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Public Disclosure Authorized
Public Disclosure Authorized
Public Disclosure Authorized
58326
Australia
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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/
Reformers Short summaries of DB2011 reforms, lists of reformers since DB2004 and a ranking simulation tool
Contents Introduction and Aggregate Rankings
http://www.doingbusiness.org/reforms/
Historical data Customized data sets since DB2004
5 - Year Measure of Cumulative Change
http://www.doingbusiness.org/custom-query/
Starting a Business
Methodology and research The methodologies and research papers underlying Doing Business
Dealing with Construction Permits
http://www.doingbusiness.org/Methodology/
Registering Property Download reports Access to Doing Business reports as well as subnational and regional reports, reform case studies and customized country and regional profiles http://www.doingbusiness.org/reports/
Getting Credit Protecting Investors Paying Taxes
Subnational and regional projects Differences in business regulations at the subnational and regional level
Trading Across Borders
http://www.doingbusiness.org/subnational-reports/
Enforcing Contracts
Law Library Online collection of business laws and regulations relating to
Closing a Business
business and gender issues
Doing Business 2011 Business Reforms
http://www.doingbusiness.org/law-library/
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 Australia. 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 Australia is ranked 10 out of 183 economies. Singapore is the top ranked economy in the Ease of Doing Business.
Australia - Compared to global good practice economy as well as selected economies:
Australia's ranking in Doing Business 2011 Rank
Doing Business 2011
Ease of Doing Business
10
Starting a Business
2
Dealing with Construction Permits
63
Registering Property
35
Getting Credit
6
Protecting Investors
59
Paying Taxes
48
Trading Across Borders
29
Enforcing Contracts
16
Closing a Business
12
2
Summary of Indicators - Australia
Starting a Business
Dealing with Construction Permits
Registering Property
Procedures (number)
2
Time (days)
2
Cost (% of income per capita)
0.7
Min. capital (% of income per capita)
0.0
Procedures (number)
16
Time (days)
221
Cost (% of income per capita)
11.7
Procedures (number)
5
Time (days)
5
Cost (% of property value) Getting Credit
Protecting Investors
Paying Taxes
Strength of legal rights index (0-10)
9
Depth of credit information index (0-6)
5
Public registry coverage (% of adults)
0.0
Private bureau coverage (% of adults)
100.0
Extent of disclosure index (0-10)
8
Extent of director liability index (0-10)
2
Ease of shareholder suits index (0-10)
7
Strength of investor protection index (0-10)
5.7
Payments (number per year)
11
Time (hours per year)
109
Profit tax (%)
25.9
Labor tax and contributions (%)
20.7
Other taxes (%) Total tax rate (% profit) Trading Across Borders
5.0
1.3 47.9
Documents to export (number)
6
Time to export (days)
9
Cost to export (US$ per container)
1060
Documents to import (number)
5
Time to import (days)
8
Cost to import (US$ per container)
1119 3
Enforcing Contracts
Closing a Business
Procedures (number)
28
Time (days)
395
Cost (% of claim)
20.7
Recovery rate (cents on the dollar)
81.8
Time (years) Cost (% of estate)
1.0 8
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
Doing business has become easier (DB change score)
0.10
0.08
0.06
0.04
0.02
0.00
France
United Kingdom
Australia
Ireland
Canada
New Zealand
Germany
6
1. Benchmarking Starting a Business Regulations:
Australia is ranked 2 overall for Starting a Business.
Ranking of Australia in Starting a Business - Compared to good practice and selected economies:
7
The following table shows Starting a Business data for Australia compared to good practice and comparator economies:
Good Practice Economies
Procedures (number)
Time (days)
Cost (% of income per capita)
Min. capital (% of income per capita)
0.0
Denmark*
1
New Zealand*
1
0.0
Selected Economy Australia
2
2
0.7
0.0
Comparator Economies Canada
1
5
0.4
0.0
France
5
7
0.9
0.0
Germany
9
15
4.8
0.0
Ireland
4
13
0.4
0.0
New Zealand
1
1
0.4
0.0
United Kingdom
6
13
0.7
0.0
* 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 Australia Starting a Business data
Doing Business 2008
Doing Business 2009
Doing Business 2010
Doing Business 2011
Rank
..
..
3
2
Procedures (number)
2
2
2
2
Time (days)
2
2
2
2
Cost (% of income per capita)
0.8
0.8
0.8
0.7
Min. capital (% of income per capita)
0.0
0.0
0.0
0.0
3. The following graphs illustrate the Starting a Business sub indicators in Australia over the past 4 years:
9
Starting a Business Summary - Australia
This table summarizes the procedures and costs associated with setting up a business in Australia. STANDARDIZED COMPANY Legal Form: Proprietary Company (Pty Ltd) City: Sydney
Registration Requirements: No:
Procedure
Time to complete
Cost to complete
1
Complete and lodge ASIC Form 201 “Application for Registration as an Australian Company"; Obtain a certificate of incorporation and an Australian company number (ACN)
1
AUD 400
2
Register for ABN with the Australian Taxation Office (ATO)
1
no charge
10
Starting a Business Details - Australia
Procedure
1
Complete and lodge ASIC Form 201 “Application for Registration as an Australian Company"; Obtain a certificate of incorporation and an Australian company number (ACN)
Time to complete:
1
Cost to complete:
AUD 400
Comment:
To register a Pty Ltd company, the applicant must complete and submit an ASIC Form 201 ("Application for Registration as an Australian Company") and pay the prescribed fee of AUD 400. Any person to be appointed as a director or secretary of the company must have first consented in writing to that appointment. Similarly, each shareholder of the company must have consented to become a shareholder. At least 1 director (and, if the company has appointed secretaries, at least 1 secretary) must ordinarily reside in Australia. The registered office of the company must be an address in Australia. The company may adopt its own constitution or rely upon the Replaceable Rules in the Corporations Act 2001. Prior to lodging the application for registration, the applicant should confirm the availability of the proposed company name. If no name is specified, the company will simply be referred to by its Australian Company Number ("ACN").]
