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6 DOING BUSINESS 2011 FIGURE 1.4 In the past 5 years about 85% of economies made it easier to do business Five-year measure of cumulative change in Doing Business indicators between DB2006 and DB2011 DB change score 0.5 0.4 0.3 Doing business became easier 0.2 0.1 GEORGIA RWANDA BELARUS BURKINA FASO SAUDI ARABIA MALI KYRGYZ REPUBLIC GHANA CROATIA KAZAKHSTAN MACEDONIA, FYR MOZAMBIQUE EGYPT, ARAB REP. UKRAINE CHINA ALBANIA TAJIKISTAN NIGERIA CZECH REPUBLIC SYRIAN ARAB REPUBLIC SIERRA LEONE UZBEKISTAN COLOMBIA AZERBAIJAN SENEGAL MADAGASCAR ARMENIA PERU MAURITIUS MALAWI VIETNAM TIMOR-LESTE BOSNIA AND HERZEGOVINA FRANCE POLAND GUATEMALA MEXICO HAITI ZAMBIA INDIA DOMINICAN REPUBLIC YEMEN, REP. RUSSIAN FEDERATION CONGO, DEM. REP. TOGO TUNISIA DENMARK CAMBODIA INDONESIA CÔTE D'IVOIRE MAURITANIA IRAN, ISLAMIC REP. NIGER ANGOLA MOROCCO SLOVENIA UNITED ARAB EMIRATES THAILAND LAO PDR SLOVAK REPUBLIC PORTUGAL HONG KONG, CHINA UNITED KINGDOM SERBIA BENIN GUINEA-BISSAU GAMBIA, THE SWAZILAND ROMANIA SUDAN PARAGUAY BULGARIA BANGLADESH MALDIVES UGANDA SWEDEN ALGERIA BOTSWANA VANUATU ETHIOPIA CAMEROON TANZANIA TURKEY AUSTRALIA JORDAN BRAZIL PAPUA NEW GUINEA Note: The DB change score illustrates the level of change in the regulatory environment for local entrepreneurs as measured by 9 Doing Business indicator sets over a period of 5 years. This year’s DB change score ranges from –0.1 to 0.54. More details on how the DB change score is constructed can be found in the Data notes. Source: Doing Business database. 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. The findings are encouraging: in about 85% of the 174 economies, doing business is now easier for local firms (figure 1.4). The 10 economies that made the largest strides in making their regulatory environment more favorable to business are Georgia, Rwanda, Belarus, Burkina Faso, Saudi Arabia, Mali, the Kyrgyz Republic, Ghana, Croatia and Kazakhstan. All implemented more than a dozen Doing Business reforms over the 5 years. Several—including Georgia, Rwanda, Belarus, Burkina Faso, the Kyrgyz Republic, Croatia and Kazakhstan—have also been recognized as top 10 Doing Business reformers in previous years. Rwanda, for example, was recognized last year. The cumulative improvement over the past 5 years as measured by the DB change score shows that this was not a one-time effort and that the changes introduced were substantial. Since 2005 Rwanda has implemented 22 business regulation reforms in the areas measured by Doing Business. Results show on the ground. In 2005 starting a business in Rwanda took 9 procedures and cost 223% of income per capita. Today entrepreneurs can register a new business in 3 days, paying official fees that amount to 8.9% of income per capita. More than 3,000 entrepreneurs took advantage of the efficient process in 2008, up from an average of 700 annually in previous years. Registering property in 2005 took more than a year (371 days), and the transfer fees amounted to 9.8% of the property value. Today the process takes 2 months and costs 0.4% of the value. A new company law adopted in 2009 strengthened investor protections by requiring greater corporate disclosure, increasing the liability of directors and improving shareholders’ access to information. Others, such as Ghana and Mali, took a steady approach, improving the business environment over several years. Ghana implemented measures in 6 areas. It created its first credit bureau, computerized the company registry and overhauled its property registration system, moving from a deed to a title registration system. The multiyear reform reduced the time to transfer property from 24 weeks to 5. The state now guarantees the title and its authenticity. Regulatory reforms in Mali picked up in recent years. Key achievements include customs reforms, a new one-stop shop for business start-up and amendments to the civil procedure code in 2009 that strengthened protections for minority shareholders and improved the (still lengthy) court procedures to resolve commercial disputes. Some large emerging-market economies also made significant changes at a steady pace. China is one. Over several years China introduced 14 policy changes making it easier to do business, affecting 9 areas covered by Doing Business. In 2005 a new company law reduced what had been one of the world’s highest minimum capital requirements from 1,236% of income per capita to 118%. In 2006 a new credit registry started operating. Today 64% of adults have a
