DB2018-Full-Report

A W orld Bank Gr oup Flagship Report Comparing Business R egulation f or Domestic Firms in 190 Economies Doing Business 2018 R ef orming to Cr eate Jobs © 2018 International Bank for R econstruction and Development / T he W orld Bank 1818 H Street NW W ashington DC 20433 T elephone: 20 2-4 73- 1000 Internet: www . worldbank.org This w ork is a product of the sta\ue01f of The W orld Bank with external c ontributions. The \ufb01ndings, interpr etations, and conclusions expr essed in this work do not necessarily r e\ufb02ect the views of T he W orld Bank, its Board of Executiv e Director s, or the gov ernments they repr esent. The W orld Bank does not guarantee the ac curacy of the data included in this work. T he boundaries, colors, denomina- tions, and other information shown on any map in this w ork do not imply any judgment on the part of The W orld Bank concerning the legal status of an y territory or the endorsement or acceptanc e of such boundaries. Rights and P ermissions The material in this w ork is subject to copyright. Because T he W orld Bank encourages dissemination of its kno wledge, this work may be r eproduced, in whole or in part, for nonc ommercial purposes as long as full attribution to this w ork is given. Any queries on rights and licenses, including subsidiary rights, should be addr essed to W orld Bank Publications, The W orld Bank Group , 1818 H Street NW , W ashington, DC 20433, USA; fax: 202 -522- 2625; e-mail: pubrights@worldbank.or g. Cov er design: Corporate V isions, Inc. COMP ARING BUSINESS REGULA TION FOR DOMESTIC FIRMS IN 19 0 ECONOMIES A World Bank Gr oup Flagship Report 15 TH EDITION Doing Business 2018 R ef orming to Cr eate Jobs Doing Business 2018 R esour ces on the Doing Business w ebsite Current features News on the Doing Business pr oject http:/ / www.doingbusiness. org Rankings How economies r ank\u2014 from 1 to 190 http:/ / www.doingbusiness. org/ rankings Data All the data for 190 economies\u2014topic rankings, indicator v alues, lists of regulatory pr ocedures and details underlying indicators http:/ / www.doingbusiness. org/ data Reports Acces s to Doing Business reports as well as subnational and regional r eports, case studies and customized ec onomy and regional pr o\ufb01les http:/ / www.doingbusiness. org/ reports Methodology The methodologies and r esearch papers underlying Doing Business ht tp: / / www .doingbusiness.org/ methodology Research Abstracts of papers on Doing Business topics and related policy is sues http:/ / www.doingbusiness. org/ research Doing Business reforms Short summaries of DB2018 business regulation r eforms and lists of ref orms since DB2006 http:/ / www.doingbusiness. org/ reforms Historical data Customiz ed data sets since DB2004 http:/ / www.doingbusiness. org/ custom-query Law libr ary Online collection of business laws and regulations r elating to business http:/ / www.doingbusiness. org/law-libr ary Contributors More than 13, 000 specialists in 190 economies who participate in Doing Business http:/ / www.doingbusiness. org/ contributors / doing-business Entrepreneurship data Data on new business density (number of newly register ed companies per 1, 000 working-age people) f or 143 economies http:/ / www.doingbusiness. org/ data / exploretopics/ entrepreneurship Distance to frontier Data benchmarking 190 economies to the frontier in r egulatory practice and a distance to fr ontier calculator http:/ / www.doingbusiness. org / data/ distance-to-fr ontier Information on good pr actices Showing where the man y good practices identi\ufb01ed b y Doing Business have been adopted http:/ / www.doingbusiness. org/ data / good-practice Doing Business 2018 Con ten ts \ue083 Doing Business 2018 is the 15th in a series of annual reports investig ating the regulations that enhance busines s activity and those that constr ain it. Doing Business presents quantitativ e indicators on business r egulation and the protection of pr operty rights that can be compared acr oss 190 economies\u2014fr om Afghanistan to Zimbabwe\u2014and o ver time. \ue083 Doing Business measures aspects of regulation a\ue01fecting 11 ar eas of the life of a business. T en of these areas are included in this y ear\u2019s r anking on the ease of doing business: starting a business, dealing with construction permits, getting electricity , registering property , getting credit, protecting minority invest ors, paying taxes, tr ading across bor ders, enfor cing contracts and resolving insolv ency. Doing Business also measures featur es of labor market regulation, which is not included in this year\u2019 s ranking. \ue083 Data in Doing Business 2018 ar e