Procedure
2
Register for ABN with the Australian Taxation Office (ATO)
Time to complete:
1
Cost to complete:
no charge
Comment:
this procedure is required under the Income Tax Assesment Act 1936 and a new tax system ( Goods and Services Tax) act of 1999. Depending on the company circumstances and location, it must comply with different taxation requirements: - If the annual company turnover is AUD$75,000 or more, the company must register for Goods and Services Tax (GST) by obtaining an 11-digit Australian Business Number (ABN). The annual company turnover represents its gross business income (not its profit). Companies with lower annual turnover may also choose to register for the Goods and Services Tax. An application for an ABN can be submitted electronically at the Business Entry Point, www.abr.business.gov.au. Otherwise, the application may be submitted by hard copy to the (ATO). If electronic submission is successful, the applicant will be provided with an ABN at the end of the Internet session. The ATO will also mail the ABN within 28 days of receipt of the application. -The company must deduct tax from employee pay, provide payment summaries, contribute to employee superannuation, and report and issue payments to the ATO. Companies may also register for Pay As You Go (PAYG) at www.abr.gov.au. Otherwise, they may register with the ATO by postal mail or phone or through a tax agent. State and territory taxes (e.g., stamp duty, payroll tax, and land tax) may also be imposed, with requirements differing according to company location. - Companies with annual turnover of AUD$75,000 or more must register for an ABN. Failure to do so will result in GST being levied on all company sales since the required date of registration – even if the sale price of any goods or services has not been grossed up to include the tax. Furthermore, the company may incur penalties and interest charges for any overdue payments. 11
12
1. Benchmarking Dealing with Construction Permits Regulations:
Australia is ranked 63 overall for Dealing with Construction Permits.
Ranking of Australia in Dealing with Construction Permits - Compared to good practice and selected economies:
13
The following table shows Dealing with Construction Permits data for Australia compared to good practice and comparator economies: Good Practice Economies
Procedures (number)
Time (days)
Cost (% of income per capita)
6
Denmark
0.8
Qatar
25
Singapore
Selected Economy Australia
16
221
11.7
Comparator Economies Canada
14
75
101.0
France
13
137
23.6
Germany
12
100
61.8
Ireland
11
192
57.8
7
65
35.1
11
95
70.9
New Zealand
United Kingdom
14
2. Historical data: Dealing with Construction Permits in Australia Dealing with Construction Permits data
Doing Business 2008
Doing Business 2009
Doing Business 2010
Doing Business 2011
Rank
..
..
62
63
Procedures (number)
16
16
16
16
Time (days)
221
221
221
221
Cost (% of income per capita)
13.2
13.2
12.9
11.7
3. The following graphs illustrate the Dealing with Construction Permits sub indicators in Australia over the past 4 years:
15
Dealing with Construction Permits in Australia
The table below summarizes the procedures, time, and costs to build a warehouse in Australia. BUILDING A WAREHOUSE City: Sydney
Registration Requirements:
No:
Procedure
1
The local council determines if a development application is required
2
Time to complete
Cost to complete
1 day
no charge
Developer files development application with consent authority
90 days
AUD 2,900
3
Appoint the Principal Certifying Authority and apply for a construction certificate with the Principal Certifying Authority
7 days
AUD 904
4
The Principal Certifying Authority inspects the construction for footings/ structure
1 day
AUD 120
5
The Principal Certifying Authority inspects the construction for timber framing
1 day
AUD 120
6
The Principal Certifying Authority inspects the construction for site drainage
1 day
AUD 120
7
The Principal Certifying Authority inspects the construction for fire safety measures
1 day
AUD 120
16
8
The Principal Certifying Authority inspects the construction for wet areas
1 day
AUD 120
9
The Principal Certifying Authority inspects the construction for lighting/ ventilation
1 day
AUD 120
10
The Principal Certifying Authority inspects the construction for sound transmission class rating
1 day
AUD 120
11
The Principal Certifying Authority inspects the construction for stair construction and balustrades
1 day
AUD 120
12 *
Request and receive connection to electricity
84 days
AUD 38
13 *
Request and receive connection to water/sewage services with Sydney Water
10 days
AUD 1,347
14 *
Request and receive connection to telephone
5 days
AUD 300
15
Request and obtain the occupation certificate from the Principal Certifying Authority
30 days
AUD 80
16
Compliance check by the authority
1 day
no charge
* Takes place simultaneously with another procedure.
