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42 DOING BUSINESS 2015 Tobago created a public office responsible for the general administration of insolvency proceedings and clarified rules on the appointment and duties of trustees. And Uganda established explicit rules on the enforcement of the duties of liquidators during liquidation proceedings. Addressing labor market regulation In 2013/14 Doing Business recorded 9 reforms relating to labor market regulation. The economies implementing reforms included Portugal, which has made the most reforms aimed at improving the labor market environment in recent years. In 2013 Portugal revised the rules on fixed-term contracts executed under the labor code that reach their maximum duration before November 8, 2015; under the new rules these contracts can be renewed 2 more times, with an additional maximum duration of 12 months, though the renewed contracts need to end by December 31, 2016. In previous years Portugal reduced the wage premium required for work on weekly holidays and also made redundancy easier by eliminating the need to follow a specific order in dismissals when eliminating a worker’s position. Portugal’s continual reforms in labor market regulation are in part a response to the economic downturn that followed the global financial crisis. And Portugal is one of several Southern European economies that reformed business regulation in areas beyond labor market regulation in 2013/14 (box 4.2). BOX 4.2 Southern European economies continue a steady pace of regulatory reform Greece, Italy, Portugal and Spain—all among the economies most adversely affected by the global financial crisis—have maintained a steady pace of regulatory reform. As Doing Business 2013 reported, the pace picked up in the aftermath of the crisis, and this year’s report shows that the trend has continued. In 2013/14 Greece reformed in 3 areas of business regulation measured by Doing Business, and Spain in 4. Greece made starting a business easier by lowering the cost of registration. It made transferring property easier by reducing the property transfer tax and eliminating the requirement for a municipal tax clearance certificate. And it made enforcing contracts easier by introducing an electronic filing system for court users. Italy and Spain also made starting a business easier. Italy reduced the minimum capital requirement, while Spain simplified business registration by introducing an electronic system that links several public agencies. Portugal lowered its corporate income tax rate and introduced a reduced corporate tax rate for a portion of the taxable profits of qualifying small and medium-size enterprises. Spain reduced its statutory corporate income tax rate. Portugal made enforcing contracts easier by adopting a new code of civil procedure designed to reduce court backlog, streamline court procedures, enhance the role of judges and speed up the resolution of standard civil and commercial disputes. Spain made resolving insolvency easier by introducing new rules for out-of-court restructuring as well as provisions applicable to prepackaged reorganizations. These economies, by actively reducing the complexity and cost of regulatory processes and strengthening legal institutions, are narrowing the gap with the regulatory frontier at a faster pace than the rest of the European Union. while Mauritius reduced the maximum duration of fixed-term contracts to 24 months and Georgia reduced it to 30 months. NOTES 1. Klapper and Love 2011. 2. Bruhn 2011. 3. Branstetter and others 2013. 4. Bripi 2013. 5. Portugal-Perez and Wilson 2012. 6. Kraay and Tawara 2013. 7. The 6 mandatory labor contributions measured by Doing Business are those for social security, health insurance, unemployment, an accident risk fund, a guarantee fund and medical leave. Other economies implementing reforms in labor market regulation in 2013/14 focused on different areas. Cabo Verde introduced a minimum wage. Finland made the redundancy process more flexible by eliminating the requirement to notify a third party before dismissing 1 redundant worker or a group of 9 redundant workers. Croatia lifted the 3-year limit on the duration of first-time fixed-term contracts,
REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 43 TABLE 4A.1 Who reduced regulatory complexity and cost or strengthened legal institutions in 2013/14—and what did they do? Feature Economies Some highlights Making it easier to start a business Simplified preregistration and registration formalities (publication, notarization, inspection, other requirements) Abolished or reduced minimum capital requirement Cut or simplified postregistration procedures (tax registration, social security registration, licensing) Introduced or improved online procedures Created or improved one-stop shop Making it easier to deal with construction permits Reduced time for processing permit applications Streamlined procedures Albania; Bulgaria; The Gambia; Guatemala; India; Islamic Republic of Iran; Jamaica; Malawi; Malta; Mauritius; Nicaragua; Norway; Slovak Republic; Spain; Swaziland; United Kingdom Austria; Benin; China; Côte d’Ivoire; Czech Republic; Denmark; Italy; Moldova; São Tomé and Príncipe; Senegal; Togo Armenia; Greece; Jamaica; Lithuania; Mauritania; Russian Federation; United States Azerbaijan; Croatia; Iceland; Indonesia; FYR Macedonia; Switzerland; Trinidad and Tobago Democratic Republic of Congo; France; Suriname; Tajikistan; Timor-Leste Albania; Croatia; Djibouti; Ghana; Lithuania; Madagascar; Senegal; Thailand Albania; Brunei Darussalam; Djibouti; Ghana; Madagascar; Mali; Rwanda Guatemala’s official gazette reduced the time to publish a notice of incorporation by modifying internal processes. The Islamic Republic of Iran combined name reservation with company registration at a single window. China and Côte d’Ivoire both abolished the minimum capital requirement. In doing so, China also eliminated the need to open a preliminary bank account, deposit the capital and obtain a certificate of deposit. Lithuania abolished the requirement for a company seal, no longer used in practice. Mauritania eliminated the requirement to publish company statutes in the official