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AttributionPlease cite the work as follows: World Bank. 2014. Doing Business 2015: Going Beyond Eciency. Washington, DC: World
Bank. DOI: 10.1596/978-1-4648-0351-2. License: Creative Commons Attribution CC BY 3.0 IGO
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ISBN (paper): 978-1-4648-0351-2
ISBN (electronic): 978-1-4648-0352-9
DOI: 10.1596/978-1-4648-0351-2
ISSN: 1729-2638
Cover design: Corporate Visions, Inc.
12TH EDITION
Resources on the
Doing Business website
Current features
Law library
Rankings
How economies rankfrom 1 to 189
http://www.doingbusiness.org/rankings
Data
All the data for 189 economiestopic
rankings, indicator values, lists of
regulatory procedures and details
underlying indicators
http://www.doingbusiness.org/data
Reports
Access to Doing Business reports as well
as subnational and regional reports,
reform case studies and customized
economy and regional proles
http://www.doingbusiness.org/reports
Methodology
The methodologies and research papers
underlying Doing Business
http://www.doingbusiness.org/methodology
Contributors
More than 10,700 specialists in 189
economies who participate in Doing
Business
http://www.doingbusiness.org
/contributors/doing-business
Entrepreneurship data
Data on business density (number of
newly registered companies per 1,000
working-age people) for 139 economies
http://www.doingbusiness.org/data
/exploretopics/entrepreneurship
Distance to frontier
Data benchmarking 189 economies to
the frontier in regulatory practice
http://www.doingbusiness.org/data
/distance-to-frontier
Research
Historical data
Customized data sets since DB2004
http://www.doingbusiness.org/custom-query
Contents
v Foreword
1
Overview
Case studies
47
Starting a business
The growing eciency of company registries
109
References
114
Data notes
146
152
167
Country tables
Foreword
How to use Doing Business indicators and how not to
vi
2.
3.
4.
SWITCHING SIDES
As an independent researcher and,
later, as Chief Economic Adviser to the
Indian government, I used, criticized,
valued and debated the Doing Business
report, unaware that I would be at the
World Bank one day and hence be
shifted from the side of the consumer
to that of the manufacturer of this
product. This shift has given me a
360-degree view of Doing Business and,
along with that, an awareness of its
strengths and weaknesses, which others, luckier than I, may not have.
Its greatest strength is its transparency and adherence to clearly stated
criteria. Doing Business takes the same
set of hypothetical questions to 189
economies and collects answers to
these. Thus, for instance, when checking on an economys ecacy in enforcing contracts, it measures the time,
cost and procedures involved in resolving a hypothetical commercial lawsuit
between 2 domestic rms through a
local court. The dispute involves the
breach of a sales contract worth twice
the size of the income per capita of
the economy or $5,000, whichever is
greater. This meticulous insistence on
using the same standard everywhere
gives Doing Business a remarkable
comparability across economies.
However, this same strength is inevitably a source of some weaknesses. It
means that, contrary to what some
people believe, Doing Business is not
based on sample surveys of rms. It is
not feasible, at least not at this stage,
to conduct such surveys in 189 economies. A lot of the Doing Business data
are based on careful collection of de jure
information on what an economys laws
and regulations require. Further, even
There is evidence that human beings are not just frequently irrational but have certain systematic propensities to this, which can be and has been used to
exploit individuals (Akerlof and Shiller 2009; Johnson 2009). By this same logic, these irrationalities can be used to promote development and growth. The
next World Development Report (World Bank, forthcoming), to be published in December 2014, is devoted to this theme.
This convergent view can increasingly be found in microeconomics books, such as Bowles (2006); Basu (2010); and Ferguson (2013).
Arrow 1963.
There is a lot of research on the choice of weights when aggregating and on the algebra of ranking; see, for example, Sen (1977); Basu (1983); and Foster,
McGillivray and Seth (2012).
FOREWORD
Ranking by vector-dominance
Singapore
5.
6.
7.
New Zealand
Ireland
Latvia
Cyprus
Morocco
Senegal
Benin
This example of vector-dominance is based only on the top 2 economies in this years ease of doing business ranking. The gure was constructed as
follows: First, all economies were sorted by their ranking, and the rst economy for which all 10 indicator rankings are lower than those of Singapore was
identied: Ireland. The process was then repeated for Ireland, and so on for all 189 economies. Second, the analysis was replicated, this time starting
with New Zealand. Third, all pairs of economies in the gure were compared (for example, the horizontal line between Singapore and Latvia means that
Singapore vector-dominates Latvia and all economies connected with a vertical line under Latvia).
See Besley and Burgess (2004).
The report by the Independent Panel on Doing Business is available on its website at http://www.dbrpanel.org/.
vii
viii
STRENGTHS AND
WEAKNESSES
While the 2-year task of improving the
methodology continues, it is worth being
clear that there is no such thing as the
best, all-encompassing indicator. As
a consequence, responsibility rests as
much with the users of the ease of doing
business ranking as with its producers
to make sure that it is a valuable
instrument of policy. Controversy has
often arisen from reading more into
the ranking or indicator than what it
actually captures. It has been pointed
out, critically, that there are economies
that do poorly on the Doing Business
indicators but that nevertheless get
a lot of foreign direct investment
(FDI) from global corporations. These
examples are usually nothing more
than a reminder that an economy has
many more aspects than the features
that are tracked and measured by the
Doing Business report. The ow of FDI
into an economy is facilitated by having
a better doing business ethos, true, but
FDI ows can be thwarted by other
policy weaknesses; and, conversely, an
economy with poor performance on the
Doing Business indicators may make up
for it in other ways so as to attract
large FDI inows. The fact that there
are examples of economies that do not
do well on the Doing Business indicators
but continue to receive ows of FDI
shows that private corporations do not
make this mistake; they will decide on
the basis of a range of factors.
Another common criticism is implicit
in the question, If economy x is growing fast, why does it not rank high on
the ease of doing business? First, if
8.
See Stiglitz, Sen and Fitoussi (2009); World Bank (2014a); and World Bank and IMF (2014).
FOREWORD
CARDINALITY,
ORDINALITY, RANKINGS
AND RATINGS
One feature of the report that has
received a lot of attention is its use of
rankings. Ultimately, what the report
does is to provide a table with a simple
ordinal ranking of all 189 economies.
After a lot of debate and discussion
a decision was made to stay with the
overall ranking, even though other,
cardinal features of the exercise are at
the same time being strengthened, as
will be explained shortly.
It was in 2005 that the World Bank
Group management decided to start
ranking economies on the ease of
doing business because it recognized
the value of benchmarking exercises
in generating interest among policy
makers in reform.9 In an area that
had received little attention from
policy makers before the publication
of the rst Doing Business report, the
rankings proved to be an important
catalyst in raising the prole of
regulation as a central element of a
good investment climate. The rankings also proved eective in moving
issues of performance and progress
in business regulation to the center of
policy discussions in a large number
of economies. By capturing complex,
multidimensional realities in a simple
quantied framework, the rankings
also helped to facilitate communication between dierent stakeholders
and made possible meaningful international comparisons of the regulatory performance of economies, contributing, along the way, to increasing
the accountability of political actors.
Members of the business community, for instance, could point to the
existence of less complex and costly
procedures or better-functioning institutions in other economies in the region
in their dealings with governments,
9.
ix
CONCLUSION
The economy is a complex machine, beyond the full comprehension of any person. Over the years meticulous research,
collection of increasingly sophisticated
data and the advance of economic
theory and innovative modeling have
given us a better understanding of this
machine. Nevertheless, one has to approach economic policy making with a
certain humility, keeping an eye on the
fact that what we, all this time, took to
be an established feature of economics
may be open to question. In brief, the
discipline is evolving and we must be
willing participants in the process.
The World Bank Groups Doing Business
initiative is no exception to this. It tries
Kaushik Basu
Senior Vice President and
Chief Economist
The World Bank
Washington, DC
Overview
FIGURE 1.1 What Doing Business continues to cover and what it is adding
What
Doing Business
continues
to cover
What
this years
report adds
What
next years
report will add
a
a
a
a
M
M
a
a
n
M
M
"
M
M
M
M
M
OVERVIEW
The distance to frontier scores underlying the ease of doing business rankings reveal some regional patterns.
FIGURE 1.2 Distance to frontier scores remain similar under the new methodology
Distance to frontier score
under old methodology (0100)
100
90
80
70
60
50
40
30
30
40
50
60
70
80
90
100
FIGURE 1.3 Big gaps between the highest and lowest distance to frontier scores in
some regions
Distance to frontier score
100
88.27
86.91
80
79.46
76.47
76.81
74.81
72.29
66.67
66.70
63.19
60
60.66
61.36
59.23
54.56
51.87
48.57
43.55
40
41.41
41.16
33.16
33.35
20
0
Middle
Latin
OECD high Europe & East Asia &
America & East & North
income Central Asia
Pacic
Africa
Caribbean
Worst score
Source: Doing Business database.
Best score
South
Asia
Sub-Saharan
Africa
Average score
DTF score
Rank
DTF score
Rank
1
2
Economy
Singapore
New Zealand
88.27
86.91
64
65
Economy
Cyprus
Croatia
66.55
66.53
127
128
Mozambique
Lesotho
Economy
DTF score
56.92
56.64
3
4
84.97
84.20
66
67
Oman
Samoa
66.39
66.17
128
130
Pakistan
Iran, Islamic Rep.
56.64
56.51
Korea, Rep.
83.40
68
Albania
66.06
131
Tanzania
56.38
6
7
Norway
United States
82.40
81.98
69
70
Tonga
Ghana
65.72
65.24
132
133
Ethiopia
Papua New Guinea
56.31
55.78
United Kingdom
80.96
71
Morocco
65.06
134
Kiribati
55.48
9
10
Finland
Australia
80.83
80.66
72
73
Mongolia
Guatemala
65.02
64.88
135
136
Cambodia
Kenya
55.33
54.98
11
12
Sweden
Iceland
80.60
80.27
74
75
Botswana
Kosovo
64.87
64.76
137
138
Yemen, Rep.
Gambia, The
54.84
54.81
13
Ireland
80.07
76
Vanuatu
64.60
139
Marshall Islands
54.72
14
15
Germany
Georgia
79.73
79.46
77
78
Kazakhstan
Vietnam
64.59
64.42
140
141
Sierra Leone
Uzbekistan
54.58
54.26
16
17
Canada
Estonia
79.09
78.84
79
80
64.24
64.08
142
143
India
West Bank and Gaza
53.97
53.62
18
Malaysia
78.83
81
Fiji
63.90
144
Gabon
53.43
19
20
Taiwan, China
Switzerland
78.73
77.78
82
83
Uruguay
Costa Rica
63.89
63.67
145
146
53.07
52.59
21
22
Austria
United Arab Emirates
77.42
76.81
84
85
Dominican Republic
Seychelles
63.43
63.16
147
148
Cte dIvoire
Lao PDR
52.26
51.45
23
24
Latvia
Lithuania
76.73
76.31
86
87
Kuwait
Solomon Islands
63.11
63.08
149
150
Togo
Uganda
51.29
51.11
25
Portugal
76.03
88
Namibia
62.81
151
Benin
51.10
26
27
Thailand
Netherlands
75.27
75.01
89
90
62.64
62.58
152
153
Burundi
So Tom and Prncipe
51.07
50.75
28
29
Mauritius
Japan
74.81
74.80
91
92
Serbia
Paraguay
62.57
62.50
154
155
Algeria
Djibouti
50.69
50.48
30
31
Macedonia, FYR
France
74.11
73.88
93
94
San Marino
Malta
62.44
62.11
156
157
Iraq
Bolivia
50.36
49.95
32
Poland
73.56
95
Philippines
62.08
158
Cameroon
49.85
33
34
Spain
Colombia
73.17
72.29
96
97
Ukraine
Bahamas, The
61.52
61.37
159
160
Comoros
Sudan
49.56
49.55
35
36
Peru
Montenegro
72.11
72.02
97
99
Dominica
Sri Lanka
61.37
61.36
161
162
Senegal
Suriname
49.37
49.29
37
38
Slovak Republic
Bulgaria
71.83
71.80
100
101
St. Lucia
Brunei Darussalam
61.35
61.26
163
164
Madagascar
Malawi
49.25
49.20
39
Mexico
71.53
102
Kyrgyz Republic
60.74
165
Equatorial Guinea
49.01
40
41
Israel
Chile
71.25
71.24
103
104
60.66
60.61
166
167
Tajikistan
Burkina Faso
48.57
48.36
42
43
Belgium
South Africa
71.11
71.08
104
106
Lebanon
Barbados
60.61
60.57
168
169
Niger
Guinea
47.63
47.42
44
45
Czech Republic
Armenia
70.95
70.60
107
108
60.55
60.33
170
171
Nigeria
Zimbabwe
47.33
46.95
46
Rwanda
70.47
109
El Salvador
59.93
172
Timor-Leste
46.89
47
48
70.35
70.22
110
111
Swaziland
Zambia
59.77
59.65
173
174
Bangladesh
Liberia
46.84
46.61
49
50
Saudi Arabia
Qatar
69.99
69.96
112
113
59.54
59.50
175
176
46.51
44.21
51
52
Slovenia
Panama
69.87
69.22
114
115
Indonesia
Ecuador
59.15
58.88
177
178
Myanmar
Congo, Rep.
43.55
43.29
53
Bahrain
69.00
116
Maldives
58.73
179
Guinea-Bissau
43.21
54
55
Hungary
Turkey
68.80
68.66
117
118
Jordan
Belize
58.40
58.14
180
181
Haiti
Angola
42.18
41.85
56
57
Italy
Belarus
68.48
68.26
119
120
Nicaragua
Brazil
58.09
58.01
182
183
Venezuela, RB
Afghanistan
41.41
41 .16
58
59
Jamaica
Luxembourg
67.79
67.60
121
122
58.00
57.94
184
185
40.60
37.25
60
Tunisia
67.35
123
Guyana
57.83
186
South Sudan
35.72
61
Greece
66.70
124
Argentina
57.48
187
34.47
62
63
Russian Federation
Moldova
66.66
66.60
125
126
Bhutan
Grenada
57.47
57.35
188
189
Libya
Eritrea
33.35
33.16
Note: The rankings are benchmarked to June 2014 and based on the average of each economys distance to frontier (DTF) scores for the 10 topics included in this years aggregate ranking. For
the economies for which the data cover 2 cities, scores are a population-weighted average for the 2 cities. An arrow indicates an improvement in the score between 2013 and 2014 (and therefore
an improvement in the overall business environment as measured by Doing Business), while the absence of one indicates either no improvement or a deterioration in the score. The score for both
years is based on the new methodology.
Source: Doing Business database.
OVERVIEW
not mean that these economies have exemplary business regulations; instead, it
shows that thanks to serious eorts in
regulatory reform in the past year, they
made the biggest advances toward the
frontier in regulatory practice (gure
1.5). Many of the 10 top improvers still
face many challenges on their way to
international best practices in business
regulation, including high bureaucratic
obstacles, political instability and weak
nancial institutions.
Among the 10 top improvers, Tajikistan
made the biggest advance toward the
regulatory frontier in the past year,
thanks to improvements in several areas. For example, starting a business
in Tajikistan is now easier as a result of
the implementation of new software
at the one-stop shop and the elimination of one of the business registration
procedures. A reduction of fees made
FIGURE 1.4 Europe and Central Asia had both the largest share of economies making
it easier to do business in 2013/14 . . .
Share of economies with at least one reform
making it easier to do business (%)
100
80
85
74
60
65
60
55
40
50
50
20
0
East Asia
& Pacic
South
Asia
1.56
1.11
0.77
0.5
0
0.74
0.52
South
Asia
0.39
0.31
OECD
Middle East &
high income North Africa
TABLE 1.2 The 10 economies improving the most across 3 or more areas measured by Doing Business in 2013/14
Reforms making it easier to do business
Ease of
doing
business
rank
Starting a
business
Dealing with
construction
permits
Tajikistan
166
Benin
151
Togo
149
Cte dIvoire
147
Senegal
161
79
184
Azerbaijan
80
Ireland
13
22
Getting
electricity
Registering
property
Getting
credit
Protecting
minority
investors
Paying
taxes
Enforcing
contracts
Resolving
insolvency
Trading
across
borders
Note: Economies are selected on the basis of the number of their reforms and ranked on how much their distance to frontier score improved. First, Doing Business selects the economies that
implemented reforms making it easier to do business in 3 or more of the 10 topics included in this years aggregate distance to frontier score. Regulatory changes making it more dicult
to do business are subtracted from the number of those making it easier. Second, Doing Business ranks these economies on the improvement in their distance to frontier score from the
previous year. The improvement in their score is calculated not by using the data published in 2013 but by using comparable data that capture data revisions and methodology changes.
The choice of the most improved economies is determined by the largest improvements in the distance to frontier score among those with at least 3 reforms.
Source: Doing Business database.
FIGURE 1.5 How far have economies moved toward the frontier in regulatory practice since 2013?
75
Singapore
New Zealand
Hong Kong SAR, China
Denmark
Korea, Rep.
Norway
United States
United Kingdom
Finland
Australia
Sweden
Iceland
Ireland
Germany
Georgia
Canada
Estonia
Malaysia
Taiwan, China
Switzerland
Austria
United Arab Emirates
Latvia
Lithuania
Portugal
Thailand
Netherlands
Mauritius
Japan
Macedonia, FYR
France
Poland
Spain
Colombia
Peru
Montenegro
Slovak Republic
Bulgaria
Mexico
Israel
Chile
Belgium
South Africa
Czech Republic
Armenia
Rwanda
Puerto Rico (U.S.)
Romania
Saudi Arabia
Qatar
Slovenia
Panama
Bahrain
Hungary
Turkey
Italy
Belarus
Jamaica
Luxembourg
Tunisia
Greece
Russian Federation
Moldova
Cyprus
Croatia
Oman
Samoa
Albania
Tonga
Ghana
Morocco
Mongolia
Guatemala
Botswana
Kosovo
Vanuatu
Kazakhstan
Vietnam
Trinidad and Tobago
Azerbaijan
Fiji
Uruguay
Costa Rica
Dominican Republic
Seychelles
Kuwait
Solomon Islands
Namibia
Antigua and Barbuda
China
Serbia
Paraguay
San Marino
Regulatory frontier
50
2014
2013
25
Note: The distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since
2005 or the third year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. The vertical bars show the
change in the distance to frontier score from 2013 to 2014; for more details, see the note to table 1.1. The 30 economies improving the most are highlighted in red.
Source: Doing Business database.
OVERVIEW
Malta
Philippines
Ukraine
Bahamas, The
Dominica
Sri Lanka
St. Lucia
Brunei Darussalam
Kyrgyz Republic
St. Vincent and the Grenadines
Honduras
Lebanon
Barbados
Bosnia and Herzegovina
Nepal
El Salvador
Swaziland
Zambia
Egypt, Arab Rep.
Palau
Indonesia
Ecuador
Maldives
Jordan
Belize
Nicaragua
Brazil
St. Kitts and Nevis
Cabo Verde
Guyana
Argentina
Bhutan
Grenada
Mozambique
Lesotho
Pakistan
Iran, Islamic Rep.
Tanzania
Ethiopia
Papua New Guinea
Kiribati
Cambodia
Kenya
Yemen, Rep.
Gambia, The
Marshall Islands
Sierra Leone
Uzbekistan
India
West Bank and Gaza
Gabon
Micronesia, Fed. Sts.
Mali
Cte dIvoire
Lao PDR
Togo
Uganda
Benin
Burundi
So Tom and Prncipe
Algeria
Djibouti
Iraq
Bolivia
Cameroon
Comoros
Sudan
Senegal
Suriname
Madagascar
Malawi
Equatorial Guinea
Tajikistan
Burkina Faso
Niger
Guinea
Nigeria
Zimbabwe
Timor-Leste
Bangladesh
Liberia
Syrian Arab Republic
Mauritania
Myanmar
Congo, Rep.
Guinea-Bissau
Haiti
Angola
Venezuela, RB
Afghanistan
Congo, Dem. Rep.
Chad
South Sudan
Central African Republic
Libya
Eritrea
OVERVIEW
WHAT IS THE
RELATIONSHIP BETWEEN
EFFICIENCY AND QUALITY?
One of the big innovations in this years
report is the expansion of the data on
the quality of regulation. Measuring
aspects of the quality of regulation is
not new for Doing Business; some indicator sets, such as getting credit and
protecting minority investors, already
included a focus on regulatory quality.
But starting this year a systematic effort is being made to include measures
of quality in most of the indicator sets.
This years report introduces a new
measure of quality in the resolving
insolvency indicator set and expands
the measures of quality in the getting
FIGURE 1.6 Indicators measuring the strength of legal institutions show less
dierence between cities within economies than those measuring the complexity and
cost of regulatory processes
Average dierence in
distance to frontier score
(absolute value)
Starting a business
2.99
Dealing with
construction permits
10
6.96
Getting electricity
10
7.53
Registering property
4.84
Getting credit
0.00
Protecting minority
investors
0.00
Paying taxes
0.34
Trading across
borders
11 4.18
Enforcing contracts
3.06
Resolving insolvency
0.55
4
0
10
11
Note: The gure shows data for the 11 large economies for which Doing Business covers both the largest and the second
largest business city.
Source: Doing Business database.
10
credit and protecting minority investors indicator sets. Next years report
will add measures of regulatory quality
to the indicator sets for dealing with
construction permits, getting electricity, registering property, paying taxes
and enforcing contracts.
High quality,
high eciency
Canada
The results so far suggest that eciency and quality go hand in hand. For
resolving insolvency the data show that
there is a positive correlation between
the recovery rate for creditors and the
strength of the legal framework for
insolvency (gure 1.7). The recovery
rate measures the cents on the dollar
recouped by secured creditors through
insolvency proceedings and is a measure
of eciency because time and cost are 2
important components. The strength of
insolvency framework index measures
how well insolvency laws accord with internationally recognized good practices
and is therefore a proxy for quality.
Very few economies have an insolvency
system with both high eciency (a
recovery rate of more than 50 cents on
the dollar) and low quality (a score on the
strength of insolvency framework index
of less than 8 of the possible 16 points).
But many economies have an insolvency
system with low eciency and high
quality. These are economies that have
well-designed laws but face challenges
in implementing them eectively.
These results suggest that welldesigned laws are necessary but not
sucient to achieve eciency in an insolvency system. The Federated States
of Micronesia, for example, has a score
of 11.5 on the strength of insolvency
framework index, yet creditors in that
country should expect to recover only
3.3 cents for every dollar they have
loaned to a rm that becomes insolvent. So an insolvency law of aboveaverage quality does not necessarily
mean above-average recovery rates for
creditors. On average, though, economies with better-designed laws tend to
have higher recovery rates.
10
8
Cyprus
6
4
Venezuela, RB
2 Low quality,
low eciency
0
0
10
20
Low quality,
high eciency
30
40
50
60
70
80
90
100
Note: The correlation between the strength of insolvency framework index and the recovery rate is 0.59. The
relationship is signicant at the 1% level after controlling for income per capita.
Source: Doing Business database.
OVERVIEW
High quality,
Sweden high eciency
Belgium
70
60
Economies that make resolving a commercial dispute simpler, faster and less
expensive also tend to have a judicial
system that follows well-established
good practicessuch as having a specialized commercial court or division,
having a small claims court, oering
arbitration and voluntary mediation and
making judgments in commercial cases
available to the general public.
50
40
30
20
Yemen, Rep.
10 Low quality,
low eciency
0
0
10
20
Afghanistan
30
40
50
60
70
80
Low quality,
high eciency
90
100
Note: The gure compares the distance to frontier score for the existing registering property indicators with the
distance to frontier score for the new indicator on the quality of land administration (to be published for the rst
time in Doing Business 2016). The data for the new indicator are obtained through a set of questions on reliability,
transparency, coverage and dispute resolution. For example, an economy receives 1 point if it has a functional
electronic database for encumbrances, 1 point if it makes the documents and fee schedules for property registration
publicly available (online or on public boards), 1 point if it compiles statistics on land transactions and makes them
publicly available, and so on. The correlation between the 2 distance to frontier scores is 0.56. The relationship is
signicant at the 1% level after controlling for income per capita.
Source: Doing Business database.
Belize
60
50
40
Mongolia
30
Angola
20
10 Low quality,
low eciency
0
0
10
20
Low quality,
high eciency
30
40
50
60
70
80
90
100
Note: The gure compares the distance to frontier score for the existing enforcing contracts indicators with the distance
to frontier score for the new index on judicial quality (to be published for the rst time in Doing Business 2016). The index
measures such aspects as whether the judicial system has a specialized commercial court or division, has a small claims
court, oers voluntary mediation and arbitration and makes judgments in commercial cases available to the general
public. The correlation between the 2 distance to frontier scores is 0.41. The relationship is signicant at the 1% level after
controlling for income per capita.
Source: Doing Business database.
11
12
Cumbersome,
poorly functioning
business regulation undermines
entrepreneurship and economic
performance.7
Introducing collateral registries and
debt recovery tribunals leads to
better-performing credit markets.8
Reforms improving access to credit
and the eciency of property registration are correlated with product
and process innovation by young
rms.9
FIGURE 1.10 Combined regulatory reforms are likely to have greater eects on new
business registration than isolated ones
Distance to frontier score for indicators
measuring the complexity and
cost of regulatory processes
Distance to frontier score for indicators
measuring the strength
of legal institutions
Overall distance to
frontier score
0
0.1
0.2
0.3
0.4
0.5
Note: New rm density is dened as the number of newly registered limited liability companies per 1,000 working-age
people (ages 1564). Indicators measuring the strength of legal institutions are those on getting credit, protecting
minority investors, enforcing contracts and resolving insolvency. Indicators measuring the complexity and cost
of regulatory processes are those on starting a business, dealing with construction permits, getting electricity,
registering property, paying taxes and trading across borders. The analysis uses data from 200313 for all economies
covered by Doing Business.
Source: Divanbeigi and Ramalho 2014.
OVERVIEW
100
600
80
400
60
40
Best 3 quartiles
Best 3 quartiles
200
20
0
300
Worst quartile
250
200
150
Best 3 quartiles
100
150
100
50
Best 3 quartiles
50
0
Time to export
(days)
60
Worst quartile
50
Time to import
(days)
70
Worst quartile
60
50
40
40
30
20
30
Best 3 quartiles
10
0
10
2005 2006 2007 2008 2009 2010 2011
250
14
12
Worst quartile
200
10
150
100
Best 3 quartiles
4
2
0
Best 3 quartiles
20
50
2005 2006 2007 2008 2009 2010 2011
Best 3 quartiles
2005 2006 2007 2008 2009 2010 2011
Note: Economies are ranked in quartiles by performance in 2005 on the indicator shown. The data refer to the 174 economies included in Doing Business 2006 (2005). Fifteen
economies were added in subsequent years.
Source: Doing Business database.
13
14
around the world with the aim of keeping governments informed about good
practices and enabling researchers to
further our knowledge of how laws and
regulations aect development.
3.
NOTES
1.
2.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
16
Getting electricity
Registering property
Paying taxes
Payments, time and total tax rate for a rm to comply with all tax
regulations
Enforcing contracts
Resolving insolvency
FIGURE 2.1 An economys regulatory environment may be more business-friendly in some areas than in others
Distance to
frontier score
100
90
80
70
60
50
40
30
20
10
Singapore
Hong Kong SAR, China
Korea, Rep.
United States
Finland
Sweden
Ireland
Georgia
Estonia
Taiwan, China
Austria
Latvia
Portugal
Netherlands
Japan
France
Spain
Peru
Slovak Republic
Mexico
Chile
South Africa
Armenia
Puerto Rico (U.S.)
Saudi Arabia
Slovenia
Bahrain
Turkey
Belarus
Luxembourg
Greece
Moldova
Croatia
Samoa
Tonga
Morocco
Guatemala
Kosovo
Kazakhstan
Trinidad and Tobago
Fiji
Costa Rica
Seychelles
Solomon Islands
Antigua and Barbuda
Serbia
San Marino
Philippines
Bahamas, The
Sri Lanka
Brunei Darussalam
St. Vincent and the Grenadines
Honduras
Bosnia and Herzegovina
El Salvador
Zambia
Palau
Ecuador
Jordan
Nicaragua
St. Kitts and Nevis
Guyana
Bhutan
Mozambique
Lesotho
Tanzania
Papua New Guinea
Cambodia
Yemen, Rep.
Marshall Islands
Uzbekistan
West Bank and Gaza
Micronesia, Fed. Sts.
Cte dIvoire
Togo
Benin
So Tom and Prncipe
Djibouti
Bolivia
Comoros
Senegal
Madagascar
Equatorial Guinea
Burkina Faso
Guinea
Zimbabwe
Bangladesh
Syrian Arab Republic
Myanmar
Guinea-Bissau
Angola
Afghanistan
Chad
Central African Republic
Eritrea
Note: The distance to frontier scores reected are those for the 10 Doing Business topics included in this years aggregate distance to frontier score. Figure is illustrative only; it does
not include all 189 economies covered by this years report. See the country tables for the distance to frontier score for each Doing Business topic for all economies.
Source: Doing Business database.
Macroeconomic stability
Market size
State of the nancial system
Level of training and skills of the labor force
Examples of aspects not included within the
areas covered
In getting electricity, the reliability of electricity
supply
In getting credit, the availability of credit for rms
In trading across borders, export or import taris
and subsidies
17
18
Advantages
Limitations
Use of standardized
case scenarios
Focus on largest
business citya
Reliance on expert
respondents
a. In economies with a population of more than 100 million, Doing Business covers business regulation in both the
largest business city and the second largest one.
BOX 2.1 Comparing regulations at the local level: subnational Doing Business studies
The subnational Doing Business studies expand the Doing Business analysis beyond the largest business city of an economy. They measure variation in regulations or in the implementation of national laws across locations within an economy
(as in Nigeria) or a region (as in Central America). Projects are undertaken at the request of governments.
Data collected by subnational reports over the past 2 years show that there can be substantial variation within an economy. In Mexico in 2013, for example, transferring property took as few as 2 days in Colima and as many as 74 in Mexico
City. Indeed, within the same economy one can nd cities that perform as well as economies ranking in the top 20 on the
ease of registering property and cities that perform as poorly as economies ranking in the bottom 40 on that indicator
(see gure). Despite these large dierences across cities of varied sizes, the dierences between the largest and the second largest business cities in an economy tend to be small, as discussed in the overview.
90th percentile
(88.16)
64.86
59.94
53.04
10th percentile
43.17
(42.27)
35.61
29.14
Nigeria, 2014
43.76
48.96
49.89
57.64
53.51
47.11
41.15
32.95
Colombia, 2012
Worst score
Italy, 2012
Mexico, 2013
Average score
Note: The average score shown for each economy is based on all locations covered by the data: 36 cities in Nigeria, 23 cities in Colombia, 15 locations and governorates in
the Arab Republic of Egypt, 13 cities in Italy and 31 states and Mexico City in Mexico. The worst score shown for each economy is that of the location with the most complex
process for transferring property, and the best score that of the location with the most ecient one. The 10th and 90th percentile values are based on economy-level scores
for the 189 economies covered by Doing Business.
Source: Subnational Doing Business database.
The subnational Doing Business studies create disaggregated data on business regulations. But they go beyond a data
collection exercise. They have proved to be strong motivators for regulatory reform at the city level:
The data produced are comparable across locations within the economy and internationally, enabling locations to
benchmark their results both locally and globally. Comparisons of locations that are within the same economy and
therefore share the same legal and regulatory framework can be revealing: local ocials nd it hard to explain why
doing business is more dicult in their jurisdiction than in a neighboring one.
Pointing out good practices that exist in some locations but not others within an economy helps policy makers recognize the potential for replicating these good practices. This can prompt discussions of regulatory reform across
dierent levels of government, providing opportunities for local governments and agencies to learn from one another
and resulting in local ownership and capacity building.
Since 2005 subnational reports have covered 367 cities in 55 economies, including Brazil, China, India, Indonesia, Morocco
and Pakistan. This year subnational studies were completed in the Arab Republic of Egypt, Mexico and Nigeria. Ongoing
studies include those in Central America and the Dominican Republic (covering 22 cities and 10 ports across 7 countries),
Poland (18 cities), South Africa (9 cities and 4 ports) and Spain (19 cities and 5 ports).
Subnational reports are available on the Doing Business website at http://www.doingbusiness.org/subnational.
19
20
FIGURE 2.2 How Doing Business collects and veries the data
Data sources:
The relevant laws and regulations
Responses to questionnaires by
private sector practitioners and
government ocials
Governments
World Bank Group regional sta
Data adjustments
Information on data corrections is
provided in the data notes and on the
Doing Business website. A transparent
complaint procedure allows anyone to
challenge the data. From November
2013 to October 2014 the team received
and responded to more than 160 queries
on the data. If changes in data are conrmed, they are immediately reected
on the website.
HOW DO GOVERNMENTS
USE THE DATA?
Over the past decade governments have
increasingly focused on reforming business regulation as one way of maintaining competitiveness in an increasingly
globalized economy. Doing Business provides one source of actionable, objective
data that give useful insights into good
practices worldwide. Indeed, since 2003
governments have implemented more
21
22
Governments learn
from one another
about good practices
in the areas measured
by Doing Business.
Governments use
Doing Business as a
tool to stimulate
regulatory
improvements as part
of broader reform
programs.
Reform committees
use Doing Business
indicators to help
inform programs to
improve the business
environment.
NOTES
1.
Successful business
regulation reforms
23
What is changing in
Doing Business?
This years report and Doing Business
2016 are introducing changes in 8 of
the 10 Doing Business indicator sets:
dealing with construction permits,
getting electricity, registering
property, getting credit, protecting
minority investors, paying taxes,
enforcing contracts and resolving
insolvency.
The improvements have 2 main
goals. The rst is to expand
the focus of indicator sets that
primarily measure the eciency
of a transaction or service to also
cover aspects of the quality of that
service. The second is to expand the
focus of indicator sets that already
measure some aspects of the quality
of regulation to include recent good
practices in the areas covered.
Starting this year the ease of doing
business ranking is based on the
distance to frontier score.
For the 11 economies with a
population of more than 100 million,
a second city has been added to the
sample this year.
AN OVERVIEW OF THE
CHANGES
The improvements are in 3 areas:
revision of the calculation of the ease
of doing business ranking, expansion
of the sample of cities covered in
large economies and a broadening of
the scope of indicator sets (table 3.1).
Some of the changes imply a break in
the data series and will compromise
the comparability of data over time.
For getting credit, for example, the
changes in the strength of legal rights
index are substantial enough to prevent comparability over time. But for
all Doing Business topics, including getting credit, the data have been backcalculated 1 year to allow for at least
2 comparable years of data.2 Moreover,
since most of the changes in methodology involve adding new indicators
rather than revising existing ones, data
for more than 90% of the previously
existing indicators remain comparable
over time. The full data series are available on the Doing Business website.
FIGURE 3.1 How much dierence is there between the 2 calculations of the ease of
doing business ranking?
DB2014 ranking based
on percentiles
200
180
Cte dIvoire
160
140
120
100
80
Mongolia
60
40
20
0
0
20
40
60
80
100
120
140
160
180
200
Note: The 45-degree line shows where the rankings based on percentiles and the rankings based on distance to
frontier scores are equal. The correlation between the 2 rankings is 0.99.
Source: Doing Business database.
25
26
INTRODUCING NEW
MEASURES OF QUALITY
Eciency in regulatory transactions
is important. Many research papers
have highlighted the positive eect
of improvements in areas measured
by Doing Business on such economic
outcomes as rm or job creation.4
But increasing eciency may have
little impact if the service provided is
of poor quality. For example, the ability
to complete property transfers quickly
and inexpensively is important, but if
the land records are unreliable or other
features of the property rights regime
are awed, the property title will have
little value.
FIGURE 3.2 Small dierences in the distance to frontier score between cities in the
same economy
Distance to frontier score of second
largest business city (0100)
100
90
United States
80
Mexico
70
Indonesia
Brazil
Pakistan
India
60
50
Nigeria
Bangladesh
Japan
Russian Federation
China
40
40
50
60
70
80
90
100
FIGURE 3.3 Comparing distance to frontier scores for resolving insolvency under the
old and new methodologies
Distance to frontier score for resolving
insolvency under new methodology
100
90
80
70
60
Brazil
50
40
Maldives
30
20
10
0
0
10
20
30
40
50
60
70
80
90
100
27
28
assess how well these systems are performing this function, a new indicator
will record the practices used for collecting, recording, storing and processing information on land parcels and
property titles. Specic attention will
be given to practices that support data
reliability, such as unifying, standardizing and synchronizing records across
dierent sources and putting in place
the necessary infrastructure to reduce
the risk of errors.
The indicator will also provide information allowing comparison of transparency standards for land administration
systems around the world. New data
will record what land-related information is made publicly available, whether
procedures and property transactions
are transparent and whether information on fees for public services is easily
accessible.
verify that the building was built in accordance with the approved plans and
the building regulations; which agency
is responsible for conducting the
nal inspection; and whether the nal
inspection required by law is actually
carried out (or, if not required by law,
commonly occurs in practice).
The professionals who conduct the
inspections play a vital part in ensuring
that buildings meet safety standards.
So it is important that these professionals be certied and that they have
the necessary technical qualications.
And if safety violations or construction
aws occur despite their eorts, it is important to have a well-dened liability
and insurance structure to cover losses
resulting from any structural faults.
The new indicator will cover several
points relating to these issues: what
the qualication requirements are
for the professionals responsible for
verifying the architectural plans and
for those authorized to supervise the
construction; which parties are held
legally liable for construction aws or
problems aecting the structural safety of the building once occupied; which
parties are required by law to obtain an
insurance policy to cover possible aws
or problems aecting the structural
safety of the building once occupied;
and what the consequences are for
the construction company and the
professionals authorized to supervise
construction if construction aws or
problems are found or if building regulations were not complied with.
Paying taxes
The paying taxes indicators measure
the taxes and mandatory contributions
that a medium-size company must
pay in a given year as well as the
administrative burden of paying taxes
and contributions. The indicators now
measure only the administrative burden
associated with preparing, ling and
paying 3 major tax categories (prot
taxes, consumption taxes and labor
taxes). But the postling process
involving tax audits, tax refunds
and tax appealscan also impose
a substantial administrative burden
on rms. Starting in Doing Business
2016, the paying taxes indicator set
will therefore be expanded to include
measures of the postling process.
In addition, this years report includes
an important change in the methodology for the paying taxes indicators.
The distance to frontier score for the
total tax rate now enters the distance
to frontier score for paying taxes in
a nonlinear fashion. As a result of
this change, an increase in the total
tax rate has a smaller impact on the
distance to frontier score for paying
taxes than previously for economies
with a below-average total tax rate
and a larger impact for economies
with a very high total tax rate relative
to the average (see gure 15.2 and the
related discussion in the chapter on the
distance to frontier and ease of doing
business ranking).
Getting electricity
The existing data set on getting electricity measures the eciency of the
process for obtaining an electricity connection for a standard warehouseas
reected in the procedures, time and
cost required. While the eciency of
the connection process has proved
to be a useful proxy for the overall efciency of the electricity sector, these
measures cover only a small part of
29
30
Enforcing contracts
The enforcing contracts indicators
measure the procedures, time and
cost to resolve a commercial dispute
between 2 rms. The indicators have
focused on the eciency of the commercial court system without directly
addressing the quality of the judiciary
or the judicial infrastructure. In Doing
Business 2016 the indicator set will be
expanded to cover aspects of judicial
quality and court infrastructure,
focusing on well-established good
practices that promote quality and
eciency in the commercial court
system (gure 3.6).
To assess the quality of the judiciary
and judicial infrastructure, a new indicator will record whether there is a
specialized commercial court or division; whether there is a small claims
court; whether voluntary mediation is
available; whether arbitration is available; whether pretrial attachment of
assets is available; whether it is common practice for the parties in a commercial case to request adjournments
Court
eciency
Quality of
the judiciary
Electronic ling of
complaints
Voluntary mediation
Arbitration
Case management
Electronic case management
Pretrial conference
Pretrial attachment
Adjournments
Electronic service
of process
Publication of
judgments
Getting credit
The getting credit indicators assess the
legal rights of borrowers and lenders in
secured transactions and the sharing of
credit information. Measures compiled
in the strength of legal rights index
focus on whether collateral and bankruptcy laws include certain features
that facilitate lending. Those combined
in the depth of credit information
index focus on the coverage, scope
and accessibility of credit information
available through credit bureaus and
registries. Both sets of measures have
been expanded this year to cover more
good practices (gure 3.7).
The strength of legal rights index has
been expanded from 10 points to 12,
with the new aspects selected in accordance with UNCITRALs Legislative
Guide on Secured Transactions.9 One of
the new points is awarded for having
an integrated secured transactions
system. Modern secured transactions
systems are aimed at ensuring that a
prospective creditor can easily determine not only whether an asset has
already been pledged as collateral but
also whether there is some other type
of right over that asset. Such rights
might be established by legal instruments that are functional equivalents
to security interests. In an integrated
secured transactions system these
instruments are regulated under
the same law as traditional security
interests. This approach provides the
greatest transparency and predictabilitybecause all rights in collateral,
whether traditional security interests
or their functional equivalents, are
registered at the same registry, and
the law will contemplate how priority
rules apply across the dierent types
of contracts.
Other new points are awarded for having a well-functioning collateral registry, dened by several characteristics.
One is that the registry must cover any
type of secured transaction, regardless of the type of debtor, creditor or
assets.10 Another is that the registry
must be a notice-based registry. This
type of registry has much lower administrative and archival costs than a
document registry, which must register
voluminous documentation and have
specialists review the documents provided and the assets used as collateral.
Finally, the registry must oer modern
features. Secured creditors (or their
representatives) should be able to
register, search, amend and cancel
security interests online. Information in
the database should be updated immediately or no more than 24 hours after
registration documents are submitted.
And the registry should have a digital
database for storing the information. These types of online solutions
enhance the eciency of a registry
and the reliability of the information it
records. Establishing and maintaining
such systems can be costly, however,
and these systems need to be backed
by adequate legislation, such as privacy laws and regulations on electronic
signatures.
The depth of credit information index
has been expanded from 6 points to 8.
In addition, because of the importance
of coverage in assessing the eectiveness of a credit information system,
"
31
32
FIGURE 3.8 Comparing distance to frontier scores for protecting minority investors
under the old and new methodologies
Distance to frontier score for protecting minority
investors under new methodology
100
90
80
70
60
Switzerland
50
40
Paraguay
30
20
10
0
0
10
20
30
40
50
60
70
80
90
100
Distance to frontier score for protecting minority investors under old methodology
Note: Under the new methodology the distance to frontier score for protecting minority investors includes 6 areas of
corporate governance; under the old one it includes 3 of the 6 areas. Both scores are based on this years data. The
45-degree line shows where the scores under the old and new methodologies are equal. The correlation between the
2 scores is 0.87.
Source: Doing Business database.
NOTES
1.
34
TABLE 4.1 Reforms making it easier to do business in 2013/14 and in the past
5 years
Area of reform
Number of reforms
in 2013/14
Average annual
number of reforms
in past 5 years
Economy improving
the most in area in
2013/14
HIGHLIGHTS OF REFORMS
REDUCING REGULATORY
COMPLEXITY AND COST
Among reforms to reduce the complexity and cost of regulatory processes in
2013/14, those in the area of starting
a business were the most common,
followed by reforms in paying taxes.
The area with the third largest number
of reforms was registering property,
though in previous years it tended to
be trading across borders.
Starting a business
45
45
Timor-Leste
16
19
Croatia
Getting electricity
12
12
Solomon Islands
Registering property
21
22
Greece
Paying taxes
31
34
Romania
20
23
Myanmar
10
Colombia
22
20
Jamaica
30
14
Enforcing contracts
15
13
Kosovo
Resolving insolvency
10
17
Mozambique
Note: Because Jamaica implemented changes in the past year in both the strength of legal rights and depth of credit
information components of getting credit, the table shows a total of 231 reforms for 2013/14, though only 230 are
counted as separate reforms.
a. Refers to the average for the past 4 years.
Source: Doing Business database.
BOX 4.1 Most economies with a population of more than 100 million implemented at least one regulatory reform in 2013/14
Some people might assume that reforming business regulation is easier in small economies because their government
structures tend to be less complex. The Doing Business data do not suggest that this is so. Eight of the 11 economies with
a population of more than 100 million reformed in at least one of the areas measured by Doing Business in 2013/14, while
only 18 of the 34 economies with a population of less than 1 million did so. Among the 11 large economies, China, Mexico
and the Russian Federation each implemented 2 reforms making it easier to do business, while India and Indonesia each
implemented 3 (see table).
What did these economies do? India made starting a business easier by considerably reducing the registration fees
though it also added a requirement to le a declaration before commencing business operations. It made obtaining a
new electricity connection in Mumbai less costly by reducing the security deposit. And it strengthened minority investor
protections by requiring greater disclosure by board members, increasing the remedies available in case of prejudicial
related-party transactions and introducing additional safeguards for shareholders of privately held companies.
Indonesia made starting a business easier by making it possible to issue the approval letter for the deed of establishment
electronically. It made getting electricity in Jakarta easier by eliminating the need for multiple certicates guaranteeing
the safety of internal installations. And it lowered labor taxes.
China also made starting a business easier, by eliminating the minimum capital requirement and thus the need for a
capital verication report from an auditing rm. In addition, it reduced employers social security contribution rate in
Shanghai and enhanced the electronic system for ling and paying taxes.
Mexico improved access to credit by amending its insolvency
proceedings law and establishing clear grounds for relief from a
stay of enforcement actions by secured creditors during reorganization proceedings. And it made resolving insolvency easier by shortening the time extensions during reorganization proceedings and facilitating electronic submission of documents.
Russia made starting a business easier by eliminating the requirement to deposit the charter capital before company registration as well as the requirement to notify tax authorities of
the opening of bank accounts. And it made transferring property easier by eliminating the need for notarization and reducing the time required for property registration.
In 2013/14 the 11 large economies were more likely to implement reforms reducing the complexity and cost of regulatory
processes than reforms strengthening legal institutionsa
pattern also evident in smaller economies. Among the 15 reforms captured by Doing Business in these large economies,
most were at the national level and aect both cities measured. One of the exceptions was in the United States, where
the reform making it easier to start a business applies to New
York City but not to Los Angeles.
Reforms reducing
regulatory
complexity and cost
Reforms
strengthening legal
institutions
Bangladesh
Brazil
China
Economy
India
Indonesia
Japan
Mexico
Nigeria
Pakistan
Russian Federation
United States
Note: The table shows data for the 11 large economies for which Doing Business
covers both the largest and the second largest business city.
Source: Doing Business database.
35
36
FIGURE 4.1 Croatia cut more than 6 months from the time required to deal with
construction permits
Time to deal with
construction permits (days)
450
400
One procedure cut,
191 days saved
350
300
250
200
150
100
50
0
2 3
9 10 11 12 13 14 15 16 17 18 19 20 21 22
Procedures
2013
2014
FIGURE 4.2 The Solomon Islands reduced the time to obtain an electricity connection
by two-thirds
Time to get electricity (days)
180
160
140
120
100
80
60
40
20
0
Await completion of an
external inspection by
SIEA for purposes of
preparing the estimate
Procedures
2013
2014
Simplifying property
registration
In 2013/14, 21 economies made it easier
for businesses to register property by
reducing the time, cost or number of
procedures required. Among the most
common improvements were reducing
property transfer taxes, combining or
eliminating procedures, and introducing computerized procedures. Lowering
the property transfer tax can substantially reduce the cost of transferring
property and improve compliance with
property registration and tax regulations, though this type of change needs
to be informed by broader tax policy
discussions.
FIGURE 4.3 Greece made registering property both easier and less expensive
Time to register property
(days)
25
One procedure eliminated, and
cost reduced by 6.86% of the
property value
20
12
10
15
10
6
4
0
1
10
11
Procedures
2013
Procedures
Cost
2014
Procedures
Cost
Note: In 2014 procedures 3, 4 and 5 occur simultaneously with procedure 2 (although procedures may take place
simultaneously, they cannot start on the same day). Procedure 6 starts after procedure 2.
Source: Doing Business database.
FIGURE 4.4 Romania has been making compliance with tax obligations easier in
recent years
Payments (number per year)
Total tax rate (% of commercial prot)
120
240
100
200
80
160
60
120
40
80
20
40
0
2004
2005
2006
2007
Payments
2008
2009
2010
2011
2012
2013
Time
37
38
Facilitating trade
Myanmar made the biggest improvement in the ease of trading across
borders in 2013/14 (gure 4.5). Its
Ministry of Commerce abolished the
export license requirement for 166
types of goods and the import license
requirement for 152reducing the
time, cost and number of documents
required to export and import general
cargo products. As measured by Doing
Business, exporting now takes 20% less
time than before, and importing 19%
less time.
Tanzania invested in port infrastructure. New cranes, a conveyor belt and
anchorage tankers at the port of Dar
es Salaam helped reduce berthing and
unloading time as well as congestion.
The reduction in the time required for
port and terminal handling activities
benets not only traders in Tanzania
but also those in the landlocked economies of Burundi and Rwanda that use
the port.
FIGURE 4.5 Myanmar reduced the time to export and import by abolishing license
requirements for many types of goods
Time to export (days)
30
30
25
25
20
20
15
15
10
10
2013
2014
Document preparation
Customs clearance and inspections
2013
2014
HIGHLIGHTS OF REFORMS
STRENGTHENING LEGAL
INSTITUTIONS
Among reforms to strengthen legal
institutions in 2013/14, the largest
numbers were recorded in the areas of
getting credit and protecting minority
investors (with 30 in each area), and
the smallest in the area of resolving
insolvency. Economies in Europe and
Central Asia implemented the most
reforms aimed at strengthening legal
institutions, followed by economies in
Sub-Saharan Africa.
New legal
framework
Yes.
Yes.
Yes.
Yes.
39
40
FIGURE 4.6 Kosovo cut the time for enforcing judgments in half by introducing a
private baili service
Time for enforcement cut from 180 days to 90
Time to enforce
a contract (days)
200
180
160
140
120
100
80
60
40
20
0
Filing and service
Enforcement
2014
Strengthening minority
investor protections
The United Arab Emirates strengthened minority investor protections
the most in 2013/14, through a new
ministerial resolution on corporate governance rules and corporate discipline
standards. The resolution establishes
Increasing efficiency in
resolving insolvency
Doing Business recorded 10 reforms
making it easier to resolve insolvency
in 2013/14, most of them in OECD
high-income and Sub-Saharan African
economies. Among the most common
features of these reforms were promoting reorganization and improving the
likelihood of successful outcomes in
insolvency proceedings. Mozambique,
the Seychelles, and Trinidad and
Tobago introduced a court-supervised
reorganization procedure. Switzerland
allowed cancellation of long-term
contracts that could jeopardize the
debtors rehabilitation. Slovenia established a simplied reorganization
procedure for small companies and a
preventive restructuring procedure for
medium-size and large ones. Slovenia
also made it easier for creditors to
initiate reorganization proceedings
and propose a reorganization plan,
introduced provisions on debt-equity
swaps and allowed new equity holders to take over management of the
debtor to ensure continuation of the
business.
Mozambique improved the ease of resolving insolvency the most in the past
year (table 4.3). A new legal framework
for insolvency adopted in 2013 introduced a reorganization procedure for
commercial entities, granted creditors
better access to information during insolvency proceedings and provided for
more active participation by creditors
in the proceedings.
Other insolvency reforms recorded in
2013/14 focused on streamlining and
shortening time frames for proceedings.
New legal
framework
Yes.
The insolvency
administrator has
the duty to provide
any creditor with
information requested
by the creditor.
41
42
NOTES
1.
2.
3.
4.
5.
6.
7.
TABLE 4A.1 Who reduced regulatory complexity and cost or strengthened legal institutions in 2013/14and what did they do?
Feature
Economies
Some highlights
Streamlined procedures
Reduced fees
Nepal
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; Greece; Mozambique; Russian
Colombia eliminated the need for a provisional registration. The
Federation; Senegal
Russian Federation eliminated the requirement for notarization of
certain documents.
Albania; Cte dIvoire; Ireland; Sweden; Vanuatu Ireland enhanced its land registrys 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.
Guinea; Republic of Korea; United Arab Emirates The District Registration Courts in the Republic of Korea increased
eciency 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.
43
44
TABLE 4A.1 Who reduced regulatory complexity and cost or strengthened legal institutions in 2013/14and what did they do?
Feature
Economies
Some highlights
Azerbaijan; Poland
Sierra Leone
Hungary abolished the special tax that had been introduced in 2010.
Portugal reduced the corporate income tax rate from 25% to 23% for
2013.
Latvia introduced a simplied value added tax return in January 2013.
China reduced the social security contribution rate for rms in
Shanghai from 37% to 35% for 2013.
Hungary; Panama
TABLE 4A.1 Who reduced regulatory complexity and cost or strengthened legal institutions in 2013/14and what did they do?
Feature
Economies
Some highlights
The Bahamas; Czech Republic; Ireland; Portugal; The Bahamas and Portugal introduced new rules of civil procedure
South Africa; Uruguay
to streamline and expedite court proceedings and ensure less costly
resolution of disputes. The Czech Republic, Ireland and South Africa
amended the monetary thresholds for courts at dierent levels to
reduce backlog.
Greece; Kazakhstan; Lithuania; Mauritius;
Greece, Kazakhstan, Lithuania, Mauritius and Turkey all introduced an
Turkey
electronic ling system for commercial cases, allowing attorneys to
submit the initial summons online.
Benin; Seychelles
Benin established a commercial chamber within its court of rst
instance and assigned 6 judges to solely hear commercial cases. The
Seychelles established a specialized commercial court and assigned a
permanent local judge to resolve only commercial disputes.
Singapore
Singapore launched a new electronic litigation system that
streamlines litigation proceedings.
Kosovo
Kosovo introduced private bailis and strengthened its enforcement
process by establishing penalties for noncompliant debtors.
Seychelles; Uganda
Note: Reforms aecting the labor market regulation indicators are included here but do not aect the ranking on the ease of doing business.
Source: Doing Business database.
45
Starting a business
The growing eciency of company registries
WHAT IS AN EFFICIENT
REGISTRY?
Institutional eciency at company
registries is thus a critical element
of a healthy economy.3 What makes
an ecient registry? Answering that
question rst requires understanding
what registries do.
A company registry records and
updates information on new and existing companies in its jurisdiction and
enables registered entities to comply
with their obligations under the current
regulatory framework, including those
related to the company laws.4 In doing so, the registry incorporates legal
entities, providing them with a unique
identication, and deregisters insolvent rms. Other services provided by
a registry commonly include conducting company name searches, reserving
company names and processing applications for business licenses.
These functions enable the government
to measure tax compliance or
avoidance in the formal sector and
to derive other business statistics by
economic sector or by company size
or ownership type. They also enable
the government to determine which
48
80
60
40
20
0
High income
Online application
Remote registration
Low income
STARTING A BUSINESS
FIGURE 5.2 Online registration makes starting a business faster and cheaper
Average
time (days)
35
Average cost
(% of income per capita)
35
30
30
25
25
20
20
30
15
15
10
20
10
10
5
0
Online registration
Average time
Paper registration
50
40
0 0
SCALE
Average cost
Note: The sample consists of 71 economies, with 20 having online registration. Data are for 2013. The relationship is
signicant at the 5% level after controlling for income per capita.
Source: Doing Business database; World Bank Group, Entrepreneurship Database.
Rwandapromoting a
competitive business
environment
The government of Rwanda has been
working to improve the eciency
of business registration as part of
broader business regulation reforms
aimed at promoting private sector
49
50
FIGURE 5.3 A surge in newly registered rms after start-up reforms in Rwanda
New rm
density
1.2
1.0
0.8
0.6
0.4
0.2
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
developmenta top priority on its reform agenda. The reforms are driven by
the conviction that an ecient business
climate can reduce poverty by fostering
economic growth and job creation.10
followed as a new company law was enacted in 2009. This helped sustain the
annual increase in the number of new
limited liability companies, a number
that reached 6,655 in 2012.13
STARTING A BUSINESS
FIGURE 5.4 Chiles online system was soon registering almost half of new limited
liability companies
Share of new companies
created through online system (%)
50
40
30
20
10
0
Week 1
Week 2
Week 3
Week 4
Week 5
Week 6
Week 7
FIGURE 5.5 Electronic registration has become almost universal in the United
Kingdom
Total number of registered
companies (millions)
100
75
50
25
0
1990 1995 2000 2001 2003 2005 2007 2009 2010
Total number of registered
companies
2011
51
52
CONCLUSION
NOTES
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
54
FIGURE 6.1 Where does zoning generally t into the construction permitting process?
Builder decides on type of construction project.
In some
instances builder
must apply for a
zoning certicate or
zoning approval for
the intended location
of the project.
Builder applies for the necessary preapprovals for the project (if required),
such as land use approval, environmental approval and re safety approval
(including any necessary inspections).
Builder completes construction and receives nal inspection from the relevant
parties to ensure that the construction was completed in compliance with
building regulations and the conditions set forth in the building permit.
Builder applies for and obtains the nal water and sewerage connection from
the water and sewerage authorities.
FIGURE 6.2 Half the economies that require the additional step of obtaining a zoning
or urban planning approval are in Europe and Central Asia or Latin America
South Asia
(2 of 8 economies)
Middle East & North Africa
(7 of 20 economies)
3%
Sub-Saharan Africa
(8 of 47 economies)
11%
26%
12%
12%
22%
14%
55
56
Afghanistan
Albania
Algeria
Argentina
Australia
Cte dIvoire
Bahamas, The
Bangladesh
Ecuador
Bahrain
Bolivia
Cameroon
Canada
Kosovo
Cyprus
Comoros
Lebanon
Finland
Costa Rica
Macedonia, FYR
France
Czech Republic
Madagascar
Kazakhstan
Dominican Republic
Moldova
Latvia
El Salvador
Nicaragua
Lithuania
Fiji
Serbia
Montenegro
Indonesia
South Africa
Morocco
Kuwait
Spain
Netherlands
Mexico
New Zealand
Namibia
Palau
Philippines
Qatar
Solomon Islands
Romania
United States
Russian Federation
Uruguay
Senegal
Venezuela, RB
Singapore
Sudan
Tajikistan
Trinidad and Tobago
Turkey
Ukraine
Uzbekistan
Vanuatu
Note: A zoning permit signies that the land use for the planned development is consistent with the zoning regulations.
An urban planning clearance or certicate generally outlines conditions relating to the plot of land where the builder
intends to build, including where construction is permitted on the plot (that is, the specic coordinates).
Source: Doing Business database.
IS PERMITTING MORE
EFFICIENT WITH ZONING?
While obtaining a zoning or urban planning clearance represents an additional
step in the construction permitting
process, this does not necessarily mean
that economies that require this step
have inecient permitting systems.
Consider OECD high-income economies. As measured by Doing Business,
the process for obtaining approval
of a building permit takes 43 days
on average in those where it includes
zoning procedures, 62 days in those
where it does not. Obtaining a zoning
or urban planning clearance actually
speeds up the processby 19 days on
average in these OECD high-income
economiesespecially where the builder
can obtain the clearance directly online. The reason is that this step avoids
back-and-forth interactions between
the permit-issuing agency and the
architect or even outright rejection of
the project because of noncompliance.
On average across all 65 economies
that require the additional step, obtaining the zoning or urban planning
clearance takes 26 days (of a total of
177 days on average to comply with
all formalities to build a warehouse)
and costs $402 (of a total of $15,709).
These economies generally require only
one procedure to obtain the zoning certicate or clearance. Very few require a
site inspection as part of this process,
but in those that do, the overall permitting system tends to be less ecient. In
Indonesia, for example, a builder must
rst request a city planning permit and
building site planin Jakarta, from the
zoning oce, and in Surabaya, from the
one-stop shopthen receive an on-site
inspection and nally receive the city
planning permit. This process takes
22 days on average in Jakarta (where
the entire construction permitting
process takes 202 days) and 23 days
in Surabaya (where the entire process
takes 243 days). By contrast, Namibia
requires only one zoning procedure: the
builder must consult with the Town
Planning Department to ensure that
the land is in the correct zoning area.
Zoning approvals are issued on the
spot and at no cost.
Overall, zoning requirements can lead
to more ecient and less costly construction permitting systems. They
can help guarantee compliance with
zoning regulations even before the
permit-issuing agency receives the
building permit application. This allows
architects and engineers to nalize the
building specications with the knowledge that there will be no need to adjust them later in the process because
of possible zoning issues.
municipality and are periodically reviewed to ensure that they reect the
changing urban needs. Each district
plan is approved through a participatory process in which the district council
holds public hearings to allow residents
to submit suggestions or objections.
Once the residents comments have
been processed, the plan becomes
operativeas a statutory document
that regulates land development activities for the entire municipality.
This means that all municipalities in
New Zealand have a detailed, up-todate zoning plan in place that has been
approved through meaningful public
involvement. The plan provides investors and developers with a reliable reference to guide them in the design and
conceptual stage of a project, before
they apply for a construction permit.
And it provides municipal authorities
with a consistent basis for approving
or rejecting construction permits, with
little discretion involved (gure 6.3).
FIGURE 6.3 New Zealands district plans support an ecient, predictable process for
construction permitting
Is the
land plot in a
permitted
zone?
Yes
Apply for a
construction
permit
No
A project not in the permitted
category requires a resource
consent, an ocial approval
verifying compliance with the
resource use requirements of
the district plan.
Provide an
assessment of
environmental
eects
Apply for a
resource
consent
Is the
project
complex?
Provide a written
consent from the
aected parties
Yes
Undergo
public
hearings
No
Notify directly
aected parties and
obtain the resource
consent
Source: An Everyday Guide to the Resource Manangement Act Series 1.1: Getting in on the Act, New Zealand, Ministry
of Environment, http://www.mfe.govt.nz/publications/rma/everyday/overview/.
57
58
TABLE 6.2 Zoning classications in Guatemala Citys new land management plan
Zone
Share of
total land in
Guatemala City (%) Primary use of zone
Share of buildings
in zone that can be
residential (%)
G0natural
18
G1rural
20
75
75
G2semiurban
G3urban
37
50
G4central
13
35
25
G5ncleo (core)
urban vitality
Promote an interconnected road
network
Provide certainty to owners and
mixed land use, however, the municipality was seeking to address both trac
issues, by reducing the need for long
commutes, and security concerns, by
ensuring that all neighborhoods would
have activity throughout the day.
CONCLUSION
Without properly implemented zoning
systems, urban planning becomes difcult, as does ensuring the proper uses
of land and mitigating environmental
concerns. Recognizing the importance
of zoning and urban planning, many
economies have adopted zoning
systems to varying extents. These
economies require builders to obtain
some form of zoning or urban planning
approval before building or even before
obtaining a construction permit. These
requirements can lead to more ecient
and less costly construction permitting
systems.
NOTES
This case study was written by Marie Lily Delion,
Anushavan Hambardzumyan, Joyce Ibrahim, Ana
Maria Santillana Farakos and Melissa Scanlan.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
59
Registering property
Measuring the quality of land administration systems
FIGURE 7.1 What do the data on the quality of land administration systems cover?
Reliability
Data on reliability assess whether the land registry and mapping system
(cadastre) have adequate infrastructure to guarantee high standards and
reduce the risk of errors. Reliable land administration systems can provide
up-to-date information that is sucient to make meaningful inferences on
ownership.
Transparency
Coverage
Data on coverage assess the extent to which the land registry and mapping
system (cadastre) provide complete geographic coverage of privately held
land parcels. To be accessible to third parties, and thus enforceable to
anyone, all transactions need to be publicly veried and authenticated at
the registry.
Dispute
resolution
REGISTERING PROPERTY
HOW TO PROVIDE
RELIABLE INFORMATION?
A reliable land administration system
provides clear information on the
ownership of property, supports the
security of tenure and facilitates the
development of a land market (gure
7.2). It also inhibits fraudulent actions,
such as using false documents to
conduct land transactions or selling
properties multiple times without the
knowledge of the true owners. One key
to fullling these functions is to have
in place the infrastructure needed to
maintain land information, supported
by an appropriate institutional framework and adequate capacity. Doing
Business has developed a series of
questions to assess the quality of the
infrastructure of land administration
systems. These questions focus mainly
on how land records are stored at the
land registry, whether the information is kept in an electronic database,
whether the databases for landownership and maps are linked and whether
each parcel has a unique, searchable
identication number.
In many economies property titles are
registered manually and most titles
remain stored in paper archives with
restricted access. In 62 economies
property titles are kept only in paper
format. Relying on a paper-based
Land administration
Land registration system
90
80
70
60
50
40
30
20
10
0
90
80
70
60
50
40
30
20
10
0
Low
income
High
income
Low
income
High
income
61
62
Among all economies included in the research, 45 do not make the fee schedule for land registry services publicly
available. In 7 of these economies the
fee schedule is not accessible, and in
38 it is accessible only by asking for it
in person from a public ocial. In stark
contrast, 83 economies make information on fee schedules available online.
Some economies go even further:
FIGURE 7.4 A better and more transparent land administration system is associated
with a lower incidence of bribery at the land registry
Reported incidence of
bribery for land services (%)
80
70
60
50
40
30
20
10
0
10
15
20
25
30
REGISTERING PROPERTY
60
40
20
0
Low
income
Middle
income
Online
Public boards/
brochures
High
income
In person
Not publicly
available
Low
income
Lower
middle
income
Upper
middle
income
High
income
WHERE IS COVERAGE
COMPLETE?
The utility of even the most reliable and
transparent land administration system will be undermined if it covers only
a limited area of the economy. Where
land registries do not provide complete
geographic coverage, companies and
individuals cannot be sure whether the
areas not covered at the registry might
be relevant to their interests.17 For
maximum eectiveness, the registry
and cadastre should make records of
all registered private land readily available and the records should cover the
entire economy.18
Around the world, only 27% of economies have a registry with full coverage
of private landand only 34% a cadastre with complete coverage (gure
7.7). South Asia, Latin America and the
Caribbean and Sub-Saharan Africa
have the smallest shares of economies
with full coverage of private land, while
the OECD high-income group and
Europe and Central Asia have the largest shares with full coverage.
Several economies have increased the
coverage of their land registry and
cadastre by registering properties and
the associated rights through either
systematic adjudication or a more
sporadic approach. Between 1984
and 2004 Thailand implemented one
of the worlds largest land titling programs, using ecient, systematic land
titling procedures and issuing more
than 8.5 million titles.19 Recognized as
very successful, the project has served
as a model for other countries in East
Asia and the Pacic.20 More recently,
in 2014 Rwanda completed its process
of regularizing land tenure, aimed
at registering all land in the country.
The eort required surveying all land
parcels and providing land titles to all
rightful claimants. It registered 10.3
million parcels through a low-cost,
community-based process starting
in 2010.21 With the process complete,
63
40
30
30
20
20
10
10
0
Europe & Central Asia
South Asia
40
Sub-Saharan Africa
50
50
60
60
70
South Asia
70
80
Sub-Saharan Africa
80
FIGURE 7.7 Land registries and cadastres provide the highest coverage of private
land in OECD high-income economies and Europe and Central Asia
FIGURE 7.8 How long does it take to resolve a land dispute in the rst instance?
Economies by
time required (%)
100
80
60
40
1 year
2 years
South Asia
Sub-Saharan
Africa
Europe &
Central Asia
20
OECD high
income
64
3 years or more
Note: Data refer to a standardized case involving a dispute over a property transfer between 2 domestic companies.
Source: Doing Business database.
To help avoid land disputes, it is essential to ensure the accuracy of the information underlying land transactions
and to identify cases of fraudby verifying and authenticating the identity of
parties to a property transaction and
validating all property records. This can
be done by the registrar or by professional agents such as notaries and lawyers, whose legal responsibilities should
be clearly specied in the law. In some
economies the state requires a professional agenta public notary in France
and Italy, a public ocer in the Republic
of Koreato be fully responsible for the
transaction.
In many economies the state provides
a guarantee over property registration. Among all economies covered
by the research, 149 have a property
registration system backed by a state
guarantee. The most advanced forms
of guarantee indemnify individuals for
losses suered because of deciencies in information provided by the
registry.24 In Shanghai, for example,
the state will provide full compensation
REGISTERING PROPERTY
FIGURE 7.9 Good land administration systems are associated with higher levels of
domestic credit provided by the nancial sector
Domestic credit provided by
nancial sector (% of GDP)
250
200
150
100
50
0
0
10
15
20
25
30
-50
Score on overall quality of land administration
-100
Note: For an explanation of the scoring on the overall quality of land administration, see the note to gure 7.4. Domestic
credit provided by the nancial sector includes all credit to various sectors on a gross basis, with the exception of credit
to the central government, which is net. The data are for the most recent year available. The correlation between the
overall quality of land administration and domestic credit provided by the nancial sector is 0.56. The relationship is
signicant at the 1% level after controlling for income per capita. The analysis is based on 150 observations.
Source: Doing Business database; World Bank, World Development Indicators database.
FIGURE 7.10 Economies with a good land administration system are likely to have
lower inequality
Gini index
70
60
50
40
30
20
10
0
10
15
20
25
30
65
66
CONCLUSION
NOTES
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
Getting credit
The importance of registries
WHY A FUNCTIONAL
APPROACH TO SECURED
TRANSACTIONS?
For lenders considering a loan to a
small or medium-size enterprise, one
of the biggest deterrents is the possibility that the borrower has hidden
liensthat is, that the borrower has
already given its assets as collateral
to another lender. As more complex nancial instruments develop and are
adopted worldwidesuch as factoring
(where a business sells its invoices
to a third party, called a factor, at a
discount) or nancial leases that create hidden rights over property held by
the borrowing companythe need for
68
FIGURE 8.1 Recording all types of secured transactions in a collateral registry promotes transparency
What are some
transactions that can
be recorded?
Collateral
registry
Nonpossessory
security interest
Bank
Fiduciary transfer
of title
Debtor
transfers
title
Bank
Bank
Financial
lease
Leasing
company
leases asset
Debtor
Leasing
company
Assignment of
receivables
Company
assigns
receivables
Bank
Bank
Wholesaler
sells asset &
keeps title
Company
Wholesaler
GETTING CREDIT
18
29
25
26
21
10
15
20
South Asia 2
0
6
5
10
15
20
25
30
35
40
45
50
Number of economies
Using functional approach
A CRITICAL PIECETHE
COLLATERAL REGISTRY
To be eective, an integrated legal
framework for secured transactions
needs to be accompanied by a modern
collateral registry for movable assets.
Such registries allow a lender to take
security rights in an asset without
having to take physical custody of it.
The debtor retains title and possession. Without registration of these
transactions, there is no transparent
security for the lender and no assurance that the lender is the only one
laying claim to the asset. Collateral
registries both enable potential creditors or buyers to discover any existing
liens over property and allow them to
register their own security interest,
establishing priority over other creditors in case of the debtors default.10
Studies show that a new collateral
registry can have a substantial economic impact. In economies that
introduce one, access to bank nance
rises by about 8 percentage points on
69
70
economies, the type and role of registries may vary depending on the
legal tradition. In some economies
with a common law tradition, rights
over movable property are customarily recorded in separate registries for
incorporated and nonincorporated
entities. For example, not all security
instruments may be available to both
companies and sole proprietorships or
registered at the same place.
Note: The map reports operational collateral registries as recorded by Doing Businessthose that are for all entities, are centralizied geographically and by asset type and have an
electronic database indexed by the debtors name or unique identier. Functional equivalents to traditional security interests include nancial leases, sales with retention of title,
assignments of receivables and duciary transfers of title, among others. Registries that are fully online allow searches, registrations, amendments and cancellations to be carried out
online by any party with a legitimate right to do so.
Source: Doing Business database.
GETTING CREDIT
FIGURE 8.4 How credit information ows in a system with both a credit registry and credit bureaus
Data providers
Service providers
Credit registry
Data bank
Nonregulated nancial
institutions
Products
Users
Statistics unit of
central bank
Reports
Supervisory unit of
central bank
Debt classication
Banks and
regulated nancial
institutions
Nonregulated
nancial
institutions
Retailers
Reports
Credit bureau 2
Credit scoring
Retailers
Public records
Antifraud
Court judgments
Credit bureau 3
Telecoms and
utilities
Portfolio monitoring
Central bank
Consumers
Note: Some economies have only a credit registry, some have only one or more credit bureaus, and some have both a credit registry and one or more credit bureaus. Credit bureau
networks tend to be more complex than credit registry networks because they generally include a larger variety of data providers and data users.
Source: World Bank 2011a, p. 51.
71
72
Note: Coverage is the number of individuals and rms covered as a percentage of the adult population. The map reports operational credit reporting service providers as recorded by
Doing Business that have a coverage of at least 0.1% of the adult population.
Source: Doing Business database.
GETTING CREDIT
FEATURES OF MODERN
CREDIT INFORMATION
SYSTEMS
The vast majority of credit reporting
service providers oer online access
to their databases, which provides
data users with faster, more ecient
service and can ensure better data
quality. Many also provide credit
scores based on credit bureau or credit
registry data as a value added service.
These scores are dierent from those
developed on the basis of individual
lenders data and provide a highly
predictive measure of a borrowers repayment behavior. Online access and
credit scoring are 2 of many features
that dene a modern credit reporting
system.
connection further ensures system efciency and high service standards for
users because it eliminates data duplication, reduces the risk of human error
and allows the streamlining of work
ows with appropriate business and
validation rules. These advantages may
encourage more data providers to share
information with the credit bureaus and
registries.
FIGURE 8.6How many economies have a credit bureau or registry providing online
access to credit data?
12
Sub-Saharan Africa
21
20
11
30
25
1
2
16
11
5
0
7
2
21
5
10
15
20
25
30
35
40
45
50
Number of economies
Credit bureau or registry with at least
5% coverage exists and oers online access
Credit bureau or registry with at least
5% coverage exists but does not oer online access
Note: Coverage is the number of individuals and rms covered as a percentage of the adult population.
Source: Doing Business database.
73
74
FIGURE 8.7How many economies have a credit bureau or registry providing credit
scores?
Sub-Saharan Africa
13
21
16
11
24
10
South Asia 1 4
0
15
12
8
2
5
7
2
2 1
5
10
15
20
25
30
35
40
45
50
Number of economies
Credit bureau or registry with at least
5% coverage exists and oers credit scores
Credit bureau or registry with at least
5% coverage exists but does not oer credit scores
Note: Credit scores are those based on credit bureau or registry data. Coverage is the number of individuals and rms
covered as a percentage of the adult population.
Source: Doing Business database.
GETTING CREDIT
FIGURE 8.8Economies with stronger systems for secured transactions and credit
reporting have higher levels of domestic credit provided to the private sector
Distance to frontier score
for getting credit, 2014
NOTES
This case study was written by Iana Ashchian,
Catrice Christ, Santiago Croci Downes, Salima
Daadouche, Nan (Charlotte) Jiang, Magdalini
Konidari and Yasmin Zand.
100
1.
2.
3.
4.
5.
80
60
40
20
6.
0
0
40
80
120
160
200
240
280
320
CONCLUSION
Eective systems for secured transactions and credit reporting can improve
access to nance for small and mediumsize enterprises. This is conrmed by
the data for the expanded indicators on
getting credit, which this year also cover
the functional approach to secured
transactions, more features of the collateral registry and the availability of
credit scores and online access to credit
information. Analysis of these data
shows a signicant correlation between
better performance on the getting
credit indicators and higher levels of
domestic credit provided to the private
sector by nancial institutions. Used in
conjunction with other indicators measuring factors that aect rms access
to credit, the getting credit indicators
can contribute to a better understanding of credit markets.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
75
FIGURE 9.1 Shareholder rights in listed and nonlisted companies are consistent in most
economies
Shareholders can remove directors
before the end of their term.
A company must obtain shareholders
approval to issue new shares.
Shareholders approve the election and
dismissal of the external auditor.
Shareholders representing 10% can call
for an extraordinary meeting.
Shares can be freely traded prior
to a major corporate action.
Shareholders have preemption
rights on new shares.
Shareholders have the right to amend bylaws
or statutes with a simple majority.
0
10
20
30
40
50
Listed companies
60
70
80
90
Note: The good practices are those measured by the extent of shareholder rights index.
Source: Doing Business database.
Nonlisted companies
100
77
78
Corporate governance
The Organisation for Economic Co-operation and Development (OECD) has been establishing increasingly inuential good
practices in such areas as related-party transactions, conicts of interest, approval requirements and disclosure obligations. The methodology for the protecting minority investors indicators promotes good practices recommended by the
OECD Principles of Corporate Governance.a
For example, the indicators measure whether the division of responsibilities among shareholders, ocers, directors, outside auditors and regulators is clearly articulated in cases of conict of interest, in line with OECD principle 1 on corporate
governance (ensuring the basis for an eective corporate governance framework). They also capture the rights of minority
shareholders to be informed about, and to participate in, general shareholder meetings and decisions relating to extraordinary transactions, consistent with principle 2 (rights of shareholders and key ownership functions). They investigate rules
relating to insider trading and whether all shareholders of the same series of a class are treated equally, in line with principle 3 (equitable treatment of shareholders). And the extent of disclosure index directly follows principle 5 (disclosure and
transparency), while the extent of director liability index echoes principle 6 (responsibilities of the board).
Securities regulations
The International Organization of Securities Commissions (IOSCO) is an association of organizations that regulate securities markets. Its more than 200 members, which oversee more than 95% of the worlds securities markets, cooperatively develop, implement and promote standards of regulation, oversight and enforcement to protect both investors and
markets.c
Another important driver of convergence in securities regulations is the increase in cross-listings and dual listings. To appeal
to more risk-averse investors, companies in emerging markets are listing on more developed stock exchangessuch as the
London Stock Exchange, the New York Stock Exchange or NASDAQin addition to their home country exchanges. Research
has found that cross-listing on a U.S. stock exchange by a non-U.S. rm is associated with a signicantly positive stock
price reaction in the home market.d One reason is that cross-listing in the United States forces rms incorporated in jurisdictions with poor investor protection and enforcement systems to commit themselves to higher standards of corporate
governanceand this increases the companies valuation by attracting otherwise reluctant foreign investors.
a. OECD 2004.
b. U.S. Securities and Exchange Commission 2012.
c. Advancing the SECs Mission through International Organizations, U.S. Securities and Exchange Commission, http://www.sec.gov/about/oces/oia/oia_intlorg.shtml. For
more information on IOSCO, see its website at http://www.iosco.org/about/.
d. Huang, Elkinawy and Jain 2013.
Strength of governance
structure index
Legally
mandating
separation
between corporate constituencies can
directly minimize potential agency
conicts. For example, risks associated
with conicts of interest increase
exponentially when a CEO can also be
chair of the board of directors or when
there is no requirement for a minimum
number of independent directors. Doing
Business tracks legal requirements
that strengthen the governance
structure of companies, such as board
independence, functional separation,
audit and compensation committees,
and limits on cross-shareholding and
subsidiary ownership (gure 9.2).9
Extent of corporate
transparency index
Greater access to corporate information
can have benecial eects for rms. For
example, where companies are required
to disclose information about their
nances, about the remuneration of
their managers and directors and about
other directorships they hold, research
has found that this transparency
improves corporate governance and
lowers the cost of investment in
capital markets.10 Doing Business uses
questions relating to a companys audit
and nancial statements to measure
the extent to which companies are
required to accurately present their
business and nancial condition, based
on current knowledge and future
expectations. Access to complete and
10
20
30
40
50
60
70
80
90
100
Nonlisted companies
Listed companies
Note: The good practices are those measured by the strength of governance structure index.