current as of June 1, 2017 . The indicators are used to analyze ec onomic outcomes and identify what reforms of busines s regulation hav e worked, wher e and wh y. iv F oreword 1 Overview 11 About Doing Business 22 Reforming the Busines s Environment in 2016/17 Case studies 39 Starting a Business T ransparency of inf ormation at business registries 45 Dealing with Construction Permits Private sector participation in construction r egulation 51 Registering P roperty Using information to curb corruption 56 Resolving Insolv ency The challenges of su ccessfully implementing insolvency r eforms 62 Refer ences 6 7 Data Notes 119 Distance to F rontier and Ease of Doing Business Ranking 126 Summaries of Doing Business Ref orms in 2016/17 142 Country T ables 206 Labor Market R egulation 222 Acknowledgments F or ew or d Doing Business 2018 In its 14 years of publication, Doing Business has come a long way . At a r ecent interna - tional forum, I heard the leader s of India and the Russian F ederation talking about how important it is for their countries to impro ve their Doing Business rankings and create mor e jobs for young w orkers. When the \ufb01rst edition was published in September 2003, little data was a vailable on regulation a\ue01eecting busines s activity . Doing Business created a new appr oach to policy ref orm\u2014one informed by hard data and focused on domestic compa- nies. The objectiv es of Doing Business are as clear as they ar e ambitious: to inform the design of reforms and motiv ate these reforms thr ough country benchmarking. Behind each set of indicators lies rigor ous academic analysis, done in cooper a- tion with leading scholars. F or example, the indicators on e\ue01dcient insolvency systems w ere cr eated with the help of Prof essor Oliver Hart from Harv ard Universit y , the 2016 Nobel Prize winner in economics. 1 In the year s since the start of the project, o ver 3,000 peer -revie wed academic papers and another 7 ,000 working papers ha ve been written using the Doing Business data. Their \ufb01ndings impro ve our knowledge of ho w economic policy works. Since its inception\u2014when Doing Business cov ered 145 economies\u2014the sc ope of the report has expanded to 190 ec ono- mies worldwide. T he regulatory ar eas measured by the r eport have also been expanded to include mor e aspects that are r elevant to the daily oper ations of domestic small and medium-size \ufb01rms. F or eight of the 11 Doing Business indica- tor sets, the report\u2019 s traditional focus on e\ue01dciency\u2014de\ufb01ned as the time, cost and number of interactions nec essary to incorporat e a new business or connect a warehouse t o the electrical grid\u2014has been complemented with a new focus on regulatory qualit y . Doing Business data shows that e\ue01dciency and quality g o hand in hand, reinfor cing each other . Despite these additions and impro ve- ments, one aspect of Doing Business has remained unchang ed: its focus on pro- moting regulatory r eform that strength- ens the ability of the private sect or to create jobs, lift people out of pov erty and create mor e opportunities for the economy to pr osper . The notion that the private sector has substantial ec onomic, social and development impact is no w universally r ecognized. R esponsible for an estimated 90% of employment in developing ec onomies, the private sector 1. Djankov and other s 2008. v FOREWORD Kristalina Georgiev a Chief Executiv e O\ue01dcer The W orld Bank W ashington, DC is ideally placed to alleviate po verty by pro viding the opportunities to secure a good and sustainable standar d of living. Policy r eforms catalyz e private invest - ment. Promoting a w ell-functioning pri - vate sector is a major undertaking for any go vernment. It requir es long-term policies of remo ving administrative barriers and strengthening la ws that promote entr epreneurship . Hard data helps do that. It giv es a voice to the people to demand impro ved public services. It also increases g overnment accountability . Over the past decade, more than 60 economies ha ve estab- lished regulatory r eform committees that use the Doing Business indicators. As a result, g overnments hav e reported more than 3, 180 regulatory r eforms, includ- ing about 920 r eforms that have been inspired by Doing Business . T his is true impact. Doing Business 2018 \ue083 Doing Business uses 11 indicator sets to measure aspects of business r egulation that matter for entr epreneurship. \ue083 Although good r egulatory practic es can be found around the w orld, they are most common in OE CD high- income economies and the economies of Europe and Centr al Asia. \ue083 