17
Dealing with Construction Permits Details - Australia Procedure
1
The local council determines if a development application is required
Time to complete:
1 day
Cost to complete:
no charge
Agency:
Local Council
Comment:
Most environmental and planning law in Australia varies from one Australian State to another. In Sydney, in the state of New South Wales, development will generally be assessed under one of three regimes in the Environmental Planning and Assessment Act 1979 (Planning Act). Part 3A, Part 4, or Part 5 State regional and local planning instruments (and certain Ministerial orders) made under that Act will determine which regime applies. The warehouse to be constructed by BuildCo is most likely to fall under Part 4 and most likely require development consent from the relevant local council. Part 3A applies to major infrastructure and other projects of State or regional significance. Part 5 is usually applicable in infrastructure projects and linear developments that range over more than one local government area. Part 3A and Part 5 set out their own development approval procedures, which are complex; advice should be retained about developments that may fall within these parts. The Planning Act also provides that, for certain types of development, the concurrence of an authority other than the consent authority must be obtained. The conditions for approval of development assessed under Part 4 or Part 3A may also require the developer to obtain further certificates or approvals. These will add cost and time. The council's local environment plan (LEP) usually identifies whether development consent is required. The LEP categorizes development as requiring consent, not requiring consent, or prohibited. In most cases, the zoning of the site determines the types of development permitted on the land. Note that the construction of a warehouse is a type of development that almost always requires consent. If the development requires development consent, the local council will usually be the consent authority. However, in some cases, another authority (such as a State minister) may be the consent authority.
Procedure
2
Developer files development application with consent authority
Time to complete:
90 days
Cost to complete:
AUD 2,900
Agency:
Local Council
Comment:
The development application, to be filed with the consent authority, must include the following items: - Site analysis. - Environmental impact assessment. - Fire safety audit. - Other prescribed matters. The consent authority reviews the environmental impact assessment for this proposed work and considers the following: - Relevant planning controls. - Likely environmental impacts. - Suitability of the site for development. - Submissions received. - Other prescribed matters. 18
- The public interest. If the assessment is satisfactory, the consent authority will grant BuildCo development consent, which may be subject to conditions. In some cases, the consent authority’s decision may be subject to appeal. For instance, the applicant may appeal to the Land and Environment Court if the consent authority refuses consent or does not determine the development application within 40 days, or if the applicant is dissatisfied with the conditions imposed on the consent. The appeal is a merits appeal, and the court determines the development application as if it were the consent authority. The court has the power to grant consent and impose such conditions as it sees fit. The application fees are set on a sliding scale, depending on the estimated development cost. For a development estimated at AUD 1.0 million, the application fee would be AUD 2,903. Before starting construction, BuildCo must inform the consent authority.
Procedure
3
Appoint the Principal Certifying Authority and apply for a construction certificate with the Principal Certifying Authority
Time to complete:
7 days
Cost to complete:
AUD 904
Agency:
Principal Certifying Authority (PCA)
Comment:
Before the start of any site work, the developer must appoint a principal certifying authority (PCA) and apply to the PCA for a construction certificate. The PCA can be either the consent authority or a private sector accredited certifier. BuildCo must confirm with the PCA what work will be done, the fee, and any other requirements. The developer must notify the consent authority 2 days before work begins. Standard fees apply for appointing the local council as the PCA. Accredited certifiers can set their own fees. A construction certificate provides independent certification that work on approved development, if completed according to specified plans and specifications provided with the application for the certificate will comply with the requirements of the Environmental Planning and Assessment Regulation 2000. The regulation sets out PCA requirements that must be satisfied before the construction certificate is issued. These requirements include that the development will comply with the development consent conditions, that payment of the long service levy has occurred, that the fire protection and structural capacity of the development will be adequate, that the development will comply with the Building Code of Australia, that the development will comply with certificate requirements for BASIX (or the Building Sustainability Index), and that the developer has consulted with the appropriate public authorities on the provision of utility services. The PCA is to give notice of its determination to the consent authority within 2 days of the date of determination. Each local council has its own fee schedule. Assuming that a developer applies for a certificate to build a new warehouse estimated at more than AUD 1 million (generally, the top of the range in the council schedule of fees), the fees vary by council, for example: - Sydney City Council -- Base fee: AUD 2,501.50. -- Every AUD 1,000 over AUD 1,000,000: AUD 1.10. - Baulkham Hills Shire Council -- Base fee: AUD 453.50 -- Every AUD 1,000 over AUD 250,000 [equivalent to AUD 903.50]: AUD 0.60. -- Every AUD 1,000 over AUD 1,000,000: AUD 0.60. - Holroyd City Council 19
-- Base fee (first AUD 5,000): AUD 64.91 plus 0.5%. -- Next AUD 95,000: plus 0.35%. -- Next AUD 150,000: plus 0.2%. -- Over AUD 250,000 (equivalent to AUD 1471.71): plus 0.1%. -- Over AUD 1,000,000: plus 0.1%.
Procedure
4
The Principal Certifying Authority inspects the construction for footings/ structure
Time to complete:
1 day
Cost to complete:
AUD 120
Agency:
Principal Certifying Authority (PCA)
Comment:
Work begins according to any conditions specified in the development consent and the construction certificate. The PCA will set the inspection schedule. In many instances, the PCA may audit the construction either by carrying out specified inspections or by relying upon certification from other accredited certifiers (council officers) or professionals. However, it is likely that the PCA will be required to conduct some inspections at critical stages of construction. During its inspections (or review of others' inspections), the PCA will evaluate aspects such as footings or structural; timber framing; site drainage; termite control; fire safety measures; wet areas; lighting and ventilation; rating of sound transmission class; and stair construction and balustrades.