Source: Doing Business database.
10
20
30
40
50
60
70
80
90
Listed companies
Nonlisted companies
Note: The good practices are those measured by the extent of corporate transparency index.
Source: Doing Business database.
100
79
80
TABLE 9.1 OECD high-income economies oer the strongest protections overall and
as measured by the new indices
Average score (010)
Extent of conict
of interest
regulation index
Extent of
shareholder
governance index
Strength of minority
investor protection
index
6.4
6.2
6.3
6.0
5.9
5.9
South Asia
5.2
5.3
5.3
5.5
4.5
5.0
4.8
4.6
4.7
5.1
4.1
4.6
Sub-Saharan Africa
4.8
4.4
4.6
Region
Note: The strength of minority investor protection index is the average of the 2 other indices shown here. The extent
of conict of interest regulation index is the average of the extent of disclosure, extent of director liability and ease
of shareholder suits indices. The extent of shareholder governance index is the average of the extent of shareholder
rights, strength of governance structure and extent of corporate transparency indices. For details on how the indices
are constructed, see the data notes.
Source: Doing Business database.
80
60
40
20
50
100
150
200
FIGURE 9.5 OECD high-income economies systematically oer more protection for
shareholders of listed companies than for shareholders of nonlisted ones
Economies by relative level of shareholder protection
in listed and nonlisted companies (%)
100
31
21
15
16
17
17
75
30
50
15
9
25
0
1
OECD high
income
South
Asia
Latin
America &
Caribbean
Sub-Saharan
Africa
Note: Shareholder protection is as measured by the extent of shareholder rights, strength of governance structure
and extent of corporate transparency indices. The numbers shown in the bars are the number of economies in each
category within each region.
Source: Doing Business database.
FIGURE 9.6 Minority investors are more protected overall in economies that distinguish
between shareholders of listed companies and shareholders of nonlisted ones
Average share of good practices measured by
the 3 new indices that apply (%)
80
70
60
50
40
30
20
10
0
OECD high
Europe &
income
Central Asia
South
Asia
Listed companies
Latin
Sub-Saharan
America
Africa
& Caribbean
Nonlisted companies
Note: The 3 new indices are the extent of shareholder rights, strength of governance structure and extent of corporate
transparency indices.
Source: Doing Business database.
81
82
CONCLUSION
Results on the 3 new indices highlight
great variation across the 189 economies covered in the rights, responsibilities and protections aorded to minority
shareholders, whether they are investing in a nonlisted company or in a listed
one. The new data set brings attention
to areas of corporate governance that
are often overlooked by policy makers.
It also sheds light on the protection of
shareholders in nonlisted companies,
an aspect on which data are seldom
collected and yet that could prove to be
a particularly important area of legislation and source of economic growth in
economies with less developed stock
exchanges and capital markets.
More generally, the new indices should
prove to be helpful in moving beyond
a focus on the regulation of relatedparty transactions and identifying a
broader array of features that could be
lacking in the corporate law and securities regulations of some economies
contributing to sounder regulations
that both protect minority investors
and enhance entrepreneurs access to
equity nance.
NOTES
This case study was written by Nadine Abi
Chakra and Herv Kaddoura.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Paying taxes
Trends before and after the nancial crisis
84
FIGURE 10.1 A global trend of steady decline in the total tax rate
Global average total tax rate
(% of commercial prot)
20
19
18
17
16
15
14
13
12
11
10
2004
2005
2006
Prot tax
2007
2008
Labor tax
2009
2010
2011
2012
Other taxes
Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei
Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South
Sudan were added in subsequent years.
Source: Doing Business database.
PAYING TAXES
FIGURE 10.2 Among regions, Sub-Saharan Africa had the biggest reduction in the
total tax rate
Regional average total tax rate
(% of commercial prot)
80
70
60
50
40
30
20
10
2004
2005
2006
Sub-Saharan Africa
Latin America & Caribbean
OECD high income
2007
2008
2009
2010
2011
2012
Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei
Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South
Sudan were added in subsequent years.
Source: Doing Business database.
85
86
FIGURE 10.3 The administrative burden of compliance has eased for all types
of taxes
Global average time
(hours per year)
130
120
110
100
90
80
70
60
2004
2005
2006
Prot tax
2007
2008
Labor tax
2009
2010
2011
2012
Global average
payments (number)
18
16
14
12
10
8
6
4
2
0
2004
2005
2006
2007
Prot tax
2008
Labor tax
2009
2010
2011
2012
Other taxes
Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei
Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South
Sudan were added in subsequent years.
Source: Doing Business database.
PATTERNS IN TAX
REFORMS DURING THE
CRISIS PERIOD
Over the 9-year period ending in 2012,
tax reforms peaked in 2008. Doing
Business recorded 118 changes implemented that year making it easier or
less costly to pay taxes (gure 10.4).13
The pace of reform slowed in the period
immediately after the crisis: in 2011
Doing Business recorded only 43 such
changes.
PAYING TAXES
period. The next most common changes were those enhancing or introducing
electronic systems for ling and paying
taxes online38 such changes were
reported in total. These were aimed at
easing the administrative burden of tax
compliance to counter the greater risk
of tax evasion during economic downturns. Also common were changes to
tax deductibility and depreciation rules
that would respectively lower the tax
cost for businesses and provide them
with greater exibility in planning their
cash ow (with a total of 33 recorded).
FIGURE 10.4 An accelerating pace of tax reform during the global nancial crisis
Number of changes making it easier or less costly to pay
taxes as measured by Doing Business
120
100
80
60
40
20
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
South Asia
Sub-Saharan Africa
Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei
Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South
Sudan were added in subsequent years. The changes shown for each year are those recorded from June 1 of that year
to June 1 of the following year.
Source: Doing Business database.
FIGURE 10.5 During the crisis period many economies cut the corporate income tax
rate while continuing to improve tax administration
Changes making it easier or less costly to pay
taxes as measured by Doing Business, by type
80
70
60
50
40
30
20
10
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei
Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South
Sudan were added in subsequent years. The changes shown for each year are those recorded from June 1 of that year
to June 1 of the following year. The gure does not show all types of changes making it easier or less costly to pay
taxes recorded by Doing Business.
Source: Doing Business database.
87
88
BOX 10.2 The Republic of Koreaa comprehensive approach to supporting an economy in recession
The 2008 global credit crunch and ensuing economic recession hit Korea hard. Heavily dependent on manufactured exports
and closely integrated with other developed markets through both trade and nancial links, the Korean economy contracted
sharply in 2009 and public nances came under pressure. Reecting diminished condence in the short-term outlook, the
value of the Korean won fell sharply. This helped lead to rapid consideration of a package of measures aimed at putting in
place the conditions for a recovery.
The government set priorities for tax policy: supporting low- and middle-income taxpayers, facilitating job creation, promoting investment and sustainable growth, rationalizing the tax system and ensuring the sustainability of public nances.a
Measures to support low- and middle-income taxpayers included changes in both individual and corporate taxation (such
as a special tax credit for small and medium-size enterprises). To support the continuation of family businesses, the government reduced the inheritance tax and allowed deductions of up to 10 billion won (about $10 million) when a small or mediumsize enterprise is inherited, extending this to 50 billion won (about $50 million) in 2014. To help self-employed individuals
who were forced to close their businesses in 2009, the government oered an exemption from paying delinquent taxes until
the end of 2010 for those starting a new business or getting a new job. The exemption was further extended until the end of
2014. To support local business development, it gave a corporate income tax deduction of 100% for the rst 5 years and 50%
for the next 2 years to companies relocating to Korea from abroad. To support future growth, it introduced R&D incentives
for companies and also increased the deductibility of education expenses for individuals.
Korea also accelerated the implementation of some tax changes already in the pipeline. It reduced the corporate income tax
rate for taxable income below 200 million won ($197,972) from 13% to 11% in 2008 and to 10% starting in 2010. For the upper bracket (above 200 million won) it reduced the rate from 25% to 22% in 2009 and to 20% in 2010 and thereafter. Korea
reduced the personal income tax rate by 1 percentage point for the middle bracket and by 2 percentage points for the top
bracket while also increasing allowable deductions.
In addition, Korea strengthened tax compliance regulation, imposing penalties on high-income earners for failure to issue
cash receipts and introducing more severe punishment for frequent and high-prole tax evaders. It also increased the statute of limitation for prosecution for certain tax crimes.
Supporters of Koreas approach believe that it enabled the country to recover faster and more strongly from the global crisis
than most other OECD countries.b Korea was one of only a handful of OECD countries that actually registered a reduction in
public debt levels over the period 200913. Most other advanced economies saw rapid increases in public indebtedness as a
result of policy interventions to deal with the eects of the nancial crisis.c
a. Korea, Ministry of Strategy and Finance 2012.
b. OECD 2012.
c. International Monetary Fund, World Economic Outlook Database.
CONCLUSION
The nancial crisis had a substantial
impact on national tax revenue, leading
in many economies to larger government decits and higher levels of public
debt. This may have helped trigger
eorts to redesign tax systems, with
governments aiming to strike the right
balance between raising additional revenue and avoiding a greater tax burden
on businesses.
PAYING TAXES
FIGURE 10.6 Among other changes to tax systems during the crisis period, those
introducing new taxes were the most common
Changes making it more complex or costly to pay
taxes as measured by Doing Business, by type
18
16
14
12
10
8
6
4
2
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei Darussalam,
Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South Sudan were
added in subsequent years. The changes shown for each year are those recorded from June 1 of that year to June 1 of the
following year. The gure does not show all types of changes making it more complex or costly to pay taxes recorded by
Doing Business.
Source: Doing Business database.
NOTES
This case study was written by MichelleChristine Hanf, Joanna Nasr and Nadia Novik.
1.
3.
4.
5.
6.
7.
8.
89
Enforcing contracts
How judicial eciency supports freedom of contract
ENFORCING CONTRACTS
Midrange freedom
of contract
91
92
WHY FREEDOM OF
CONTRACT MATTERS
FOR FIRMS
Freedom of contract is a critical instrument for economic progress and
eciency.14 Its unrestricted exercise by
parties with equal bargaining power,
comparable skills and good knowledge
of relevant market conditions maximizes individual welfare and promotes the
most ecient allocation of resources in
ENFORCING CONTRACTS
93
FIGURE 11.2 The Democratic Republic of Congo has the fewest limitations to freedom of contract
Number of limitations to freedom of contract
10
9
8
7
6
5
4
3
2
Tunisia
Togo
Uruguay
Taiwan, China
Brazil
Greece
Turkey
Poland
Romania
Mozambique
Malta
India
Macedonia, FYR
France
Germany
Czech Republic
Croatia
Colombia
Bulgaria
Cambodia
South Africa
Italy
Lebanon
China
El Salvador
Bhutan
Barbados
Sri Lanka
Singapore
Philippines
Nigeria
Pakistan
1
Congo, Dem. Rep.
94
adequacy of consideration.
The determination of a contract
price cannot be left to a future
agreement, unless the contract
already establishes how the price will
be determined.
Limitations are imposed by law
on clauses that can be included in
standard-form contracts.
Liability for gross negligence cannot
be excluded through mutual agreement of the parties.
A contract cannot be agreed upon
if its terms are against public policy
or if one of the parties does not have
full legal capacity.
ENFORCING CONTRACTS
FIGURE 11.3 Singapore is among the economies with both the fewest limitations to
freedom of contract and the fastest contract resolution
Time to enforce a contract
(days)
Greece
1,600
Sri Lanka
1,400
1,200
Pakistan
1,000
800
Congo, Dem. Rep.
Tunisia
600
400
Singapore
200
0
2
NOTES
a standardized commercial dispute
through the courtsfrom the ling
of the case to the enforcement of the
contracttakes 150 days as measured
by Doing Business (gure 11.3), a global
best practice. In Sri Lanka there are
equally few limitations to freedom of
contract, but resolving the standardized dispute through the courts takes
1,318 daysalmost 4 years. Parties
might be able to include a wide array
of covenants in their agreements, but
long enforcement times can nullify
the utility of those covenants. A slow
contract resolution process frustrates
freedom of contract.
The Democratic Republic of Congo is
another economy where long enforcement times frustrate freedom of
contract. It limits freedom of contract
only in the areas of future determination of contract price, exclusion of liability for gross negligence, and public
policy and legal capacity. But resolving the standardized dispute takes
610 daysalmost 2 years. Pakistan
provides a similar example: there are
only 4 limitations to freedom of contract, but resolving the standardized
dispute takes 976 days in Karachi.
2.
3.
4.
5.
6.
7.
8.
9
10.
11.
CONCLUSION
Freedom of contract and ecient contract enforcement matter to businesses. The exercise of freedom of contract
by parties with similar negotiating
power and good knowledge of market
conditions promotes eciency in the
allocation of resources, maximizing individual welfare and spurring eciency
in the marketplace.21 Ecient contract
enforcement promotes investment by
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
95
Resolving insolvency
Measuring the strength of insolvency laws
RESOLVING INSOLVENCY
97
98
UNCITRAL guide
Provision of certainty in
Integrate with a countrys
broader legal and commercial the market to promote
economic stability and
systems
growth
Maximize the value of a rms Maximization of value
of assets
assets and recoveries by
creditors
Striking a balance
between liquidation and
reorganization
Ensuring equitable
treatment of similarly
situated creditors
Preservation of the
insolvency estate
to allow equitable
distribution to creditors
Provide a transparent
procedure that contains, and
consistently applies, clear
risk allocation rules and
incentives for gathering and
dispensing information
Ensuring a transparent
and predictable
insolvency law that
contains incentives for
gathering and dispensing
information
Recognition of existing
creditor rights and
establishment of clear
rules for ranking of
priority claims
Establishment of a
framework for crossborder insolvency
a. The strength of legal rights index (part of the getting credit indicator set) tests whether the insolvency framework
includes automatic stay (moratorium) provisions, which suspend all individual creditor actions during insolvency.
b. The strength of legal rights index tests the level of priority of secured creditors claims as compared with other
claimstax claims, employee claims, judgments.
Source: Analysis based on World Bank (2011b) and UNCITRAL (2004).
RESOLVING INSOLVENCY
12
75
50
25
OECD
Europe &
high income Central Asia
East Asia
& Pacic
Average strength of
insolvency framework index
South
Asia
99
100
FIGURE 12.2 Two areas where many economies can improve are reorganization
proceedings and creditor participation
Average index score
as % of best score
100
80
60
40
20
0
OECD
Europe &
high income Central Asia
Commencement of
proceedings index
East Asia
& Pacic
Management of
debtors assets index
Reorganization
proceedings index
Creditor
participation index
RESOLVING INSOLVENCY
FIGURE 12.3 Economies with strong insolvency frameworks have higher levels of
domestic credit provided to the private sector
Strength of insolvency
framework index (016), 2014
16
0
50
12
NOTES
100
150
200
250
300
CONCLUSION
Analysis of the data collected for the
strength of insolvency framework
index shows that economies with
recent changes to their insolvency
frameworks have better-quality laws.
Among other economies, several still
have no formal insolvency framework
and many more rely on outdated
companies acts and commercial
codes for insolvency rules. Dierences
in regulatory quality are especially
apparent in regions with emerging
101
FIGURE 13.1 Bureaucratic time delays and costs are associated with lower entry by
small limited liability rms across Italian provinces
Entry rate of small limited liability rms,
average for 200507
Veneto
Veneto
Trieste
Trieste
4
Bolzano
Bolzano
Sardinia
Sardinia
Napoli
Bologna
Trento
Milano
Bari
Ancona
LAquila
Torino
Firenze
Perugia
Potenza
Aosta
Campobasso
Genova
Roma Catanzaro
-2
Palermo
Milano
Napoli
Trento
Bari
Ancona
LAquila
Torino
Firenze
Perugia
Potenza
Aosta
Genova Campobasso
Roma Catanzaro
Palermo
Log of time
-2
Bologna
4
Log of cost
Note: Entry rate is the ratio of the number of newly registered small limited liability rms to the total number of
limited liability rms.
Source: Bripi 2013.
103
104
CAN REGULATION
ATTRACT INVESTMENT?
Jovanovic and Jovanovic (2014) analyze
whether business regulationas measured by Doing Business indicators
aects inows of foreign direct
investment in 28 Eastern European
and Central Asian countries. They nd
that greater regulatory eciency as
measured by Doing Business indicators
has a positive association with foreign
direct investment inows from OECD
countries. For example, a country in
which 9 documents are required to
export is likely to have investment
inows around 37% lower than those in
a country in which 7 such documents
are required. This eect seems strong,
so it may also include the eects of
other barriers to trade, such as the
cost or time to export, both of which
are highly correlated with the number
of documents required to export (with a
correlation coecient of around 0.75).
The authors also nd that a reduction
in the cost of starting a business is
positively associated with an increase
in foreign direct investment inows.
Eight of the 9 sets of Doing Business
indicators included in the analysis
appear to have a statistically signicant relationship with foreign direct investment inows (starting a business,
dealing with construction permits,
registering property, protecting minority investors, paying taxes, trading
across borders, enforcing contracts
and resolving insolvency); none of the
getting credit indicators do. The indicators measuring cost appear to be more
important than those measuring time
and number of procedures. The authors
therefore conclude that governments
may be able to attract foreign direct
investment by creating a more ecient
and more business-friendly regulatory
environment.
Homan, Munemo and Watson (2014)
look at how dierent aspects of the
business climate aect the location
decisions of U.S. franchise companies.
They nd that a stable system of
governance, citizen participation and
good-quality public services all increase
the chances of franchise location in a
country. Of particular interest are the
ndings on business entry regulation.
Having some regulation helps dene
the playing eld for rms and reduces
the cost of information search for
those entering new markets. But too
much regulation increases the cost of
doing business, dissuading rms from
entering markets at all and thus hurting economic development prospects.
Excessive taxation also discourages the
entry of franchisors into a country. The
ndings suggest a diminishing return
from regulation after a certain point.
CORRUPTIONSAND
OR GREASE?
Freund, Hallward-Driemeier and Rijkers
(2014) investigate whether corruption
accelerates policy implementation.
The authors start by documenting
striking dierences between the time
it takes to complete regulatory procedures in practice and the time it takes
when complying with the law. These
are shown in gure 13.2, which plots
the 10th percentile, median and 90th
percentile de facto log times to get a
construction permit in a given country
and year as reported by entrepreneurs
in the World Bank Enterprise Surveys
against the time it should take to
FIGURE 13.2 A striking dierence between the time it takes for construction
permitting in practice and the time it takes when complying with the law
Log of time to get a construction permit
as measured by Enterprise Surveys
6
Colombia, 2010
Vanuatu, 2009
4
Tonga, 2009
4.0
4.5
5.0
5.5
6.0
50th percentile
90th percentile
Note: The sample comprises 106 countries. Data are for the most recent year available.
Source: Freund, Hallward-Driemeier and Rijkers 2014.
6.5
105
106
NOTES
1.
2.
CONCLUSION
The research papers reviewed in this
chapter show that business-friendly
regulation is integral to economic
growth and development. 3 Where
regulation is streamlined and judicious,
it unleashes innovation, promotes the
creation of jobs and helps attract foreign direct investment.
But while these papers answer many
questions, they also pose many new
ones. For example, Homan, Munemo
and Watson (2014) suggest that an
important area for future research is
to nd out what the right amount of
regulation is for business entry. And
the pioneering study by Audretsch,
Belitski and Desai (2014) invites followup research on the impact of multiple
dimensions of the national business
environment on rms in dierent cities. The expansion of the global Doing
Business sample to the second largest
business city in 11 large economies,
along with the data published by the
subnational Doing Business reports, will
enable further research to explore the
eects of business regulations across
dierent cities within a countryand
to better understand the reasons for
dierences in outcomes.
3.
TABLE 13A.1 Summary of the main ndings and methodology of selected papers from the Doing Business research conference
Data sources
Yang (2014)
The prots of innovative rms are lower
in business climates where regulatory or
governance-related factors (such as corruption
or the time and cost to start a business) are
poor.
Rathinam (2014)
In India the introduction of debt recovery
tribunalsa procedural law innovation that
bypasses the overburdened civil courts in
adjudicating nancial disputes involving
banksexplains increased bank lending.
Debt
enforcement
Innovation
Investment
Investment
Entrepreneurship
Methodology overview
Entrepreneurship
Main ndings
Entrepreneurship
Theme
107
TABLE 13A.1 Summary of the main ndings and methodology of selected papers from the Doing Business research conference
Unemployment
Theme
108
Main ndings
Methodology overview
Data sources
References
Akerlof, George A., and Robert J. Shiller.
2009. Animal Spirits: How Human
Psychology Drives the Economy, and
Why It Matters for Global Capitalism.
Princeton, NJ: Princeton University
Press.
Alvarez de la Campa, Alejandro. 2011.
Increasing Access to Credit through
Reforming Secured Transactions in the
MENA Region. Policy Research Working
Paper 5613, World Bank, Washington,
DC.
Araujo, Aloisio P., Rafael V. X. Ferreira and
Bruno Funchal. 2012. The Brazilian
Bankruptcy Law Experience. Journal of
Corporate Finance 18 (4): 9941004.
Arrow, Kenneth J. 1963. Social Choice and
Individual Value, 2nd ed. New York: John
Wiley & Sons.
Asian Development Bank. 2013. Pacic
Private Sector Development Initiative:
Progress Report 2013. Mandaluyong
City, Philippines: Asian Development
Bank.
Aterido, Reyes, Mary Hallward-Driemeier
and Carmen Pages. 2009. Big
Constraints to Small Firms Growth?
Business Environment and Employment
Growth across Firms. Economic
Development and Cultural Change 59 (3):
60947.
Audretsch, David, Maksim Belitski
and Sameeksha Desai. 2014.
Multidimensional Business
Environment and Entrepreneurship
in European Cities. Paper presented
at the conference Doing Business:
Past, Present and Future of Business
Regulation, Washington, DC, February
2021.
Ayyagari, Meghana, Asli Demirguc-Kunt
and Vojislav Maksimovic. 2014. Who
Creates Jobs in Developing Countries?
Small Business Economics 43 (1): 7599.
Balasubramanian, Bala, Bernard Black
and Vikramaditya Khanna. 2010. The
Relation between Firm-Level Corporate
Governance and Market Value: A Study
of India. Emerging Markets Review 11:
31940.
110
REFERENCES
111
112
REFERENCES
113
Data notes
TABLE 14.1 Topics and economies covered by each Doing Business report
Topic
DB
DB
DB
DB
DB
DB
DB
DB
DB
DB
DB
DB
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Getting electricity
Dealing with
construction
permits
Trading across
borders
Paying taxes
Protecting minority
investors
Registering property
Getting credit
Resolving insolvency
Enforcing contracts
Labor market
regulation
Starting a business
Number of
economies
133
145
155
175
178
181
183
183
183
185
189
189
Note: Data for the economies added to the sample each year are back-calculated to the previous year. The exceptions
are Kosovo and Montenegro, which were added to the sample after they became members of the World Bank Group.
In Doing Business 2015, while the number of economies remains the same as in Doing Business 2014, 11 cities have been
added.
DATA NOTES
METHODOLOGY
Economy characteristics
Doing Business 2015 reports 2013 income per capita as published in the World
Banks World Development Indicators 2014. Income is calculated using the Atlas
method (current U.S. dollars). For cost indicators expressed as a percentage
of income per capita, 2013 gross national income (GNI) in U.S. dollars is used
as the denominator. GNI data based on the Atlas method were not available
from the World Bank for Argentina, The Bahamas, Bahrain, Barbados, Brunei
Darussalam, Djibouti, Kuwait, Libya, Myanmar, New Zealand, Oman, San
Marino, the Syrian Arab Republic, and West Bank and Gaza. In these cases
GDP or GNP per capita data and growth rates from other sources, such as
the International Monetary Funds World Economic Outlook database and the
Economist Intelligence Unit, were used.
Population
Doing Business 2015 reports midyear 2013 population statistics as published
in World Development Indicators 2014.
laws and regulations say and allowing multiple interactions with local
respondents to clarify potential misinterpretations of questions. Having
representative samples of respondents
is not an issue; Doing Business is not
Respondents
12
35
5+
Starting a business
1,651
10
33
57
1,082
18
40
42
967
22
45
33
Registering property
1,229
20
37
43
Getting credit
1,538
10
25
65
Getting electricity
1,117
25
37
38
Paying taxes
1,305
39
54
1,184
22
46
33
Enforcing contracts
1,314
18
42
40
Resolving insolvency
1,051
25
40
35
1,134
23
40
37
13,572
18
39
43
Total
LIMITS TO WHAT IS
MEASURED
115
116
CHANGES IN WHAT IS
MEASURED
As part of a 2-year update in methodology, Doing Business 2015 incorporates
7 important changes. First, the ease of
doing business ranking as well as all
topic-level rankings are now computed
on the basis of distance to frontier
scores (see the chapter on the distance
to frontier and ease of doing business
ranking). Second, for the 11 economies
with a population of more than 100 million, data for a second city have been
added to the data set and the ranking
calculation. Third, for getting credit,
the methodology has been revised for
both the strength of legal rights index
and the depth of credit information
index. The number of points has been
increased in both indices, from 10 to
12 for the strength of legal rights index
and from 6 to 8 for the depth of credit
information index. In addition, only
credit bureaus and registries that cover
at least 5% of the adult population can
DATA NOTES
STARTING A BUSINESS
business entry, a detailed list of procedures is developed, along with the time
and cost to comply with each procedure
under normal circumstances and the
paid-in minimum capital requirement.
Subsequently, local incorporation lawyers, notaries and government officials
complete and verify the data.
Information is also collected on the
sequence in which procedures are to
be completed and whether procedures
may be carried out simultaneously. It is
assumed that any required information
is readily available and that the entrepreneur will pay no bribes. If answers by
local experts differ, inquiries continue
until the data are reconciled.
To make the data comparable across
economies, several assumptions about
the business and the procedures are
used.
FIGURE 14.1 What are the time, cost, paid-in minimum capital and number of
procedures to get a local limited liability company up and running?
Cost
(% of income per capita)
Formal operation
Paid-in
minimum
capital
Number of
procedures
Entrepreneur
Preregistration
Registration,
incorporation
Postregistration
Time
(days)
117
118
As % of income
per capita, no
bribes included
25% 25%
Time Cost
25% 25%
Procedures Paid-in
minimum
capital
Procedures are
completed when
final document
is received
Funds deposited in a
bank or with a notary
before registration, as %
of income per capita
Procedures
A procedure is defined as any interaction of the company founders with external parties (for example, government
agencies, lawyers, auditors or notaries).
Interactions between company founders or company officers and employees are not counted as procedures.
Procedures that must be completed in
the same building but in different offices
or at different counters are counted
separately. If founders have to visit the
same office several times for different
sequential procedures, each is counted
separately. The founders are assumed
to complete all procedures themselves,
without middlemen, facilitators, accountants or lawyers, unless the use of
such a third party is mandated by law
or solicited by the majority of entrepreneurs. If the services of professionals are
required, procedures conducted by such
professionals on behalf of the company
are counted separately. Each electronic
procedure is counted separately. If 2
procedures can be completed through
the same website but require separate
filings, they are counted as 2 separate
procedures.
Both pre- and postincorporation procedures that are officially required for
an entrepreneur to formally operate a
business are recorded (table 14.3).
Procedures required for official correspondence or transactions with public
agencies are also included. For example,
if a company seal or stamp is required
on official documents, such as tax declarations, obtaining the seal or stamp is
counted. Similarly, if a company must
open a bank account before registering
for sales tax or value added tax, this
transaction is included as a procedure.
Shortcuts are counted only if they fulfill 4
criteria: they are legal, they are available
to the general public, they are used by
the majority of companies, and avoiding
them causes substantial delays.
Only procedures required of all businesses are covered. Industry-specific
Time
Time is recorded in calendar days. The
measure captures the median duration
that incorporation lawyers indicate is
necessary in practice to complete a
procedure with minimum follow-up with
government agencies and no extra payments. It is assumed that the minimum
time required for each procedure is 1
day, except for procedures that can be
fully completed online, for which the
time required is recorded as half a day.
DATA NOTES
Although procedures may take place simultaneously, they cannot start on the
same day (that is, simultaneous procedures start on consecutive days), again
with the exception of procedures that
can be fully completed online. A procedure is considered completed once the
company has received the final incorporation document, such as the company
registration certificate or tax number. If
a procedure can be accelerated for an
additional cost, the fastest procedure is
chosen if that option is more beneficial
to the economys ranking. It is assumed
that the entrepreneur does not waste
time and commits to completing each
remaining procedure without delay. The
time that the entrepreneur spends on
gathering information is ignored. It is
assumed that the entrepreneur is aware
of all entry requirements and their sequence from the beginning but has had
no prior contact with any of the officials.
Cost
Cost is recorded as a percentage of
the economys income per capita. It includes all official fees and fees for legal
or professional services if such services
are required by law. Fees for purchasing and legalizing company books
are included if these transactions are
required by law. Although value added
tax registration can be counted as a
separate procedure, value added tax is
not part of the incorporation cost. The
company law, the commercial code,
and specific regulations and fee schedules are used as sources for calculating
costs. In the absence of fee schedules, a
government officers estimate is taken
as an official source. In the absence
of a government officers estimate,
estimates by incorporation lawyers are
used. If several incorporation lawyers
provide different estimates, the median
reported value is applied. In all cases
the cost excludes bribes.
DEALING WITH
CONSTRUCTION PERMITS
Doing Business records all procedures
required for a business in the construction industry to build a warehouse (figure 14.3). These procedures
include obtaining and submitting all
relevant project-specific documents
(for example, building plans, site maps
and certificates of urbanism) to the
FIGURE 14.3 What are the time, cost and number of procedures to comply with
formalities to build a warehouse?
Cost
(% of warehouse value)
Completed
warehouse
Number of
procedures
A business in the
construction
industry
Preconstruction
Construction
Postconstruction
and utilities
Time
(days)
119
120
Days to comply
with formalities
to build a
warehouse
33.3% 33.3%
Time Cost
33.3%
Procedures
Procedures
A procedure is any interaction of the
companys employees or managers,
or any party acting on behalf of the
company, with external parties, including government agencies, notaries,
the land registry, the cadastre, utility
companies and public inspectorsor
the hiring of private inspectors and
technical experts apart from in-house
architects and engineers. Interactions
between company employees, such
as development of the warehouse
plans and inspections conducted by
employees, are not counted as procedures. But interactions necessary to
obtain any plans, drawings or other
documents from external parties (including any documentation required
DATA NOTES
Cost
Cost is recorded as a percentage of the
warehouse value (assumed to be 50
times income per capita). Only official
costs are recorded. All the fees associated with completing the procedures to
legally build a warehouse are recorded,
including those associated with obtaining land use approvals and preconstruction design clearances; receiving
inspections before, during and after
construction; obtaining utility connections; and registering the warehouse
property. Nonrecurring taxes required
for the completion of the warehouse
project are also recorded. Sales taxes
(such as value added tax) or capital
gains taxes are not recorded. Nor are
GETTING ELECTRICITY
Doing Business records all procedures
required for a business to obtain a permanent electricity connection and supply for a standardized warehouse (figure
14.5). These procedures include applications and contracts with electricity
utilities, all necessary inspections and
clearances from the utility and other
agencies, and the external and final
connection works. The questionnaire divides the process of getting an electricity connection into distinct procedures
and solicits data for calculating the time
and cost to complete each procedure.
The ranking of economies on the ease
of getting electricity is determined by
sorting their distance to frontier scores
for getting electricity. These scores are
the simple average of the distance to
FIGURE 14.5 Doing Business measures the connection process at the level of
distribution utilities
Time
Time is recorded in calendar days. The
measure captures the median duration
that local experts indicate is necessary
to complete a procedure in practice.
It is assumed that the minimum time
required for each procedure is 1 day,
except for procedures that can be fully
completed online, for which the time
required is recorded as half a day.
Although procedures may take place
simultaneously, they cannot start on
Generation
Transmission
Distribution
New connections
Network operation and maintenance
Metering and billing
u
Customer
121
122
Days to obtain
an electricity
connection
33.3% 33.3%
Time Cost
33.3%
Procedures
Procedures
A procedure is defined as any interaction of the companys employees or its
main electrician or electrical engineer
(that is, the one who may have done the
internal wiring) with external parties,
such as the electricity distribution utility, electricity supply utilities, government agencies, electrical contractors
and electrical firms. Interactions between company employees and steps
related to the internal electrical wiring,
such as the design and execution of the
internal electrical installation plans, are
not counted as procedures. Procedures
that must be completed with the same
utility but with different departments
are counted as separate procedures
(table 14.5).
The companys employees are assumed to complete all procedures
themselves unless the use of a third
party is mandated (for example, if only
an electrician registered with the utility
DATA NOTES
Security deposit
Utilities require security deposits as a
guarantee against the possible failure
of customers to pay their consumption bills. For this reason the security
deposit for a new customer is most
often calculated as a function of the
customers estimated consumption.
Time
Time is recorded in calendar days. The
measure captures the median duration
that the electricity utility and experts
indicate is necessary in practice, rather
than required by law, to complete a
procedure with minimum follow-up and
no extra payments. It is also assumed
that the minimum time required for
each procedure is 1 day. Although procedures may take place simultaneously,
they cannot start on the same day
(that is, simultaneous procedures start
on consecutive days). It is assumed that
the company does not waste time and
commits to completing each remaining
procedure without delay. The time that
the company spends on gathering information is not taken into account. It is
assumed that the company is aware of
all electricity connection requirements
and their sequence from the beginning.
Cost
Cost is recorded as a percentage of the
economys income per capita. Costs
are recorded exclusive of value added
tax. All the fees and costs associated
with completing the procedures to connect a warehouse to electricity are
recorded, including those related to
obtaining clearances from government
agencies, applying for the connection,
receiving inspections of both the site
and the internal wiring, purchasing
material, getting the actual connection
works and paying a security deposit.
Information from local experts and
specific regulations and fee schedules are used as sources for costs. If
REGISTERING PROPERTY
Doing Business records the full sequence of procedures necessary for
a business (the buyer) to purchase a
property from another business (the
seller) and to transfer the property title
to the buyers name so that the buyer
can use the property for expanding its
business, use the property as collateral
in taking new loans or, if necessary,
sell the property to another business.
The process starts with obtaining the
necessary documents, such as a copy
of the sellers title if necessary, and
conducting due diligence if required.
The transaction is considered complete
when it is opposable to third parties and when the buyer can use the
123
124
Figure 14.7 What are the time, cost and number of procedures required to transfer
property between 2 local companies?
Cost
(% of property value)
As % of property
value, no bribes
included
Days to
transfer
property
Number of
procedures
33.3% 33.3%
Time Cost
Registration
Postregistration
33.3%
Procedures
Time
(days)
Procedures
A procedure is defined as any interaction of the buyer or the seller, their
agents (if an agent is legally or in
practice required) or the property with
external parties, including government
agencies, inspectors, notaries and lawyers. Interactions between company
officers and employees are not considered. All procedures that are legally
or in practice required for registering
property are recorded, even if they may
be avoided in exceptional cases (table
14.6). It is assumed that the buyer follows the fastest legal option available
and used by the majority of property
owners. Although the buyer may use
lawyers or other professionals where
Data Notes
Time
Time is recorded in calendar days. The
measure captures the median duration that property lawyers, notaries or
registry officials indicate is necessary
to complete a procedure. It is assumed
that the minimum time required for
each procedure is 1 day, except for
procedures that can be fully completed
online, for which the time required is
recorded as half a day. Although procedures may take place simultaneously,
they cannot start on the same day,
again with the exception of procedures
that can be fully completed online. It is
assumed that the buyer does not waste
time and commits to completing each
remaining procedure without delay. If a
procedure can be accelerated for an additional cost, the fastest legal procedure
Cost
Cost is recorded as a percentage of the
property value, assumed to be equivalent to 50 times income per capita.
Only official costs required by law are
recorded, including fees, transfer taxes,
stamp duties and any other payment to
the property registry, notaries, public
agencies or lawyers. Other taxes, such
as capital gains tax or value added tax,
are excluded from the cost measure.
Both costs borne by the buyer and
those borne by the seller are included.
If cost estimates differ among sources,
the median reported value is used.
The data details on registering property
can be found for each economy at http://
www.doingbusiness.org.
GETTING CREDIT
Doing Business measures the legal
rights of borrowers and lenders with respect to secured transactions through
one set of indicators and the sharing
Legal rights
The data on the legal rights of borrowers and lenders are gathered through
a questionnaire administered to
financial lawyers and verified through
analysis of laws and regulations as
well as public sources of information
on collateral and bankruptcy laws.
Questionnaire responses are verified
through several rounds of follow-up
communication with respondents as
well as by contacting third parties and
consulting public sources. The questionnaire data are confirmed through
teleconference calls or on-site visits in
all economies.
Movable
asset
Collateral
registry
What types can be
used as collateral?
Credit bureaus
and registries
Lender
Can lenders access
credit information
on borrowers?
125
126
100%
Sum of strength of
legal rights index (012)
and
depth of credit
information index
(08)
DATA NOTES
entities is in operation, unified geographically and with an electronic database indexed by debtors
names.
The collateral registry is a noticebased registrya registry that files
only a notice of the existence of a
security interest (not the underlying
documents) and does not perform a
legal review of the transaction. The
registry also publicizes functional
equivalents to security interests.
The collateral registry has modern
features such as those that allow
secured creditors (or their representatives) to register, search, amend or
cancel security interests online.
Secured creditors are paid first (for
example, before tax claims and employee claims) when a debtor defaults
outside an insolvency procedure.
Secured creditors are paid first (for
example, before tax claims and
employee claims) when a business
is liquidated.
Secured creditors are subject to
an automatic stay on enforcement
procedures when a debtor enters
a court-supervised reorganization
procedure, but the law protects
secured creditors rights by providing clear grounds for relief from the
automatic stay (for example, if the
movable property is in danger) or
setting a time limit for it.
The law allows parties to agree in
the collateral agreement that the
lender may enforce its security
right out of court; the law allows
public and private auctions and also
permits the secured creditor to take
the asset in satisfaction of the debt.
reorganization procedures so as to
ensure that a viable business can continue to operate. And the index takes
into account new elements relating to
out-of-court enforcement procedures
(such as the types of auctions allowed).
The index ranges from 0 to 12, with
higher scores indicating that collateral
and bankruptcy laws are better designed to expand access to credit.
Credit information
The data on the sharing of credit
information are built in 2 stages.
First, banking supervision authorities
and public information sources are
surveyed to confirm the presence of a
credit reporting service provider, such
as a credit bureau or credit registry.
Second, when applicable, a detailed
questionnaire on the credit bureaus
or credit registrys structure, laws and
associated rules is administered to the
entity itself. Questionnaire responses
are verified through several rounds of
follow-up communication with respondents as well as by contacting third
parties and consulting public sources.
The questionnaire data are confirmed
through teleconference calls or on-site
visits in all economies.
Previously the depth of credit information index covered only the first
6 features listed above. The index
ranges from 0 to 8, with higher values
indicating the availability of more credit
information, from either a credit bureau
or a credit registry, to facilitate lending
decisions. If the credit bureau or registry
is not operational or covers less than 5%
of the adult population, the score on the
depth of credit information index is 0.
In Lithuania, for example, both a credit
bureau and a credit registry operate.
Both distribute data on firms and individuals (a score of 1). Both distribute
positive and negative information (a
score of 1). Although the credit registry
does not distribute data from retailers or utilities, the credit bureau does
(a score of 1). Both distribute at least
2 years of historical data (a score of
1). Although the credit registry has
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128
PROTECTING MINORITY
INVESTORS
Doing Business measures the protection
of minority investors from conflicts of
interest through one set of indicators
and shareholders rights in corporate
governance through another (table
14.8). The data come from a questionnaire administered to corporate and
Protection of shareholders
from conflicts of interest
The extent of conflict of interest regulation index measures the protection of
shareholders against directors misuse
of corporate assets for personal gain by
distinguishing 3 dimensions of regulation that address conflicts of interest:
transparency of related-party transactions (extent of disclosure index), shareholders ability to sue and hold directors
liable for self-dealing (extent of director
liability index) and access to evidence
and allocation of legal expenses in
Data Notes
50%
Extent of
conflict of
interest
regulation
index
50%
Extent of
shareholder
governance
index
Figure 14.12 How well are minority shareholders protected from conflicts of
interest?
Extent of disclosure
La
ui
ws
Mr. James
60% ownership,
sits on board of
directors
90% ownership,
sits on board of
directors
Company A
(buyer)
Minority
shareholders
Company B
(seller)
Transaction
involving conflict
of interest
129
130
DATA NOTES
Shareholders rights in
corporate governance
The extent of shareholder governance
index measures shareholders rights in
corporate governance by distinguishing 3 dimensions of good governance:
shareholders rights and role in major
corporate decisions (extent of shareholder rights index), governance safeguards protecting shareholders from
undue board control and entrenchment
(strength of governance structure
index) and corporate transparency
on ownership stakes, compensation,
audits and financial prospects (extent
of corporate transparency index).13
Strength of governance
structure index
For each component of the strength
of governance structure index, a score
of 0 is assigned if the answer is no; 1
if it is yes; and 1.5 if it would also apply if Buyer were a privately held joint
stock company not listed on any stock
exchange. The index has 7 components:
Whether the CEO is barred from
also being chair of the board of
directors.
Whether the board of directors must
include independent board members.
Whether Buyer must have a separate audit committee.
Whether changes to the voting
rights of a series or class of shares
must be approved only by the holders of the affected shares.
Whether a potential acquirer must
make a tender offer to all shareholders upon acquiring 50% of Buyer.
Whether cross-shareholding between 2 independent companies is
limited to 10% of outstanding shares.
Whether a subsidiary is barred from
acquiring shares issued by its parent company.
Extent of corporate
transparency index
For each component of the extent of
corporate transparency index, a score
of 0 is assigned if the answer is no; 1 if
it is yes; and 1.5 if it would also apply if
Buyer were a privately held joint stock
company not listed on any stock exchange. The index has 6 components:
Whether Buyer must disclose ownership stakes representing 10%.
Whether Buyer must disclose information about board members
other directorships as well as
basic information on their primary
employment.
Whether Buyer must disclose
the compensation of individual
managers.
Whether Buyer must have its annual financial statements audited
by an external auditor.
131
132
Extent of shareholder
governance index
The extent of shareholder governance
index is the sum of the extent of
shareholder rights index, the strength
of governance structure index and
the extent of corporate transparency
index. The index is divided by 3 so that
it ranges from 0 to 10. Higher values
indicate stronger rights of shareholders
in corporate governance.
PAYING TAXES
Doing Business records the taxes
and mandatory contributions that a
medium-size company must pay in a
given year as well as measures of the
administrative burden of paying taxes
and contributions (figure 14.13). The
project was developed and implemented
in cooperation with PwC.14 Taxes and
contributions measured include the
profit or corporate income tax, social
Figure 14.13 What are the time, total tax rate and number of payments necessary
for a local medium-size company to pay all taxes?
Total tax rate
Time
Hours
per year
% of profit
before all taxes
Number of payments
(per year)
33.3%
33.3% Total
Time tax rate
33.3%
Payments
DATA NOTES
133
134
Tax payments
The tax payments indicator reflects
the total number of taxes and contributions paid, the method of payment, the frequency of payment, the
frequency of filing and the number of
agencies involved for the standardized case study company during the
second year of operation (table 14.9).
It includes taxes withheld by the company, such as sales tax, value added
tax and employee-borne labor taxes.
These taxes are traditionally collected
by the company from the consumer or
employee on behalf of the tax agencies.
Although they do not affect the income
statements of the company, they add
to the administrative burden of complying with the tax system and so are
included in the tax payments measure.
The number of payments takes into
account electronic filing. Where full
Time
Time is recorded in hours per year. The
indicator measures the time taken to
prepare, file and pay 3 major types of
taxes and contributions: the corporate
income tax, value added or sales tax,
DATA NOTES
Statutory
rate
r
(%)
Statutory
tax base
b
($A)
Actual tax
payable
a=rb
($A)
20.035.0
109,381
33,283
137,156
24.3
Employer-paid social
security contributions
(taxable wages)
7.5
154,711
11,603
137,156
8.5
Type of tax
(tax base)
Total
44,886
32.7
TRADING ACROSS
BORDERS
Doing Business measures the time and
cost (excluding tariffs) associated with
exporting and importing a standardized cargo of goods by sea transport.
The time and cost necessary to complete 4 predefined stages (document
135
136
Figure 14.15 How much time, how many documents and what cost to export and
import by sea transport?
Time
Time
Cost
Cost
Documents
Documents
To export
To import
Import
Export
Port and terminal
handling
Customs and
border agencies
Inland transport
Time
Figure 14.16 Trading across borders:
exporting and importing by sea transport
Rankings are based on distance to
frontier scores for 3 indicators
All documents
required by
customs and other
agencies
33.3%
Documents
to export
and import
Document preparation,
customs clearance and
inspections, port and
terminal handling, inland
transport and handling
33.3%
Time to
export and
import
33.3%
Cost to export
and import
Documents
It is assumed that a new contract is
drafted per shipment and that the
contract has already been agreed
upon and executed by both parties. All
documents required by law or common
practice by relevant agenciesincluding government ministries, customs
authorities, port authorities and other
control agenciesper export and import shipment are taken into account
(table 14.11). For landlocked economies,
documents required by authorities in
the transit economy are also included.
Since payment is by letter of credit,
all documents required by banks for
the issuance or securing of a letter of
credit are also taken into account.
Documents that are requested at the
time of clearance but that are valid
for a year or longer or do not require
renewal per shipment (for example,
an annual tax clearance certificate)
are not included. Documents that are
Cost
Cost measures the fees levied on a
20-foot container in U.S. dollars. All
fees charged by government agencies
and the private sector to a trader in the
process of exporting and importing the
goods are taken into account. These
include but are not limited to costs
Data Notes
ENFORCING CONTRACTS
Indicators on enforcing contracts
measure the efficiency of the judicial
system in resolving a commercial
dispute. The data are built by following
the step-by-step evolution of a commercial sale dispute before local courts
(figure 14.17). The data are collected
through study of the codes of civil
procedure and other court regulations
as well as questionnaires completed
by local litigation lawyers and judges.
The ranking of economies on the ease
of enforcing contracts is determined by
sorting their distance to frontier scores
for enforcing contracts. These scores
are the simple average of the distance
to frontier scores for each of the component indicators (figure 14.18).
The name of the relevant court in each
economythe court in the largest
business city with jurisdiction over
the standardized commercial dispute
described belowis published at
http://www.doingbusiness.org/data
/exploretopics/enforcing-contracts.
For 11 economies for which the data are
also collected for the second largest
business city, the name of the relevant
court in that city is given as well.
Company A
(seller &
plaintiff)
Filing &
service
Commercial
dispute
Trial &
judgment
Company B
(buyer &
defendant)
Enforcement
33.3% 33.3%
Time Cost
33.3%
Procedures
137
138
Procedures
The list of procedural steps compiled
for each economy traces the chronology of a commercial dispute before the
relevant court. A procedure is defined as
any interaction, required by law or commonly carried out in practice, between
the parties or between them and the
judge or court officer. Other procedural
steps, internal to the court or between
the parties and their counsel, may
be counted as well. Procedural steps
include steps to file and serve the case,
steps to assign the case to a judge,
steps for trial and judgment and steps
necessary to enforce the judgment
(table 14.12).
To indicate overall efficiency, 1 procedure is subtracted from the total number for economies that have specialized
commercial courts or divisions, and
1 procedure for economies that allow
electronic filing of the initial complaint.
Some procedural steps that are part
of others are not counted in the total
number of procedures.
Time
Time is recorded in calendar days,
counted from the moment the plaintiff
decides to file the lawsuit in court
until payment. This includes both the
days when actions take place and
the waiting periods in between. The
average duration of 3 different stages
of dispute resolution is recorded: the
completion of service of process (time
to file and serve the case), the issuance of judgment (time for trial and to
obtain the judgment) and the recovery
of the claim value through a public sale
(time for enforcement of the judgment).
Cost
Cost is recorded as a percentage of
the claim, assumed to be equivalent to
200% of income per capita or $5,000,
whichever is greater. Three types of
costs are recorded: court costs, enforcement costs and average attorney fees.
Court costs include all costs that Seller
(plaintiff) must advance to the court,
regardless of the final cost borne by
Seller. Enforcement costs are all costs
that Seller (plaintiff) must advance to
enforce the judgment through a public
sale of Buyers movable assets, regardless of the final cost borne by Seller.
Average attorney fees are the fees that
Seller (plaintiff) must advance to a local attorney to represent Seller in the
standardized case. Bribes are not taken
into account.
The data details on enforcing contracts can
be found for each economy at http://www
.doingbusiness.org. This methodology was
developed by Djankov and others (2003)
and is adopted here with minor changes.
RESOLVING INSOLVENCY
Doing Business studies the time, cost
and outcome of insolvency proceedings
involving domestic entities. In addition,
this year it introduces a new measure,
the strength of insolvency framework
index, evaluating the adequacy and
integrity of the legal framework applicable to liquidation and reorganization
proceedings. The data for the resolving
insolvency indicators are derived from
questionnaire responses by local insolvency practitioners and verified through
a study of laws and regulations as well
as public information on bankruptcy
systems. The ranking of economies
on the ease of resolving insolvency is
determined by sorting their distance to
frontier scores for resolving insolvency.
These scores are the simple average of
the distance to frontier scores for the
recovery rate and the strength of insolvency framework index (figure 14.19).
DATA NOTES
50% 50%
Recovery Strength of
rate insolvency
framework
index
Time
Time for creditors to recover their
credit is recorded in calendar years
(table 14.13). The period of time measured by Doing Business is from the
companys default until the payment
of some or all of the money owed to the
bank. Potential delay tactics by the
139
140
FIGURE 14.20 Recovery rate is a function of the time, cost and outcome of insolvency
proceedings against a local company
Secured creditor
with unpaid claim
Time
Cost
Outcome
Recovery rate
Management of
debtors assets
index
Court
Reorganization, liquidation
or foreclosure proceedings
Cost
The cost of the proceedings is recorded as a percentage of the value
of the debtors estate. The cost is calculated on the basis of questionnaire
responses and includes court fees and
government levies; fees of insolvency
administrators, auctioneers, assessors and lawyers; and all other fees
and costs.
Outcome
Recovery by creditors depends on
whether the hotel business emerges
from the proceedings as a going
concern or the companys assets are
sold piecemeal. If the business keeps
operating, 100% of the hotel value is
preserved. If the assets are sold piecemeal, the maximum amount that can
be recovered is 70% of the value of the
hotel.
Recovery rate
The recovery rate is recorded as cents
on the dollar recouped by secured
creditors
through
reorganization,
liquidation or debt enforcement (foreclosure or receivership) proceedings
(figure 14.20). The calculation takes
into account the outcome: whether the
business emerges from the proceedings
as a going concern or the assets are
sold piecemeal. Then the costs of the
proceedings are deducted (1 cent for
each percentage point of the value of
the debtors estate). Finally, the value
Strength of insolvency
framework
The strength of insolvency framework
index is based on 4 other indices:
Creditors
Creditor
participation
index
Debtor
Reorganization
proceedings index
Commencement of
proceedings index
The commencement of proceedings
index has 3 components:
Whether debtors can initiate both
liquidation and reorganization proceedings. A score of 1 is assigned if
debtors can initiate both types of
proceedings; 0.5 if they can initiate only one of these types (either
liquidation or reorganization); 0
if they cannot initiate insolvency
proceedings.
Whether creditors can initiate both
liquidation and reorganization proceedings. A score of 1 is assigned if
creditors can initiate both types of
proceedings; 0.5 if they can initiate only one of these types (either
liquidation or reorganization); 0
if they cannot initiate insolvency
proceedings.
What standard is used for commencement of insolvency proceedings. A score of 1 is assigned if a
liquidity test (the debtor is generally unable to pay its debts as they
DATA NOTES
Management of debtors
assets index
The management of debtors assets
index has 6 components:
Whether the debtor (or an insolvency representative on its behalf)
can continue performing contracts
essential to the debtors survival.
A score of 1 is assigned if yes; 0 if
continuation of contracts is not
possible or if the law contains no
provisions on this subject.
Whether the debtor (or an insolvency representative on its behalf) can
reject overly burdensome contracts.
A score of 1 is assigned if yes; 0 if rejection of contracts is not possible.
Whether transactions entered into
before commencement of insolvency proceedings that give preference
to one or several creditors can be
avoided after proceedings are initiated. A score of 1 is assigned if yes;
0 if avoidance of such transactions
is not possible.
Whether undervalued transactions
entered into before commencement
of insolvency proceedings can be
avoided after proceedings are initiated. A score of 1 is assigned if yes;
0 if avoidance of such transactions
is not possible.
Whether the insolvency framework
includes specific provisions that allow
the debtor (or an insolvency representative on its behalf), after commencement of insolvency proceedings, to
obtain financing necessary to function during the proceedings. A score
of 1 is assigned if yes; 0 if obtaining
post-commencement financing is
not possible or if the law contains no
provisions on this subject.
Whether post-commencement financing receives priority over ordinary
unsecured creditors during distribution of assets. A score of 1 is assigned
if yes; 0.5 if post-commencement financing is granted superpriority over
all creditors, secured and unsecured;
0 if no priority is granted to postcommencement financing.
Reorganization proceedings
index
The reorganization proceedings index
has 3 components:
Whether the reorganization plan is
voted on only by the creditors whose
rights are modified or affected by the
plan. A score of 1 is assigned if yes;
0.5 if all creditors vote on the plan,
regardless of its impact on their
interests; 0 if creditors do not vote
on the plan or if reorganization is not
available.
Whether creditors entitled to vote
on the plan are divided into classes,
each class votes separately and the
creditors within each class are treated equally. A score of 1 is assigned
if the voting procedure has these 3
features; 0 if the voting procedure
does not have these 3 features or if
reorganization is not available.
Whether the insolvency framework
requires that dissenting creditors receive as much under the reorganization plan as they would have received
in liquidation. A score of 1 is assigned
if yes; 0 if no such provisions exist or
if reorganization is not available.
The index ranges from 0 to 3, with
higher values indicating greater compliance with internationally accepted
141
142
Strength of insolvency
framework index
The strength of insolvency framework
index is the sum of the scores on the
commencement of proceedings index,
management of debtors assets index,
reorganization proceedings index and
creditor participation index. The index
ranges from 0 to 16, with higher values
indicating insolvency legislation that is
better designed for rehabilitating viable
firms and liquidating nonviable ones.
This methodology was developed by
Djankov, Hart and others (2008) and
is adopted here with several changes.
The strength of insolvency framework
index was introduced in Doing Business
2015. The best practices tested in
this index were developed on the basis
of the World Banks Principles for
Effective Insolvency and Creditor/
Debtor Regimes and the United Nations
Commission on International Trade Laws
Legislative Guide on Insolvency Law.
LABOR MARKET
REGULATION
Doing Business measures flexibility in
the regulation of employment, specifically as it affects the hiring and
redundancy of workers and the rigidity
of working hours (figure 14.22). This
year, for the first time, the indicators
measuring flexibility in labor market
regulations focus on those affecting
the food retail industry, using a standardized case study of a cashier in a
supermarket. Also new is that Doing
Business collects data on regulations
applying to employees hired through
temporary-work agencies as well
as on those applying to permanent
employees or employees hired on fixedterm contracts. The indicators also
cover additional areas of labor market
regulation, including social protection
schemes and benefits as well as labor
disputes.
Over the period from 2007 to 2011
improvements were made to align
the methodology for the labor market regulation indicators (formerly
the employing workers indicators)
with the letter and spirit of the
International Labour Organization
(ILO) conventions. Only 6 of the 188
ILO conventions cover areas measured
by Doing Business: employee termination, weekend work, holiday with
FIGURE 14.22 How flexible are hiring, work scheduling and redundancy rules?
2. Work
scheduling
1. Hiring
3. Redundancy
DATA NOTES
Rigidity of employment
Rigidity of employment covers 3
areas: difficulty of hiring, rigidity of
hours and difficulty of redundancy
(table 14.15).
Difficulty of hiring covers 4 areas:
(i) whether fixed-term contracts are
prohibited for permanent tasks; (ii)
the maximum cumulative duration
of fixed-term contracts;
(iii) the
minimum wage for a cashier, age 19,
with 1 year of work experience; and (iv)
the ratio of the minimum wage to the
average value added per worker.19
143
144
Redundancy cost
Redundancy cost measures the cost
of advance notice requirements, severance payments and penalties due
when terminating a redundant worker,
expressed in weeks of salary. The average value of notice requirements and
severance payments applicable to a
worker with 1 year of tenure, a worker
with 5 years and a worker with 10 years
is considered. One month is recorded as
4 and 1/3 weeks.
Labor disputes
Doing Business assesses the mechanisms available to resolve labor disputes. More specifically, it collects data
on what courts would be competent to
hear labor disputes and whether the
competent courts are specialized in
resolving labor disputes.
The data details on labor market regulation can be found for each economy at
http://www.doingbusiness.org. The Doing
Business website also provides historical
data sets. The methodology was developed by Botero and others (2004). Doing
Business 2015 does not present rankings
of economies on the labor market regulation indicators.
NOTES
1.
DATA NOTES
TABLE 14A.1 Cities covered in each economy by the Doing Business report
Economy
Afghanistan
Albania
Algeria
Angola
Antigua and Barbuda
Argentina
Armenia
Australia
Austria
Azerbaijan
Bahamas, The
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bhutan
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Brunei Darussalam
Bulgaria
Burkina Faso
Burundi
Cabo Verde
Cambodia
Cameroon
Canada
Central African Republic
Chad
Chile
China
Colombia
Comoros
Congo, Dem. Rep.
Congo, Rep.
Costa Rica
Cte dIvoire
Croatia
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt, Arab Rep.
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Gambia, The
Georgia
Germany
Ghana
City or cities
Kabul
Tirana
Algiers
Luanda
St. Johns
Buenos Aires
Yerevan
Sydney
Vienna
Baku
Nassau
Manama
Dhaka, Chittagong
Bridgetown
Minsk
Brussels
Belize City
Cotonou
Thimphu
La Paz
Sarajevo
Gaborone
So Paulo, Rio de Janeiro
Bandar Seri Begawan
Sofia
Ouagadougou
Bujumbura
Praia
Phnom Penh
Douala
Toronto
Bangui
NDjamena
Santiago
Shanghai, Beijing
Bogot
Moroni
Kinshasa
Brazzaville
San Jos
Abidjan
Zagreb
Nicosia
Prague
Copenhagen
Djibouti Ville
Roseau
Santo Domingo
Quito
Cairo
San Salvador
Malabo
Asmara
Tallinn
Addis Ababa
Suva
Helsinki
Paris
Libreville
Banjul
Tbilisi
Berlin
Accra
Economy
Greece
Grenada
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hong Kong SAR, China
Hungary
Iceland
India
Indonesia
Iran, Islamic Rep.
Iraq
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Kiribati
Korea, Rep.
Kosovo
Kuwait
Kyrgyz Republic
Lao PDR
Latvia
Lebanon
Lesotho
Liberia
Libya
Lithuania
Luxembourg
Macedonia, FYR
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Mauritania
Mauritius
Mexico
Micronesia, Fed. Sts.
Moldova
Mongolia
Montenegro
Morocco
Mozambique
Myanmar
Namibia
Nepal
Netherlands
New Zealand
Nicaragua
Niger
Nigeria
Norway
Oman
City or cities
Athens
St. Georges
Guatemala City
Conakry
Bissau
Georgetown
Port-au-Prince
Tegucigalpa
Hong Kong SAR
Budapest
Reykjavik
Mumbai, Delhi
Jakarta, Surabaya
Tehran
Baghdad
Dublin
Tel Aviv
Rome
Kingston
Tokyo, Osaka
Amman
Almaty
Nairobi
Tarawa
Seoul
Pristina
Kuwait City
Bishkek
Vientiane
Riga
Beirut
Maseru
Monrovia
Tripoli
Vilnius
Luxembourg
Skopje
Antananarivo
Blantyre
Kuala Lumpur
Mal
Bamako
Valletta
Majuro
Nouakchott
Port Louis
Mexico City, Monterrey
Island of Pohnpei
Chiinu
Ulaanbaatar
Podgorica
Casablanca
Maputo
Yangon
Windhoek
Kathmandu
Amsterdam
Auckland
Managua
Niamey
Lagos, Kano
Oslo
Muscat
Economy
Pakistan
Palau
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Puerto Rico (U.S.)
Qatar
Romania
Russian Federation
Rwanda
Samoa
San Marino
So Tom and Prncipe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovak Republic
Slovenia
Solomon Islands
South Africa
South Sudan
Spain
Sri Lanka
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Sudan
Suriname
Swaziland
Sweden
Switzerland
Syrian Arab Republic
Taiwan, China
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tonga
Trinidad and Tobago
Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela, RB
Vietnam
West Bank and Gaza
Yemen, Rep.
Zambia
Zimbabwe
City or cities
Karachi, Lahore
Koror
Panama City
Port Moresby
Asuncin
Lima
Quezon City
Warsaw
Lisbon
San Juan
Doha
Bucharest
Moscow, St. Petersburg
Kigali
Apia
San Marino
So Tom
Riyadh
Dakar
Belgrade
Victoria
Freetown
Singapore
Bratislava
Ljubljana
Honiara
Johannesburg
Juba
Madrid
Colombo
Basseterre
Castries
Kingstown
Khartoum
Paramaribo
Mbabane
Stockholm
Zurich
Damascus
Taipei
Dushanbe
Dar es Salaam
Bangkok
Dili
Lom
Nukualofa
Port of Spain
Tunis
Istanbul
Kampala
Kiev
Dubai
London
New York City, Los Angeles
Montevideo
Tashkent
Port-Vila
Caracas
Ho Chi Minh City
Ramallah
Sanaa
Lusaka
Harare
145
DISTANCE TO FRONTIER
The distance to frontier score captures the gap between an economys
performance and a measure of best
practice across the entire sample of 31
indicators for 10 Doing Business topics
(the labor market regulation indicators
are excluded). For starting a business,
for example, Canada and New Zealand
have the smallest number of procedures required (1), and New Zealand the
shortest time to fulll them (0.5 days).
Slovenia has the lowest cost (0.0),
and Australia, Colombia and 110 other
economies have no paid-in minimum
capital requirement (table 15.1).
Frontier
Worst
performance
Starting a business
1
18a
New Zealand
0.5
100b
Slovenia
0.0
200.0b
Australia; Colombiac
0.0
400.0b
30a
Procedures (number)
Time (days)
Time (days)
Singapore
26
373b
Qatar
0.0
20.0b
9a
18
248b
0.0
8,100.0b
Getting electricity
Procedures (number)
Time (days)
Korea, Rep.
Japan
Registering property
Procedures (number)
Georgia; Norway;
Portugal; Sweden
13a
Time (days)
210b
Saudi Arabia
0.0
15.0b
12
0e
0e
Getting credit
Strength of legal rights index (012)
Colombia; Montenegro;
New Zealand
Ecuador; United
Kingdomf
No economy has
attained the frontier yet.
10
0e
No economy has
attained the frontier yet.
10
0e
63b
Singapore
49g
696b
Singapore
26.1h
84.0b
Paying taxes
France; Ireland
11a
Denmark; Estonia;
Singapore
54b
Timor-Leste
410.0
5,000.0b
France; Ireland
15a
Singapore
66b
Singapore
368.4
6,000.0b
(continued)
147
148
Frontier
Worst
performance
Enforcing contracts
Procedures (number)
Singapore
21
53a
Time (days)
Singapore
120
1,340b
Cost (% of claim)
Bhutan
0.1
89.0b
92.9
0.0e
16
0e
Bangladesh
Dhaka
78
Chittagong
22
So Paulo
61
Rio de Janeiro
39
Shanghai
55
Beijing
45
Mumbai
47
Delhi
53
Jakarta
78
Surabaya
22
Tokyo
65
Osaka
35
Mexico City
83
Monterrey
17
Lagos
77
Kano
23
Karachi
65
Lahore
35
Moscow
70
St. Petersburg
30
New York
60
Los Angeles
40
Brazil
Resolving insolvency
Recovery rate (cents on the dollar)
Japan
No economy has
attained the frontier yet.
a. Worst performance is dened as the 99th percentile among all economies in the Doing Business sample.
b. Worst performance is dened as the 95th percentile among all economies in the Doing Business sample.
c. One hundred and ten other economies also have a minimum capital requirement of 0.0.
d. In 11 other economies it also takes only 3 procedures to get an electricity connection.
e. Worst performance refers to the worst value recorded.
f. Twenty-two other economies also score 8 on the depth of credit information index.
g. Dened as the lowest time recorded among all economies in the Doing Business sample that levy the 3 major taxes: prot
tax, labor taxes and mandatory contributions, and VAT or sales tax.
h. Dened as the highest total tax rate among the 15% of economies with the lowest total tax rate in the Doing Business sample.
Source: Doing Business database.
have in the calculation done in previous years (line B is smaller than line A
in gure 15.2). And for economies with
an extreme total tax rate (a rate that
is very high relative to the average), an
increase has a greater impact on both
these distance to frontier scores than
before (line D is bigger than line C in
gure 15.2).
The nonlinear transformation is not
based on any economic theory of an
optimal tax rate that minimizes distortions or maximizes eciency in an
economys overall tax system. Instead,
it is mainly empirical in nature. The
nonlinear transformation along with
the threshold reduces the bias in the
indicator toward economies that do
not need to levy signicant taxes on
companies like the Doing Business
standardized case study company
because they raise public revenue in
other waysfor example, through
taxes on foreign companies, through
taxes on sectors other than manufacturing or from natural resources (all
of which are outside the scope of the
methodology). In addition, it acknowledges the need of economies to collect
taxes from rms.
Weight
(%)
Economy
China
India
Indonesia
Japan
Mexico
Nigeria
Pakistan
Russian
Federation
United States
Variability of economies
scores across topics
Each indicator set measures a dierent aspect of the business regulatory
environment. The distance to frontier
scores and associated rankings of an
economy can vary, sometimes signicantly, across indicator sets. The average correlation coecient between the
10 indicator sets included in the aggregate distance to frontier score is 0.37,
and the coecients between 2 sets of
indicators range from 0.19 (between
getting electricity and registering
property) to 0.60 (between protecting
minority investors and resolving insolvency). These correlations suggest that
economies rarely score universally well
or universally badly on the indicators
(table 15.3).
FIGURE 15.1 How are distance to frontier scores calculated for indicators?
Two examples
A time-and-motion topic: dealing with construction permits
Distance to frontier
score for procedures
100
Best performance
(frontier):
5 procedures
80
60
40
Worst
performance
(99th percentile):
30 procedures
20
Regulatory frontier
10
15
25
20
Procedures (number)
30
35
Regulatory frontier
80
60
Best performance
(frontier):
10 points
40
20
Worst performance:
0 points
0
3
4
5
6
7
8
Extent of shareholder governance index (010)
10
149
150
distance to frontier score from the previous year using comparable data.
FIGURE 15.2 How the nonlinear transformation aects the distance to frontier score
for the total tax rate
Distance to frontier score
for total tax rate
100
Selecting
the
economies
that
implemented regulatory reforms in
at least 3 topics and had the biggest
improvements in their distance to
frontier scores is intended to highlight
economies with ongoing, broad-based
reform programs. The improvement in
the distance to frontier score is used
to identify the top improvers because
this allows a focus on the absolute
improvementin contrast with the relative improvement shown by a change in
rankingsthat economies have made
in their regulatory environment for
business.
Regulatory frontier
80
B
A
60
40
D
C
20
0
0
10
20
30
40
50
60
70
80
90
100
Note: The nonlinear distance to frontier score for the total tax rate is equal to the distance to frontier score for the
total tax rate to the power of 0.8.
Source: Doing Business database.
TABLE 15.3 Correlations between economy distance to frontier scores for Doing Business topics
Dealing with
construction
permits
Getting
electricity
Registering
property
Getting
credit
Protecting
minority
investors
Paying
taxes
Trading
across
borders
Enforcing
contracts
Resolving
insolvency
0.29
0.28
0.35
0.44
0.48
0.51
0.43
0.43
0.48
0.33
0.31
0.21
0.23
0.35
0.34
0.27
0.22
0.19
0.23
0.20
0.41
0.53
0.29
0.31
0.42
0.45
0.37
0.20
0.49
0.40
0.51
0.27
0.32
0.38
0.56
0.37
0.35
0.37
0.60
0.42
0.33
0.35
0.28
0.49
Starting a business
Dealing with
construction permits
Getting electricity
Registering property
Getting credit
Protecting minority
investors
Paying taxes
Trading across
borders
Enforcing contracts
Source: Doing Business database.
0.48
NOTES
1.
2.
3.
151
Getting credit
Albania weakened its secured transactions system through an amendment to the Securing Charges Law
that does not allow intangible assets
to be secured with a nonpossessory
pledge.
Paying taxes
Albania made paying taxes more
costly for companies by increasing
the corporate income tax rate.
ness
Afghanistan
Starting a business
Afghanistan made starting a business more dicult by increasing the
publication fees and prolonging the
time required for registration.
Algeria
Trading across borders
Albania
Starting a business
Argentina
Armenia
Starting a business
Registering property
Austria
Starting a business
Reforms aecting the labor market regulation indicators are included here but do not aect the ranking on the ease of
doing business.
Azerbaijan
Starting a business
Belarus
Belarus made paying taxes easier
for companies by introducing an
electronic system for ling and paying contributions for the obligatory
insurance for work accidentsand
by simplifying the ling requirements for corporate income tax and
value added tax (VAT). On the other
hand, it increased the ecological tax
rate and made bad debt provisions
nondeductible for purposes of the
corporate income tax.
Belgium
Enforcing contracts
Bahrain
Registering property
Bangladesh
Trading across borders
Paying taxes
Registering property
Bahamas, The
Resolving insolvency
Belgium made resolving insolvency
more dicult by establishing additional requirements for commencing
reorganization proceedings, including the submission of documents
veried by external parties.
Bolivia
Brunei Darussalam
Dealing with construction permits
Bulgaria
Benin
Starting a business
Starting a business
Burkina Faso
Protecting minority investors
153
154
Cabo Verde
Getting credit
Cameroon
Chad
Protecting minority investors
Getting credit
China
Starting a business
Comoros
Protecting minority investors
Paying taxes
Colombia
Registering property
Paying taxes
Colombia made paying taxes more
complicated for companies by introducing a new prot tax (CREE),
though it also reduced the corporate
income tax rate and payroll taxes.
Getting electricity
Congo, Rep.
Protecting minority investors
Paying taxes
Cte dIvoire
Starting a business
Cte dIvoire made starting a business easier by reducing the minimum capital requirement, lowering
registration fees and enabling the
one-stop shop to publish notices of
incorporation.
Registering property
Costa Rica
Getting electricity
Croatia
Starting a business
Paying taxes
Croatia made paying taxes more
complicated for companies by raising the health insurance contribution rate, increasing the Croatian
Chamber of Commerce fees and
introducing more detailed ling
requirements for VAT. On the other
hand, it abolished the contribution to
the Croatian Chamber of Commerce.
Cyprus
Getting credit
Czech Republic
Starting a business
155
156
Denmark
Starting a business
Djibouti
Dominican Republic
Getting credit
Ecuador
Equatorial Guinea
Protecting minority investors
Finland
Labor market regulation
Finland eliminated the requirement
to notify a third party before dismissing a redundant employee or
group of redundant employees.
France
Starting a business
Gabon
Registering property
Gabon made transferring property
more costly by increasing the property registration tax rate.
Gambia, The
Starting a business
The Gambia made starting a business easier by eliminating the requirement to pay stamp duty.
Protecting minority investors
Georgia
Labor market regulation
Georgia reduced the maximum
duration of xed-term contracts
Germany
Starting a business
Germany made starting a business
more dicult by increasing notary
fees.
Registering property
Germany made transferring property more costly by increasing the
property transfer tax rate.
Greece
Starting a business
Hungary
Paying taxes
Iceland
Starting a business
Honduras
Guatemala
Starting a business
Guatemala made paying taxes easier and less costly for companies by
Starting a business
Hungary made starting a business
more dicult by increasing the paidin minimum capital requirement.
Getting credit
Guinea-Bissau
Registering property
Starting a business
Hong Kong SAR, China, made starting a business more dicult by
increasing the registration fee.
Registering property
Guinea
Ghana
Dealing with construction permits
Registering property
Iceland made transferring property
more costly by increasing the stamp
duty rate.
India
Starting a business
157
158
Getting electricity
Indonesia
Paying taxes
Jamaica
Starting a business
Getting electricity
Ireland
Getting electricity
Registering property
Getting electricity
Starting a business
Starting a business
Enforcing contracts
Paying taxes
Jamaica made paying taxes more
costly for companies by introducing
a new minimum business tax.
Jordan
Israel
Paying taxes
Israel made paying taxes more
costly for companies by increasing
the prot tax rate.
Kazakhstan
Italy
Starting a business
Registering property
Kazakhstan
made
registering
property easier by introducing effective time limits and an expedited
procedure.
Paying taxes
Kazakhstan made paying taxes
more complicated for companies by
introducing a mandatory contribution to the National Chamber of
Entrepreneurs and by increasing the
vehicle and environmental taxes.
Kazakhstan made enforcing contracts easier by introducing an electronic ling system for court users.
Paying taxes
Kenya made paying taxes more
costly for companies by increasing
employers social security contribution rate.
Latvia
Starting a business
Latvia made starting a business
more dicult by increasing registration fees, bank fees and notary fees.
Paying taxes
Kosovo
Dealing with construction permits
Enforcing contracts
Getting credit
Registering property
Kenya
Paying taxes
Kiribati made paying taxes more
complicated for companies by introducing VAT.
Korea, Rep.
Resolving insolvency
Kiribati
Kuwait
Starting a business
Kuwait made starting a business
more dicult by increasing the commercial license fee.
Lao PDR
Getting credit
Lithuania
Starting a business
Macedonia, FYR
Starting a business
159
160
Madagascar
Dealing with construction permits
Malta
Starting a business
Mauritania
Starting a business
Malawi
Starting a business
Mali
Dealing with construction permits
Mauritius
Starting a business
Mexico
Getting credit
Moldova
Starting a business
Mongolia
Protecting minority investors
Montenegro
Dealing with construction permits
Morocco
Trading across borders
Mozambique
Registering property
Mozambique
made
registering
property easier by streamlining
procedures at the land registry and
municipality.
Resolving insolvency
Myanmar
Trading across borders
Namibia
Paying taxes
Namibia made paying taxes more
complicated for companies by introducing a new vocational education
and training levy.
Nepal
Dealing with construction permits
Pakistan
Trading across borders
Pakistan made trading across borders easier by introducing a fully automated, computerized system (the
Web-Based One Customs system)
for the submission and processing of
export and import documents. This
reform applies to both Lahore and
Karachi.
New Zealand
Getting credit
Palau
Trading across borders
Nicaragua
Starting a business
Panama
Getting credit
Niger
Protecting minority investors
Philippines
Poland
Getting electricity
Norway
Starting a business
161
162
Portugal
Paying taxes
Registering property
Enforcing contracts
Rwanda
Getting electricity
Romania
Paying taxes
Russian Federation
Starting a business
Starting a business
Rwanda made starting a business
more dicult by requiring companies to buy an electronic billing
machine from a certied supplier,
but also made it easier by launching
free mandatory online registration.
Samoa
San Marino
Registering property
Senegal
Starting a business
Senegal improved its credit information system by introducing regulations developed by the West African
Economic and Monetary Union that
govern the licensing and operation of
credit bureaus.
Protecting minority investors
Paying taxes
Serbia
Registering property
Serbia made transferring property
more dicult by eliminating the expedited procedure for registering a
property transfer.
Seychelles
Paying taxes
Sierra Leone
Getting electricity
Solomon Islands
Getting electricity
Getting credit
Paying taxes
Sierra Leone made paying taxes
more complicated for companies by
introducing a capital gains tax.
Singapore
Enforcing contracts
Slovak Republic
Starting a business
Slovenia
Resolving insolvency
South Africa
Getting credit
South Africa made access to credit
information more dicult by introducing regulations requiring credit
bureaus to remove negative credit
information from their databases,
such as adverse information on
consumer behavior or enforcement
action accumulated on a consumers
record before April 1, 2014.
Enforcing contracts
Spain
Starting a business
163
164
Sri Lanka
Paying taxes
Sri Lanka made paying taxes more
costly for companies by increasing the reduced corporate income
tax rate for qualifying small and
medium-size enterprises.
Paying taxes
St. Lucia
Trading across borders
Suriname
Starting a business
Swaziland
Starting a business
Sweden
Registering property
Switzerland
Starting a business
Getting credit
Paying taxes
Taiwan, China
Getting electricity
Tajikistan
Starting a business
Tanzania
Getting credit
Paying taxes
Tanzania made paying taxes more
complicated for companies by
introducing an excise tax on money
transfers. On the other hand, it made
paying taxes less costly by reducing
the rate of the skill and development
levy.
Tanzania made trading across borders easier by upgrading infrastructure at the port of Dar es Salaam.
Thailand
Dealing with construction permits
Thailand made dealing with construction permits less time-consuming by introducing a fast-track approval process for building permits
for smaller buildings.
Timor-Leste
Resolving insolvency
Starting a business
Togo
Starting a business
Ukraine
Tunisia
Paying taxes
Registering property
Turkey
Starting a business
Turkey made starting a business
more dicult by increasing the notary and company registration fees.
Paying taxes
Turkey made paying taxes more
costly for companies by increasing
employers social security contribution rate.
Enforcing contracts
Uganda
Trading across borders
Paying taxes
165
166
United Kingdom
Starting a business
Vanuatu
Registering property
Paying taxes
Venezuela, RB
United States
Starting a business
In the United States starting a business became easier in New York City
thanks to faster online procedures.
Uruguay
Vietnam
Getting credit
Paying taxes
Enforcing contracts
Uzbekistan
Protecting minority investors
Yemen, Rep.
Zambia
Starting a business
Repblica Bolivariana de Venezuela
made starting a business more difcult by increasing incorporation
costs.
Registering property
Zambia made transferring property
more dicult by increasing the property transfer tax rate.