Sub- Saharan Africa has the widest variation in performanc e among the areas measur ed by Doing Business , with Mauritius standing at 25 in the ranking and Somalia at 190. \ue083 South Asia is the only r egion not repr esented in the top 50 ranking for ease of doing business. How ever , India stands out this year as one of the 10 economies that impro ved the most in the areas measur ed by Doing Business . \ue083 T he regions with the highest share of reforming ec onomies in Doing Business 2018 are Eur ope and Centr al Asia, South Asia and Sub-Sahar an Africa. \ue083 Crises ar e opportunities for reform; economies are mor e likely to implement regulatory r eforms in the areas measur ed by Doing Business when there is \ufb01scal distr ess. Evidence shows that an ec onomic crisis creates a stronger motiv ation for ref orm than a change of gov ernment. \ue083 Better performanc e in Doing Business is associated with low er levels of unemployment and pov erty . This y ear marks the 15th Doing Business report. Since the inc eption of the project in 2003, the global business r egulatory envir onment has changed dramatically . Governments around the w orld have embr aced and nurtured advances in inf ormation technology to reduce bur eaucratic hur dles and increase tr ansparency . T oday, in 65 of the 190 ec onomies cover ed by Doing Business , entrepr eneurs can complete at least one business inc orporation procedur e online, compar ed with only nine of the 145 economies measured in Doing Business 2004 . F urthermore, in 31 economies it is now possible t o initiate a commercial disput e online. This kind of progr ess can also be observed in the other areas measur ed by Doing Business . Doing Business measures aspects of business regulation and their impli - cations for firm establishment and operations. It does not include all the issues that are r elevant f or busi - nesses\u2019 decisions, but it does cov er important areas that are under the control of policy mak ers. Gov ernments worldwide r ecognize the economic and political benefits of impro ved business regulation. In f act, 119 of the 190 economies measured b y Doing Business 2018 enacted at least one business regulation r eform in 2016/17 . Of these, 79 .8% implemented at least one reform f or a second consecutive year and 64.7% f or a third. Business regulation can enable new ideas to come to life. When a softw are engineer realiz es that she can develop a better and less-expensiv e product than is currently av ailable, she may choose to start her own company to develop the idea. She will be mor e likely to become an entr epreneur in an economy wher e the rules gov erning start-ups are ac cessible, transpar ent and predictable. Con versely , in an economy wher e business regula - tion is cumbersome or ambiguous, she may be less willing to start her own company . In this case, the economy forf eits a new entrepr eneur \u2014as well as the associated capital investment and job cr eation. In turn, consumers hav e fewer , lower quality and more expensiv e product choices. Such a scenario highlights the way in which cumbersome regulation can distort resour ce allocation by stifling entrepr eneurial endeavors in f avor of maintaining a less optimal status quo. Consider the case of the potential software entr epreneur . If she were a national of Canada, it would take just two pr ocedures, one and a half da ys and less than 1% of income per capita to start her business in T oronto. F irst, she would need to file for f ederal incor - poration and pr ovincial registr ation online via Industry Canada\u2019 s Electronic Filing Centr e; this costs 200 Canadian dollars ($159) and is complet ed within a day . Second, she would need to Ov ervie w DOING BUSINESS 2018 2 register online f or value added tax; this costs nothing and is completed within half a day . She can perform these steps online from the comf ort of her home. As her business expands and becomes profitable, she w ould be expected to pay 20. 9% of her commercial profits in taxes and contributions annually . Howe ver , if the same entrepr eneur were a national of the Philippines, living in Quezon Cit y , the business incorporation proces s would requir e 16 procedur es, take 28 day s and cost around 16% of income per capita. She would need to make 20 differ ent tax and contribution payments and visit multiple agencies in person. F urthermore, her business would be expected t o pay 42.9% of its commercial pr ofits in taxes and contributions annually . Cumbersome business regulatory structur es such as these constrain the abilit y of entre - preneurs t o transform their ideas into viable businesses. Doing Business measures the pr ocesses for starting a business, obtaining a building permit, getting an electricity connection, transf erring property , pay - ing taxes, taking a c ommercial dispute to court, and resolving an insolv ency case, as well as cr edit and equity market regulations and logistics of importing and exporting goods (figur e 1. 