Procedure
5
The Principal Certifying Authority inspects the construction for timber framing
Time to complete:
1 day
Cost to complete:
AUD 120
Agency:
Principal Certifying Authority (PCA)
Comment:
Procedure
6
The Principal Certifying Authority inspects the construction for site drainage
Time to complete:
1 day
Cost to complete:
AUD 120
Agency:
Principal Certifying Authority (PCA)
Comment:
Procedure
7
The Principal Certifying Authority inspects the construction for fire safety measures
Time to complete:
1 day
Cost to complete:
AUD 120
Agency:
Principal Certifying Authority (PCA)
20
Comment:
Procedure
8
The Principal Certifying Authority inspects the construction for wet areas
Time to complete:
1 day
Cost to complete:
AUD 120
Agency:
Principal Certifying Authority (PCA)
Comment:
Procedure
9
The Principal Certifying Authority inspects the construction for lighting/ ventilation
Time to complete:
1 day
Cost to complete:
AUD 120
Agency:
Principal Certifying Authority (PCA)
Comment:
Procedure
10
The Principal Certifying Authority inspects the construction for sound transmission class rating
Time to complete:
1 day
Cost to complete:
AUD 120
Agency:
Principal Certifying Authority (PCA)
Comment:
Procedure
11
The Principal Certifying Authority inspects the construction for stair construction and balustrades
Time to complete:
1 day
Cost to complete:
AUD 120
Agency:
Principal Certifying Authority (PCA)
Comment:
Procedure
12
Request and receive connection to electricity
Time to complete:
84 days
Cost to complete:
AUD 38
21
Agency:
Australian Gas Light Company (AGL)
Comment:
The developer contacts the preferred energy provider and applies for a connection to load. For industrial developments, the application must include (a) a site plan; (b) development approval from the consent authority; and (c) other details affecting supply operation. Applications must be submitted at least 12 weeks before the required supply date.
Procedure
13
Request and receive connection to water/sewage services with Sydney Water
Time to complete:
10 days
Cost to complete:
AUD 1,347
Agency:
Sydney Water
Comment:
To receive a connection to water and sewage services, BuildCo first selects a water-servicing coordinator. The coordinator requests a Section 73 Compliance Certificate (for water and sewerage infrastructure) from Sydney Water on BuildCo’s behalf. Sydney Water issues a notice of requirements to the coordinator within 10 days of application receipt (or longer if the development is complex). The notice specifies charges to be paid and the project to be built. If construction is required, certification will depend on the time required for the project to be built and taken over by Sydney Water. BuildCo pays the fees, builds the project, and receives the certificate. Fee schedule for water and sewage connection: - Water (including works): Up to AUD 1215.00. - Sewage (assuming that infrastructure exists): AUD 132.00.
Procedure
14
Request and receive connection to telephone
Time to complete:
5 days
Cost to complete:
AUD 300
Agency:
Telstra
Comment:
BuildCo contacts the preferred carrier (e.g., Telstra business services division). If a new connection is required, the carrier will ensure that the required preparatory work is completed by BuildCo or its own staff. Once preparatory work is complete, a new connection can be installed within 5 working days.
Procedure
15
Request and obtain the occupation certificate from the Principal Certifying Authority
Time to complete:
30 days
Cost to complete:
AUD 80
Agency:
Principal Certifying Authority (PCA)
Comment:
After construction is completed satisfactorily, BuildCo provides the PCA a fire safety certificate. Subsequently, the PCA may issue an occupancy certificate. This certificate certifies that the premises are fit for occupancy and for other uses subject to the development consent. Occupation certificates may be interim or final, and may relate to all or only part of a building.
Procedure
16
Compliance check by the authority
22
Time to complete:
1 day
Cost to complete:
no charge
Agency:
Local Council
Comment:
The authority that has approved the development may monitor the finished development to ensure compliance with laws and local planning policies. If the development does not comply with the development consent, the applicant can be fined (with a penalty notice), ordered to make changes to the development, or taken to the Land and Environment Court of New South Wales. The court may issue orders to remedy or restrain breaches of the development consent (e.g., orders to carry out works, cease certain uses of the premises, or remove the development). In addition, breaches of planning laws may be criminal offences. New South Wales planning legislation allows any person to bring an action to remedy or restrain a breach of development consent. Thus, in theory, any person may commence proceedings to enforce compliance with the law (a) if a relevant approval (such as a development consent or construction certificate) has not been obtained where required; or (b) if there has been non-compliance with the conditions of a relevant approval.
23
24
1. Benchmarking Registering Property Regulations:
Australia is ranked 35 overall for Registering Property.
Ranking of Australia in Registering Property - Compared to good practice and selected economies:
25
The following table shows Registering Property data for Australia compared to good practice and comparator economies:
Good Practice Economies
Procedures (number)
Time (days)
Cost (% of property value)
2
New Zealand*
1
Norway*
0.0
Saudi Arabia
Selected Economy Australia
5
5
5.0
Comparator Economies Canada
6
17
1.8
France
8
59
6.1
Germany
5
40
5.1
Ireland
5
38
6.3
New Zealand
2
2
0.1
United Kingdom
2
8
4.1
* The following economies are also good practice economies for : Procedures (number): United Arab Emirates Time (days): Saudi Arabia, Thailand, United Arab Emirates
26
2. Historical data: Registering Property in Australia Registering Property data
Doing Business 2008
Doing Business 2009
Doing Business 2010
Doing Business 2011
Rank
..