Getting credit
Country tables
AFGHANISTAN
Ease of doing business rank (1189)
183
24
93.54
3
7
15.1
0.0
185
30.14
11
323
57.4
141
61.09
5
114
3,373.9
ALBANIA
Ease of doing business rank (1189)
68
41
91.86
5
4.5
10.0
0.0
157
56.50
19
228
3.3
152
58.34
6
177
472.6
South Asia
Overall distance to frontier (DTF) score (0100)
41.16
183
33.33
9
250
5.0
89
45.00
9
0
0.0
0.0
189
10.00
1.7
0.3
1.0
79
74.39
20
275
35.8
66.06
118
60.67
6
22
9.9
36
65.00
7
6
0.0
16.7
7
72.50
7.3
7.2
7.3
131
64.75
34
357
30.7
700
30.6
184
9.21
10
86
5,045
10
91
5,680
183
31.29
46
1,642
25.0
159
23.60
2.0
25
26.4
3
4,700
2.8
95
72.48
7
19
745
8
18
730
102
57.14
39
525
34.9
44
61.37
2.0
10
41.5
12.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
168
ALGERIA
Ease of doing business rank (1189)
154
141
74.07
13
22
11.0
24.1
127
65.72
17
204
0.7
147
59.98
5
180
1,318.5
ANGOLA
Ease of doing business rank (1189)
181
50.69
157
50.67
10
55
7.1
171
10.00
2
0
0.0
2.0
132
45.00
5.0
4.0
4.5
176
41.63
27
451
72.7
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
41.85
164
46.62
7
190
3.0
174
56.56
8
66
123.5
20.0
67
75.47
10
203
0.5
180
5.00
1
0
0.0
1.8
157
56.66
7
145
660.0
94
51.67
5.3
5.0
5.2
144
60.40
30
282
52.0
62.64
141
55.44
7
25
10.8
89
102
83.28
8
21
10.2
0.0
30
82.21
12
106
0.5
151
25.00
5
0
0.0
0.0
17
90.46
4
42
122.9
35
62.50
6.7
5.8
6.3
159
54.51
57
207
41.6
5,290
39.2
131
64.21
8
17
1,270
9
26
1,330
120
52.89
45
630
21.9
97
42.74
2.5
7
41.7
6.5
5,010
21.5
167
40.96
10
40
2,060
9
43
2,725
187
25.22
46
1,296
44.4
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
12,910
0.1
89
73.58
5
16
1,090
7
23
1,520
76
61.26
44
351
22.7
114
38.19
3.0
7
36.1
6
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
ARGENTINA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
124
146
72.58
14
25
15.2
4.0
57.48
119
60.63
7
51.5
6.6
181
42.54
21
341
3.5
71
50.00
2
8
100.0
41.2
104
72.42
6
92
45.4
62
57.50
5.0
6.5
5.8
170
44.99
9
405
137.3
70.60
7
93.03
3
7
0.2
ARMENIA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
45
4
97.77
2
3
1.0
0.0
81
73.78
19
83
1.2
36
65.00
5
8
65.8
23.5
131
64.02
5
187
92.6
49
60.00
6.3
5.7
6.0
41
82.10
10
321
20.4
AUSTRALIA
Ease of doing business rank (1189)
10
80.66
53
76.87
5
4.5
5.2
7
96.47
3
2.5
0.7
0.0
19
84.30
10
112
0.5
4
90.00
11
7
100.0
0.0
55
80.59
5
75
8.6
71
56.67
6.0
5.3
5.7
39
82.48
11
105
47.3
11,376
41.4
128
65.11
6
12
1,770
8
30
2,320
63
63.88
36
590
20.5
83
45.10
2.8
12
28.6
9.5
3,790
3.0
110
68.81
5
16
1,885
8
18
2,175
119
53.33
49
570
14.0
69
48.14
1.9
11
37.2
9
65,520
23.1
49
80.53
5
9
1,200
7
8
1,220
12
77.06
28
395
21.8
14
81.60
1.0
8
81.9
12
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
169
170
AUSTRIA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
21
101
83.42
8
22
0.3
13.6
77.42
35
81.07
3
20.5
4.6
78
74.25
11
192
1.1
52
60.00
5
7
53.2
2.0
24
87.75
5
23
101.6
32
63.33
5.3
7.3
6.3
72
76.36
12
166
52.0
64.08
AZERBAIJAN
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
80
12
95.54
3
5
3.1
0.0
10
92.30
3
8.5
0.4
104
40.00
2
6
0.0
28.7
150
59.89
21
151
4.1
159
55.69
7
164
226.2
BAHAMAS, THE
51
59.17
6.7
5.2
5.9
33
83.77
7
195
39.8
61.37
179
37.22
7
122
12.1
92
71.81
14
178
1.0
131
30.00
6
0
0.0
0.0
50
81.24
5
67
133.2
141
43.33
5.0
3.7
4.3
31
84.07
18
58
41.1
97
95
84.12
7
23.5
10.2
0.0
48,590
8.5
19
87.66
3
10
1,150
4
9
1,215
5
81.55
25
397
18.0
16
78.84
1.1
10
82.6
11
7,350
9.4
166
42.37
9
27
3,460
11
25
3,450
31
69.02
40
277
18.5
94
43.02
1.5
12
39.3
7
23,489
0.4
63
77.36
5
19
1,005
5
13
1,770
125
51.65
49
427
28.9
60
52.93
3.0
12
63.5
6
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
BAHRAIN
Ease of doing business rank (1189)
53
131
76.92
7
9
0.8
192.2
7
88.48
11
60
0.2
73
78.26
5
90
47.1
BANGLADESH
Ease of doing business rank (1189)
173
115
81.36
9
19.5
16.8
0.0
144
61.90
13.4
269.2
2.1
188
17.32
9
428.9
3,890.1
BARBADOS
Ease of doing business rank (1189)
106
69.00
17
88.65
2
31
1.7
104
40.00
1
7
48.3
0.0
104
50.00
4.7
5.3
5.0
8
93.88
13
60
13.5
South Asia
Overall distance to frontier (DTF) score (0100)
46.84
184
31.34
8
244
7.1
131
30.00
6
0
0.0
0.9
43
60.83
6.3
5.8
6.1
83
73.98
21
302
32.5
60.57
144
54.95
6
118
5.6
94
84.36
8
18
7.6
0.0
147
61.06
9
442
0.2
116
35.00
7
0
0.0
0.0
118
67.51
7
87
64.0
177
30.83
3.3
2.8
3.1
92
72.99
27
237
34.6
27,435
1.3
64
77.27
6
11
810
8
15
870
123
52.33
48
635
14.7
87
44.24
2.5
10
41.6
7
900
156.6
140
61.36
6
28.3
1,281
9
33.6
1,515
188
20.82
41
1,442
66.8
147
29.49
4.0
8
25.8
5
15,373
0.3
38
83.34
5
9
810
5
8
1,615
160
41.61
38
1,340
19.7
26
74.09
1.8
15
65.1
12.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
171
172
BELARUS
Ease of doing business rank (1189)
57
68.26
3
96.67
2
4
0.0
40
91.88
5
9
0.8
0.0
51
78.20
14
114
0.8
104
40.00
2
6
0.0
64.5
148
59.90
7
131
364.1
94
51.67
5.0
5.3
5.2
BELGIUM
Ease of doing business rank (1189)
42
60
78.29
7
183
52.0
71.11
171
42.27
8
64
12.7
14
94.42
3
4
5.0
18.2
82
73.68
10
212
1.1
89
45.00
4
5
0.0
96.4
99
72.81
6
88
92.3
40
61.67
7.0
5.3
6.2
81
74.18
11
160
57.8
58.14
120
60.61
8
59
4.8
BELIZE
Ease of doing business rank (1189)
118
148
72.38
9
43
41.4
0.0
69
75.35
15
110
1.9
160
20.00
4
0
0.0
0.0
54
80.62
5
66
319.5
169
35.83
4.3
2.8
3.6
61
78.17
29
147
31.1
6,720
9.5
145
59.09
8
15
1,460
10
30
2,265
7
78.70
29
275
23.4
68
48.18
3.0
22
37.3
9
45,210
11.2
26
85.55
4
9
1,240
4
8
1,400
10
77.67
26
505
17.7
11
83.87
0.9
4
89.1
11.5
4,660
0.3
91
73.17
5
17
1,355
7
19
1,580
170
37.38
51
892
27.5
71
47.94
2.0
23
54.2
6
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
BENIN
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
151
117
80.91
7
12
55.8
6.3
64
75.87
13
111
3.2
173
45.12
5
90
14,654.9
BHUTAN
Ease of doing business rank (1189)
125
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
51.10
165
46.61
4
120
11.7
116
35.00
6
1
0.0
10.0
135
44.17
4.3
4.5
4.4
178
41.02
55
270
63.3
South Asia
Overall distance to frontier (DTF) score (0100)
57.47
86
68.82
3
92
5.0
92
85.01
8
17
4.4
0.0
131
64.51
21
150
1.3
71
50.00
4
6
18.0
0.0
72
78.28
5
74
606.5
104
50.00
4.0
6.0
5.0
86
73.55
19
274
38.7
49.95
130
58.55
7
91
4.7
BOLIVIA
Ease of doing business rank (1189)
157
171
59.07
15
49
64.4
1.6
129
64.97
12
275
1.1
116
35.00
0
7
39.0
15.1
127
65.33
8
42
829.3
160
40.83
4.0
4.2
4.1
189
12.18
42
1,025
83.7
790
10.3
121
66.45
7
25
1,052
7
25
1,487
167
37.73
41
750
64.7
115
38.08
4.0
22
18.5
9
2,460
0.8
165
43.10
9
38
2,230
11
37
2,330
74
61.42
47
225
23.1
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
2,550
10.7
125
65.79
7
22
1,440
6
28
1,745
111
54.93
40
591
33.2
96
42.82
1.8
15
38.9
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
173
174
107
147
72.51
11
37
14.6
28.6
88
68.12
7
24
5.2
182
39.10
15
179
19.7
36
65.00
7
6
8.1
39.7
163
54.72
8
125
484.4
83
54.17
4.7
6.2
5.4
151
58.22
45
407
23.3
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
64.87
74
149
71.68
10
60
1.0
0.0
51
78.13
4
15
5.1
93
71.43
20
110
0.3
61
55.00
5
6
51.7
0.0
103
72.56
5
121
340.4
106
49.17
6.0
3.8
4.9
67
77.47
34
152
25.3
BRAZIL
Ease of doing business rank (1189)
60.55
BOTSWANA
Ease of doing business rank (1189)
120
58.01
138
56.18
13.6
31.7
2.5
167
63.37
11.6
83.6
4.3
0.0
174
48.31
18.2
426.1
0.4
89
45.00
2
7
63.6
52.5
19
89.20
4
53.3
31.6
35
62.50
5.7
6.8
6.3
177
41.31
9
2,600
69.0
4,740
3.8
104
69.76
8
16
1,260
8
13
1,200
95
57.64
37
595
34.0
34
66.21
3.3
9
35.9
15
7,730
2.0
157
52.02
6
27
3,145
6
35
3,710
61
64.02
28
625
39.8
49
57.17
1.7
18
62.7
7.5
11,690
200.4
123
66.11
6
13.4
2,323
8
17
2,323
118
53.60
43.6
731
16.5
55
54.52
4.0
12
25.8
13
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
BRUNEI DARUSSALAM
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
61.26
162
48.65
7
298
0.6
53
77.93
17
88
0.1
89
45.00
4
5
0.0
56.6
42
83.22
5
56
38.6
110
47.50
4.7
4.8
4.8
101
179
53.12
15
101
10.4
0.0
BULGARIA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
38
49
91.09
4
18
0.8
0.0
30
84.40
27
93
15.8
71.80
57
75.36
7
10
2.9
101
69.85
16
110
4.5
23
70.00
9
5
0.0
62.9
125
65.78
6
130
320.4
14
68.33
6.3
7.3
6.8
89
73.18
13
454
27.0
BURKINA FASO
Ease of doing business rank (1189)
167
153
69.06
3
13
44.7
308.5
75
74.55
11
112
5.5
177
40.82
4
158
11,057.1
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
48.36
147
53.79
4
67
12.3
131
30.00
6
0
0.0
2.0
122
45.83
4.7
4.5
4.6
152
58.08
45
270
41.3
39,943
0.4
46
80.87
5
19
705
5
15
770
139
47.76
47
540
36.6
88
44.17
2.5
4
47.2
6
7,030
7.3
57
78.34
4
18
1,375
5
17
1,365
75
61.27
38
564
23.8
38
64.75
3.3
9
33.2
15
670
16.9
174
29.51
10
41
2,305
12
49
4,330
153
43.83
37
446
81.7
115
38.08
4.0
21
18.5
9
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
175
176
BURUNDI
Ease of doing business rank (1189)
152
18
94.25
3
5
13.4
0.0
133
64.16
14
99
10.1
182
35.27
5
158
16,367.3
CABO VERDE
Ease of doing business rank (1189)
122
78
87.00
7
10
14.3
0.0
114
67.53
16
140
4.1
133
63.80
7
88
932.2
CAMBODIA
Ease of doing business rank (1189)
135
184
41.23
11
101
139.5
26.1
183
35.54
20
652
6.7
139
62.44
4
168
2,495.4
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
51.07
48
78.38
5
23
3.2
171
10.00
2
0
0.0
3.9
94
51.67
6.3
4.0
5.2
124
66.78
25
274
45.7
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
57.94
62
74.50
6
22
3.7
104
40.00
2
6
0.0
16.7
170
35.00
4.0
3.0
3.5
91
73.05
30
186
36.5
55.33
100
64.83
7
56
4.4
12
80.00
11
5
29.3
0.0
92
52.50
5.7
4.8
5.3
90
73.06
40
173
21.0
280
10.2
169
37.50
9
32
2,905
9
43
4,420
158
42.15
44
832
38.6
144
30.55
5.0
30
7.4
8.5
3,630
0.5
101
70.92
7
20
1,125
7
20
925
39
67.61
37
425
19.8
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
950
15.1
124
65.92
8
22
795
9
24
930
178
32.79
44
483
103.4
84
45.02
6.0
28
8.2
13
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
CAMEROON
Ease of doing business rank (1189)
158
133
76.41
5
15
34.3
156.4
166
52.87
15
136
13.9
52
80.84
4
64
1,686.3
CANADA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
16
2
98.82
1
5
0.4
0.0
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
49.85
172
42.00
5
86
19.0
116
35.00
6
1
0.0
5.4
117
46.67
5.0
4.3
4.7
181
36.34
44
630
48.8
79.09
55
76.20
6
16.5
3.3
118
67.12
12
249
1.3
7
85.00
9
8
100.0
0.0
150
59.27
7
142
131.0
7
72.50
8.7
5.8
7.3
9
93.00
8
131
21.0
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
34.47
150
52.46
5
75
11.1
131
30.00
6
0
0.0
2.6
187
187
34.30
8
22
226.0
607.3
145
61.83
15
200
4.9
186
32.27
7
102
17,232.4
135
44.17
4.3
4.5
4.4
185
23.47
56
483
73.3
1,270
22.3
160
49.83
11
23
1,379
12
25
2,267
159
42.11
42
800
46.6
123
36.42
2.8
34
15.4
9
52,200
35.2
23
86.07
3
8
1,680
3
10
1,680
65
63.76
36
570
22.3
6
89.17
0.8
7
87.3
13.5
320
4.6
186
6.48
9
46
5,490
17
68
6,335
182
31.62
43
660
82.0
152
28.13
4.8
76
0.0
9
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
177
178
CHAD
Ease of doing business rank (1189)
185
185
39.98
9
60
165.6
201.7
123
66.09
10
207
5.9
174
44.64
6
67
7,677.5
CHILE
Ease of doing business rank (1189)
41
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
37.25
166
45.92
6
44
15.2
131
30.00
6
0
0.0
2.1
146
42.50
4.0
4.5
4.3
186
19.54
54
732
63.5
71.24
45
78.96
6
28.5
1.2
59
89.83
7
5.5
0.7
0.0
62
76.13
13
152
0.7
71
50.00
4
6
8.8
44.7
49
81.34
6
30
62.1
56
58.33
6.7
5.0
5.8
29
84.50
7
291
27.9
62.58
37
80.67
4
19.5
3.6
CHINA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
90
128
77.43
11
31.4
0.9
0.0
179
43.75
22
244.3
7.6
71
50.00
4
6
0.0
33.2
124
66.35
5.5
143.2
459.4
132
45.00
5.0
4.0
4.5
120
67.44
7
261
64.6
1,020
12.8
182
10.68
8
70
6,615
11
90
9,025
149
45.05
41
743
45.7
152
28.13
4.0
60
0.0
9
15,230
17.6
40
82.05
5
15
910
5
12
860
64
63.85
36
480
28.6
73
47.38
3.2
15
30.0
10
6,560
1,357.4
98
71.68
8
21
823
5
24
800
35
68.21
37
452.8
16.2
53
55.31
1.7
22
36.0
11.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
COLOMBIA
Ease of doing business rank (1189)
34
84
86.13
8
11
7.5
0.0
61
76.45
10
73
7.4
92
74.20
5
105
504.4
42
79.33
6
16
2.0
2
95.00
12
7
87.0
0.0
COMOROS
Ease of doing business rank (1189)
159
173
57.65
8
15
114.0
226.7
31
81.92
11
113
1.0
81
76.46
3
120
2,127.9
184
172
58.53
7
16
30.0
500.0
111
67.72
8
119
11.6
175
43.19
6
65
16,191.7
10
71.67
8.0
6.3
7.2
146
59.71
11
239
75.4
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
49.56
105
63.83
4
30
10.4
131
30.00
6
0
0.0
0.0
72.29
122
45.83
4.7
4.5
4.6
167
47.37
33
100
216.5
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
40.60
142
55.39
7
44
9.5
131
30.00
6
0
0.0
0.2
146
42.50
4.0
4.5
4.3
168
46.11
50
316
54.7
7,560
48.3
93
72.69
4
14
2,355
6
13
2,470
168
37.66
33
1,288
47.9
30
70.00
1.7
6
72.0
10
880
0.7
144
59.33
9
31
1,295
8
24
1,295
177
33.20
43
506
89.4
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
400
67.5
175
29.09
7
44
3,365
10
63
4,290
176
33.51
43
610
80.6
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
179
180
CONGO, REP.
Ease of doing business rank (1189)
178
170
60.56
11
53
52.7
79.3
102
69.76
11
168
5.2
170
47.01
6
135
4,705.2
COSTA RICA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
Registering property (rank)
DTF score for registering property (0100)
Procedures (number)
Time (days)
Cost (% of property value)
Getting credit (rank)
DTF score for getting credit (0100)
Strength of legal rights index (012)
Depth of credit information index (08)
Credit bureau coverage (% of adults)
Credit registry coverage (% of adults)
104
40.00
6
2
0.0
9.4
146
42.50
4.0
4.5
4.3
182
31.67
49
602
55.2
63.67
47
78.40
5
19
3.4
52
78.14
13
113
1.7
89
45.00
2
7
100.0
27.4
46
82.72
5
55
196.2
181
28.33
3.3
2.3
2.8
83
118
80.90
9
24
11.5
0.0
CTE DIVOIRE
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
168
44.17
6
55
20.4
43.29
147
44
91.24
4
7
20.0
3.4
180
43.50
23
347
1.0
161
55.24
8
55
2,824.4
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
121
67.27
23
163
58.0
52.26
124
60.05
6
30
9.6
131
30.00
6
0
0.0
3.2
146
42.50
4.0
4.5
4.3
175
42.73
63
270
51.9
2,660
4.4
181
15.40
11
50
3,795
10
54
7,590
151
44.11
44
560
53.2
117
37.75
3.3
25
17.9
9
9,550
4.9
47
80.84
5
14
1,020
5
14
1,070
129
51.13
40
852
24.3
89
43.95
3.0
15
26.5
9.5
1,380
20.3
158
50.54
9
25
1,390
13
32
1,960
72
61.88
32
525
41.7
85
44.97
2.2
18
31.3
9
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
CROATIA
Ease of doing business rank (1189)
65
66.53
92
66.44
5
72
5.0
88
85.43
7
15
3.5
26.6
178
44.97
21
188
10.9
61
55.00
5
6
100.0
0.0
59
80.05
5
70
316.7
62
57.50
5.0
6.5
5.8
CYPRUS
Ease of doing business rank (1189)
64
64
89.18
6
8
12.6
0.0
148
60.68
8
677
1.2
160
55.28
5
247
102.1
36
82.92
19
208
18.8
66.55
112
61.83
6
8
10.4
CZECH REPUBLIC
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
44
110
82.58
9
19
8.0
0.0
139
62.91
24
143
0.3
123
66.52
6
129
175.8
61
55.00
7
4
6.8
0.0
14
68.33
6.7
7.0
6.8
50
80.53
29
146.5
23.2
70.95
31
81.87
3
24
4.0
23
70.00
7
7
76.6
6.4
83
54.17
5.3
5.5
5.4
119
67.66
8
413
48.5
13,330
4.3
86
74.25
6
16
1,335
7
14
1,185
54
64.81
38
572
13.8
56
53.92
3.1
15
30.5
12
25,190
1.1
34
83.87
5
7
865
7
5
1,010
113
54.17
43
735
16.4
51
56.68
1.5
15
70.5
6
18,060
10.5
58
78.33
4
17
1,240
6
17
1,215
37
68.00
27
611
33.0
20
77.50
2.1
17
65.6
13.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
181
182
DENMARK
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
4
25
93.40
4
5.5
0.2
14.5
84.20
8
92.61
3
4
0.6
5
89.84
7
64
2.3
23
70.00
8
6
7.8
0.0
14
91.07
4
38
114.9
17
67.50
6.7
6.8
6.8
12
91.94
10
130
26.0
50.48
DJIBOUTI
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
155
163
65.89
7
14
175.2
0.0
146
61.63
18
117
7.4
176
42.21
4
180
6,988.8
DOMINICA
Ease of doing business rank (1189)
97
154
51.63
6
39
12.8
180
5.00
1
0
0.0
0.3
162
39.17
2.3
5.5
3.9
75
75.26
35
82
37.3
61.37
149
52.86
5
42
13.3
63
89.27
5
12
15.7
0.0
43
78.79
10
175
0.1
131
30.00
6
0
0.0
0.0
53
80.67
5
61
483.0
87
53.33
6.7
4.0
5.3
94
72.49
37
117
37.0
61,110
5.6
7
92.23
4
6
795
3
5
745
34
68.79
35
410
23.3
9
84.59
1.0
4
87.5
12
1,595
0.9
56
78.65
5
20
885
5
18
910
171
37.31
40
1,225
34.0
70
48.04
2.3
11
37.0
9
6,760
0.1
88
74.03
6
13
990
8
14
1,600
148
45.17
46
681
36.0
121
37.09
4.0
10
28.3
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
DOMINICAN REPUBLIC
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
84
113
81.60
7
19.5
16.9
43.0
63.43
82
69.90
6
51
3.7
96
70.88
13
184
2.0
119
67.36
7
82
276.9
ECUADOR
Ease of doing business rank (1189)
115
165
65.31
13
55.5
24.0
3.5
59
76.86
15
114
0.8
120
67.03
7
74
638.5
112
73
88.14
7
8
9.2
0.0
142
62.06
20
179
1.9
106
71.31
7
54
304.6
89
45.00
1
8
63.1
38.1
83
54.17
5.3
5.5
5.4
80
74.24
9
324
43.4
58.88
80
70.21
8
39
1.9
89
45.00
1
8
73.0
0.0
117
46.67
4.3
5.0
4.7
138
62.84
8
654
33.0
59.54
84
69.13
8
63
0.7
71
50.00
2
8
21.8
5.8
135
44.17
4.7
4.2
4.4
149
58.84
29
392
45.0
5,620
10.4
24
85.56
4
8
1,040
5
10
1,145
73
61.87
34
460
40.9
158
23.75
3.5
38
9.3
6
5,510
15.7
114
68.23
7
19
1,535
6
24
1,520
88
58.30
39
588
27.2
151
28.36
5.3
18
17.9
6
3,160
82.1
99
71.56
8
12
625
10
15
790
152
44.02
42
1,010
26.2
126
36.17
2.5
22
26.6
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
183
184
EL SALVADOR
Ease of doing business rank (1189)
109
121
79.87
8
16.5
45.2
2.7
155
57.19
25
115
4.6
144
60.56
8
83
543.8
EQUATORIAL GUINEA
Ease of doing business rank (1189)
165
186
36.74
18
135
99.0
14.3
94
71.20
13
144
4.1
95
73.84
5
106
557.6
ERITREA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
189
183
44.81
13
84
41.5
182.1
59.93
56
75.65
5
31
3.8
71
50.00
3
7
32.0
28.2
154
41.67
3.3
5.0
4.2
161
52.31
53
320
38.7
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
49.01
145
54.82
6
23
12.5
104
40.00
6
2
0.0
5.1
122
45.83
4.7
4.5
4.6
171
44.73
46
492
44.0
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
33.16
176
39.78
11
78
9.1
166
38.33
4.7
3.0
3.8
174
43.49
30
216
83.7
113
70.28
5
59
3,078.5
185
0.00
0
0
0.0
0.0
3,720
6.3
73
76.01
7
13
1,045
7
10
1,035
82
60.06
35
786
19.2
79
46.02
3.5
12
33.2
9
14,320
0.8
143
59.67
7
29
1,390
6
44
1,600
67
63.23
40
475
19.5
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
490
6.3
172
32.24
10
50
1,850
12
59
2,000
68
62.70
39
490
22.6
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
ESTONIA
Ease of doing business rank (1189)
17
78.84
13
90.88
3
17.5
0.4
26
93.25
4
4.5
1.4
18.6
20
84.18
11
103
0.3
23
70.00
7
7
34.2
0.0
56
80.27
4
111
169.2
56
58.33
5.7
6.0
5.8
28
84.93
7
81
49.3
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
56.31
104
64.05
10
41
2.1
165
15.00
3
0
0.0
0.2
154
41.67
2.3
6.0
4.2
112
69.11
30
306
31.8
ETHIOPIA
Ease of doing business rank (1189)
132
168
63.15
9
15
89.3
164.4
28
82.49
7
125
3.2
82
76.39
4
95
1,676.6
FIJI
Ease of doing business rank (1189)
81
160
67.79
11
59
22.5
0.0
73
74.89
15
141
0.4
75
77.97
4
81
1,784.9
63.90
64
74.15
4
69
3.0
71
50.00
5
5
78.9
0.0
110
47.50
5.7
3.8
4.8
107
70.73
38
195
31.1
17,370
1.3
6
92.76
3
6
765
4
5
795
32
68.91
35
425
21.9
37
64.92
3.0
9
39.3
14
470
94.1
168
38.58
8
44
2,380
11
44
2,960
50
65.43
38
530
15.2
74
47.20
1.8
15
38.3
8.5
4,430
0.9
116
68.04
8
19
790
9
22
753
59
64.34
34
397
38.9
91
43.62
1.8
10
46.2
6
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
185
186
FINLAND
Ease of doing business rank (1189)
80.83
38
80.58
3
32
4.0
27
93.10
3
14
1.1
7.0
33
81.61
15
64
0.8
36
65.00
7
6
19.6
0.0
33
85.29
5
42
29.7
76
55.83
6.0
5.2
5.6
21
88.36
8
93
40.0
73.88
126
59.36
8
49
6.1
FRANCE
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
31
28
93.00
5
4.5
0.9
0.0
86
73.14
8
183
4.7
71
50.00
4
6
0.0
44.5
60
79.87
5
79
42.9
17
67.50
5.7
7.8
6.8
95
72.12
8
137
66.6
GABON
Ease of doing business rank (1189)
144
135
75.90
7
50
12.9
19.6
76
74.36
11
194
0.9
129
64.23
6
141
311.1
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
53.43
181
36.51
6
103
17.5
104
40.00
6
2
0.0
50.8
146
42.50
4.0
4.5
4.3
154
57.75
26
488
40.6
47,110
5.4
14
89.10
4
9
615
5
7
625
17
75.58
33
375
13.3
1
93.85
0.9
4
90.2
14.5
42,250
66.0
10
90.18
2
10
1,335
2
11
1,445
10
77.67
29
395
17.4
22
75.94
1.9
9
77.2
11
10,650
1.7
135
63.26
6
20
2,145
8
22
2,275
156
43.51
38
1,070
34.3
125
36.29
5.0
15
15.2
9
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
GAMBIA, THE
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
138
159
68.37
7
26
131.2
0.0
71
75.14
12
144
2.5
138
63.05
5
78
4,166.1
GEORGIA
Ease of doing business rank (1189)
15
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
54.81
113
61.54
5
66
7.6
160
20.00
4
0
0.0
0.0
162
39.17
4.0
3.8
3.9
180
38.36
50
376
63.3
79.46
1
99.88
1
1
0.1
5
97.73
2
2
3.4
0.0
3
91.44
8
68.5
0.3
7
85.00
9
8
56.8
0.0
37
84.69
4
71
503.8
43
60.83
7.3
4.8
6.1
38
82.76
5
362
16.4
79.73
GERMANY
Ease of doing business rank (1189)
14
114
81.38
9
14.5
8.8
35.8
89
67.78
5
40
6.7
8
87.42
8
96
1.1
23
70.00
6
8
100.0
1.3
3
98.37
3
28
44.4
51
59.17
5.0
6.8
5.9
68
77.02
9
218
48.8
510
1.8
77
75.52
6
19
1,040
6
19
745
49
65.49
33
407
37.9
102
41.51
2.0
15
27.8
8.5
3,570
4.5
33
84.02
4
9
1,355
4
10
1,595
23
71.82
33
285
29.9
122
36.48
2.0
10
38.7
5
46,100
80.6
18
87.67
4
9
1,015
4
7
1,050
13
76.74
31
394
14.4
3
91.78
1.2
8
83.4
15
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
187
188
GHANA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
70
96
83.73
8
14
19.2
2.8
106
69.14
13
201
2.0
71
78.29
4
79
1,778.0
GREECE
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
61
52
90.71
5
13
2.2
0.0
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
65.24
43
79.23
5
46
1.1
36
65.00
7
6
14.1
0.0
56
58.33
6.7
5.0
5.8
101
71.53
32
224
33.3
66.70
116
61.16
10
20
4.9
88
72.31
18
124
0.6
71
50.00
3
7
82.5
0.0
80
76.67
6
62
69.7
62
57.50
5.3
6.2
5.8
59
78.30
8
193
49.9
57.35
128
59.12
8
32
7.4
GRENADA
Ease of doing business rank (1189)
126
80
86.70
6
15
18.4
0.0
40
79.00
13
128
0.3
131
30.00
6
0
0.0
0.0
77
77.78
6
49
257.9
141
43.33
6.7
2.0
4.3
106
71.12
30
140
45.3
1,760
25.9
120
67.10
6
19
875
7
41
1,360
96
57.59
38
710
23.0
161
22.45
1.9
22
24.3
3
22,530
11.0
48
80.80
4
15
1,040
6
14
1,135
155
43.60
38
1,580
14.4
52
55.98
3.5
9
34.3
12
7,460
0.1
51
80.22
4
9
1,300
6
9
2,170
144
46.25
46
688
32.6
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
GUATEMALA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
73
98
83.72
6
18.5
25.8
18.7
64.88
65
74.07
6
24
3.8
12
80.00
9
7
8.7
19.2
122
66.18
11
158
7.9
18
89.28
4
39
514.6
GUINEA
Ease of doing business rank (1189)
169
175
55.44
6
8
82.6
416.0
159
55.92
26
166
1.6
154
57.61
4
69
7,155.6
GUINEA-BISSAU
Ease of doing business rank (1189)
179
176
54.83
9
9
50.1
401.3
165
52.95
11
116
18.2
180
35.96
7
455
2,062.2
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
174
31.67
3.3
3.0
3.2
54
80.04
8
256
39.9
47.42
122
60.14
6
44
8.6
131
30.00
6
0
0.0
0.0
162
39.17
3.3
4.5
3.9
184
28.27
57
440
68.3
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
43.21
160
48.92
8
51
10.6
131
30.00
6
0
0.0
1.0
122
45.83
4.7
4.5
4.6
150
58.65
46
208
45.5
3,340
15.5
102
70.10
8
17
1,355
6
16
1,445
143
46.35
31
1,402
26.5
155
27.37
3.0
15
27.6
4
460
11.7
141
60.25
7
36
915
8
31
1,480
133
49.74
49
276
45.0
119
37.62
3.8
8
17.6
9
520
1.7
119
67.41
6
25
1,448
6
22
2,006
169
37.54
40
1,715
25.0
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
189
190
GUYANA
Ease of doing business rank (1189)
123
57.83
103
64.08
6
75
4.6
99
83.62
8
19
11.5
0.0
38
80.06
7
195
0.6
165
15.00
3
0
0.0
0.0
155
57.21
8
109
442.9
135
44.17
5.3
3.5
4.4
115
68.69
35
256
32.3
42.18
175
39.79
5
312
7.1
171
10.00
2
0
0.0
1.1
187
20.00
3.0
1.0
2.0
142
61.87
47
184
40.3
60.61
81
70.09
6
22
5.7
103
69.37
15
82
7.2
7
85.00
9
8
36.1
21.8
110
70.96
7
39
918.0
174
31.67
3.3
3.0
3.2
153
57.92
48
224
43.0
HAITI
Ease of doing business rank (1189)
180
188
33.48
12
97
246.7
17.6
132
64.42
8
71
16.4
94
73.97
4
60
3,495.8
HONDURAS
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
104
138
74.84
12
14
39.0
11.5
3,750
0.8
82
74.63
6
19
730
7
22
720
71
62.37
36
581
25.2
150
28.50
3.0
29
18.1
6
810
10.3
142
59.98
8
28
1,200
9
26
1,555
89
58.28
35
530
42.6
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
2,180
8.1
70
76.50
5
12
1,450
6
16
1,630
166
37.90
47
920
35.2
140
31.83
3.8
15
18.5
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
8
96.38
3
2.5
1.4
0.0
1
95.53
5
66
0.4
13
91.54
4
38
1.4
84.97
96
66.19
5
35.5
7.7
23
70.00
7
7
96.1
0.0
HUNGARY
Ease of doing business rank (1189)
54
57
90.04
4
5
8.3
54.0
103
69.37
23
91
0.2
162
55.10
5
252
111.5
12
31
92.35
5
4
2.4
9.3
4
98.51
3
78
22.8
68.80
52
78.04
4
16.5
5.0
ICELAND
2
80.83
9.0
7.2
8.1
17
75.00
10
5
74.6
0.0
110
47.50
4.0
5.5
4.8
88
73.27
11
277
48.0
80.27
23
86.03
3
3.5
3.6
56
77.60
17
84
0.5
52
60.00
5
7
100.0
0.0
9
93.81
4
22
12.7
28
65.00
6.7
6.3
6.5
46
80.86
26
140
29.7
38,420
7.2
2
95.36
3
6
590
3
5
565
6
80.32
26
360
21.2
25
75.06
0.8
5
87.2
9
12,410
9.9
72
76.48
6
17
885
6
19
845
20
73.36
34
395
15.0
64
49.78
2.0
15
40.2
9
43,930
0.3
39
83.23
4
10
1,530
4
9
1,620
3
82.30
27
417
9.0
15
81.47
1.0
4
84.6
11.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
191
192
INDIA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
142
158
68.42
11.9
28.4
12.2
111.2
184
30.89
25.4
185.9
28.2
137
63.06
7
105.7
487.7
53.97
121
60.40
7
47
7.0
36
65.00
6
7
22.4
0.0
156
55.53
33
243
61.7
59.15
117
60.74
5
27.4
10.8
153
59.03
17
211
4.3
71
50.00
4
6
0.0
46.4
78
76.90
5
90.7
353.6
43
60.83
6.0
6.2
6.1
114
155
68.84
10
52.5
21.1
35.5
7
72.50
6.7
7.8
7.3
INDONESIA
Ease of doing business rank (1189)
South Asia
Overall distance to frontier (DTF) score (0100)
160
53.66
65
253.5
31.4
56.51
161
48.78
9
35
10.6
172
49.72
15
318.5
5.3
89
45.00
2
7
33.8
45.0
107
71.22
6
77
865.6
154
41.67
4.0
4.3
4.2
124
66.78
20
344
44.1
130
62
89.37
6
12
3.1
0.0
1,570
1,252.1
126
65.47
7
17.1
1,332
10
21.1
1,462
186
25.81
46
1,420
39.6
137
32.60
4.3
9
25.7
6
3,580
249.9
62
77.46
4
17
572
8
26
647
172
37.28
40
471
115.7
75
46.75
1.9
22
31.7
9.5
5,780
77.4
148
56.81
7
25
1,350
11
37
1,555
66
63.35
40
505
17.0
138
32.38
4.5
15
19.5
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
IRAQ
Ease of doing business rank (1189)
156
50.36
109
62.62
5
51
8.2
142
74.03
10
29
38.2
12.8
9
86.65
8
119
0.3
36
84.95
4
77
228.9
146
42.50
4.7
3.8
4.3
52
80.09
13
312
27.8
80.07
IRELAND
Ease of doing business rank (1189)
13
19
94.17
4
6
0.3
0.0
128
65.61
10
150
9.5
67
78.84
5
85
83.3
ISRAEL
Ease of doing business rank (1189)
40
53
90.54
5
13
3.5
0.0
121
66.45
15
209
1.6
109
71.11
6
102
11.8
180
5.00
1
0
0.0
0.0
50
78.34
5
31.5
2.6
23
70.00
7
7
100.0
0.0
6
73.33
8.3
6.3
7.3
6
95.07
9
80
25.9
71.25
135
57.12
6
81
7.3
36
65.00
6
7
100.0
0.0
11
70.83
8.3
5.8
7.1
97
71.88
33
235
30.1
6,710
33.4
178
20.48
10
80
3,550
10
82
3,650
141
47.32
51
520
28.1
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
39,110
4.6
5
93.01
2
8
1,160
2
9
1,121
18
75.47
21
650
26.9
21
76.90
0.4
9
87.7
9.5
34,120
8.1
12
89.39
4
10
620
4
10
565
111
54.93
35
890
25.3
24
75.21
2.0
23
61.4
13.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
193
194
ITALY
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
56
46
91.22
5
5
14.1
0.0
68.48
41
79.44
4
16
4.4
116
67.35
10
233
3.7
89
45.00
2
7
100.0
24.6
102
72.65
5
124
212.6
21
66.67
6.0
7.3
6.7
141
62.13
15
269
65.4
67.79
126
59.36
6
36
9.5
JAMAICA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
58
20
94.13
2
15
6.0
0.0
26
83.17
7
135
2.2
111
70.36
6
96
406.3
JAPAN
Ease of doing business rank (1189)
29
12
80.00
10
6
10.1
0.0
71
56.67
5.7
5.7
5.7
147
59.01
36
368
39.3
74.80
73
71.33
6
13
5.8
83
86.21
8
10.7
7.5
0.0
83
73.30
12
197
0.6
71
50.00
4
6
100.0
0.0
28
86.51
3.4
97.7
0.0
35
62.50
7.0
5.5
6.3
122
67.19
14
330
51.3
34,400
59.8
37
83.44
3
19
1,195
3
18
1,145
147
45.61
37
1,185
23.1
29
71.29
1.8
22
62.8
12
5,220
2.7
115
68.22
6
20
1,580
7
17
2,180
117
53.74
35
655
45.6
59
53.29
1.1
18
64.2
6
46,140
127.3
20
87.23
3
11
829
5
11
1,021
26
69.95
32
360
32.2
2
93.74
0.6
4
92.9
14
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
JORDAN
Ease of doing business rank (1189)
117
58.40
107
63.45
7
21
7.5
86
85.61
7
12
21.4
0.0
126
66.02
16
63
9.5
185
0.00
0
0
0.0
2.2
44
82.95
5
50
315.9
154
41.67
3.3
5.0
4.2
45
81.19
25
151
29.0
KAZAKHSTAN
Ease of doing business rank (1189)
77
14
89.83
4
11
0.1
154
58.39
25
156
1.5
71
50.00
3
7
51.7
0.0
97
72.96
6
88
56.6
25
65.83
6.7
6.5
6.6
55
90.19
6
10
0.5
0.0
KENYA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
64.59
136
143
74.02
10
30
42.7
0.0
95
71.02
8
125
9.3
151
58.85
6
158
1,020.2
17
90.04
6
188
28.6
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
54.98
136
56.88
9
72
4.3
116
35.00
7
0
4.9
0.0
122
45.83
4.7
4.5
4.6
102
71.49
30
201.5
38.1
4,950
6.5
54
78.92
5
12
825
7
15
1,235
114
54.04
39
689
31.2
145
30.17
3.0
20
27.0
5
11,380
17.0
185
7.87
10
79
5,285
12
67
5,265
30
69.33
36
370
22.0
63
51.45
1.5
15
43.3
9
930
44.4
153
54.49
8
26
2,255
9
26
2,350
137
48.96
44
465
47.2
134
33.31
4.5
22
27.1
6
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
195
196
KIRIBATI
Ease of doing business rank (1189)
134
122
79.74
7
31
20.5
19.5
65
75.71
14
149
0.3
167
52.26
6
97
4,768.9
55.48
139
55.48
5
513
0.0
160
20.00
4
0
0.0
0.0
KOREA, REP.
Ease of doing business rank (1189)
17
94.36
3
4
14.5
0.0
12
85.89
10
29
4.3
1
99.83
3
18
41.1
KOSOVO
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
75
154
41.67
6.3
2.0
4.2
14
91.03
7
120
32.7
83.40
79
70.99
7
7
5.1
36
65.00
5
8
100.0
0.0
21
66.67
7.0
6.3
6.7
25
86.09
10
187
32.4
64.76
34
81.32
6
27
0.3
135
63.36
15
152
6.7
23
70.00
8
6
0.0
22.8
112
70.34
7
46
822.5
62
57.50
5.3
6.2
5.8
63
77.87
33
155
15.3
42
91.33
5
11
1.2
0.0
2,620
0.1
81
74.76
6
20
870
6
21
910
60
64.15
32
660
25.8
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
25,920
50.2
3
93.45
3
8
670
3
7
695
4
81.71
32
230
10.3
5
90.06
1.5
4
83.1
14.5
3,890
1.8
118
67.70
8
15
1,695
7
15
1,730
138
48.59
53
330
33.0
164
19.63
2.0
15
36.5
0
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
KUWAIT
Ease of doing business rank (1189)
86
63.11
69
72.10
8
47
0.5
150
71.30
12
31
1.9
74.0
98
70.60
20
96
1.6
116
35.00
2
5
32.0
0.0
93
74.13
7
42
42.3
43
60.83
5.7
6.5
6.1
11
92.48
12
98
12.8
60.74
6
93.25
3
5
0.3
36
65.00
8
5
38.2
0.0
35
62.50
6.7
5.8
6.3
136
63.15
52
210
29.0
51.45
77
71.06
5
98
1.1
KYRGYZ REPUBLIC
Ease of doing business rank (1189)
102
9
96.35
2
8
2.4
0.0
42
78.80
10
141
2.1
168
49.64
7
159
1,872.2
LAO PDR
Ease of doing business rank (1189)
148
154
68.95
6
92
5.7
0.0
107
68.50
22
107
0.6
128
65.29
5
134
1,650.4
116
35.00
7
0
0.0
3.5
178
29.17
3.3
2.5
2.9
129
66.10
35
362
25.8
47,639
3.4
117
68.00
7
15
1,085
10
20
1,250
131
50.59
50
566
18.8
127
36.02
4.2
10
32.1
6
1,200
5.7
183
9.70
9
63
4,760
11
73
6,000
56
64.63
38
260
37.0
157
24.38
4.0
15
19.2
4.5
1,460
6.8
156
52.96
10
23
1,950
10
26
1,910
99
57.49
42
443
31.6
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
197
198
LATVIA
Ease of doing business rank (1189)
23
76.73
32
81.69
5
18
2.0
36
92.12
4
12.5
3.6
0.0
47
78.38
12
149
0.3
23
70.00
9
5
0.0
76.8
89
74.58
5
108
308.2
49
60.00
5.7
6.3
6.0
LEBANON
Ease of doing business rank (1189)
104
24
86.19
7
193
35.0
60.61
106
63.69
8
25
5.9
116
35.00
2
5
0.0
20.3
119
80.80
5
9
73.0
33.0
164
54.38
18
244
4.4
57
80.24
5
75
93.2
106
49.17
5.0
4.8
4.9
40
82.44
19
183
29.9
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
56.64
93
66.36
4
43
8.4
151
25.00
5
0
0.0
0.0
LESOTHO
Ease of doing business rank (1189)
128
108
82.84
7
29
9.4
0.0
161
55.79
10
179
13.7
117
68.20
5
114
1,647.5
106
49.17
5.3
4.5
4.9
109
69.72
32
324
13.6
15,280
2.0
28
85.36
5
10
600
5
11
801
16
75.59
27
469
23.1
40
63.42
1.5
10
48.2
12
9,870
4.5
97
71.96
4
22
1,080
7
30
1,365
110
55.40
37
721
30.8
136
33.03
3.0
15
32.3
5
1,550
2.1
147
57.86
7
31
1,795
7
33
2,045
115
53.94
41
615
31.3
120
37.51
2.6
20
29.0
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
LIBERIA
Ease of doing business rank (1189)
174
30
92.41
4
4.5
17.4
0.0
143
62.00
22
74
6.4
166
52.61
4
465
2,065.4
LIBYA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
188
144
73.50
10
35
19.9
33.8
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
46.61
177
39.57
10
44
12.9
160
20.00
4
0
0.0
1.7
181
28.33
3.7
2.0
2.8
77
74.75
33
150.5
33.3
33.35
189
0.00
NO PRACTICE
NO PRACTICE
NO PRACTICE
185
0.00
0
0
0.0
0.5
188
12.50
2.0
0.5
1.3
157
55.25
19
889
31.5
76.31
9
92.39
3
2.5
0.8
65
79.10
4
118
206.2
LITHUANIA
Ease of doing business rank (1189)
24
11
96.22
3
3.5
0.7
0.0
15
85.27
11
91
0.3
23
70.00
6
8
97.7
28.8
105
71.46
5
137
45.5
78
55.00
6.0
5.0
5.5
44
81.24
11
175
42.6
410
4.3
149
56.40
10
15
1,320
12
29
1,320
174
35.43
40
1,280
35.0
169
4.60
3.0
43
8.6
0
11,046
6.2
139
61.72
7
23
1,140
9
37
1,255
126
51.42
43
690
27.0
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
14,900
3.0
21
87.21
4
10
750
5
9
800
14
75.85
31
300
23.6
67
48.47
2.3
10
43.6
8
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
199
200
LUXEMBOURG
Ease of doing business rank (1189)
59
67.60
137
56.75
7
26.5
10.1
82
86.47
6
18.5
2.0
22.5
50
78.22
11
157
0.7
165
15.00
3
0
0.0
0.0
42
83.22
5
56
40.1
117
46.67
4.3
5.0
4.7
20
88.58
23
55
20.2
74.11
74
71.27
7
31
3.3
MACEDONIA, FYR
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
30
3
98.08
2
2
0.6
0.0
89
72.30
11
89
8.2
88
74.94
5
107
255.3
MADAGASCAR
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
163
37
92.02
4
8
13.5
0.0
177
46.68
13
123
20.8
189
16.67
6
450
8,583.3
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
36
65.00
6
7
83.7
36.4
21
66.67
6.7
6.7
6.7
7
94.17
7
119
7.4
49.25
153
51.72
6
74
10.2
180
5.00
1
0
0.0
0.2
87
53.33
5.7
5.0
5.3
65
77.78
23
183
35.1
71,810
0.5
35
83.58
5
8
1,425
4
7
1,420
2
85.70
26
321
9.7
62
51.83
2.0
15
44.0
9
4,800
2.1
85
74.43
6
12
1,376
8
11
1,380
87
58.31
38
604
28.8
35
65.93
1.8
10
44.1
13.5
440
22.9
109
68.98
5
22
1,195
9
21
1,555
146
45.91
38
871
42.4
129
34.43
2.0
30
11.7
9
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
MALAWI
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
164
157
68.53
8
38
94.1
0.0
72
75.09
13
153
1.2
181
35.78
6
172
6,131.5
MALAYSIA
Ease of doing business rank (1189)
18
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
Registering property (rank)
DTF score for registering property (0100)
Procedures (number)
Time (days)
Cost (% of property value)
76
71.07
6
69
1.9
151
25.00
5
0
0.0
0.0
132
45.00
5.7
3.3
4.5
103
71.37
35
174.5
35.5
13
94.90
3
5.5
7.2
0.0
28
82.49
13
74
1.3
27
86.67
5
32
46.3
MALDIVES
Ease of doing business rank (1189)
116
49.20
78.83
75
71.16
8
13.5
3.3
23
70.00
7
7
78.6
56.2
5
74.17
8.7
6.2
7.4
32
83.95
13
133
39.2
South Asia
Overall distance to frontier (DTF) score (0100)
58.73
169
43.85
6
57
16.2
116
35.00
2
5
0.0
17.3
50
91.07
5
9
6.2
2.3
24
83.45
9
140
0.2
108
71.14
6
91
391.5
135
44.17
5.3
3.5
4.4
134
63.76
30
413
31.5
270
16.4
170
37.40
11
34
2,200
12
39
2,895
154
43.73
42
432
69.1
166
18.99
2.6
25
12.1
4
10,400
29.7
11
89.94
4
11
525
4
8
560
29
69.39
29
425
37.3
36
65.61
1.0
10
81.3
7
5,600
0.3
132
63.63
7
21
1,625
9
22
1,610
91
58.13
41
665
16.5
135
33.12
1.5
4
49.9
2
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
201
202
MALI
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
146
169
62.92
5
11
78.1
300.7
97
70.84
10
119
8.1
132
63.88
4
120
3,833.8
MALTA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
94
136
75.29
11
34.5
11.0
1.5
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
52.59
133
57.63
5
29
12.1
131
30.00
6
0
0.0
3.6
146
42.50
4.0
4.5
4.3
145
60.16
35
270
48.3
62.11
83
69.86
7
15
5.1
109
68.39
15
167
2.8
171
10.00
2
0
0.0
0.0
114
69.98
5
136
440.2
51
59.17
5.7
6.2
5.9
26
85.81
7
139
41.6
54.72
MARSHALL ISLANDS
Ease of doing business rank (1189)
139
70
88.37
5
17
12.8
0.0
189
0.00
10
86.33
11
42
2.5
71
50.00
10
0
0.0
0.0
68
78.83
5
67
719.0
183
26.67
3.3
2.0
2.7
128
66.38
21
128
64.8
NO PRACTICE
NO PRACTICE
NO PRACTICE
670
15.3
163
46.33
6
26
2,440
11
34
4,540
128
51.25
36
620
52.0
108
40.35
3.6
18
22.7
9
20,980
0.4
43
81.56
5
11
855
7
9
970
107
56.27
40
505
35.9
86
44.78
3.0
10
39.6
7.5
4,200
0.1
68
76.97
5
23
695
5
25
720
58
64.41
36
476
27.4
168
9.19
2.0
38
17.1
0
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
MAURITANIA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
176
164
65.83
7
9
19.8
331.8
77
74.30
13
104
4.5
169
48.39
5
75
7,833.4
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
44.21
66
73.57
4
49
4.7
MAURITIUS
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
28
29
92.47
5
6
2.1
0.0
171
10.00
2
0
0.0
4.6
166
38.33
3.7
4.0
3.8
187
17.71
49
734
71.3
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
74.81
98
66.00
4
14
10.6
117
67.17
13
245
0.7
36
65.00
6
7
0.0
71.9
41
83.74
4
84
277.0
28
65.00
7.3
5.7
6.5
13
91.92
8
152
24.5
71.53
110
62.45
6.8
63.7
5.1
MEXICO
Ease of doing business rank (1189)
39
67
88.85
6
6.3
18.6
0.0
108
68.43
11.3
87.6
10.3
116
68.47
6.8
78.9
346.1
12
80.00
8
8
100.0
0.0
62
57.50
6.0
5.5
5.8
105
71.17
6
334
51.8
1,060
3.9
151
55.49
8
31
1,640
8
38
1,523
86
58.47
46
370
23.2
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
9,300
1.3
17
87.74
4
10
675
5
9
710
44
66.22
34
519
25.0
43
62.81
1.7
15
67.4
8.5
9,940
122.3
44
81.26
4
12
1,499
4
11.2
1,888
57
64.61
36.8
389
30.9
27
72.59
1.8
18
68.1
11.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
203
204
145
151
69.63
7
16
141.2
0.0
37
80.10
14
99
0.5
61
55.00
11
0
0.0
0.0
30
85.89
3
105
363.8
186
23.33
2.7
2.0
2.3
114
68.78
21
128
60.5
66.60
MOLDOVA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
63
35
92.16
5
6
4.6
0.0
53.07
189
0.00
NO PRACTICE
NO PRACTICE
NO PRACTICE
22
86.10
5
5.5
0.9
175
48.11
27
247
0.8
23
70.00
8
6
8.8
0.0
149
59.73
7
118
865.1
56
58.33
6.3
5.3
5.8
MONGOLIA
Ease of doing business rank (1189)
72
42
91.33
5
11
1.2
0.0
74
74.62
16
137
0.0
142
60.91
8
79
600.6
70
76.57
21
185
39.7
65.02
30
82.76
5
10.5
2.1
61
55.00
5
6
0.0
32.7
17
67.50
7.0
6.5
6.8
84
73.79
41
148
24.4
3,430
0.1
106
69.42
5
30
1,045
6
31
1,045
162
40.85
34
885
66.0
118
37.74
5.3
38
3.3
11.5
2,460
3.6
152
54.97
9
23
1,510
11
27
1,870
42
66.68
31
567
28.6
58
53.32
2.8
15
29.4
12
3,770
2.8
173
30.18
11
44
2,745
12
45
2,950
24
70.17
32
374
30.6
90
43.93
4.0
15
17.8
11
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
MONTENEGRO
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
72.02
87
68.29
6
69
3.1
138
62.92
8
158
12.2
4
90.00
12
6
0.0
26.0
63
79.28
5
71
467.9
43
60.83
6.3
5.8
6.1
98
71.59
29
320
22.3
36
56
90.05
6
10
1.6
0.0
MOROCCO
Ease of doing business rank (1189)
71
54
90.33
5
11
9.2
0.0
54
77.89
12
94
3.7
91
74.39
5
62
1,974.5
MOZAMBIQUE
Ease of doing business rank (1189)
127
107
82.96
9
13
17.1
0.0
84
73.29
11
144
4.4
164
54.65
7
107
2,484.8
65.06
115
61.26
8
40
5.9
104
40.00
2
6
21.1
0.0
122
45.83
4.7
4.5
4.6
66
77.69
6
232
49.3
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
56.92
101
64.51
6
40
6.9
131
30.00
1
5
0.0
5.7
94
51.67
6.3
4.0
5.2
123
66.85
37
230
36.6
7,260
0.6
52
79.37
6
14
985
5
14
985
136
49.62
49
545
25.7
33
68.22
1.4
8
48.4
13.5
3,030
33.0
31
84.64
4
10
595
6
14
970
81
60.14
40
510
25.2
113
38.47
3.5
18
27.9
7.5
590
25.8
129
64.76
7
21
1,100
9
25
1,600
164
39.81
30
760
119.0
107
40.75
5.0
9
17.6
10
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
205
206
MYANMAR
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
177
189
22.85
11
72
155.9
6,190.1
130
64.93
13
128
8.8
121
66.78
5
91
2,801.7
NAMIBIA
Ease of doing business rank (1189)
88
43.55
151
52.26
6
113
7.2
171
10.00
2
0
0.0
0.0
178
29.17
2.0
3.8
2.9
116
68.64
31
154.5
47.7
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
62.81
173
41.85
8
52
13.8
156
68.67
10
66
13.1
0.0
25
83.22
10
122
0.5
61
55.00
5
6
64.3
0.0
66
78.97
6
37
391.2
87
53.33
5.7
5.0
5.3
NEPAL
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
108
104
83.01
7
17
32.2
0.0
91
71.83
10
86
9.4
85
76.07
5
70
1,284.9
85
73.57
26
314
20.7
South Asia
Overall distance to frontier (DTF) score (0100)
60.33
27
83.08
3
5
4.8
116
35.00
7
0
1.0
0.0
71
56.67
5.3
6.0
5.7
126
66.52
34
334
29.5
869
53.3
103
70.02
8
20
620
8
22
610
185
27.31
45
1,160
51.5
160
23.51
5.0
18
14.7
5
5,840
2.3
136
63.17
8
24
1,650
7
20
1,805
53
64.82
33
460
35.8
81
45.53
2.5
15
35.2
8.5
730
27.8
171
36.08
11
40
2,545
11
39
2,650
134
49.65
39
910
26.8
82
45.41
2.0
9
43.7
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
NETHERLANDS
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
27
21
94.08
4
4
5.0
0.0
75.01
58
75.02
5
2.5
6.1
100
70.11
13
161
3.8
71
50.00
3
7
79.4
0.0
90
74.40
5
117
33.5
94
51.67
4.7
5.7
5.2
23
86.76
9
123
39.0
86.91
2
97.05
2
1
0.1
NEW ZEALAND
Ease of doing business rank (1189)
1
99.96
1
0.5
0.3
0.0
13
85.67
10
93
0.7
48
81.90
5
64
78.7
NICARAGUA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
119
120
80.27
6
13
73.9
0.0
134
63.50
16
207
2.7
95
73.84
6
55
1,003.4
1
100.00
12
8
100.0
0.0
1
81.67
9.3
7.0
8.2
22
88.04
8
152
34.4
58.09
134
57.58
9
58
5.0
89
45.00
1
8
40.7
16.2
172
33.33
4.0
2.7
3.3
164
49.51
43
207
65.8
47,440
16.8
13
89.22
4
7
915
4
6
975
19
75.10
26
514
23.9
12
83.77
1.1
4
88.9
11.5
40,481
4.5
27
85.41
4
10
870
6
9
825
9
77.84
30
216
27.2
28
71.56
1.3
4
83.6
8.5
1,780
6.1
74
75.84
5
21
1,140
5
20
1,245
70
62.42
37
519
26.8
110
39.64
2.2
15
33.0
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
207
208
NIGER
Ease of doing business rank (1189)
168
177
54.41
6
15
76.7
492.0
119
66.90
12
130
8.3
165
53.65
4
115
6,497.8
NIGERIA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
170
129
77.13
8.7
30.8
31.6
0.0
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
47.63
95
66.20
4
35
9.0
131
30.00
6
0
0.0
1.0
146
42.50
4.0
4.5
4.3
155
57.07
41
270
47.8
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
47.33
185
26.56
12.1
69.6
18.6
171
50.00
17
105.9
26.4
52
60.00
6
6
5.8
0.1
187
31.37
9
257.2
478.0
62
57.50
6.0
5.5
5.8
179
39.15
47
907.9
32.7
82.40
NORWAY
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
6
22
94.03
4
5
0.9
5.0
5
94.12
1
3
2.5
27
83.05
10
122.5
0.6
61
55.00
5
6
100.0
0.0
25
87.44
4
66
11.9
12
70.00
7.0
7.0
7.0
15
90.80
4
83
40.7
410
17.8
179
19.66
8
56
4,475
10
61
4,500
132
49.95
39
545
52.6
128
36.01
5.0
18
14.7
9
2,760
173.6
159
50.12
9
22.9
1,564
13
33.9
1,960
140
47.71
40.2
509.8
57.7
131
33.76
2.0
22
27.9
6
102,610
5.1
24
85.56
4
8
1,265
5
7
1,140
8
78.41
34
280
9.9
8
85.62
0.9
1
92.3
11.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
OMAN
Ease of doing business rank (1189)
66
123
79.29
5
7
2.4
206.3
19
88.16
2
16
3.0
49
78.27
11
157
0.7
116
35.00
1
6
0.0
20.6
79
76.76
6
62
48.9
122
45.83
5.3
3.8
4.6
10
92.91
14
68
23.0
South Asia
Overall distance to frontier (DTF) score (0100)
56.64
114
61.48
6
50
7.6
131
30.00
3
3
4.5
7.3
21
66.67
6.0
7.3
6.7
172
44.46
47
594
32.6
59.50
21
86.25
5
14
0.3
128
116
80.92
10
19
9.6
0.0
125
66.07
10
249.4
3.5
146
60.10
5
178.3
1,353.3
PALAU
Ease of doing business rank (1189)
66.39
PAKISTAN
Ease of doing business rank (1189)
113
111
81.83
8
28
3.3
8.8
66
75.64
19
72
0.8
71
50.00
10
0
0.0
0.0
98
72.91
5
125
115.3
183
26.67
2.3
3.0
2.7
132
64.65
11
142
75.4
25,289
3.6
60
78.05
7
10
765
8
9
700
130
50.67
51
598
13.5
112
39.02
4.0
4
37.7
6
1,380
182.1
108
69.05
8
20.7
765
8
18.4
1,005
161
41.53
46
993.2
23.0
78
46.18
2.7
6
39.4
8
10,970
0.0
105
69.49
5
26
720
9
30
680
127
51.28
37
810
35.3
167
16.28
2.0
23
30.3
0
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
209
210
PANAMA
Ease of doing business rank (1189)
52
38
91.93
5
6
6.4
0.0
63
75.97
15
101
2.1
29
86.39
5
35
9.3
133
69.22
61
74.65
7
22.5
2.4
17
75.00
7
8
63.0
0.0
76
55.83
5.3
5.8
5.6
166
48.60
52
417
37.2
55.78
85
69.03
4
72
5.1
130
77.03
6
53
19.4
0.0
141
62.14
17
217
2.1
165
15.00
3
0
3.6
0.0
26
87.27
4
66
54.1
94
51.67
6.0
4.3
5.2
110
69.50
32
207
39.3
62.50
PARAGUAY
Ease of doing business rank (1189)
92
126
77.52
7
35
39.9
0.0
60
74.73
6
46
1.9
43
78.79
12
136
0.8
71
50.00
2
8
45.5
22.8
51
81.13
5
67
160.7
166
38.33
5.7
2.0
3.8
111
69.45
20
378
35.0
10,700
3.9
9
91.25
3
10
665
3
9
1,030
84
58.87
32
686
38.0
132
33.66
2.5
25
27.7
6
2,010
7.3
138
62.61
7
23
1,335
9
30
1,350
181
31.92
42
591
110.3
141
31.64
3.0
23
24.0
6
4,040
6.8
150
55.92
7
29
1,850
9
30
2,275
90
58.21
38
591
30.0
106
40.87
3.9
9
20.8
9.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
PERU
Ease of doing business rank (1189)
35
72.11
26
83.48
4
6.5
3.3
89
85.10
6
26
9.2
0.0
87
72.91
14
174
0.5
12
80.00
8
8
100.0
33.5
86
75.67
5
100
325.5
40
61.67
7.0
5.3
6.2
57
79.43
9
293
36.0
62.08
108
62.81
9
35
4.3
104
40.00
3
5
11.3
0.0
PHILIPPINES
Ease of doing business rank (1189)
95
161
67.23
16
34
16.6
3.6
124
66.08
24
94
1.2
16
90.59
4
42
90.6
154
41.67
4.0
4.3
4.2
127
66.46
36
193
42.5
73.56
POLAND
Ease of doing business rank (1189)
32
39
80.30
6
33
0.3
137
62.97
19
212
0.3
17
75.00
7
8
84.3
0.0
64
79.19
3
161
20.8
35
62.50
6.0
6.5
6.3
87
73.51
18
286
38.7
85
85.79
4
30
12.9
12.3
6,390
30.4
55
78.81
5
12
890
7
17
1,010
100
57.46
41
426
35.7
76
46.57
3.1
7
28.5
10
3,270
98.4
65
77.23
6
15
755
7
15
915
124
52.02
37
842
31.0
50
56.74
2.7
32
21.2
14.5
12,960
38.5
41
81.80
5
15
1,050
4
14
1,025
52
64.83
33
685
19.4
32
69.73
3.0
15
57.0
12.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
211
212
PORTUGAL
Ease of doing business rank (1189)
25
10
96.27
3
2.5
2.3
0.0
58
77.31
14
113
1.4
47
82.00
5
64
52.9
76.03
25
83.67
1
1
7.3
89
45.00
2
7
23.4
100.0
64
77.84
8
275
42.4
70.35
163
47.90
8
193.5
0.9
158
56.28
20
165
6.2
7
85.00
10
7
100.0
0.0
32
85.41
5
32
352.9
78
55.00
7.0
4.0
5.5
133
63.83
16
218
66.0
69.96
36
80.86
7
13
0.3
47
48
91.17
6
6
0.8
0.0
QATAR
Ease of doing business rank (1189)
51
59.17
6.0
5.8
5.9
50
103
83.14
8
8.5
5.2
62.6
23
83.61
15
57.5
0.0
131
30.00
1
5
0.0
23.3
40
83.97
4
90
9.0
122
45.83
4.3
4.8
4.6
1
99.44
4
41
11.3
20,670
10.5
29
85.20
4
15
780
4
13
925
27
69.65
34
547
13.8
10
84.19
2.0
9
72.2
14.5
19,210
3.6
84
74.53
5
15
1,300
8
15
1,350
92
58.03
39
620
25.6
7
86.37
2.5
8
73.4
15
85,550
2.2
61
77.79
5
15
927
7
16
1,050
104
56.73
43
570
21.6
47
58.27
2.8
22
56.0
9
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
ROMANIA
Ease of doing business rank (1189)
48
70.22
63
74.39
8
19
1.5
38
91.93
5
8
2.1
0.7
140
62.17
14
255
2.3
7
85.00
10
7
46.6
12.3
171
46.03
7
223
496.1
40
61.67
6.3
6.0
6.2
RUSSIAN FEDERATION
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
62
34
92.17
4.4
11.2
1.2
0.0
52
80.09
14
159
43.2
66.66
12
91.27
3
19
0.1
156
56.70
19.8
238.4
1.9
61
55.00
4
7
64.6
0.0
143
60.89
5.6
179.1
321.0
100
50.83
5.0
5.2
5.1
49
80.63
7
168
48.9
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
70.47
15
89.20
3
32
0.1
RWANDA
Ease of doing business rank (1189)
46
112
81.66
8
6.5
52.3
0.0
34
81.55
10
77
4.1
62
79.48
4
34
3,073.9
4
90.00
11
7
15.7
2.4
117
46.67
6.3
3.0
4.7
27
85.79
17
107
33.5
9,060
20.0
65
77.23
5
13
1,485
6
13
1,495
51
64.95
34
512
28.9
46
58.70
3.3
11
30.7
13.5
13,860
143.5
155
53.58
9
21.1
2,401
10
19.4
2,595
14
75.85
35
267
14.9
65
49.69
2.0
9
43.0
8.5
620
11.8
164
44.67
7
26
3,245
9
27
4,990
62
63.94
23
230
82.7
101
41.77
2.5
29
19.5
10
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
213
214
SAMOA
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
67
33
92.28
4
9
9.4
0.0
66.17
48
78.38
5
15
3.7
57
77.57
18
61
1.0
151
25.00
5
0
0.0
0.0
20
89.10
4
34
735.9
71
56.67
6.7
4.7
5.7
96
72.10
37
224
18.4
SAN MARINO
Ease of doing business rank (1189)
93
111
61.99
9
42.5
4.1
112
67.67
14
145.5
5.3
180
5.00
1
0
0.0
0.0
6
95.84
3
45
59.3
110
47.50
6.0
3.5
4.8
34
83.33
19
52
42.2
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
50.75
132
76.81
8
40
9.0
29.5
62.44
153
23
93.99
3
4
17.5
0.0
148
53.71
7
62
9.0
185
0.00
0
0
0.0
0.0
46
78.47
12
104
2.8
57
80.24
4
89
951.5
183
26.67
3.3
2.0
2.7
162
51.65
45
424
38.2
3,430
0.2
80
74.78
6
21
490
6
28
615
83
59.54
44
455
19.7
124
36.31
2.0
38
18.1
8.5
57,301
0.0
59
78.27
4
15
1,900
4
13
1,890
33
68.85
34
575
13.9
111
39.11
2.3
5
46.5
4.5
1,470
0.2
111
68.73
8
26
690
6
28
577
179
32.37
43
1,065
50.5
162
21.70
6.2
22
5.5
6
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
SAUDI ARABIA
Ease of doing business rank (1189)
49
109
82.71
9
20.5
4.0
0.0
21
84.07
11
102
0.4
71
50.00
2
8
47.0
0.0
22
88.11
4
61
25.5
62
57.50
6.7
4.8
5.8
3
99.23
3
64
14.5
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
49.37
SENEGAL
Ease of doing business rank (1189)
161
90
85.04
4
6
63.8
19.0
151
59.85
13
200
7.7
183
34.18
8
114
5,862.3
SERBIA
Ease of doing business rank (1189)
91
69.99
20
87.77
5
8
0.0
167
44.39
5
71
15.2
131
30.00
6
0
0.0
1.0
122
45.83
4.7
4.5
4.6
183
30.94
58
620
45.1
62.57
72
71.64
6
54
2.7
66
88.91
6
12
6.8
0.0
186
29.14
16
264
25.7
52
60.00
5
7
100.0
0.0
84
76.20
4
131
454.9
32
63.33
5.7
7.0
6.3
165
48.90
67
279
38.6
26,200
28.8
92
73.01
6
13
1,285
8
17
1,309
108
55.86
40
635
27.5
163
21.67
2.8
22
28.7
2
1,070
14.1
79
75.08
6
12
1,225
6
14
1,940
142
46.53
43
740
36.4
99
41.86
3.0
20
25.5
9
5,730
7.2
96
72.13
6
12
1,635
7
15
1,910
96
57.59
36
635
34.0
48
57.90
2.0
20
29.2
13.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
215
216
SEYCHELLES
Ease of doing business rank (1189)
85
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
63.16
78
71.00
4
33
7.0
127
77.48
9
38
10.7
0.0
48
78.37
14
119
0.4
171
10.00
2
0
0.0
0.0
130
64.22
6
137
454.7
56
58.33
5.7
6.0
5.8
SIERRA LEONE
Ease of doing business rank (1189)
140
91
85.02
6
12
37.9
0.0
120
66.80
16
166
3.1
172
45.51
8
82
4,237.5
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
54.58
158
50.63
7
56
10.8
151
25.00
5
0
0.0
1.0
SINGAPORE
43
81.50
28
88
31.7
62
57.50
6.7
4.8
5.8
130
65.39
33
353
31.0
88.27
24
84.78
4
4.5
2.8
6
96.48
3
2.5
0.6
0.0
2
92.84
10
26
0.3
17
75.00
8
7
50.8
0.0
11
92.45
4
31
26.3
3
80.00
9.3
6.7
8.0
5
97.19
5
82
18.4
12,530
0.1
42
81.65
5
16
705
5
17
675
103
56.92
36
915
15.4
61
52.17
2.0
11
38.9
10
680
6.1
133
63.61
7
25
1,185
8
28
1,575
109
55.68
39
515
39.5
143
30.68
2.3
42
10.6
8
54,040
5.4
1
96.47
3
6
460
3
4
440
1
89.54
21
150
25.8
19
77.94
0.8
3
89.7
9.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
SLOVAK REPUBLIC
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
37
77
87.02
7
11.5
1.5
19.2
110
68.19
10
286
0.1
100
72.71
5
128
56.9
71.83
11
91.88
3
16.5
0.0
SLOVENIA
Ease of doing business rank (1189)
51
36
65.00
7
6
65.7
2.8
100
50.83
4.7
5.5
5.1
100
71.57
20
207
48.6
69.87
90
67.04
5
109.5
2.0
15
94.39
2
6
0.0
44.1
90
71.91
11
212.5
1.3
116
35.00
3
4
100.0
3.2
31
85.50
5
38
119.3
14
68.33
7.3
6.3
6.8
42
81.94
11
260
32.0
SOLOMON ISLANDS
Ease of doing business rank (1189)
87
93
84.60
7
9
35.5
0.0
36
80.73
13
98
1.0
45
82.94
4
53
1,562.8
63.08
156
50.84
10
86.5
4.7
71
50.00
10
0
0.0
0.0
92
52.50
6.3
4.2
5.3
58
78.42
34
80
32.0
17,390
5.4
71
76.49
5
16
1,525
5
16
1,505
55
64.68
33
545
30.0
31
69.93
4.0
18
54.4
13
22,750
2.1
53
79.29
5
16
745
7
14
830
122
52.40
32
1,270
12.7
42
62.91
2.0
4
50.1
11.5
1,610
0.6
87
74.24
7
22
840
5
20
785
150
44.63
37
455
78.9
139
31.87
1.0
38
24.4
6
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
217
218
SOUTH AFRICA
Ease of doing business rank (1189)
43
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
71.08
97
66.02
7
23
6.2
61
89.43
5
19
0.3
0.0
32
81.65
16
48
0.9
52
60.00
5
7
55.4
0.0
158
55.74
5
226
729.5
17
67.50
8.0
5.5
6.8
19
88.73
7
200
28.8
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
35.72
180
36.63
9
50
15.6
171
10.00
2
0
0.0
0.0
173
32.50
2.7
3.8
3.3
98
71.59
36
218
29.1
73.17
SOUTH SUDAN
Ease of doing business rank (1189)
186
178
53.96
13
14
242.4
0.0
167
52.41
23
124
8.5
179
36.68
6
468
3,236.9
SPAIN
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
33
74
88.08
6
13
4.6
13.8
66
73.57
5
12
6.1
52
60.00
5
7
15.3
50.0
105
69.18
7
229
5.2
74
78.18
5
85
242.0
30
64.17
5.3
7.5
6.4
76
75.25
8
167
58.2
7,190
53.0
100
71.05
5
16
1,830
6
21
2,080
46
66.14
29
600
33.2
39
64.51
2.0
18
35.7
14.5
1,120
11.3
187
5.70
10
55
5,335
12
130
9,285
94
57.71
48
228
30.0
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
29,180
46.6
30
84.68
4
10
1,310
4
9
1,400
69
62.65
40
510
18.5
23
75.89
1.5
11
71.3
12
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
SRI LANKA
Ease of doing business rank (1189)
99
South Asia
Overall distance to frontier (DTF) score (0100)
61.36
131
58.45
9
51
5.1
104
83.01
9
11
20.7
0.0
60
76.50
12
169
0.3
89
45.00
3
6
44.5
0.0
100
72.71
5
104
901.6
51
59.17
6.0
5.8
5.9
121
158
55.00
47
167
55.6
58.00
170
43.74
6
82
13.3
16
85.24
10
104
0.4
151
25.00
5
0
0.0
0.0
10
93.25
4
18
291.1
87
53.33
6.7
4.0
5.3
87
85.56
7
18.5
8.7
0.0
ST. LUCIA
Ease of doing business rank (1189)
100
137
62.85
35
203
49.8
61.35
132
58.38
9
17
7.6
72
88.24
5
15
17.8
0.0
39
79.64
13
115
0.7
151
25.00
5
0
0.0
0.0
23
87.95
5
19
191.8
141
43.33
6.7
2.0
4.3
69
76.71
32
110
34.7
3,170
20.5
69
76.94
7
16
560
7
13
690
165
38.96
40
1,318
22.8
72
47.81
1.7
10
42.4
8
13,460
0.1
67
77.22
4
13
805
7
12
2,615
116
53.80
46
578
20.5
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
7,090
0.2
122
66.44
7
14
935
11
13
2,280
145
45.94
46
635
37.3
100
41.82
2.0
9
42.9
6
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
219
220
103
80
86.70
7
10
16.7
0.0
35
81.43
14
92
0.1
151
25.00
5
0
0.0
0.0
8
94.67
3
52
97.3
71
56.67
6.7
4.7
5.7
93
72.76
36
108
38.6
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
49.55
46
78.72
6
9
2.8
165
15.00
3
0
1.3
0.0
174
31.67
3.7
2.7
3.2
139
62.34
42
180
45.4
49.29
178
38.92
6
106
13.7
SUDAN
Ease of doing business rank (1189)
160
139
74.71
10
36
25.1
0.0
160
55.81
15
270
4.5
136
63.30
5
70
4,386.3
SURINAME
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
162
181
48.05
13
84
106.4
0.3
60.66
155
51.11
7
38
11.8
79
74.13
10
223
0.2
171
10.00
2
0
0.0
0.0
69
78.68
4
113
486.1
171
34.17
2.3
4.5
3.4
71
76.45
30
199
27.9
6,580
0.1
45
81.05
5
12
585
6
13
1,425
101
57.23
44
394
30.3
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
1,130
38.0
162
46.98
7
32
2,630
7
46
3,400
163
40.43
53
810
19.8
156
26.54
2.0
20
31.9
3
9,260
0.5
106
69.42
8
22
1,050
6
19
1,190
184
28.84
44
1,715
37.1
130
34.27
5.0
30
8.5
9.5
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
SWAZILAND
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
110
145
73.47
12
30
23.3
0.4
55
77.78
13
96
2.9
140
61.81
6
137
1,039.1
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
59.77
129
58.78
9
21
7.1
61
55.00
4
7
42.1
0.0
110
47.50
4.3
5.2
4.8
SWEDEN
Ease of doing business rank (1189)
11
18
88.47
1
14
4.3
18
84.73
7
116
2.4
61
55.00
6
5
100.0
0.0
7
94.92
3
52
36.0
32
63.33
6.3
6.3
6.3
35
83.30
6
122
49.4
77.78
16
88.71
4
16
0.3
52
60.00
6
6
26.3
0.0
32
92.30
3
16
0.5
12.8
SWITZERLAND
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
80.60
74
75.76
33
110
35.6
20
69
88.42
6
10
2.0
25.4
45
78.50
11
154
0.7
5
96.71
3
39
59.2
78
55.00
3.3
7.7
5.5
18
89.05
19
63
29.0
3,080
1.2
127
65.43
7
17
1,980
6
23
2,245
173
36.37
40
956
56.1
80
45.80
2.0
15
38.7
8
59,130
9.6
4
93.06
3
9
725
3
6
735
21
72.43
31
321
31.2
17
78.43
2.0
9
76.1
12
86,600
8.1
22
86.10
3
8
1,660
4
8
1,440
22
72.20
32
390
24.0
41
63.10
3.0
4
47.6
12
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
221
222
46.51
140
55.46
4
19
27.8
165
15.00
1
2
0.0
7.7
78
55.00
5.0
6.0
5.5
117
68.54
19
336
42.5
78.73
40
80.19
3
4
6.2
175
152
69.23
7
13
14.4
272.1
76
77.91
5
71
801.5
TAIWAN, CHINA
Ease of doing business rank (1189)
19
15
94.39
3
10
2.2
0.0
11
86.20
10
93
0.4
2
98.94
3
24
45.7
TAJIKISTAN
Ease of doing business rank (1189)
166
106
83.00
4
39
23.3
0.0
168
52.13
24
228
1.9
178
38.59
9
185
942.1
52
60.00
4
8
87.9
0.0
30
64.17
6.7
6.2
6.4
37
82.90
11
221
34.2
48.57
70
72.06
6
37
3.7
116
35.00
1
6
7.0
0.0
56
58.33
6.7
5.0
5.8
169
46.06
31
209
80.9
2,803
22.8
146
58.57
8
18
1,995
9
24
2,410
175
35.17
55
872
29.3
146
30.15
4.1
9
27.0
5
21,620
22.8
32
84.38
5
10
655
6
10
720
93
57.75
45
510
17.7
18
78.41
1.9
4
81.8
11
990
8.2
188
3.85
11
71
9,050
12
70
10,650
40
67.42
35
430
25.5
149
29.26
1.7
9
36.9
3
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
TANZANIA
Ease of doing business rank (1189)
131
124
78.85
9
26
23.8
0.0
169
52.03
18
205
8.1
87
75.28
4
109
1,453.0
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
56.38
123
60.10
8
67
4.5
148
58.95
49
181
44.3
75.27
28
83.04
2
2
6.3
6
88.77
7
113
0.1
89
45.00
3
6
52.7
0.0
12
91.71
4
35
66.1
25
65.83
7.7
5.5
6.6
62
77.99
22
264
26.9
26
75
87.98
4
27.5
6.6
0.0
TIMOR-LESTE
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
141
43.33
5.3
3.3
4.3
THAILAND
Ease of doing business rank (1189)
151
25.00
5
0
0.6
0.0
172
96
83.73
5
10
0.3
127.5
46.89
189
0.00
NO PRACTICE
NO PRACTICE
NO PRACTICE
115
67.52
16
207
0.3
160
20.00
0
4
0.0
5.7
15
90.79
3
63
654.1
100
50.83
4.7
5.5
5.1
55
79.97
18
276
11.0
630
49.3
137
62.96
7
18
1,090
11
26
1,615
45
66.17
38
515
14.3
105
41.12
3.0
22
21.2
9.5
5,370
67.0
36
83.57
5
14
595
5
13
760
25
70.05
36
440
15.0
45
58.73
2.7
36
42.3
11.5
3,580
1.2
94
72.49
6
28
410
7
26
415
189
3.59
51
1,285
163.2
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
223
224
TOGO
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
Dealing with construction permits (rank)
DTF score for dealing with construction permits (0100)
Procedures (number)
Time (days)
Cost (% of warehouse value)
Getting electricity (rank)
DTF score for getting electricity (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
149
134
76.06
6
10
94.9
37.5
170
50.57
12
165
16.0
134
63.42
4
74
5,567.5
TONGA
Ease of doing business rank (1189)
69
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
51.29
182
34.88
5
295
9.3
131
30.00
6
0
0.0
3.0
122
45.83
4.7
4.5
4.6
163
50.81
50
270
50.3
65.72
174
40.63
4
112
15.1
51
90.74
4
16
7.6
0.0
14
85.40
11
62
1.9
36
65.00
10
3
12.3
0.0
35
85.03
5
42
93.4
161
40.00
5.0
3.0
4.0
73
75.93
29
200
30.1
64.24
159
50.00
9
77
7.0
79
71
88.33
7
11.5
0.7
0.0
113
67.66
13
250
0.1
21
88.18
4
61
6.7
36
65.00
7
6
67.4
0.0
62
57.50
7.0
4.5
5.8
113
68.98
39
210
32.0
530
6.8
112
68.58
6
24
1,015
7
29
1,190
134
49.65
40
588
47.5
93
43.12
3.0
15
27.9
9
4,490
0.1
78
75.49
6
22
515
6
25
500
48
65.65
37
350
30.5
133
33.34
2.7
22
27.1
6
15,760
1.3
76
75.55
5
11
843
10
14
1,260
180
32.27
42
1,340
33.5
66
48.97
2.5
25
27.1
11
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
TUNISIA
Ease of doing business rank (1189)
60
67.35
71
72.03
4
39
6.1
100
83.60
10
11
4.2
0.0
85
73.19
17
93
2.6
116
35.00
2
5
0.0
30.2
38
84.59
4
65
738.7
78
55.00
5.7
5.3
5.5
TURKEY
Ease of doing business rank (1189)
55
82
74.11
8
144
62.4
68.66
54
76.38
6
6
4.0
79
86.86
7
6.5
16.4
12.1
136
63.10
18
169
3.5
89
45.00
3
6
0.0
63.6
34
85.12
4
70
433.3
13
69.17
7.0
6.8
6.9
UGANDA
Ease of doing business rank (1189)
150
166
63.44
15
32
64.4
0.0
163
54.88
15
154
11.7
184
33.48
6
132
11,004.9
56
79.80
11
226
40.1
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
51.11
125
59.76
11
43
2.6
131
30.00
6
0
4.9
0.0
110
47.50
5.0
4.5
4.8
104
71.32
31
209
36.5
4,360
10.9
50
80.36
4
16
805
6
20
910
78
60.96
39
565
21.8
54
54.71
1.3
7
52.3
8.5
10,950
74.9
90
73.26
7
13
990
8
14
1,235
38
67.92
35
420
24.9
109
40.00
3.3
15
27.9
8
510
37.6
161
48.01
7
28
2,800
10
31
3,375
80
60.48
38
490
31.3
98
42.27
2.2
30
37.9
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
225
226
UKRAINE
Ease of doing business rank (1189)
96
61.52
59
74.82
7
27
2.0
76
87.35
6
21
1.2
0.0
70
75.29
8
64
10.2
17
75.00
8
7
48.0
0.0
185
32.65
10
277
165.5
109
48.33
4.0
5.7
4.8
22
4
96.66
2
2
0.2
4
91.22
10
44
0.2
89
45.00
2
7
28.3
6.8
4
97.44
3
35
24.2
43
60.83
7.3
4.8
6.1
58
89.97
6
8
6.3
0.0
UNITED KINGDOM
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
76.81
108
70.33
5
350
52.9
8
45
91.23
6
6
0.3
0.0
1
99.44
4
12
14.8
80.96
68
72.55
6
21.5
4.6
17
85.06
9
105
1.2
17
75.00
7
8
100.0
0.0
70
78.42
4
126
90.1
4
78.33
8.3
7.3
7.8
16
90.52
8
110
33.7
3,960
45.5
154
53.96
8
29
1,880
9
28
2,455
43
66.25
30
378
46.3
142
31.17
2.9
42
8.6
8.5
38,620
9.3
8
91.46
3
7
665
5
7
625
121
52.52
49
524
19.5
92
43.51
3.2
20
28.6
9
39,110
64.1
15
88.32
4
8
1,005
4
6
1,050
36
68.08
29
437
39.9
13
82.04
1.0
6
88.6
11
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
UNITED STATES
Ease of doing business rank (1189)
Starting a business (rank)
DTF score for starting a business (0100)
Procedures (number)
Time (days)
Cost (% of income per capita)
Minimum capital (% of income per capita)
7
46
91.22
6
5.6
1.2
0.0
81.98
29
82.92
4.4
15.2
2.4
41
78.87
15.8
78.6
1.0
2
95.00
11
8
100.0
0.0
61
79.52
4.8
89.6
25.5
25
65.83
8.3
4.8
6.6
47
80.84
10.6
175
43.8
63.89
146
54.57
8
66
7.0
URUGUAY
Ease of doing business rank (1189)
82
60
89.68
5
6.5
23.4
0.0
162
55.69
21
251
0.8
52
60.00
4
8
100.0
84.6
39
84.48
5
48
14.8
110
47.50
5.0
4.5
4.8
140
62.32
33
312
41.8
54.26
143
55.21
13
55
1.3
104
40.00
1
7
17.8
0.0
UZBEKISTAN
Ease of doing business rank (1189)
141
65
89.00
7
7.5
3.3
0.0
149
60.28
23
160
1.7
145
60.54
7
89
1,688.1
100
50.83
5.3
4.8
5.1
118
68.30
33
192.5
42.2
53,670
316.1
16
88.25
3
6
1,224
5
5.4
1,289
41
67.26
33.6
420
30.5
4
90.12
1.5
8
80.4
15
15,180
3.4
83
74.60
6
15
1,125
7
14
1,440
106
56.59
40
725
19.0
57
53.47
1.8
7
44.2
9.5
1,900
30.2
189
2.56
11
54
5,090
13
104
6,452
28
69.47
41
195
20.5
77
46.45
2.0
10
39.9
8
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
227
228
VANUATU
Ease of doing business rank (1189)
76
137
75.26
8
35
46.2
0.0
80
73.92
12
55
8.4
115
68.76
5
122
1,229.8
VENEZUELA, RB
Ease of doing business rank (1189)
182
64.60
91
66.95
4
58
7.0
36
65.00
10
3
6.8
0.0
135
44.17
5.3
3.5
4.4
48
80.79
31
120
8.5
41.41
102
64.12
9
52
2.5
104
40.00
1
7
28.7
0.0
182
45.23
17
144
49.9
0.0
152
59.34
9
380
1.2
155
57.21
6
178
714.1
178
29.17
2.7
3.2
2.9
188
13.37
71
792
65.5
64.42
33
81.44
4
57
0.6
VIETNAM
Ease of doing business rank (1189)
78
125
77.68
10
34
5.3
0.0
22
83.66
10
114
0.7
135
63.38
6
115
1,432.8
36
65.00
7
6
1.4
41.8
117
46.67
3.7
5.7
4.7
173
43.61
32
872
40.8
3,130
0.3
113
68.50
6
21
1,490
7
24
1,440
77
61.20
30
430
56.0
103
41.48
2.6
38
42.2
6
12,550
30.4
176
25.55
8
56
3,490
9
82
3,695
79
60.89
30
610
43.7
165
19.20
4.0
38
6.7
5
1,730
89.7
75
75.56
5
21
610
8
21
600
47
65.89
36
400
29.0
104
41.27
5.0
15
18.6
10
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
COUNTRY TABLES
Reform making it easier to do business
143
162
66.53
9
44
86.2
0.0
173
48.62
15
82
19.6
83
76.26
5
63
1,484.4
53.62
99
65.08
8
56
3.0
116
35.00
0
7
0.0
9.0
141
43.33
5.3
3.3
4.3
YEMEN, REP.