1). There are many other f actors that influence firm decisions\u2014such as the availabilit y of skilled labor or market siz e\u2014that are not captured in Doing Business . But Doing Business focuses on ke y areas of interaction betw een the gov ern - ment and entrepr eneurs, where policy makers and r egulators can dir ectly influence proc edures to f acilitate these interactions. F or more information on what is measured and what is not, see the chapter About Doing Business . WHA T ARE THE BENEFITS OF IMPRO VED BUSINESS REGULA TION? The 11 Doing Business indicator sets capture the e\ue01fectiv eness and quality of business regulation. R esearch \ufb01ndings substantiate the economic r elevance of the aspects of business regulation measured by Doing Business . R ecent resear ch, for example, e xamines the impact of impro ving business regulation. One study \ufb01nds that high start-up costs can result in low er over all productivit y . Speci\ufb01cally , incumbent \ufb01rms are mor e likely to continue oper ating despite poor productivity because there is little competition from ne w, mor e productiv e \ufb01rms. In the absence of e\ue01fectiv e regula - tion, \ufb01rms are also less inclined t o leave the informal sector . 1 In addition, Doing Business measures the cov erage, sc ope and quality of credit information a vailable from cr edit registries and bur eaus. When function - ing well, these institutions form an essential element of an economy\u2019 s \ufb01nancial infrastructur e by strengthening access to \ufb01nancial servic es, particularly credit. By c ollecting and sharing credit information, such agencies r educe infor - mation asymmetries, increase ac cess to credit f or small \ufb01rms, lower inter est rates, impr ove borr ower discipline and strengthen bank supervision and credit risk monitoring. Indeed, a study of a credit bur eau serving the equip - ment \ufb01nance industry in the United States found that better ex change of information between lender s results in impro ved repa yment behavior by \ufb01rms, including lower incidenc es of delinquencies and defaults. T his impact was strong er for \ufb01rms that typically lack FIGURE 1.1 What is measured in Doing Business ? Operating in a secure business environment Starting a business Getting a location Accessing finance Dealing with day-to-day operations Resolving insolvency Enforcing contracts P aying taxes T rading across borders Protecting minority investors Getting credit Registering property Getting electricity Labor market regulation Starting a business Dealing with construction permits Source: Doing Business database . Note: Labor mark et regulation is not included in the ease of doing business ranking. 3 OVERVIEW informational transpar ency , such as small and young \ufb01rms. 2 Doing Business places emphasis on the quality of legal infr astructure and the strength of legal institutions. T he pro- tecting minority inv estors indicator set, for ex ample, measures the protection of minority shareholder s. F or businesses to secure equity \ufb01nanc e, legal mechanisms are needed to pr event the use of c orporate assets by company insider s for personal gain\u2014especially during \ufb01nancial crises or times of market distr ess. Resear ch has shown that during the 2008 global \ufb01nancial crisis, for ex ample, companies in economies with better inv estor protec- tions and strong er corporate g overnance experienced a smaller decr ease in their market value. C onversely , \ufb01rms in econo- mies with weak legal structur es saw a more signi\ufb01cant decline in v alue. 3 The Doing Business indicators on resolv - ing insolvency pr ovide evidence of a strong r elationship between r egula - tory quality and e\ue01dcient outcomes. The indicator set measur es the qual - ity of regulation as the recov ery rate for secured cr editors and the ext ent to which domestic law has incorpor ated certain internationally-acc epted prin - ciples on liquidation and reor ganization proceedings. E\ue01dcient out comes occur when viable businesses are giv en a chance to survive, while los s-prone, ine\ue01dcient \ufb01rms exit the market, putting resour ces to better use elsewher e in the economy . In the absence of strong legal bankruptcy legislation, how ever , the balance between \ufb01rm surviv al and