..
32
35
Procedures (number)
5
5
5
5
Time (days)
5
5
5
5
4.9
4.9
4.9
5.0
Cost (% of property value)
3. The following graphs illustrate the Registering Property sub indicators in Australia over the past 4 years:
27
Registering Property in Australia
This topic examines the steps, time, and cost involved in registering property in Australia.
STANDARDIZED PROPERTY Property Value: 2,795,924.22 City: Sydney Registration Requirements:
No:
Procedure
Time to complete
Cost to complete
1 *
File for a title search certificate, deposited plans, easements and covenants recorded on the title from the Land and Property Information Department
1 day (inmediately online, 30 minutes over the counter) (simultaneous with procedures 2 and 3)
AUD 11 for online title search, online plans, easements and covenants
2 *
File for a zoning certificate from the Municipal Council
2 days (about 7 days to return by post) (simultaneous with procedures 1 and 3)
AUD 100
3 *
File for a drainage diagram from the local water authority
1 day (can be done online, then wait 7 days for return by post) (simultaneous with procedures 1 and 2)
AUD 22.1 (includes service fee)
28
4
Stamp contract with ad valorem stamp duty (i.e. according to value) at the Office of State Revenue
1 day (over the counter)
Stamp duty, according to the following schedule of tariffs : Value of property + GST (in AUD) Stamp Duty (in AUD)New South Wales (Sydney) Below 14,000 1.25% 14,001 30,000 175 + 1.5% of excess over 14,000 30,001 80,000 415 + 1.75% of excess over 30,000 80,001 300,000 1,290 + 3.5% of excess over 80,000 300,001 1,000,000 8,990 + 4.5% of excess over 300,000 Over 1,000,000 4 0,490 + 5.5% of excess over 1,000,000
5
Notice of Sale, Transfer of Land form and Certificate of Title are lodged with Land and Property Information by the buyer
1 day—minutes face to face, up to 2 days bulk lodgment
AUD 190
* Takes place simultaneously with another procedure.
29
Registering Property Details - Australia Procedure
1
File for a title search certificate, deposited plans, easements and covenants recorded on the title from the Land and Property Information Department
Time to complete:
1 day (inmediately online, 30 minutes over the counter) (simultaneous with procedures 2 and 3)
Cost to complete:
AUD 11 for online title search, online plans, easements and covenants
Agency:
Land and Property Information Division of the Department of Lands (NSW)
Comment:
The seller is responsible for obtaining a title search, plans ( known as Deposited Plans), easements and covenants recorded on title from the Land and Property Information department, according to by law, the Conveyancing Act 1919 and the Conveyancing (Sale of Land) Regulation 2005. These documents must be attached to the sale contract (prescribed documents); failure to do so may entitle the purchaser to rescind the contract. LPI's circular 2008/05 increased fees from July 1st 2008 for over the counter services to $12.75 for most documents.
Procedure
2
File for a zoning certificate from the Municipal Council
Time to complete:
2 days (about 7 days to return by post) (simultaneous with procedures 1 and 3)
Cost to complete:
AUD 100
Agency:
Municipal Council
Comment:
The seller is responsible for obtaining a Zoning Certificate from the Municipal Council. This document must be attached to the Contract for Sale (prescribed documents). A Building Certificate can also be obtained from the Municipal Council, but it is not mandatory. Certain municipal councils now process applications through the internet and deliver Zoning Certificates electronically.
Procedure
3
File for a drainage diagram from the local water authority
Time to complete:
1 day (can be done online, then wait 7 days for return by post) (simultaneous with procedures 1 and 2)
Cost to complete:
AUD 22.1 (includes service fee)
Agency:
Local water authority
Comment:
The seller is responsible for obtaining a Drainage Diagram from the water authority. This document must be attached to the contract for sale (prescribed documents).
Procedure
4
Time to complete:
Stamp contract with ad valorem stamp duty (i.e. according to value) at the Office of State Revenue
1 day (over the counter)
30
Cost to complete:
Stamp duty, according to the following schedule of tariffs : Value of property + GST (in AUD) Stamp Duty (in AUD)New South Wales (Sydney) Below 14,000 1.25% 14,001 - 30,000 175 + 1.5% of excess over 14,000 30,001 80,000 415 + 1.75% of excess over 30,000 80,001 300,000 1,290 + 3.5% of excess over 80,000 300,001 1,000,000 8,990 + 4.5% of excess over 300,000 Over 1,000,000 4 0,490 + 5.5% of excess over 1,000,000
Agency:
NSW Office of State Revenue
Comment:
If there are no outstanding interests in the property, then the solicitor for the buyer prepares a Transfer form (obtained from the Department or available online) for execution by the seller. The transfer may also be completed by the buyer. The Transfer form (and others) are available in a PDF format on the LPI website at: http://lpi-online.lpi.nsw.gov.au/e-rpforms/index.html The forms are interactive with popup notes to assist with their completion. The contract is sent to the Office of State Revenue and stamp duty is paid (by purchaser). If stamping of the Contract does not occur within 3 months of exchange penalty duty is payable on the amount of stamp duty payable at the rate of 15.75% per annum. The rate of Duty is "$40,490 plus $5.50 for every $100 in property value exceeding $1,000,000". Transfers also incur Fixed Stamp Duty costs totalling $20: $10 each for the stamping of the Real Property Transfer (counterpart contrac and Transfer of Land form)
Procedure
5
Notice of Sale, Transfer of Land form and Certificate of Title are lodged with Land and Property Information by the buyer
Time to complete:
1 day—minutes face to face, up to 2 days bulk lodgment
Cost to complete:
AUD 190
Agency:
Land and Property Information Division of the Department of Lands (NSW)
Comment:
The Transfer of Land form and Certificate of Title (owner’s copy) are then sent to the Land and Property Information Department for registration. This form is used by LPMA to notify the local council, water supply authority and relevant rating authorities of changes in ownership of the properties. Legislation requires this form to be lodged in all cases where the registered proprietor name on title changes, including a change of name. Customers are able to complete and lodge notices of sale (NOS) online using LPI’s electronic notice of sale form (eNOS) available online (https://six.lands.nsw.gov.au/wps/portal/Support) or hard copy versions can be obtained from our Sydney office or law stationers. Once a dealing is registered the local council, water supply authority and relevant rating authorities are automatically informed of the change and their records are updated.