Ease of doing business rank (1189)
137
140
74.43
6
40
66.3
0.0
68
75.40
11
184
0.9
122
66.74
4
110
3,492.6
ZAMBIA
Ease of doing business rank (1189)
111
68
88.63
5
6.5
31.9
0.0
99
70.45
10
208
3.2
126
65.54
6
117
837.5
51
80.29
28
162
15.3
54.84
44
79.17
6
19
1.8
185
0.00
0
0
0.0
1.2
162
39.17
4.3
3.5
3.9
135
63.62
44
248
33.3
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
59.65
152
51.75
5
45
13.6
23
70.00
7
7
7.3
0.0
83
54.17
5.7
5.2
5.4
78
74.52
37
177
14.8
1,665
4.2
130
64.43
6
23
1,750
6
38
1,425
105
56.65
44
540
21.2
189
0.00
NO PRACTICE
NO PRACTICE
0.0
0
1,330
24.4
134
63.54
6
29
1,065
9
27
1,560
85
58.82
36
645
30.0
154
27.46
3.0
15
22.0
5
1,480
14.5
177
20.92
7
51
5,165
8
53
7,060
98
57.53
35
611
38.7
95
43.01
2.4
9
39.3
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
229
230
ZIMBABWE
Ease of doing business rank (1189)
171
180
51.42
9
90
114.6
0.0
176
47.16
10
448
7.7
153
58.00
6
106
3,057.4
Sub-Saharan Africa
Overall distance to frontier (DTF) score (0100)
46.95
94
66.32
5
36
7.6
104
40.00
5
3
5.8
0.0
87
53.33
4.7
6.0
5.3
143
61.39
49
242
32.8
820
14.1
180
19.40
7
53
4,265
8
71
6,160
157
43.25
38
410
83.1
148
29.28
3.3
22
13.8
7
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average
for the 2 largest business cities. See the data notes for more details.
Note: For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to
insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for
the 2 largest business cities. See the data notes for more details.
Labor market
regulation data
NOTES
1.
2.
3.
Afghanistan
Albania
Algeria
Angola
Antigua and
Barbuda
Argentina
Armenia
Australia
Austria
Azerbaijan
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
No
Yes
Yes
Yes
No
Yes
Yes
No
No
No
No limit
No limit
No limit
12
No limit
60
No limit
No limit
No limit
60
0.00
209.86
229.42
151.07
570.10
1,462.19
113.29
2,397.02
1,555.92
133.35
0.00
0.37
0.35
0.18
0.36
1.00
0.25
0.29
0.26
0.16
50-hour workweek
allowed?c
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
Yes
6.0
5.5
6.0
6.0
6.0
6.0
6.0
7.0
5.5
6.0
25
50
25
13
30
87.5
17
40
50
25
100
100
100
100
100
150
Major restrictions
on night work?
Yes
Yes
Yes
Yes
No
No
No
No
No
Yes
Major restrictions
on weekly holiday work?
No
No
No
Yes
No
No
No
No
No
No
20.0
20.0
22.0
22.0
12.0
18.0
20.0
20.0
25.0
17.0
6.0
3.0
6.0
3.0
3.0
3.0
3.0
6.0
1.0
3.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
Yes
No
Yes
Yes
No
No
No
No
Yes
No
Third-party approval if
1 worker is dismissed?
No
No
No
Yes
No
No
No
No
No
No
Third-party notication if
9 workers are dismissed?
Yes
No
Yes
Yes
No
No
No
No
Yes
No
Third-party approval if
9 workers are dismissed?
Yes
No
No
Yes
No
No
No
No
No
No
Retraining or
reassignment?f
No
No
Yes
No
Yes
No
Yes
Yes
No
No
No
No
Yes
Yes
Yes
No
No
No
Yes
Yes
Yes
Yes
No
Yes
No
No
No
No
Yes
No
4.3
10.1
4.3
4.3
3.4
7.2
6.0
3.0
2.0
8.7
17.3
10.7
13.0
26.7
12.8
23.1
5.0
8.7
0.0
13.0
..
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
No
No
Yes
Yes
No
No
Yes
No
Yes
Yes
No
Yes
Yes
No
Unemployment protection
scheme?
Research
questionsg
232
Bahamas, The
Bahrain
Bangladesh
(Dhaka)
Bangladesh
(Chittagong)
Barbados
Belarus
Belgium
Belize
Benin
Bhutan
Research
questionsg
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
No
No
No
No
No
No
No
No
No
No
No limit
60
No limit
No limit
No limit
No limit
No limit
No limit
48
No limit
693.33
0.00
0.00
0.00
537.50
166.28
2,368.12
384.79
63.30
66.98
0.25
0.00
0.00
0.00
0.29
0.21
0.41
0.62
0.52
0.22
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
5.0
6.0
6.0
6.0
5.0
6.0
6.0
6.0
6.0
6.0
50
20
50
100
50
Major restrictions
on night work?
No
No
No
No
No
No
Yes
No
No
No
Major restrictions
on weekly holiday work?
No
No
No
No
No
No
Yes
No
No
No
11.7
30.0
17.0
17.0
20.3
18.0
20.0
10.0
24.0
15.0
6.0
3.0
3.0
3.0
n.a.
3.0
0.0
2.0
2.0
6.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
Yes
Yes
Yes
Yes
No
No
No
Yes
Yes
Yes
Third-party approval if
1 worker is dismissed?
No
No
No
No
No
No
No
No
No
No
Third-party notication if
9 workers are dismissed?
Yes
Yes
Yes
Yes
No
No
No
Yes
Yes
Yes
Third-party approval if
9 workers are dismissed?
No
No
No
No
No
No
No
No
No
No
Retraining or
reassignment?f
No
No
No
No
No
Yes
No
No
No
No
No
No
Yes
Yes
No
Yes
No
No
Yes
No
No
No
Yes
Yes
Yes
No
No
No
Yes
No
2.0
4.3
4.3
4.3
2.7
8.7
19.7
4.7
4.3
8.3
10.7
0.0
26.7
26.7
13.3
13.0
0.0
8.3
7.3
0.0
Unemployment protection
scheme?
Yes
Yes
No
No
Yes
Yes
Yes
No
No
No
No
Yes
No
No
No
Yes
Yes
No
No
No
Yes
No
Yes
Yes
Yes
No
Yes
No
No
No
233
Boliviah
Bosnia and
Herzegovina
Botswana
Brazil
(So Paulo)
Brazil
(Rio de Janeiro)
Brunei Darussalam
Bulgaria
Burkina Faso
Burundi
Cabo Verde
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Research
questionsg
234
Yes
No
No
Yes
Yes
No
No
No
No
Yes
24
24
No limit
24
24
No limit
36
No limit
No limit
60
164.71
383.26
96.99
437.80
484.24
0.00
233.18
63.42
2.50
131.08
0.47
0.67
0.09
0.31
0.34
0.00
0.27
0.59
0.06
0.28
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0
25
30
20
20
35
25
100
20
100
100
100
50
100
Major restrictions
on night work?
No
No
No
Yes
Yes
No
Yes
No
No
No
Major restrictions
on weekly holiday work?
No
No
No
No
No
No
No
Yes
No
No
21.7
18.0
15.0
26.0
26.0
13.3
20.0
22.0
21.0
22.0
3.0
6.0
3.0
3.0
3.0
n.a.
6.0
2.0
6.0
2.0
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
n.a.
No
Yes
No
No
No
No
No
No
Yes
Third-party approval if
1 worker is dismissed?
n.a.
No
No
No
No
No
No
No
No
Yes
Third-party notication if
9 workers are dismissed?
n.a.
Yes
Yes
No
No
No
No
Yes
Yes
Yes
Third-party approval if
9 workers are dismissed?
n.a.
No
No
No
No
No
No
No
No
Yes
Retraining or
reassignment?f
n.a.
Yes
No
No
No
No
No
No
No
Yes
n.a.
No
Yes
No
No
No
No
Yes
Yes
Yes
n.a.
Yes
Yes
No
No
No
No
Yes
Yes
No
n.a.
2.0
4.9
6.6
6.6
3.0
4.3
4.3
8.7
6.4
n.a.
7.2
16.8
8.9
8.9
0.0
4.3
6.1
7.2
23.1
Unemployment protection
scheme?
No
Yes
No
Yes
Yes
No
Yes
No
No
No
Yes
Yes
No
No
No
Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Cambodia
Cameroon
Canada
Central African
Republic
Chad
Chile
China
(Shanghai)
China
(Beijing)
Colombia
Comoros
Research
questionsg
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
No
No
No
Yes
No
No
No
No
No
No
24
48
No limit
24
48
12
No limit
No limit
No limit
36
0.00
56.06
1,889.04
36.63
123.42
427.79
286.29
245.39
331.09
0.00
0.00
0.29
0.30
0.77
0.71
0.23
0.38
0.33
0.35
0.00
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6.0
6.0
6.0
5.0
6.0
6.0
6.0
6.0
6.0
6.0
30
39
39
35
100
50
100
100
100
75
Major restrictions
on night work?
No
No
No
No
No
No
No
No
No
No
Major restrictions
on weekly holiday work?
No
No
No
Yes
No
No
No
No
No
Yes
19.3
25.0
10.0
25.3
24.7
15.0
6.7
6.7
15.0
22.0
1.0
1.0
3.0
2.0
3.0
n.a.
6.0
6.0
2.0
6.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
No
Yes
No
Yes
Yes
Yes
Yes
Yes
No
Yes
Third-party approval if
1 worker is dismissed?
No
Yes
No
No
No
No
No
No
No
No
Third-party notication if
9 workers are dismissed?
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
No
Yes
Third-party approval if
9 workers are dismissed?
No
Yes
No
Yes
No
No
No
No
No
No
Retraining or
reassignment?f
No
No
No
No
No
No
Yes
Yes
No
No
Yes
Yes
No
Yes
Yes
No
Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
No
Yes
Yes
No
Yes
7.9
11.6
5.0
4.3
7.2
4.3
4.3
4.3
0.0
13.0
11.4
8.3
5.0
17.3
5.8
23.1
23.1
23.1
16.7
23.1
Unemployment protection
scheme?
No
No
Yes
No
..
Yes
Yes
Yes
Yes
No
No
Yes
No
Yes
..
Yes
Yes
Yes
Yes
No
No
Yes
No
Yes
..
Yes
Yes
Yes
Yes
No
235
Congo, Rep.
Costa Rica
Cte dIvoire
Croatia
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Research
questionsg
236
Yes
Yes
Yes
No
Yes
No
No
No
Yes
No
48
24
12
24
No limit
30
108
No limit
24
No limit
65.00
208.86
580.51
114.00
534.87
1,250.12
544.80
0.00
0.00
348.27
1.02
0.51
0.51
0.55
0.32
0.42
0.25
0.00
0.00
0.40
50-hour workweek
allowed?c
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
5.0
6.0
6.0
6.0
6.0
5.5
6.0
6.0
6.0
6.0
25
38
10
10
100
35
10
100
Major restrictions
on night work?
No
No
Yes
No
Yes
No
No
No
No
No
Major restrictions
on weekly holiday work?
No
Yes
No
No
Yes
No
No
No
No
No
13.0
29.7
12.0
27.4
20.0
20.0
20.0
25.0
30.0
13.3
1.0
4.0
3.0
2.0
6.0
24.0
3.0
3.0
2.0
6.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
Yes
Yes
No
No
Yes
Yes
No
No
Yes
No
Third-party approval if
1 worker is dismissed?
Yes
Yes
No
No
No
No
No
No
No
No
Third-party notication if
9 workers are dismissed?
Yes
Yes
No
Yes
Yes
Yes
No
No
Yes
No
Third-party approval if
9 workers are dismissed?
Yes
Yes
No
No
No
No
No
No
No
No
Retraining or
reassignment?f
No
No
No
No
Yes
Yes
No
No
No
No
Yes
Yes
No
No
Yes
No
No
No
No
Yes
Yes
Yes
No
Yes
Yes
Yes
No
No
Yes
Yes
10.3
8.7
4.3
5.8
7.9
5.7
8.7
0.0
4.3
5.8
0.0
6.9
14.4
7.3
7.2
0.0
11.6
0.0
0.0
9.3
Unemployment protection
scheme?
No
No
No
No
Yes
Yes
Yes
Yes
No
No
Yes
No
No
No
Yes
No
No
No
Yes
No
No
Yes
Yes
Yes
No
Yes
No
No
Yes
Yes
Dominican Republic
Ecuador
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Fiji
Finland
Research
questionsg
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Yes
No
No
Yes
Yes
Yes
Yes
Yes
No
Yes
No limit
24
No limit
No limit
24
No limit
120
No limit
No limit
60
295.71
388.02
0.00
243.49
767.17
0.00
457.92
0.00
339.77
2,287.55
0.40
0.54
0.00
0.49
0.38
0.00
0.21
0.00
0.60
0.38
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
5.5
5.0
6.0
6.0
6.0
6.0
5.0
6.0
6.0
6.0
25
25
25
25
23
100
100
100
50
100
100
Major restrictions
on night work?
No
No
No
Yes
Yes
No
Yes
No
No
No
Major restrictions
on weekly holiday work?
Yes
No
No
Yes
Yes
No
No
No
No
No
14.0
12.0
24.0
11.0
22.0
19.0
24.0
18.3
10.0
30.0
3.0
3.0
3.0
1.0
3.0
3.0
4.0
1.5
3.0
6.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
No
Yes
Yes
No
Yes
No
No
No
Yes
No
Third-party approval if
1 worker is dismissed?
No
No
Yes
No
Yes
No
No
No
No
No
Third-party notication if
9 workers are dismissed?
No
Yes
Yes
No
Yes
Yes
No
Yes
Yes
No
Third-party approval if
9 workers are dismissed?
No
No
Yes
No
Yes
Yes
No
No
No
No
Retraining or
reassignment?f
No
No
No
No
No
No
Yes
Yes
No
Yes
No
No
Yes
No
Yes
No
Yes
Yes
No
No
No
No
No
No
Yes
No
No
No
No
Yes
4.0
0.0
10.1
0.0
4.3
3.1
8.6
8.7
4.3
10.1
22.2
31.8
26.7
22.9
34.3
12.3
4.3
10.5
5.3
0.0
Unemployment protection
scheme?
No
No
Yes
No
..
Yes
Yes
No
No
Yes
Yes
Yes
Yes
No
Yes
No
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
No
237
France
Gabon
Gambia, The
Georgia
Germany
Ghana
Greece
Grenada
Guatemala
Guinea
Diculty of hiring
Yes
No
No
No
No
No
Yes
Yes
Yes
No
18
48
No limit
30
24
No limit
No limit
No limit
No limit
24
1,922.57
312.55
0.00
24.25
0.00
64.97
814.75
254.15
369.02
0.00
0.35
0.20
0.00
0.06
0.00
0.26
0.29
0.27
0.73
0.00
50-hour workweek
allowed?c
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6.0
6.0
5.0
7.0
6.0
5.0
5.0
6.0
6.0
6.0
20
25
20
20
75
50
Major restrictions
on night work?
Yes
No
No
No
No
No
No
No
Yes
No
Major restrictions
on weekly holiday work?
Yes
No
No
No
No
No
Yes
No
Yes
Yes
30.0
24.0
21.0
24.0
24.0
15.0
22.3
13.3
15.0
30.0
4.0
6.0
12.0
6.0
6.0
6.0
12.0
1.0
2.0
1.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
No
Yes
Yes
No
Yes
Yes
No
No
No
Yes
Third-party approval if
1 worker is dismissed?
No
Yes
No
No
No
Yes
No
No
No
No
Third-party notication if
9 workers are dismissed?
Yes
Yes
Yes
No
Yes
Yes
Yes
No
No
Yes
Third-party approval if
9 workers are dismissed?
No
Yes
No
No
No
Yes
Yes
No
No
No
Retraining or
reassignment?f
Yes
No
No
No
Yes
No
No
No
No
No
Yes
Yes
Yes
No
Yes
No
Yes
No
No
No
Yes
Yes
Yes
No
No
No
No
No
No
No
7.2
14.4
26.0
4.3
10.0
3.6
0.0
7.2
0.0
2.1
4.6
4.3
0.0
4.3
11.6
46.2
15.9
5.3
27.0
5.8
Unemployment protection
scheme?
Yes
No
No
No
Yes
No
Yes
No
No
No
Yes
No
No
No
Yes
No
Yes
No
No
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Research
questionsg
238
Guinea-Bissau
Guyana
Haiti
Honduras
Hungary
Iceland
India
(Mumbai)
India
(Delhi)
Indonesia
(Jakarta)
Research
questionsg
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Yes
No
No
Yes
No
No
No
No
No
Yes
12
No limit
No limit
24
No limit
60
24
No limit
No limit
36
0.00
166.41
154.48
455.04
794.99
453.74
1,783.94
125.37
134.82
248.17
0.00
0.32
1.39
1.51
0.18
0.30
0.32
0.63
0.68
0.55
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
6.0
7.0
6.0
6.0
6.0
5.0
6.0
6.0
6.0
6.0
25
50
25
15
80
50
100
50
100
50
80
Major restrictions
on night work?
No
No
No
Yes
No
No
No
Yes
Yes
No
Major restrictions
on weekly holiday work?
No
No
No
No
No
No
No
Yes
No
No
21.0
12.0
13.0
16.7
10.3
21.3
24.0
21.0
15.0
12.0
3.0
3.0
0.0
2.0
1.0
3.0
3.0
3.0
3.0
3.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
Yes
Yes
No
Yes
No
No
No
Yes
Yes
Yes
Third-party approval if
1 worker is dismissed?
Yes
No
No
Yes
No
No
No
No
No
Yes
Third-party notication if
9 workers are dismissed?
Yes
Yes
No
Yes
No
No
No
Yes
Yes
Yes
Third-party approval if
9 workers are dismissed?
Yes
No
No
Yes
No
No
No
No
No
Yes
Retraining or
reassignment?f
No
No
No
No
No
No
No
No
No
Yes
Yes
No
No
Yes
No
No
No
Yes
Yes
No
Yes
No
No
No
No
No
No
Yes
Yes
No
0.0
4.3
10.1
7.2
4.3
6.2
10.1
4.3
4.3
0.0
26.0
12.3
0.0
23.1
1.4
7.2
0.0
11.4
11.4
57.8
Unemployment protection
scheme?
No
No
No
No
No
Yes
Yes
No
No
No
No
No
..
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
No
Yes
No
No
Yes
Yes
Yes
239
Indonesia
(Surabaya)
Iraq
Ireland
Israel
Italy
Jamaica
Japan
(Tokyo)
Japan
(Osaka)
Jordan
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Research
questionsg
240
Yes
No
Yes
No
No
No
No
No
No
No
36
No limit
No limit
No limit
No limit
36
No limit
No limit
No limit
No limit
223.67
466.63
103.30
1,809.66
1,145.81
2,035.74
250.12
1,785.35
1,682.62
257.29
0.49
0.69
0.10
0.37
0.25
0.46
0.37
0.29
0.27
0.39
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6.0
6.0
6.0
6.0
5.5
6.0
6.0
6.0
6.0
6.0
35
14
15
25
25
40
50
50
30
100
35
35
150
Major restrictions
on night work?
No
No
Yes
No
No
No
No
No
No
No
Major restrictions
on weekly holiday work?
No
No
No
No
Yes
No
No
No
No
No
12.0
24.0
22.0
20.0
18.0
26.0
11.7
15.3
15.3
18.7
3.0
1.0
3.0
12.0
n.a.
2.0
3.0
n.a.
n.a.
3.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
Yes
Yes
Yes
No
No
Yes
No
No
No
Yes
Third-party approval if
1 worker is dismissed?
Yes
Yes
No
No
No
No
No
No
No
Yes
Third-party notication if
9 workers are dismissed?
Yes
Yes
Yes
Yes
No
Yes
No
No
No
Yes
Third-party approval if
9 workers are dismissed?
Yes
Yes
No
No
No
No
No
No
No
Yes
Retraining or
reassignment?f
Yes
No
No
No
No
Yes
No
Yes
Yes
No
No
No
No
No
No
Yes
No
No
No
No
No
No
No
No
No
Yes
No
No
No
Yes
0.0
0.0
0.0
3.7
4.3
4.5
4.0
4.3
4.3
4.3
57.8
23.1
0.0
10.7
23.1
0.0
10.0
0.0
0.0
0.0
Unemployment protection
scheme?
No
Yes
..
Yes
Yes
Yes
No
Yes
Yes
..
Yes
Yes
Yes
No
Yes
Yes
No
Yes
Yes
..
Yes
..
Yes
Yes
Yes
Yes
No
Yes
Yes
No
Kazakhstan
Kenya
Kiribati
Korea, Rep.
Kosovo
Kuwait
Kyrgyz Republic
Lao PDR
Latvia
Lebanon
Research
questionsg
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
No
No
No
No
No
No
Yes
No
Yes
No
No limit
No limit
No limit
24
No limit
No limit
60
No limit
36
24
127.87
241.39
0.00
815.65
172.09
211.40
18.50
74.66
602.77
439.34
0.09
1.72
0.00
0.28
0.14
0.04
0.12
0.37
0.32
0.34
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
6.0
6.0
7.0
6.0
6.0
6.0
6.0
6.0
5.5
6.0
50
50
30
50
15
50
100
50
50
50
100
150
50
Major restrictions
on night work?
No
No
No
Yes
No
No
No
No
Yes
No
Major restrictions
on weekly holiday work?
No
No
No
No
No
Yes
No
No
No
No
18.0
21.0
0.0
17.0
21.0
30.0
20.0
15.0
20.0
15.0
3.0
12.0
n.a.
3.0
6.0
3.0
3.0
3.0
3.0
3.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
Yes
Yes
Yes
Yes
No
No
No
Yes
No
No
Third-party approval if
1 worker is dismissed?
No
No
Yes
No
No
No
No
Yes
No
No
Third-party notication if
9 workers are dismissed?
Yes
Yes
Yes
Yes
No
No
No
Yes
No
Yes
Third-party approval if
9 workers are dismissed?
No
No
Yes
No
No
No
No
Yes
No
No
Retraining or
reassignment?f
Yes
No
No
No
Yes
No
No
No
Yes
No
No
Yes
No
No
Yes
No
No
No
Yes
Yes
No
No
No
Yes
Yes
No
No
No
No
Yes
4.3
4.3
4.3
4.3
4.3
13.0
4.3
6.4
4.3
8.7
4.3
2.1
0.0
23.1
7.2
15.1
13.0
40.7
8.7
0.0
Unemployment protection
scheme?
Yes
No
No
Yes
No
..
Yes
Yes
Yes
No
Yes
Yes
No
Yes
No
..
Yes
Yes
No
Yes
No
Yes
No
No
No
..
No
No
No
Yes
241
Lesotho
Liberia
Libya
Lithuania
Luxembourg
Macedonia, FYR
Madagascar
Malawi
Malaysia
Maldives
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Research
questionsg
242
No
No
No
No
Yes
No
Yes
Yes
No
No
No limit
No limit
48
60
24
60
24
No limit
No limit
24
158.70
52.00
336.11
382.61
3,000.18
287.51
49.83
15.72
293.01
0.00
0.73
0.82
0.24
0.21
0.34
0.51
0.74
0.36
0.23
0.00
50-hour workweek
allowed?c
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
Yes
6.0
6.0
6.0
5.5
5.5
6.0
6.0
6.0
6.0
6.0
50
35
30
100
50
100
70
50
40
100
50
Major restrictions
on night work?
Yes
No
No
No
No
Yes
No
No
No
No
Major restrictions
on weekly holiday work?
No
No
No
No
Yes
No
No
No
No
No
12.0
16.0
30.0
20.7
25.0
20.0
24.0
18.0
13.3
30.0
4.0
3.0
1.0
3.0
6.0
6.0
3.0
12.0
3.0
3.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
No
Yes
Yes
No
Yes
No
No
Yes
No
No
Third-party approval if
1 worker is dismissed?
No
No
No
No
No
No
No
No
No
No
Third-party notication if
9 workers are dismissed?
No
Yes
Yes
No
Yes
No
Yes
Yes
Yes
No
Third-party approval if
9 workers are dismissed?
No
No
No
No
No
No
Yes
No
No
No
Retraining or
reassignment?f
No
No
No
Yes
No
No
No
No
No
No
No
Yes
No
Yes
No
No
Yes
No
No
No
No
Yes
No
No
Yes
No
Yes
No
No
No
4.3
4.3
4.3
8.7
17.3
4.3
3.4
4.3
6.7
7.2
10.7
21.3
11.6
15.9
4.3
8.7
8.9
12.3
17.2
0.0
Unemployment protection
scheme?
No
No
No
Yes
Yes
Yes
Yes
..
No
No
Yes
Yes
Yes
No
Yes
Yes
No
..
No
No
Yes
Yes
Yes
No
Yes
No
Yes
..
Yes
Yes
Mali
Malta
Marshall Islands
Mauritania
Mauritius
Mexico
(Mexico City)
Mexico
(Monterrey)
Micronesia,
Fed. Sts.
Moldova
Mongolia
Research
questionsg
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Yes
No
No
No
No
Yes
Yes
No
Yes
No
72
48
No limit
24
24
No limit
No limit
No limit
No limit
No limit
63.20
952.98
421.63
105.50
241.90
174.50
174.50
357.38
110.72
125.46
0.56
0.38
0.77
0.68
0.22
0.14
0.14
0.76
0.39
0.28
50-hour workweek
allowed?c
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6.0
6.0
7.0
6.0
6.0
6.0
6.0
7.0
6.0
5.0
100
50
50
100
25
25
100
50
Major restrictions
on night work?
No
No
No
Yes
No
No
No
No
Yes
No
Major restrictions
on weekly holiday work?
No
No
No
No
No
No
No
No
Yes
No
22.0
24.0
0.0
18.0
17.0
12.0
12.0
0.0
20.0
16.0
6.0
6.0
6.0
1.0
3.0
1.0
1.0
n.a.
0.5
6.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
Yes
No
No
Yes
Yes
Yes
Yes
No
Yes
No
Third-party approval if
1 worker is dismissed?
No
No
No
No
No
Yes
Yes
No
No
No
Third-party notication if
9 workers are dismissed?
Yes
No
No
Yes
Yes
Yes
Yes
No
Yes
No
Third-party approval if
9 workers are dismissed?
No
No
No
No
No
Yes
Yes
No
No
No
Retraining or
reassignment?f
No
No
No
No
No
No
No
No
Yes
No
Yes
Yes
No
Yes
No
Yes
Yes
No
Yes
No
Yes
Yes
No
Yes
No
Yes
Yes
No
No
No
4.3
7.3
0.0
4.3
4.3
0.0
0.0
0.0
8.7
4.3
9.3
0.0
0.0
6.1
6.3
22.0
22.0
0.0
13.9
4.3
Unemployment protection
scheme?
No
Yes
No
No
Yes
Yes
Yes
No
Yes
Yes
No
No
No
Yes
No
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
Yes
243
Montenegro
Morocco
Mozambique
Myanmar
Namibia
Nepal
Netherlands
New Zealand
Nicaragua
Niger
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Research
questionsg
244
No
Yes
Yes
No
No
Yes
No
No
No
Yes
24
12
72
No limit
No limit
No limit
36
No limit
No limit
48
196.66
278.46
139.33
0.00
0.00
95.03
1,036.47
1,980.93
200.12
57.18
0.22
0.74
1.45
0.00
0.00
0.94
0.17
0.39
0.84
0.79
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
6.0
6.0
6.0
6.0
5.5
6.0
5.5
7.0
6.0
6.0
40
25
38
100
100
100
50
100
Major restrictions
on night work?
No
No
No
No
No
No
Yes
No
Yes
No
Major restrictions
on weekly holiday work?
No
Yes
Yes
No
No
No
No
No
Yes
No
21.0
19.5
24.0
10.0
20.0
18.0
20.0
20.0
30.0
22.0
6.0
1.0
3.0
n.a.
6.0
12.0
2.0
3.0
1.0
6.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
No
No
Yes
No
Yes
Yes
Yes
No
No
Yes
Third-party approval if
1 worker is dismissed?
No
No
No
No
No
Yes
Yes
No
No
No
Third-party notication if
9 workers are dismissed?
No
Yes
Yes
No
Yes
Yes
Yes
No
No
Yes
Third-party approval if
9 workers are dismissed?
No
Yes
No
No
No
Yes
Yes
No
No
No
Retraining or
reassignment?f
Yes
Yes
No
No
No
No
Yes
Yes
No
Yes
Yes
Yes
No
No
No
Yes
Yes
No
No
Yes
No
Yes
No
No
No
Yes
No
No
No
Yes
4.3
7.2
4.3
4.3
4.3
4.3
8.7
0.0
0.0
4.3
6.9
13.5
33.2
15.9
5.3
22.9
0.0
0.0
14.9
9.7
Unemployment protection
scheme?
Yes
No
No
..
No
No
Yes
No
No
..
Yes
Yes
No
Yes
No
No
No
No
Yes
No
Yes
Yes
No
Yes
No
No
Yes
Yes
Yes
Yes
Nigeria
(Lagos)
Nigeria
(Kano)
Norway
Oman
Pakistan
(Karachi)
Pakistan
(Lahore)
Palau
Panama
Paraguay
Research
questionsg
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
No
No
Yes
No
Yes
Yes
No
Yes
No
Yes
No limit
No limit
48
No limit
No limit
12
No limit
No limit
111.17
111.17
3,840.25
847.72
104.53
104.53
551.54
476.59
195.96
409.69
0.26
0.26
0.29
0.30
0.56
0.56
0.39
0.34
0.69
0.76
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6.0
6.0
6.0
5.0
6.0
6.0
7.0
6.0
6.0
6.0
50
13
30
100
100
100
50
100
Major restrictions
on night work?
No
No
Yes
Yes
No
No
No
No
No
Yes
Major restrictions
on weekly holiday work?
No
No
Yes
No
Yes
Yes
No
Yes
No
No
6.0
6.0
21.0
22.0
14.0
14.0
0.0
22.0
11.0
20.0
3.0
3.0
6.0
3.0
3.0
3.0
n.a.
3.0
n.a.
1.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
No
No
No
No
No
No
No
Yes
No
Yes
Third-party approval if
1 worker is dismissed?
No
No
No
No
No
No
No
Yes
No
Yes
Third-party notication if
9 workers are dismissed?
Yes
Yes
No
No
No
No
No
Yes
No
Yes
Third-party approval if
9 workers are dismissed?
No
No
No
No
No
No
No
Yes
No
Yes
Retraining or
reassignment?f
No
No
Yes
No
Yes
Yes
No
No
No
No
Yes
Yes
Yes
No
Yes
Yes
No
Yes
No
No
No
No
Yes
No
Yes
Yes
No
No
No
Yes
3.2
3.2
8.7
4.3
4.3
4.3
0.0
0.0
3.3
7.5
12.2
12.2
0.0
0.0
22.9
22.9
0.0
18.1
9.2
18.6
Unemployment protection
scheme?
No
No
Yes
No
No
No
No
No
No
No
No
Yes
No
Yes
No
No
No
No
No
Yes
Yes
Yes
No
No
Yes
Yes
No
Yes
..
Yes
245
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russian Federation
(Moscow)
Russian Federation
(St. Petersburg)
Rwanda
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Research
questionsg
246
Yes
No
No
Yes
No
No
Yes
Yes
Yes
No
60
No limit
No limit
66
No limit
No limit
60
60
60
No limit
275.86
304.93
535.52
754.09
1,233.43
0.00
251.28
390.11
274.56
0.00
0.34
0.69
0.35
0.29
0.51
0.00
0.23
0.24
0.17
0.00
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6.0
6.0
5.5
6.0
7.0
6.0
5.0
6.0
6.0
6.0
35
10
20
25
25
20
20
100
30
100
50
100
100
100
100
Major restrictions
on night work?
No
No
No
No
No
No
No
No
No
No
Major restrictions
on weekly holiday work?
No
No
No
Yes
No
No
No
Yes
Yes
No
13.0
5.0
22.0
22.0
15.0
22.0
20.0
22.0
22.0
19.3
3.0
6.0
3.0
3.0
3.0
6.0
3.0
3.0
3.0
6.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
Yes
Yes
No
Yes
No
No
No
Yes
Yes
Yes
Third-party approval if
1 worker is dismissed?
Yes
No
No
No
No
No
No
No
No
No
Third-party notication if
9 workers are dismissed?
Yes
Yes
No
Yes
No
No
No
Yes
Yes
Yes
Third-party approval if
9 workers are dismissed?
Yes
No
No
No
No
No
No
No
No
No
Retraining or
reassignment?f
No
No
Yes
Yes
No
No
Yes
Yes
Yes
No
No
Yes
Yes
No
Yes
No
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
No
Yes
No
No
No
0.0
4.3
10.1
7.9
0.0
7.2
4.0
8.7
8.7
4.3
11.4
23.1
8.7
9.1
0.0
16.0
0.0
8.7
8.7
8.7
Unemployment protection
scheme?
No
No
Yes
Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
No
No
No
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
Yes
No
No
Yes
Samoa
San Marino
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovak Republic
Research
questionsg
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
No
Yes
Yes
No
Yes
Yes
Yes
Yes
No
No
No limit
18
36
No limit
24
12
No limit
No limit
No limit
24
178.65
2,836.26
0.00
0.00
189.28
232.46
421.86
4.46
0.00
470.54
0.36
0.41
0.00
0.00
1.14
0.34
0.28
0.04
0.00
0.23
50-hour workweek
allowed?c
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6.0
6.0
6.0
6.0
6.0
6.0
6.0
5.0
6.0
6.0
35
25
38
26
15
20
100
100
50
26
100
100
100
Major restrictions
on night work?
No
No
No
No
No
No
No
No
No
No
Major restrictions
on weekly holiday work?
Yes
No
Yes
Yes
Yes
No
No
No
No
No
10.0
26.0
26.0
20.7
24.3
20.0
21.0
21.3
10.7
25.0
3.0
1.6
1.0
3.0
2.0
6.0
6.0
n.a.
6.0
3.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
No
Yes
Yes
No
Yes
No
Yes
Yes
No
Yes
Third-party approval if
1 worker is dismissed?
No
Yes
Yes
No
No
No
Yes
No
No
No
Third-party notication if
9 workers are dismissed?
No
Yes
Yes
No
Yes
No
Yes
Yes
No
Yes
Third-party approval if
9 workers are dismissed?
No
Yes
Yes
No
No
No
Yes
No
No
No
Retraining or
reassignment?f
No
No
No
No
No
Yes
No
Yes
No
Yes
No
Yes
No
No
Yes
No
No
Yes
No
No
No
Yes
Yes
No
Yes
Yes
No
Yes
No
No
3.3
0.0
4.3
4.3
4.3
0.0
4.3
8.7
3.0
11.6
0.0
0.0
26.0
15.2
10.5
7.7
7.6
69.6
0.0
7.2
Unemployment protection
scheme?
No
Yes
No
No
No
Yes
No
No
No
Yes
No
Yes
No
Yes
Yes
Yes
No
Yes
No
Yes
No
No
No
Yes
Yes
No
Yes
Yes
Yes
No
247
Slovenia
Solomon Islands
South Africa
South Sudan
Spain
Sri Lanka
St. Lucia
Sudan
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Research
questionsg
248
Yes
No
Yes
No
Yes
No
No
No
No
No
24
No limit
No limit
48
12
No limit
No limit
24
No limit
48
1,054.91
120.22
336.46
0.00
1,140.02
83.03
517.48
0.00
239.96
82.42
0.38
0.51
0.36
0.00
0.31
0.21
0.30
0.00
0.30
0.49
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6.0
6.0
6.0
6.0
5.5
5.5
7.0
6.0
6.0
6.0
75
25
50
100
150
Major restrictions
on night work?
No
No
Yes
No
Yes
Yes
No
No
No
No
Major restrictions
on weekly holiday work?
No
No
No
No
No
No
No
No
No
No
21.0
15.0
15.0
23.3
22.0
14.0
14.0
21.0
18.7
23.3
6.0
6.0
n.a.
3.0
2.0
6.0
3.0
3.0
6.0
3.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
No
Yes
Yes
Yes
Yes
Yes
No
Yes
No
Yes
Third-party approval if
1 worker is dismissed?
No
No
No
Yes
No
Yes
No
No
No
Yes
Third-party notication if
9 workers are dismissed?
No
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Third-party approval if
9 workers are dismissed?
No
No
No
Yes
No
Yes
No
No
No
Yes
Retraining or
reassignment?f
Yes
No
Yes
No
No
No
No
No
No
No
Yes
No
No
No
No
Yes
No
No
No
No
No
No
No
No
No
No
Yes
No
Yes
No
5.3
4.3
4.0
4.3
2.1
4.3
8.7
3.7
4.0
4.3
5.3
10.7
5.3
21.7
15.2
54.2
0.0
9.3
10.0
21.7
Unemployment protection
scheme?
Yes
No
Yes
No
Yes
No
..
No
No
No
Yes
No
No
Yes
Yes
No
No
Yes
No
Yes
Yes
..
Yes
No
Yes
Yes
No
No
Yes
Yes
Suriname
Swaziland
Sweden
Switzerland
Taiwan, China
Tajikistan
Tanzania
Thailand
Timor-Leste
Research
questionsg
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
No
No
No
No
No
Yes
Yes
Yes
Yes
Yes
No limit
No limit
24
120
60
12
No limit
No limit
No limit
36
0.00
174.92
0.00
0.00
260.64
649.31
50.25
65.73
251.34
104.95
0.00
0.40
0.00
0.00
0.68
0.26
0.37
0.65
0.41
0.18
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
6.0
5.5
5.5
6.0
6.0
6.0
6.0
6.0
6.0
6.0
50
25
100
100
100
100
100
100
Major restrictions
on night work?
No
No
No
Yes
No
No
Yes
No
No
No
Major restrictions
on weekly holiday work?
No
No
Yes
Yes
Yes
No
No
No
No
Yes
16.0
11.0
25.0
20.0
21.7
12.0
23.3
20.0
6.0
12.0
2.0
3.0
6.0
3.0
3.0
n.a.
3.0
6.0
4.0
1.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
Yes
No
No
No
Yes
Yes
Yes
Yes
No
Yes
Third-party approval if
1 worker is dismissed?
Yes
No
No
No
Yes
No
No
Yes
No
No
Third-party notication if
9 workers are dismissed?
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
Third-party approval if
9 workers are dismissed?
Yes
No
No
No
Yes
No
No
Yes
No
No
Retraining or
reassignment?f
No
No
Yes
No
No
Yes
Yes
No
No
No
No
Yes
Yes
No
No
No
Yes
No
No
No
No
No
Yes
No
No
Yes
No
No
No
No
0.0
5.9
14.4
10.1
8.7
3.8
8.7
4.0
4.3
4.3
8.8
8.7
0.0
0.0
0.0
18.8
6.9
5.3
31.7
0.0
Unemployment protection
scheme?
No
No
Yes
Yes
No
Yes
Yes
Yes
Yes
No
No
No
Yes
No
Yes
Yes
Yes
Yes
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
249
Togo
Tonga
Tunisia
Turkey
Uganda
Ukraine
United Kingdom
United States
(New York City)
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
Research
questionsg
250
Yes
No
No
No
Yes
No
Yes
No
No
No
48
No limit
No limit
48
No limit
No limit
No limit
No limit
No limit
No limit
107.20
0.00
337.80
280.46
569.33
2.14
147.69
0.00
1,371.67
1,379.37
1.34
0.00
0.18
0.54
0.42
0.02
0.32
0.00
0.27
0.21
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
6.0
6.0
6.0
6.0
6.0
6.0
5.5
6.0
6.0
6.0
200
20
65
100
100
100
100
50
Major restrictions
on night work?
No
No
No
No
Yes
No
No
No
No
No
Major restrictions
on weekly holiday work?
No
Yes
No
No
No
No
Yes
Yes
No
No
30.0
0.0
10.0
13.0
18.0
21.0
18.0
26.0
28.0
0.0
6.0
6.0
6.0
12.0
2.0
12.0
1.0
6.0
6.0
3.0
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
Yes
No
No
Yes
No
No
Yes
No
No
No
Third-party approval if
1 worker is dismissed?
No
No
No
Yes
No
No
No
No
No
No
Third-party notication if
9 workers are dismissed?
Yes
No
Yes
Yes
No
No
Yes
No
No
No
Third-party approval if
9 workers are dismissed?
No
No
No
Yes
No
No
No
No
No
No
Retraining or
reassignment?f
No
No
No
Yes
No
No
Yes
No
No
No
Yes
No
Yes
Yes
No
No
Yes
No
No
No
Yes
No
No
Yes
Yes
No
Yes
No
No
No
4.3
0.0
6.4
4.3
6.7
8.7
8.7
4.3
5.3
0.0
8.8
0.0
14.1
7.8
23.1
0.0
4.3
0.0
4.0
0.0
Unemployment protection
scheme?
No
No
No
No
Yes
No
Yes
No
Yes
Yes
No
Yes
No
Yes
Yes
No
No
Yes
Yes
No
Yes
No
Yes
Yes
Yes
No
No
Yes
Yes
No
United States
(Los Angeles)
Uruguay
Uzbekistan
Vanuatu
Venezuela, RBh
Vietnam
Yemen, Rep.
Zambia
Zimbabwe
Research
questionsg
Redundancy
cost
Diculty of redundancy
Rigidity of hours
Diculty of hiring
No
Yes
Yes
No
Yes
No
No
No
No
No
No limit
No limit
60
No limit
24
72
24
No limit
No limit
No limit
1,379.37
610.92
44.88
326.14
622.25
123.02
384.62
87.33
292.99
255.49
0.21
0.31
0.19
0.74
0.39
0.60
1.58
0.45
1.21
2.11
50-hour workweek
allowed?c
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6.0
6.0
6.0
6.0
5.0
6.0
6.0
6.0
5.5
6.0
50
30
30
15
100
100
50
50
150
100
100
Major restrictions
on night work?
No
No
Yes
No
Yes
No
Yes
No
No
Yes
Major restrictions
on weekly holiday work?
No
No
No
No
Yes
No
Yes
No
No
No
0.0
21.0
15.0
17.0
19.3
13.0
12.0
30.0
24.0
22.0
3.0
n.a.
3.0
6.0
1.0
1.0
6.0
6.0
n.a.
3.0
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Third-party notication if
1 worker is dismissed?
No
No
No
No
n.a.
No
Yes
Yes
Yes
Yes
Third-party approval if
1 worker is dismissed?
No
No
No
No
n.a.
No
No
No
No
Yes
Third-party notication if
9 workers are dismissed?
No
No
Yes
No
n.a.
Yes
Yes
Yes
Yes
Yes
Third-party approval if
9 workers are dismissed?
No
No
No
No
n.a.
Yes
No
No
No
Yes
Retraining or
reassignment?f
No
No
Yes
No
n.a.
Yes
No
No
No
Yes
No
No
Yes
No
n.a.
No
No
No
No
No
No
No
No
No
n.a.
No
No
Yes
No
No
0.0
0.0
8.7
9.3
n.a.
0.0
4.3
4.3
4.3
13.0
0.0
20.8
8.7
23.1
n.a.
24.6
23.1
23.1
46.2
69.3
Unemployment protection
scheme?
Yes
Yes
Yes
No
Yes
Yes
No
..
No
No
No
No
No
No
No
Yes
No
No
No
No
No
Yes
No
No
Yes
No
No
Yes
Yes
Yes
a. Including renewals.
b. Economies for which 0.00 is shown have no minimum
wage in the private sector.
c. For 2 months a year in case of a seasonal increase in
production.
251
Acknowledgments
Data collection and analysis for Doing
Business 2015 were conducted by a
team led by Rita Ramalho (Manager,
Doing Business) under the general direction of Augusto Lopez-Claros (Director,
Global Indicators Group, Development
Economics). Overall guidance for the
preparation of the report was provided
by Kaushik Basu, Senior Vice President
and Chief Economist of the World Bank.
The project was managed with the
support of Adrian Gonzalez and Hulya
Ulku. Other team members included
Nadine Abi Chakra, Jean Arlet, Iana
Ashchian, Iryna Bilotserkivska, Erica
Bosio, Jiyeon Chang, Edgar Chavez,
Maya Choueiri, Catrice Christ, Santiago
Croci Downes, Salima Daadouche,
Baria Nabil Daye, Christian De la
Medina Soto, Marie Lily Delion, Laura
Diniz, Caroline Frontigny, Paula Garca
Serna, Dorina Georgieva, Anushavan
Hambardzumyan, Michelle-Christine
Hanf, Volha Hrytskevich, Joyce Ibrahim,
Nan (Charlotte) Jiang, Herv Kaddoura,
Klaus Koch Saldarriaga, Olena Koltko,
Magdalini Konidari, Roman Kononenko,
Demetris Kouris, Khrystyna Kushnir,
Joy Lahoud, Fernanda Maretto de
Barros, Betty Mensah, Frdric
Meunier, Joanna Nasr, Marie-Jeanne
Ndiaye, Nadia Novik, Jiawen Pan, Mara
Antonia Quesada Gmez, Parvina
Rakhimova, Morgann Courtney Reeves,
Julie Ryan, Valentina Saltane, Tanya
Maria Santillan, Ana Maria Santillana
Farakos,
Melissa
Scanlan,
Ella
Shagabutdinova, Jayashree Srinivasan,
Brandon Thompson, Julien Vilquin,
Matthew Williger, Marilyne Youbi, Ins
Zabalbeitia Mgica and Yasmin Zand.
ACKNOWLEDGMENTS
253
254
GLOBAL CONTRIBUTORS
ADVOCATES FOR INTERNATIONAL DEVELOPMENT
Sanzar Kakar
AFGHANISTAN HOLDING GROUP
Anjola Aliaj
OPTIMA LEGAL AND FINANCIAL
Avenir Kika
KIKA SH.P.K
Artur Asllani
TONUCCI & PARTNERS
Erlind Kodhelaj
BOGA & ASSOCIATES TIRANA
Wisal Khan
LEGAL ORACLES
Sabina Baboci
KALO & ASSOCIATES
Jonela Kuro
DRAKOPOULOS LAW FIRM
Indrit Banka
BANK OF ALBANIA
Fatmir Lacej
FATMIR LACEJ NOTARY PUBLIC
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ABKONS
Rudi Laze
BOZO & ASSOCIATES LAW FIRM
Ledia Bei
HOXHA, MEMI & HOXHA
Renata Leka
BOGA & ASSOCIATES TIRANA
Jonida Beqiri
DRAKOPOULOS LAW FIRM
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ABKONS
Juna Bozdo
BANK OF ALBANIA
Ekodia Leskaj
DRAKOPOULOS LAW FIRM
Artan Bozo
BOZO & ASSOCIATES LAW FIRM
Loreta Loli
ALBAKONTROLL
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HOXHA, MEMI & HOXHA
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BOGA & ASSOCIATES TIRANA
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ABKONS
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HOXHA, MEMI & HOXHA
Alban Caushi
KALO & ASSOCIATES
Aigest Milo
KALO & ASSOCIATES
Elfrida Cuku
KALO & ASSOCIATES
Sabina Pasholli
AVANNTIVE CONSULTING SH.P.K
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PWC ALBANIA
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PWC ALBANIA
Ilir Daci
OPTIMA LEGAL AND FINANCIAL
Merita Qato
OFFICE OF REGISTRATION OF
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PANALPINA
Shekeeb Nessar
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PWC 1
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Gul Pacha
AFGHANISTAN INVESTMENT
SUPPORT AGENCY
REGIONAL CONTRIBUTORS
A.P. MOLLER-MAERSK GROUP
ASSOCIATION OF CONSUMER CREDIT INFORMATION SUPPLIERS
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CABINET JOHN W. FFOOKS & CO.
CMS LEGAL
DENTONS
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GIDE LOYRETTE NOUEL, MEMBER OF LEX MUNDI
GRATA LAW FIRM
MIRANDA CORREIA AMENDOEIRA & ASSOCIADOS
RAPOSO BERNARDO & ASSOCIADOS
SORAINEN
TALAL ABU-GHAZALEH LEGAL (TAG-LEGAL)
TRANSUNION INTERNATIONAL
Taqi Ahmad
A.F. FERGUSON & CO.,
CHARTERED ACCOUNTANTS,
A MEMBER FIRM OF PWC
NETWORK
Tamsil Rashid
AFGHANISTAN INTERNATIONAL
BANK
Abdul Rahim Saeedi
MINISTRY OF COMMERCE AND
INDUSTRY
Zahid Sa
RIZVI, ISA, AFRIDI AND ANGELL
Farsheed Abdul-Rahman
LAW OFFICES OF A. RAHMAN
RAHIMGHIYASA - ATTORNEYS
AND AGENTS
Siddiqullah Mujadiddi
AFGHANISTAN INVESTMENT
SUPPORT AGENCY
Abdul Naser Nazari
MINISTRY OF AGRICULTURE
MAYER BROWN
AFGHANISTAN
Tali Mohammad
AFGHANISTAN INVESTMENT
SUPPORT AGENCY
Shaheryar Aziz
A.F. FERGUSON & CO.,
CHARTERED ACCOUNTANTS,
A MEMBER FIRM OF PWC
NETWORK
Mazhar Bangash
RIZVI, ISA, AFRIDI AND ANGELL
Nadia Bazidwal
MINISTRY OF FINANCE
Suleman Fatimie
AFGHANISTAN FINANCIAL
SERVICES, LLC
Amanda Galton
ORRICK, HERRINGTON &
SUTCLIFFE LLP
Abdul Wassay Haqiqi
HAQIQI AUDITING & CONSULTING
C O.
Khalil Sediq
AFGHANISTAN INTERNATIONAL
BANK
Saeeq Shajjan
SHAJJAN & ASSOCIATES
Mohammad Ibrahim Shams
AFGHANISTAN INVESTMENT
SUPPORT AGENCY
Asiyah Shari
AFGHANISTAN FINANCIAL
SERVICES, LLC
Sharifullah Shirzad
DA AFGHANISTAN BANK
Haris Syed Raza
GERRYS DNATA (PVT.) LTD.
Marium Waqar
RIZVI, ISA, AFRIDI AND ANGELL
Najibullah Wardak
MINISTRY OF FINANCE
Abdul Rahman Watanwal
MBC CONSTRUCTION
Mohammadi Khan Yaqoobi
DA AFGHANISTAN BANK
Mohammad Zarif
KABUL MUNICIPALITY
Zmarak Zhouand
AFGHANISTAN LAWYERS
INTERNATIONAL
Saduddin Haziq
AFGHAN UNITED BANK
ALBANIA
WOLF THEISS
Rashid Ibrahim
A.F. FERGUSON & CO.,
CHARTERED ACCOUNTANTS,
A MEMBER FIRM OF PWC
Iris Ago
ABKONS
NETWORK
Marsida Agolli
ABKONS
Erinda Duraj
BOZO & ASSOCIATES LAW FIRM
Sokol Elmazaj
BOGA & ASSOCIATES TIRANA
Alba Fagu
BANK OF ALBANIA
Lisjana Fusha
ALB BB AUDITING SHPK CORRESPONDENT OF RUSSELL
BEDFORD INTERNATIONAL
Lorena Gega
PWC ALBANIA
Aurela Gjokutaj
AL-TAX CENTER
Ermira Gjoncaj
KUEHNE + NAGEL LTD.
Valbona Gjonari
BOGA & ASSOCIATES TIRANA
Shirli Gorenca
KALO & ASSOCIATES
Mateo Gosnishti
ALB BB AUDITING SHPK CORRESPONDENT OF RUSSELL
BEDFORD INTERNATIONAL
Arta Gurabardhi
ABKONS
Shpati Hoxha
HOXHA, MEMI & HOXHA
Elona Hoxhaj
BOGA & ASSOCIATES TIRANA
Xhet Hushi
KALO & ASSOCIATES
Ilir Johollari
HOXHA, MEMI & HOXHA
Endri Jorgoni
KALO & ASSOCIATES
Laura Qorlaze
AVANNTIVE CONSULTING SH.P.K
Loriana Robo
KALO & ASSOCIATES
Mimoza Sadushaj
MIMOZA SADUSHAJ
Ergis Sefa
ERG MANAGERIAL
Ardjana Shehi
KALO & ASSOCIATES
Alban Shehri
ALBAKONTROLL
Majlinda Sulstarova
TONUCCI & PARTNERS
Besa Tauzi
BOGA & ASSOCIATES TIRANA
Ketrin Topiu
BOZO & ASSOCIATES LAW FIRM
Elda Toro Shuraja
HOXHA, MEMI & HOXHA
Fioralba Trebicka
HOXHA, MEMI & HOXHA
Alketa Urui
BOGA & ASSOCIATES TIRANA
Gerhard Velaj
BOGA & ASSOCIATES TIRANA
Elona Xhepa
BOGA & ASSOCIATES TIRANA
Selena Ymeri
HOXHA, MEMI & HOXHA
Evis Zaja
OPTIMA LEGAL AND FINANCIAL
Enida Zeneli
BOZO & ASSOCIATES LAW FIRM
Miranda Kapllani
BENIMPEX & CO.
1. PwC refers to the network of member rms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member rms of the PwC network. Each
member rm is a separate legal entity and does not act as agent of PwCIL or any other member rm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for
the acts or omissions of any of its member rms nor can it control the exercise of their professional judgment or bind them in any way. No member rm is responsible or liable for the acts
or omissions of any other member rm nor can it control the exercise of another member rms professional judgment or bind another member rm or PwCIL in any way.
ACKNOWLEDGMENTS
ALGERIA
DELOITTE ALGRIE
Sika Awoonor
GLOBAL CHOICE ANGOLA LDA.
Salima Aloui
LAW FIRM GOUSSANEM & ALOUI
Ricki Camacho
ANTIGUA & BARBUDA
INTELLECTUAL PROPERTY &
COMMERCE OFFICE (ABIPCO)
Pedro Calixto
PWC ANGOLA
Neil Coates
PWC ANTIGUA
Nicolette Doherty
NICOLETTE M. DOHERTY
ATTORNEY-AT-LAW AND
NOTARY PUBLIC
Vitor Carvalho
VITOR CARVALHO &
ASSOCIADOS
Arlete Conceio
ANGOLA PRIVATE INVESTMENT
AGENCY - ANIP
Andrea N. Bermudez
LAPRIDA, GOI MORENO &
GONZLEZ URROZ
Sandra S. Guillan
DE DIOS & GOYENA ABOGADOS
CONSULTORES
MINISTRY OF LABOR
Sofa Harilaos
LAPRIDA, GOI MORENO &
GONZLEZ URROZ
Terence Dornellas
CONSOLIDATED MARITIME
SERVICES
Brian DOrnellas
OBM INTERNATIONAL, ANTIGUA
LTD.
Hamilton Costa
ANGOLA PRIVATE INVESTMENT
AGENCY - ANIP
Amin Bouhaddi
ENTREPRISE BOUHADDI
Yasmina Costa
3C LAW FIRM
Cecile Hill
LAND REGISTRY
Ryad Chabouni
NSC MAGHREB
Graciete Fernandes
LOURDES CAPOSSO FERNANDES
& ASSOCIADOS
Lenworth Johnson
JOHNSON GARDINER
Arnaud Chastel
PWC ALGERIA
Said Dib
BANQUE DALGRIE
Berta Grilo
FBL ADVOGADOS
Ahmed Djouadi
LAW FIRM HADJ-HAMOU &
DJOUADI - ASSOCIATE OFFICE OF
DENTONS
Khaled Goussanem
LAW FIRM GOUSSANEM & ALOUI
Bachir Khodja
SNC KHODJA ET CIE
Raa Hakim Lakhdar
NSC MAGHREB
Mohamed Lanouar
B L & ASSOCIS - MEMBER OF
DLA PIPER AFRICA
Vincent Lunel
LEFVRE PELLETIER & ASSOCIS
Mohamed Mokrane
MINISTRE DES FINANCES
- DIRECTION GNRALE DU
DOMAINE NATIONAL
Hamid Ould Hocine
STUDIO A
Fares Ouzegdouh
TRANSPORT PORT LOGISTICS &
SOLUTIONS
Victor Leonel
ORDEM DOS ARQUITECTOS
Joo Machado
PWC ANGOLA
Soa Maia do Vale
FBL ADVOGADOS
Guirec Malfait
SDV LOGISTICS
Arcelio Matias
ARCLIO INCIO DE ALMEIDA
MATIAS ARDJA-PRESTAO DE
SERVIOS E CONSULTORIA, LDA
John Fuller
JOHN E. FULLER & CO.
Harrison Medina
LOURDES CAPOSSO FERNANDES
& ASSOCIADOS
Frederick Southwell
DEVELOPMENT CONTROL
AUTHORITY
Yuma Munana
LOURDES CAPOSSO FERNANDES
& ASSOCIADOS
Arthur Thomas
THOMAS, JOHN & CO.
Ivan Njinga
ANGOLA PRIVATE INVESTMENT
AGENCY - ANIP
Mourad Seghir
GHELLAL & MEKERBA
Joaquim Piedade
UNICARGAS
Fernando Aguinaga
ZANG, BERGEL & VIES
ABOGADOS
Robin Souclier
LEFVRE PELLETIER & ASSOCIS
Hassan Yassine
THOMPSON & KNIGHT LLP
ANGOLA
ANGOLA CUSTOMS NATIONAL
DIRECTORATE
BANCO NACIONAL DE ANGOLA
ERNST & YOUNG
Maria Abrantes
ANGOLA PRIVATE INVESTMENT
AGENCY - ANIP
Sofa Leggiero
SEVERGNINI, ROBIOLA,
GRINBERG & TOMBEUR
Mariano E. Carricart
BADENI, CANTILO, LAPLACETTE
& CARRICART
Lucas Loviscek
ESTUDIO BECCAR VARELA
Luciano Cativa
LUNA REQUENA & FERNNDEZ
BORZESE TAX LAW FIRM
Toms M. Fiorito
FIORITO MURRAY & DIAZ
CORDERO
Roberto H. Crouzel
ESTUDIO BECCAR VARELA
Alejandro Mao
ZANG, BERGEL & VIES
ABOGADOS
Valeria DAlessandro
MARVAL, OFARRELL & MAIRAL,
MEMBER OF LEX MUNDI
Diego M. Fissore
G. BREUER
Arq. Eduardo Galleazzi
ARCHITECT
Natalia Artmann
ALFARO ABOGADOS
Cristina Teixeira
PWC ANGOLA
Vanesa Balda
VITALE, MANOFF & FEILBOGEN
Ricardo Veloso
GPA - GOUVEIA PEREIRA,
COSTA FREITAS & ASSOCIADOS,
SOCIEDADE DE ADVOGADOS RL
Pablo L. Cavallaro
ESTUDIO CAVALLARO ABOGADOS
Martn Gastaldi
ESTUDIO BECCAR VARELA
Mariana Labombarda
FIORITO MURRAY & DIAZ
CORDERO
Federico Carenzo
LEONHARDT, DIETL, GRAF & VON
DER FECHT
Sebastian Alvarez
BRONS & SALAS ABOGADOS
Ariadna Artopoulos
M. & M. BOMCHIL
Daniel Intile
RUSSELL BEDFORD ARGENTINA
Eduardo Paiva
PWC ANGOLA
Gabriela Hidalgo
GABRIELA HIDALGO
ARGENTINA
Malika Redouani
PWC ALGERIA
Ivn Burn
ZANG, BERGEL & VIES
ABOGADOS
Daniel Escol
LAPRIDA, GOI MORENO &
GONZLEZ URROZ
Ignacio Acedo
GONZALEZ & FERRARO MILA
Gervasio Simao
INTEL
Oliver Woollard
CARIBBEAN CURRENT
Janota Nzogi
EDEL-EP
Pedro Mazer
ALFARO ABOGADOS
Julian Melis
CANDIOTI GATTO BICAIN &
OCANTOS
Maria Fernanda Mierez
ESTUDIO BECCAR VARELA
Jos Oscar Mira
CENTRAL BANK OF ARGENTINA
Jorge Miranda
CLIPPERS SA
Pablo Murray
FIORITO MURRAY & DIAZ
CORDERO
Alfredo Miguel OFarrell
MARVAL, OFARRELL & MAIRAL,
MEMBER OF LEX MUNDI
Gabriela E. Orsini
SENTIDO COMN
Alejandro Poletto
ESTUDIO BECCAR VARELA
Enrique Prini Estebecorena
Jos Miguel Puccinelli
ESTUDIO BECCAR VARELA
Mara Clara Pujol
WIENER SOTO CAPARRS
Ignacio Questa Etcheberry
ALFARO ABOGADOS
Federico Jos Reibestein
REIBESTEIN & ASOCIADOS
Armando Ricci
ZANG, BERGEL & VIES
ABOGADOS
Sebastin Rodrigo
ALFARO ABOGADOS
Juan Ignacio Ruiz
ALFARO ABOGADOS
Fernanda Sabbatini
WIENER SOTO CAPARRS
Luz Mara Salomn
J.P. OFARRELL ABOGADOS
255
256
Vahe Ghavalyan
PARADIGMA ARMENIA CJSC
Lilit Matevosyan
PWC ARMENIA
Harold Bolitho
KING & WOOD MALLESONS
Jenae Webb
ASHURST LLP
Arsen Ghazaryan
UNION OF MANUFACTURERS
AND BUSINESSMEN (EMPLOYERS)
OF ARMENIA
Arsen Matikyan
CMA CGM
Lynda Brumm
PWC AUSTRALIA
Fon Whaley
ASHURST LLP
Robin McCone
PWC GEORGIA
David Buda
RBHM COMMERCIAL LAWYERS
Juliet Wright-Single
DLA PIPER
Anna Melik-Karamyan
GLOBAL SPC
Gaibrielle Cleary
GOULD RALPH PTY. LTD. MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Katarina Zlatar
GILBERT + TOBIN LAWYERS
Pablo Staszewski
STASZEWSKI & ASSOCIATES
Javier Tarasido
SEVERGNINI, ROBIOLA,
GRINBERG & TOMBEUR
Adolfo Tombolini
RUSSELL BEDFORD ARGENTINA
Mara Paola Trigiani
ALFARO ABOGADOS
Susana Urresti
EDESUR ELECTRICIDAD
DISTRIBUIDORA SUR SA
Emilio Beccar Varela
ESTUDIO BECCAR VARELA
Abraham Viera
PLANOSNET.COM CONSULTORIA
MUNICIPAL
Paz Villamil
RATTAGAN, MACCHIAVELLO
AROCENA & PEA ROBIROSA
ABOGADOS
Roberto Wiman
GREEN INGENIERA
Sal Zang
ZANG, BERGEL & VIES
ABOGADOS
Hayk Ghazazyan
KPMG
Suren Gomtsyan
CONCERN-DIALOG LAW FIRM
Armine Grigoryan
THE STATE COMMITTEE OF THE
REAL PROPERTY CADASTRE
OF THE GOVERNMENT OF THE
REPUBLIC OF ARMENIA
Tigran Grigoryan
AVENUE CONSULTING GROUP
Vardan Grigoryan
ELECTRIC NETWORKS OF
ARMENIA
Sargis H. Martirosyan
TRANS-ALLIANCE
Astghik Hakobyan
GLOBAL SPC
Gevorg Hakobyan
CONCERN-DIALOG LAW FIRM
Mariam Harutyunyan
PARADIGMA ARMENIA CJSC
Artak Hovakimyan
BIG ENERGO LLC
Ani Hovhannisyan
GLOBAL SPC
Carlos Zima
PWC ARGENTINA
Hovhannes Hovhannisyan
THE STATE COMMITTEE OF THE
REAL PROPERTY CADASTRE
OF THE GOVERNMENT OF THE
REPUBLIC OF ARMENIA
ARMENIA
HSBC BANK
Ruzan Alaverdyan
MINISTRY OF URBAN
DEVELOPMENT
Arman Arzumanyan
LEGAL LAB
Sedrak Asatryan
Narek Ashughatoyan
LEGAL LAB
Albert Babayan
MINISTRY OF ECONOMY
Anush Baghdasaryan
AVENUE CONSULTING GROUP
Vahagn Balyan
AVENUE CONSULTING GROUP
Irina Belubekyan
UNION OF MANUFACTURERS
AND BUSINESSMEN (EMPLOYERS)
OF ARMENIA
Vardan Bezhanyan
LAW FACULTY, YEREVAN STATE
UNIVERSITY
Abgar Budaghyan
PUBLIC SERVICES REGULATORY
COMMISSION OF ARMENIA
Vahagn Dallakyan
Marine Derdzyan
KPMG
Kristina Dudukchyan
KPMG
Aikanush Edigaryan
TRANS-ALLIANCE
Gagik Galstyan
HORIZON 95
Ruzanna Gevorgyan
GLOBAL SPC
Hrant Ghambaryan
THE COLLEGIUM OF BUSINESSMANAGERS BANKRUPTCY - SRO
Isabella Hovhannisyan
EBRD BUSINESS SUPPORT
OFFICE
Vahe G. Kakoyan
INVESTMENT LAW GROUP LLC
Izabella Kantarjyan
GLOBAL SPC
Andranik Kasaryan
REPUBLIC OF ARMENIA YEREVAN
MUNICIPALITY
David Khachatryan
AVENUE CONSULTING GROUP
Georgi Khachatryan
AVENUE CONSULTING GROUP
Armen Melkumyan
FIDELITY CONSULTING CJSC
David Cross
NORTON ROSE FULBRIGHT
Ashot Musayan
THE STATE COMMITTEE OF THE
REAL PROPERTY CADASTRE
OF THE GOVERNMENT OF THE
REPUBLIC OF ARMENIA
Mark Dalby
OFFICE OF STATE REVENUE,
NSW TREASURY
Narine Nersisyan
PWC ARMENIA
Kristy Dixon
MARQUE LAWYERS
Nerses Nersisyan
PWC ARMENIA
Laura Groves
DLA PIPER
Artur Nikoyan
TRANS-ALLIANCE
Philip Harvey
KING & WOOD MALLESONS
Aram Orbelyan
Owen Hayford
CLAYTON UTZ, MEMBER OF LEX
MUNDI
Gohar Petrosyan
CONCERN DIALOGUE LAW FIRM
Naira Petrosyan
PARADIGMA ARMENIA CJSC
Aram Poghosyan
GRANT THORNTON LLP
Hayk Pogosyan
ARSARQTEX LLC
Nare Sahakyan
ARDSHININVESTBANK CJSC
David Sargsyan
AMERIA GROUP CJSC
Ruben Sarukhanyan
GLOBAL SPC
Ruben Shakhmuradyan
COMFORT R&V
Ian Humphreys
ASHURST LLP
Jennifer Ingram
CLAYTON UTZ, MEMBER OF LEX
MUNDI
Stephen Jauncey
HENRY DAVIS YORK
John Karantonis
CLAYTON UTZ, MEMBER OF LEX
MUNDI
Morgan Kelly
FERRIER HODGSON LIMITED
Peter Leonard
GILBERT + TOBIN LAWYERS
AUSTRIA
KSV 1870
OESTERREICHISCHE NATIONAL
BANK
Clemens Brenthaler
DLA PIPER WEISS-TESSBACH
RECHTSANWLTE GMBH
Viktoria Bernt
FRESHFIELDS BRUCKHAUS
DERINGER
Georg Brandstetter
BRANDSTETTER, BAURECHT,
PRITZ & PARTNER
RECHTSANWLTE KG
Sonja Bydlinski
MINISTRY OF JUSTICE
Martin Eckel
TAYLORWESSING E|N|W|C
NATLACEN WALDERDORFF
CANCOLA RECHTSANWLTE
GMBH
Agnes Eigner
BRANDSTETTER, BAURECHT,
PRITZ & PARTNER
RECHTSANWLTE KG
Tibor Fabian
BINDER GRSSWANG
RECHTSANWLTE GMBH
Julian Feichtinger
CHSH CERHA HEMPEL
SPIEGELFELD HLAWATI, MEMBER
OF LEX MUNDI
Gayane Shimshiryan
John Martin
THOMSONS LAWYERS
Elena Sorokina
TRANS-ALLIANCE
Mitchell Mathas
NORTON ROSE FULBRIGHT
Martin Foerster
GRAF & PITKOWITZ
RECHTSANWLTE GMBH
Hakob Tadevosyan
GRANT THORNTON LLP
Nicholas Mavrakis
CLAYTON UTZ, MEMBER OF LEX
MUNDI
Ferdinand Graf
GRAF & PITKOWITZ
RECHTSANWLTE GMBH
Rick McEwen
LIPMAN CONSTRUCTION
Andreas Hable
BINDER GRSSWANG
RECHTSANWLTE GMBH
Tatevik Tadevosyan
GLOBAL SPC
Arsen Tavadyan
TER-TACHATYAN LEGAL AND
BUSINESS CONSULTING
Patricia Muscat
PWC AUSTRALIA
Friedrich Helml
SCWP SCHINDHELM AUSTRIA
Albina Tevosyan
TETRA TECH ES, INC.
Maria Nicolof
GILBERT + TOBIN LAWYERS
Tserun Voskanyan
ELECTRIC NETWORKS OF
ARMENIA
Kylie Parker
LOGICCA CHARTERED
ACCOUNTANTS
Arman Yesayan
ALFA SYSTEM TECHNOLOGIES
Amanda Phillips
FERRIER HODGSON LIMITED
Liana Yordanyan
TER-TACHATYAN LEGAL AND
BUSINESS CONSULTING
Mark Pistilli
CLIFFORD CHANCE
Alexander Isola
GRAF & PITKOWITZ
RECHTSANWLTE GMBH
John Reid
OFFICE OF STATE REVENUE,
NSW TREASURY
Rudolf Kaindl
KOEHLER, KAINDL, DUERR &
PARTNER, CIVIL LAW NOTARIES
Aram Zakaryan
ACRA CREDIT BUREAU
Stanislav Kolesnikov
ELECTRIC NETWORKS OF
ARMENIA
Greg Saunders
CONNECT INFRASTRUCTURE
PTY. LTD.
Alexander Klauser
BRAUNEIS KLAUSER PRNDL
RECHTSANWLTE GMBH
AUSTRALIA
AUSGRID
Christian Koettl
MINISTRY OF FINANCE
Arayik Kurdyan
REPUBLIC OF ARMENIA YEREVAN
MUNICIPALITY
Dean Schiller
FAYMAN INTERNATIONAL PTY.
LTD.
TREASURY OF AUSTRALIA
Lilit Khachatryan
GLOBAL SPC
Karen Khachaturyan
THE STATE COMMITTEE OF THE
REAL PROPERTY CADASTRE
OF THE GOVERNMENT OF THE
REPUBLIC OF ARMENIA
Stepan Khzrtian
LEGAL LAB
Liana Kirakosyan
Tigran Kocharyan
COMPACT REAL ESTATE AGENCY
LLC
Mushegh Manukyan
ADR PARTNERS
Samuel Zakarian
GLOBAL SPC
SDV LOGISTICS
VEDA ADVANTAGE
Kamo Margaryan
Karen Martirosyan
AVENUE CONSULTING GROUP
Jacinta Bishop
MARQUE LAWYERS
Ruwan Senanayake
O.T.S. AUSTRALIA PTY. LTD.
Damian Sturzaker
MARQUE LAWYERS
Simon Truskett
CLAYTON UTZ, MEMBER OF LEX
MUNDI
Alexander Hofmann
RA DR. ALEXANDER HOFMANN,
LL.M.