e\ue01dcient exit is distorted. This dist ortion was highlighted by r esearch using data from Hungary , where the majority of \ufb01rms in bankruptcy wer e preserved and allowed to c ontinue operating as going concerns\u2014despite g enerating sub - stantial operating losses and r esulting in low rec overy r ates for cr editors. The main cause of this distortion was the inadequate allocation of contr ol rights between secur ed and unsecured cr edi - tors, which decr eased the reco very value by not allowing cr editors to take impor - tant decisions related to the c ompany assets during insolvency pr ocedures. Another cause was the establishment of a compensation scheme for ag ents man - aging bankruptcy proc eedings based on assets sold and operating r evenues of a \ufb01rm, which created a signi\ufb01cant incr ease in the cost of bankruptcy pr ocedures and reduced cr editors\u2019 r ecov ery rate. 4 In the area of cr oss-border tr ade, Doing Business measures the e\ue01fectiv eness of trade logistics. Se veral studies ha ve underscor ed the importance of port automation and e\ue01dciency for both trade f acilitation and regional economic development. T hese studies have f ound that ports that are mor e automated requir e less maintenance, ar e more cost-e\ue01f ective and ensure bett er worker safety . Furthermore, a study of the determinants of shipping costs fr om Latin America to the United States found that\u2014 for most exporting econo - mies\u2014high transportation costs pose even gr eater barriers to tr ade than import tari\ue01fs, and that port ine\ue01dcien - cies signi\ufb01cantly add to these costs. One of the most striking \ufb01ndings is that by impro ving port e\ue01dciency from the 25th to the 75th per centile, shipping costs ar e lower ed by 12%, substantially increasing the volume of bilater al trade. 5 One of the principal causes of port ine\ue01dciency is exc essive r egulation\u2014precisely what Doing Business advocates to curb . WHERE IS BUSINESS REGULA TION BETTER? The o verall measur e of the ease of doing business gives an indication of wher e it is easier for domestic small and medium- size \ufb01rms to do business. Although the economies with the most business- friendly regulation in this y ear\u2019 s ease of doing business ranking ar e relativ ely diverse, the ec onomies within the top 20 share some common f eatures. F our teen of the top 20 are OE CD high-income economies; three ar e from Eur ope and Central Asia and thr ee from East Asia and the Paci\ufb01c. Eight een of the top 20 are classi\ufb01ed as high-inc ome economies. The top 5 perf ormers are New Z ealand, Singapore, Denmark, the R epublic of Kor ea and Hong Kong SAR, C hina. The former Y ugoslav Republic of Macedonia is the only upper-middle-income ec onomy on the list, while Georgia is the only low - er-middle-income one (table 1. 1). T o date, no low-income ec onomy has reached the top 20 group . Howev er , being wealthy does not guarantee a fr ont-runner posi- tion in the ease of doing business ranking; many high-income economies still ha ve room for pr ogress. Ha ving few bureau- cratic hur dles, robust legal institutions and laws and r egulations that are based on international good pr actices is what matters most for a g ood performance in the ease of doing business ranking. Among the top 20 economies, Georgia, with a ranking of 9 , has implemented the highest number of business regulation reforms sinc e the launch of Doing Business in 2003\u2014a total of 4 7 . With 4 1, FYR Macedonia has carried out the second highest number of reforms among the top 20. During the same period, Lat via and Lithuania have also activ ely reformed their business regulatory en vironments, with 28 and 31 reforms r espectively . Among other reforms, Lithuania has made six reforms t o its business incor- poration pr ocesses, \ufb01ve r eforms to bankruptcy proc eedings and four reforms to its taxation sy stem. Many other top- rank ed economies have f ollowed this pat - tern of continuous r eform, demonstrating that comprehensiv e reform e\ue01f orts can lead to consider able improv ements in an economy\u2019 s regulatory and business envi- ronment. Another featur e that the top 20 economies hav e in common\u2014albeit not measured by Doing Business \u2014is that on aver age they ha ve higher labor for ce participation rates and low er levels of income inequality . Indeed, the averag e Gini coe\ue01dcient 6 of the top 20 economies is 0.3 (with 0 r epresenting perfect equal- ity and 1 repr esenting perfect inequality ), compared t o 0. 4 for the lowest 20 . 7

DB2018-Full-Report

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