31
32
1. Benchmarking Getting Credit Regulations:
Australia is ranked 6 overall for Getting Credit.
Ranking of Australia in Getting Credit - Compared to good practice and selected economies:
33
The following table shows Getting Credit data for Australia compared to good practice and comparator economies:
Good Practice Economies
Strength of legal rights index (0-10)
Depth of credit information index (0-6)
Public registry coverage (% of adults)
Private bureau coverage (% of adults)
100.0
New Zealand*
67.1
Portugal
10
Singapore*
6
United Kingdom
Selected Economy Australia
9
5
0.0
100.0
Comparator Economies Canada
6
6
0.0
100.0
France
7
4
33.3
0.0
Germany
7
6
1.0
98.4
Ireland
8
5
0.0
100.0
10
5
0.0
100.0
9
6
0.0
100.0
New Zealand
United Kingdom
* 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.
34
2. Historical data: Getting Credit in Australia Getting Credit data
Doing Business 2008
Doing Business 2009
Doing Business 2010
Doing Business 2011
Rank
..
..
6
6
Strength of legal rights index (0-10)
9
9
9
9
Depth of credit information index (0-6)
5
5
5
5
Private bureau coverage (% of adults)
100.0
100.0
100.0
100.0
Public registry coverage (% of adults)
0.0
0.0
0.0
0.0
3. The following graphs illustrate the Getting Credit sub indicators in Australia over the past 4 years:
35
Getting Credit in Australia
The following table summarize legal rights of borrowers and lenders, and the availability and legal framework of credit registries in Australia.
Getting Credit Indicators (2010)
Private bureau coverage (% of adults)
Indicator
Private credit bureau
Public credit registry
5
Yes
No
1
No
No
0
Does the registry distribute credit information from retailers, trade creditors or utility companies as well as financial institutions?
Yes
No
1
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 largest credit registry?
Yes
No
1
100.0
0.0
Are data on both firms and individuals distributed? Are both positive and negative data distributed?
Coverage
Number of individuals
16,500,000
0
Number of firms
4,100,000
0
36
Strength of legal rights index (0-10)
9
Can any business use movable assets as collateral while keeping possession of the assets; and any financial institution accept such assets as collateral ?
Yes
Does the law allow businesses to grant a non possessory security right in a single category of movable assets, without requiring a specific description of collateral?
Yes
Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without requiring a specific description of collateral?
Yes
May a security right extend to future or after-acquired assets, and may it extend automatically to the products, proceeds or replacements of the original assets ?
Yes
Is a general description of debts and obligations permitted in collateral agreements, so that all types of obligations and debts can be secured by stating a maximum amount rather than a specific amount between the parties ?
Yes
Is a collateral registry in operation, that is unified geographically and by asset type, as well as indexed by the grantor's name of a security right ?
No
Do secured creditors have absolute priority to their collateral outside bankruptcy procedures?
Yes
Do secured creditors have absolute priority to their collateral in bankruptcy procedures?
Yes
During reorganization, are secured creditors' claims exempt from an automatic stay on enforcement?
Yes
Does the law authorize parties to agree on out of court enforcement?
Yes
37
38
1. Benchmarking Protecting Investors Regulations:
Australia is ranked 59 overall for Protecting Investors.
Ranking of Australia in Protecting Investors - Compared to good practice and selected economies:
39
The following table shows Protecting Investors data for Australia compared to good practice and comparator economies:
Good Practice Economies
Strength of investor protection index (0-10)
9.7
New Zealand
Selected Economy Australia
5.7
Comparator Economies Canada
8.3
France
5.3
Germany
5.0
Ireland
8.3
New Zealand
9.7
United Kingdom
8.0
40
2. Historical data: Protecting Investors in Australia Protecting Investors data
Doing Business 2008
Rank Strength of investor protection index (0-10)
Doing Business 2009
Doing Business 2010
Doing Business 2011
..
..
57
59
5.7
5.7
5.7
5.7
G
er
m
an y
5.0
5.3
Fr an ce
ia tr al us A
ni t gd ed om
U
in K
an d el Ir
an ad a C
N
ew
Ze
al a
nd
5.7
8.0
8.3
8.3
9.7
3. The following graph illustrates the Protecting Investors index in Australia compared to best practice and selected Economies:
Note: The higher the score, the greater the investor protection.