Armin Immervoll
MINISTRY OF FINANCE
Rudolf Krickl
PWC AUSTRIA
Michaela Krist
CHSH CERHA HEMPEL
SPIEGELFELD HLAWATI, MEMBER
OF LEX MUNDI
Sophie Meierhofer
FRESHFIELDS BRUCKHAUS
DERINGER
ACKNOWLEDGMENTS
Gerald Mitteregger
INTERNATIONAL LOGISTIC
GATEWAY
Johannes Mrazek
AUSTRIAN REGULATORY
AUTHORITY
Radovan Mrvos
STRABAG SE
Gerhard Muggenhuber
BEV - FEDERAL OFFICE OF
METROLOGY & SURVEYING
Elke Napokoj
BPV HGEL RECHTSANWLTE
OG
Felix Neuwirther
FRESHFIELDS BRUCKHAUS
DERINGER
Bahram Abdinov
NTD SERVICE
Faiq S. Manafov
UNIBANK
Parviz Abdullayev
PWC AZERBAIJAN
Rauf Memmedov
STATE CUSTOMS COMMITTEE
Sabit Abdullayev
IJS LAW FIRM
Farhad Mirzayev
BM MORRISON PARTNERS LAW
FIRM
Eldar Agayev
ERNST & YOUNG
Eldar Abuzarovich Aliev
AZERBAIJAN STATE AGENCY
FOR THE CONTROL OF
CONSTRUCTION SAFETY
Qabil Aliyev
AGEX TRANS
Jamil Alizada
BAKER & MCKENZIE - CIS,
LIMITED
Ruslan Mukhtarov
BM MORRISON PARTNERS LAW
FIRM
Lala Mustafayeva
DELOITTE
Mamed Nuriyev
THE STATE SOCIAL PROTECTION
FUND
Jabbarly Polad
IJS LAW FIRM
Qays H. Zubi
ZUBI & PARTNERS ATTORNEYS
& LEGAL CONSULTANTS
Chad D. Roberts
CALLENDERS & CO.
Ken Healy
PWC BAHRAIN
Castino D. Sands
LENNOX PATON
Brian Howard
TROWERS & HAMLINS
Ronald Saunders
RONALD SAUNDERS
Hessa Hussain
THE BENEFIT COMPANY
Rochelle Sealy
PWC BAHAMAS
Jeremy Ingham
TROWERS & HAMLINS
Merrit A. Storr
CHANCELLOR CHAMBERS
Burlington Strachan
BAHAMAS ELECTRICITY
CORPORATION
Essa Jawahery
ELHAM ALI HASSAN &
ASSOCIATES
Roy Sweeting
GLINTON, SWEETING, OBRIEN
LAW FIRM
Sara Jawahery
ELHAM ALI HASSAN &
ASSOCIATES
Ebrahim Karolia
PWC BAHRAIN
Martin sterreicher
GRAF & PITKOWITZ
RECHTSANWLTE GMBH
Nubar Allahguluyeva
ERNST & YOUNG
Elshan Rahmanov
GRATA LAW FIRM
Christian Pchlinger
PWC AUSTRIA
Aykhan Asadov
BM MORRISON PARTNERS LAW
FIRM
Sadig Sadiqov
OJSC BAKIELEKTRIKSHEBEKE
Barbara Pogacar
BPV HGEL RECHTSANWLTE
OG
Iftixar Axundov
MINISTRY OF TAXES
Leyla Safarova
BAKER & MCKENZIE - CIS,
LIMITED
Nadia A. Wright
CHANCELLOR CHAMBERS
Jamal Baghirov
BM MORRISON PARTNERS LAW
FIRM
Mustafa Salamov
BM MORRISON PARTNERS LAW
FIRM
BAHRAIN
ERNST & YOUNG
Hikmet Brdaric
KN IBRAKOM FZCO.
Sona Taghiyeva
SALANS FMC SNR DENTON
EUROPE (CENTRAL ASIA) LIMITED
Stefanie Saghy
Moritz Salzgeber
BINDER GRSSWANG
RECHTSANWLTE GMBH
Edwin Scharf
SCWP SCHINDHELM AUSTRIA
Georg Schima
KUNZ SCHIMA WALLENTIN
RECHTSANWLTE OG, MEMBER
OF IUS LABORIS
Stephan Schmalzl
GRAF & PITKOWITZ
RECHTSANWLTE GMBH
Ernst Schmidt
HALPERN & PRINZ
Franz Schwarzinger
REVISIONSTREUHAND - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Helmut Sprongl
AUSTRIAN REGULATORY
AUTHORITY
Teresa Steininger
GRAF & PITKOWITZ
RECHTSANWLTE GMBH
Thomas Trettnak
CHSH CERHA HEMPEL
SPIEGELFELD HLAWATI, MEMBER
OF LEX MUNDI
Birgit Vogt-Majarek
KUNZ SCHIMA WALLENTIN
RECHTSANWLTE OG, MEMBER
OF IUS LABORIS
Sabine Waiss
KUNZ SCHIMA WALLENTIN
RECHTSANWLTE OG, MEMBER
OF IUS LABORIS
Lukas A. Weber
BRAUNEIS KLAUSER PRNDL
RECHTSANWLTE GMBH
Markus Winkler
CHSH CERHA HEMPEL
SPIEGELFELD HLAWATI, MEMBER
OF LEX MUNDI
Elisabeth Zehetner
AUSTRIAN CHAMBER OF
COMMERCE
Kathrin Zeller
AZERBAIJAN
STATE COMMITTEE FOR
SECURITIES OF AZERBAIJAN
REPUBLIC
Zaur Fatizadeh
MINISTRY OF TAXES
Simuzar Feyzullayeva
BAKER & MCKENZIE - CIS,
LIMITED
Abbas Guliyev
BAKER & MCKENZIE - CIS,
LIMITED
Arif Guliyev
PWC AZERBAIJAN
Elchin Habibov
CENTRAL BANK OF AZERBAIJAN
Ilgar I. Habiyev
THE STATE COMMITTEE ON
PROPERTY ISSUES
Samir Hadjiyev
GRATA LAW FIRM
Arzu Hajiyeva
ERNST & YOUNG
Farid Huseynov
EKVITA LEGAL AND TAX
Mehti Ilgar
EKVITA LEGAL AND TAX
Ummi Jalilova
GRATA LAW FIRM
Emin Karimov
Elshad Khanalibayli
THE STATE COMMITTEE ON
PROPERTY ISSUES
Sevda Khanmamedova
ARS EXPRESS & LOGISTICS
Kamal Mamedzade
SALANS FMC SNR DENTON
EUROPE (CENTRAL ASIA) LIMITED
Elnur Mammadov
PWC AZERBAIJAN
Nurlan Mammadov
BAKER & MCKENZIE - CIS,
LIMITED
Zaur Mammadov
ERNST & YOUNG
Mirsalim Mammadzada
DELOITTE
Saif Mammedov
NTD SERVICE
Anar A. Umudov
ALIBI PROFESSIONAL LEGAL &
CONSULTING SERVICES
Ulvia Zeynalova-Bockin
SALANS FMC SNR DENTON
EUROPE (CENTRAL ASIA) LIMITED
Simon Green
CHARLES RUSSELL LLP
Brian Kelleher
TROWERS & HAMLINS
Saifuddin Mahmood
HASSAN RADHI & ASSOCIATES
Najma Mohammed
MINISTRY OF MUNICIPALITIES
AND URBAN PLANNING
Eman Omar
ZUBI & PARTNERS ATTORNEYS
& LEGAL CONSULTANTS
Hassan Ali Radhi
HASSAN RADHI & ASSOCIATES
BAHAMAS, THE
APD LIMITED
Reem Al Mahroos
CHARLES RUSSELL LLP
Najib F. Saade
ASAR AL RUWAYEH &
PARTNERS
L. Gerard Archer
TAYLOR INDUSTRIES LTD.
Zeenat Al Mansoori
ZEENAT AL MANSOORI &
ASSOCIATES
Naji Sabt
SURVEY AND LAND
REGISTRATION BUREAU
Mohamed Salahuddin
MOHAMED SALAHUDDIN
CONSULTING ENGINEERING
BUREAU
Kevin Basden
BAHAMAS ELECTRICITY
CORPORATION
Gowon Bowe
PWC BAHAMAS
Sonia Brown
GRAPHITE ENGINEERING LTD.
Jacklyn Burrows
LORD ELLOR & CO.
Wayde A. B. Christie
LORD ELLOR & CO.
Surinder Deal
HIGGS & JOHNSON
Craig G. Delancy
MINISTRY OF WORKS &
TRANSPORT
Amos J. Ferguson Jr.
FERGUSON ASSOCIATES &
PLANNERS
Shakera Forbes
GRAPHITE ENGINEERING LTD.
Wendy Forsythe
IMPORT EXPORT BROKERS LTD.
Colin Higgs
MINISTRY OF WORKS &
TRANSPORT
Simone Morgan-Gomez
CALLENDERS & CO.
Lester J. Mortimer Jr.
CALLENDERS & CO.
Michael Moss
MINISTRY OF FINANCE
Portia Nicholson
HIGGS & JOHNSON
Reem Al Rayes
ZEENAT AL MANSOORI &
ASSOCIATES
Bader Al Saad
BAHRAIN INVESTORS CENTER
Waleed Al Sabbagh
BAHRAIN CUSTOMS
Raju Alagarsamy
HASSAN RADHI & ASSOCIATES
Mohamed Al-Ahmadi
BAHRAIN INVESTORS CENTER
Ebtihal Al-Hashimi
MINISTRY OF MUNICIPALITIES
AND URBAN PLANNING
Haider Al-Noaimi
MOHAMED SALAHUDDIN
CONSULTING ENGINEERING
BUREAU
Mohammed Noor Al-Shaikh
MINISTRY OF MUNICIPALITIES
AND URBAN PLANNING
Thamer Salahuddin
MOHAMED SALAHUDDIN
CONSULTING ENGINEERING
BUREAU
Hamza Saleem
ZUBI & PARTNERS ATTORNEYS
& LEGAL CONSULTANTS
Esmond Hugh Stokes
ZUBI & PARTNERS ATTORNEYS
& LEGAL CONSULTANTS
Waheed Sultan
BAHRAIN INVESTORS CENTER
Baiju Thomas
AGILITY LOGISTICS
Muneera Zubari
ZUBI & PARTNERS ATTORNEYS
& LEGAL CONSULTANTS
Hatim S. Zubi
ZUBI & PARTNERS ATTORNEYS
& LEGAL CONSULTANTS
Barbara Anderson
TROWERS & HAMLINS
BANGLADESH
RAHMANS CHAMBERS
Nada Azmi
BAHRAIN ECONOMIC
DEVELOPMENT BOARD
Zainul Abedin
A. QASEM & CO.
Steve Brown
ASAR AL RUWAYEH &
PARTNERS
Yousif Bubshait
PORTS AND MARITIME AFFAIRS MINISTRY OF TRANSPORTATION
Noor Ahamad
MJ ALAM AND ASSOCIATES
Jasim U. Ahmed
BANGLADESH CONTAINER LINES
LTD.
257
258
Sahahuddin Ahmed
DR. KAMAL HOSSAIN &
ASSOCIATES
Tasmiah Ahmed
FM ASSOCIATES
Intekhab-Ul Alam
A.S. & ASSOCIATES
K. M. Tanzib Alam
TANJIB ALAM AND ASSOCIATES
Kazi Ershadul Alam
TANJIB ALAM AND ASSOCIATES
Kazi Rifat Ara Alam
LEGACY LEGAL CORPORATE
Mohammad Jahangir Alam
MJ ALAM AND ASSOCIATES
Shajib Mahmood Alam
SANWAR HOSSAINS LAW FIRM
M. Iqbal Ali
AIR LINK BANGLADESH LIMITED
Tasmiah Ali
AKHTAR IMAM & ASSOCIATES
M.D. Nurul Amin
DEVELOPMENT CONSTRUCTIONS
LTD.
Mehedy Amin
DEVELOPMENT CONSTRUCTIONS
LTD.
Saady Amin
DEVELOPMENT CONSTRUCTIONS
LTD.
Mohammed Asaduzzaman
SYED ISHTIAQ AHMED &
ASSOCIATES
K. M. A. Halim
UPRIGHT TEXTILE SUPPORTS
Maksud Haque
BANGLADESH ENERGY
REGULATORY COMMISSION
Md. Russel Haque
AMIR & AMIR LAW ASSOCIATES,
MEMBER OF LEX MUNDI
Nazmul Haque
BANGLADESH BANK
Abdullah Mahmood Hasan
DR. KAMAL HOSSAIN &
ASSOCIATES
Al-Mehedi Hasan
BANGLADESH BANK
Mirza Quamrul Hasan
ADVISERS LEGAL ALLIANCE FIRM
Syed Afzal Hasan Uddin
SYED ISHTIAQ AHMED &
ASSOCIATES
Ehsanul Hoque (Rasel)
AIR MARKET EXPRESS
Md. Sanwar Hossains
SANWAR HOSSAINS LAW FIRM
Afsana Huq
AMIR & AMIR LAW ASSOCIATES,
MEMBER OF LEX MUNDI
Sharif Bhuiyan
DR. KAMAL HOSSAIN &
ASSOCIATES
Mehran Morshed
Md. Kowshick Nahian
NURUL ISLAM SUJAN &
ASSOCIATES
Al-Haj Nisar Uddin Ahmad
Monzu
SAHIL GROUP
Tasmiah Nuhiya Ahmed
LEX LEGAL
Tanveerul Haque Probal
BUILDING FOR FUTURE LTD.
Mahfujur Rahaman Chy
ANCHOR LOGISTICS
Al Amin Rahman
FM ASSOCIATES
Kazi Rahman
FM ASSOCIATES
Mahboob Rahman
GASMIN CONSTRUCTION GROUP
Pushpo Rahman
AMIR & AMIR LAW ASSOCIATES,
MEMBER OF LEX MUNDI
Arif Imtiaz
LEGACY LEGAL CORPORATE
A.I.M. Monsoor
Ashiq Imran
FIALKA
A.S.A. Bari
A.S. & ASSOCIATES
Probir Barua
JUBILEE TRADERS
Mohammad Moniruzzaman
THE LAW COUNSEL
Kasi Iqbal
LAW OFFICES OF KASI M. IQBAL
Banasree Barua
AIR LINK BANGLADESH LIMITED
Tazin Marium
AMIR & AMIR LAW ASSOCIATES,
MEMBER OF LEX MUNDI
Faria Huq
A.S. & ASSOCIATES
Jennifer Ashraf
LEGACY LEGAL CORPORATE
Kazi Bari
K.A. BARI & CO.
Qazi Mahtab-uz-Zaman
M. Amir-Ul Islam
AMIR & AMIR LAW ASSOCIATES,
MEMBER OF LEX MUNDI
Md Aminul Islam
CITY APPAREL-TEX CO.
Raqul Islam
PROJUKTIBIZ
Mohammed Saifuddin
S&R LAW ASSOCIATES
Rabeya Jamali
Naziba Saima
A. QASEM & CO.
Anupam Chakraborty
DOULAH & DOULAH
K M Humayun Kabir
ZEIN TRADING CORPORATION
Gouranga Chakraborty
BANGLADESH BANK
Lutful Kabir
BANGLADESH BANK
Abu Sayed
ASSURANCE MARITIME
BANGLADESH LIMITED
Ayub Chowdhury
AYUB CHY & MAHMUD
CHARTERED ACCOUNTANT
Fatima Chowdhury
FM ASSOCIATES
Khairul Anam Chowdhury
MODERN ERECTION LIMITED
(MEL)
Mohammad Raqul Islam
Chowdhury
M. R. I. CHOWDHURY &
ASSOCIATES
Sohel Kasem
A. QASEM & CO.
Aren Khan
AMIR & AMIR LAW ASSOCIATES,
MEMBER OF LEX MUNDI
Ashiqul Amin Khan
LEGACY LEGAL CORPORATE
Asif Khan
A. QASEM & CO.
Badrud Doulah
DOULAH & DOULAH ADVOCATES
Amina Khatoon
DOULAH & DOULAH
BARBADOS
Nasirud Doulah
DOULAH & DOULAH ADVOCATES
Alicia Archer
ARTEMIS LAW
Rehena Ferdous
UPRIGHT TEXTILE SUPPORTS
Kazi M. Iqbal
ADVOCATE KAZI M. IGBAL&
ASSOCIATES
Patricia Boyce
EVERSON R. ELCOCK & CO. LTD.
Sabrina Zarin
FM ASSOCIATES
Andrew F. Brathwaite
AFB CONSULTING
Anthony Brooks
TONY BROOKS ARCHITECTS LTD.
George Browne
TOWN AND COUNTRY
DEVELOPMENT PLANNING OFFICE
Vincent Burnett
MINISTRY OF LABOR AND
SOCIAL SECURITY AND HUMAN
RESOURCE DEVELOPMENT
Rosalind Bynoe
BCF ATTORNEYS-AT-LAW
Chester Pitt
EARLE & EARLE CONSULTING
INC.
Joe Steinbok
ROTHERLEY CONSTRUCTION INC.
Stephen Worme
THE BARBADOS LIGHT AND
POWER COMPANY LTD.
BELARUS
FOREIGN UNITARY ENTERPRISE
DELOITTE & TOUCHE
REVERA CONSULTING GROUP
Trevor A. Carmichael
CHANCERY CHAMBERS
Alexey Anischenko
SORAINEN BELARUS
Adrian Carter
THE BARBADOS LIGHT AND
POWER COMPANY LTD.
Anna Aniskevich
REVERA CONSULTING GROUP
Louis Christie
TMR SALES & SERVICE LTD.
Heather A. Clarke
CORPORATE AFFAIRS AND
INTELLECTUAL PROPERTY
OFFICE
Andrew Cox
MINISTRY OF LABOR AND
SOCIAL SECURITY AND HUMAN
RESOURCE DEVELOPMENT
Madam Justice Maureen
Crane-Scott
SUPREME COURT OF BARBADOS
Mark Cummins
TOWN AND COUNTRY
DEVELOPMENT PLANNING OFFICE
Ryan Omari Drakes
CLARKE GITTENS FARMER
ATTORNEYS AT LAW
Adrian M. Elcock
EVERSON R. ELCOCK & CO. LTD.
Antonio Elcock
EVERSON R. ELCOCK & CO. LTD.
Andrew C. Ferreira
CHANCERY CHAMBERS
Lorenzo Forde
PWC BARBADOS
Basil A. Giles
YEARWOOD AND BOYCE
Sharalee Gittens
CHANCERY CHAMBERS
Stanton Gittens
STANGITTS LIMITED
Anice C.N. Granville
LEX CARIBBEAN
Jomo Crowther McGlinne Hope
ARTEMIS LAW
Keisha N Hyde Porchetta
HARRIDYAL-SODHA &
ASSOCIATES
Ruan C. Martinez
BCF ATTORNEYS-AT-LAW
Jennivieve Maynard
INN CHAMBERS
Percy Murrell
BIG P. CUSTOMS BROKERS AND
AIR SEA AND LAND TRANSPORT
INC.
Noel M. Nurse
THE BOOTH STEAMSHIP CO.
BARBADOS LTD.
Laurel Odle
PWC BARBADOS
Gina D. Patrick
TOWN AND COUNTRY
DEVELOPMENT PLANNING OFFICE
Aliaksandr Anisovich
PROMAUDIT
Dmitry Arkhipenko
REVERA CONSULTING GROUP
Dzmitry Barouka
ARZINGER & PARTNERS
INTERNATIONAL LAW FIRM
Tatsiana Bialiayeva
GLIMSTEDT
Vladimir G. Biruk
CAPITAL GROUP
Arthur Biryukov
THE SUPREME ECONOMIC
COURT OF THE REPUBLIC OF
BELARUS
Dmitry Bokhan
VERKHOVODKO & PARTNERS
LLC
Alexander Botian
BOROVTSOV & SALEI LEGAL
SERVICES
Ekaterina Burak
REVERA CONSULTING GROUP
Eugenia Chetverikova
REVERA CONSULTING GROUP
Aliaksandr Danilevich
DANILEVICH LAW OFFICE
Alexey Daryin
REVERA CONSULTING GROUP
Ulyana Evseeva
BNT LEGAL & TAX
Kirill Golovko
REVERA CONSULTING GROUP
Marina Golovnitskaya
SORAINEN BELARUS
Evgeniia Goriounova
LAW FIRM GLIMSTEDT
Tatiana Guretskaya
REVERA CONSULTING GROUP
Elena Hmeleva
VERKHOVODKO & PARTNERS
LLC
Alina Kalinouskaya
MINSK BAR ASSOCIATION
Nataliya Kaliuta
EGOROV PUGISNKY AFANASIEV
AND PARTNERS (EPA&P)
Olga Karabeika
REVERA CONSULTING GROUP
Uljana Karpekina
REVERA CONSULTING GROUP
Alexandre Khrapoutski
SYSOUEV, BONDAR,
KHRAPOUTSKI SBH LAW OFFICE
Sergey Khromov
VERKHOVODKO & PARTNERS
LLC
ACKNOWLEDGMENTS
Siarhei Khvastovich
LEGAL COMPANY CRISIS
CONSULTING
Alexander Kirilenko
AGENCY OF TERNAROUND
TECHNOLOGIES
Nina Knyazeva
VERKHOVODKO & PARTNERS
LLC
Michael Koltinov
RAIDLA LEJINS & NORCOUS
Nadezhda Koroleva
SYSOUEV, BONDAR,
KHRAPOUTSKI SBH LAW OFFICE
Dmitry Kovalchik
STEPANOVSKI, PAPAKUL AND
PARTNERS LTD.
Olga Kuchinskaya
VLASOVA MIKHEL & PARTNERS
Alexandra Kuchminskaya
REVERA CONSULTING GROUP
Swetlana Laguta
ARZINGER & PARTNERS
INTERNATIONAL LAW FIRM
Valery Lovtsov
RAIDLA LEJINS & NORCOUS
Polina Lukashova
VERKHOVODKO & PARTNERS
LLC
Tatiana Lyzo
REVERA CONSULTING GROUP
Andrei Machalou
PETERKA & PARTNERS
Sergei Makarchuk
CHSH CERHA HEMPEL
SPIEGELFELD HLAWATI
Mikalai Markounik
VLASOVA MIKHEL & PARTNERS
Sergey Mashonsky
ARZINGER & PARTNERS
INTERNATIONAL LAW FIRM
Tatyana Pozdneeva
VLASOVA MIKHEL & PARTNERS
Raman Ramanau
MINSK CABLE (ELECTRICAL)
NETWORK
Rybakovskaja
MINISTRY OF ENERGY
Evgenia Seregina
ARZINGER & PARTNERS
INTERNATIONAL LAW FIRM
Anna Shalimo
VERKHOVODKO & PARTNERS
LLC
Kristina Shibeko
ERGO INSURANCE COMPANY
Yulia Shuba
BOROVTSOV & SALEI LEGAL
SERVICES
Dmitry Skorodulin
Anna Skorodulina
ATTORNEYS OF JURZNAK,
ADVOCATES
Herlinde Baert
NOTARISKANTOOR JAN BAEL ILSE DE BRAUWERE
Erik Bomans
DEMINOR INTERNATIONAL SCRL
Hakim Boularbah
LIEDEKERKE WOLTERS
WAELBROECK KIRKPATRICK,
MEMBER OF LEX MUNDI
Tim Carnewal
NOTAIRES ASSOCIS CVBA/
SCRL
Adriaan Dauwe
ALTIUS
Kris De Schutter
LOYENS & LOEFF
Didier De Vliegher
NAUTADUTILH
Herman De Wilde
QUESTA ADVOCATEN
Frank Dierckx
PWC BELGIUM
Vyacheslav Slabodnik
UNIVEST-M
Vincent Dieudonn
SIBELGA
Maksim Slepitch
ARZINGER & PARTNERS
INTERNATIONAL LAW FIRM
Camille Dmm
NATIONAL BANK OF BELGIUM
Alla Sundukova
MINISTRY OF TAXES AND DUTIES
Natalia Talai
VLASOVA MIKHEL & PARTNERS
Nikita Tolkanitsa
CHSH CERHA HEMPEL
SPIEGELFELD HLAWATI
Fiodar Tsurko
TIMIOR
Eugenia Urodnich
GLIMSTEDT
Alena Usenia
ARZINGER & PARTNERS
INTERNATIONAL LAW FIRM
David DuPont
ASHURST LLP
James Dupont
CONSEIL INTERNATIONAL DU
NOTARIAT BELGE
Jrgen Egger
LAGA
Alain Franois
EUBELIUS ATTORNEYS
Nicolas Ghorain
NOTAIRES ASSOCIS CVBA/
SCRL
Tom Gladinez
EUBELIUS ATTORNEYS
Christel Godfroid
HVG ADVOCATEN / AVOCATS
Tatiana I. Melnik
THE SUPREME ECONOMIC
COURT OF THE REPUBLIC OF
BELARUS
Irina Veremeichuk
VERKHOVODKO & PARTNERS
LLC
Elena Melnikova
REVERA CONSULTING GROUP
Igor Verkhovodko
VERKHOVODKO & PARTNERS
LLC
Jean-Luc Hagon
LOYENS & LOEFF
Dmitry Viltovsky
ARZINGER & PARTNERS
INTERNATIONAL LAW FIRM
An Jacobs
LIEDEKERKE WOLTERS
WAELBROECK KIRKPATRICK,
MEMBER OF LEX MUNDI
Helen Mourashko
REVERA CONSULTING GROUP
Igor Yatskovsky
EGOROV PUGISNKY AFANASIEV
AND PARTNERS (EPA&P)
Grgoire Jakhian
LOYENS & LOEFF
Yulia Nazarenko
REVERA CONSULTING GROUP
Victoriya Yayakuta
REVERA CONSULTING GROUP
Konstantin Mikhel
VLASOVA MIKHEL & PARTNERS
Aleksandr Mironichenko
MINISTRY OF ECONOMY
Inesa Nazarova
PWC BELARUS
Olga Yevmenchikova
REVERA CONSULTING GROUP
Valentina Neizvestnaya
AUDIT AND CONSULTING LTD.
BELARUS
Ekaterina Zabello
VLASOVA MIKHEL & PARTNERS
Sergei Odintsov
PWC BELARUS
Yulia Ovseichyk
REVERA CONSULTING GROUP
Uladzimir Aliaksandravich
Palishuk
PROFELEKTROPROEKT
Ekaterina Pastukhovich
NATIONAL BANK OF THE
REPUBLIC OF BELARUS
Sergey Pinchuk
LAWYER
Victor Pleonkin
NATIONAL BANK OF THE
REPUBLIC OF BELARUS
Vadzim Zakreuski
MINISTRY OF ENERGY
Olga Zdobnova
VLASOVA MIKHEL & PARTNERS
Maxim Znak
ATTORNEYS OF JURZNAK,
ADVOCATES
Nadya Znak
ATTORNEYS OF JURZNAK,
ADVOCATES
Conny Grenson
EUBELIUS ATTORNEYS
Julie Salteur
NAUTADUTILH
Timothy Speelman
MCGUIREWOODS LLP
Bernard Thuysbaert
DEMINOR INTERNATIONAL SCRL
Jan Van Celst
DLA PIPER UK LLP
Ruben Van Impe
VAN IMPE ACCOUNTANCY BVBA
Bart Van Rossum
B.T.V.
Sibylle Vandenberghe
PWC BELGIUM
Grgory Vandenbussche
AREN ARCHITECTS AND
ENGINEERS SPRL
Tom Vantroyen
ALTIUS
Saa Abdoulaye
CABINET DHUISSIER DE JUSTICE
Seibu Abou
TRIBUNAL DE PREMIRE
INSTANCE DE COTONOU
Eric Fadhil Adamon
NOTAIRE ADAMON
Djamiou Adebo
NOTAIRE ADEBO
Ganiou Adechy
ETUDE DE ME GANIOU ADECHY
Abdou Kabir Adoumbou
CABINET MATRE RAFIKOU ALABI
Bram Vuylsteke
NOTARY BRAM VUYLSTEKE
BELIZE
CENTRAL BUILDING AUTHORITY
Maxime Ahonako
CABINET DAVOCATS
Emil Arguelles
ARGUELLES & COMPANY LLC
Gilles Ahouanmenou
DELOITTE
Jos A. Bautista
PKF INTERNATIONAL
Cosme Ahoyo
TRIBUNAL DE PREMIRE
INSTANCE DE COTONOU
Emory K. Bennett
YOUNGS ENGINEERING
CONSULTANCY LTD.
Dsir H. Ahou
FADESP/UAC
Herbert Bradley
HERBERT BRADLEY CUSTOM
HOUSE BROKERS
Christopher Coye
COURTENAY COYE LLP
Derek Davis
PUBLIC UTILITIES COMMISSION
Euloge Akpo
TRIBUNAL DE PREMIRE
INSTANCE DE COTONOU
Gian C. Gandhi
INTERNATIONAL FINANCIAL
SERVICES COMMISSION
Sylvie Akpo
BCEAO
Russell Longsworth
CARIBBEAN SHIPPING AGENCIES
LTD.
Fred Lumor
FRED LUMOR & CO.
Reynaldo Magaa
MOORE STEPHENS MAGAA LLP
Stphanie Kervyn de
Meerendr
DEMINOR INTERNATIONAL SCRL
Samantha Matute
BELIZE COMPANIES AND
CORPORATE AFFAIRS REGISTRY
Erika Leenknecht
EUBELIUS ATTORNEYS
Tania Moody
BARROW & WILLIAMS
Stephan Legein
FEDERAL PUBLIC SERVICE
FINANCE
Vanessa Retreage
REYES RETREAGE LLP
Philippe Massart
SIBELGA
BENIN
Sadou Agbantou
CABINET DAVOCATS
Andrew Marshalleck
BARROW & CO.,
ATTORNEYS-AT-LAW
Axel Maeterlinck
SIMONT BRAUN
Lisa Zayden
HORWATH BELIZE LLP
Robert Vermetten
TRANSPORT & PROJECT
LOGISTICS
Evelien Jamaels
CROWELL & MORING
Luc Legon
PWC BELGIUM
Carlton Young
YOUNGS ENGINEERING
CONSULTANCY LTD.
Aldo Reyes
REYES RETREAGE LLP
Wilfred Rhaburn
W. RHABURN CONSULTING
Oscar Sabido
SABIDO & COMPANY
BELGIUM
Dominique Mougenot
COMMERCIAL COURT MONS
Giacomo Sanchez
CASTILLO SANCHEZ & BURRELL,
LLP
Hubert Andr-Dumont
MCGUIREWOODS LLP
Sabrina Otten
PWC BELGIUM
Mark Usher
PUBLIC UTILITIES COMMISSION
Jan Bael
NOTARISKANTOOR JAN BAEL ILSE DE BRAUWERE
Emmanuel Plasschaert
CROWELL & MORING
Saidi Vaccaro
ARGUELLES & COMPANY LLC
Sybel Akuesson
FIDUCIAIRE CONSEIL ET
ASSISTANCE (FCA)
Rakou Agnila Alabi
CABINET MATRE RAFIKOU ALABI
Franoise Amoussou
NOUVELLE VISION
Tolulokpe Bilikis Assani
NOTAIRE ASSANI
Jacques Mose Atchade
CABINET DE MATRE ATCHADE
Charles Badou
CABINET DAVOCATS CHARLES
BADOU
Bassambie Bationo
BCEAO
Bienvenu Ko Bedie
CABINET DAVOCATS
Ferdinand Bokossa Yaou
ENGINEER
Is-Dine Bouraima
GUICHET UNIQUE DE
FORMALISATION DES
ENTREPRISES
Stondji Pierre Codjia
CABINET DAVOCATS CHARLES
BADOU
Alice Codjia-Sohouenou
CABINET DAVOCATS ALICE
CODJIA SOHOUNOU
259
260
Bonaventure Dansou
AFRICA HANDLING AND
LOGISTICS
Adegbindin Saliou
CABINET DES EXPERTS ASSOCIS
- CEA SARL
Ugyen Dorji
DRUK INTEGRATED GREEN
BUILDINGS
Magloire Daoudou
CABINET DES EXPERTS ASSOCIS
- CEA SARL
Moussa Sanogo
BCEAO
G. Edibayo Dassoundo
TRIBUNAL DE PREMIRE
INSTANCE DE COTONOU
Nadege Sebapo
SOCIT DEXPLOITATION DU
GUICHET UNIQUE DU BNIN
(SEGUB)
N. B. Gurung
GLOBAL LOGISTICS
Hermann Senou
ENTREPRISE GNRALE DE
CONSTRUCTION MACKHO
Ignace Djogbede
NET-LOGISTICS SARL
Michel Djossouvi
OFFICE NOTARIAL OLAGNIKA
SALAM
Jean Claude dOliveira
OLTRACO BENIN
Nadine Dossou Sakponou
CABINET ROBERT M. DOSSOU
Rodrigue Dossou-Togbe
Dieudonn Didier Dovoedo
NOTAIRE DOVOEDO
Brenger Ette
PWC CTE DIVOIRE
Henri Fadonougbo
TRIBUNAL DE PREMIRE
INSTANCE DE COTONOU
Robert Togbossi
LA MAIRIE DE COTONOU
- SERVICE DES AFFAIRES
DOMANIALES
Rodrigue Tokpessi
LA MAIRIE DE COTONOU
- SERVICE DES AFFAIRES
DOMANIALES
Foussni Traor
PWC CTE DIVOIRE
Nadege Honuo
ETUDE DE ME FADHIL ADAMON
Thierry Verdier
SOCIT DEXPLOITATION DU
GUICHET UNIQUE DU BNIN
(SEGUB)
Angelo Hounkpatin
Marcel Sgbgnon Hounnou
CABINET DAVOCATS
Patrick K. Agbokou
SOCIT DEXPLOITATION DU
GUICHET UNIQUE DU BNIN
(SEGUB)
Francine Vittin
OFFICE NOTARIAL OLAGNIKA
SALAM
Zacharie Yalo
MAIRIE DE LA VILLE DE COTONOU
Noel Kelembho
SDV LOGISTICS
Victorin Yehouenou
CABINET DES EXPERTS ASSOCIS
- CEA SARL
William Kodjoh-Kpakpassou
TRIBUNAL DE PREMIRE
INSTANCE DE COTONOU
Emmanuel Yehouessi
BCEAO
A. Maximilien Kpehounou
TRIBUNAL DE PREMIRE
INSTANCE DE COTONOU
BHUTAN
BHUTAN POWER CORPORATION
LTD.
Cyrille Laleye
ECOBANK
Bhakta Acharya
Tarou Mama
SOCIT INTERNATIONALE DE
TRANSIT TOUR
Adeline Messou
PWC CTE DIVOIRE
M. Saint-Martin Mongan
BCEAO
Venance Pre
LCA
Jules Pofagi
BE ITCA
Serge Quenum
LA MAIRIE DE COTONOU
- SERVICE DES AFFAIRES
DOMANIALES
Hoby Harinirina Rakotoniary
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Olagnika Salam
OFFICE NOTARIAL OLAGNIKA
SALAM
Cheda
UC ASSOCIATES: BHUTAN LAW
OFFICE
Tshering Choden
DEPARTMENT OF REVENUE AND
CUSTOMS
Sonam Chophel
CREDIT INFORMATION BUREAU
OF BHUTAN
Jigme Dorji
THIMPHU CITY CORPORATION
Kencho Dorji
LEKO PACKERS
Alejandra Guevara
GUEVARA & GUTIRREZ SC
Primitivo Gutirrez
GUEVARA & GUTIRREZ SC
Andrea Urcullo
CRIALES, URCULLO & ANTEZANA
Javier Urcullo
CRIALES, URCULLO & ANTEZANA
Karla Wrth
WRTH KIM COSTA DU RELS
ABOGADOS SC
Rodrigo Jimenez-Cusicanqui
SALAZAR, SALAZAR &
ASOCIADOS, SOC. CIV.
BOSNIA AND
HERZEGOVINA
LRC CREDIT BUREAU
Sonam Tashi
MINISTRY OF ECONOMIC AFFAIRS
Amar Bajramovi
LAW OFFICE BAJRAMOVIC
Wang Tshering
PCT CONSTRUCTION
Karma Tshewang
VISIT ASIA
Edisa Bakovic
LAW OFFICE FEMIL CURT - PART
OF DLA PIPER GROUP
Pema Wangda
MINISTRY OF LABOUR AND
HUMAN RESOURCES
Marcelo Luna
BDO BERTHIN AMENGUAL &
ASOCIADOS
Mubera Brkovi
PWC BOSNIA AND HERZEGOVINA
Karma Yeshey
MINISTRY OF ECONOMIC AFFAIRS
BOLIVIA
DELAPAZ
Camilo Moreno
BM&O ABOGADOS
Christian Amestegui
ASESORES LEGALES CP
Gyeltshen
MINISTRY OF FINANCE
Tashi Pem
Tashi Penjor
MINISTRY OF ECONOMIC AFFAIRS
Sonam Penjore
BHUTAN NATIONAL BANK
Dorji Phuntsho
ROYAL SECURITIES EXCHANGE
OF BHUTAN LTD.
Lhundub Dorji
EAST-WEST CONSTRUCTION
Mindu Dorji
MINISTRY OF ECONOMIC AFFAIRS
Dorian de Rojas
GAVA BOLIVIA
Namgay Dorji
OFFICE OF THE ATTORNEY
GENERAL
Tashi Dorji
JUDICIARY OF BHUTAN
Jaime Muoz-Reyes G.
CORPORATIVE LAW BOLIVIA
CONSULTORES ASOCIADOS
Mauricio Pacheco
HACEMOS CIUDAD SRL
Carlos Andrs Peredo
FERRERE ATTORNEYS
Carlos Pinto
FERRERE ATTORNEYS
Rocio Plata
RIGOBERTO PAREDES &
ASSOCIATES
Oscar Antonio Plaza Ponte
Sosa
ENTIDAD DE SERVICIOS DE
INFORMACIN ENSERBIC SA
Guillermo Pou Munt
CEAS SRL
Gerardo Quelca
AUTORIDAD DE SUPERVISIN
DEL SISTEMA FINANCIERO
Julio Quintanilla Quiroga
QUINTANILLA, SORIA &
NISHIZAWA SOC. CIV.
Ingrid Reese
BM&O ABOGADOS
Patricio Rojas
C.R. & F. ROJAS, MEMBER OF
LEX MUNDI
Mariela Rojas de Hamel
ENTIDAD DE SERVICIOS DE
INFORMACIN ENSERBIC SA
Sergio Salazar-Arce
SALAZAR, SALAZAR &
ASOCIADOS, SOC. CIV.
Sergio Salazar-Machicado
SALAZAR, SALAZAR &
ASOCIADOS, SOC. CIV.
Sandra Salinas
C.R. & F. ROJAS, MEMBER OF
LEX MUNDI
Samir Bajrovi
ENOVA D.O.O.
Zlatko engi
UNIONINVEST D.D.
Femil urt
LAW OFFICE FEMIL CURT - PART
OF DLA PIPER GROUP
Mia Deli
ADVOKATSKA KANCELARIJA
SPAHO
Stevan Dimitrijevic
KN KARANOVI & NIKOLI
Vinja Dizdarevi
MARI & CO. LAW FIRM
Amina Djugum
MARI & CO. LAW FIRM
Jasmina Dzaferovic
KN KARANOVI & NIKOLI
Jasmina Gabela
UNIONINVEST D.D.
Igor Gavran
FOREIGN TRADE CHAMBER OF
BOSNIA AND HERZEGOVINA
INTERNATIONAL FREIGHT
FORWARDERS ASSOCIATION
Semir Guzin
KEBO & GUZIN
Dulizara Hadzimustac
FERK (REGULATORY
COMMISSION FOR ELECTRICITY
IN THE FEDERATION OF BOSNIA
AND HERZEGOVINA)
Zijad Hasovi
KOMORA REVIZORA FBIH
Belma Hodzic
CMS REICH-ROHRWIG HAINZ
D.O.O.
Ahmet Hukic
FERK (REGULATORY
COMMISSION FOR ELECTRICITY
IN THE FEDERATION OF BOSNIA
AND HERZEGOVINA)
Nusmir Huski
HUSKIC LAW OFFICE
Emir Ibisevic
DELOITTE ADVISORY SERVICES
D.O.O.
Arela Jusufbasi-Goloman
LAWYERS OFFICE TKALCICDULIC, PREBANIC, RIZVIC &
JUSUFBASIC-GOLOMAN
Nedada Kapidi
NOTARY
ACKNOWLEDGMENTS
Muhidin Kari
Sejda Kruica-Fejzi
JP ELEKTROPRIVREDA
BIH PODRUNICA
ELEKTRODISTRIBUCIJA
SARAJEVO
Saa Lemez
CENTRAL BANK OF BOSNIA AND
HERZEGOVINA
BOTSWANA
TRANSUNION ITC
Jerey Bookbinder
BOOKBINDER BUSINESS LAW
John Carr-Hartley
ARMSTRONGS ATTORNEYS
Gorata Dibotelo
ARMSTRONGS ATTORNEYS
Nedad Madak
CONFIDA D.O.O. SARAJEVO
Madongo Direng
MODIMO & ASSOCIATES
Branko Mari
MARI & CO. LAW FIRM
Tatenda Dumba
ARMSTRONGS ATTORNEYS
Davorin Marinkovic
KN KARANOVI & NIKOLI
Edward W. Fashol-Luke II
LUKE & ASSOCIATES
Sead Miljkovi
LAW OFFICE MILJKOVI IN
ASSOCIATION WITH WOLF
THEISS
Emir Naimkadi
JP ELEKTROPRIVREDA
BIH PODRUNICA
ELEKTRODISTRIBUCIJA
SARAJEVO
Sylvester Lekone
MANICA AFRICA PTY. LTD.
Monija Nogulic
FERK (REGULATORY
COMMISSION FOR ELECTRICITY
IN THE FEDERATION OF BOSNIA
AND HERZEGOVINA)
Aida Plivac
PWC BOSNIA AND HERZEGOVINA
Olodar Prebani
LAWYERS OFFICE TKALCICDULIC, PREBANIC, RIZVIC &
JUSUFBASIC-GOLOMAN
David Lawrence
SHARPS ELECTRICAL PTY. LTD.
Pauline Mabelebele
ARMSTRONGS ATTORNEYS
Mark Mckee
ARMSTRONGS ATTORNEYS
Finola McMahon
OSEI-OFEI SWABI & CO.
Abel Walter Modimo
MODIMO & ASSOCIATES
Setho Mokobi
BOOKBINDER BUSINESS LAW
Marija Prskalo
KN KARANOVI & NIKOLI
Mmatshipi Motsepe
MANICA AFRICA PTY. LTD.
Predrag Radovanovi
MARI & CO. LAW FIRM
Olivia Muzvidziwa
KPMG
Branka Rajicic
PWC BOSNIA AND HERZEGOVINA
Rajesh Narasimhan
GRANT THORNTON LLP
Marcelo Barbosa
VIEIRA, REZENDE, BARBOSA E
GUERREIRO ADVOGADOS
Nedzida Salihovi-Whalen
CMS REICH-ROHRWIG HAINZ
D.O.O.
Buhlebenkosi Ncube
LAWYER
Priscyla Barbosa
VEIRANO ADVOGADOS
Kwadwo Osei-Ofei
OSEI-OFEI SWABI & CO.
Matheus Barcelos
BARBOSA, MSSNICH & ARAGO
ADVOGADOS
Hasib Salki
JUMP LOGISTICS D.O.O.
Adnan Sarajli
LAW OFFICE DURAKOVIC IN
ASSOCIATION WITH WOLF
THEISS
Jasmin Saric
WOLF THEISS D.O.O.
Alma ei
LAW OFFICE FEMIL CURT - PART
OF DLA PIPER GROUP
Arjana Selimi
JP ELEKTROPRIVREDA
BIH PODRUNICA
ELEKTRODISTRIBUCIJA
SARAJEVO
Amela Selmanagic
WOLF THEISS D.O.O.
Nihad Sijeri
KN KARANOVI & NIKOLI
Maja imunac
WOLF THEISS D.O.O.
Mehmed Spaho
ADVOKATSKA KANCELARIJA
SPAHO
Bojana Tkali-Djuli
LAWYERS OFFICE TKALCICDULIC, PREBANIC, RIZVIC &
JUSUFBASIC-GOLOMAN
Edin Zametica
DERK (STATE ELECTRICITY
REGULATORY COMMISSION)
Butler Phirie
PWC BOTSWANA
Claudio Rossi
SHARPS ELECTRICAL PTY. LTD.
Brent Rouse
ELLIOTT MOBILITY
Sarah Barbassa
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Thiago Barroca
NORONHA ADVOGADOS
Fernanda Bastos
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Piyush Sharma
PIYUSH SHARMA ATTORNEYS
Gilberto Belleza
BELLEZA & BATALHA C. DO LAGO
ARQUITETOS ASSOCIADOS
Frederick Webb
ARMSTRONGS ATTORNEYS
David Benoliel
NORONHA ADVOGADOS
Nilusha Weeraratne
PWC BOTSWANA
Marcello Bernardes
PINHEIRO NETO ADVOGADOS
Sipho Ziga
ARMSTRONGS ATTORNEYS
BRAZIL
EXPERTNESS BRAZIL FREIGHT
FORWARDING & CONSULTING
LTDA
Camila Biral
DEMAREST E ALMEIDA
ADVOGADOS
Marina Agueda
DE LUCA, DERENUSSON,
SCHUTTOFF E AZEVEDO
ADVOGADOS
Antnio Aires
DEMAREST E ALMEIDA
ADVOGADOS
Pedro Almeida
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Srgio Bronstein
VEIRANO ADVOGADOS
Marcus Brumano
DEMAREST E ALMEIDA
ADVOGADOS
Matheus Bueno de Oliveira
COSTA, WAISBERG E
TAVARES PAES SOCIEDADE DE
ADVOGADOS
Frederico Buosi
VELLA PUGLIESE BUOSI GUIDONI
Guilherme Cacciari Veloni
DEMAREST ADVOGADOS (RIO DE
JANEIRO BRANCH)
Renata Cmara Mattos
VEIRANO ADVOGADOS
Renato Canizares
DEMAREST E ALMEIDA
ADVOGADOS
rika Carvalho
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Thiago Carvalho Stob
NORONHA ADVOGADOS
Ramon Castilho
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Rodrigo Castro
VEIRANO ADVOGADOS
Isabela Coelho
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Ricardo E. Vieira Coelho
PINHEIRO NETO ADVOGADOS
Roberta Coelho de Souza
Batalha
DEMAREST ADVOGADOS (RIO DE
JANEIRO BRANCH)
Vivian Coelho dos Santos
Breder
ULHA CANTO, REZENDE E
GUERRA-ADVOGADOS
Jarbas Contin
PWC BRAZIL
Luiz Felipe Cordeiro
CHEDIAK, LOPES DA COSTA,
CRISTOFARO, MENEZES CRTES,
RENN E ARAGO ADVOGADOS
Carolina Davies
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Joo Luis Ribeiro de Almeida
DEMAREST ADVOGADOS (RIO DE
JANEIRO BRANCH)
Rafael De Conti
DE CONTI LAW OFFICE
Aldo de Cresci Neto
GASPARINI, DE CRESCI E
NOGUEIRA DE LIMA ADVOGADOS
Joo Claudio De Luca Junior
DE LUCA, DERENUSSON,
SCHUTTOFF E AZEVEDO
ADVOGADOS
Beatriz Gross Bueno de Moraes
Visnevski
DE VIVO, WHITAKER E CASTRO
ADVOGADOS
Eduardo Depassier
LOESER E PORTELA ADVOGADOS
Valter Deperon
PWC BRAZIL
Claudia Derenusson Riedel
DE LUCA, DERENUSSON,
SCHUTTOFF E AZEVEDO
ADVOGADOS
Heloisa Bonciani Nader di
Cunto
DUARTE GARCIA, CASELLI
GUIMARES E TERRA
ADVOGADOS
Daniel Antonio Dias
LOBO & DE RIZZO ADVOGADOS
Renata Dias
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Rodrigo Dias
VEIRANO ADVOGADOS
Rafael Dinoa
CHEDIAK, LOPES DA COSTA,
CRISTOFARO, MENEZES CRTES,
RENN E ARAGO ADVOGADOS
Jos Ricardo dos Santos Luz
Jnior
DUARTE GARCIA, CASELLI
GUIMARES E TERRA
ADVOGADOS
Marcel Cordeiro
PWC BRAZIL
Andre Drighetti
LAZZARINI MORETTI E MORAES
ADVOGADOS
Pedro Costa
BARBOSA, MSSNICH & ARAGO
ADVOGADOS
Marcelo Elias
PINHEIRO GUIMARES
ADVOGADOS
Camila Falkenburger
PINHEIRO GUIMARES
ADVOGADOS
Mauro Faria
VEIRANO ADVOGADOS
Ticiana Faveiro
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Vanessa Felcio
VEIRANO ADVOGADOS
Beatriz Felitte
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Iara Ferfoglia Gomes Dias
Vilardi
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Alexsander Fernandes de
Andrade
DUARTE GARCIA, CASELLI
GUIMARES E TERRA
ADVOGADOS
261
262
Ian Ferreira
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Helena Guimares
VIEIRA, REZENDE, BARBOSA E
GUERREIRO ADVOGADOS
Enrique Hadad
LOESER E PORTELA ADVOGADOS
Rafael Figueiredo
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Felipe Hanszmann
VIEIRA, REZENDE, BARBOSA E
GUERREIRO ADVOGADOS
Thiago Hatab
CHEDIAK, LOPES DA COSTA,
CRISTOFARO, MENEZES CRTES,
RENN E ARAGO ADVOGADOS
Guilherme Filardi
DE LUCA, DERENUSSON,
SCHUTTOFF E AZEVEDO
ADVOGADOS
Ricardo Higashitani
KLA-KOURY LOPES ADVOGADOS
Silvia Fiszman
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Paulo Roberto Fogarolli Filho
DUARTE GARCIA, CASELLI
GUIMARES E TERRA
ADVOGADOS
Julian Fonseca Pea Chediak
CHEDIAK, LOPES DA COSTA,
CRISTOFARO, MENEZES CRTES,
RENN E ARAGO ADVOGADOS
Luiz Frana
CASTRO, BARROS, SOBRAL,
GOMES ADVOGADOS
Raphael Freitas
VEIRANO ADVOGADOS
Henrique Funk Lo Sardo
LAZZARINI MORETTI E MORAES
ADVOGADOS
Renato G.R. Maggio
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Rafael Gagliardi
DEMAREST E ALMEIDA
ADVOGADOS
Diego Galvo
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Rodrigo Garcia da Fonseca
OSORIO E MAYA FERREIRA
ADVOGADOS
Jos Pedro Gevaerd
DEMAREST E ALMEIDA
ADVOGADOS
Andra Giamondo Massei
Rossi
LOBO & DE RIZZO ADVOGADOS
Juliana Gile
DE LUCA, DERENUSSON,
SCHUTTOFF E AZEVEDO
ADVOGADOS
Michelle Giraldi
PWC BRAZIL
Luiz Marcelo Gois
BARBOSA, MSSNICH & ARAGO
ADVOGADOS
Cludio R. F. Golgo
GOLGO ADVOGADOS
Rodrigo Gomes Maia
NORONHA ADVOGADOS
Renata Gonalves
HALLIBURTON PRODUTOS LTDA
Digenes Gonalves Neto
PINHEIRO NETO ADVOGADOS
Gilberto Gornati
COSTA, WAISBERG E
TAVARES PAES SOCIEDADE DE
ADVOGADOS
Eduardo Ferraz Guerra
GUERRA E BATISTA ADVOGADOS
Ana Lobo
VEIRANO ADVOGADOS
Ian Muniz
VEIRANO ADVOGADOS
Cssio S. Namur
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Jorge Nemr
LEITE, TOSTO E BARROS
Walter Nimir
DE VIVO, WHITAKER E CASTRO
ADVOGADOS
Antonio Noronha
LEFOSSE ADVOGADOS
Flvio Pinto Nunes
THYSSENKRUPP CSA
SIDERURGICA DO ATLANTICO
Michael OConnor
GUERRA E BATISTA ADVOGADOS
Daniel Oliveira
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Evany Oliveira
PWC BRAZIL
Taisa Oliveira
KLA-KOURY LOPES ADVOGADOS
Eduardo Ono Terashima
DEMAREST E ALMEIDA
ADVOGADOS
Gyedre Palma Carneiro de
Oliveira
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Franco Parente
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Luis Filipe Pedro
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Rogerio Rabelo Peixoto
BANCO CENTRAL DO BRASIL
Paulo Penteado de Faria e
Silva Neto
VEIRANO ADVOGADOS
Luciana Pereira Costa
ULHA CANTO, REZENDE E
GUERRA-ADVOGADOS
Luiz Eduardo Pereira Paz
LIGHT SERVICOS DE
ELETRICIDADE S. A.
Luanda Pinto Backheuser
DE LUCA, DERENUSSON,
SCHUTTOFF E AZEVEDO
ADVOGADOS
Antonio Claudio Pinto da
Fonseca
CONSTRUTORA MG LTDA
Cassia Pizzotti
DEMAREST E ALMEIDA
ADVOGADOS
Raphael Polito
RAYES & FAGUNDES
ADVOGADOS
Renato Poltronieri
DEMAREST E ALMEIDA
ADVOGADOS
Jos Ribeiro do Prado Junior
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Aline Prado Silva
DE CONTI LAW OFFICE
Ronaldo Rayes
RAYES & FAGUNDES
ADVOGADOS
Gabriella Reao
ULHA CANTO, REZENDE E
GUERRA-ADVOGADOS
Clarissa Rebello
LEFOSSE ADVOGADOS
Marlia Renn
CHEDIAK, LOPES DA COSTA,
CRISTOFARO, MENEZES CRTES,
RENN E ARAGO ADVOGADOS
Bruna Rey
VEIRANO ADVOGADOS
Elisa Rezende
VEIRANO ADVOGADOS
Andreza Ribeiro
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Juliana Ribeiro
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Eliane Ribeiro Gago
DUARTE GARCIA, CASELLI
GUIMARES E TERRA
ADVOGADOS
Laura Ribeiro Vissotto
1 CARTRIO DE NOTAS DE SO
JOS DOS CAMPOS
Mariana Rodrigues
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Viviane Rodrigues
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Marcos Roriz
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Luis Augusto Roux Azevedo
DE LUCA, DERENUSSON,
SCHUTTOFF E AZEVEDO
ADVOGADOS
Jos Samurai Saiani
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Carolina Santos Costa
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Priscilla Saraiva
ULHA CANTO, REZENDE E
GUERRA-ADVOGADOS
Anelise Maria Jircik Sasson
AES ELETROPAULO
Carolina Schreier
KLA-KOURY LOPES ADVOGADOS
Edson Schueler
VEIRANO ADVOGADOS
Sabine Schutto
DE LUCA, DERENUSSON,
SCHUTTOFF E AZEVEDO
ADVOGADOS
Lucas Seabra
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Gabriel Seijo
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Dario Rabay
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Erik Sernik
VELLA PUGLIESE BUOSI GUIDONI
Donizetti A. Silva
DAS CONSULTORIA
Laiza Silva
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
ACKNOWLEDGMENTS
Sydney Simonaggio
AES ELETROPAULO
Michel Siqueira Batista
VIEIRA, REZENDE, BARBOSA E
GUERREIRO ADVOGADOS
Beatriz Souza
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Walter Stuber
WALTER STUBER CONSULTORIA
JURDICA
Nataliya Dimova
CEZ DISTRIBUTION BULGARIA
AD, MEMBER OF CEZ GROUP
Ina Dobriyanova
CEZ DISTRIBUTION BULGARIA
AD, MEMBER OF CEZ GROUP
Danny Chua
BRUNEI TRANSPORTING
COMPANY
Silvia Dulevska
BULGARIAN NATIONAL BANK
Daniel Szyfman
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Rodrigo Takano
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Bernardo Teixeira
VIEIRA, REZENDE, BARBOSA E
GUERREIRO ADVOGADOS
Roaizan Johari
AUTORITI MONETARI BRUNEI
DARUSSALAM
Celina Teixeira
18 OFICIO DE NOTAS
Zuleana Kassim
LEE CORPORATEHOUSE
ASSOCIATES
Cynthia Kong
WKA & ASSOCIATES
Farah Kong
AUTORITI MONETARI BRUNEI
DARUSSALAM
Marcos Tiraboschi
DE LUCA, DERENUSSON,
SCHUTTOFF E AZEVEDO
ADVOGADOS
Gisele Trindade
VELLA PUGLIESE BUOSI GUIDONI
Oswaldo Cesar Trunci de
Oliveira
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Suslei Tufaniuk
AES ELETROPAULO
Luciana Macedo V.G. da Silva
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Bruno Valente
PWC BRAZIL
Ronaldo C. Veirano
VEIRANO ADVOGADOS
Anna Carolina Venturini
PINHEIRO NETO ADVOGADOS
Ademilson Viana
DEMAREST E ALMEIDA
ADVOGADOS
Rafael Vitelli Depieri
1 CARTRIO DE NOTAS DE SO
JOS DOS CAMPOS
Karina Vlahos
DE LUCA, DERENUSSON,
SCHUTTOFF E AZEVEDO
ADVOGADOS
Jos Carlos Wahle
VEIRANO ADVOGADOS
Eduardo Guimares Wanderley
VEIRANO ADVOGADOS
Simone Weber
MACHADO, MEYER, SENDACZ E
OPICE ADVOGADOS
Lennon Lee
PWC SINGAPORE
Kelvin Lim
RIDZLAN LIM ADVOCATES &
SOLICITORS
Colin Ong
DR. COLIN ONG LEGAL SERVICES
Karthigeyan Srinivasan
AUTORITI MONETARI BRUNEI
DARUSSALAM
Shazali Sulaiman
KPMG
Ting Tiu Pheng
ARKITEK TING
Cecilia Wong
TRICOR (B) SDN BHD
BULGARIA
TAX ACCOUNT LTD.
Svetlin Adrianov
PENKOV, MARKOV & PARTNERS
Stefan Angelov
V CONSULTING BULGARIA
Rusalena Angelova
DJINGOV, GOUGINSKI,
KYUTCHUKOV & VELICHKOV
Ganka Belcheva
BELCHEVA & KARADJOVA LLP
Ilian Beslemeshki
GEORGIEV, TODOROV & CO.
Plamen Borissov
BORISSOV & PARTNERS
Christopher Christov
PENEV LLP
Thiago Wscieklica
SOUZA, CESCON, BARRIEU &
FLESCH ADVOGADOS
Maria Danailova
DANAILOVA, TODOROV AND
PARTNERS LAW FIRM
Kostadinka Deleva
GUGUSHEV & PARTNERS
BRUNEI DARUSSALAM
ERNST & YOUNG
Rena Azlina Abd Aziz
MINISTRY OF FINANCE
Valeria Dieva
KALAIDJIEV & GEORGIEV
Irina Dilkinska
PENEV LLP
George Dimitrov
DIMITROV, PETROV & CO.
Tereza Enicharova
DOBREV & LYUTSKANOV
Atanas Georgiev
PUBLIC SERVICES OOD
Ralitsa Gougleva
DJINGOV, GOUGINSKI,
KYUTCHUKOV & VELICHKOV
Kristina Gouneva
DOBREV & LYUTSKANOV
Katerina Gramatikova
DOBREV & LYUTSKANOV
Mariya Grigorova
DINOVA RUSEV & PARTNERS
Stefan Gugushev
GUGUSHEV & PARTNERS
Velyana Hristova
PENKOV, MARKOV & PARTNERS
Iliya Iliev
PRIMORSKA AUDIT COMPANY MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Gergana Ilieva
DOBREV & LYUTSKANOV
Ginka Iskrova
PWC BULGARIA
Vesela Kabatliyska
DINOVA RUSEV & PARTNERS
Angel Kalaidjiev
KALAIDJIEV & GEORGIEV
Yavor Kambourov
KAMBOUROV & PARTNERS
Mina Kapsazova
PWC BULGARIA
Niya Kehayova
CEZ DISTRIBUTION BULGARIA
AD, MEMBER OF CEZ GROUP
Stoina Kirazova
PENEV LLP
Hristina Kirilova
KAMBOUROV & PARTNERS
Yordan Kostov
LEGALEX LAW OFFICE
Tsvetan Krumov
SCHOENHERR
Stephan Kyutchukov
DJINGOV, GOUGINSKI,
KYUTCHUKOV & VELICHKOV
Roumen Lyutskanov
DOBREV & LYUTSKANOV
Jordan Manahilov
BULGARIAN NATIONAL BANK
Dimitrinka Metodieva
GUGUSHEV & PARTNERS
Slavi Mikinski
LEGALEX LAW OFFICE
Blagomir Minov
TSVETKOVA, BEBOV AND
PARTNERS
Vladimir Natchev
ARSOV NATCHEV GANEVA
Yordan Naydenov
BOYANOV & CO.
Valentina Nedkova
CIBANK
Maria Pashalieva
PENKOV, MARKOV & PARTNERS
Lilia Pencheva
EXPERIAN BULGARIA EAD
Stefan Radev
MULTIBRANDS
Konstantin Rizov
GYUROV & RIZOV LAW OFFICE
Seydou Diarra
Bertrand Fleury
BOLLOR AFRICA LOGISTICS
Mahaman Tahir Hamani
BCEAO
Milen Rusev
DINOVA RUSEV & PARTNERS
Csaire Kambou
CABINET DARCHITECTURE
AGORA
Anna Saeva
TSVETKOVA, BEBOV AND
PARTNERS
Issaka Kargougou
MAISON DE LENTREPRISE DU
BURKINA FASO
Svetoslav Shterev
VIRTUS
Gilbert Kibtonr
CEFAC
Elizabeth Sidi
PWC BULGARIA
Dimitar Slavchev
PENKOV, MARKOV & PARTNERS
Krum Stanchev
Konstantin Stoyanov
GUGUSHEV & PARTNERS
Roman Stoyanov
PENKOV, MARKOV & PARTNERS
Margarita Stoyanova
KAMBOUROV & PARTNERS
Vessela Tcherneva-Yankova
V CONSULTING BULGARIA
Alexandrina Terziyska
GUGUSHEV & PARTNERS
Kaloyan Todorov
DANAILOVA, TODOROV AND
PARTNERS LAW FIRM
Svilen Todorov
TODOROV & DOYKOVA LAW
FIRM
Viktor Tokushev
TOKUSHEV AND PARTNERS
Georgi Tsonchev
SCHOENHERR
Irina Tsvetkova
PWC BULGARIA
Georgi Tzvetkov
DJINGOV, GOUGINSKI,
KYUTCHUKOV & VELICHKOV
Rossitsa Valeva
PWC BULGARIA
Miroslav Varnaliev
UNIMASTERS LOGISTICS PLC.
Monika Yaneva
KALAIDJIEV & GEORGIEV
BURKINA FASO
DIRECTION GNRALE DU
CONTRLE DES OPRATIONS
DAMNAGEMENT ET DE
CONSTRUCTION
NAVITRANS
Pierre Abadie
CABINET PIERRE ABADIE
Abraham Liadan
PWC CTE DIVOIRE
Adeline Messou
PWC CTE DIVOIRE
Eric NGuessan
ERNST & YOUNG
Andr Ouedraogo
CABINET BONKOUNGOU
Martin Ouedraogo
UNION INTERNATIONALE DE
NOTARIAT
N. Henri Ouedraogo
DIRECTION GNRALE DES
IMPTS
Oumarou Ouedraogo
CABINET OUEDRAOGO
Ousmane Honore Ouedraogo
MAISON DE LENTREPRISE DU
BURKINA FASO
Linda Rakotonavalona
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Sariaka Randrianarisoa
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Bnwend S. Sankara
CABINET MATRE SANKARA
Moussa Sanogo
BCEAO
Hermann Lambert Sanon
GROUPE HAGE
Adama Saouadogo
ONEA
Moussa Ousmane Sawadogo
DIRECTION GNRALE DES
IMPTS
Roland Sow
BOLLOR AFRICA LOGISTICS
Dominique Taty
PWC CTE DIVOIRE
Seydou Balama
ETUDE MATRE BALAMA SEYDOU
Moussa Traore
MAISON DE LENTREPRISE DU
BURKINA FASO
Euphrasie Bambara
BOLLOR AFRICA LOGISTICS
Foussni Traor
PWC CTE DIVOIRE
Bassambie Bationo
BCEAO
Bouba Yaguibou
SCPA YAGUIBOU & YANOGO
Dieudonne Bonkoungou
CABINET BONKOUNGOU
Emmanuel Yehouessi
BCEAO
Patrick D. Grahouan
ERNST & YOUNG
Bogore Zongo
CHAMBRE NATIONALE DES
HUISSIERS DE JUSTICE DU
BURKINA FASO
Serge Damiba
ARCHI CONSULT
Denis Dawende
OFFICE NOTARIAL ME JEAN
CELESTIN ZOURE
Sylvie Zongo
CABINET PIERRE ABADIE
263
264
BURUNDI
BANQUE DE LA RPUBLIQUE DU
BURUNDI
MINISTRE DES FINANCES
OBR
Jean Marie Barambona
UNIVERSIT DU BURUNDI
Adolphe Birehanisenge
AGENCE DE PROMOTION DES
INVESTISSEMENTS
Jean Marie Bukware
API-BURUNDI
Ange Gakundwakazi
GPO PARTNERS BURUNDI
Benjamin Rufagari
GPO PARTNERS BURUNDI
CORRESPONDENT FIRM OF
DELOITTE
Thierry Rujerwaka
LABORATOIRE NATIONAL DU
BTIMENT ET DES TRAVAUX
PUBLICS (LNBTP) BURUNDI
Fabien Segatwa
ETUDE ME SEGATWA
Martin Sindabizera
NOTAIRE SINDABIZERA
Jrme Vejuru
SWIFT FREIGHT INTERNATIONAL
DELOITTE
CORRESPONDENT FIRM OF
CABO VERDE
BANCO DE CABO VERDE
EMPRESA DE ELECTRICIDADE E
AGUA (ELECTRA)
Gerard Handika
GPO PARTNERS BURUNDI
Lolanda Andrade
PWC CAPE VERDE
DELOITTE
Luisa Borges
SF&LB, SOCIEDADE DE
ADVOGADOS, RL
CORRESPONDENT FIRM OF
Ren-Claude Madebari
ENSAFRICA BURUNDI LIMITED
Muny Samreth
PWC CAMBODIA
Henrique Veiga
HENRIQUE VEIGA ADVOGADO
Sokla San
P&A ASIA LAW FIRM
Leendert Verschoor
PWC PORTUGAL
Vathana Sar
DFDL MEKONG (CAMBODIA)
CO., LTD.
CAMBODIA
ERNST & YOUNG
Chanthy Sin
LINEHAUL EXPRESS (CAMBODIA)
CO., LTD.
Stanislas Makoroka
UNIVERSIT DU BURUNDI
Victor Constantino
AVACO
Anatole Miburo
CABINET ANATOLE MIBURO
Ildio Cruz
ILIDIO CRUZ & ASSOCIADOSSOCIEDADE DE ADVOGADOS RL
Ouk Chittra
ELECTRICIT DU CAMBODGE
(EDC)
Sothea Chrek
CREDIT BUREAU (CAMBODIA)
CO. LTD.
Anatole Nahayo
UNIVERSIT DU BURUNDI
Manuel de Pina
SAMP - SOCIEDADES DE
ADVOGADOS
Horace Ncutiyumuheto
NCUTI LAW FIRM &
CONSULTANCY
Albert Ndereyimana
GETRA SA
Jair Dias
PWC CAPE VERDE
Grgoire Nduwimana
SDV LOGISTICS
Pagnawat Heng
P&A ASIA LAW FIRM
Lambert Nigarura
MKONO & CO. ADVOCATES
Alice Nijimbere
MKONO & CO. ADVOCATES
Consolate Ningarukiye
RUBEYA & CO. ADVOCATES
Montfort Nininahazwe
SEACO
Gustave Niyonzima
MKONO & CO. ADVOCATES
Amissi Ntangibingura
GUICHET UNIQUE DE BURUNDI
Evelyne Ntibazonkiza
AGENCE DE PROMOTION DES
INVESTISSEMENTS
Antoine Ntisigana
SODETRA LTD.
Happy Herv Ntwari
MKONO & CO. ADVOCATES
Patrick-Didier Nukuri
CABINET NUKURI
Franois Nyamoya
CABINET DAVOCAT ALI DINI
Samnangvathana Sor
ARBITRATION COUNCIL
FOUNDATION
Vannaroth Sovann
BNG LEGAL
Sokmeth Srey
ARBITRATION COUNCIL
FOUNDATION
Samnang Sun
SCIARONI & ASSOCIATES
Ousaphea Suos
ACLEDA BANK PLC.
Joseph Djeuga
SOTRAFIC
Laurent Dongmo
JING & PARTNERS
Tsafack Dongmo
CABINETS DAVOCATS ATANGA
LAW OFFICE
William Douandji
ARCHITECT AND PARTNERS
Mireille Essoh-Momo
ETUDE ME ETOKE
Lucas Florent Essomba
CABINET ESSOMBA & ASSOCIS
Jol Etoke
ETUDE ME ETOKE
Marie-Claude Etoke
ETUDE ME ETOKE
Joseph Evagle Dime
CONSEIL NATIONAL DU CRDIT
Elvis Eyong
THE ABENG LAW FIRM
Hyacinthe Clment Fansi
Ngamou
SCP NGASSAM NJIKE &
ASSOCIES
Sreychenda Ton
ACLEDA BANK PLC.
Chhorpornpisey Keo
ACLEDA BANK PLC.
Garry Wood
CREDIT BUREAU (CAMBODIA)
CO. LTD.
Sophorne Kheang
DFDL MEKONG (CAMBODIA)
CO., LTD.
Potim Yun
VDB LOI
Chan Kosal
ACLEDA BANK PLC.
CAMEROON
Phalla Im
CBD PARTNER & CONSULTANCY
Alex Larkin
DFDL MEKONG (CAMBODIA)
CO., LTD.
Sereyvathny Mao
P&A ASIA LAW FIRM
Jude Ocampo
DFDL MEKONG (CAMBODIA)
CO., LTD.
Pheang Sokvirak
PWC CAMBODIA
Rutherford Hubbard
VDB LOI
Rita Ramos
LAND REGISTRY
Floribert Nzoyihera
ABADT
Lor Sok
ARBITRATION COUNCIL
FOUNDATION
Janvibol Tip
TIP & PARTNERS
Sim Hongseang
VDB LOI
Samorn Mike
HBS LAW
Andr Rodrigues
PWC CAPE VERDE
Abdoullahi Faouzi
GUICHET UNIQUE DES
OPERATIONS DU COMMERCE
EXTERIEUR-GIE
Dogratias Nzemba
CABINET DAVOCAT ALI DINI
Sophea Sin
BNG LEGAL
Rathvisal Thara
BNG LEGAL
Peter Mewes
HBS LAW
Willy Rubeya
RUBEYA & CO. ADVOCATES
Charya Chum
ARBITRATION COUNCIL
FOUNDATION
Joo Pereira
FPS
Phanin Cheam
MUNICIPALITY OF PHNOM PENH
BUREAU OF URBAN AFFAIRS
Borapyn Py
DFDL MEKONG (CAMBODIA)
CO., LTD.
Salvador Varela
MJM ADVOGADOS
Charles Nihangaza
Hiol Bonheur
FIDUCIAIRE RATIO
Kry Rattanak
ROYAL ACADEMY FOR JUDICIAL
PROFESSIONS
Rodrigue Majambere
BNM & CO. ADVOCATES
Abdul Mtoka
RUBEYA & CO. ADVOCATES
Allen Prak
P&A ASIA LAW FIRM
Roland Abeng
THE ABENG LAW FIRM
Tabi Adele Mah
FON-NDIKUM & PARTNERS
Rosine Pauline Amboa
MOJUFISC MONDE JURIDIQUE
ET FISCAL
Abel Epse Piskopani Armelle
Silvana
MOJUFISC MONDE JURIDIQUE
ET FISCAL
Queenta Asibong
THE ABENG LAW FIRM
Sophea Om
ACLEDA BANK PLC.
Armand Atono
AES SONEL
Vouchly Ou
DFDL MEKONG (CAMBODIA)
CO., LTD.
Piseth Path
BNG LEGAL
Isidore Biyiha
GUICHET UNIQUE DES
OPERATIONS DU COMMERCE
EXTERIEUR-GIE
Sotheaphal Pho
BASSAC LAW OFFICE
ACKNOWLEDGMENTS
Adrian Cochrane
BLAKES, CASSELS & GRAYDON
LLP, MEMBER OF LEX MUNDI
Ralph Cuervo-Lorens
BLANEY MCMURTRY, LLP
Abe Dube
AMERINDE LAW GROUP
James Farley
MCCARTHY TETRAULT LLP
Isabelle Foley
CORPORATIONS CANADA
Jean-Nol Bangue
COUR DE CASSATION DE BANGUI
Yoine Goldstein
MCMILLAN LLP
Blaise Banguitoumba
ENERCA (ENERGIE
CENTRAFRICAINE)
Yoni Grundland
BLAKES, CASSELS & GRAYDON
LLP, MEMBER OF LEX MUNDI
Kyriakoula Hatjikiriakos
NATIONAL BANK OF CANADA
Massamba Firmin
AUDIT & REVISION COMPTABLE
CABINET LAWSON & ASSOCIES
Jordan Knowles
BLAKES, CASSELS & GRAYDON
LLP, MEMBER OF LEX MUNDI
Joshua Kochath
COMAGE CONTAINER LINES
Christopher Kong
PWC CANADA
May Luong
BORDEN LADNER GERVAIS LLP
Catherine MacInnis
BLANEY MCMURTRY, LLP
Alena Makavets
PWC CANADA
Terry McCann
MLG ENTERPRISES LTD.
William McCarthy
FCT
Patricia Meehan
PWC CANADA
William Northcote
SHIBLEY RIGHTON LLP
Alfred Page
BORDEN LADNER GERVAIS LLP
Eric Paton
PWC CANADA
Yonatan Petel
MCMILLAN LLP
Bruce Reynolds
BORDEN LADNER GERVAIS LLP
Tony Rodrigues
Lincoln Schreiner
PWC CANADA
Amir Tajkarimi
NATIONAL BANK OF CANADA
Karl J. Veldkamp
VELDKAMP BARRISTERS &
SOLICITORS
Sharon Vogel
BORDEN LADNER GERVAIS LLP
Bekhzod Abdurazzakov
BORDEN LADNER GERVAIS LLP
George Waggot
MCMILLAN LLP
David Bish
TORYS LLP
Andrea White
SHIBLEY RIGHTON LLP
Paul Boshyk
MCMILLAN LLP
Ronald Witton
COOPER CONSTRUCTION LTD.
Charlotte Cameron
TORYS LLP
John J. Humphries
TORONTO CITY HALL
Philippe Zouna
PWC CAMEROUN
Jon A. Levin
FASKEN MARTINEAU DUMOULIN
LLP
Paul Gasparatto
ONTARIO ENERGY BOARD
Gaynor Roger
SHIBLEY RIGHTON LLP
TRANSUNION CANADA
Elois Anguimate
MINISTRE DE LA FONCTION
PUBLIQUE DU TRAVAIL, DE
LA SCURIT SOCIALE ET DE
LEMPLOI
Paul Bangonalia
GUICHET UNIQUE DE
FORMALITS DES ENTREPRISES
(GUFE)
Eliane Yomsi
KARVAN FINANCE
CANADA
TORONTO HYDRO
CENTRAL AFRICAN
REPUBLIC
Dolly Gotilogue
AVOCATE LA COUR
Marious Guibaut Metongo
BOLLOR AFRICA LOGISTICS EN
RPUBLIQUE CENTRAFRICAINE
Laurent Hanko
ENERCA (ENERGIE
CENTRAFRICAINE)
Jean Paul Maradas Nado
MINISTRE DE LURBANISME
Mauricette Monthe-Psimhis
CABINET DAVOCATS & JURISTES
ASSOCIS
Jacob Ngaya
MINISTRE DES FINANCES
- DIRECTION GNRALE DES
IMPTS ET DES DOMAINES
Hoby Harinirina Rakotoniary
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Sariaka Randrianarisoa
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Franois Sabegala
GUICHET UNIQUE DE
FORMALITS DES ENTREPRISES
(GUFE)
Venant Paul Sadam
CABINET DAVOCATS & JURISTES
ASSOCIS
Jonas Zonaita
GUICHET UNIQUE DE
FORMALITS DES ENTREPRISES
(GUFE)
CHAD
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Dana Abdelkader Waya
CABINET NOTARIAL BONGORO
Adoum Daoud Adoum Haroun
SCGADA ET FILS
Abdelkerim Ahmat
SDV LOGISTICS
Thophile B. Bongoro
CABINET NOTARIAL BONGORO
Olivier Charreau
GUICHET UNIQUE DES AFFAIRES
FONCIRES
Angeles Barra
PHILIPPI, YRARRAZAVAL, PULIDO
& BRUNNER, ABOGADOS LTDA
Sandra Benedetto
PWC CHILE
Thomas Dingamgoto
CABINET THOMAS DINGAMGOTO
Innocent Dionyo
SOCIETE AFRICAINE
DARCHITECTURE ET
DINGENIERIE
Mahamat Ousman Djidda
ARCHITECTURAL
Philippe Fouda Fouda
BEAC CAMEROON
Delphine K. Djiraibe
AVOCATE LA COUR
Raimundo Camus
YRARRZAVAL, RUIZ-TAGLE,
GOLDENBERG, LAGOS & SILVA
Francis Kadjilembaye
CABINET THOMAS DINGAMGOTO
Grard Leclaire
ARCHITECTURAL
Hctor Carrasco
SUPERINTENDENCIA DE BANCOS
Y INSTITUCIONES FINANCIERAS
CHILE
CHILE
Javier Carrasco
NUEZ MUOZ VERDUGO & CA
LTDA ABOGADOS
Paola Casorzo
PHILIPPI, YRARRAZAVAL, PULIDO
& BRUNNER, ABOGADOS LTDA
Juan Luis Castellon
NUEZ MUOZ VERDUGO & CA
LTDA ABOGADOS
Andrs Chirgwin
CHIRGWIN LARRETA PEAFIEL
Manuel Concha Oyaneder
COLEGIO DE ARQUITECTOS DE
CHILE
Guillermo Correa
ALESSANDRI
Karla Cortez
PWC CHILE
Andrs Dighero
ALESSANDRI
Oscar Douglas
PWC CHILE
Gonzalo Errzuriz
URENDA, RENCORET, ORREGO
Y DRR
Maira Esteban
URENDA, RENCORET, ORREGO
Y DRR
Peter Faille
URENDA, RENCORET, ORREGO
Y DRR
Cristin Garcia-Huidobro
BOLETN DE INFORMACIONES
COMERCIALES
Paula Aguilera
URENDA, RENCORET, ORREGO
Y DRR
Carolina Gonzalez
PWC CHILE
265
266
Ignacio Larran
PHILIPPI, YRARRAZAVAL, PULIDO
& BRUNNER, ABOGADOS LTDA
Juan Ignacio Leon Lira
REYMOND & FLEISCHMANN
ABOGADOS
Jose Luis Letelier
CARIOLA DIEZ PEREZ-COTAPOS
& CIA
Santiago Lopez
PWC CHILE
Mara Esther Lpez Di Rubba
FISCALA BANCO DE CHILE
Nicole Ler
URENDA, RENCORET, ORREGO
Y DRR
Nicols Maillard
PHILIPPI, YRARRAZAVAL, PULIDO
& BRUNNER, ABOGADOS LTDA
Enrique Munita
PHILIPPI, YRARRAZAVAL, PULIDO
& BRUNNER, ABOGADOS LTDA
Marcela Silva
PHILIPPI, YRARRAZAVAL, PULIDO
& BRUNNER, ABOGADOS LTDA
Rodrigo Muoz
NUEZ MUOZ VERDUGO & CA
LTDA ABOGADOS
Alan Smith
SMITH Y CA
Consuelo Tarud
URENDA, RENCORET, ORREGO
Y DRR
Toms Truan
ALESSANDRI
Vctor Hugo Valenzuela Milln
Nicols Velasco Jenschke
SUPERINTENDENCIA
DE INSOLVENCIA Y
REEMPRENDIMIENTO
Javiera Vicua
URENDA, RENCORET, ORREGO
Y DRR
Gonzalo Villazon
NUEZ MUOZ VERDUGO & CA
LTDA ABOGADOS
Alberto Oltra
DHL GLOBAL FORWARDING
Kenneth Werner
AGENCIA DE ADUANA JORGE VIO
Y CA LTDA
Sergio Orrego
URENDA, RENCORET, ORREGO
Y DRR
Gerardo Ovalle
YRARRZAVAL, RUIZ-TAGLE,
GOLDENBERG, LAGOS & SILVA
Pablo Oyarce
NUEZ MUOZ VERDUGO & CA
LTDA ABOGADOS
Luis Parada Hoyl
BAHAMONDEZ, ALVAREZ &
ZEGERS
Gonzalo Paredes
NUEZ MUOZ VERDUGO & CA
LTDA ABOGADOS
Carmen Paz Cruz Lozano
Alberto Pulido A.
