Time to Cost to export export (days) export (US$ import import (days) import (US$ Economies (number) per (number) per container) container) Denmark* 5 France 2 2 Malaysia 450 Singapore 4 439 Selected Economy Greece 5 20 1153 6 25 1265 Comparator Economies Austria 4 7 1180 5 8 1195 Belgium 4 8 1619 5 9 1600 France 2 9 1078 2 11 1248 Germany 4 7 872 5 7 937 Italy 4 20 1245 4 18 1245 * The following economies are also good practice economies for : Time to export (days): Estonia 56 2. Historical data: Trading Across Borders in Greece Trading Across Borders data Doing Business Doing Business Doing Business Doing Business 2008 2009 2010 2011 Rank .. .. 81 84 Cost to export (US$ per container) 998 1153 1153 1153 Cost to import (US$ per container) 1245 1265 1265 1265 Documents to export (number) 5 5 5 5 Documents to import (number) 6 6 6 6 Time to export (days) 20 20 20 20 Time to import (days) 25 25 25 25 3. The following graphs illustrate the Trading Across Borders sub indicators in Greece over the past 4 years: 57 58 Trading Across Borders in Greece These tables list the procedures necessary to import and export a standardized cargo of goods in Greece. The documents required to export and import the goods are also shown. Nature of Export Procedures (2010) Duration (days) US$ Cost Documents preparation 14 235 Customs clearance and technical control 2 230 Ports and terminal handling 2 228 Inland transportation and handling 2 460 Totals 20 1153 Nature of Import Procedures (2010) Duration (days) US$ Cost Documents preparation 12 140 Customs clearance and technical control 6 265 Ports and terminal handling 5 380 Inland transportation and handling 2 480 Totals 25 1265 59 Documents for Export and Import Export Bill of lading Certificate of origin Commercial invoice Customs export declaration Technical standard/health certificate Import Bill of lading Cargo release order Certificate of origin Commercial invoice Customs import declaration Packing list 60 61 1. Benchmarking Enforcing Contracts Regulations: Greece is ranked 88 overall for Enforcing Contracts. Ranking of Greece in Enforcing Contracts - Compared to good practice and selected economies: 62 The following table shows Enforcing Contracts data for Greece compared to good practice and comparator economies: Good Practice Procedures Time (days) Cost (% of (number) claim) Economies Bhutan 0.1 Ireland 20 Singapore 150 Selected Economy Greece 39 819 14.4 Comparator Economies Austria 25 397 18.0 Belgium 26 505 16.6 France 29 331 17.4 Germany 30 394 14.4 Italy 41 1210 29.9 63 2. Historical data: Enforcing Contracts in Greece Enforcing Contracts data Doing Business Doing Business Doing Business Doing Business 2008 2009 2010 2011 Rank .. .. 89 88 Procedures (number) 39 39 39 39 Time (days) 819 819 819 819 Cost (% of claim) 14.4 14.4 14.4 14.4 3. The following graphs illustrate the Enforcing Contracts sub indicators in Greece over the past 4 years: 64 Enforcing Contracts in Greece This topic looks at the efficiency of contract enforcement in Greece. Nature of Procedure (2010) Indicator Procedures (number) 39 Time (days) 819 Filing and service 60.0 Trial and judgment 639.0 Enforcement of judgment 120.0 Cost (% of claim)* 14.40 Attorney cost (% of claim) 10.0 Court cost (% of claim) 2.7 Enforcement Cost (% of claim) 1.7 65 Court information: Athens First Instance Court (" (Monomeles Protodikeio Athinon)") * Claim assumed to be equivalent to 200% of income per capita. 66 67 1. Benchmarking Closing Business Regulations: Greece is ranked 49 overall for Closing a Business. Ranking of Greece in Closing Business - Compared to good practice and selected economies: 68 The following table shows Closing Business data for Greece compared to good practice and comparator economies: Good Practice Recovery rate Time (years) Cost (% of (cents on the estate) Economies dollar) Ireland 0.4 Japan 92.7 Singapore* 1 Selected Economy Greece 43.2 2.0 9 Comparator Economies Austria 73.1 1.1 18 Belgium 87.6 0.9 4 France 45.2 1.9 9 Germany 53.1 1.2 8 Italy 58.0 1.8 22 * The following economies are also good practice economies for : Cost (% of estate): Colombia, Kuwait, Norway 69 2. Historical data: Closing Business in Greece Closing a Business data Doing Business Doing Business Doing Business Doing Business 2008 2009 2010 2011 Rank .. .. 43 49 Time (years) 2.0 2.0 2.0 2.0 Cost (% of estate) 9 9 9 9 Recovery rate (cents on the dollar) 44.8 44.2 44.2 43.2 3. The following graphs illustrate the Closing Business sub indicators in Greece over the past 4 years: 70 Since 2004 Doing Business has been tracking reforms aimed at simplifying business regulations, strengthening property rights, opening access to credit and enforcing contracts by measuring their impact on 10 indicator sets . * Nearly 1,000 reforms have had an impact on these indicators. Doing Business 2011, covering June 2009 to June 2010, reports that 117 economies implemented 216 reforms to make it easier to start a business. 64% of economies measured by Doing Business have reformed this year, focusing on easing business start-up, lightening the tax burden, simplifying import and export regulations and improving credit information systems. The top 10 most-improved in Doing Business 2011 Dealing with Construction Trading Across Borders Positive Change Registering Property Enforcing Contracts Protecting Investors Starting a Business Closing a Business Negative Change Getting Credit Paying Taxes Permits Economy Kazakhstan Rwanda Peru Vietnam Cape Verde Tajikistan Zambia Hungary Grenada Brunei Darussalam * For Doing Business 2011 the Employing Workers indicator is not included in the aggregate ease of doing business ranking. 