41
Protecting Investors in Australia
The table below provides a full breakdown of how the disclosure, director liability, and shareholder suits indexes are calculated in Australia.
Protecting Investors Data (2010) Extent of disclosure index (0-10)
What corporate body provides legally sufficient approval for the transaction? Whether immediate disclosure of the transaction to the public and/or shareholders is required? Whether disclosure of the transaction in published periodic filings (annual reports) is required? Whether disclosure of the conflict of interest by Mr. James to the board of directors is required? Whether an external body must review the terms of the transaction before it takes place? Extent of director liability index (0-10)
Whether shareholders can hold Mr. James liable for the damage that the Buyer-Seller transaction causes to the company? 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? Whether a court can void the transaction upon a successful claim by a shareholder plaintiff? Whether Mr. James pays damages for the harm caused to the company upon a successful claim by the shareholder plaintiff?
Indicator
8 3 1 1 2 1 2 0 1 0 0
42
Whether Mr. James repays profits made from the transaction upon a successful claim by the shareholder plaintiff? Whether fines and imprisonment can be applied against Mr. James? 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)
Whether the plaintiff can obtain any documents from the defendant and witnesses during trial? Whether the plaintiff can directly question the defendant and witnesses during trial? Whether the plaintiff can request categories of documents from the defendant without identifying specific ones? Whether shareholders owning 10% or less of Buyer's shares can request an inspector to investigate the transaction? Whether the level of proof required for civil suits is lower than that of criminal cases? Whether shareholders owning 10% or less of Buyer's shares can inspect transaction documents before filing suit? Strength of investor protection index (0-10)
0 0 1 7 3 2 1 0 1 0 5.7
43
44
1. Benchmarking Paying Taxes Regulations:
Australia is ranked 48 overall for Paying Taxes.
Ranking of Australia in Paying Taxes - Compared to good practice and selected economies:
45
The following table shows Paying Taxes data for Australia compared to good practice and comparator economies:
Good Practice Economies
Payments (number per year)
Time (hours per year)
Total tax rate (% profit)
3
Maldives*
0
0.2
Timor-Leste
Selected Economy Australia
11
109
47.9
Comparator Economies Canada
8
131
29.2
France
7
132
65.8
16
215
48.2
Ireland
9
76
26.5
New Zealand
8
192
34.3
United Kingdom
8
110
37.3
Germany
* The following economies are also good practice economies for : Payments (number per year): Qatar
46
2. Historical data: Paying Taxes in Australia Paying Taxes data
Doing Business 2008
Doing Business 2009
Doing Business 2010
Doing Business 2011
..
..
44
48
50.6
50.3
47.9
47.9
Payments (number per year)
12
12
11
11
Time (hours per year)
107
107
107
109
Rank Total tax rate (% profit)
3. The following graphs illustrate the Paying Taxes sub indicators in Australia over the past 4 years:
47
Paying Taxes in Australia
The table below addresses the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year in Australia, as well as measures of administrative burden in paying taxes.
Tax or mandatory contribution
Payments (number)
Value added tax (GST)
1
Tax on insurance contracts
Notes on Payments
Time (hours)
online filing
54
Statutory tax rate
Tax base
Totaltax rate (% profit)
10.0%
value added
1
9.0%
insurance premium
Vehicle tax
1
fixed fee (AUD 652 for each vehicle)
0.10
Municipal tax
1
fixed fee (AUD 8,000)
0.30
Land tax
1
100 plus 1.6 cents for each AUD exceeding AUD 376,000
unimproved land value
0.30
Fuel tax
1
AUD 0.22135
liters of fuel
0.60
Notes on TTR
0.10
48
online filing
Fringe benefits tax
1
Worker's compensation
1
Payroll tax
1
online filing
Superannuation guarantee
1
online filing
Corporate income tax
1
online filing
Totals
11
46.5%
Grossed-up taxable value of fringe benefits
1.00
4.0%
gross salaries
4.50
5.8%
gross salaries
5.10
18
9.0%
gross salaries
10.20
37
30.0%
taxable profits
25.90
109
47.9
49
50
1. Benchmarking Trading Across Borders Regulations:
Australia is ranked 29 overall for Trading Across Borders.
Ranking of Australia in Trading Across Borders - Compared to good practice and selected economies:
51
The following table shows Trading Across Borders data for Australia compared to good practice and comparator economies: Good Practice Economies
Documents to export (number)
Time to export (days)
Cost to export (US$ per container)
Documents to import (number)
Time to import (days)
Cost to import (US$ per container)
5
Denmark*
2
France
2
450
Malaysia
4
Singapore
439
Selected Economy Australia
6
9
1060
5
8
1119
Comparator Economies Canada
3
7
1610
4
11
1660
France
2
9
1078
2
11
1248
Germany
4
7
872
5
7
937
Ireland
4
7
1109
4
12
1121
New Zealand
7
10
855
5
9
825
United Kingdom
4
7
950
4
6
1045
* The following economies are also good practice economies for : Time to export (days): Estonia
52
2. Historical data: Trading Across Borders in Australia Trading Across Borders data
Doing Business 2008
Doing Business 2009
Doing Business 2010
Doing Business 2011
..
..