PHILIPPI, YRARRAZAVAL, PULIDO
& BRUNNER, ABOGADOS LTDA
Felipe Rencoret
URENDA, RENCORET, ORREGO
Y DRR
Alfonso Reymond Larrain
REYMOND & FLEISCHMANN
ABOGADOS
Ricardo Riesco
PHILIPPI, YRARRAZAVAL, PULIDO
& BRUNNER, ABOGADOS LTDA
Constanza Rodriguez
PHILIPPI, YRARRAZAVAL, PULIDO
& BRUNNER, ABOGADOS LTDA
CHINA
Bjarne Bauer
SOFIA GROUP
Grace Geng
ZHONG LUN LAW FIRM
Xiao Ma
FANGDA PARTNERS
Stephen Ye
ZHONG LUN LAW FIRM
Ashley Gong
NORONHA ADVOGADOS
Jonathan Mok
ANGELA WANG & CO.
Andy Yeo
MAYER BROWN JSM
Sherry Gong
HOGAN LOVELLS
Matthew Mui
PWC CHINA
Joanna Guo
ZHONG LUN LAW FIRM
Matthew Murphy
MMLC GROUP
Tian Yongsheng
Y-AXIS INTERNATIONAL TRADING
CO.
Peter Ng
PWC CHINA
Yong Hai
BAKER & MCKENZIE
Shuquan He
SHANGHAI UNIVESITY
Huizhong Hu
BEIJING HUANZHONG &
PARTNERS
Shan (Vivienne) Jin
KING & WOOD MALLESONS
LAWYERS
Jiang Junlu
KING & WOOD MALLESONS
LAWYERS
Edward E. Lehman
LEHMAN, LEE & XU
Jack Kai Lei
KUNLUN LAW FIRM
Xiao Lei
FANGDA PARTNERS
Audry Li
ZHONG LUN LAW FIRM
Kai Li
FANGDA PARTNERS
Qing Li
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Sharon Li
WYSELEAD LAW FIRM
Haiyan Liao
MAYER BROWN JSM
Grace Liu
HUA-ANDER CPAS - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Jingtao Liu
JONES LANG LASALLE
Ning Liu
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Jacob Blacklock
LEHMAN, LEE & XU
Rui Liu
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Sherry Liu
NORONHA ADVOGADOS
Jie Chen
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Tony Liu
KUNLUN LAW FIRM
Samuel Chen
BYC
Xiaoyu Liu
XIAOYU
Fei Dang
MMLC GROUP
Xing Liu
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Tina Dang
LEHMAN, LEE & XU
Yanyan Liu
KUNLUN LAW FIRM
Zhitong Ding
CREDIT REFERENCE CENTER OF
PEOPLES BANK OF CHINA
Zeping Liu
ALLIOTT, SHANGHAI J&J CPA
FIRM LLP
Yu Du
MMLC GROUP
Lucy Lu
KING & WOOD MALLESONS
LAWYERS
Helen Feng
ANGELA WANG & CO.
Michael Feng
DELMAR
Cindy Gao
DELMAR
Xiabinyu Lu
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Hongli Ma
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Giovanni Pisacane
GWA GREATWAY ADVISORY
Lori Qi
BYC
Han Shen
DAVIS POLK & WARDWELL
Tina Shi
MAYER BROWN JSM
Rachel Song
KING & WOOD MALLESONS
LAWYERS
Sophie Su
HOGAN LOVELLS
Ice Sun
PWC CHINA
Natalie Yu
SHU JIN LAW FIRM
Xia Yu
MMLC GROUP
Jianan Yuan
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Qiong Yuan
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Bing Zhai
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Sarah Zhang
HOGAN LOVELLS
Yi Zhang
KING & WOOD MALLESONS
LAWYERS
Peng Tan
FANGDA PARTNERS
George Zhao
KING & WOOD MALLESONS
LAWYERS
Terence Tung
MAYER BROWN JSM
Alina Zhu
ZHONG LUN LAW FIRM
Jiong Zhu
Angela Wang
ANGELA WANG & CO.
Celia Wang
PWC CHINA
Guoqi Wang
HUA-ANDER CPAS - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Lihua Wang
JUN HE LAW OFFICE, MEMBER
OF LEX MUNDI
Terry Wang
DOCVIT
Jun Zhu
SIMMONS & SIMMONS
Ning Zhu
CHANCE & BRIDGE PARTNERS
Roy Zhu
ZHONG LUN LAW FIRM
Roy Zou
HOGAN LOVELLS
COLOMBIA
AGENCIA DE ADUANAS
ALADUANA SA
AGENCIA DE ADUANAS GAMA SA
BIMBO
Thomas Wang
JOIN WAY LAW FIRM
DIAN
Xiaolei Wang
CREDIT REFERENCE CENTER OF
PEOPLES BANK OF CHINA
NOTARA 41 DE BOGOT
Xuehua Wang
BEIJING HUANZHONG &
PARTNERS
PRODUCTOS FAMILIA
Anthea Wong
PWC CHINA
Kent Woo
GUANGDA LAW FIRM
Christina Wu
CAPITALLAW & PARTNERS
Vincent Wu
MAYER BROWN JSM
Jiajia Xiong
CHANCE & BRIDGE PARTNERS
Di Xu
JUN ZE JUN LAW OFFICES
Yaling Xu
FANGDA PARTNERS
Flora Yang
BAKER & MCKENZIE
Qing (Christine) Yang
KUNLUN LAW FIRM
Yi Yang
JUN ZE JUN LAW OFFICES
HERRAMIENTAS AGRCOLAS
ORGANIZACIN CORONA
TECNOLOGA EN CUBRIMIENTO
SA
Enrique Alvarez
JOSE LLOREDA CAMACHO & CO.
Jaime Mauricio Angulo
Sanchez
EXPERIAN - DATACRDITO
Santiago Arango
JOSE LLOREDA CAMACHO & CO.
Alexandra Arbelez Cardona
RUSSELL BEDFORD COLOMBIA MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Cristina Stiefken Arboleda
LEWIN & WILLS ABOGADOS
Mara Alejandra Arboleda
POSSE HERRERA RUIZ
Juan Sebastin Arias
BRIGARD & URRUTIA, MEMBER
OF LEX MUNDI
Ingo Bach
CORONA
Cesar Barajas
PARRA RODRGUEZ SANN SAS
ACKNOWLEDGMENTS
Aurora Barroso
PARRA RODRGUEZ SANN SAS
Jorge Beetar
PRIETO & CARRIZOSA SA
Francisco Gonzlez
PARRA RODRGUEZ SANN SAS
Santiago Parra
PARRA RODRGUEZ SANN SAS
Jairo Benavides
BLU LOGISTICS COLOMBIA
Silvia Patio
CAVELIER ABOGADOS
Santiago Gutirrez
JOSE LLOREDA CAMACHO & CO.
William Rene Gutierrez Oregon
INSTITUTO COLOMBIANO
AGROPECUARIO
Antonio Hincapie
ELECTRICOL
Laura Villaveces Hollman
BRIGARD & URRUTIA, MEMBER
OF LEX MUNDI
David Kassin
BLU LOGISTICS COLOMBIA
Carlos Mario Lafaurie Escorce
PWC COLOMBIA
Nubia Lamprea
CODENSA SA ESP
Jorge Lara-Urbaneja
LARA CONSULTORES
Alejandro Linares-Cantillo
GMEZ-PINZN ZULETA
ABOGADOS SA
Ibrahim A. Mzimba
CABINET MZIMBA AVOCATS
Christian Prez
JOSE LLOREDA CAMACHO & CO.
Felipe Torres
CAVELIER ABOGADOS
Nasser Radjabou
DIRECTION GNRALE DES
ROUTES ET TRANSPORT
ROUTIERS
Carolina Posada
POSSE HERRERA RUIZ
Patricia Prieto
PANALPINA SA
Raul Quevedo
JOSE LLOREDA CAMACHO & CO.
Natalia Eugenia Quijano Uribe
CODENSA SA ESP
Juan Sebastin Reina Zapata
SOCIEDAD PORTUARIA REGIONAL
DE CARTAGENA
Mara Cristina Reyes
BIOTECNO
Luisa Rico Sierra
MUOZ TAMAYO & ASOCIADOS
Liliana Rodriguez
RODRGUEZ, RETAMOSO &
ASOCIADOS SAS
Ricardo Molano
POSSE HERRERA RUIZ
Lorena Diaz
JOSE LLOREDA CAMACHO & CO.
Daniel Pea
BRIGARD & URRUTIA, MEMBER
OF LEX MUNDI
Felipe Cuberos
PRIETO & CARRIZOSA SA
Adrin Rodriguez
LEWIN & WILLS ABOGADOS
Alejandro Medina
JOSE LLOREDA CAMACHO & CO.
Abdoulbastoi Moudjahidi
Farahati Moussa
MOUVEMENT DES
ENTREPRENEURS COMORIENS
(MODEC)
Francisco Mario
GESTIN INTEGRAL ELCTRICA
- GIE
Diana Talero
SUPERINTENDENCY OF
CORPORATION
Ivn Rodrguez
PARRA RODRGUEZ SANN SAS
Jaime Alberto Rodrguez
Cuestas
NOTARA 13 DE BOGOT
Bernardo Rodriguez Ossa
PARRA RODRGUEZ SANN SAS
Sonia Elizabeth Rojas Izaquita
GALLO MEDINA ABOGADOS
ASOCIADOS
Cristina Rueda Londoo
PRIETO & CARRIZOSA SA
Edgar Ruiz
LEWIN & WILLS ABOGADOS
Juan Carlos Salazar Barragan
CURADURIA URBANA 4
Juan Diego Saldarriaga L
LEWIN & WILLS ABOGADOS
Paula Samper Salazar
GMEZ-PINZN ZULETA
ABOGADOS SA
Jose Rafael San Miguel Roldn
INSTITUTO COLOMBIANO
AGROPECUARIO
Edna Sarmiento
CAVELIER ABOGADOS
COMOROS
UCCIA - UNION DES CHAMBRES
DE COMMERCE, DINDUSTRIE, ET
DAGRICULTURE DES COMORES
Muhammad Abdallah Halifa
GROUPE HASSANATI SOILIHI GROUPE HASOIL
Issiaka Abdourazak
ETUDE MATRE ABDOURAZAK
Hilmy Aboudsaid
COMORES CARGO
INTERNATIONAL
Yassian Ahamed
DIRECTION DE LENERGIE
Bahassani Ahmed
CABINET DAVOCAT BAHASSANI
Omar Said Allaoui
E.C.D.I.
Mouzaoui Amroine
COMMISSION NATIONALE DE
PRVENTION ET DE LUTTE
CONTRE LA CORRUPTION
(CNPLC)
Marco Raymond
Faouzia Said Soilihi
ANPI INVEST IN COMOROS
Daoud Saidali Toihiri
ANPI INVEST IN COMOROS
Fumany Gymbadi
SOCIT NATIONALE
DELECTRICIT (SNEL)
Diego Sastoque
PARRA RODRGUEZ SANN SAS
Omar Serrano
CODENSA SA ESP
Amisi Herady
GUICHET UNIQUE DE CREATION
DENTREPRISE
Alexandra Silveira
JOSE LLOREDA CAMACHO & CO.
Youssouf Ismael
DIRECTION GNRALE DES
IMPTS
Cristina Stiefken
LEWIN & WILLS ABOGADOS
Juan Reinaldo Suarez
CURADURIA URBANA 1
Ral Alberto Surez Arcila
SUREZ ARCILA & ABOGADOS
ASOCIADOS
Ida Jiazet
KLAM & PARTNERS AVOCATS
Mohamed Mbechezi
CODETRANS
Samuel Josso
PWC CONGO (DEMOCRATIC
REPUBLIC OF)
Abdoulatuf Moissuli
ANPI INVEST IN COMOROS
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268
Pierre Msimba
CABINET DJUNGA & RISASI
Benoit Kapila
SDV LOGISTICS
Dieudonn Kasuva
AL HEELAM TOURS & TRAVELS
Robert Katambu
CABINET LUBALA & ASSOCIS
Onezime Kaunda
REGISTRE COMMERCE ET CREDIT
IMMOBILIER
Gracia Kavumvula
MINISTRE DES AFFAIRES
FONCIRES
Pierre Kazadi Tshibanda
CABINET MASAMBA
Arly Khuty
CABEMERY & ASSOCIATES
Dolores Sonia Kimpwene
ETUDE KABINDA - CABINET
DAVOCATS
Baby Kitoko
EXPERTS FREIGHT - RDC
Marc Kongomayi Mulumba
SOCIT NATIONALE
DELECTRICIT (SNEL)
Christ Kuty
CABEMERY & ASSOCIATES
Richard Lonard Lomami
SDV LOGISTICS
Jules Wemby Lofudu
MINISTRE DE LENSEIGNEMENT
SUPRIEUR, INSTITUT
SUPRIEUR DARCHITECTURE ET
DURBANISME
Christophe Louise-Julie
PWC CONGO (DEMOCRATIC
REPUBLIC OF)
Mathias Essereke
CABINET DAVOCATS MATHIAS
ESSEREKE
Silvia Chacon
SOLEY, SABORIO & ASOCIADOS
Margot Chinchilla
SOCIACO
Gaston Gapo
ATELIER DARCHITECTURE ET
DURBANISME
Andrey Dorado
ARIAS & MUOZ
Kisolokele Mvete
GUICHET UNIQUE DE CREATION
DENTREPRISE
Destin Pelete
DHL GLOBAL FORWARDING
Christian Lukusa
KLAM & PARTNERS AVOCATS
Pierre Risasi
CABINET DJUNGA & RISASI
Carol Lutaladio
DIRECTION GNRALE DES
DOUANES ET ACCISES
Vital Lwanga Bizanbila
CABINET VITAL LWANGA
Aubin Mabanza
KLAM & PARTNERS AVOCATS
Batrice Mabanza
KLAM & PARTNERS AVOCATS
Robert Majambo
YAV & ASSOCIATES
Vita Mampuya
VIM AGENCY
Roger Masamba Makela
CABINET MASAMBA
Aristide Mbayo Makyata
DIRECTION GNRALE DES
DOUANES ET ACCISES
Paul Mbodi
KPMG
Tanayi Mbuy-Mbiye
CABINET MBUY-MBIYE &
ASSOCIS
Jorge Hernndez
COLEGIO DE INGENIEROS
ELECTRICISTAS, MECNICOS E
INDUSTRIALES
Benic Mbanwie
PWC
Zahour Mbemba
BUSINESS LAWYER AND
INTERPRETER
Firmin Moukengue
CABINET MOUKENGUE
Robert Ngabou
CAP ARCHITECTS
Regina Nicole Okandza Yoka
DIRECTION GNRALE DES
IMPTS
Jean Petro
CABINET DAVOCATS JEAN
PETRO
Andre Franois Quenum
CABINET ANDRE FRANCOIS
QUENUM
Sariaka Randrianarisoa
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Jean Jacques Youlou
MINISTRE DE LA
CONSTRUCTION, DE
LURBANISME ET HABITAT
Alpha Zingamoko
PWC
Vicente Lines
ARIAS & MUOZ
Carlos Marin Castro
MINISTERIO DE COMERCIO
EXTERIOR
Sergio Salas
SEYSA CONSULTORA Y
CONSTRUCCIN
Jose Luis Salinas
GRUPO INMOBILIARIO DEL
PARQUE
Luis Snchez
FACIO & CAAS, MEMBER OF
LEX MUNDI
Ronny Michel Valverde Mena
EXTRUSIONES DE ALUMINIO SA
Tracy Varela Caldern
ARIAS & MUOZ
Ismael Vargas
PWC COSTA RICA
Marianela Vargas
PWC COSTA RICA
Jafet Ziga Salas
SUPERINTENDENCIA GENERAL DE
ENTIDADES FINANCIERAS
CTE DIVOIRE
BICICI - BANQUE
INTERNATIONALE POUR LE
COMMERCE ET LINDUSTRIE DE
LA CTE DIVOIRE
IMBOUA-KOUAO-TELLA (IKT) &
ASSOCIS
Monique Allou
ETUDE DE MAITRE MONIQUE
ALLOU
Claude Aman
BOLLOR AFRICA LOGISTICS
Ika Raymond Any-Gbayere
ANYRAY & PARTNERS
Jean Baptiste Dotia
CIE
Andres Mercado
OLLER ABOGADOS
Bassambie Bationo
BCEAO
Jaime Molina
PROYECTOS ICC SA
Diane Behiri
ANYRAY & PARTNERS
Jorge Montenegro
SCGMT ARQUITECTURA Y
DISEO
Binde Binde
AFRICA TRANS-LOGISTICS
INTERNATIONAL
Ricardo Murillo
SOCIACO
Cecilia Naranjo
LEX COUNSEL
Asman Csar
CABINET NGOAN, ASMAN &
ASSOCIS
Pedro Oller
OLLER ABOGADOS
Ousmane Coulibaly
MINISTRE DE LA
CONSTRUCTION, DU LOGEMENT,
DE LASSAINISSEMENT ET DE
LURBANISME
COSTA RICA
AUTORIDAD REGULADORA
DE LOS SERVICIOS PUBLICOS
(ARESEP)
Diana Pl-Hegeds
PL-HEGEDS & ORTEGA
ABOGADOS
Seraphin Umba
YAV & ASSOCIATES
Luis Acuna
ASESORES LEGALES EN
PROPIEDAD INDUSTRIAL
Patrick D. Grahouan
ERNST & YOUNG
Gloriana Alvarado
PACHECO COTO
Roger Petersen
ALLIANCE LAW GROUP, SRL
Arsne Dabl
SCPA DOGU-ABB YAO &
ASSOCIS
Arnoldo Andr
ANDRE TINOCO ABOGADOS
CONGO, REP.
FRANCK EXPORT CONGO
Alejandro Antillon
PACHECO COTO
Prosper Bizitou
PWC
Carlos Araya
CENTRAL LAW - QUIROS
ABOGADOS
Mauricio Quiros
CENTRAL LAW - QUIROS
ABOGADOS
Marie-Thrse Moanda
KLAM & PARTNERS AVOCATS
Lydie Diawara
SNE (SOCIT NATIONALE
DELECTRICIT)
Louman Mpoy
MPOY LOUMAN & ASSOCIS
Emmanuel Le Bras
PWC
Roberto Esquivel
OLLER ABOGADOS
ACKNOWLEDGMENTS
Marius Doh
CIE
Laure Dosseh
ETUDE DE MATRE KONE
MAHOUA
Yolande Doukoure Shinabou
DSY ARCHITECTE
Dorothe K. Dreesen
ETUDE MATRE DREESEN
Antoine Gahie
EOLIS
Liad Vaudy Gbetibouo
CLK AVOCATS
Fatim Gliti
ECOBANK CTE DIVOIRE
Claude-Andre Groga
CABINET JEAN-FRANOIS
CHAUVEAU
Mahaman Tahir Hamani
BCEAO
Benot-Joseph Hiahuat-Gadou
CONSEIL NATIONAL DE LORDRE
DES ARCHITECTES
Nanette Kaba Ackah
BOLLOR AFRICA LOGISTICS
Barnabe Kabore
NOVELEC SARL
Diomande Moussa
FCL - FRET, CONSIGNATION,
LOGISTIQUE
Milan Bandi
CENTRAL CITY ADMINISTRATION
OF ZAGREB
Hrvoje Bardek
CMS LEGAL
Georges NGoan
CABINET NGOAN, ASMAN &
ASSOCIS
Tena Barii
GLINSKA & MIKOVI LTD.
Patricia Nguessan
CABINET JEAN-FRANOIS
CHAUVEAU
Jacques Otro
CONSEIL NATIONAL DE LORDRE
DES ARCHITECTES
Nanakan Ouattara
MINISTRE DE LAGRICULTURE
Vanja Ramanandraitsiory
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Sariaka Randrianarisoa
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Athanase Raux
CABINET RAUX, AMIEN &
ASSOCIS
Iva Bjelinski
GLINSKA & MIKOVI LTD.
Karmen Boban
GLINSKA & MIKOVI LTD.
Zoran Bohaek
CROATIAN BANKING
ASSOCIATION
Maja Zadravec Boloban
EUGEN ZADRAVEC LAW FIRM
Mijo Brkovi
HROK D.O.O.
Tony Budidjaja
BUDIDJAJA & ASSOCIATES LAW
OFFICES
Rajka Bunjevac
CROATIAN CHAMBER OF
ARCHITECTS
Belinda ai
AI & PARTNERS
Pierre Sahue
EOLIS
Felix Sally
UNIVERSAL SERVICE COMPANY
Vlatka Cikac
LAW OFFICE CIKAC
Nol Ko
CABINET NOL Y. KOFFI
Desire Sampah
NOVELEC SARL
Ivan uk
VUKMIR & ASOCIATES
Franois Komoin
TRIBUNAL DE COMMERCE
Stephane Sampah
NOVELEC SARL
Moussa Sanogo
BCEAO
Carla Culi
AGENCY FOR INVESTMENTS AND
COMPETITIVENESS
Guillaume Ko
CONSEIL NATIONAL DE LORDRE
DES ARCHITECTES
Zinda Sawadogo
SOCIT CIVILE
PROFESSIONNELLE DAVOCATS
(SCPA) LE PARACLET
Dominique Taty
PWC CTE DIVOIRE
Sandrine Tegnan
GUICHET UNIQUE DE
LINVESTISSEMENT EN CTE
DIVOIRE - CEPICI
Karidja Toure-Ballo
ETUDE DE MAITRE KARIDJA
TOURE-BALLO
Djak Kady Traore
CLK AVOCATS
Foussni Traor
PWC CTE DIVOIRE
Flora Vabry
SCPA DOGU-ABB YAO &
ASSOCIS
Pascal Yao
ETUDE DE MAITRE JEAN-THIERRY
DEBEY
Emmanuel Yehouessi
BCEAO
Tiede Robert Zizonhi
MINISTRE DE LAGRICULTURE
Saa Divjak
DIVJAK, TOPI & BAHTIJAREVI
Renata Duka
MINISTRY OF JUSTICE
Bozidar Feldman
MATIC & FELDMAN
Tomislav Fridrich
CARGO-PARTNER
Mirela Fukar
MINISTRY OF JUSTICE
Tonka Gjoi
GLINSKA & MIKOVI LTD.
Ivan Gjurgjan
GJURGJAN & RIBAR RADI
LAW FIRM
Ana-Maria Gurduli
LAW FIRM BOI AND EGO
Lidija Hanek
HROK D.O.O.
Sonja Herceg
CROATIAN BANK FOR
RECONSTRUCTION AND
DEVELOPMENT
Dunja Hitrec
ERNST & YOUNG SAVJETOVANJE
D.O.O.
Branimir Ivekovi
IVEKOVI LAW OFFICE
Bruno Messerschmitt
DELOITTE
CROATIA
Adeline Messou
PWC CTE DIVOIRE
Boris Andreja
BABI & PARTNERS
Vinka Jelavi
AGENCY FOR INVESTMENTS AND
COMPETITIVENESS
Irina Jeli
HANEKOVI & PARTNERS LTD.,
MEMBER OF LEX MUNDI
Stanislav Babic
BABI & PARTNERS
Saa Jovii
WOLF THEISS
Sylla Mory
CIE
Dubravko Bai
UNIVERSITY OF ZAGREB
Domagoj Juricic
CROATIAN CHAMBER OF
ECONOMY
Sanja Jurkovi
PWC CROATIA
Petra Jurkovi Mutabija
CROATIAN BANK FOR
RECONSTRUCTION AND
DEVELOPMENT
Anica Kai
CITY OF ZAGREB OFFICE
FOR PHYSICAL PLANNING,
CONSTRUCTION OF THE
CITY, UTILITY SERVICES AND
TRANSPORT
Ozren Kobsa
DIVJAK, TOPI & BAHTIJAREVI
Iva Kemec Kokot
ZAGREB CIVIL LAW NOTARY
Gordana Kovaevi
MINISTRY OF PHYSICAL
PLANNING AND CONSTRUCTION
Linda Krii
DIVJAK, TOPI & BAHTIJAREVI
Anita Krizmani
MAEI & PARTNERS,
ODVJETNICKO DRUSTVO
Vinja Kufrin
MINISTRY OF PHYSICAL
PLANNING AND CONSTRUCTION
Vesna Kusin
CENTRAL CITY ADMINISTRATION
OF ZAGREB
Kreimir Ljubi
ODVJETNIKO DRUTVO LEKO I
PARTNERI
Andrea Lonar
GLINSKA & MIKOVI LTD.
Marko Lovri
DIVJAK, TOPI & BAHTIJAREVI
Josip Lozani
TAX ADMINISTRATION
Miran Maei
MAEI & PARTNERS,
ODVJETNICKO DRUSTVO
Miroljub Maei
MAEI & PARTNERS,
ODVJETNICKO DRUSTVO
Ivan Mandic
ALFASTAN
Ivana Manovelo
MAEI & PARTNERS,
ODVJETNICKO DRUSTVO
Slaana Mioi
AGENCY FOR INVESTMENTS AND
COMPETITIVENESS
Jan Mokos
KORPER & PARTNERI LAW FIRM
Hrvoje Mri
MINISTRY OF FINANCE
Zeljana Muslim
FINANCIAL AGENCY - CENTER
FOR HITRO.HR
Marina Mustapic
BOCASSY LLC
Mate Mustapic
ALFASTAN
Lea Mui
DIVJAK, TOPI & BAHTIJAREVI
Vladimir Nol
ERNST & YOUNG SAVJETOVANJE
D.O.O.
Jelena Orlic
WOLF THEISS
Ana Padjen
MAEI & PARTNERS,
ODVJETNICKO DRUSTVO
Zdenko Paji
MINISTRY OF JUSTICE
ana Pedi
MINISTRY OF FINANCE
Tomislav Pedii
VUKMIR & ASOCIATES
Marija Petrovi
DIVJAK, TOPI & BAHTIJAREVI
Nikra Petrovi
CITY OF ZAGREB OFFICE
FOR PHYSICAL PLANNING,
CONSTRUCTION OF THE
CITY, UTILITY SERVICES AND
TRANSPORT
Tatjana Pinhak
MINISTRY OF JUSTICE
Kreimir Planini
PLANINI & PARTNERS
Danijel Pribani
KN KARANOVI & NIKOLI
Tomislav Poljak
HEP DISTRIBUTION SYSTEM
OPERATOR LTD.
Nino Radic
ZAGREB COMMERCIAL COURT
Danko Markovinovi
STATE GEODETIC
ADMINISTRATION
Hrvoje Radi
GJURGJAN & RIBAR RADI
LAW FIRM
Josip Marohni
KN KARANOVI & NIKOLI
Iva Rai
MINISTRY OF JUSTICE
Josip Martini
WOLF THEISS
Josipa Rebrina
ERNST & YOUNG SAVJETOVANJE
D.O.O.
Iva Masten
VIDAN ATTORNEYS-AT-LAW
Petra Matas
MATIJEVICH LAW OFFICE
Petar-Pierre Matek
BOARD OF CROATIAN FINANCIAL
SERVICES SUPERVISORY AGENCY
Tin Mati
TIN MATI LAW OFFICE
Andrej Matijevich
MATIJEVICH LAW OFFICE
Ema Menui kugor
DIVJAK, TOPI & BAHTIJAREVI
Danijel Metri
MINISTRY OF PHYSICAL
PLANNING AND CONSTRUCTION
Ivanka Mikulinec
MINISTRY OF PHYSICAL
PLANNING AND CONSTRUCTION
Gordan Rotkvi
PWC CROATIA
Boris avori
AVORI & PARTNERS
Slaven ego
LAW FIRM BOI AND EGO
Zvonimir Sever
CROATIAN CHAMBER OF CIVIL
ENGINEERS
Bernard Sihombing
BUDIDJAJA & ASSOCIATES LAW
OFFICES
Duanka imunovi
CROATIAN CHAMBER OF
ARCHITECTS
Tea karpa
PWC CROATIA
Ana-Marija Skoko
CMS LEGAL
269
270
Alan Soric
ALAN SORIC & ALEKSANDRA
TOMEKOVIC DUNDA LAW OFFICE
Kypros Chrysostomides
DR. K. CHRYSOSTOMIDES &
CO. LLC
Morena otari
GJURGJAN & RIBAR RADI
LAW FIRM
Andrea Chrysostomou
PWC CYPRUS
Manuela poljari
ODVJETNIKO DRUTVO
LEKO I PARTNERI
Irena ribar Radi
GJURGJAN & RIBAR RADI
LAW FIRM
Ingrid Stefan
TRANSADRIA
Marko Stilinovi
AI & PARTNERS
Lidija Svaljek
CROATIAN CHAMBER OF
ECONOMY, BUSINESS
INFORMATION CENTER
Achilleas Demetriades
LELLOS P. DEMETRIADES LAW
OFFICE LLC
Eleni Droussioti
DR. K. CHRYSOSTOMIDES &
CO. LLC
Alexandros Economou
ALEXANDROS ECONOMOU LLC
Tatia Efsathiou
P.G. ECONOMIDES & CO LIMITED
- MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Lefteris S. Eleftheriou
CYPRUS INVESTMENT
PROMOTION AGENCY
Sandra Svaljek
CENTRAL CITY ADMINISTRATION
OF ZAGREB
Elena Frixou
ARTEMIS BANK INFORMATION
SYSTEMS LTD.
Marin Svi
PRALJAK & SVI
Demetris Georgiades
HARNEYS ARISTODEMOU
LOIZIDES YIOLITIS LLC
Zoran Tasi
CMS LEGAL
Zrinka Terlep
ZAGREB COMMERCIAL COURT
Vladislav Tomi
PICARD KENTZ & ROWE LLP
Aleksander Topol
CARGO-PARTNER
Marko Uljevi
MINISTRY OF JUSTICE
Hrvoje Vidan
VIDAN ATTORNEYS-AT-LAW
eljko Vrban
HEP DISTRIBUTION SYSTEM
OPERATOR LTD.
Marin Vukovi
DIVJAK, TOPI & BAHTIJAREVI
Gorana Vukui
LEKO I PARTNERI
ATTORNEYS-AT-LAW
Boris Zelenika
MINISTRY OF JUSTICE
Petar ivkovi
DIVJAK, TOPI & BAHTIJAREVI
CYPRUS
Zenon Achillides
CYPRUS STOCK EXCHANGE
Olga Adamidou
ANTIS TRIANTAFYLLIDES &
SONS LLC
Alexandros Alexandrou
TORNARITIS LAW FIRM
Achilleas Amvrosiou
ARTEMIS BANK INFORMATION
SYSTEMS LTD.
Elvira Georgiou
ANTIS TRIANTAFYLLIDES &
SONS LLC
Froso Gypsioti
TORNARITIS LAW FIRM
Iacovos Hadjivarnavas
FAMAGUSTA CHAMBER OF
COMMERCE AND INDUSTRY
Andreas Ioannides
ELECTRICITY AUTHORITY OF
CYPRUS
George Karakannas
CH.P. KARAKANNAS ELECTRICAL
LTD.
Georgios Karrotsakis
DEPARTMENT OF REGISTRAR
OF COMPANIES AND OFFICIAL
RECEIVER
Spyros G. Kokkinos
DEPARTMENT OF REGISTRAR
OF COMPANIES AND OFFICIAL
RECEIVER
Christina Koronis
PWC CYPRUS
Nicholas Ktenas
ANDREAS NEOCLEOUS & CO.
LEGAL CONSULTANTS
Olga Lambrou
MOUAIMIS & MOUAIMIS LLC
Pieris M. Markou
DELOITTE
Christos Mavrellis
CHRYSSES DEMETRIADES &
CO. LLC
Costas Mavrocordatos
PWC CYPRUS
Irene Anastassiou
DR. K. CHRYSOSTOMIDES &
CO. LLC
Petros Mina
ELECTRICITY AUTHORITY OF
CYPRUS
Anaxagoras Anaxagora
DEMOS ANAXAGORAS LTD.
ELECTRICAL CONTRACTORS
Michalis Mouaimis
MOUAIMIS & MOUAIMIS LLC
Andreas Andreou
CYPRUS GLOBAL LOGISTICS
Pavlos Aristodemou
HARNEYS ARISTODEMOU
LOIZIDES YIOLITIS LLC
Antonis Charalambous
LIMASSOL MUNICIPALITY
Antonis Christodoulides
PWC CYPRUS
Panayotis Mouaimis
MOUAIMIS & MOUAIMIS LLC
George Mouskides
FOX SMART ESTATE AGENCY
Demetris Nicolaou
HARNEYS ARISTODEMOU
LOIZIDES YIOLITIS LLC
Varnavas Nicolaou
PWC CYPRUS
Stella Papadopoulou
MINISTRY OF INTERIOR
Christos Papamarkides
DELOITTE
Marilou Pavlou
ANTIS TRIANTAFYLLIDES &
SONS LLC
Chrysilios Pelekanos
PWC CYPRUS
Marios Pelekanos
MESARITIS PELEKANOS
ARCHITECTS - ENGINEERS
Costas Petrou
ELECTRICITY AUTHORITY OF
CYPRUS
Tereza Ernyi
PRK PARTNERS S.R.O.
Josef Forejt
PREDISTRIBUCE
Michal Hanko
BUBNIK, MYSLIL & PARTNERS
Martin Hofman
CRIF - CZECH CREDIT BUREAU
AS
Vt Horek
GLATZOV & CO.
Luk Hron
BAKER & MCKENZIE
Ioanna Petrou
PWC CYPRUS
Pavel Jakab
PETERKA & PARTNERS
Maria Petsa
CYPRUS STOCK EXCHANGE
Kateina Jarolmkov
NOTSK KOMORA ESK
REPUBLIKY
Yiannos Pipis
NICE DAY DEVELOPMENTS LTD.
Chryso Pitsilli - Dekatris
DR. K. CHRYSOSTOMIDES &
CO. LLC
Costas Stasopoulos
ELECTRICITY AUTHORITY OF
CYPRUS
Eliza Stasopoulou
CYPRUS STOCK EXCHANGE
Adela Krbcov
PETERKA & PARTNERS
Anna Stylianou
ARTEMIS BANK INFORMATION
SYSTEMS LTD.
Petr Kucera
CRIF - CZECH CREDIT BUREAU
AS
Stelios Stylianou
ELECTRICITY AUTHORITY OF
CYPRUS
Lukas Lejcek
BDP-WAKESTONE S.R.O.
Criton Tornaritis
TORNARITIS LAW FIRM
Stelios Triantafyllides
ANTIS TRIANTAFYLLIDES &
SONS LLC
Irene Tziakouri
PWC CYPRUS
Amalia Vassiliadou
PWC CYPRUS
Christiana Vassiliou Miliou
ANTIS TRIANTAFYLLIDES &
SONS LLC
Xenios L. Xenopoulos
XENIOS L. XENOPOULOS LLC
CZECH REPUBLIC
NOTARY CHAMBER, CZECH
REPUBLIC
Ondrej Antos
SQUIRE SANDERS V.O.S.
ADVOKTN KANCEL
Pavel Marc
DLA PIPER PRAGUE LLP
Peter Maysenhlder
BNT ATTORNEYS-AT-LAW S.R.O.
Martina Milotov
PETERKA & PARTNERS
David Musil
PWC CZECH REPUBLIC
Jarmila Musilova
CZECH NATIONAL BANK
Tereza Nauov
KINSTELLAR
Helena Pajskrov
KPMG IN THE CZECH REPUBLIC
Dana Sldekov
CZECH NATIONAL BANK
Zuzana Slovkov
DLA PIPER PRAGUE LLP
Ladislav Smejkal
WHITE & CASE
Ludek Vrna
VRNA & PELIKN
Martina Zvodn
BAKER & MCKENZIE
DENMARK
CENTER FOR CONSTRUCTION
Elsebeth Aaes-Jrgensen
NORRBOM VINDING, MEMBER OF
IUS LABORIS
Niels Bang
GORRISSEN FEDERSPIEL
Peter Bang
PLESNER
Thomas Bang
LETT LAW FIRM
Ole Borch
BECH-BRUUN LAW FIRM
Frants Dalgaard-Knudsen
PLESNER
Pia Dalziel
MILLER ROSENFALCK LLP
Frederik Jacob Estrup
KROMANN REUMERT, MEMBER
OF LEX MUNDI
Anne Birgitte Gammeljord
GORRISSEN FEDERSPIEL
Henrik Groos
ACCURA
ADVOKATPARTNERSELSKAB
Anne Louise Haack Andersen
LETT LAW FIRM
Merry Hansen
PLESNER
Mikkel Severin Hansen
BRUUN & HJEJLE
Tove Hansen
EXPERIAN NORTHERN EUROPE
Mette Hjberg
BECH-BRUUN LAW FIRM
Jens Steen Jensen
KROMANN REUMERT, MEMBER
OF LEX MUNDI
Hans-Peter Jrgensen
GORRISSEN FEDERSPIEL
Eva Kaya
ADVOKATGRUPPEN
Lars Kjaer
BECH-BRUUN LAW FIRM
Christian Kjlbye
PLESNER LAW FIRM
Mette Klingsten
BECH-BRUUN LAW FIRM
Mikkel Stig Larsen
KROMANN REUMERT, MEMBER
OF LEX MUNDI
Libor Basl
BAKER & MCKENZIE
Pavel Srb
WOLF THEISS RECHTSANWLTE
GMBH & CO.
Tom Bhounek
BNT ATTORNEYS-AT-LAW S.R.O.
Martin tpank
PETERKA & PARTNERS
Stanislav Beran
PETERKA & PARTNERS
Paul Stewart
PWC CZECH REPUBLIC
Ji ern
PETERKA & PARTNERS
Marek vehlk
VEHL & MIKUL ADVOKTI
S.R.O.
Ivan Chalupa
SQUIRE SANDERS V.O.S.
ADVOKTN KANCEL
Jakub Cisar
DLA PIPER PRAGUE LLP
Martin Daniin
GLATZOV & CO.
Kamila Dankova
WHITE & CASE
Svatava Dokoupilova
CZECH OFFICE FOR SURVEYING,
MAPPING AND CADASTRE
Rena Trojnkov
KINSTELLAR
Daniel Vejsada
PRK PARTNERS S.R.O.
Andreas Nielsen
BRUUN & HJEJLE
Michael Vilhelm Nielsen
PLESNER LAW FIRM
Susanne Nrgaard
PWC DENMARK
Jiri Vlastnik
VEJMELKA & WNSCH, S.R.O.
Jim ksnebjerg
ADVOKATAKTIESELSKABET
HORTEN
Tom Volejnk
BNT ATTORNEYS-AT-LAW S.R.O.
Carsten Pedersen
BECH-BRUUN LAW FIRM
ACKNOWLEDGMENTS
Marianne Philip
KROMANN REUMERT, MEMBER
OF LEX MUNDI
DOMINICA
Steen Rosenfalck
MILLER ROSENFALCK LLP
Jakob Sonne Rydahl
KROMANN REUMERT, MEMBER
OF LEX MUNDI
Kristine Sachmann
KROMANN REUMERT, MEMBER
OF LEX MUNDI
Kertist Augustus
WATERFRONT AND ALLIED
WORKERS UNION
Jo-Anne Commodore
SUPREME COURT REGISTRY
Lisa de Freitas
DE FREITAS DE FREITAS AND
JOHNSON
Marvlyn Estrado
Ramon Ceballos
CEBALLOS & SNCHEZ,
INGENIERA Y ENERGA, C. POR A.
Michael Schebye
GORRISSEN FEDERSPIEL
Christopher Forde
ISIDORE & ASSOCIATES LLP
Claus Schmidt
PANALPINA WORLD TRANSPORT
Nathaniel George
DOMLEC
Kim Sejberg
F. Adler Hamlet
REALCO COMPANY LIMITED
DJIBOUTI
ELECTRICIT DE DJIBOUTI
PIL DJIBOUTI
Mohamed Abayazid Houmed
CABINET AVOCATS ASSOCIS
DJIBOUTI
Mohamed Abdi Hassan
CABINET ARKIMED
Ouloufa Ismail Abdo
OFFICE DJIBOUTIEN DE LA
PROPRIT INDUSTRIELLE ET
COMMERCIALE (ODPIC)
Foued Issa
ISSA TRADING LTD.
Sandra Julien
COMPANIES AND INTELLECTUAL
PROPERTY OFFICE
Justinn Kase
INDEPENDENT REGULATORY
COMMISSION
Frankie Lowe
DOMLEC
Michelle Matthew
NATIONAL CO-OPERATIVE
CREDIT UNION LIMITED
Eric Mendes
HOUSE OF ASSEMBLY
Richard Peterkin
GRANT THORNTON
Joan K.R. Prevost
PREVOST & ROBERTS
Eugene G. Royer
EUGENE G. ROYER CHARTERED
ARCHITECT
Dawn Yearwood
YEARWOOD CHAMBERS
Wabat Daoud
WABAT DAOUD LAW FIRM
Ali Dini
CABINET DAVOCAT ALI DINI
Daniel Dubois
ATELIER DARCHITECTURE
Flix Emok NDolo
GROUPE CHD
Mourad Farah
ETUDE MATRE MOURAD FARAH
Cassim Gadileh
GBAT - INGENIERIE
Malik Garad
BANQUE CENTRALE DE DJIBOUTI
Habib Ibrahim Mohamed
DIRECTION DE LHABITAT ET DE
LURBANISME
Ismael Mahamoud
UNIVERSITE DE DJIBOUTI
Alain Martinet
CABINET DAVOCATS MARTINET
& MARTINET
Marie-Paule Martinet
CABINET DAVOCATS MARTINET
& MARTINET
Ibrahim Mohamed Omar
CABINET CECA
Abdallah Mohammed Kamil
ETUDE MATRE MOHAMMED
KAMIL
Ayman Said
WABAT DAOUD LAW FIRM
DOMINICAN REPUBLIC
DOMINICAN INTERNATIONAL
FORWARDING-DIF
TRANSUNION DOMINICAN
REPUBLIC
Maria Teresa Acta
HEADRICK RIZIK ALVAREZ &
FERNNDEZ
Juan Alcalde
OMG
Melba Alcntara
HEADRICK RIZIK ALVAREZ &
FERNNDEZ
Alexis Alvarado Diaz
EDESUR
Carolina Pichardo
BIAGGI & MESSINA
Julio Pinedo
PWC DOMINICAN REPUBLIC
Maria Portes
CASTILLO Y CASTILLO
Aimee Prieto
LEGAL EXPORT SRL
Martha Ramirez
GONZLEZ & COISCOU
Sayra J. Ramirez
LEGAL EXPORT SRL
Stephania Cspedes
HEADRICK RIZIK ALVAREZ &
FERNNDEZ
Leandro Corral
ESTRELLA & TUPETE
Nicole Rizik
HEADRICK RIZIK ALVAREZ &
FERNNDEZ
Fabiola Medina
MEDINA & RIZEK, ABOGADOS
Lissette Balbuena
STEWART TITLE DOMINICANA SA
Laura Medina
JIMNEZ CRUZ PEA
Jennifer Beauchamps
JIMNEZ CRUZ PEA
Enmanuel Monts
MS CONSULTORES
Laura Bobea
MEDINA & RIZEK, ABOGADOS
Rafael Morel
TOTAL LOGISTICS FREIGHT
Nelson Brens
ASOCIACIN DOMINICANA DE
AGENTES DE ADUANAS, INC.
ADAA
Natia Nez
HEADRICK RIZIK ALVAREZ &
FERNNDEZ
Ramn Ortega
PWC EL SALVADOR
Katherine Rosa
JIMNEZ CRUZ PEA
Fanny Sanchez
GESTIONES ADUANALES SOSA
Francisco Snchez
CEBALLOS & SNCHEZ,
INGENIERA Y ENERGA, C. POR A.
Georges Santoni Recio
RUSSIN & VECCHI
Elizabeth Silfa
HEADRICK RIZIK ALVAREZ &
FERNNDEZ
Carolina Sili
HEADRICK RIZIK ALVAREZ &
FERNNDEZ
Martn Sosa
GESTIONES ADUANALES SOSA
Katherine Stefan
JIMNEZ CRUZ PEA
Michelle Tavares
TOTAL LOGISTICS SOLUTIONS
S.R.L.
Juan Tejeda
PWC DOMINICAN REPUBLIC
Laura Troncoso
OMG
Ana Gisselle Valerio
TRONCOSO Y CACERES
Vilma Veras Terrero
JIMNEZ CRUZ PEA
Nathalie Vidal
GONZLEZ & COISCOU
Monica Villafaa
RUSSIN & VECCHI
Sandra Cevallos
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
Fernando Coral
PANALPINA WORLD TRANSPORT
LLP
Luca Cordero Ledergerber
FALCONI PUIG ABOGADOS
Gonzalo Diez P.
GONZALO DIEZ ARQUITECTOS
Miguel Falconi-Puig
FALCONI PUIG ABOGADOS
Jaime Gordillo
PWC ECUADOR
Arturo Grin Valdivieso
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
Raul Izurieta
IZURIETA MORA BOWEN LAW
Alvaro Jarrn
SUPERINTENDENCIA DE BANCOS
Y SEGUROS
Mara Isabel Machado
FALCONI PUIG ABOGADOS
Carlos Alberto Maldonado
Terneus
EMPRESA ELCTRICA QUITO SA
Juan Manuel Marchn
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
Luis Marin-Tobar
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
David Najera Obando
FALCONI PUIG ABOGADOS
Francisco Javier Naranjo
Grijalva
PAZ HOROWITZ ROBALINO
GARCS ABOGADOS
Priscilla Ortega
ARZAGA & CO. ABOGADOS
Esteban Ortiz
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
Julian Pstor
SEMPRTEGUI ONTANEDA
Andrea Pavon
VICSAN LOGISTICS SA
Mariela Perrone-Reed
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
Rodrigo Martin Pesantes
Saenz
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
Chery Zacaras
MEDINA & RIZEK, ABOGADOS
Bruno Pineda-Cordero
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
ECUADOR
DLL LAW OFFICE
MZ SISTEMAS ELECTRICOS Y
ELECTRONICOS
Pablo Aguirre
PWC ECUADOR
Maria Isabel Aillon
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
Jorge Aymar
EQUIFAX ECUADOR BUR DE
INFORMACIN CREDITICIA C.A.
Ramiro Pinto
PINTO & GARCS ASOC. CA
LTDA - MEMBER OF RUSSELL
BEDFORD INTERNATIONAL
Patricia Ponce Arteta
BUSTAMANTE & BUSTAMANTE
Juan Carlos Proao
PANALPINA WORLD TRANSPORT
LLP
Gracia Benedito-Blanco
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
Manuel Ramos
PWC ECUADOR
Diego Cabezas-Klaere
CABEZAS & CABEZAS-KLAERE
Sandra Reed-Serrano
PREZ, BUSTAMANTE Y PONCE,
MEMBER OF LEX MUNDI
271
272
Leonardo Semprtegui
SEMPRTEGUI ONTANEDA
Yara Ammar
PWC EGYPT
Ruth Urbano
SEMPRTEGUI ONTANEDA
Hoda Attia
MINISTRY OF TRANSPORT
Khaled Balbaa
KPMG
Wagih Barakat
AAW CONSULTING ENGINEERS
Sherif Dabbous
SHERIF DABBOUS - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Mohamed Darwish
COBBETTS INTERNATIONAL
CAIRO
Abdallah El Adly
PWC EGYPT
Amany El Bagoury
AM LAW FIRM
Mohamed Refaat El Houshi
THE EGYPTIAN CREDIT BUREAU
I-SCORE
Hassan El Maraashly
AAW CONSULTING ENGINEERS
Amr El Monayer
PWC EGYPT
Farah El Nahas
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Ahmed El Shalakany
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Emad El Shalakany
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Khaled El Shalakany
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Aly El Shalakany
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Menna Elabdeeny
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Mona Adel
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Soheir Elbanna
IBRACHY & PARTNERS
Amr Eleish
GENERAL AUTHORITY FOR
INVESTMENT GAFI
Mohamed Ali
CENTRAL BANK OF EGYPT
Shaimaa Ali
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Ashraf Alkafrawy
CAIRO ECONOMIC COURT
Osama Abd Al-Monem
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Naser Al-Qormani
OFFICE OF THE MINISTER OF
JUSTICE FOR REAL ESTATE
REGISTRATION AFFAIRS
Mamdoh Aly
AAW CONSULTING ENGINEERS
Abd El Wahab Aly Ibrahim
ABD EL WAHAB SONS
El-Gammal
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Samir El-Gammal
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Ashraf Elibrachy
IBRACHY & PARTNERS
Ihab El-Mahdy
REGISTERING PROPERTY
PROJECT
Mohammad Elsayed
MANSOURA ECONOMIC COURT
Mostafa Elshafei
IBRACHY & PARTNERS
Yara Elshennawy
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Ahmed Amin
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Ashraf Elwekeel
CENTRAL BANK OF EGYPT
Sarah Ammar
AL KAMEL LAW OFFICE
Amany Elwessal
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Sayed Ammar
AL KAMEL LAW OFFICE
Shahdan Essam
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Sara Ezzat
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Mariam Fahmy
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Ghadeer Fathy
IBRACHY & DERMARKAR LAW
FIRM
Tarek Gadallah
IBRACHY & PARTNERS
Mahmoud Gamal El-Din
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Samir Ghareeb Al-Nahas
MINISTRY OF LOCAL
DEVELOPMENT
Mohamed Gomaa Ali
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Farah Ahmed Haggag
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Mohamed Hashish
TELELAWS
Maha Hassan
AFIFI WORLD TRANSPORT
ALEXANDRIA
Ola Hassan Mohamed
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Tarek Hassib
AL KAMEL LAW OFFICE
Omneia Helmy
EGYPTIAN CENTER FOR
ECONOMIC STUDIES
Ramy Hussein
MINISTRY OF INVESTMENT
Mohamed Hussein El Saba
MAHONEY SHIPPING & MARINE
SERVICES
Badawi Ibrahim
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Eman Moheyeldin
HASSOUNA & ABOU ALI
Alia Monieb
IBRACHY & PARTNERS
Mostafa Mostafa
AL KAMEL LAW OFFICE
Mostafa Mohamed Mostafa
AL KAMEL LAW OFFICE
Yousr Mounib
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Youssef Nassef
TELELAWS
Ehab Obaid
SOUTH CAIRO COURT
Marwa Omara
TELELAWS
Mona Ossama
IBRACHY & DERMARKAR LAW
FIRM
Alya Rady
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Ingy Rasekh
MENA ASSOCIATES, MEMBER OF
AMERELLER RECHTSANWLTE
Ahmad Bahaa Rashed
AM LAW FIRM
Doaa Mohamed Ahmed
Sangak
EGYPTIAN TAX AUTHORITY
Tarek Sarhan
FREELANCE
Amira Thabet Sayed
SHERIF DABBOUS - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Mohamed Serry
SERRY LAW OFFICE
Mohamed Shak
MINISTRY OF INDUSTRY AND
FOREIGN TRADE
Wael Shaker
ISLAND GROUP
Abdallah Shalash
ABDALLAH SHALASH & CO.
Badawy Ibrahim
CUSTOMS ADMINISTRATION
Ramy Shalash
ABDALLAH SHALASH & CO.
Mohamed Kafa
THE EGYPTIAN CREDIT BUREAU
I-SCORE
Mohammad Shamroukh
GIZA ECONOMIC COURT
Mohamed Kamal
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Abdelrahman Sherif
MENA ASSOCIATES, MEMBER OF
AMERELLER RECHTSANWLTE
Mohamed Kamel
AL KAMEL LAW OFFICE
Sharif Shihata
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Mohamed Kandel
AL KAMEL LAW OFFICE
Shaimaa Solaiman
CHALLENGE LAW FIRM
Mohanad Khaled
BDO, KHALED & CO.
Frdric Soliman
TELELAWS
Taha Khaled
BDO, KHALED & CO.
Hesham Soliman
MEDSTAR FOR TRADING &
STEVEDORING CO. SAE
Adel Kheir
ADEL KHEIR LAW OFFICE
Lobna Magdy
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Mahmoud Magdy
NORTH CAIRO COURT
Mustafa Makram
BDO, KHALED & CO.
Hassan Fahmy Mohamed
GENERAL AUTHORITY FOR
INVESTMENT GAFI
Mamdouh Taha
GENERAL ORGANIZATION OF
EXPORT & IMPORT CONTROL
Randa Tharwat
NACITA CORPORATION
Doaa Yehya
INTEX EXPRESS
Greiss Youssef
AFIFI WORLD TRANSPORT CAIRO
Yehia Zakaria
AL KAMEL LAW OFFICE
Shereen Zaky
SHALAKANY LAW OFFICE,
MEMBER OF LEX MUNDI
Eman Zein Elabden Zaher
AFIFI WORLD TRANSPORT
ALEXANDRIA
Mona Zobaa
MINISTRY OF INVESTMENT
EL SALVADOR
Miguel Angel Aguilar
ALE CARGO SA DE CV
Francisco Armando Arias
Rivera
ARIAS & MUOZ
Francisco Jos Barrientos
FRANCISCO JOSE BARRIENTOS
SA DE CV
Abraham Bichara
AES EL SALVADOR
Rafael Burgos
ARIAS & MUOZ
Hazel Alexandra Cabezas
AGUILAR CASTILLO LOVE
Carlos Roberto Alfaro Castillo
AGUILAR CASTILLO LOVE
Christian Castro
AES EL SALVADOR
Luis Alfredo Cornejo Martnez
CORNEJO & UMAA, LTDA DE CV
- MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Celina Cruz
LA OFICINA DE PLANIFICACIN
DEL REA METROPOLITANA DE
SAN SALVADOR (OPAMSS)
Rina de Anaya
UNEX
Lissette de Orantes
Porrio Diaz Fuentes
DLM, ABOGADOS, NOTARIOS &
CONSULTORES
Lorena Dueas
SUPERINTENDENCIA DEL
SISTEMA FINANCIERO
Ericka Elias
PWC EL SALVADOR
David Ernesto Claros Flores
GARCA & BODN
Camila Escobar
LEXINCORP
Enrique Escobar
LEXINCORP
Marta Escobar
UNEX
Celina Escoln Suay
LEXINCORP
Roberta Gallardo de Cromeyer
ARIAS & MUOZ
America Hernandez
ALE CARGO SA DE CV
Benjamn Valdez Iraheta
BENJAMN VALDEZ & ASOCIADOS
Thelma Dinora Lizama de
Osorio
SUPERINTENDENCIA DEL
SISTEMA FINANCIERO
Martha de Jess Lpez Mndez
GUANDIQUE SEGOVIA
QUINTANILLA
Mario Lozano
ARIAS & MUOZ
Guillermo Massana
ATCASAL ASOCIACIN DE
TRANSPORTISTAS DE CARGA DE
EL SALVADOR
ACKNOWLEDGMENTS
Marko Kairjak
VARUL
Erica Kaldre
HOUGH, HUTT & PARTNERS OU
Kadri Kallas
ADVOKAADIBROO SORAINEN
AS
Meelis Kaps
EESTI ENERGIA JAOTUSVRK O
(DISTRIBUTION GRID)
Sander Krson
VARUL
Katre Kasepold
ESTONIAN LOGISTICS AND
FREIGHT FORWARDING
ASSOCIATION
Triin Kaurson
MAQS LAW FIRM ESTONIA
TALLINN
Katrin Sarap
MAQS LAW FIRM ESTONIA
TALLINN
Yodit Gurji
FIKADU ASFAW AND ASSOCIATES
LAW OFFICE
Martin-Kaspar Sild
LAWIN
Aivar Taro
ATTORNEYS-AT-LAW BORENIUS
Maria Teder
RAIDLA LEJINS & NORCOUS
Tarvi Thomberg
EESTI ENERGIA JAOTUSVRK O
(DISTRIBUTION GRID)
Triin Tigane
ADVOKAADIBROO SORAINEN
AS
Villi Tntson
PWC ESTONIA
Veikko Toomere
MAQS LAW FIRM ESTONIA
TALLINN
Geraldine Palma
AES EL SALVADOR
Vincent Tekam
Jevgeni Kazutkin
HOUGH, HUTT & PARTNERS OU
Carlos Pastrana
RESTAURO ELETTRICIT
COSTRUZIONI
ERITREA
Igor Kostjuk
HOUGH, HUTT & PARTNERS OU
Senai Andemariam
BERHANE GILA-MICHAEL LAW
FIRM
Andreas Kotsjuba
ATTORNEYS-AT-LAW BORENIUS
Karolina Ullman
MAQS LAW FIRM ESTONIA
TALLINN
Villu Kve
ESTONIAN SUPREME COURT
Neve Uudelt
RAIDLA LEJINS & NORCOUS
Tanja Kriisa
PWC ESTONIA
Erle Uus
KPMG BALTICS O
Kaido Knnapas
MAQS LAW FIRM ESTONIA
TALLINN
Ingmar Vali
REGISTRITE JA INFOSUSTEEMIDE
KESKUS
Martti Lemendik
METAPRINT LTD.
Ivo Vanasaun
DELOITTE ADVISORY AS
Kerstin Linnart
RAIDLA LEJINS & NORCOUS
Paul Varul
VARUL
Karin Madisson
ADVOKAADIBROO SORAINEN
AS
Peeter Viirsalu
VARUL
FIJI
Ago Vilu
PWC ESTONIA
David Aidney
WILLIAMS & GOSLING LTD.
Joel Zernask
KPMG BALTICS O
Eddielin Almonte
PWC FIJI
Sergio Perez
AES EL SALVADOR
Ana Patricia Portillo Reyes
GUANDIQUE SEGOVIA
QUINTANILLA
Maura Quintanilla
PWC EL SALVADOR
Kelly Beatriz Romero
NASSAR ABOGADOS
Roxana Romero
ROMERO PINEDA & ASOCIADOS,
MEMBER OF LEX MUNDI
Mario Enrique Senz
SENZ & ASOCIADOS
Jaime Salinas
GARCA & BODN
Alonso V. Saravia
ASOCIACIN SALVADOREA DE
INGENIEROS Y ARQUITECTOS
(ASIA)
Eleonora Sol
LEN SOL ARQUITECTOS
Jos Enrique Sorto Campbell
LEXINCORP
Oscar Torres
GARCA & BODN
Mauricio Antonio Urrutia
SUPERINTENDENCIA DEL
SISTEMA FINANCIERO
Julio Vargas
GARCA & BODN
EQUATORIAL GUINEA
ERNST & YOUNG
N.J. Ayuk
CENTURION LLP
Raphal Beilvert
PWC EQUATORIAL GUINEA
Angel-Francisco Ela Ngomo
Nchama
JUZGADO DE INSTRUCCION DE
BATA
Philippe Fouda Fouda
BEAC CAMEROON
Javier Iiguez
PWC EQUATORIAL GUINEA
Marcel Juetsop
Xavier Lassalle
SDV LOGISTICS
Sbastien Lechne
PWC EQUATORIAL GUINEA
Biniam Fessehazion
Ghebremichael
ERITREAN AIRLINES
Berhane Gilamichael
BERHANE GILA-MICHAEL LAW
FIRM
Fessahaie Habte
ATTORNEY-AT-LAW AND LEGAL
CONSULTANT
Berhane Woldu
SERVICE EFFECTIVENESS
RESEARCH GROUP
ESTONIA
ELEKTRILEVI
Ott Aava
ATTORNEYS-AT-LAW BORENIUS
Angela Agur
MAQS LAW FIRM ESTONIA
TALLINN
Sigrid Aljas
ADVOKAADIBROO SORAINEN
AS
Katrin Altmets
ADVOKAADIBROO SORAINEN
AS
Kedli Anvelt
VARUL
Veronika Aunpu
LAW OFFICE NORDEUS
Maria Beljajeva
RAIDLA LEJINS & NORCOUS
Aet Bergmann
BNT ATTORNEYS-AT-LAW
ADVOKAADIBROO O
Christine Mgi
ATTORNEYS-AT-LAW BORENIUS
Mart Maidla
EESTI ENERGIA JAOTUSVRK O
(DISTRIBUTION GRID)
Veiko Meos
KREDIIDIINFO AS
Sandra Metsamrt
ADVOKAADIBROO SORAINEN
AS
Jaanus Mody
ATTORNEYS-AT-LAW BORENIUS
Margus Mugu
ATTORNEYS-AT-LAW BORENIUS
Jaana Ngisto
LAW OFFICE NORDEUS
Sandra-Kristin Noot
RAIDLA LEJINS & NORCOUS
Arne Ots
RAIDLA LEJINS & NORCOUS
lleke Eerik
ESTONIAN LAND BOARD
Karina Paatsi
ATTORNEYS-AT-LAW BORENIUS
Kadriann Habakukk
VARUL
Sven Papp
RAIDLA LEJINS & NORCOUS
Pirkko-Liis Harkmaa
LAWIN
Kirsti Pent
LAW OFFICE NORDEUS
Hedi Hepner
RAIDLA LEJINS & NORCOUS
Sigrid Polli
DELOITTE ADVISORY AS
Triinu Hiob
LAWIN
Einar Rosin
KPMG BALTICS O
Annika Jaanson
ATTORNEYS-AT-LAW BORENIUS
Tuuli Saarits
BNT ATTORNEYS-AT-LAW
ADVOKAADIBROO O
Andres Juss
ESTONIAN LAND BOARD
Piret Saartee
CENTRE OF REGISTERS &
INFORMATION SYSTEMS
Kristi Uibo
MINISTRY OF JUSTICE
ETHIOPIA
ERNST & YOUNG
FLINSTONE ENGINEERING
Dagnachew Tesfaye Abetew
DAGNACHEW TESFAYE AND
MAHLET MESGANAW LAW
OFFICE
Siraj Ahmed
PACKFORD INTERNATIONAL
Abdella Ali
ABDELLA ALI LAW OFFICE
Fikadu Asfaw
FIKADU ASFAW AND ASSOCIATES
LAW OFFICE
Teshome Gabre-Mariam Bokan
TESHOME GABRE-MARIAM
BOKAN LAW FIRM
Semere Wolde Bonge
NATIONAL BANK OF ETHIOPIA
Marina Bwile
TESHOME GABRE-MARIAM
BOKAN LAW FIRM
Kumlachew Dagne
Abinet Damtachew
CONSTRUCTION PROXY
Wubetu Gebeyehu
BUNNA INTERNATIONAL BANK
Ephrem Gebru
Berhane Ghebray
BERHANE GHEBRAY &
ASSOCIATES
Jon Apted
MUNRO LEYS
Nehla Basawaiya
MUNRO LEYS
Francesca Boulton
MUNRO LEYS
William Wylie Clarke
HOWARDS LAWYERS
Delores Elliott
DATA BUREAU (FIJI) LIMITED
Lawrence Fung
MUNRO LEYS
Dilip Jamnadas
JAMNADAS AND ASSOCIATES
Jerome Kado
PWC FIJI
Viren Kapadia
SHERANI & CO.
Netani Kau
SUVA CITY COUNCIL
Mohammed Afzal Khan
KHAN & CO BARRISTERS &
SOLICITORS
Emily King
MUNRO LEYS
Shelini Kumar
FIJI REVENUE & CUSTOMS
AUTHORITY
Roneel Lal
WILLIAMS & GOSLING LTD.
Hemendra Nagin
SHERANI & CO.
273
274
Brenda Nanius
SIWATIBAU & SLOAN
Jon Orton
ORTON ARCHITECTS
Pradeep Patel
BDO
Ramesh Prasad Lal
CARPENTERS SHIPPING
Mele Rakai
SHERANI & CO.
Rahul Ral
CARPENTERS SHIPPING
Abhi Ram
COMPANIES REGISTRAR
Kamal Reddy
GIBSON FREIGHT INTERNATIONAL
Lauri Jskelinen
BUILDING CONTROL
DEPARTMENT OF THE CITY OF
HELSINKI
Pekka Jaatinen
CASTRN & SNELLMAN
ATTORNEYS LTD.
Oona Jrvenp
ASIANAJOTOIMISTO WHITE &
CASE OY
Juuso Jokela
SUOMEN ASIAKASTIETO OY
Antti Juvonen
VIP-SHK OY
Mika Karpinnen
HANNES SNELLMAN LLC
Muni Reddy
GIBSON FREIGHT INTERNATIONAL
Elina Kataja
TENGBOM ERIKSSON
ARCHITECTS LTD.
Ronlyn Sahib
SIWATIBAU & SLOAN
Suvi Knaapila
DITTMAR & INDRENIUS
Jagindar Singh
CARPENTERS SHIPPING
Milla Kokko-Lehtinen
PWC FINLAND
Shelvin Singh
SHELVIN SINGH LAWYERS
Markku Korvenmaa
HH PARTNERS, ATTORNEYS-ATLAW LTD.
Atunaisa Siwatibau
SIWATIBAU & SLOAN
James Sloan
SIWATIBAU & SLOAN
Narotam Solanki
PWC FIJI
Shayne Sorby
MUNRO LEYS
Eparama Tawake
FIJI ELECTRICITY AUTHORITY
Vulisere Tukama
SUVA CITY COUNCIL
Chirk Yam
PWC FIJI
Eddie Yuen
WILLIAMS & GOSLING LTD.
FINLAND
Ville Ahtola
CASTRN & SNELLMAN
ATTORNEYS LTD.
Manne Airaksinen
ROSCHIER ATTORNEYS LTD.
Timo Airisto
WHITE & CASE
Petri Avikainen
ASIANAJOTOIMISTO WHITE &
CASE OY
Johanna Ellonen
ROSCHIER ATTORNEYS LTD.
Maria Fagerstrm-Ryder
ASIANAJOTOIMISTO WHITE &
CASE OY
Joona Haapamki
ROSCHIER ATTORNEYS LTD.
Esa Halmari
HEDMAN PARTNERS
Pekka Halme
NATIONAL LAND SURVEY OF
FINLAND
Johanna Haltia-Tapio
HANNES SNELLMAN LLC
Joni Hatanmaa
HEDMAN PARTNERS
Arto Kukkonen
HH PARTNERS, ATTORNEYS-ATLAW LTD.
Sini Laajala
HEDMAN PARTNERS
Jan Lilius
HANNES SNELLMAN LLC
Patrik Lindfors
LINDFORS & CO, ATTORNEYSAT-LAW LTD.
Tuomas Lukkarinen
NATIONAL LAND SURVEY OF
FINLAND
Mirja Sikander
KROGERUS ATTORNEYS LTD.
Blandine Gny
STEPHENSON HARWOOD
Ari Tahvanainen
TENGBOM ERIKSSON
ARCHITECTS LTD.
Nassim Ghalimi
VEIL JOURDE
Petri Taivalkoski
ROSCHIER ATTORNEYS LTD.
Tanja Trnkvist
ASIANAJOTOIMISTO WHITE &
CASE OY
Henrik Ungern
NATIONAL LAND SURVEY OF
FINLAND
Seija Vartiainen
PWC FINLAND
Kiira Viinamki
CASTRN & SNELLMAN
ATTORNEYS LTD.
Marko Vuori
KROGERUS ATTORNEYS LTD.
Gunnar Westerlund
ROSCHIER ATTORNEYS LTD.
Samuli Woolston
ALA ARCHITECTS
FRANCE
ALLEN & OVERY LLP
MAYER BROWN
Yves Ardaillou
BERSAY ASSOCIES
Nicolas Barberis
ASHURST LLP
Herv Beloeuvre
CABINET BELOEUVRE
Andrew Booth
ANDREW BOOTH ARCHITECT
Dominique Borde
PAUL HASTINGS
Annamari Mnnikk
PWC FINLAND
Franck Buaud
BUFFAUD - STEPHANE AVOCATS
Kimmo Mettl
KROGERUS ATTORNEYS LTD.
Bassem Caradec
MAYER BROWN
Mia Mokkila
ROSCHIER ATTORNEYS LTD.
Isabelle-Victoria Carbuccia
IVCH PARIS
Marta Monteiro
HANNES SNELLMAN LLC
Georges Cavalier
LANDWELL & ASSOCIS
Eeva-Leena Niemel
ROSCHIER ATTORNEYS LTD.
Gwendal Chatain
LANDWELL & ASSOCIS
Lasse Nikula
TENGBOM ERIKSSON
ARCHITECTS LTD.
Aurlie Chazai
ASHURST LLP
Jenna Nurmio
ASIANAJOTOIMISTO WHITE &
CASE OY
Juha-Pekka Nuutinen
DAMCO FINLAND OY
Maria Parker
PWC FINLAND
Elina Pesonen
CASTRN & SNELLMAN
ATTORNEYS LTD.
Ilkka Pesonen
WABUCO OY - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Jani Pitknen
ATTORNEYS-AT-LAW JURIDIA
BTZOW LTD.
Seppo Havia
DITTMAR & INDRENIUS
Peter Salovaara
ATTORNEYS-AT-LAW JURIDIA
BTZOW LTD.
Heikki Huhtamki
HANNES SNELLMAN LLC
Claus Schmidt
PANALPINA WORLD TRANSPORT
Nina Isokorpi
ROSCHIER ATTORNEYS LTD.
Petri Seppl
PWC FINLAND
Anne-Priscille Coulot
LANDWELL & ASSOCIS
Patricia de Suzzoni
COMMISSION DE RGULATION DE
LENERGIE
Stphanie Dubreuil
JONES DAY PARIS
Segolene Dufetel
MAYER BROWN
Jean-Marc Dufour
FRANCE ECOMMERCE
INTERNATIONAL
Willy Giacchino
CONSEIL SUPRIEUR DU
NOTARIAT (PARIS)
Thierry Gomot
BANQUE DE FRANCE
Pierre-Edouard Gondran de
Robert
GONDRAN DE ROBERT AVOCATS
Rgine Goury
MAYER BROWN
Kevin Grossmann
CABINET KEVIN GROSSMANN
Philippe Guibert
FIEEC
Jrme Halphen
DLA PIPER UK LLP
Laurent Karila
KARILA
Jean Tarrade
CONSEIL SUPRIEUR DU
NOTARIAT (PARIS)
Martin Vergier
COMMISSION DE RGULATION DE
LENERGIE
Franois Vergne
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Philippe Xavier-Bender
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Stephane Zecevic
LES NOTAIRES DU QUAI
VOLTAIRE
Claire Zuliani
TRANSPARENCE - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
GABON
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Didier Laaille
COMMISSION DE RGULATION DE
LENERGIE
CHAMBER OF COMMERCE
Mohamed Lanouar
B L & ASSOCIS - MEMBER OF
DLA PIPER AFRICA
Henri Bernhardt
NECOTRANS - GETMA GABON
Vanessa Li
DLA PIPER UK LLP
Florian Linditch
GONDRAN DE ROBERT AVOCATS
Olivier Lopez
YDES AVOCATS
Marion Lucas
CABINET ELBAZ
Wladimir Mangel
MAYER BROWN
Nathalie Morel
MAYER BROWN
Jerome Orsel
DB SCHENKER
Arnaud Pelpel
PELPEL AVOCATS
Thomas Philippe
MAYER BROWN
Nathalne Pierard
GONDRAN DE ROBERT AVOCATS
Vanessa Raindre
TRANSPARENCE - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Alexandre Riou
GONDRAN DE ROBERT AVOCATS
Nicolas Rontchevsky
LAWYER & PROFESSOR
Philippe Roussel-Galle
Hugues Roux
BANQUE DE FRANCE
MUNICIPALIT DE LIBREVILLE
Madeleine Berre
DELOITTE JURIDIQUE ET FISCAL
Daniel Chevallon
MATELEC
Gilbert Erangah
ETUDE MATRE ERANGAH
Augustin Fang
CABINET AUGUSTIN FANG
Philippe Fouda Fouda
BEAC CAMEROON
Anne Gey Bekale
ETUDE MATRE GEY BEKALE
Maria Eduarda de Lemos
Godinho
MIRANDA CORREIA AMENDOEIRA
& ASSOCIADOS - SOCIEDADE DE
ADVOGADOS RL
Michael Jeannot
MATELEC
Alexander Juen
PANALPINA WORLD TRANSPORT
Athanase Ndoye Loury
SYNDIC JUDICIAIRE
Ana Margarida Maia
MIRANDA CORREIA AMENDOEIRA
& ASSOCIADOS - SOCIEDADE DE
ADVOGADOS RL
Plagie Massamba Mouckocko
PRICEWATERHOUSECOOPERS
TAX & LEGAL SA
Jean-Joel Mebaley
DESTINY EXECUTIVES
ARCHITECTS - AGENCE DU BORD
DE MER
Odile Dupeyr
LUSIS AVOCATS
Emmanuel Schulte
BERSAY ASSOCIES
Philippe Durand
LANDWELL & ASSOCIS
Maxime Simonnet
DENTONS
Benoit Fauvelet
BANQUE DE FRANCE
Johannes Singelnstein
RACINE AVOCATS
Jean-Pierre Ferret
CONSEIL SUPRIEUR DU
NOTARIAT (PARIS)
Lionel Spizzichino
PAUL HASTINGS
Lubin Ntoutoume
CABINET SCP NTOUTOUME ET
MEZHER
Lionel Galliez
CONSEIL SUPRIEUR DU
NOTARIAT (PARIS)
Jean Svasta
MAYER BROWN
ACKNOWLEDGMENTS
GAMBIA, THE
Lamin A.K. Touray
ATTORNEY GENERAL CHAMBERS
OF GAMBIA
Victoria Andrews
FARAGE ANDREWS LAW
PRACTICE
Alpha Amadou Barry
DT ASSOCIATES, INDEPENDENT
CORRESPONDENCE FIRM OF
DELOITTE TOUCHE TOHMATSU
LIMITED
Abdul Aziz Bensouda
AMIE BENSOUDA & CO.
Amie N.D. Bensouda
AMIE BENSOUDA & CO.
Nana Ama Dodoo
PWC GHANA
GEORGIA
CHAMBER OF NOTARIES OF
GEORGIA
Nino Bakakuri
NODIA, URUMASHVILI &
PARTNERS
Niko Bakashvili
BAKASHVILI AND COMPANY
Nino Begalishvili
COLIBRI LAW FIRM
Giorgi Begiashvili
BEGIASHVILI & CO. LIMITED LAW
OFFICES
Lily Begiashvili
GEORGIA REVENUE SERVICE
Nino Berianidze
MINISTRY OF ECONOMY AND
SUSTAINABLE DEVELOPMENT
Revaz Beridze
ERISTAVI LAW GROUP
Nino Bezhitashvili
MINISTRY OF ECONOMY AND
SUSTAINABLE DEVELOPMENT
Giorgi Chichinadze
MINISTRY OF ECONOMY AND
SUSTAINABLE DEVELOPMENT
Aieti Kukava
ALLIANCE GROUP HOLDING
Tom Braegelmann
DLA PIPER UK LLP
Tea Loladze
MINISTRY OF ECONOMY AND
SUSTAINABLE DEVELOPMENT
Michael Brems
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Eteri Mamukelashvili
MINISTRY OF ECONOMY AND
SUSTAINABLE DEVELOPMENT
Thomas Bssow
PWC GERMANY
Sabine Malik
SCHUFA HOLDING AG
Lorenz Czajka
GRAF VON WESTPHALEN
RECHTSANWLTE
PARTNERSCHAFT
Andreas Eckhardt
PRICEWATERHOUSECOOPERS
LEGAL AKTIENGESELLSCHAFT
RECHTSANWALTSGESELLSCHAFT
Nora Matthaei
AVOCADO LAW
Elene Mebonia
LEGAL PARTNERS ASSOCIATED
(LPA) LLC
Ekaterina Meskhidze
NATIONAL AGENCY OF PUBLIC
REGISTRY
Roin Migriauli
LAW OFFICE MIGRIAULI &
PARTNERS
Nino Mirtskhulava
APM TERMINALS POTI
Kakhaber Nariashvili
Sophio Natroshvili
BGI LEGAL
Lasha Nodia
NODIA, URUMASHVILI &
PARTNERS
Dieter Endres
PWC GERMANY
Tina Maria Erhardt
HEUSSEN
RECHTSANWALTSGESELLSCHAFT
MBH
Alexander Freiherr von Aretin
GRAF VON WESTPHALEN
RECHTSANWLTE
PARTNERSCHAFT
Zviad Chkhartishvili
APM TERMINALS POTI
Tampa Nutsubidze
BEGIASHVILI & CO. LIMITED LAW
OFFICES
Michael Frhmorgen
HEUSSEN
RECHTSANWALTSGESELLSCHAFT
MBH
Khatia Esebua
ALLIANCE GROUP HOLDING
Maia Okruashvili
GEORGIAN LEGAL PARTNERSHIP
Armineh Gharibian
MAYER BROWN
Dzidzedze Fiadjoe
PWC GHANA
Mariam Gabashvili
ERISTAVI LAW GROUP
Markus J. Goetzmann
CBH RECHTSANWLTE
Badjie Ismaila
Teymuraz Gamrekelashvili
TELASI
Tamta Otiashvili
MINISTRY OF ECONOMY AND
SUSTAINABLE DEVELOPMENT
Alhaji Jallow
NATIONAL WATER AND
ELECTRICITY COMPANY LTD.
Cherno Alieu Jallow
DT ASSOCIATES, INDEPENDENT
CORRESPONDENCE FIRM OF
DELOITTE TOUCHE TOHMATSU
LIMITED
Lamin S. Jatta
DT ASSOCIATES, INDEPENDENT
CORRESPONDENCE FIRM OF
DELOITTE TOUCHE TOHMATSU
LIMITED
Sulayman M. Joof
S.M. JOOF AGENCY
Nani Juwara
NATIONAL WATER AND
ELECTRICITY COMPANY LTD.