71 Summary of changes to business regulation in top 10 most improved economies in Doing Business 2011 and selected comparator economies. Austria Austria made it easier to transfer property by requiring online submission of all applications to register property transfers. Belgium Belgium's capital city, Brussels, made it more difficult to transfer property by requiring a clean-soil certificate. Belgium introduced a new law that will promote and facilitate the survival of viable businesses experiencing financial difficulties. Brunei Darussalam Brunei Darussalam made starting a business easier by improving efficiency at the company registrar and implementing an electronic system for name searches. Brunei Darussalam reduced the corporate income tax rate from 23.5% to 22% while also introducing a lower tax rate for small businesses, ranging from 5.5% to 11%. The introduction of an electronic customs system in Brunei Darussalam made trading easier. Cape Verde Cape Verde made start-up easier by eliminating the need for a municipal inspection before a business begins operations and computerizing the system for delivering the municipal license. Cape Verde eased property registration by switching from fees based on a percentage of the property value to lower fixed rates. Cape Verde abolished the stamp duties on sales and checks. Germany Germany eased business start-up by increasing the efficiency of communications between the notary and the commercial registry and eliminating the need to publish an announcement in a newspaper. Greece Greece made transferring property more costly by increasing the transfer tax from 1% of the property value to 10%. Grenada Grenada eased business start-up by transferring responsibility for the commercial registry from the courts to the civil administration. The appointment of a registrar focusing only on property cut the time needed to transfer property in Grenada by almost half. Grenada's customs administration made trading faster by simplifying procedures, reducing inspections, improving staff training and enhancing communication with users. Hungary Hungary implemented a time limit for the issuance of building permits. Hungary reduced the property registration fee by 6% of the property value. Hungary simplified taxes and tax bases. Amendments to Hungary's bankruptcy law encourage insolvent companies to consider reaching agreements with creditors out of court so as to avoid bankruptcy. Italy Italy made starting a business easier by enhancing an online registration system. Kazakhstan Kazakhstan eased business start-up by reducing the minimum capital requirement to 100 tenge ($0.70) and eliminating the need to have the memorandum of association and company charter notarized. Kazakhstan made dealing with construction permits easier by implementing a one-stop shop related to technical conditions for utilities. Kazakhstan strengthened investor protections by requiring greater corporate disclosure in company annual reports. Kazakhstan speeded up trade through efforts to modernize customs, including implementation of a risk management system and improvements in customs automation. Peru Peru eased business start-up by simplifying the requirements for operating licenses and creating an online one-stop shop for business registration. Peru streamlined construction permitting by implementing administrative reforms. Peru introduced fast-track procedures at the land registry, cutting by half the time needed to register property. Peru made trading easier by implementing a new web-based electronic data interchange system, risk-based inspections and payment deferrals. Rwanda Rwanda made dealing with construction permits easier by passing new building regulations at the end of April 2010 and implementing new time limits for the issuance of various permits. Rwanda enhanced access to credit by allowing borrowers the right to inspect their own credit report and mandating that loans of all sizes be reported to the central bank's public credit registry. Rwanda reduced the number of trade documents required and enhanced its joint border management procedures with Uganda and other neighbors, leading to an improvement in the trade logistics environment. 72 Tajikistan Tajikistan made starting a business easier by creating a one-stop shop that consolidates registration with the state and the tax authority. Tajikistan strengthened investor protections by requiring greater corporate disclosure in the annual report and greater access to corporate information for minority investors. Tajikistan lowered its corporate income tax rate. Vietnam Vietnam eased company start-up by creating a one-stop shop that combines the processes for obtaining a business license and tax license and by eliminating the need for a seal for company licensing. Vietnam made dealing with construction permits easier by reducing the cost to register newly completed buildings by 50% and transferring the authority to register buildings from local authorities to the Department of National Resources and Environment. Vietnam improved its credit information system by allowing borrowers to examine their own credit report and correct errors. Zambia Zambia eased business start-up by eliminating the minimum capital requirement. Zambia eased trade by implementing a one-stop border post with Zimbabwe, launching web-based submission of customs declarations and introducing scanning machines at border posts. Zambia improved contract enforcement by introducing an electronic case management system in the courts that provides electronic referencing of cases, a database of laws, real-time court reporting and public access to court records. 73 74