EXECUTIVE SUMMARY 7 DB change score 0.5 0.4 0.3 0.2 0.1 COMOROS LITHUANIA NAMIBIA FINLAND CONGO, REP. SURINAME FIJI PALAU GABON NORWAY GUINEA CHAD ZIMBABWE ITALY PAKISTAN SINGAPORE ESTONIA ICELAND ARGENTINA VENEZUELA, R.B. SOLOMON ISLANDS UNITED STATES KOREA, REP. COSTA RICA AFGHANISTAN BHUTAN HONDURAS WEST BANK AND GAZA CAPE VERDE MONGOLIA GUYANA MICRONESIA, FED. STS. LESOTHO TAIWAN, CHINA ISRAEL EL SALVADOR MOLDOVA IRELAND HUNGARY MARSHALL ISLANDS SAMOA MALAYSIA URUGUAY IRAQ BELGIUM BURUNDI OMAN NICARAGUA SPAIN DJIBOUTI TONGA PUERTO RICO LEBANON ECUADOR GREECE LATVIA KENYA PHILIPPINES KUWAIT SOUTH AFRICA ERITREA CANADA SWITZERLAND ST. VINCENT AND THE GRENADINES ANTIGUA AND BARBUDA GRENADA TRINIDAD AND TOBAGO SRI LANKA KIRIBATI BELIZE JAMAICA EQUATORIAL GUINEA AUSTRIA CENTRAL AFRICAN REPUBLIC DOMINICA SEYCHELLES BOLIVIA NEW ZEALAND PANAMA ST. KITTS AND NEVIS ST. LUCIA NEPAL SÃO TOMÉ AND PRINCIPE NETHERLANDS JAPAN CHILE GERMANY Doing business became more difficult –0.1 credit history. In 2007, after 14 years of consultation, a new property rights law came into effect, offering equal protection to public and private property and expanding the range of assets that can be used as collateral. India implemented 18 business regulation reforms in 7 areas. Many focused on technology—implementing electronic business registration, electronic filing for taxes, an electronic collateral registry and online submission of customs forms and payments. Changes also occurred at the subnational level. In India, as in other large nations, business regulations can vary among states and cities. While Doing Business focuses on the largest business city in an economy, it complements its national indicators with subnational studies, recognizing the interest of governments in these variations. According to Doing Business in India, 14 of the 17 Indian cities covered in the study implemented changes to ease business startup, construction permitting and property registration between 2006 and 2009. 9 The level of change depends not only on the pace of business regulation reform but also on the starting point. For example, Finland or Singapore, with efficient e-government systems in place and strong property rights protections by law, has less room for improvement. Others, such as Italy, implemented several regulatory reforms in areas where results might be seen only in the longer term, such as judiciary or insolvency reforms. WHAT IS THE EFFECT ON FIRMS, JOBS AND GROWTH? Rankings and the 5-year measure of cumulative change (DB change score) are still only indicative. Few would doubt the benefit of reducing red tape for business, particularly for small and medium-size businesses. But how do business regulation reforms affect the performance of firms and contribute to jobs and growth? A growing body of empirical research has established a link between the regulatory environment for firms and such outcomes as the level of informality, employment and growth across economies. 10 The broader economic impact of lowering barriers to entry has been especially well researched. But correlation does not mean causality. Other country-specific factors or other changes taking place simultaneously—such as macroeconomic reforms—may also have played a part. How do we know whether things would have been any different without the regulatory reform? Some studies have been able to test this by investigating variations within a country over time, as when Colombia implemented a bankruptcy reform that streamlined reorganization procedures. Following the reform, viable firms were more likely to be reorganized than liquidated, and firms’ recoveries improved. 11 Other studies investigated policy changes that affected only certain firms or groups. Using the unaffected group as a control, they found that reforms easing formal business entry in Colombia, India and Mexico led to an increase in new firm entry and competition. 12 Thanks to simplified municipal registration formalities for firms in Mexico, the number of registered businesses increased by 5%, and employment by 2.8%, in affected industries.
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