Lasha Gogiberidze
BGI LEGAL
Tsira Gogichaishvili
GEORGIAN BAR ASSOCIATION
Alexander Gomiashvili
JSC CREDIT INFO GEORGIA
Mamuka Gordeziani
ITM GLOBAL LOGISTICS
Nana Gurgenidze
LEGAL PARTNERS ASSOCIATED
(LPA) LLC
Batu Gvasalia
NATIONAL AGENCY OF PUBLIC
REGISTRY
Miranda Jamburia
PWC GEORGIA
Gia Jandieri
NEW ECONOMIC SCHOOL
Lamin Keita
MSITA ENTERPRISE
David Javakhadze
MINISTRY OF ECONOMY AND
SUSTAINABLE DEVELOPMENT
George Kwatia
PWC GHANA
Baboucarr Owl
NATIONAL WATER AND
ELECTRICITY COMPANY LTD.
Revaz Javelidze
COLIBRI LAW FIRM
David Kakabadze
COLIBRI LAW FIRM
Lang Sabally
NATIONAL WATER AND
ELECTRICITY COMPANY LTD.
Grigol Kakauridze
MINISTRY OF ECONOMY AND
SUSTAINABLE DEVELOPMENT
Ana Kamkhadze
ERISTAVI LAW GROUP
Adama Samba
VALUE ENGINEERING
CONSTRUCTION
Mari Khardziani
NATIONAL AGENCY OF PUBLIC
REGISTRY
Yassin Senghore
SENGHORE LAW PRACTICE
Hawa Sisay-Sabally
LAWYER
Salieu Taal
TEMPLE LEGAL PRACTITIONERS
Joseph Salukvadze
TBILISI STATE UNIVERSITY
Manzoor Shah
GLOBALINK LOGISTICS GROUP
Zaza Simaev
ELECO LTD.
Andrea Gruss
MERGET + PARTNER
Klaus Gnther
OPPENHOFF & PARTNER
Marc Alexander Hger
OPPENHOFF & PARTNER
David Sukiasov
ELECO LTD.
Rdiger Harms
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Otabek Suleimanov
COLIBRI LAW FIRM
Mareike Hasenau
DLA PIPER UK LLP
Giorgi Tavartkiladze
DELOITTE
Ralf-Thorsten Henn
ASHURST LLP
Tamara Tevdoradze
BGI LEGAL
Gtz-Sebastian Hk
DR. HK STIEGLMEIER &
PARTNER
Nino Tsaturova
LEGAL PARTNERS ASSOCIATED
(LPA) LLC
Besik Tsimakuridze
Vakhtang Tsintsadze
MINISTRY OF ECONOMY AND
SUSTAINABLE DEVELOPMENT
Samson Uridia
GEORGIA REVENUE SERVICE
Zviad Voshakidze
TELASI
GERMANY
Stephan Bank
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Ralph Hummel
AVOCADO LAW
Werner Meier
KING & SPALDING LLP
Daniel Meier-Greve
PRICEWATERHOUSECOOPERS
LEGAL AKTIENGESELLSCHAFT
RECHTSANWALTSGESELLSCHAFT
Dirk Otto
GOBBERS & DENK
Oliver Otto
DLA PIPER UK LLP
Laura Prrmann
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Marlena Polic
PRICEWATERHOUSECOOPERS
LEGAL AKTIENGESELLSCHAFT
RECHTSANWALTSGESELLSCHAFT
Thomas Poss
LATHAM & WATKINS LLP
Sebastian Prgel
WHITE & CASE
Alexander Rahn
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Wilhelm Reinhardt
LATHAM & WATKINS LLP
Sebastian Reinsch
JANKE KNNECKE NAUJOK
Alexander Reus
DIAZ REUS & TARG LLP
Philipp Ruehland
PRICEWATERHOUSECOOPERS
LEGAL AKTIENGESELLSCHAFT
RECHTSANWALTSGESELLSCHAFT
Johannes Schmidt
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Sarah-Lena Schmidt
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Peter Jark
DLA PIPER UK LLP
Dietmar Schulz
DLA PIPER UK LLP
Helmuth Jordan
JORDAN & WAGNER
RECHTSANWALTSGESELLSCHAFT
MBH
Volker Schwarz
HEUSSEN
RECHTSANWALTSGESELLSCHAFT
MBH
Adnan Kapoor
ASHURST LLP
Thomas Strassner
ORRICK, HERRINGTON &
SUTCLIFFE LLP
Andreas Keller
DLA PIPER UK LLP
Maren Beneke
DLA PIPER UK LLP
Henning Berger
WHITE & CASE
Henrik Kirchho
GSK STOCKMANN + KOLLEGEN
Anastasia Kipiani
PWC GEORGIA
Eva Bergmann
SCHUFA HOLDING AG
Victor Kipiani
MGALOBLISHVILI, KIPIANI,
DZIDZIGURI (MKD) LAW FIRM
Jennifer Bierly
GSK STOCKMANN + KOLLEGEN
Thorsten Korder
LOGWIN AIR & OCEAN
DEUTSCHLAND GMBH
Simeon-Tobias Bolz
HEUSSEN
RECHTSANWALTSGESELLSCHAFT
MBH
Roland Maa
LATHAM & WATKINS LLP
Markus Jakoby
JAKOBY RECHTSANWLTE
Michael Kern
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Sergi Kobakhidze
PWC GEORGIA
Peter Limmer
NOTARE DR. LIMMER & DR.
FRIEDERICH
Jrg Krael
WHITE & CASE
Ernst-Otto Kuchenbrandt
DEUTSCHE BUNDESBANK
Tobias Taetzner
PWC GERMANY
Nora Thies
GRAF VON WESTPHALEN
RECHTSANWLTE
PARTNERSCHAFT
Arne Vogel
M&P DR. MATZEN & PARTNER
MBB
Heiko Vogt
PANALPINA WELTTRANSPORT
GMBH
Katharina von Rosenstiel
ORRICK HLTERS & ELSING
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276
Raimund E. Walch
WENDLER TREMML
RECHTSANWLTE
Kwadwo Baa
BOLLORE AFRICA LOGISTICS
GHANA
Felix Tetteh
TOWN AND COUNTRY PLANNING
DEPARTMENT
Torsten Wehrhahn
NOERR LLP, MEMBER OF LEX
MUNDI
Ellen Bannerman
BRUCE-LYLE BANNERMAN &
ASSOCIATES
GREECE
Bernd Weller
HEUKING KHN LER WOJTEK
Reginald Bannerman
BRUCE-LYLE BANNERMAN &
ASSOCIATES
Hartmut Wicke
NOTARE RUDOLF SPOERER &
DR. HARTMUT WICKE
Thomas Winkler
DOMUS AG - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Stefan Wirsch
LATHAM & WATKINS LLP
Gerlind Wisskirchen
CMS HASCHE SIGLE
Boris Witt
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Uwe Witt
PRICEWATERHOUSECOOPERS
LEGAL AKTIENGESELLSCHAFT
RECHTSANWALTSGESELLSCHAFT
Kizito Beyuo
BEYUO & COMPANY
Thomas Blankson
XDSDATA GHANA LTD.
Stephen Boakye
PWC GHANA
Ras Aul Davis
CLIMATE SHIPPING & TRADING
Anthony Doku
GHANA REVENUE AUTHORITY
Saviour Dzuali
BOLLORE AFRICA LOGISTICS
GHANA
James Fokuoh
BENTSI-ENCHILL, LETSA &
ANKOMAH, MEMBER OF LEX
MUNDI
Ioanna Alexopoulou
KREMALIS LAW FIRM, MEMBER
OF IUS LABORIS
Sophia Ampoulidou
DRAKOPOULOS LAW FIRM
Alexander Anagnostopoulos
KARATZAS & PARTNERS
Amalia Balla
POTAMITIS-VEKRIS
George Bersis
POTAMITIS-VEKRIS
Theodora Betsi
KARATZAS & PARTNERS
Athanasia Braimi
PANTAZIS & ASSOCIATES
Ira Charisiadou
CHARISIADOU LAW OFFICE
Viktoria Chatzara
IKRP ROKAS & PARTNERS
Antigoni Gkarla
PWC GREECE
Antonios Gkiokas
PWC GREECE
Katerina Grivaki
PWC GREECE
Chariklia Kalonarou
TSIMIKALIS KALONAROU LAW
FIRM
Evangelos Karaindros
EVANGELOS KARAINDROS LAW
FIRM
Panayiotis Karakonstantis
COURT OF FIRST INSTANCE
Harry Karampelis
KYRIAKIDES GEORGOPOULOS
LAW FIRM
Artemis Karathanassi
PWC GREECE
Catherine M. Karatzas
KARATZAS & PARTNERS
Rita Katsoula
POTAMITIS-VEKRIS
Stavros Makris
KYRIAKIDES GEORGOPOULOS
LAW FIRM
Antonis Mantonanakis
PANMONOTIKI PROSTASIA
Evangelos Margaritis
DRAKOPOULOS LAW FIRM
Emmanuel Mastromanolis
ZEPOS & YANNOPOULOS LAW
FIRM, MEMBER OF LEX MUNDI
John Mazarakos
ELIAS PARASKEVAS ATTORNEYS
1933
Ee G. Mitsopoulou
KYRIAKIDES GEORGOPOULOS
LAW FIRM
Athena Moraiti
ATHENA MORAITI LAW OFFICE
Konstantinos Nanopoulos
TAXEXPERTS
Anthony Narlis
CALBERSON SA
Ee Nestorides
EYDAP SA
Theodora Christodoulou
KLC LAW FIRM
Anna Kazantzidou
VAINANIDIS ECONOMOU &
ASSOCIATES LAW FIRM
Frank Fugar
COLLEGE OF ARCHITECTURE AND
PLANNING
Nikolaos Kazatzidis
AGRONOMOS
Kyriakos Oikonomou
MINISTRY OF JUSTICE
GHANA
Abeku Gyan-Quansah
PWC GHANA
Evangelia Christopoulou
- Stamelou
NOTARY
Antonis Pantazis
PWC GREECE
Samuel Abiaw
ANDAH AND ANDAH CHARTERED
ACCOUNTANTS
Anastasia Kelveridou
KYRIAKIDES GEORGOPOULOS
LAW FIRM
Alwin Hoegerle
GHANA COMMUNITY NETWORK
SERVICES LIMITED
Christos Christou
DRAKOPOULOS LAW FIRM
Constantinos Klissouras
K | P LAW FIRM
Solomon Ackom
GRIMALDI GHANA LTD.
Roland Horsoo
CROWN AGENTS LTD.
Vasiliki Christou
KLC LAW FIRM
Ioanna Kombou
ELIAS PARASKEVAS ATTORNEYS
1933
Daniel Imadi
BENTSI-ENCHILL, LETSA &
ANKOMAH, MEMBER OF LEX
MUNDI
Florian Wol
GRAF VON WESTPHALEN
RECHTSANWLTE
PARTNERSCHAFT
Afua Addotey
ADD LAW CONSULTANCY
Larry Adjetey
LAW TRUST COMPANY
Benjamin Agbotse
H & G ARCHITECTS AND
CONSULTANTS
George Ahiafor
XDSDATA GHANA LTD.
Kweku Ainuson
AB LEXMALL & ASSOCIATES
Nana Akonu Amartey
ANDAH AND ANDAH CHARTERED
ACCOUNTANTS
Nene Amegatcher
SAM OKUDZETO & ASSOCIATES
Kennedy Paschal Anaba
LAWFIELDS CONSULTING
Kweku Brebu Andah
ANDAH AND ANDAH CHARTERED
ACCOUNTANTS
Wilfred Kwabena Anim-Odame
LANDS COMMISSION
Angelina Asabea Anno
ELECTRICITY COMPANY OF
GHANA
Ellis Arthur
BEYUO & COMPANY
Naa Ashong
THE LAW OFFICES OF AYINE
AND FELLI
Fred Asiamah-Koranteng
BANK OF GHANA
Nana Akwasi Awuah
AB LEXMALL & ASSOCIATES
Vera Ayisi
AB & DAVID
Leda Condoyanni
HELLENIC CORPORATE
GOUVERNANCE COUNCIL
Sotiris Constantinou
GRANT THORNTON LLP
Nikos Daskalakis
HELLENIC CONFEDERATION OF
PROFESSIONALS, CRAFTSMEN
AND MERCHANTS
Eleni Dikonimaki
TEIRESIAS SA - BANK
INFORMATION SYSTEMS
Panagiotis Drakopoulos
DRAKOPOULOS LAW FIRM
Anastasia Dritsa
KYRIAKIDES GEORGOPOULOS
LAW FIRM
Alkiviadis Feresidis
MINISTRY OF JUSTICE
Katerina Filippatou
C. PAPACOSTOPOULOS &
ASSOCIATES
Marianna Florou
KARATZAS & PARTNERS
Sophia Fourlari
COURT OF FIRST INSTANCE
Dionyssia I. Gamvrakis
SARANTITIS LAW FIRM
Georgios Garous
PWC GREECE
John Gavanozis
J.G. TECH
Dionysios Gavounelis
K | P LAW FIRM
Katerina Gavrielatou
POTAMITIS-VEKRIS
Antonis Giannakodimos
ZEPOS & YANNOPOULOS LAW
FIRM, MEMBER OF LEX MUNDI
Alexandra Kondyli
KARATZAS & PARTNERS
Nicholas Kontizas
ZEPOS & YANNOPOULOS LAW
FIRM, MEMBER OF LEX MUNDI
Lena Kontogeorgou
NOTARY
Panos Koromantzos
BAHAS, GRAMATIDIS &
PARTNERS
Olga Koromilia
PWC GREECE
Joanna Kossina
COURT OF FIRST INSTANCE
Dimitrios Kotsionis
MICHAEL KYPRIANOU & CO. LLC
Dimitrios Kremalis
KREMALIS LAW FIRM, MEMBER
OF IUS LABORIS
Irene C. Kyriakides
KYRIAKIDES GEORGOPOULOS
LAW FIRM
Marianna Niavi
KELEMENIS & CO.
Dionysios Pantazis
PANTAZIS & ASSOCIATES
Stefanos Pantazis
PANTAZIS & ASSOCIATES
Christina Papachristopoulou
K | P LAW FIRM
Elena Papachristou
ZEPOS & YANNOPOULOS LAW
FIRM, MEMBER OF LEX MUNDI
Konstantinos Papadiamantis
POTAMITIS-VEKRIS
Stavros Papantonis
ACTION AUDITING S.A. - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Alexios Papastavrou
POTAMITIS-VEKRIS
Dimitris E. Paraskevas
ELIAS PARASKEVAS ATTORNEYS
1933
Michalis Pattakos
ZEPOS & YANNOPOULOS LAW
FIRM, MEMBER OF LEX MUNDI
Spiros Pilios
PHOENIX
Stathis Potamitis
POTAMITIS-VEKRIS
Tom Kyriakopoulos
KELEMENIS & CO.
Ioanna Poulakou
ZEPOS & YANNOPOULOS LAW
FIRM, MEMBER OF LEX MUNDI
Thomas Lamnidis
KLC LAW FIRM
Maria Preka
LOGIKA
Konstantinos Logaras
ZEPOS & YANNOPOULOS LAW
FIRM, MEMBER OF LEX MUNDI
Vicky Psaltaki
SARANTITIS LAW FIRM
Panos Lolonis
HELLENIC CADASTRE AND
MAPPING AGENCY
Margarita Louka
KREMALIS LAW FIRM, MEMBER
OF IUS LABORIS
Christos Makris
CONSULTANT & DESIGN
ENGINEER
Mary Psylla
PWC GREECE
Terina Raptis
SARANTITIS LAW FIRM
Kyriaki (Korina) Raptopoulou
KYRIAKIDES GEORGOPOULOS
LAW FIRM
Vasiliki Salaka
KARATZAS & PARTNERS
Theofanis Salatas
DRAKOPOULOS LAW FIRM
ACKNOWLEDGMENTS
Ioannis Sarakinos
ELIAS PARASKEVAS ATTORNEYS
1933
Aikaterini Savvaidou
PWC GREECE
Cyrus Grith
LABOUR DEPARTMENT
Ioannis Skandalis
PWC GREECE
Annette Henry
MINISTRY OF LEGAL AFFAIRS
Nikolaos Stasinopoulos
NOTARY
Keith Hosten
HOSTENS (ELECTRICAL
SERVICES) LTD.
Alexia Stratou
KREMALIS LAW FIRM, MEMBER
OF IUS LABORIS
Evangelia Tasiopoulou
SARANTITIS LAW FIRM
John Tripidakis
JOHN TRIPIDAKIS & ASSOCIATES
LAW FIRM
Gerson Baley
ATA SERVICIOS
Anajoyce Oliva
CITY HALL OF GUATEMALA CITY
Monica Ordoez
REGISTRO GENERAL DE LA
PROPIEDAD DE GUATEMALA
(RGP)
Alejandra Bermdez
CONSORTIUM - RACSA
Roberto Ozaeta
PWC GUATEMALA
Winston Hosten
HOSTENS (ELECTRICAL
SERVICES) LTD.
Martin BissyLeno
NIMBA CONSEIL SARL
Clive Hoster
GRENADA ELECTRICITY
SERVICES LTD.
Emanuel Callejas
CARRILLO & ASOCIADOS
Angeliki Tsatsi
KARATZAS & PARTNERS
Nigel John
LATITUDES CONSULT
Delia Cantoral
ERNST & YOUNG
Claudia Pereira
MAYORA & MAYORA SC
Antonios Tsavdaridis
IKRP ROKAS & PARTNERS
Cheney Joseph
TROPICAL SHIPPING
Carlos Cardoza
CONSOLIDADOS 807 SA
Mlida Pineda
CARRILLO & ASOCIADOS
Helena Tsertsiganni
Henry Joseph
PKF INTERNATIONAL
Stefanos Tsimikalis
TSIMIKALIS KALONAROU LAW
FIRM
Neil Noel
HENRY HUDSON - PHILLIPS
& C O.
Jannet de Corzo
CONSOLIDADOS 807 SA
Panagiota D. Tsitsa
PANAGIOTA TSITSA
Anthony Ross
GRENADA ELECTRICITY
SERVICES LTD.
Alexia Tzouni
POTAMITIS-VEKRIS
Spyros Valvis
PWC GREECE
Anna Vamialis
KELEMENIS & CO.
Penny Vithoulka
C. PAPACOSTOPOULOS &
ASSOCIATES
Konstantinos Vlachakis
KONSTANTINOS VLACHAKIS
Kalliopi Vlachopoulou
KELEMENIS & CO.
Ioanna Vourvoulia
KYRIAKIDES GEORGOPOULOS
LAW FIRM
Karen Samuel
SAMUEL PHILLIP & ASSOCIATES
Ian H. Sandy
AMICUS ATTORNEYS
Valentino Sawney
TRADSHIP INTERNATIONAL
David R. Sinclair
SINCLAIR ENTERPRISES LIMITED
Casandra Slocombe
GRENADA ELECTRICITY
SERVICES LTD.
Nichole St. Bernard
DANNY WILLIAMS & CO.
Trevor St. Bernard
LEWIS & RENWICK
Vassilis Voutsakis
KLC LAW FIRM
Lisa Telesford
SUPREME COURT REGISTRY
Soa Xanthoulea
JOHN TRIPIDAKIS & ASSOCIATES
LAW FIRM
Shireen Wilkinson
WILKINSON, WILKINSON &
WILKINSON
Amalia Xeini
KREMALIS LAW FIRM, MEMBER
OF IUS LABORIS
Fredy Yatracou
PWC GREECE
Selwyn Woodroe
CONSULTING ENGINEERS
PARTNERSHIP LTD.
GRENADA
PHYSICAL PLANNING UNIT
GUATEMALA
A.D. SOSA & SOTO
W.R. Agostini
W. R. AGOSTINI & CO.
Raymond Anthony
RAYMOND ANTHONY & CO.
James Bristol
HENRY, HENRY & BRISTOL
Shawn Charles
GRENADA ELECTRICITY
SERVICES LTD.
Thaddeus Charles
INLAND REVENUE DEPARTMENT
Linda Dolland
SEON & ASSOCIATES
Kim George
KIM GEORGE & ASSOCIATES
Carlos Ortega
MAYORA & MAYORA SC
Ernie James
Athanasios Tsimikalis
TSIMIKALIS KALONAROU LAW
FIRM
Mamadou Barry
MINISTRE DE LA
CONSTRUCTION, DE
LURBANISME ET HABITAT
Manuel Ramrez
ERNST & YOUNG
Diego Ramrez Bathen
GRUPO ICC
Delorean Randich
PWC GUATEMALA
Marco Tulio Reyna
CMARA GUATEMALTECA DE LA
CONSTRUCCIN
Andres Rivera
ACEROS ARQUITECTNICOS
Alfredo Rodrguez Mahuad
CONSORTIUM - RACSA
Luis Alfonso Ruano
CGW
Francisco Sagastume
GARCA & BODN - GUATEMALA
Glendy Salguero
PWC GUATEMALA
Rodrigo Salguero
PWC GUATEMALA
Salvador A. Saravia Castillo
SARAVIA & MUOZ
Cynthia Sequeira
PALACIOS & ASOCIADOS
Jose Gonzalez
PRECON
Klamcy Solorzano
CITY HALL OF GUATEMALA CITY
Estuardo Toruo
DIRECTOR CORPORATIVO
Juan Francisco Toruo
Rodriguez
CONSOLIDADOS 807 SA
Elmer Vargas
PACHECO COTO
Edgar Mendoza
PWC GUATEMALA
GUINEA
ELECTRICIT DE GUINE
Christian Michelangeli
CARRILLO & ASOCIADOS
Edgar Montes
REGISTRO GENERAL DE LA
PROPIEDAD DE GUATEMALA
(RGP)
Edvin Montoya
LEXINCORP
Gabriel Curtis
AGENCE DE PROMOTION DES
INVESTISSMENTS PRIVS
Zakaria Diakit
NIMBA CONSEIL SARL
Ahmadou Diallo
CHAMBRE DES NOTAIRES
Naby Moussa Fofana
BANQUE CENTRALE DE GUINE
(BCRG)
Soukeina Fofana
BANQUE CENTRALE DE GUINE
(BCRG)
Joachim Gbilimou
Christophe Grenier
AMA (AFRICAN MARITIME
AGENCIES) GUINEA
Amadou Thidiane Kaba
AVOCAT AU BARREAU DE GUINE
Lansana Kaba
CARIG
Mariama Cir Keita Diallo
NIMBA CONSEIL SARL
Fatoumata Koulibaly
BANQUE CENTRALE DE GUINE
(BCRG)
Joseph Koundouno
MINISTRE DE LA
CONSTRUCTION, DE
LURBANISME ET HABITAT
Nounk Kourouma
ADMINISTRATION ET CONTRLE
DES GRANDS PROJETS
Mohamed Lahlou
PWC GUINEA
Martin Macauley
AMA (AFRICAN MARITIME
AGENCIES) GUINEA
Mohamed Y Sidibe
GROUPE BCEIP
Mansa Moussa Sidib
GROUPE BCEIP
Satouma Yari Sounah
ETUDE YANSANE
Assiatou Sow
MINISTRE DE LA
CONSTRUCTION, DE
LURBANISME ET HABITAT
Paul Tchagna
PWC GUINEA
Aminatou Bah
TRANSCO SA & AQUA MARINE
SA
GUINEA-BISSAU
ELECTRICIDADE E AGUAS DA
GUINE-BISSAU
277
278
MINISTRIO DA ECONOMIA E
INTEGRAO REGIONAL
MINISTRIO DA JUSTIA
Emlio Ano Mendes
GB LEGAL - MIRANDA ALLIANCE
Bassambie Bationo
BCEAO
Ab Camar
MINISTRIO DAS
INFRAESTRUTURAS
Humiliano Alves Cardoso
GABINETE ADVOCACIA
Adelaida Mesa DAlmeida
JURISCONTA SRL
Mahaman Tahir Hamani
BCEAO
Miguel Mango
AUDI - CONTA LDA
Vitor Marques da Cruz
MC&A - SOCIEDADE DE
ADVOGADOS RL
Ismael Mendes de Medina
GB LEGAL - MIRANDA ALLIANCE
Teresa Pala
MC&A - SOCIEDADE DE
ADVOGADOS RL
Eduardo Pimentel
CENTRO DE FORMALIZAO DE
EMPRESAS
Osiris Francisco Pina Ferreira
CONSELHO JUDICIAL DA
MAGISTRADURA, REPBLICA DA
GUIN-BISSAU
Rogrio Reis
ROGRIO REIS DESPACHANTE
Alexis Monize
GUYANA OFFICE FOR
INVESTMENT
Harry Noel Narine
PKF INTERNATIONAL
Charlie Ogle
MINISTRY OF LABOUR, HUMAN
SERVICES AND SOCIAL SECURITY
Alvin Parag
PAS CARGO GUYANA INC (PAS
CARGO GROUP)
Carolyn Paul
AMICE LEGAL CONSULTANTS INC.
Christopher Ram
RAM & MCRAE CHARTERED
ACCOUNTANTS
Vishwamint Ramnarine
PFK BARCELLOS, NARINE & CO.
Albert Rodrigues
RODRIGUES ARCHITECTS LTD.
Shantel Scott
FRASER, HOUSTY & YEARWOOD
ATTORNEYS-AT-LAW
Judy Semple-Joseph
CREDITINFO GUYANA
Leslie Sobers
ATTORNEY-AT-LAW
Gidel Thomside
NATIONAL SHIPPING
CORPORATION LTD.
Allyson West
PWC
Tonika Wilson
PWC
Moussa Sanogo
BCEAO
HAITI
MROV-PIERRE - CABINET
DEXPERTS-COMPTABLES
Fernando Tavares
TRANSMAR SERVICES
Ronald Augustin
LE CABINET AUGUSTIN
Emmanuel Yehouessi
BCEAO
GUYANA
DIGICOM
Djacaman Charles
CABINET GASSANT
Marcel Bobb
FRASER, HOUSTY & YEARWOOD
ATTORNEYS-AT-LAW
Desmond Correia
CORREIA & CORREIA LTD.
Lucia Desir-John
D & J SHIPPING SERVICES
Marlon Gonsalves
RODRIGUES ARCHITECTS LTD.
Orin Hinds
ORIN HINDS & ASSOCIATES
ARCH. LTD.
Gary Holder
ORIN HINDS & ASSOCIATES
ARCH. LTD.
Diggan dAdesky
DADESKY IMPORT EXPORT SA
Lucien Fresnel
CABINET GASSANT
Frdric Fritz
LE CABINET AUGUSTIN
Enerlio Gassant
CABINET GASSANT
Georgette Jean-Louis
BANQUE DE LA RPUBLIQUE
DHAITI
Nadyne M. Joseph
UNIBANK
Robert Laforest
CABINET LAFOREST
Renford Homer
GUYANA POWER & LIGHT INC.
Ronald Laraque
AAU
Rexford Jackson
SINGH, DOODNAUTH LAW FIRM
Patrick Laurent
CABINET PATRICK LAURENT &
ASSOCIS
Camille Leblanc
CABINET LEBLANC & ASSOCIS
Ludwig Leblanc
CABINET LEBLANC & ASSOCIS
Kashir Khan
ATTORNEY-AT-LAW
Garry Lhrisson
ATELIER DARCHITECTURE ET
DURBANISME
Rakesh Latchana
RAM & MCRAE CHARTERED
ACCOUNTANTS
Edward Luckhoo
LUCKHOO & LUCKHOO
Roberson Louis
CABINET GASSANT
Kathia Magloire
CABINET GASSANT
Dieuphte Maloir
SAM CONSTRUCTION
Joseph Paillant
BUCOFISC
Jean Louis Richard
BUCOFISC
Michel Succar
CABINET LISSADE
Jean Vandal
VANDAL & VANDAL
HONDURAS
CNBS - COMISION NACIONAL DE
BANCOS Y SEGUROS
Vanessa Aguilera
TRANSCOMA
Juan Jos Alcerro Milla
AGUILAR CASTILLO LOVE
Karla Andino Pealva
CONSORTIUM CENTRO AMRICA
ABOGADOS
Jos Simn Azcona
INMOBILIARIA ALIANZA SA
Felipe G. Bautista
AGENCIA NAVIERA HERMANOS
BAUTISTA
Vanessa Borjas
HONDURAS LOGISTIC
Csar Augusto Cabrera Zapata
TRANSUNION
Fredy Castillo
GARCA & BODN
Ruth de Rivera
GRUPO VESTA
Denia Escalon
PWC HONDURAS
Gilda Espinal Veliz
ASJ - ASOCIACION PARA UNA
SOCIEDAD MAS JUSTA
CORRESPONDENT OF RUSSELL
BEDFORD INTERNATIONAL
Ramn Guzmn
ALCALDA MUNICIPAL
DEL DISTRITO CENTRAL
(TEGUCIGALPA)
Jessica Handal
ARIAS & MUOZ
Kenneth Chan
HONG KONG ECONOMIC &
TRADE OFFICE
Leonard Chan
JLA-ASIA
Maria Irias
IRAS & ASOCIADOS -
Nick Chan
SQUIRE SANDERS
CORRESPONDENT OF RUSSELL
BEDFORD INTERNATIONAL
Evangelina Lardizbal
ARIAS & MUOZ
Armida Mara Lpez de
Arguello
ACZALAW
Issmary Medina
SECRETARIA DE RECURSOS
NATURALES Y AMBIENTE
Jess Humberto Medina-Alva
CENTRAL LAW MEDINA,
ROSENTHAL & ASOCIADOS
Juan Carlos Mndez
GARCA & BODN
Claudia Midence Soto
ARIAS & MUOZ
Vanessa Oquel
GARCA & BODN
Danna Paredes
PWC HONDURAS
Vashi Chandiramani
EXCELLENCE INTERNATIONAL
Selraniy Chow
PWC HONG KONG
Robert Chu
ECONOMIC ANALYSIS AND
BUSINESS FACILITATION UNIT
Jimmy Chung
JAMES NGAI & PARTNERS CPA
LIMITED - MEMBER OF RUSSELL
BEDFORD INTERNATIONAL
Victor Dawes
TEMPLE CHAMBERS
Wilson Fung
MAYER BROWN JSM
Dominic Gregory
ASHURST LLP
Keith Man Kei Ho
WILKINSON & GRIST
Reynold Hung
PWC HONG KONG
Salina Ko
APL HONG KONG
Peter Kwon
ASHURST LLP
Billy Lam
MAYER BROWN JSM
Christie Lam
HONG KONG FINANCIAL
SECRETARY
Andas Lau
THE LAND REGISTRY OF HONG
KONG
Kitty Lau
ASIA BUSINESS SERVICE LIMITED
Candas Lee
EDMUND W. H. CHOW & CO
Juliana Lee
MAYER BROWN JSM
John Robert Lees
JLA-ASIA
Shung Chi Leung
CUSTOMS AND EXCISE
DEPARTMENT
Tommy Li
EDMUND W. H. CHOW & CO
Terry LK Kan
SHINEWING SPECIALIST
ADVISORY SERVICES LIMITED
Dickson Lo
MAUNSELL AECOM GROUP
Psyche S.F. Luk
FAIRBAIRN CATLEY LOW & KONG
Mat Ng
JLA-ASIA
Kok Leong Ngan
CLP POWER HONG KONG
LIMITED
Yeung Or
INLAND REVENUE DEPARTMENT,
HKSAR
Martinal Quan
METOPRO ASSOCIATES LIMITED
Matthias Schemuth
ASHURST LLP
Holden Slutsky
PACIFIC CHAMBERS
Thomas Tang
MAUNSELL AECOM GROUP
Charles To
SQUIRE SANDERS
Hong Tran
MAYER BROWN JSM
Anita Tsang
PWC HONG KONG
Derek Tsang
MAYER BROWN JSM
William Tsang
Y H TSANG & CO.
Laurence Tsong
TRANSUNION HONG KONG
Cli Tsui
JLA-ASIA
Paul Tsui
HONG KONG ASSOCIATION
OF FREIGHT FORWARDING &
LOGISTICS LTD (HAFFA)
Christopher Whiteley
ASHURST LLP
Agnes Wong
COMPANIES REGISTRY, HKSAR
Charlton Wong
MAUNSELL AECOM GROUP
Fergus Wong
PWC HONG KONG
ACKNOWLEDGMENTS
Patrick Wong
MAYER BROWN JSM
Erica Xiong
RUSSELL BEDFORD JAMES
NGAI CPA LIMITED - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Elaine Yeung
MAYER BROWN JSM
HUNGARY
CARGO-PARTNER
HELLMANN WORLDWIDE
LOGISTICS KFT
Mark Balastyai
FUTUREAL GROUP
Balzs Balog
RETI, ANTALL AND PARTNERS
LAW FIRM
Pter Brdos
LAW FIRM DR. PTER AND RITA
BRDOS
Sndor Bksi
PARTOS & NOBLET HOGAN
LOVELLS
Blanka Brzsnyi
SIEGLER LAW OFFICE / WEIL,
GOTSHAL & MANGES
Hedi Bozsonyik
SZECSKAY ATTORNEYS-AT-LAW
Zsuzsanna Cseri
CSERI & PARTNERS LAW
OFFICES
Maria Csik
PARTOS & NOBLET HOGAN
LOVELLS
Gbor Dohny
PARTOS & NOBLET HOGAN
LOVELLS
Andrs Elekes
IMMOBILIA REAL ESTATE
DEVELOPMENT KFT
Tams Esze
BPV|JDI NMETH
ATTORNEYS-AT-LAW
Zsuzsa File
PARTOS & NOBLET HOGAN
LOVELLS
Rbert Nagy
BISZ CENTRAL CREDIT
INFORMATION PLC
Jn Ingi Ingibergsson
PRICEWATERHOUSECOOPERS
LEGAL EHF
Sndor Nmeth
SZECSKAY ATTORNEYS-AT-LAW
Aalsteinn E. Jnasson
LEX LAW OFFICES
Christopher Noblet
PARTOS & NOBLET HOGAN
LOVELLS
Thora Jnsdttir
JURIS LAW OFFICE
Gabriella Pataki
WHITE & CASE
rs Pnzes
Rita Rado
CSERI & PARTNERS LAW
OFFICES
Istvn Sndor
KELEMEN, MESZAROS, SANDOR
& PARTNERS
Konrd Siegler
SIEGLER LAW OFFICE / WEIL,
GOTSHAL & MANGES
Zsa Siegler
BDO HUNGARY
Gergely Szoboszlai
SIEGLER LAW OFFICE / WEIL,
GOTSHAL & MANGES
Angla Szke
BDO HUNGARY
Adrienn Tar
SZECSKAY ATTORNEYS-AT-LAW
dm Tth
DR. TTH DM KZJEGYZI
IRODA
Annamria Tth
PARTOS & NOBLET HOGAN
LOVELLS
Gbor Zoltn Szab
SIEGLER LAW OFFICE / WEIL,
GOTSHAL & MANGES
ICELAND
sta Slveig Andrsdttir
REGISTERS ICELAND
Norbert Izer
PWC HUNGARY
Gbor Kertsz
BDO HUNGARY
Adrienn Keszei
BISZ CENTRAL CREDIT
INFORMATION PLC
Dra Mth
PWC HUNGARY
Lszl Mohai
MOHAI LAW OFFICE
Eyvindur Slnes
CATO LGMENN
Jhannes Stephensen
CREDITINFO ICELAND
Gunnar Sturluson
LOGOS, MEMBER OF LEX MUNDI
Helgi r orsteinsson
LEX LAW OFFICES
Karen Bragadttir
TOLLSTJRI - DIRECTORATE OF
CUSTOMS
Gergely Horvth
WHITE & CASE
sgeir . Ragnarsson
BBA LEGAL
gnes Szent-Ivny
SNDOR SZEGEDI SZENT-IVNY
KOMROMI EVERSHEDS
Anna Gspr
BUILD-ECON LTD.
Kristjn Plsson
JNAR TRANSPORT
Szilvia Szeleczky
BUDAPEST 1ST DISTRICT
MUNICIPALITY
Dra Horvth
RETI, ANTALL AND PARTNERS
LAW FIRM
Veronika Francis-Hegeds
BPV|JDI NMETH
ATTORNEYS-AT-LAW
Tamas Halmos
PARTOS & NOBLET HOGAN
LOVELLS
Gudrun Gudmundsdottir
JNAR TRANSPORT
Andri Gunnarsson
NORDIK LEGAL SERVICES
Reynir Haraldsson
JNAR TRANSPORT
Hrur Dav Hararson
TOLLSTJRI - DIRECTORATE OF
CUSTOMS
Steinr orsteinsson
TOLLSTJRI - DIRECTORATE OF
CUSTOMS
Jon Vilhjalmsson
EFLA CONSULTING ENGINEERS
INDIA
GAYATRI INTERNATIONAL
TRADING CO.
M.L Bhakta
KANGA & CO.
Sushmita Ganguly
TRILEGAL
Manjit Bhalla
INTERNATIONAL LAW AFFILIATES
PASRICH & COMPANY
Ritika Ganju
PHOENIX LEGAL
Aradhana Bhansali
RAJANI, SINGHANIA & PARTNERS
LLP SOLICITORS & ADVOCATES
Sushil Bhasin
BHASIN INTERNATIONAL
Rachita Bhat
LEX MUNDI ASSOCIATION OF
LAW FIRMS
Gurpriya Bhatia
INTERNATIONAL LAW AFFILIATES
PASRICH & COMPANY
Suprio Bose
JURIS CORP
Nidhi Bothra
VINOD KOTHARI & CO.
PRACTICING COMPANY
SECRETARIES
Thomas Brunner
LEAPFROG INVESTMENTS, LTD.
Himanshu Chahar
LEXCOUNSEL
Harshala Chandorkar
CREDIT INFORMATION BUREAU
(INDIA) LTD.
Anand Chatrath
B. M. CHATRATH & CO.
Daizy Chawla
SINGH & ASSOCIATES,
ADVOCATES AND SOLICITORS
S.B. Gautam
MINISTRY OF CORPORATE
AFFAIRS
Punarva Gera
JURIS CORP
Arup Ghosh
TATA POWER DELHI
DISTRIBUTION LTD.
Vijay Goel
SINGHANIA & CO. LLP
Veena Gopalakrishnan
NISHITH DESAI ASSOCIATES
Sameer Guha
TRILEGAL
Atul Gupta
TRILEGAL
Rakesh Gupta
RRA TAXINDIA TAX ADVISORS &
ADVOCATES
Reetika Gupta
KOCHHAR & CO.
Ruchira Gupta
THE JURIS SOCIIS
Rajesh Haldipur
PWC INDIA
Akil Hirani
MAJMUDAR & PARTNERS
Akshaya Iyer
MAJMUDAR & PARTNERS
Manjula Chawla
PHOENIX LEGAL
Joy Jacob
KHAITAN & CO.
Arzineh Chinoy
DESAI & DIWANJI
Anjilika Chopra
DELOITTE
SUHASINI IMPEX
Poorvi Chothani
LAWYER
Deepti Jain
KNM & PARTNERS, LAW
OFFICES
Dulal Acharyya
G. D. INTERNATIONAL
Alfred Adebare
LEXCOUNSEL
Ankit Agarwal
FOX MANDAL & CO.
Kritika Agarwal
MAJMUDAR & PARTNERS
Sundeep Agarwal
PWC INDIA
Neeharika Aggarwal
KNM & PARTNERS, LAW
OFFICES
P.S. Atree
P.S. ATREE & CO. PVT. LTD.
Aditi Bagri
JURIS CORP
Raghav Bansal
RSB LEAGUE CONSULTANTS,
ATTORNEYS & SOLICITORS
Shashwat Bansal
RSB LEAGUE CONSULTANTS,
ATTORNEYS & SOLICITORS
Amol Chtinis
JURIS CORP
Sachin Chugh
SINGHI CHUGH & KUMAR,
CHARTERED ACCOUNTANTS
Abhijeet Das
LEXCOUNSEL
Amrita Decruz
TRILEGAL
Rhuta Deobagkai
TRILEGAL
Vishwang Desai
DESAI & DIWANJI
Pushkar Deshpande
KOCHHAR & CO.
Kavita Devi
KHALSHA CONSULTANCY
SERVICES
Soumitry Dey
THE TATA POWER COMPANY
LIMITED
Prashant Dharia
ANANT INDUSTRIES
Subhash Bansal
RSB LEAGUE CONSULTANTS,
ATTORNEYS & SOLICITORS
Farida Dholkawala
DESAI & DIWANJI
Sumitava Basu
JURIS CORP
Pradhumna Didwania
SINGH & ASSOCIATES,
ADVOCATES AND SOLICITORS
Soumi Benerji
FOX MANDAL & CO.
Hetal Bhagat
MEHTA & MEHTA
Neeraj Bhagat
NEERAJ BHAGAT & CO.
Thambi Durai
T. DURAI & CO.
Prithwijit Gangopadhyay
TRILEGAL
Jayant Jain
PWC INDIA
Jitender Jain
SINGHANIA & CO. LLP
Vipin Jain
SHREE BHIKSHU MARBLE AND
GRANITES
H. Jayesh
JURIS CORP
Rajat Joneja
KNM & PARTNERS, LAW
OFFICES
Manmohan Juneja
MINISTRY OF CORPORATE
AFFAIRS
Sumeet Kachwaha
KACHWAHA & PARTNERS
Amit Kamat
KAMAT & COMPANY
Atul Kansal
INDUS ENVIRONMENTAL
SERVICES PVT. LTD.
Apurva Kanvinde
JURIS CORP
Rajas Kasbekar
LITTLE & CO.
Kripi Kathuria
PHOENIX LEGAL
Charandeep Kaur
TRILEGAL
Paramjeet Kaur
KHALSHA CONSULTANCY
SERVICES
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Mitalee Kaushal
KNM & PARTNERS, LAW
OFFICES
Arun Kedia
VAV LIFE SCIENCES P. LTD.
Pooja Khanna
PHOENIX LEGAL
Shinjni Kharbanda
PHOENIX LEGAL
Ankit Khushu
KACHWAHA & PARTNERS
Amit Kolekar
RAJANI, SINGHANIA & PARTNERS
LLP SOLICITORS & ADVOCATES
Ravinder Komaragiri
THE TATA POWER COMPANY
LIMITED
Vinod Kothari
VINOD KOTHARI & CO.
PRACTICING COMPANY
SECRETARIES
Harsh Kumar
SINGHI CHUGH & KUMAR,
CHARTERED ACCOUNTANTS
Mrinal Kumar
LEX MUNDI ASSOCIATION OF
LAW FIRMS
Mrityunjay Kumar
DHINGRA & SINGH ATTORNEYS-AT-LAW
Mukesh Kumar
KNM & PARTNERS, LAW
OFFICES
S. Kumar
CENTRAL BOARD OF EXCISE &
CUSTOMS
Vikram Kumar
SUPPLY SOURCE INDIA
Manoj Kumar Singh
SINGH & ASSOCIATES,
ADVOCATES AND SOLICITORS
Vijay Kumar Singh
SINGH & ASSOCIATES,
ADVOCATES AND SOLICITORS
Shreedhar T. Kunte
SHARP AND TANNAN - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Shishir Mehta
KHAITAN & CO.
Ajay Raghavan
TRILEGAL
Vikas Mehta
PRADEEP TRADERS
Ravishankar Raghavan
MAJMUDAR & PARTNERS
Dhiraj Mhetre
DESAI & DIWANJI
Hafeez Rahman
INTERNATIONAL LAW AFFILIATES
PASRICH & COMPANY
Sharad Mishra
NEO MULTIMEDIAN
Shivani Mishra
NEO MULTIMEDIAN
Saurabh Misra
SAURABH MISRA & ASSOCIATES,
INTERNATIONAL LAWYERS
Hemal Modi
SHARP & TANNAN GROUP MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Shailesh Monani
PWC INDIA
Avikshit Moral
JURIS CORP
Moiz Motiwala
SHARP AND TANNAN - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Mustafa Motiwala
JURIS CORP
Dushyant Mulani
KAMAT & COMPANY
Shirish Mulekar
ARCHITECT
Deepa Murthy
FOX MANDAL & CO.
Vaidehi Naik
PHOENIX LEGAL
Vijay Nair
KNM & PARTNERS, LAW
OFFICES
Aseem Nanda
CENTRAL BOARD OF EXCISE &
CUSTOMS
Vaibhav Nautiyal
INDUS ENVIRONMENTAL
SERVICES PVT. LTD.
Madhav Pande
L & T CAPITAL CO. LTD., MUMBAI
Ramakant Rai
TRILEGAL
Kaushik Rajan
KHAITAN & CO.
S. Ramakrishna
BALAJI MARILINE PVT. LTD.
Subramanian Ramaswamy
KHAITAN & CO.
Dipak Rao
RAJANI, SINGHANIA & PARTNERS
LLP SOLICITORS & ADVOCATES
Preetha S.
NISHITH DESAI ASSOCIATES
Satish S.
PWC INDIA
Swarnima S.
TRILEGAL
Anushree Saha
LEGASIS SERVICES PRIVATE
LIMITED
Kehsav Saini
KNM & PARTNERS, LAW
OFFICES
Ramani Seshadri
DPAS GROUPS
Samir Shah
JASVANT B SHAH
Avnish Sharma
LEX MUNDI ASSOCIATION OF
LAW FIRMS
Manoranjan Sharma
KNM & PARTNERS, LAW
OFFICES
Rajnish Sharma
RAJNISH SHARMA
ATTORNEY-AT-LAW
Rupali Sharma
KOCHHAR & CO.
Sunil Dutt Sharma
KHALSHA CONSULTANCY
SERVICES
Harjeet Lall
AXON PARTNERS LLP
Anup Pandey
MINISTRY OF LABOUR &
EMPLOYMENT
Rajiv K. Luthra
LUTHRA & LUTHRA
Janak Pandya
NISHITH DESAI ASSOCIATES
Jignesh Makwana
SWIFTINDIAINC CORPORATE
SERVICES PRIVATE LIMITED
Kunal Pareek
TATA POWER DELHI
DISTRIBUTION LTD.
Divya Malcolm
KOCHHAR & CO.
Mukesh Singhal
KNM & PARTNERS, LAW
OFFICES
Yogesh Malhan
SINGH & ASSOCIATES,
ADVOCATES AND SOLICITORS
Vipender Mann
KNM & PARTNERS, LAW
OFFICES
R.K. Mehrotra
R.K.CLEARING PVT.LTD.
Atul Mehta
MEHTA & MEHTA
Dara Mehta
LITTLE & CO.
Sanjay Patil
BDH INDUSTRIES LIMITED
Ashish Pednekar
GVP LOGISTICS
Bhadrinath Madhusudan Pogul
KALKI INTERNATIONAL
Madhusudan Venkatesh Pogul
RENGA MATCH
Dipti Mehta
MEHTA & MEHTA
Nitin Potdar
J. SAGAR ASSOCIATES,
ADVOCATES & SOLICITORS
Jitesh Mehta
SOURCE INDIA
M. Prabhakaran
CONSULTA JURIS
Preeti G. Mehta
KANGA & CO.
Rajat Pradhan
PHOENIX LEGAL
Arjun Shiv
TRILEGAL
Vikram Shro
NISHITH DESAI ASSOCIATES
Kartikeya Singh
PHOENIX LEGAL
Arvind Sinha
RCS PVT. LTD. BUSINESS
ADVISORS GROUP
Rajat Ratan Sinha
RCS PVT. LTD. BUSINESS
ADVISORS GROUP
Vineet Sinha
KNM & PARTNERS, LAW
OFFICES
Vinay Sirohia
AXON PARTNERS LLP
R. Siva
VINZAS SOLUTIONS INDIA
PRIVATE LIMITED
Veena Sivaramakrishnan
JURIS CORP
Somesh Srivastava
LEGASIS SERVICES PRIVATE
LIMITED
Ankit Sukhija
SINGH & ASSOCIATES,
ADVOCATES AND SOLICITORS
P.N. Swaroop
MODERN CARGO SERVICES
PVT. LTD.
Ashwani Taneja
RRA TAXINDIA TAX ADVISORS &
ADVOCATES
Rajesh Tayal
KNM & PARTNERS, LAW
OFFICES
Himanshu Tewari
BMR ADVISORS
Chetan Thakkar
KANGA & CO.
Shruti Thampi
JURIS CORP
Piyush Thareja
NEERAJ BHAGAT & CO.
Sameep Vijayvergiya
DHINGRA & SINGH
- ATTORNEYS-AT-LAW
Jyoti Virmani
FOX MANDAL & CO.
Hufriz Wadia
JURIS CORP
Manoj Yadav
NEERAJ BHAGAT & CO.
Armen L. Daulay
ARMEN, BUDIMAN & REKAN
REGISTERED PUBLIC
ACCOUNTANT
INDONESIA
BANK OF AMERICA MERRILL
LYNCH
Aris Dinamika
SCHNEIDER ELECTRIC
Mita Djajadiredja
MD & PARTNERS
INDONESIA NOTARY
ORGANIZATION
David East
KPMG
Hizban Achmad
INDO KARYA SENIOR
Yanuar Aditya
ADNAN KELANA HARYANTO &
HERMANTO
Nas Adwani
ALI BUDIARDJO, NUGROHO,
REKSODIPUTRO, MEMBER OF
LEX MUNDI
Lia Alizia
MAKARIM & TAIRA S.
Irina Anindita
MAKARIM & TAIRA S.
Andara Annisa
MAKARIM & TAIRA S.
Almer Apon
IWA LOGISTICS (INDONESIA)
Gina Aprilitasari
MATARAM PARTNERS
Hizkia Ardianto
ERNST & YOUNG
Aries
PT PLN (PERSERO) INDONESIA
STATE ELECTRICITY
CORPORATION
Saiful Arif
ZAIDUN & PARTNERS
Devita Arlene R. Sinaga
PT. BANK NEGARA INDONESIA
(BNI)
Ardian Army
MACHMUD FAUZI, NOTARIS &
PPAT
Machmud Fauzi
MACHMUD FAUZI, NOTARIS &
PPAT
Widigdya Sukma Gitaya
WSG TAX ADVISOR
Indra Gunawan
TATAGUNA MATRA
ARCHITECTURE ENGINEERING
CONSULTANTS
Melanie Hadeli
BAHAR & PARTNERS
Fitri Handayanti Lubis
SIMBOLON & PARTNERS LAW
FIRM
Dedet Hardiansyah
BUDIMAN AND PARTNERS
Freddy Harris
MINISTRY OF LAW AND HUMAN
RIGHTS
Stefanus Haryanto
ADNAN KELANA HARYANTO &
HERMANTO
Joseph Hendrik
MAKARIM & TAIRA S.
Satrio S. Herlambang
INDONESIAN INSTITUTE OF
ARCHITECTS
Inyo Hetarie
Wan Juli
ERNST & YOUNG
Iswahjudi A. Karim
KARIMSYAH LAW FIRM
ACKNOWLEDGMENTS
Mirza Karim
KARIMSYAH LAW FIRM
Sophia Rengganis
PWC INDONESIA
Gatot Triprasetio
WIDYAWAN & PARTNERS
Galinar R. Kartakusuma
MAKARIM & TAIRA S.
Adrio Rivadi
KUSNANDAR & CO.
Reagan Roy
MAKARIM & TAIRA S.
Wahyu Tunggono
ARAMEX INTERNATIONAL
INDONESIA
Theo Kumaat
INDONESIAN LOGISTICS AND
FORWARDERS ASSOCIATION
Winita E. Kusnandar
KUSNANDAR & CO.
Ir. Bambang Kusumarijadi
PELITA BUMIWANGI, PT
Diana Kusumasari
SIMBOLON & PARTNERS LAW
FIRM
Jatmiko Adi Kusumo
INTERIORS & CO.
Arno F. Rizaldi Kwok
KUSNANDAR & CO.
Roy Lee
DFDL
Eddy M. Leks
LEKS & CO.
Fintje Lumembang
PT PLN (PERSERO), EAST JAVA
DISTRIBUTION
Noorna Luthany
BANK INDONESIA
Sontang C. Mamurung
Bintang Manik
MAKARIM & TAIRA S.
Benny Marbun
PT PLN (PERSERO) INDONESIA
STATE ELECTRICITY
CORPORATION
Mahesa Rumondor
ADNAN KELANA HARYANTO &
HERMANTO
Isyana W. Sadjarwo
Himawan Santoso
ADHICIPTA ENGINEERING
CONSULTANTS
Gatot Sanyoto
KUSNANDAR & CO.
Nur Asyura Anggini Sari
BANK INDONESIA
Wiyono Sari
WIYONO PARTNERSHIP
Bambang Sartono
ADHICIPTA ENGINEERING
CONSULTANTS
Marinza Savanthy
WIDYAWAN & PARTNERS
Erwin Setiawan
ERNST & YOUNG
Hendra Setiawan
BUDIDJAJA & ASSOCIATES LAW
OFFICES
Indra Setiawan
ALI BUDIARDJO, NUGROHO,
REKSODIPUTRO, MEMBER OF
LEX MUNDI
Arief Setyadi
PKF INTERNATIONAL
Bonar Sidabukke
SIDABUKKE CLAN & ASSOCIATES
Runi Tusita
PWC INDONESIA
Tasya Utami Putri
SIMBOLON & PARTNERS LAW
FIRM
Adhie Wicaksono
BANK INDONESIA
Aditya Kesha Wijayanto
WIDYAWAN & PARTNERS
Pudji Winiarti
UPTSA (UNIT PELAYANAN
TERPADU SATU ATAP) SURABAYA
TIMUR (ONE-STOP SHOP)
Wiwid
MENTARI FREIGHT SERVICES
Akbar Zainuri
KARIMSYAH LAW FIRM
Yondri Zulfadli
PT PLN (PERSERO) INDONESIA
STATE ELECTRICITY
CORPORATION
Asadollah Jalalabadi
BANK TEJARAT OF IRAN
Mohammad Jalili
IRAN CREDIT SCORING
Abbas Taghipour
CENTRAL BANK OF THE ISLAMIC
REPUBLIC OF IRAN
Shahrzad Majdameli
TOLLEFSEN LAW PLLC
Ahmed Al-Jannabi
MENA ASSOCIATES, MEMBER OF
AMERELLER RECHTSANWLTE
Adil Al-Lami
MANAGEMENT SYSTEMS
INTERNATIONAL
Ebrahim Asadi
ELECTRICAL INDUSTRY
DEVELOPMENT (EID
CONSULTANT CO.)
Nadia Soraya
MD & PARTNERS
Hamede Akhavan
SECURITIES AND EXCHANGE
ORGANIZATION OF IRAN
Toktam Aynehkar
PERSOL CORPORATION
Hamid Berenjkar
OFFICE OF HAMID BERENJKAR
Pouyan Bohloul
BOHLOUL & ASSOCIATES LAW
OFFICE
Oy Syoah
KARIMSYAH LAW FIRM
Golsa Daghighi
INTERNATIONAL LAW OFFICE
OF DR. BEHROOZ AKHLAGHI &
ASSOCIATES
Febiriyansa Tandjung
LEKS & CO.
Morteza Dezfoulian
MORTEZA
Ilman Rakhmat
KARIMSYAH LAW FIRM
Doddy Tjahjadi
PTI ARCHITECTS
Sepideh Dowlatshahi
BARTAR ASSOCIATES LAW FIRM
Shahdad Shabani
AUSTRALIAN GREEN
MANAGEMENT & SERVICES
Dhamma Ratna
NOTARIS & PEJABAT PEMBUAT
AKTA TANAH
Maryam Ebrahimi
TEHRAN STOCK EXCHANGE
(TSE)
Ahmad Shabanifard
AUSTRALIAN GREEN
MANAGEMENT & SERVICES
Harry Purwoko
SEMBADA PRATAMA (SCHOOL OF
SUPPLY CHAIN AND LOGISTICS)
Sahar Sotoodehnia
INTERNATIONAL LAW OFFICE
OF DR. BEHROOZ AKHLAGHI &
ASSOCIATES
Ali Ahmadi
TEHRAN CHAMBER OF
COMMERCE, INDUSTRIES AND
MINES
Agoes Soerarso
TATAGUNA MATRA
ARCHITECTURE ENGINEERING
CONSULTANTS
Bambang Priono
NATIONAL LAND AGENCY
Pedram Soltani
PERSOL CORPORATION
Hassan Amirshahi
LAW OFFICES OF DR. HASSAN
AMIRSHAHI
Wimphry Suwignjo
WIMPHRY SUWIGNJO, NOTARIS
& P.P.A.T.
Nassim Jahanbani
GREAT TEHRAN ELECTRICITY
DISTRIBUTION COMPANY
(GTEDC)
Mohammad Soltani
SECURITIES AND EXCHANGE
ORGANIZATION OF IRAN
Majid Mahallati
MAHALLATI & CO. CHARTERED
ACCOUNTANTS
Abraham Pierre
KPMG
Morad Iranzadi
DARA POOYA
Morteza Adab
REGISTRATION COMPANIES
OFFICE
Any Miami
PWC INDONESIA
Sutoro
NATIONAL LAND AGENCY
S. Hamid Hosseini
MERAAT INTERNATIONAL GROUP
Farzan Shirvanbeigi
TEHRAN MUNICIPALITY FANAVARAN SHAHR CO.
IRAQ
ERNST & YOUNG
Behrooz Akhlaghi
INTERNATIONAL LAW OFFICE
OF DR. BEHROOZ AKHLAGHI &
ASSOCIATES
Ay Tjhing Phan
PWC INDONESIA
Majid Haddad
AUSTRALIAN GREEN
MANAGEMENT & SERVICES
Amir Kheirollahy
HT CO, LTD.
Ricardo Simanjuntak
RICARDO SIMANJUNTAK &
PARTNERS
Ekajatno Supatra
ABDIBANGUN BUANA
Azadeh Zarei
Ella Melany
HANAFIAH PONGGAWA &
PARTNERS
Pelopor
NATIONAL LAND AGENCY
Behnam Khatami
ATIEH ASSOCIATES
Camellia Abdolsamad
INTERNATIONAL LAW OFFICE
OF DR. BEHROOZ AKHLAGHI &
ASSOCIATES
Erna Sriyatmi
NATIONAL LAND AGENCY
Behzad Feizi
AGAHAN & CO.
Ebrahim Tavakoli
BARTAR ASSOCIATES LAW FIRM
Masood Shaikh
PERSOL CORPORATION
Farid Kani
ATIEH ASSOCIATES
Bernard Sihombing
BUDIDJAJA & ASSOCIATES LAW
OFFICES
Ivor Pasaribu
LEKS & CO.
Hossein Fahimi
SECURITIES AND EXCHANGE
ORGANIZATION OF IRAN
Agus Marsudi
INDONESIAN INSTITUTE OF
ARCHITECTS
Budi Pangestu
PT PLN (PERSERO), EAST JAVA
DISTRIBUTION
Ali Shahabi
INTERNATIONAL LAW OFFICE
OF DR. BEHROOZ AKHLAGHI &
ASSOCIATES
Sudiman Sidabukke
SIDABUKKE CLAN & ASSOCIATES
Shirzad Eslami
OWJ LAW OFFICE
Andi Zulkar
MATARAM PARTNERS
Heru Mardijarto
MAKARIM & TAIRA S.
Aln Nainggolan
MATARAM PARTNERS
Mahmoud Eskandari
Munther B. Hamoudi
AL-BURAQ ENGINEERING CO.
LTD.
Ahmed Dawood
BAYT AL-HIKMAH FOR LEGAL
SERVICES AND CONSULTANCY
LLC
Abbas Fadel
AL NOSOOR
Kamal Field Al-Basri
IRAQI INSTITUTE FOR ECONOMIC
REFORM
Ali Fikiki
MANAGEMENT SYSTEMS
INTERNATIONAL
Deepak John
SKYBRIDGE FREIGHT SOLUTIONS
LLC
Jamal Mehdi Shalal
AL ATTAR REAL ESTATE OFFICE
Rasha Nadeem
BAYT AL-HIKMAH FOR LEGAL
SERVICES AND CONSULTANCY
LLC
Ahmed Naguib
BCC LOGISTICS
Ammar Naji
CONFLUENT LAW GROUP
Abdelrahman Sherif
MENA ASSOCIATES, MEMBER OF
AMERELLER RECHTSANWLTE
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Stephan Stephan
PWC JORDAN
Gerry ONeill
IRISH CREDIT BUREAU
Ido Gonen
GOLDFARB SELIGMAN & CO.
Khaled Yaseen
AL-SAQER ADVISERS & LEGAL
SERVICES
Robert OShea
MATHESON
Liron HaCohen
YIGAL ARNON & CO.
Laura OSullivan
MASON HAYES & CURRAN
Yael Hershkovitz
GROSS, KLEINHENDLER, HODAK,
HALEVY, GREENBERG & CO.
Haythem Zayed
PWC JORDAN
IRELAND
Sarah Berkery
DILLON EUSTACE
Finbarr Cleary
CELTIC FORWARDING LTD.
John Comerford
COONEY CAREY - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Danielle Conaghan
ARTHUR COX, MEMBER OF LEX
MUNDI
Pearse Corbett
ESB INTERNATIONAL
Amanda Daly
MATHESON
Maurice Phelan
MASON HAYES & CURRAN
Sinead Power
IRISH CREDIT BUREAU
Jilian Pringle
OLM CONSULTANCY
Kevin Quinn
PWC IRELAND
Brendan Sharkey
REDDY CHARLTON
Gavin Simons
AMOSS SOLICITORS
Lorcan Tiernan
DILLON EUSTACE
Mark Traynor
A&L GOODBODY
Zeev Katz
PWC ISRAEL
Romina Ballanca
PWC - TAX AND LEGAL SERVICES
Vered Kirshner
PWC ISRAEL
Paola Barazzetta
PWC - TAX AND LEGAL SERVICES
Gideon Koren
GIDEON KOREN & CO. LAW
OFFICES
Gianluigi Baroni
PWC - TAX AND LEGAL SERVICES
Orna Kornreich-Cohen
SHAVIT BAR-ON GAL-ON TZIN
YAGUR, LAW OFFICES
Hadas Lavi
S. HOROWITZ & CO., MEMBER OF
LEX MUNDI
Gavin Doherty
EUGENE F. COLLINS SOLICITORS
Colm Walsh
IRISH INTERNATIONAL FREIGHT
ASSOCIATION
Michelle Liberman
S. HOROWITZ & CO., MEMBER OF
LEX MUNDI
Eoghan Doyle
PHILIP LEE SOLICITORS
Patrick Walshe
PHILIP LEE SOLICITORS
Yigal Merav
A. MOSKOVITS & SONS LTD.
John Doyle
DILLON EUSTACE
Emma Weld-Moore
DANIEL MURPHY SOLICITORS
Rotem Muntner
RUTH CARGO
Ray Duy
THE PROPERTY REGISTRATION
AUTHORITY
ISRAEL
HILMAN & CO. CPAS (ISR.)
Frank Flanagan
MASON HAYES & CURRAN
Ciara Garry
FGS DUBLIN
Koren Good
PWC IRELAND
Cillian Gorman
ARTHUR COX, MEMBER OF LEX
MUNDI
Paul Gough
EUGENE F. COLLINS SOLICITORS
Naomi Harty
MASON HAYES & CURRAN
Uzi Pinchasi
MICHAEL HUNTER & PARTNERS
SCHWARTZ MARCEL
CONSULTING ENGINEERS LTD.
Mirit Reif
HACOHEN WOLF LAW OFFICES
Eyal Bar-Eliezer
BALTER, GUTH, ALONI LLP
Nili Reif
HACOHEN WOLF LAW OFFICES
Ofer Bar-On
SHAVIT BAR-ON GAL-ON TZIN
YAGUR, LAW OFFICES
Doron Sadan
PWC ISRAEL
Jeremy Benjamin
GOLDFARB SELIGMAN & CO.
Marina Benvenisti
RUTH CARGO
Anna Hickey
PHILIP LEE SOLICITORS
Thomas Johnson
IRISH BUILDING CONTROL
INSTITUTE
Roy Caner
ERDINAST BEN NATHAN & CO.
ADVOCATES
William Johnston
ARTHUR COX, MEMBER OF LEX
MUNDI
Jonathan Kelly
PHILIP LEE SOLICITORS
Mary Liz Mahony
ARTHUR COX, MEMBER OF LEX
MUNDI
Brid McCoy
AMOSS SOLICITORS
Thomas McGovern
COMPANIES REGISTRATION
OFFICE, IRELAND
Kevin Meehan
COMPASS MARITIME LTD.
Michael OConnor
MATHESON
Brian OMalley
A&L GOODBODY
Shai Nagor
DELOITTE
MINISTRY OF JUSTICE
Jacob Ben-Chitrit
YIGAL ARNON & CO.
Doron Cohen
RAVEH, RAVID & CO CPAS MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Danny Dilbary
GOLDFARB SELIGMAN & CO.
Shlomo Farkas
ELCHANAN LANDAU LAW
OFFICES
Ran Feldman
S. HOROWITZ & CO., MEMBER OF
LEX MUNDI
Keren Freund
GOLDFARB SELIGMAN & CO.
Shmulik Fried
GOLDFARB SELIGMAN & CO.
Viva Gayer
ERDINAST BEN NATHAN & CO.
ADVOCATES
Tuvia Geen
NASCHITZ, BRANDES & CO.
Gea Arcella
CIVIL LAW NOTARY, LAWYER
Gaetano Arn
PWC - TAX AND LEGAL SERVICES
Opher Levenberg
STEINMETZ, HARING, GURMAN
& CO.
Jamie Ensor
DILLON EUSTACE
Stefano Aprile
PENAL COURT OF ROME
Yossi Katsav
RUTH CARGO
Joe Tynan
PWC IRELAND
Emma Doherty
MATHESON
Umberto Antonelli
STUDIO LEGALE ASSOCIATO AD
ASHURST LLP
Liora Seidman
MINISTRY OF CONSTRUCTION
AND HOUSING
Dan Sharon
DAN SHARON - CONSULTING
ENGINEERS 2002 LTD.
Daniel Singerman
BUSINESS DATA ISRAEL +
PERSONAL CHECK
Eran Taussig
BALTER, GUTH, ALONI LLP
Eylam Weiss
WEISS-PORAT & CO.
Zeev Weiss
WEISS-PORAT & CO.
Dave Wolf
HACOHEN WOLF LAW OFFICES
ITALY
Marianna Abbaticchio
RISTUCCIA & TUFARELLI
Fabrizio Acerbis
PWC ITALY
Emanuele Alemagna
LCA - LEGA COLUCCI E
ASSOCIATI
Giuseppe Alemani
ALEMANI E ASSOCIATI
Mario Altavilla
UNIONCAMERE
Federico Antich
STUDIO DELLAVVOCATO ANTICH
Alvise Becker
PWC - TAX AND LEGAL SERVICES
Vlad Bea
STUDIO SAVOIA
Susanna Beltramo
STUDIO LEGALE BELTRAMO
Carlotta Benigni
DLA PIPER
Marta Bianchi
PWC - TAX AND LEGAL SERVICES
Andrea Bossola
ACEA S.P.A.
Giampaolo Botta
SPEDIPORTO - ASSOCIAZIONE
SPEDIZIONIERI CORRIERI E
TRASPORTATORI DI GENOVA
Francesca Brilli
STUDIO LEGALE ASSOCIATO AD
ASHURST LLP
Giuseppe Broccoli
BDA STUDIO LEGALE
Carlo Andrea Bruno
RAYNAUD AND PARTNERS STUDIO LEGALE
Claudio Burello
PWC - TAX AND LEGAL SERVICES
Sergio Calderara
ALMAVIVA S.P.A. - DIREZIONE
AFFARI LEGALI
Federico Calloni
STUDIO CORNO - MMEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Gianluca Cambareri
TONUCCI & PARTNERS, IN
ALLIANCE WITH MAYER BROWN
LLP
Paolo Canal
ORSINGHER ORTU AVVOCATI
ASSOCIATI
Stefano Cancarini
PWC - TAX AND LEGAL SERVICES
Alessandro Cardia
GRIECO E ASSOCIATI
Cecilia Carrara
LEGANCE - STUDIO LEGALE
ASSOCIATO
Paolo Carta
ACEA S.P.A.
Maria Castiglione Minischetti
PWC - TAX AND LEGAL SERVICES
Lucia Ceccarelli
PORTOLANO CAVALLO STUDIO
LEGALE
Giorgio Cherubini
PIROLA PENNUTO ZEI &
ASSOCIATI
Domenico Colella
ORSINGHER ORTU AVVOCATI
ASSOCIATI
Viviana Colella
ACEA S.P.A.
Stefano Colla
PWC - TAX AND LEGAL SERVICES
Fabrizio Colonna
LCA - LEGA COLUCCI E
ASSOCIATI
Mattia Colonnelli de Gasperis
COLONNELLI DE GASPERIS
STUDIO LEGALE
Barbara Corsetti
PORTOLANO CAVALLO STUDIO
LEGALE
Filippo Corsini
CHIOMENTI STUDIO LEGALE
Barbara Cortesi
STUDIO LEGALE GUASTI
Massimo Cremona
PIROLA PENNUTO ZEI &
ASSOCIATI
Salvina Crisafulli
ASHURST LLP
Salvatore Cuzzocrea
PWC - TAX AND LEGAL SERVICES
Daniele de Benedetti
STUDIO BENESSIA - MACCAGNO
Francesco De Gennaro
STUDIO LEGALE ASSOCIATO AD
ASHURST LLP
Antonio De Martinis
SPASARO DE MARTINIS LAW
FIRM
Raaella De Martinis
SPASARO DE MARTINIS LAW
FIRM
Francesca De Paolis
STUDIO LEGALE SALVATORE DE
PAOLIS
Rosa Del Sindaco
ABBATESCIANNI STUDIO LEGALE
E TRIBUTARIO
Claudio Di Falco
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Federica Di Mario
STUDIO LEGALE ASSOCIATO AD
ASHURST LLP
Maria Di Noia
BANK OF ITALY
Massimiliano Di Tommaso
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Maddalena Ferrari
STUDIO NOTARILE FERRARI
Guiseppe Ferrelli
STUDIO LEGALE SINATRA
Barbara Mirta Ferri
PWC - TAX AND LEGAL SERVICES
Gianclaudio Fischetti
PWC - TAX AND LEGAL SERVICES
Tommaso Foco
PORTOLANO CAVALLO STUDIO
LEGALE
Pier Andrea Fr Torelli Massini
CARABBA & PARTNERS
Luca Gambini
PORTOLANO CAVALLO STUDIO
LEGALE
Andrea Gangemi
PORTOLANO CAVALLO STUDIO
LEGALE
Daniele Geronzi
LEGANCE - STUDIO LEGALE
ASSOCIATO
Carlo Ghia
STUDIO LEGALE GHIA
ACKNOWLEDGMENTS
Natalie Farrell-Ross
MYERS, FLETCHER & GORDON,
MEMBER OF LEX MUNDI
Danielle Stiebel
MYERS, FLETCHER & GORDON,
MEMBER OF LEX MUNDI
Mario Scoeri
GIGLIO & SCOFFERI STUDIO
LEGALE DEL LAVORO
Nicole Foga
FOGA DALEY
Humprey Taylor
TAYLOR CONSTRUCTION LTD.
Rivi Gardener
RIVI GARDENER & ASSOCIATE
LTD.
Coleen Weise
Susanna Servi
CARABBA & PARTNERS
Massimiliano Silvetti
NUNZIANTE MAGRONE
Carlo Sinatra
STUDIO LEGALE SINATRA
Valeria Morosini
TOFFOLETTO E SOCI LAW FIRM,
MEMBER OF IUS LABORIS
Elisa Sulcis
STUDIO LEGALE SINATRA
Davide Neirotti
PWC - TAX AND LEGAL SERVICES
Michele Tamburini
CURTIS MALLET - PREVOST,
COLT & MOSLE LLP
Gianmatteo Nunziante
NUNZIANTE MAGRONE
Francesco Nuzzolo
PWC ITALY
Luciano Panzani
TORINO COURT OF FIRST
INSTANCE
Giovanni Patti
ABBATESCIANNI STUDIO LEGALE
E TRIBUTARIO
Federica Periale
STUDIO LEGALE ASSOCIATO AD
ASHURST LLP
Davide Petris
PORTOLANO CAVALLO STUDIO
LEGALE
Riccardo Piaggi
ORSINGHER ORTU AVVOCATI
ASSOCIATI
Paolo Piccoli
LAWYER
Annamaria Pinzuti
STUDIO LEGALE ASSOCIATO AD
ASHURST LLP
Andrea Pivanti
STUDIO LEGALE GHIA
Emilio Zendri
ACEA S.P.A.
Galileo Pozzoli
CURTIS MALLET - PREVOST,
COLT & MOSLE LLP
Maria Progida
PWC - TAX AND LEGAL SERVICES
Francesca Ravallese
Daniele Raynaud
RAYNAUD AND PARTNERS STUDIO LEGALE
Sharon Reilly
LABLAW STUDIO LEGALE
Fabrizio Revelli
LAWYER
Consuelo Rigo
CRIF S.P.A.
Marianna Ristuccia
RISTUCCIA & TUFARELLI
Filippo Maria Riva
PWC - TAX AND LEGAL SERVICES
Cinzia Romano
STUDIO LEGALE SALVATORE DE
PAOLIS
Tommaso Edoardo Romolotti
ROMOLOTTI MARRETTA
Andrea Messuti
LCA - LEGA COLUCCI E
ASSOCIATI
Michele Salemo
KRCOM
Mario Miccoli
NOTAIO MICCOLI
Francesca Salerno
LEGANCE - STUDIO LEGALE
ASSOCIATO
Stefano Miniati
PWC - TAX AND LEGAL SERVICES
Michele Scibettai
STUDIO LEGALE ASSOCIATO AD
ASHURST LLP
Mike Salerno
KRCOM
Filippo Savoia
STUDIO SAVOIA
Filippo Zucchinelli
PWC - TAX AND LEGAL SERVICES
JAMAICA
CRIF NM CREDIT ASSURE
LIMITED
Martin Addington
INTERPLAN
Dania Beckford
JAMAICA CUSTOMS
DEPARTMENT
Gavin Goe
MYERS, FLETCHER & GORDON,
MEMBER OF LEX MUNDI
Hugh Gordon
NATIONAL ENVIRONMENT &
PLANNING AGENCY
Narda Graham
DUNNCOX
Herbert Winston Grant
GRANT, STEWART, PHILLIPS
& CO.
Lissa L. Grant
PRIDE JAMAICA
Kelly Greenaway
SAMUDA & JOHNSON
ATTORNEYS-AT-LAW
Wilbert Hoo
Donovan Jackson
NUNES, SCHOLEFIELD DELEON
& CO.
Peter Knight
NATIONAL ENVIRONMENT &
PLANNING AGENCY
Joan Lawla
UNIVERSITY OF TECHNOLOGY
Grace Lindo
NUNES, SCHOLEFIELD DELEON
& CO.
Melinda Lloyd
JAMAICA PUBLIC SERVICE
COMPANY LIMITED
Zaila McCalla
THE SUPREME COURT OF
JAMAICA
Karen McHugh
PWC JAMAICA
Marlene McIntosh
FERSAN
Celia Middleton
ATTORNEY GENERALS
CHAMBERS
Roxanne Miller
DUNNCOX
Alton Morgan
LEGIS-ALTON E. MORGAN & CO.
ATTORNEYS-AT-LAW
Viveen Morrison
PWC JAMAICA
JAPAN
PWC JAPAN
TOKYO ELECTRIC POWER
COMPANY INC.
Okamoto Aya
OSAKA BUSINESS AND
INVESTMENT CENTER
Isayama Ayaka
KANSAI ELECTRIC POWER
Yoshio Azuma
TEIKOKU DATABANK
Naoaki Eguchi
BAKER & MCKENZIE
Toyoki Emoto
ATSUMI & SAKAI
Miho Fujita
ADACHI, HENDERSON, MIYATAKE
& FUJITA
Tatsuya Fukui
ATSUMI & SAKAI
Shinnosuke Fukuoka
NISHIMURA & ASAHI
Tomoyoshi Furukawa
OHARA LAW OFFICE
Michiyasu Futami
BANK OF TOKYO-MITSUBISHI
UFJ
Keiko Harada
ATSUMI & SAKAI
Taichi Haraguchi
ERNST & YOUNG TAX CO.
Yuichi Hasegawa
ADACHI, HENDERSON, MIYATAKE
& FUJITA
Haruyo Hatada
KANSAI ELECTRIC POWER
Nakanishi Hiroshi
THE BUILDING CENTER OF JAPAN
Frances Blair
NATIONAL ENVIRONMENT &
PLANNING AGENCY
Wilford Morrison
COMPANIES OFFICE OF JAMAICA
Christopher Bovell
DUNNCOX
Carol Palmer
THE SUPREME COURT OF
JAMAICA
Judith Ramlogan
COMPANIES OFFICE OF JAMAICA
Tamotsu Inami
TEIKOKU DATABANK
Hilary Reid
MYERS, FLETCHER & GORDON,
MEMBER OF LEX MUNDI
Ruriko Iwase
ATSUMI & SAKAI
Errington Case
JAMAICA PUBLIC SERVICE
COMPANY LIMITED
Carl Chen
CARL CHEN & ASSOCIATES
Eric Crawford
PWC JAMAICA
Jemelia Davis
THE SUPREME COURT OF
JAMAICA
Megan Deane
CREDITINFO JAMAICA LIMITED
Milton J. Samuda
SAMUDA & JOHNSON
ATTORNEYS-AT-LAW
Jacqueline Simmonds
JAMAICA PUBLIC SERVICE
COMPANY LIMITED
Craig Stephen
CREDITINFO JAMAICA LIMITED
Takashi Ikeda
TAKASHI IKEDA LAW OFFICE
Seisuke Imai
NISHIMURA & ASAHI
Nicholas R. Jesson
OHARA LAW OFFICE
Tomomi Kagawa
CREDIT INFORMATION CENTER
CORP.
Chie Kasahara
ATSUMI & SAKAI
Hiroshi Kasuya
BAKER & MCKENZIE
Takahiro Kato
NISHIMURA & ASAHI
283
284
Kohei Kawamura
NISHIMURA & ASAHI
Yukiko Tomimatsu
NISHIMURA & ASAHI
Hayato Kimura
ATSUMI & SAKAI
Yamamoto Tomohide
KINDEN CORP.
Yasuyuki Kuribayashi
CITY-YUWA PARTNERS
Takaharu Totsuka
ANDERSON MORI & TOMOTSUNE
Yuji Masaki
TEIKOKU DATABANK
Yoshito Tsuji
OBAYASHI CORPORATION
Staoh Masami
THE BUILDING CENTER OF JAPAN
Mikio Tsukahara
TEIKOKU DATABANK
Reem Hazboun
INTERNATIONAL CONSOLIDATED
FOR LEGAL CONSULTATIONS
Takafumi Masukata
NIPPON EXPRESS CO., LTD.
Hideki Tsutsui
OSAKA INTERNATIONAL
BUSINESS PROMOTION CENTER
Emad Karkar
PWC JORDAN
Junichiro Matsuo
CREDIT INFORMATION CENTER
CORP.
Nobuaki Matsuoka
OSAKA INTERNATIONAL LAW
OFFICES
Nomuaki Matsuoka
OSAKA INTERNATIONAL LAW
OFFICES
Shino Uenuma
SOUTH TORANOMON LAW
OFFICES
Kenji Utsumi
NAGASHIMA OHNO &
TSUNEMATSU
Ritsuko Watanabe
TAKASHI IKEDA LAW OFFICE
Katsuhito Matsuura
MAERSK LINE
Michi Yamagami
ANDERSON MORI & TOMOTSUNE
Nakano Michiaki
SOUTH TORANOMON LAW
OFFICES
Shinjiro Yamamoto
ERNST & YOUNG TAX CO.