28
29
Cost to export (US$ per container)
930
1200
1060
1060
Cost to import (US$ per container)
1120
1239
1119
1119
Documents to export (number)
6
6
6
6
Documents to import (number)
5
5
5
5
Time to export (days)
9
9
9
9
Time to import (days)
8
8
8
8
Rank
3. The following graphs illustrate the Trading Across Borders sub indicators in Australia over the past 4 years:
53
54
Trading Across Borders in Australia
These tables list the procedures necessary to import and export a standardized cargo of goods in Australia. The documents required to export and import the goods are also shown.
Nature of Export Procedures (2010)
Duration (days)
US$ Cost
Documents preparation
5
285
Customs clearance and technical control
1
45
Ports and terminal handling
1
350
Inland transportation and handling
2
380
Totals
9
1060
Nature of Import Procedures (2010)
Duration (days)
US$ Cost
Documents preparation
3
269
Customs clearance and technical control
1
120
Ports and terminal handling
2
350
Inland transportation and handling
2
380
Totals
8
1119
55
Documents for Export and Import
Export
Bill of lading Certificate of origin Commercial invoice Customs export declaration Packing list Technical standard/health certificate Import
Bill of lading Commercial invoice Customs import declaration Packing list Technical standard/health certificate
56
57
1. Benchmarking Enforcing Contracts Regulations:
Australia is ranked 16 overall for Enforcing Contracts.
Ranking of Australia in Enforcing Contracts - Compared to good practice and selected economies:
58
The following table shows Enforcing Contracts data for Australia compared to good practice and comparator economies:
Good Practice Economies
Procedures (number)
Time (days)
Cost (% of claim)
0.1
Bhutan
20
Ireland
150
Singapore
Selected Economy Australia
28
395
20.7
Comparator Economies Canada
36
570
22.3
France
29
331
17.4
Germany
30
394
14.4
Ireland
20
515
26.9
New Zealand
30
216
22.4
United Kingdom
28
399
23.4
59
2. Historical data: Enforcing Contracts in Australia Enforcing Contracts data
Doing Business 2008
Doing Business 2009
Doing Business 2010
Doing Business 2011
Rank
..
..
16
16
Procedures (number)
28
28
28
28
Time (days)
395
395
395
395
Cost (% of claim)
20.7
20.7
20.7
20.7
3. The following graphs illustrate the Enforcing Contracts sub indicators in Australia over the past 4 years:
60
Enforcing Contracts in Australia
This topic looks at the efficiency of contract enforcement in Australia.
Nature of Procedure (2010)
Indicator
Procedures (number)
28
Time (days)
395
Filing and service Trial and judgment Enforcement of judgment Cost (% of claim)*
Attorney cost (% of claim)
7.0 328.0 60.0 20.70 17.2
Court cost (% of claim)
3.3
Enforcement Cost (% of claim)
0.2
61
Court information:
District Court of New South Wales
* Claim assumed to be equivalent to 200% of income per capita.
62
63
1. Benchmarking Closing Business Regulations:
Australia is ranked 12 overall for Closing a Business.
Ranking of Australia in Closing Business - Compared to good practice and selected economies:
64
The following table shows Closing Business data for Australia compared to good practice and comparator economies:
Good Practice Economies
Recovery rate (cents on the dollar)
Time (years)
Cost (% of estate)
0.4
Ireland
92.7
Japan
1
Singapore*
Selected Economy Australia
81.8
1.0
8
Comparator Economies Canada
91.2
0.8
4
France
45.2
1.9
9
Germany
53.1
1.2
8
Ireland
87.4
0.4
9
New Zealand
79.1
1.3
4
United Kingdom
88.6
1.0
6
* The following economies are also good practice economies for : Cost (% of estate): Colombia, Kuwait, Norway
65
2. Historical data: Closing Business in Australia Closing a Business data
Rank Time (years) Cost (% of estate) Recovery rate (cents on the dollar)
Doing Business 2008
Doing Business 2009
Doing Business 2010
Doing Business 2011
..
..
14
12
1.0
1.0
1.0
1.0
8
8
8
8
79.2
78.8
78.8
81.8
3. The following graphs illustrate the Closing Business sub indicators in Australia over the past 4 years:
66
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.
Closing a Business
Enforcing Contracts
Trading Across Borders
Paying Taxes
Protecting Investors
Getting Credit
Economy
Registering Property
Negative Change
Starting a Business
Positive Change
Dealing with Construction Permits
The top 10 most-improved in Doing Business 2011
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.
67
Summary of changes to business regulation in top 10 most improved economies in Doing Business 2011 and selected comparator economies. Brunei Darussalam
Brunei Darussalam made starting a business easier by improving efficiency at and implementing an electronic system for name searches. Brunei Darussalam income tax rate from 23.5% to 22% while also introducing a lower tax rate ranging from 5.5% to 11%. The introduction of an electronic customs system made trading easier.
the company registrar reduced the corporate for small businesses, in Brunei Darussalam
Canada
Canada harmonized the Ontario and federal tax returns and reduced the corporate and employee tax rates. Canada increased the efficiency of the courts by expanding electronic document submission and streamlining procedures.
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.
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.
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.
New Zealand
New Zealand enacted new district court rules that make the process for enforcing contracts user friendly.
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.
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.
United Kingdom
The United Kingdom improved the process for enforcing contracts by modernizing civil procedures in the commercial court. Amendments to the United Kingdom’s insolvency rules streamline bankruptcy procedures, favor the sale of the firm as a whole and improve the calculation of administrators’ fees.
68
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.
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