gazette. Trinidad and Tobago introduced an online platform for business registration, reducing registration time from 38 days to 14.5. The former Yugoslav Republic of Macedonia introduced a free online company registration system. Timor-Leste created a one-stop shop—making it possible to reserve a company name, file the company statutes, apply for and obtain the final registration number and publish the statutes all at one agency. Lithuania tightened the time limit for issuing special architectural requirements, cutting the time to obtain a building permit from 42 days to 21. Madagascar completed the computerization of its onestop shop, reducing the time to obtain a building permit from 90 days to 45. Djibouti streamlined the review of building permits by adopting a 3-step process. Ghana made it mandatory to submit all required clearances when applying for a building permit. Adopted new building regulations Albania; Croatia; Lithuania; Montenegro; Nepal Albania adopted a new law on territory planning, consolidating the land permit and construction permit into a single construction development permit. Croatia’s adoption of the Building Act and a new Physical Planning Act made it possible to obtain a building permit before paying contribution fees for utilities. Improved building inspection process Kosovo; Nepal; Puerto Rico (U.S.) Kosovo introduced a new inspection scheme and made the final inspection process easier by breaking the approval process into several phases. Puerto Rico (territory of the United States) introduced the option of hiring an authorized professional and authorized inspector to carry out the fire safety recommendations and issue the fire prevention and environmental health certificates. Reduced fees Croatia; Rwanda; Tajikistan Rwanda eliminated the fee to obtain a freehold title. Tajikistan reduced the fee for obtaining an architectural planning assignment. Improved or introduced electronic platforms or online services Nepal Nepal launched an online system for obtaining building permits. Making it easier to get electricity Improved regulation of connection processes and costs Improved process efficiency India; Jamaica; Poland; Rwanda; Sierra Leone; Taiwan, China Democratic Republic of Congo; Costa Rica; Malawi; Solomon Islands In Poland the electricity utility made obtaining a new connection less costly by revising its fee structure. In Rwanda the electricity utility eliminated all its fees for a new connection. The electricity utility in Malawi engaged private subcontractors to carry out external connection works, reducing the time required to complete the works by 50 days. Streamlined approval process Indonesia; Islamic Republic of Iran Indonesia eliminated a redundant internal wiring inspection by dropping the requirement for a certificate guaranteeing that the internal installation meets the standards. Making it easier to register property Reduced taxes or fees Combined or eliminated procedures Bahrain; Côte d’Ivoire; Greece; San Marino; Spain; Togo Colombia; Greece; Mozambique; Russian Federation; Senegal Greece reduced the property transfer tax from 10% of the property value to 3%. Spain reduced the property registration tax to 6% of the property value. Colombia eliminated the need for a provisional registration. The Russian Federation eliminated the requirement for notarization of certain documents. Computerized procedures Albania; Côte d’Ivoire; Ireland; Sweden; Vanuatu Ireland enhanced its land registry’s computerized system and implemented an online system for title registration. In Vanuatu property records have been scanned, and the land registry is now using a fully computerized system for land transactions. Increased administrative efficiency Guinea; Republic of Korea; United Arab Emirates The District Registration Courts in the Republic of Korea increased efficiency by streamlining internal processes. The United Arab Emirates started licensing companies to act on behalf of the Dubai Land Department and use its system for property registration.
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RESOLVING INSOLVENCY 97 of insolven
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RESOLVING INSOLVENCY 99 FIGURE 12.1
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RESOLVING INSOLVENCY 101 FIGURE 12.
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REFERENCES 113 Rathinam, Francis Xa
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DATA NOTES 115 METHODOLOGY The Doin
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ACKNOWLEDGMENTS 253 of Aart C. Kraa
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ACKNOWLEDGMENTS 255 ALGERIA DELOITT
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ACKNOWLEDGMENTS 257 Gerald Mittereg
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ACKNOWLEDGMENTS 259 Siarhei Khvasto
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ACKNOWLEDGMENTS 261 Muhidin Karši
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ACKNOWLEDGMENTS 263 Sydney Simonagg
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ACKNOWLEDGMENTS 265 Laurence Idelet
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ACKNOWLEDGMENTS 267 Aurora Barroso
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ACKNOWLEDGMENTS 269 Marius Doh CIE
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ACKNOWLEDGMENTS 271 Lars Lindencron
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ACKNOWLEDGMENTS 291 Cheikh Sall ETU
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ACKNOWLEDGMENTS 293 Vitalie Zama AS
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ACKNOWLEDGMENTS 295 Marcel Kettenis
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ACKNOWLEDGMENTS 297 Adeola Sunmola
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ACKNOWLEDGMENTS 299 Ernesto Velázq
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ACKNOWLEDGMENTS 303 Vadim Kolomniko
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ACKNOWLEDGMENTS 315 Sreekumar Sivas
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ACKNOWLEDGMENTS 317 Bruno Paredes L
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Smarter Regulations for Small and M
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