Toshio Miyatake
ADACHI, HENDERSON, MIYATAKE
& FUJITA
Kenjiro Mori
OSAKA INTERNATIONAL
BUSINESS PROMOTION CENTER
Koji Yawataya
ERNST & YOUNG TAX CO.
Amano Youichiro
THE BUILDING CENTER OF JAPAN
JORDAN
ERNST & YOUNG
Michihiro Mori
NISHIMURA & ASAHI
Hirosato Nabika
CITY-YUWA PARTNERS
Hassan Abdullah
THE JORDANIAN ELECTRIC
POWER CO. LTD. (JEPCO)
Hideto Nakai
KINDEN CORP.
Shigenobu Namiki
ANDERSON MORI & TOMOTSUNE
Sasaki Nanako
THE BUILDING CENTER OF JAPAN
Nozomu Ohara
OHARA LAW OFFICE
Kanayo Okai
OHARA LAW OFFICE
Shun Otsuka
NISHIMURA & ASAHI
Kozonoi Ryo
TOKYO BUSINESS ENTRY POINT
Takashi Saito
CITY-YUWA PARTNERS
Yuka Sakai
CITY-YUWA PARTNERS
Noriyuki Sano
MAERSK LINE
Tetsuro Sato
BAKER & MCKENZIE
Anwar Elliyan
THE JORDANIAN ELECTRIC
POWER CO. LTD. (JEPCO)
Vincent Flamant
AQABA CONTAINER TERMINAL
George Hazboun
INTERNATIONAL CONSOLIDATED
FOR LEGAL CONSULTATIONS
Zulya Akchurina
GRATA LAW FIRM
Soa Shakhraziyeva
COLIBRI LAW FIRM
Azamat Akhmedov
SIGNUM LAW FIRM
Gennady Shestakov
KAZAKHSTAN LOGISTICS
SERVICE
Duman Akhmetov
INTEGRITES KAZAKHSTAN LLP
Jypar Beishenalieva
MICHAEL WILSON & PARTNERS
LTD.
Nurlan Sholanov
AEQUITAS LAW FIRM
Svetlana Shtopol
INTEGRITES KAZAKHSTAN LLP
Madiyar Bekturganov
ORIS LAW FIRM
Nurzhan Stamkulov
SYNERGY PARTNERS LAW FIRM
Arman Berdalin
SAYAT ZHOLSHY & PARTNERS
Otabek Suleimanov
COLIBRI LAW FIRM
Talgat Bidaybekov
OLYMPEX ADVISERS
Zarina Syzdykova
GRATA LAW FIRM
Aidyn Bikebayev
SAYAT ZHOLSHY & PARTNERS
Kurmangazy Talzhanov
INTEGRITES KAZAKHSTAN LLP
Richard Bregonje
PWC KAZAKHSTAN
Zhandos Taukenov
OLYMPEX ADVISERS
Svetlana Ceban
PWC KAZAKHSTAN
Almas Tleupov
INTEGRITES KAZAKHSTAN LLP
Hussein Kofahy
CENTRAL BANK OF JORDAN
Inara Elemanova
COLIBRI LAW FIRM
Victoriya Tromovich
SIGNUM LAW FIRM
Rasha Laswi
ZALLOUM & LASWI LAW FIRM
Julia Fattorini
BMF GROUP LLP
Bakhyt Tukulov
GRATA LAW FIRM
Firas Malhas
INTERNATIONAL BUSINESS
LEGAL ASSOCIATES
Alexandr Giros
ARISTAN PROJECT MANAGEMENT
GROUP (APMG)
Amir Tussupkhanov
ORIS LAW FIRM
Omar B. Naim
NATIONAL CONSTRUCTION
COMPANY
Mariyash Kabikenova
REHABILITATION MANAGER
Basel Kawar
KAWAR TRANSPORT & TRANSIT
KARGO
Ola Khalil
CENTRAL BANK OF JORDAN
Hazem Khirfan
ALI SHARIF ZUBI, ADVOCATES &
LEGAL CONSULTANTS, MEMBER
OF LEX MUNDI
Ridha Nasair
LAW GATE ATTORNEYS & LEGAL
COUNSELORS
Khaldoun Nazer
KHALIFEH & PARTNERS
LAWYERS
Main Nsair
NSAIR & PARTNERS - LAWYERS
Mutasem Nsair
NSAIR & PARTNERS - LAWYERS
Moutaz Qtaitat
INTERNATIONAL CONSOLIDATED
FOR LEGAL CONSULTATIONS
Ahmad Quandour
KHALIFEH & PARTNERS
LAWYERS
Hala Qutteineh
ALI SHARIF ZUBI, ADVOCATES &
LEGAL CONSULTANTS, MEMBER
OF LEX MUNDI
Osama Y. Sabbagh
THE JORDANIAN ELECTRIC
POWER CO. LTD. (JEPCO)
Elena Kaeva
PWC KAZAKHSTAN
Assel Kalmagambetova
SYNERGY PARTNERS LAW FIRM
Aigoul Kenjebayeva
DENTONS KAZAKHSTAN, LLP
Elvira Khairoullina
INTEGRITES KAZAKHSTAN LLP
Yekaterina Khamidullina
AEQUITAS LAW FIRM
Olga Kim
COLIBRI LAW FIRM
Marina Kolesnikova
GRATA LAW FIRM
Askar Konysbayev
GRATA LAW FIRM
Anna Kravchenko
GRATA LAW FIRM
Yuliya Lazareva
AEQUITAS LAW FIRM
Tatyana Lee
COLIBRI LAW FIRM
Stephan Stephan
PWC JORDAN
Aituar Madin
ORIS LAW FIRM
Dima Taan
LAW GATE ATTORNEYS & LEGAL
COUNSELORS
Marzhan Mardenova
PWC KAZAKHSTAN
Azim Usmanov
COLIBRI LAW FIRM
Vitaliy Vodolazkin
SAYAT ZHOLSHY & PARTNERS
Severin Wilson
KAZAKHSTAN CONSULTING
Arlan Yerzhanov
BMF GROUP LLP
Yerzhan Yessimkhanov
GRATA LAW FIRM
Dubek Zhabykenov
BA OILFIELD SERVICES
Serik Zhamanbalin
OLYMPEX ADVISERS
Askhat Zhanatuly
GRATA LAW FIRM
Birzhan Zharasbayev
DENTONS KAZAKHSTAN, LLP
Aiman Zhekeyeva
INTEGRITES KAZAKHSTAN LLP
Liza Zhumakhmetova
SIGNUM LAW FIRM
Soya Zhylkaidarova
SIGNUM LAW FIRM
Anton Zinoviev
BOOZ ALLEN HAMILTON
Zarina Ziyayeva
INTEGRITES KAZAKHSTAN LLP
Mohammed Tarawneh
Yessen Massalin
OLYMPEX ADVISERS
KENYA
METROPOL CORPORATION LTD.
Mahmoud Wafa
CUSTOMS DEPARTMENT
Saida Moldasheva
CRUZ LOGISTICS LLP
George Akoto
AKOTO & AKOTO ADVOCATES
Mohammad Al-Said
NATHAN ASSOCIATES
Azzam Zalloum
ZALLOUM & LASWI LAW FIRM
Nazira Nurbayeva
PWC KAZAKHSTAN
Jill Barasa
ORARO & COMPANY ADVOCATES
Hiroaki Takahashi
DAVIS & TAKAHASHI
Essa Amawi
AMAWI & CO. ADVOCATES &
LEGAL CONSULTANTS
KAZAKHSTAN
BDO KAZAKHSTANAUDIT, LLP
Ruslan Omarov
FIRST CREDIT BUREAU
Mohammed A. Bhatti
BHATTI ELECTRICAL LIMITED
Mikio Tasaka
NITTSU RESEARCH INSTITUTE
AND CONSULTING, INC.
Mohammed Amawi
AMAWI & CO. ADVOCATES &
LEGAL CONSULTANTS
Bogdan Piskorskiy
DENTONS KAZAKHSTAN, LLP
Oliver Fowler
KAPLAN & STRATTON
Elvis Roberts
CRUZ LOGISTICS LLP
Peter Gachuhi
KAPLAN & STRATTON
Junichi Tobimatsu
MORI HAMADA & MATSUMOTO
Khaled Asfour
ALI SHARIF ZUBI, ADVOCATES &
LEGAL CONSULTANTS, MEMBER
OF LEX MUNDI
Kamillya Sarsembina
AEQUITAS LAW FIRM
Yerlan Serikbayev
MICHAEL WILSON & PARTNERS
LTD.
Hiroaki Shinomiya
DAVIS & TAKAHASHI
Sachiko Sugawara
ATSUMI & SAKAI
Junya Suzuki
BAKER & MCKENZIE
Terakawa Tokiwa
THE BUILDING CENTER OF JAPAN
Faris Allouzi
KHALIFEH & PARTNERS
LAWYERS
Michael T. Dabit
MICHAEL T. DABIT & ASSOCIATES
Ainur Abdalova
COLIBRI LAW FIRM
Serkebay Abdikadyrov
SIGNUM LAW FIRM
Kuben Abzhanov
GRATA LAW FIRM
Kirill Afanasyev
KAZAKHSTAN CONSULTING
ACKNOWLEDGMENTS
Milly Jalega
ISEME, KAMAU & MAEMA
ADVOCATES
Kenneth Kamaitha
KAPLAN & STRATTON
Kamau Karori
ISEME, KAMAU & MAEMA
ADVOCATES
Hamish Keith
DALY & FIGGIS ADVOCATES
Erick Keli
AKOTO & AKOTO ADVOCATES
John Kungu
WARUHIU KOWADE & NGANGA
ADVOCATES
David Lekerai
ISEME, KAMAU & MAEMA
ADVOCATES
Victor Majani
CROWE HORWATH EA,
MEMBER CROWE HORWATH
INTERNATIONAL
Rosemary Mburu
INSTITUTE OF TRADE
DEVELOPMENT
James Mburu Kamau
ISEME, KAMAU & MAEMA
ADVOCATES
Mansoor A. Mohamed
RUMAN SHIP CONTRACTORS
LIMITED
Ersatus Rabut
ORARO & COMPANY ADVOCATES
Deepen Shah
WALKER KONTOS ADVOCATES
Rajesh Shah
PWC KENYA
Joseph Taracha
CENTRAL BANK OF KENYA
Angela Waweru
KAPLAN & STRATTON
Amoro Amten
ANZ BANK (KIRIBATI) LTD.
Robert Flemer
KIM & CHANG
Neiran Areta
MINISTRY OF COMMERCE,
INDUSTRY AND COOPERATIVES
Kenneth Barden
ATTORNEY-AT-LAW
Moanataake Beiabure
Natan Brechtefeld
NATAN BRECHTEFELD LEGAL
MANAGEMENT SERVICES
Tomitiana Eritama
MINISTRY OF LABOUR & HUMAN
RESOURCES DEVELOPMENT
Anthony Frazier
John Muoria
WARUHIU KOWADE & NGANGA
ADVOCATES
Seri Kautuntamoa
BUSINESS & COMPANIES
REGULATORY DIVISION,
BUSINESS REGULATORY CENTRE,
MINISTRY OF COMMERCE,
INDUSTRY & COOPERATIVES
Killian Ngala
MEDITERRANEAN SHIPPING
COMPANY (MSC),
OCEANFREIGHT (E.A.) LTD.
Mbage Nganga
WARUHIU KOWADE & NGANGA
ADVOCATES
Joseph Ngangira
DALY & FIGGIS ADVOCATES
James Ngomeli
THE KENYA POWER AND
LIGHTING COMPANY LTD.
Reei Tioti
MINISTRY OF ENVIRONMENT,
LANDS & AGRICULTURE
DEVELOPMENT (MELAD)
Eddy Ochieng
ORARO & COMPANY ADVOCATES
KOREA, REP.
Desmond Odhiambo
DALY & FIGGIS ADVOCATES
Edwin Odundo
ORARO & COMPANY ADVOCATES
Andrew Oduor
ORARO & COMPANY ADVOCATES
Daniel Okoth
ORARO & COMPANY ADVOCATES
Richard Omwela
HAMILTON HARRISON &
MATHEWS LAW FIRM
Jackson Onyango Awele
ORARO & COMPANY ADVOCATES
Hannington O. Ouko
COOPERATIVE BANK OF SOUTH
SUDAN
Sung-Soo Choi
KIM & CHANG
Mary Amanu
MOEL TRADING CO. LTD.
Peter Mungai
PWC KENYA
Sammy Ndolo
HAMILTON HARRISON &
MATHEWS LAW FIRM
Ji Won Choi
HWANG MOK PARK PC
KIRIBATI
George Muchiri
DALY & FIGGIS ADVOCATES
Wachira Ndege
CREDIT REFERENCE BUREAU
AFRICA LTD.
Jeong-Hun Cho
KOREA CUSTOMS SERVICE
Han-Jun Chon
SAMIL
PRICEWATERHOUSECOOPERS
Pesega Iaribwebwe
MINISTRY OF COMMERCE,
INDUSTRY AND COOPERATIVES
Murigu Murithi
ARCS AFRICA
Hyeong-Tae Cho
SAMIL
PRICEWATERHOUSECOOPERS
Jaebeom Ahn
AHNSE LAW OFFICES
Won-Mo Ahn
AHN & CHANG
Darren Bean
SOJONG PARTNERS
Jennifer Min-Sook Chae
KOREA CREDIT BUREAU
Grace Change
SHINHAN CUSTOMS SERVICE INC.
Jun-Yong Chang
KOREA CUSTOMS SERVICE
Kyoung Soo Chang
SHIN & KIM
Yoonyoung Chang
HWANG MOK PARK PC
Kwon H. Lee
HANJIN SHIPPING CO. LTD.
Hajzer Bublaku
KOSOVO CADASTRAL AGENCY
Moonsub Lee
SOJONG PARTNERS
Ardiana Bunjaku
SOCIETY OF CERTIFIED
ACCOUNTANTS AND AUDITORS
OF KOSOVO (SCAAK)
Jun-Seok Heo
SOJONG PARTNERS
Jangbaek Lim
SAMIL
PRICEWATERHOUSECOOPERS
Jin-Young Hwang
SAMIL
PRICEWATERHOUSECOOPERS
Jung-hyun Lim
KOREAN ELECTRICAL
CONTRACTORS ASSOCIATION
C.W. Hyun
KIM & CHANG
Cheol-Kyu Maeng
KOREA CUSTOMS SERVICE
Bo Moon Jung
KIM & CHANG
Han-Shin Oh
DAECHEONG SHIPPING CO., LTD.
Goo-Chun Jung
KOREA CUSTOMS SERVICE
Soogeun Oh
EWHA WOMANS UNIVERSITY
Jinku Kang
LEE & KO
Yon Kyun Oh
KIM & CHANG
Han-Uk Park
KOREA CUSTOMS SERVICE
Young-Ju Kang
SOJONG PARTNERS
Young Seok Ki
SHIN & KIM
Eun-Kyung Kim
KOREA CREDIT BUREAU
Hyeon-Jeong Kim
KOREA INSTITUTE OF STARTUP
& ENTREPRENEURSHIP
DEVELOPMENT (KISED)
Hyo-Sang Kim
KIM & CHANG
Jennifer Min Sun Kim
SOJONG PARTNERS
Mike (Yeontaek) Kim
AHNSE LAW OFFICES
Min Sun Kim
SOJONG PARTNERS
Seong Won (David) Kim
HANARO TNS
Stephan Kim
SOJONG PARTNERS
Wonhyung Kim
YOON & YANG LLC
Yong-Seong Kim
SOJONG PARTNERS
Yoon Young Kim
HWANG MOK PARK PC
Youn Jong Kim
SHINHAN CUSTOMS SERVICE INC.
Joonghoon Kwak
LEE & KO
Jihye Park
LEE & KO
Sang Il Park
HWANG MOK PARK PC
Seyung Park
SOJONG PARTNERS
Soo-Hwan Park
SAMIL
PRICEWATERHOUSECOOPERS
Yong Seok Park
SHIN & KIM
Seung Min Roh
HWANG MOK PARK PC
Minah Seo
HWANG MOK PARK PC
Mi-Jin Shin
KIM & CHANG
Philippe Shin
SHIN & KIM
Moon-Bae Sohn
KOREA CREDIT BUREAU
Jiwon Suh
MINISTRY OF STRATEGY AND
FINANCE
Kiwon Suh
CHEON JI ACCOUNTING
CORPORATION - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Catherine J. Yeo
KIM & CHANG
Elizabeth Shinwon Yoon
SHINHAN CUSTOMS SERVICE INC.
Hee-Ryoung Lee
SOJONG PARTNERS
KOSOVO
KEDS
Hongyou Lee
KPMG
TAX ADMINISTRATION OF
KOSOVO
Shyqiri Bytyqi
VALA CONSULTING
Muzafer aka
KOSOVO CADASTRAL AGENCY
Atdhe Dika
KALO & ASSOCIATES
Sokol Elmazaj
BOGA & ASSOCIATES TIRANA
Mirjeta Emini
BOGA & ASSOCIATES
Lorena Gega
PWC ALBANIA
Klinti Golemi
PWC
Arber Hoti
SOCIETY OF CERTIFIED
ACCOUNTANTS AND AUDITORS
OF KOSOVO (SCAAK)
Bejtush Isu
INTERLEX ASSOCIATES LLC
Besarta Kllokoqi
BOGA & ASSOCIATES
Vegim Kraja
KALO & ASSOCIATES
Sabina Lalaj
BOGA & ASSOCIATES
Valdrin Lluka
IPAK
Abedin Matoshi
INTERLEX ASSOCIATES LLC
Fitore Mekaj
BOGA & ASSOCIATES
Xhemail Metolli
MINISTRY OF ENVIRONMENT AND
SPATIAL PLANNING
Ilir Murseli
MURSELI ARCHITECTS &
PARTNERS
Delvina Nallbani
BOGA & ASSOCIATES
Gazmend Nushi
KALO & ASSOCIATES
Besim Osmani
INTERLEX ASSOCIATES LLC
Alba Paparisto
KPMG ALBANIA SHPK
Loreta Peci
PWC ALBANIA
Denis Pitarka
KOSOVO CADASTRAL AGENCY
Ilaz Ramajli
RAMAJLI & PARTNERS CO.
Vigan Rogova
ETHEM ROGOVA LAW FIRM
Ariana Rozhaja
VALA CONSULTING
Valentina Salihu
VALA CONSULTING
Arbena Shehu
NOTARY CHAMBER OF THE
REPUBLIC OF KOSOVO
Teki Shehu
CHECCHI COMPANY &
CONSULTING
Ardi Shita
CHECCHI COMPANY &
CONSULTING
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286
Lea Shllaku
IPAK
Lens Slattengren
INTERLEX ASSOCIATES LLC
Elez Sylaj
KOSOVA CHAMBER OF
COMMERCE
Kreshnik Thaqi
IPAK
Valon Uka
TLW
Luzlim Zeka
BAKER TILLY KOSOVO
Petrit Zeka
BAKER TILLY KOSOVO
Shaha Zylu
CENTRAL BANK OF THE
REPUBLIC OF KOSOVO
KUWAIT
BARQ AL KHALEEJ TRADING &
CONTRACTING CO.W.L.L.
CREDIT INFORMATION NETWORK
FREIGHT EXCEL LOGISTICS
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Labeed Abdal
THE LAW FIRM OF LABEED
ABDAL
Alaa Abdullah
PACKAGING & PLASTIC
INDUSTRIES CO. KSCC
Hussein Mohammed Hassan
Ahmed
ABDULLAH KH. AL-AYOUB &
ASSOCIATES, MEMBER OF LEX
MUNDI
Ali Al Faqan
INTERNATIONAL COUNSEL
BUREAU
Fahad Al Zumai
KUWAIT UNIVERSITY
Aiman Alaraj
KEO INTERNATIONAL
CONSULTANTS
Abdullah Al-Ayoub
ABDULLAH KH. AL-AYOUB &
ASSOCIATES, MEMBER OF LEX
MUNDI
Omar Hamad Yousuf Al-Essa
THE LAW OFFICE OF AL-ESSA &
PARTNERS
Nada F. A. Al-Fahad
GEC DAR GULF ENGINEERS
CONSULTANTS
Mishari M. Al-Ghazali
THE LAW OFFICES OF MISHARI
AL-GHAZALI AND RAWAN
MISHARI AL-GHAZALI
Rawan M. Al-Ghazali
THE LAW OFFICES OF MISHARI
AL-GHAZALI AND RAWAN
MISHARI AL-GHAZALI
Abdullah AlKhara
INTERNATIONAL COUNSEL
BUREAU
Akusa Batwala
ASAR AL RUWAYEH &
PARTNERS
Abdullah Bin Ali
PACKAGING & PLASTIC
INDUSTRIES CO. KSCC
Nada Bourahmah
THE LAW OFFICES OF MISHARI
AL-GHAZALI AND RAWAN
MISHARI AL-GHAZALI
Kevin J. Burke
THE LAW OFFICE OF BADER
SAUD AL-BADER & PARTNERS
Fouad Douglas
PRICEWATERHOUSECOOPERS
AL-SHATTI & CO.
Mohammed Eissa
ASAR AL RUWAYEH &
PARTNERS
Islam Ezzat
ASAR AL RUWAYEH &
PARTNERS
Michel Ghanem
DLA PIPER
Sam Habbas
ASAR AL RUWAYEH &
PARTNERS
Mazen A. Khoursheed
PACKAGING & PLASTIC
INDUSTRIES CO. KSCC
Dany Labaky
THE LAW OFFICE OF AL-ESSA &
PARTNERS
Mohammed Maamoun
PACKAGING & PLASTIC
INDUSTRIES CO. KSCC
Medhat Mubarak
THE LAW OFFICES OF MISHARI
AL-GHAZALI AND RAWAN
MISHARI AL-GHAZALI
Ayman Nada
AL MARKAZ LAW FIRM
Mai Nakli
THE LAW OFFICE OF BADER
SAUD AL-BADER & PARTNERS
Erwin Patrao
RB BADER AL ABDULJADER
& PARTNERS - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Atabek Akhmedov
GRATA LAW FIRM
Aizhan T. Albanova
Niyazbek Aldashev
LORENZ INTERNATIONAL LAW
FIRM
Dinara Batyrova
VERITAS LAW AGENCY
Nursultan Tokmanbetov
PARTNER LAW FIRM
Kerim Begaliev
COLIBRI LAW FIRM
Idaiat Toktash
LAW FIRM LEX
Richard Bregonje
PWC KAZAKHSTAN
Anastasiia Tsoi
LORENZ INTERNATIONAL LAW
FIRM
Daria Bulatova
LORENZ INTERNATIONAL LAW
FIRM
Kurmanzhan Dastanbek Kyzy
KALIKOVA & ASSOCIATES LAW
FIRM
Bakytbek Djusupbekov
DEPARTMENT OF CADASTRE AND
REGISTRATION OF RIGHTS ON
IMMOVABLE PROPERTY
Samara Dumanaeva
LORENZ INTERNATIONAL LAW
FIRM
Asel Dzhamankulova
AMERICAN BAR ASSOCIATION
RULE OF LAW INITIATIVE (ABA
ROLI)
Rahat Dzhusupbekov
KAPGRADSTROI
Akjoltoi Elebesova
CREDIT INFORMATION BUREAU
ISHENIM
Albina Fakerdinova
DELOITTE
Aliya Ibrayeva
PWC KAZAKHSTAN
Waleed Sameer
INTERNATIONAL COUNSEL
BUREAU
Evgeny Kim
LORENZ INTERNATIONAL LAW
FIRM
Galina Kucheryavaya
DEMIR KYRGYZ INTERNATIONAL
BANK
Afrah Shbeeb
THE LAW OFFICES OF MISHARI
AL-GHAZALI AND RAWAN
MISHARI AL-GHAZALI
Nurdin Kumushbekov
USAID BUSINESS ENVIRONMENT
IMPROVEMENT PROJECT THE
PRAGMA CORPORATION
Prateek Shete
ABDULLAH KH. AL-AYOUB &
ASSOCIATES, MEMBER OF LEX
MUNDI
Nurbek Maksutov
INTERNATIONAL BUSINESS
COUNCIL
Yulia Abdumanapova
BAKER TILLY BISHKEK LLC
Aidana Soyuzbekovna
Absultanova
Alexander Ahn
KALIKOVA & ASSOCIATES LAW
FIRM
Myrzagul Aidaralieva
LORENZ INTERNATIONAL LAW
FIRM
Shuhrat Akhmatakhunov
KALIKOVA & ASSOCIATES LAW
FIRM
Gulnara Akhmatova
LAWYER
Anna Shirshova
CUSTOMS CARGO SERVICE LTD.
Mirgul Smanalieva
PARTNER LAW FIRM
Kymbat Ibakova
LORENZ INTERNATIONAL LAW
FIRM
KYRGYZ REPUBLIC
Tatyana Shapovalova
Yelena Babitskaya
VERITAS LAW AGENCY
Hanaa Razzouqi
CREDIT INFORMATION NETWORK
Fatma Waizani
CREDIT INFORMATION NETWORK
Temirbek Shabdanaliev
FREIGHT OPERATORS
ASSOCIATION OF KYRGYZSTAN
Asel Momoshova
KALIKOVA & ASSOCIATES LAW
FIRM
Umtul Murat kyzy
LORENZ INTERNATIONAL LAW
FIRM
Dmitry No
PARTNER LAW FIRM
Aidar Oruzbaev
LORENZ INTERNATIONAL LAW
FIRM
Nurbek Sabirov
KALIKOVA & ASSOCIATES LAW
FIRM
Aisanat Safarbek kyzy
GRATA LAW FIRM
Emil Saryazhiev
CREDIT INFORMATION BUREAU
ISHENIM
Kanat Seidaliev
GRATA LAW FIRM
Aktilek Tungatarov
INTERNATIONAL BUSINESS
COUNCIL
Asel Tursuniiazova
KUMAREL NURAMIR LLC
Daniyar Ubyshev
PARTNER LAW FIRM
Gulnara Uskenbaeva
AUDIT PLUS
Azim Usmanov
COLIBRI LAW FIRM
Malikam Usmanova
PARTNER LAW FIRM
Darya Vologodskaya
PWC KAZAKHSTAN
LAO PDR
Vinay Ahuja
DFDL
One-Sy Boutsivongsakd
ASSOCIATION OF LAO GARMENT
INDUSTRY
Xaynari Chanthala
LS HORIZON LIMITED (LAO)
Sithong Chanthasouk
MINISTRY OF INDUSTRY AND
COMMERCE
Ketsana Phommachanh
MINISTRY OF JUSTICE
Anonglack Phongsavanh
PRICEWATERHOUSECOOPERS
(LAO) LTD.
Khamsene Sayavong
LAO LAW & CONSULTANCY
GROUP
Prachith Sayavong
SOCIETE MIXTE DE TRANSPORT
(SMT)
Siri Sayavong
LAO LAW & CONSULTANCY
GROUP
Sivath Sengdouangchanh
ALLEN & GLEDHILL CO., LTD.
Senesakoune Sihanouvong
DFDL
Latsamy Sysamouth
MINISTRY OF JUSTICE
Apisit Thiengtrongpinyo
PRICEWATERHOUSECOOPERS
(LAO) LTD.
Heng Thy
PWC CAMBODIA
LATVIA
BALTIC LEGAL
COLLIERS INTERNATIONAL
Ilze Abika
SKUDRA & UDRIS LAW OFFICES
Marija Berdova
ATTORNEYS-AT-LAW BORENIUS
Andis onka
LATVIJAS BANKA
Ainis Dabols
LATVIAN ASSOCIATION OF TAX
ADVISERS
Valters Diure
LAWIN, MEMBER OF LEX MUNDI
Edvns Draba
SORAINEN
Lasonexay Chanthavong
DFDL
Zane Dule
ATTORNEYS-AT-LAW BORENIUS
Agns Couriol
DFDL
Zlata Elksnia-Zairinska
PWC LATVIA
Aristotle David
VNA LEGAL SOLE CO. LTD.
Kaspars Freimanis
VARUL
Sornpheth Douangdy
PRICEWATERHOUSECOOPERS
(LAO) LTD.
Zanda Frifelde
SORAINEN
Rupert Haw
DFDL
Konrad Hull
VNA LEGAL SOLE CO. LTD.
Duangkamol Ingkapattanakul
DFDL
Souphine Keomixai
ASSOCIATION OF LAO GARMENT
INDUSTRY
Elina Girne
AMBERLAW
Andris Ignatenko
ESTMA LTD.
Janis Irbe
LATVENERGO AS, SADALES
TIKLS
Andris Jekabsons
LEXTAL
Phetlamphone Khanophet
BANK OF LAO PDR
Valters Kalme
PUBLIC UTILITIES COMMISSION
LATVIA
Sisomephieng Khanthalivanh
BANK OF LAO PDR
Irina Kostina
LAWIN, MEMBER OF LEX MUNDI
Moukdalay Khounsavanh
PRICEWATERHOUSECOOPERS
(LAO) LTD.
Dainis Leons
SADALES TKLS AS
Phantouleth Louangraj
ASIAN DEVELOPMENT BANK
Somphone Phasavath
LAO FREIGHT FORWARDER
CO. LTD.
Khamphaeng Phochanthilath
VNA LEGAL SOLE CO. LTD.
Indriis Liepa
ATTORNEYS-AT-LAW BORENIUS
Linda Matisane
STATE LABOUR INSPECTORATE
Alexey Melsitov
MTA MARITIME TRANSPORT &
AGENCIES
Baiba Orbidane
LAWIN, MEMBER OF LEX MUNDI
ACKNOWLEDGMENTS
Guna Paidere
REGISTER OF ENTERPRISES
Wac Fathallah
ESCO FATHALLAH & CO.
Makram Shehayeb
MENA CITY LAWYERS
G. Darlington Dahn, I
BAKER TILLY LIBERIA
Kristine Patmalniece
RAIDLA LEJINS & NORCOUS
Serena Ghanimeh
ABDELSATER ABUSAMRA &
ASSOCIATES - ASAS LAW
Rami Smayra
SMAYRA LAW OFFICE
Fonsia Donzo
CENTRAL BANK OF LIBERIA
George Tannous
BEIRUT INTERNATIONAL MOVERS
SARL
Uzoma Ebeku
COOPER & TOGBAH LAW OFFICE
Anastasija Pimenova
ZOOM ROOM
Baiba Plaude
LAW OFFICES BLUEGER &
PLAUDE
Ilze Rauza
PWC LATVIA
Elna Semeuka
SORAINEN
Mris Simulis
ATTORNEYS-AT-LAW BORENIUS
Mihails pika
JSC DZINTARS
Zane tlberga-Markvarte
MARKVARTE LEXCHANGE LAW
OFFICE
Ruta Teresko
AZ SERVICE LTD.
Ziedonis Udris
SKUDRA & UDRIS LAW OFFICES
Maris Vainovskis
EVERSHEDS BITNS
Elina Vilde
EVERSHEDS BITNS
Tatjana Visevska
PWC LATVIA
Agate Ziverte
PWC LATVIA
Daiga Zivtina
LAWIN, MEMBER OF LEX MUNDI
LEBANON
ELECTRICIT DU LIBAN
Nadim Abboud
LAW OFFICE OF A. ABBOUD &
ASSOCIATES
Nada Abdelsater-Abusamra
ABDELSATER ABUSAMRA &
ASSOCIATES - ASAS LAW
Wadih Abou Nasr
PWC LEBANON
Alina Achy
PWC LEBANON
Karen Baroud
PWC LEBANON
Jean Baroudi
BAROUDI & ASSOCIATES
Tarek Baz
HYAM G. MALLAT LAW FIRM
Nayla Chemaly
MENA CITY LAWYERS
Najib Choucair
CENTRAL BANK OF LEBANON
Hadi Diab
SMAYRA LAW OFFICE
Michel Doueihy
BADRI AND SALIM EL MEOUCHI
LAW FIRM, MEMBER OF
INTERLEGES
Lina El Cheikh
MENA CITY LAWYERS
Amanda El Madani
MENA CITY LAWYERS
Nada ElSayed
PWC LEBANON
Hadi Fathallah
ESCO FATHALLAH & CO.
Izzat Fathallah
ESCO FATHALLAH & CO.
Ghassan Haddad
BADRI AND SALIM EL MEOUCHI
LAW FIRM, MEMBER OF
INTERLEGES
Abdallah Hayek
HAYEK GROUP
Daniel Hayek
HAYEK GROUP
Samir Hayek
HAYEK GROUP
Nady Tyan
TYAN & ZGHEIB LAW FIRM
Rania Yazbeck
TYAN & ZGHEIB LAW FIRM
LESOTHO
HARLEY & MORRIS
Fady Jamaleddine
MENA CITY LAWYERS
Mahashe Chaka
LAND ADMINISTRATION
AUTHORITY
Mohammad Joumaa
PWC LEBANON
Mohamedu F. Jones
Elie Kachouh
ELC TRANSPORT SERVICES SAL
Qhalehang Letsika
MEI & MEI ATTORNEYS INC.
Abu Kamara
MINISTRY OF COMMERCE &
INDUSTRY
Georges Kadige
KADIGE & KADIGE LAW FIRM
Realeboha Makamane
HIGH COURT
Michel Kadige
KADIGE & KADIGE LAW FIRM
Pakalitha Makhohlisa
TRANSELEC CONSULTING
ENGINEERS PTY. LTD.
Bassam Karam
RAPHAL & ASSOCIS
Joelle Khater
BADRI AND SALIM EL MEOUCHI
LAW FIRM, MEMBER OF
INTERLEGES
Najib Khattar
KHATTAR ASSOCIATES
Lena Maalouf
SMAYRA LAW OFFICE
Abdo Maatouk
SMAYRA LAW OFFICE
Christine Maksoud
BAROUDI & ASSOCIATES
Georges Mallat
HYAM G. MALLAT LAW FIRM
Nabil Mallat
HYAM G. MALLAT LAW FIRM
Aline Matta
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Thakane Makume
LESOTHO ELECTRICITY
COMPANY PTY. LTD.
Leoma Matamane
MOLEPE QUANTITY SURVEYORS
Hassan Kiawu
LIBERIA ELECTRICITY
CORPORATION
George Kwatia
PWC GHANA
Barnabas Norris
CENTER FOR NATIONAL
DOCUMENTS & RECORDS
(NATIONAL ARCHIVES)
LITHUANIA
ERNST & YOUNG
Loreta Andziulyte
PROVENTUSLAW LT UAB
Asta Avizaite
MINISTRY OF JUSTICE
Petras Baltuseviius
DSV TRANSPORT UAB
Donatas Baranauskas
VILNIAUS MIESTO 14 - ASIS
NOTARU BIURAS
arnas Basijokas
GLIMSTEDT
Vilius Bernatonis
TARK GRUNTE SUTKIENE
Andrius Bogdanoviius
JSC CREDITINFO LIETUVA
Kristijonas Bukeviius
PWC LITHUANIA
Alina Burlakova
LAW FIRM LAWIN, MEMBER OF
LEX MUNDI
Euphemia Swen-Monmia
CENTRAL BANK OF LIBERIA
Giedre Dailidenaite
LAW OFFICE VARUL AND
PARTNERS
Wilson Tarpeh
UNIVERSITY OF LIBERIA
Renata Damanskyte
TARK GRUNTE SUTKIENE
Denis Molyneaux
WEBBER NEWDIGATE
Justin Tengbeh
NATIONAL CUSTOM BROKERS
ASSOCIATION OF LIBERIA
Aurelija Daubarait
LAW FIRM SORAINEN &
PARTNERS VILNIUS OFFICE
Madlyne Wah
CENTER FOR NATIONAL
DOCUMENTS & RECORDS
(NATIONAL ARCHIVES)
Gintaras Daugela
BANK OF LITHUANIA
Tseliso Monaphathi
HIGH COURT
Ntlatlapa Mosae
SELLO-MAFATLE ATTORNEYS
Molupe Mothepu
LESOTHO REVENUE AUTHORITY
Duduzile Seamatha
SHEERAN & ASSOCIATES
Andre Nader
NADER LAW OFFICE
Tiisetso Sello-Mafatle
SELLO-MAFATLE ATTORNEYS
Rana Nader
NADER LAW OFFICE
Lindiwe Sephomolo
L. SEPHOMOLO CHAMBERS
Touc Nehme
LAW OFFICES OF ALBERT LAHAM
Phoka Thene
Sechaba Thibeli
TRIANGLE FREIGHT
Mustapha Wesseh
CENTER FOR NATIONAL
DOCUMENTS & RECORDS
(NATIONAL ARCHIVES)
Phillip Williams
MINISTRY OF LABOUR & SOCIAL
SECURITY
LIBYA
ZAHAF & PARTNERS LAW FIRM
Ahmed Abdulaziz
MUKHTAR, KELBASH &
ELGHARABLI
Abdul Baset Al Baghdadi
UNITED LAWYERS FOR
ADVOCACY AND LEGAL SERVICES
LLC
Mireille Richa
TYAN & ZGHEIB LAW FIRM
George Thokoa
MASERU ELECTRO SERVICES
PTY LTD.
Reloe Thulo
K. R. CONSULTANTS
Jihad Rizkallah
BADRI AND SALIM EL MEOUCHI
LAW FIRM, MEMBER OF
INTERLEGES
Abdudayem Elgharabli
MUKHTAR, KELBASH &
ELGHARABLI
LIBERIA
AEP CONSULTANTS INC.
Ahmed Kafala
GOLDEN PLANNER
ARCHITECTURE AND
ENGINEERING
Mona Sfeir
HYAM G. MALLAT LAW FIRM
Tony Mcalpine
MOORES ROWLAND
Mirvat Moustapha
MENA CITY LAWYERS
Antoine Sfeir
BADRI AND SALIM EL MEOUCHI
LAW FIRM, MEMBER OF
INTERLEGES
Mothepane Ntseki
SHEERAN & ASSOCIATES
Rached Sarkis
CONSULTANT
Ali Naser
LIBYAN CREDIT INFORMATION
CENTER
Tlhobohano Matela
NATIONAL ENVIRONMENT
SECRETARIAT
Mario Mohanna
PATRIMOINE CONSEIL SARL
Hala Raphael
RAPHAL & ASSOCIS
Cyril Jones
JONES & JONES
Mahmud Mukhtar
MUKHTAR, KELBASH &
ELGHARABLI
Stephen Boakye
PWC GHANA
Golda A. Bonah
Henry N. Brunson
FEDEX
F. Augustus Caesar Jr.
CAESAR ARCHITECTS, INC.
Henry Reed Cooper
COOPER & TOGBAH LAW OFFICE
Bahloul Kelbash
MUKHTAR, KELBASH &
ELGHARABLI
Ibrahim Maher
TUMI LAW FIRM - IN
ASSOCIATION WITH SNR
DENTON
Darius Dieckus
BANK OF LITHUANIA
Giedre Domkute
AAA BALTIC SERVICE COMPANY
- LAW FIRM
Yvonne Goldammer
BNT HEEMANN KLAUBERG
KRAUKLIS APB
Dovile Greblikiene
LAWIN
Arturas Gutauskas
LAW OFFICE VARUL AND
PARTNERS
Frank Heemann
BNT HEEMANN KLAUBERG
KRAUKLIS APB
Robert Juodka
LAW OFFICE VARUL AND
PARTNERS
Inga
Karulaityte-Kvainauskiene
PROVENTUSLAW LT UAB
Romualdas Kasperaviius
STATE ENTERPRISE CENTRE OF
REGISTERS
Jonas Kiauleikis
ATTORNEYS-AT-LAW BORENIUS
Jurgita Kiinait
LAW FIRM ZABIELA, ZABIELAITE
& PARTNERS
Janus Kizenevic
LAW OFFICE VARUL AND
PARTNERS
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288
Tomas Kontautas
LAW FIRM SORAINEN &
PARTNERS VILNIUS OFFICE
Andrius idlauskas
ATTORNEYS-AT-LAW BORENIUS
Alain Grosjean
BONN & SCHMITT
Benita Beleshkova
IKRP ROKAS & PARTNERS
Ivana Lekic
PWC MACEDONIA
Kristina Kiinait
PWC LITHUANIA
Justinas Sileika
BNT HEEMANN KLAUBERG
KRAUKLIS APB
Andreas Heinzmann
BONN & SCHMITT
Vera Belkoska
CENTRAL REGISTRY OF THE
REPUBLIC OF MACEDONIA
Aleksandar Malezanski
LAW FIRM TRPENOSKI
Ronaldas Kubilius
PWC LITHUANIA
Justina ilinskaite
EVERSHEDS SALADZIUS
Gediminas Kuncevicius
INTERMODAL CONTAINER
SERVICE
Mingail ilknait
GLIMSTEDT
Vincent Hie
CHAMBER OF COMMERCE OF THE
GRAND-DUCHY OF LUXEMBOURG
Rimantas Simaitis
RAIDLA LEJINS & NORCOUS
Vronique Hoeld
LOYENS & LOEFF
Simonas Skukauskas
ATTORNEYS-AT-LAW BORENIUS
Christian Jungers
KLEYR GRASSO
Tomas Soltanoviius
ATTORNEYS-AT-LAW BORENIUS
Franois Kremer
ARENDT & MEDERNACH
Simona Staniukait
LAW FIRM SORAINEN &
PARTNERS VILNIUS OFFICE
Antoine Laniez
LOYENS & LOEFF
Egidijus Kundelis
PWC LITHUANIA
Odeta Maksvytyt
LAW OFFICE VARUL AND
PARTNERS
Linas Margevicius
LEGAL BUREAU OF LINAS
MARGEVICIUS
Vilius Martiius
LAW FIRM OF REDA ZABOLIENE
Rta Matonien
VILNIUS CITY MUNICIPALITY
Vaidotas Melynavicius
AAA BALTIC SERVICE COMPANY
- LAW FIRM
Tomas Mieliauskas
LAW FIRM YVES
Bronislovas Mikta
STATE ENTERPRISE CENTRE OF
REGISTERS
Marius Strakaitis
LITHUANIAN CHAMBER OF
NOTARIES
Alina Streckyte
LAW FIRM LAWIN, MEMBER OF
LEX MUNDI
Daiva Uinskait-Filonovien
TARK GRUNTE SUTKIENE
Lukas Vaisvila
LAW OFFICE VARUL AND
PARTNERS
Eugenijus Miliukas
LAW FIRM SORAINEN &
PARTNERS VILNIUS OFFICE
Vygantas Vaitkus
NATIONAL CONTROL
COMMISSION FOR PRICES AND
ENERGY
Donata Montvydaite
LAW FIRM LAWIN, MEMBER OF
LEX MUNDI
ygimantas Paceviius
ATTORNEYS-AT-LAW BORENIUS
Adrijus Vegys
BANK OF LITHUANIA
Michail Parchimovi
MOTIEKA & AUDZEVIIUS
Agniet Venckiene
LAW FIRM SORAINEN &
PARTNERS VILNIUS OFFICE
Algirdas Pekys
LAW FIRM SORAINEN &
PARTNERS VILNIUS OFFICE
Mantas Petkeviius
LAW FIRM SORAINEN &
PARTNERS VILNIUS OFFICE
Angelija Petrauskien
VILNIUS CITY MUNICIPALITY
Aidas Petrosius
STATE ENTERPRISE CENTRE OF
REGISTERS
Justina Rakauskait
GLIMSTEDT
Karina Rakauskait
NATIONAL CONTROL
COMMISSION FOR PRICES AND
ENERGY
Liudas Ramanauskas
LAW FIRM SORAINEN &
PARTNERS VILNIUS OFFICE
Marius Rindinas
LAW FIRM ZABIELA, ZABIELAITE
& PARTNERS
Laura Ryzgelyt
LAW FIRM SORAINEN &
PARTNERS VILNIUS OFFICE
Vytautas Sabalys
LAW FIRM SORAINEN &
PARTNERS VILNIUS OFFICE
Auste Saliamoraite
LAW FIRM LAWIN, MEMBER OF
LEX MUNDI
Simona arkauskait
LAW FIRM ZABIELA, ZABIELAITE
& PARTNERS
Egidijus atrauskas
AB LESTO
Tomas Venckus
LAW OFFICE VARUL AND
PARTNERS
Darius Zabiela
LAW FIRM ZABIELA, ZABIELAITE
& PARTNERS
Ernesta iogien
LAW OFFICE VARUL AND
PARTNERS
Patricia Hemmen
ARENDT & MEDERNACH
Paul Lanois
Olivier Lardinois
BNP PARIBAS
Tom Loesch
LAW FIRM LOESCH
Nathalie Mangen
BONN & SCHMITT
Jeannot Medinger
CREOS LUXEMBOURG SA
Marc Meyer
CREOS LUXEMBOURG SA
Paul Mousel
ARENDT & MEDERNACH
Marco Peters
CREOS LUXEMBOURG SA
Franoise Pfeier
SPEECHLY BIRCHAM PFEIFFER &
PARTNERS
Alexandra Pizzo
BNP PARIBAS
Judith Raijmakers
LOYENS & LOEFF
Sandra Rapp
KLEYR GRASSO
Jean-Luc Schaus
PIERRE THIELEN AVOCATS
Roger Schintgen
PAUL WURTH SA SOCIT
Alex Schmitt
BONN & SCHMITT
Audrius vybas
GLIMSTEDT
Frank Thihatmar
AVEGA RVISION SARL MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
LUXEMBOURG
ALLEN & OVERY LUXEMBOURG
Bndicte Zahnd
BNP PARIBAS
PWC LUXEMBOURG
Hugo Arellano
LOYENS & LOEFF
Christian Barandao-Bakele
ARENDT & MEDERNACH
Louis Berns
ARENDT & MEDERNACH
Eleonora Broman
LOYENS & LOEFF
Guy Castegnaro
IUS LABORIS LUXEMBOURG,
CASTEGNARO
MACEDONIA, FYR
Igor Aleksandrovski
APOSTOLSKA &
ALEKSANDROVSKI
Ljubinka Andonovska
CENTRAL REGISTRY OF THE
REPUBLIC OF MACEDONIA
Natasha Andreeva
NATIONAL BANK OF THE
REPUBLIC OF MACEDONIA
Zlatko Antevski
LAWYERS ANTEVSKI
Ariane Claverie
IUS LABORIS LUXEMBOURG,
CASTEGNARO
Emilija Apostolska
APOSTOLSKA &
ALEKSANDROVSKI
Grard Eischen
CHAMBER OF COMMERCE OF THE
GRAND-DUCHY OF LUXEMBOURG
Rubin Atanasoski
TIMELPROJECT ENGINEERING
Vaneesa Freed
LOYENS & LOEFF
Maja Atanasova
GEORGI DIMITROV ATTORNEYS
Ljupka Avramovic
SINKO DOO
Dragan Blaev
TIMELPROJECT ENGINEERING
Slavica Bogoeva
MACEDONIAN CREDIT BUREAU
AD SKOPJE
Sandra Cakmakova
CAKMAKOVA ADVOCATES
Ljupco Cubrinovski
ENERGO DIZAJN
Dragan Dameski
DDK ATTORNEYS-AT-LAW
Georgi Dimitrov
GEORGI DIMITROV ATTORNEYS
Ana Georgievska
DIMA FORWARDERS
Dimche Georgievski
DIMA FORWARDERS
Bojan Georvski
IKRP ROKAS & PARTNERS
Katarina Ginoska
GEORGI DIMITROV ATTORNEYS
Marijana Gjoreska
CENTRAL REGISTRY OF THE
REPUBLIC OF MACEDONIA
Oliver Gjurovski
CENTRAL REGISTRY OF THE
REPUBLIC OF MACEDONIA
Werner Hengst
EVN MACEDONIA
Aleksandar Ickovski
Jasmina Ilieva Jovanovikj
DDK ATTORNEYS-AT-LAW
Miroslav Marchev
PWC MACEDONIA
Mirjana Markovska
STOJKOSKA ATTORNEY-AT-LAW
Elena Miceva
DDK ATTORNEYS-AT-LAW
Oliver Mirchevski
EVN MACEDONIA
Sladjana Miteva
TIVA-AS D.O.O.E.L.
- VALANDOVO
Irena Mitkovska
LAWYERS ANTEVSKI
Jovana Mitrovska
LAW FIRM TRPENOSKI
Biljana Mladenovska Dimitrova
LAWYERS ANTEVSKI
Martin Monevski
MONEVSKI LAW FIRM
Valerjan Monevski
MONEVSKI LAW FIRM
Vladimir Naumovski
CENTRAL REGISTRY OF THE
REPUBLIC OF MACEDONIA
Svetlana Neceva
LAW OFFICE PEPELJUGOSKI
Ilija Nedelkoski
CAKMAKOVA ADVOCATES
Elena Nikodinovska
DDK ATTORNEYS-AT-LAW
Marina Nikoloska
CAKMAKOVA ADVOCATES
Orce Ivanoski
LAW FIRM TRPENOSKI
Marija Nikolova
LAW OFFICE KNEZOVIC &
ASSOCIATES
Mare Ivanovska
CAKMAKOVA ADVOCATES
Vesna Nikolovska
LAW OFFICE NIKOLOVSKI
Maja Jakimovska
CAKMAKOVA ADVOCATES
Goran Nikolovski
LAW OFFICE NIKOLOVSKI
Vase Jakov
MUNICIPALITY OF GAZI BABA
- SKOPJE
Martin Odzaklieski
MINISTRY OF TRANSPORT AND
COMMUNICATIONS
Marija Jankuloska
GEORGI DIMITROV ATTORNEYS
Jasmina Rafajlovska
RAFAJLOVSKI KONSALTING
D.O.O.
Svetlana Jovanoska
MUNICIPALITY OF GAZI BABA
- SKOPJE
Aneta Jovanoska Trajanovska
LAWYERS ANTEVSKI
Stefan Jovanovski
PWC MACEDONIA
Lenche Karpuzovska
EVN MACEDONIA
Emilija Kelesoska Sholjakovska
DDK ATTORNEYS-AT-LAW
Dejan Knezovi
LAW OFFICE KNEZOVIC &
ASSOCIATES
Vancho Kostadinovski
CENTRAL REGISTRY OF THE
REPUBLIC OF MACEDONIA
George Kostov
TP GJORGE KOSTOV SKOPJE
Ivana Kostovska
APOSTOLSKA &
ALEKSANDROVSKI
Dimitar Kostovski
CAKMAKOVA ADVOCATES
Irena Lazarova
CENTRAL REGISTRY OF THE
REPUBLIC OF MACEDONIA
Goran Rafajlovski
RAFAJLOVSKI KONSALTING
D.O.O.
Viktor Ristovski
CAKMAKOVA ADVOCATES
Ljubica Ruben
MENS LEGIS LAW FIRM
Lidija Saramova-Danevska
NATIONAL BANK OF THE
REPUBLIC OF MACEDONIA
Simonida
Shosholceva-Giannitsakis
IKRP ROKAS & PARTNERS
Alexander Sipek
EVN MACEDONIA
Dime Spasov
AGENCY FOR REAL ESTATE
CADASTRE
Ivan Stojanov
RAFAJLOVSKI KONSALTING
D.O.O.
Blagoj Stojevski
EVN MACEDONIA
Margareta Taseva
CAKMAKOVA ADVOCATES
ACKNOWLEDGMENTS
Dragica Tasevska
NATIONAL BANK OF THE
REPUBLIC OF MACEDONIA
Fetrahanta Sylviane
Rakotomanana
PWC MADAGASCAR
Borjanka Todorovska
DONEVSKI LAW FIRM
Toni Trajkovski
MUNICIPALITY OF GAZI BABA
- SKOPJE
Svetlana Trendova
APOSTOLSKA &
ALEKSANDROVSKI
Stefan Trost
EVN MACEDONIA
Natasha Trpenoska
Trenchevska
LAW FIRM TRPENOSKI
Slavce Trspeski
AGENCY FOR REAL ESTATE
CADASTRE
Vladimir Vasilevski
BETASPED D.O.O.
Pamela Veljanoska
LAW OFFICE PEPELJUGOSKI
Marija Zekmanovska
RAFAJLOVSKI KONSALTING
D.O.O.
Sonja Zuber
ANALYTICA MK
MADAGASCAR
BANQUE CENTRALE DE
MADAGASCAR
BUILD CONSULTING ENGINEERS
JUDGE NATANAELA
RAKOTOMANANA
Serge Andretseheno
CABINET AS ARCHITECTE
Tsiry Andriamisamanana
MADAGASCAR CONSEIL
INTERNATIONAL
Herilova Andriampenomanana
PRICEWATERHOUSECOOPERS
TAX AND LEGAL
Eddy Ramangason
Andrianarisoa
AVOCAT AU BARREAU DE
MADAGASCAR
Yves Duchateau
SDV LOGISTICS
Raphal Jakoba
MADAGASCAR CONSEIL
INTERNATIONAL
Hanna Keyserlingk
CABINET HK JURIFISC
Ravelojaona Marie Albert
JIRO SY RANO MALAGASY
(JIRAMA)
Pascaline R. Rasamoeliarisoa
DELTA AUDIT DELOITTE
Sahondra Rabenarivo
MADAGASCAR LAW OFFICES
Tahina Rajaona
MADAGASCAR LAW OFFICES
Grant Nyirongo
ELEMECH DESIGNS
Heritiana Rakotosalama
LEGISLINK CONSULTING
Donns Shawa
RD CONSULTANTS
Mamisoa Rakotosalama
LEGISLINK CONSULTING
Samuel Tembenu
TEMBENU, MASUMBU & CO.
Shiraz Yusuf
ERNST & YOUNG
Roland Ramarijaona
DELTA AUDIT DELOITTE
Laingo Ramarimbahoaka
MADAGASCAR CONSEIL
INTERNATIONAL
Heridja Patrick Ramaroson
MINISTRE DE LA JUSTICE
Heritiana Rambeloson
JIRO SY RANO MALAGASY
(JIRAMA)
William Randrianarivelo
PWC MADAGASCAR
Fetiarinjara Randrianarivo
MADAGASCAR LAW OFFICES
Sahondra Rasoarisoa
DELTA AUDIT DELOITTE
Michael Ratrimo
MADAGASCAR INTERNATIONAL
CONTAINER TERMINAL SERVICES
LTD.
Thodore Raveloarison
JARY - BUREAU DTUDES
ARCHITECTURE INGNIERIE
Andriamisa Ravelomanana
PWC MADAGASCAR
Jean Marcel Razamahenina
DELTA AUDIT DELOITTE
Louis Sagot
CABINET DAVOCAT LOUIS
SAGOT
Ida Soamiliarimana
MADAGASCAR CONSEIL
INTERNATIONAL
MALAWI
MANICA AFRICA PTY. LTD.
Dino Amritlal Raval
WILSON & MORGAN
Vincent Chikaonda
SAVJANI & CO.
Marshal Chilenga
TF & PARTNERS
Andrew Chimpololo
UNIVERSITY OF MALAWI
Gautoni D. Kainja
KAINJA & DZONZI
Grin Kamanga
2PS CARGO CO.
Dannie J. Kamwaza
KAMWAZA DESIGN
PARTNERSHIP
James Masumbu
TEMBENU, MASUMBU & CO.
Manantsoa Rakoto
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Davis Njobvu
SAVJANI & CO.
Haingotiana Rakotondratsiory
PWC MADAGASCAR
Pierrette Rajaonarisoa
SDV LOGISTICS
Charles Mvula
DUMA ELECTRICS LTD. CONTROL SYSTEMS AND
ENERGY MANAGEMENT
Raphael Mhone
RACANE ASSOCIATES
Vyamala Aggriel Moyo
PWC MALAWI
Misheck Msiska
ERNST & YOUNG
MALAYSIA
BANK NEGARA MALAYSIA
Parameswaran A.
Shanmughanathan
TENAGA NASIONAL BERHAD
Nor Azimah Abdul Aziz
COMPANIES COMMISSION OF
MALAYSIA
Halimi Abd Manaf
MINISTRY OF HOUSING AND
LOCAL GOVERNMENT
Abu Daud Abd Rahim
AZMI & ASSOCIATES
Ahmad Danial Abdul Rahim
AZMI & ASSOCIATES
Mohammad Rohaimy Abdul
Rahim
MINISTRY OF INTERNATIONAL
TRADE AND INDUSTRY
Sonia Abraham
AZMAN, DAVIDSON & CO.
Wilfred Abraham
ZUL RAFIQUE & PARTNERS,
ADVOCATE & SOLICITORS
Rosli Ahmad
COMPANIES COMMISSION OF
MALAYSIA
Azmi Mohs Ali
AZMI & ASSOCIATES
Andy
SUMISO
Wan Mohd Azzuddin
FOCUS ARCHITECTS
Mohd Zakri Baharudin
MALAYSIAN EMPLOYERS
FEDERATION
Anita Balakrishnan
SHEARN DELAMORE & CO.
Shamsuddin Bardan
MALAYSIAN EMPLOYERS
FEDERATION
Abdul Murad Bin Che Chik
ZAIN MEGAT & MURAD
Mohd Nawawi bin Hj Said
Abdullah
TENAGA NASIONAL BERHAD
Nawawi bin Hj. Said Abdullah
ENERGY COMMISSION
Ahmad Fuad bin Md Kasim
TENAGA NASIONAL BERHAD
Che Adnan Bin Mohamad
NADI CONSULT ERA SDN BHD
Tahir bin Mohd Deni
TENAGA NASIONAL BERHAD
Abdul Aziz Bin Yuso
KUALA LUMPUR CITY HALL
Zulkurnain Hassan
KUALA LUMPUR CITY HALL
Ramli Hazra Izadi
LKMD ARCHITECTURE
Ivan Yue Chan Ho
SHOOK LIN & BOK
Hung Hoong
SHEARN DELAMORE & CO.
Connie Ng
PANALPINA WORLD TRANSPORT
LLP
Oy Moon Ng
CTOS DATA SYSTEMS SDN BHD
Swee Kee Ng
SHEARN DELAMORE & CO.
Sallehuddin Ishah
DEPARTMENT OF DIRECTOR
GENERAL OF LAND & MINES
Mohamed Zanyuin Ismail
COMPANIES COMMISSION OF
MALAYSIA
Rohani Ismail
SESSIONS COURT KUALA
LUMPUR
Rosnani Ismail
INLAND REVENUE DEPARTMENT
LEMBAGA HASIL DALAM NEGERI
(LHDN)
Norhaiza Jemon
COMPANIES COMMISSION OF
MALAYSIA
Hj Mohd Nazam Md Kassim
FOCUS ARCHITECTS
Mohd. Fauzi Abdul Kayum
EDARAN IT SERVICES SDN BHD
Mahadi Ngah
KUALA LUMPUR CITY HALL
Allison Ong
AZMAN, DAVIDSON & CO.
Jal Othman
SHOOK LIN & BOK
Tan Kar Peng
KAMARUDDIN WEE & CO
ADVOCATES & SOLICITORS
Rospawarna Rabbu
PEJABAT TANAH DAN GALIAN
SELANGOR
Aminah BT Abd. Rahman
MINISTRY OF URBAN WELLBEING
HOUSING AND LOCAL
GOVERNMENT
Nirmala Ramadass
COMPANIES COMMISSION OF
MALAYSIA
Zulaini Rohani
PORT KLANG AUTHORITIES
289
290
MALDIVES
ENVIRONMENTAL PROTECTION
AGENCY
Nianti Bouar
LABOGEC - LABORATOIRE GNIE
CIVIL
Amadou Camara
SCP CAMARA TRAOR
Jatindra Bhattray
PWC MALDIVES
Elvis Danon
PWC CTE DIVOIRE
Pierre Buttigieg
CSB ADVOCATES
Asma Chan-Rahim
SHAH, HUSSAIN & CO.
BARRISTERS & ATTORNEYS
Sekou Dembele
ETUDE MATRE SEKOU DEMBELE
Simon Camilleri
CREDITINFO
Mamadou Diarra
CABINET JURI-PARTNER
Joseph Caruana
MALTA FINANCIAL SERVICES
AUTHORITY (MFSA)
Mohamed Hameed
ANTRAC MALDIVES PVT. LTD.
Gaoussou A. G. Konat
AGENCE CADET
Dheena Hussain
SHAH, HUSSAIN & CO.
BARRISTERS & ATTORNEYS
Ee Ling Tan
TAY & PARTNERS
Cindy Thong
PANALPINA WORLD TRANSPORT
LLP
Shehan Kurukuththala
ERNST & YOUNG
Adeline Messou
PWC CTE DIVOIRE
Nasiha Malik
SHAH, HUSSAIN & CO.
BARRISTERS & ATTORNEYS
Brenger Y. Meuke
JURIFIS CONSULT
Laila Manik
ATTORNEY
Sahrom Ujang
KUALA LUMPUR CITY HALL
Prasanta Misra
PWC MALDIVES
Sue Wan
WONG & PARTNERS
Abdulla Muizzu
PRAXIS LAW FIRM
Ahmed Murad
MAZLAN & MURAD LAW
ASSOCIATES
Justin Wong
AZMI & ASSOCIATES
Yim Fat Wong
THE ASSOCIATED CHINESE
CHAMBERS OF COMMERCE
AND INDUSTRY OF MALAYSIA
(ACCCIM)
Alassane T. Sangar
NOTARY
Moussa Sanogo
BCEAO
Djibril Semega
CABINET SEAG CONSEIL
Boubacar Thiam
ASSOCIATION PROFESSIONNELLE
DES BANQUES ET
ETABLISSEMENT FINANCIERS
DU MALI
Ismail Rasheed
ARCHITECT
Gayan Senanyake
KPMG
Shuaib M. Shah
SHAH, HUSSAIN & CO.
BARRISTERS & ATTORNEYS
Vanja Ramanandraitsiory
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Hussain Nazeer
OTIUM GROUP
Susan Yeo
CITY BANK
Dominique Taty
PWC CTE DIVOIRE
Henry Yeam
NATIONAL HOUSE BUYERS
ASSOCIATION
Ismail Nashid
MALDIVES CUSTOMS SERVICE
Elaine Yap
WONG & PARTNERS
Charles Buhagiar
MED DESIGN ASSOCIATES
Boubacar Coulibaly
MATRANS
Aishath Haifa
SHAH, HUSSAIN & CO.
BARRISTERS & ATTORNEYS
Ann M. Bugeja
CSB ADVOCATES
Johann Buttigieg
MALTA ENVIRONMENT &
PLANNING AUTHORITY (MEPA)
Kenneth Tiong
THE ASSOCIATED CHINESE
CHAMBERS OF COMMERCE
AND INDUSTRY OF MALAYSIA
(ACCCIM)
Fathimath Shaheen
Upul Shantha
KPMG
Fathimath Sodhaf
MALDIVES CUSTOMS SERVICE
Lubna Zahir Hussain
THE LAW COMMISSION OF THE
MALDIVES
MALI
CENTRE NATIONAL
DE RECHERCHE ET
DEXPRIMENTATION EN
BTIMENT ET TRAVAUX PUBLICS
(CNREX-BTP)
Bassambie Bationo
BCEAO
Imirane A. Tour
DIRECTION NATIONALE DE
LURBANISME ET DE LHABITAT
Alassane Traor
ICON SARL
Foussni Traor
PWC CTE DIVOIRE
Kirsten Cassar
CAMILLERI PREZIOSI
Stephen Ferrito
MALTA ENVIRONMENT &
PLANNING AUTHORITY (MEPA)
Neville Gatt
PWC MALTA
Christabelle Gauci
CSB ADVOCATES
Steve Gingell
PWC MALTA
Paul Gonzi
FENECH & FENECH ADVOCATES
Kurt Hyzler
CSB ADVOCATES
Kevin Loughborough
COBRA INSTALLATIONS
Henri Mizzi
CAMILLERI PREZIOSI
John Paris
CREDITINFO
Matthew Saliba
CSB ADVOCATES
Lynne Satariano
CSB ADVOCATES
Abigail Scerri
PWC MALTA
Ian Stafrace
IAN STAFRACE LEGAL
Audrey Vassallo
LAND REGISTRY
Quentin Zahra
EUROFREIGHT
Andrew J. Zammit
CSB ADVOCATES
Don Hess
COLLEGE OF THE MARSHALL
ISLANDS
Jerry Kramer
PACIFIC INTERNATIONAL, INC.
Donna Lacuesta
ROBERT REIMERS ENTERPRISES,
INC.
James McCarey
THE MCCAFFREY FIRM, LTD.
Steve Philip
CHAMBER OF COMMERCE
Michael Slinger
CHAMBER OF COMMERCE
Scott H. Stege
LAW OFFICES OF SCOTT STEGE
Charles Stinnett
MAJURO STEVEDORE AND
TERMINAL COMPANY
David M. Strauss
CHAMBER OF COMMERCE
Itibo Tonga
MARSHALL ISLANDS TAX
AUTHORITY
MAURITANIA
SidAhmed Abeidna
SOGECO MAURITANIA
Esteit Mohamedou Amane
ETUDES RECHERCHES ET
MAINTENANCE
Tidiane Bal
BSD & ASSOCIS
Maroufa Diabira
LAWYER
Brahim Ebety
LAWYER
Hamoud Ismail
SMPN
Cheikany Jules
CHEIKHANY JULES LAW OFFICE
Oumar Sada Kelly
ASSURIM CONSULTING
Mohamed Lemine Salem Ould
Bchir
EXACO
Abdou MBodj
COMMUNAUT URBAINE DE
NOUAKCHOTT
Wedou Mohamed
MAURIHANDLING
Ishagh Ould Ahmed Misk
CABINET ISHAGH MISKE
MARSHALL ISLANDS
ENVIRONMENTAL PROTECTION
AGENCY - MARSHALL ISLANDS
Emmanuel Yehouessi
BCEAO
MALTA
ARCHITECTURE PROJECT
BANK OF VALLETTA
ENEMALTA CORPORATION
PKF INTERNATIONAL
Kenneth Barden
ATTORNEY-AT-LAW
Tatyana E. Cerullo
MARSHALL ISLANDS LAWYERS
Leonard Bonello
GANADO ADVOCATES
Paul Bonello
MINISTRY OF FINANCE
DEPARTMENT OF CUSTOMS
Kris Borg
DR KRIS BORG & ASSOCIATES
- ADVOCATES
Mario Raymond Borg
INLAND REVENUE DEPARTMENT
Raquel De Leon
MARSHALL ISLANDS SOCIAL
SECURITY ADMINISTRATION
Anthony Frazier
Aliou Sall
ETUDE ME ALIOU SALL &
ASSOCIS
ACKNOWLEDGMENTS
Cheikh Sall
ETUDE HADY MAOULOUDVALL
Carlos Chvez
GALICIA ABOGADOS SC
Rubishwur Hemoo
MINISTRY OF LOCAL
GOVERNMENT AND OUTER
ISLANDS
Oudesh Suddul
KROSS BORDER TRUST
SERVICES LTD. - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Ernesto Chvez
INTERCONTINENTAL NETWORK
SERVICES
Aissetou Sy
BSD & ASSOCIS
Dominique Taty
PWC CTE DIVOIRE
Elodie Hermelin
LEGIS & PARTNERS
Khalidou Traor
COMMUNAUT URBAINE DE
NOUAKCHOTT
Nooreena Hosany
MINISTRY OF LOCAL
GOVERNMENT AND OUTER
ISLANDS
MAURITIUS
CONYERS, DILL & PEARMAN
Tania Huet
GEROUDISGLOVER
GHURBURRUN
Shameemah Abdool
Raman-Sahebally
PWC MAURITIUS
Kursline Bgu
CEB
Reshma Hurday
KROSS BORDER TRUST
SERVICES LTD. - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Nitish Hurnaum
GEROUDISGLOVER
GHURBURRUN
Jean-Franois Boisvenu
BLC CHAMBERS
Imalambal Kichenin
JURISTAX
Urmila Boolell
BANYMANDHUB BOOLELL
CHAMBERS
Poornima Kisto
PWC MAURITIUS
Poonam Calcutteea
BLC CHAMBERS
Nicolas Carcasse
DAGON INGENIEUR CONSEIL LTE
D.P. Chinien
REGISTRAR OF COMPANIES
AND BUSINESSES, CORPORATE
AND BUSINESS REGISTRATION
DEPARTMENT
Jayram Luximon
CEB
Sandy Chuong
GEROUDISGLOVER
GHURBURRUN
Chandansingh Chutoori
VYYAASS CONSULTING
ENGINEER LTD.
Malcolm Moller
APPLEBY
Ramdas Mootanah
ARCHITECTURE & DESIGN LTD.
Loganayagan Munian
ARTISCO INTERNATIONAL
Mushtaq Namdarkhan
BLC CHAMBERS
Roland Constantin
ETUDE CONSTANTIN
Khemila Narraidoo
JURISTCONSULT CHAMBERS
Bert C. Cunningham
CUSTOMS AND EXCISE
DEPARTMENT
Bilshan Nursimulu
JURISTCONSULT CHAMBERS
Rajendra Dassyne
CHAMBERS OF NOTARIES OF
MAURITIUS
Catherine de Rosnay
LEGIS & PARTNERS
Sufyaan Dosemahamed
PWC MAURITIUS
Shalinee Dreepaul-Halkhoree
JURISTCONSULT CHAMBERS
Yannick Fok
GEROUDISGLOVER
GHURBURRUN
Poonam Geemul
BANYMANDHUB BOOLELL
CHAMBERS
Gavin Glover
GEROUDISGLOVER
GHURBURRUN
J. Gilbert Gnany
THE MAURITIUS COMMERCIAL
BANK LIMITED
Yandraduth Googoolye
BANK OF MAURITIUS
Darmalingum Goorriah
ETUDE ME DARMALINGUM
GOORRIAH
Ammar Oozeer
JURISTCONSULT CHAMBERS
Dheerend Puholoo
PWC MAURITIUS
Iqbal Rajahbalee
BLC CHAMBERS
Vivekanand Ramburun
MAURITIUS REVENUE
AUTHORITY
Andr Robert
ATTORNEY-AT-LAW
Caroline Samy
GEROUDISGLOVER
GHURBURRUN
Purmessur Sarwansingh
MINISTRY OF LOCAL
GOVERNMENT AND OUTER
ISLANDS
Hurrydeo Seebchurrun
CEB
Menzie Sunglee
CEB
Parikshat Teeluck
DAMCO LOGISTICS (MAURITIUS)
D. Thakoor
BANK OF MAURITIUS
Shiam Krisht Thannoo
CEB
Muhammad R.C. Uteem
UTEEM CHAMBERS
Aynur Visram
BANYMANDHUB BOOLELL
CHAMBERS
MEXICO
Francisco Acevedo Ramos
INSTALACIONES ELCTRICAS EN
ALTA Y BAJA TENSIN ACEVEDO
SA DE CV
Beatriz A. Robles Acosta
CAF-SIAC CONTADORES
Gustavo I. Alarcn Caballero
BAKER & MCKENZIE
Alejandro Aldrette Aguirre
CANALES Y SOCIOS ABOGADOS
SC
Jaime Alejandro Gutirrez Vidal
INSTITUTO FEDERAL DE
ESPECIALISTAS DE CONCURSOS
MERCANTILES
Gabriel Andrade
KPMG
Jos Manuel Arce Ruz
STANDARD GO
Francisco Samuel Arias
Gonzlez
NOTARY PUBLIC 28
Jos Alejandro Astorga Hilbert
INSTITUTO FEDERAL DE
ESPECIALISTAS DE CONCURSOS
MERCANTILES
Alfonso Azcona Anaya
ZITYMERKA SA DE CV
Antonio Barrera Ros
SNCHEZ DEVANNY ESEVERRI,
S.C
Arturo Ojeda Becerra
VISION GLOBAL INTEGRAL (VGI,
HUMAN LEGAL & TAX SERVICES)
Claudia D. Beltrn Cavazos
EUROPARTNERS
Gilberto Calderon
GALAZ, YAMAZAKI, RUIZ
URQUIZA SC, MEMBER OF
DELOITTE TOUCHE TOHMATSU
LIMITED
Enrique Camarena Dominguez
MAQUEO ABOGADOS SC
Carlos Cano
PWC MEXICO
Homero Cant
NOTARIA 71 - NUEVO LEN
Geetanjali Seewoosurrun
CEB
Gilbert Seeyave
BDO FINANCIAL SERVICES LTD.
Pedro Carreon
PWC MEXICO
Deviantee Sobarun
MINISTRY OF FINANCE &
ECONOMIC DEVELOPMENT
Rodrigo Conesa
RITCH MUELLER, SC
Andres Corcuera Habsburg
Lothringen
CREEL, GARCA-CULLAR, AIZA Y
ENRIQUEZ SC
Jose Covarrubias-Azuela
SOLRZANO, CARVAJAL,
GONZLEZ Y PREZ-CORREA,
S.C
Julio Csar Cristiani Arce
MIRANDA & ESTAVILLO SC
Miguel de la Fuente
NADER, HAYAUX & GOEBEL
Carlos De la Garza
MARTINEZ, ALGABA, DE HARO,
CURIEL Y GALVAN-DUQUE SC
Jorge de Presno
BASHAM, RINGE Y CORREA,
MEMBER OF IUS LABORIS
Nicolas del Olmo
NDA NAJERA DANIELI & ASOCS.
Franco Alberto Del Valle Prado
MIRANDA & ESTAVILLO SC
Tracy Delgadillo Miranda
J.A. TREVIO ABOGADOS SA
DE CV
Julia Daz
MULTITRASLADOS
Carlos Diaz de Leon Sanchez
GONZALEZ CALVILLO SC
Carlos Ramon Diaz Sordo
LOPEZ VELARDE, HEFTYE Y
SORIA SC
Carlos Diez Garcia
GONZALEZ CALVILLO SC
Felipe Dominguez P.
MOORE STEPHENS OROZCO
MEDINA SC
Dolores Enriquez
PWC MEXICO
Miguel Espitia
BUFETE INTERNACIONAL
Martha Samira Esquiliano
Sllim
CREEL, GARCA-CULLAR, AIZA Y
ENRIQUEZ SC
Luca Fernndez
GONZALEZ CALVILLO SC
Victor Fernandez Sanchez
COMISIN FEDERAL DE
ELECTRICIDAD
Miguel Angel Ferriz
FEGAMO Y VASAF SC
Adrian Flores
FEGAMO Y VASAF SC
Leonor Llamas
GOODRICH, RIQUELME Y
ASOCIADOS
Manuel Galicia
GALICIA ABOGADOS SC
Mauricio Gamboa
TRANSUNION DE MEXICO SA SIC
Francisco Andrs
Gmez-Garza
SNCHEZ DEVANNY ESEVERRI
SC
291
292
Gabriel Manrique
RUSSELL BEDFORD MXICO MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Fernando Perez-Correa
SOLRZANO, CARVAJAL,
GONZLEZ Y PREZ-CORREA,
S.C
Guillermo Piecarchic
PMC & ASOCIADOS
Jos Martnez
NOTARA PBLICA 29 - NUEVO
LEN
Yazbek Taja
RIVADENEYRA, TREVINO & DE
CAMPO SC
Miguel Tllez
CREEL, GARCA-CULLAR, AIZA Y
ENRIQUEZ SC
Juan Francisco Torres Landa
Ruo
BARRERA, SIQUEIROS Y TORRES
LANDA SC
Douglas Nelber
POHNPEI STATE DEPARTMENT
OF LANDS AND NATURAL
RESOURCES
Ronald Pangelinan
A&P ENTERPRISES, INC.
Kevin Pelep
OFFICE OF THE REGISTRAR OF
CORPORATIONS
Jaime A. Trevio
J.A. TREVIO ABOGADOS
Salomon Saimon
MICRONESIAN LEGAL SERVICES
CORPORATION
Nora Sigrah
FSM DEVELOPMENT BANK
Larry Wentworth
FSM SUPREME COURT
MOLDOVA
Mario Morales
COMISIN FEDERAL DE
ELECTRICIDAD
Fernando Rivadeneyra
RIVADENEYRA, TREVINO & DE
CAMPO SC
Diego Velasco-Fuhrken
BAKER & MCKENZIE
Ricardo Morales-Barron
FEGAMO Y VASAF SC
Daniel Moran
GONZALEZ CALVILLO SC
Guillermo Moran
GALAZ, YAMAZAKI, RUIZ
URQUIZA SC, MEMBER OF
DELOITTE TOUCHE TOHMATSU
LIMITED
Alvaro Quintana
ALVARO QUINTANA SC
Manuel Ramos
BUFETTE DE OBRAS, SERVICIOS
Y SUMINISTROS SA DE CV
Cecilia Rojas
GALICIA ABOGADOS SC
Ral Sahagun
BUFETE INTERNACIONAL
Eloy F. Muoz M.
IMEYEL SOLUCIONES
INTEGRALES SA DE CV
Ignacio Snchez
MULTITRASLADOS
Juan Njera
NDA NAJERA DANIELI & ASOCS.
Alejandra Velazquez
COMAD SC
Adrian Villagomez Aleman
COMAD SC
Claudio Villavicencio
GALAZ, YAMAZAKI, RUIZ
URQUIZA SC, MEMBER OF
DELOITTE TOUCHE TOHMATSU
LIMITED
Juan Pablo Villela Vizcaya
CREEL, GARCA-CULLAR, AIZA Y
ENRIQUEZ SC
Ernesto Viveros Domnguez
COLEGIO DE INGENIEROS
MECNICOS ELECTRICISTAS Y
ELECTRNICOS DE NUEVO LEN
(CIME-NL)
Judith A. Wilson
BRYAN, GONZLEZ BAZ
Ismael Alejandro Zamarripa
Jorge
BANORTE
Fernando Zapata
CREEL, GARCA-CULLAR, AIZA Y
ENRIQUEZ SC
Valerian Batcu
ASOCIATA BROKERILOR VAMALI
(ABV) MOLDOVA
Sergiu Bivol
COBZAC & PARTNERS
Gabrielle Bulgari
VERNON DAVID & ASSOCIATES
Victor Burac
VICTOR BURAC LAW FIRM
Sergiu Carmanski
ICPT ENERGOPROJECT
Vitalie Ciofu
GLADEI & PARTNERS
Daniel Cobzac
COBZAC & PARTNERS
Sergiu Codreanu
UNION FENOSA
Ion Comendant
UNION FENOSA
Alexandru Covalenco
INTERACTIV SA
Anastasia Dereveanchina
PWC MOLDOVA
Viorica Diminet-Bejan
GLADEI & PARTNERS
Dorin Dulghieru
BUICIANI COURT
Silviu Foca
BIROUL DE CREDIT - MOLDOVA
Cristina Furtuna
MOLDOVA AGROINDBANK
Enrique A. Santos
SANTOS & SAUCEDO
Shiro Akinaga
APSCO CONSTRUCTION CO.
Ana Galus
TURCAN CAZAC
Enrique G. Santos
SANTOS & SAUCEDO
Kenneth Barden
ATTORNEY-AT-LAW
Roger Gladei
GLADEI & PARTNERS
Francisco Santoyo
COMISIN FEDERAL DE
ELECTRICIDAD
Lam Dang
CONGRESS OF THE FSM
Vitalie Goncear
GRADA LOGISTIC
Mario M. Saucedo
SANTOS & SAUCEDO
Mark Heath
MICRONESIA REGISTRATION
ADVISORS, INC.
Galina Grecu
MOLDOVA AGROINDBANK
Mario R. Saucedo
SANTOS & SAUCEDO
Albert Johnny
MESENIENG CREDIT UNION
Jerry Kramer
PACIFIC INTERNATIONAL, INC.
Romina Soriano
PWC MEXICO
Daniel Sosa
SKYNET
Pietro Straulino-Rodriguez
SNCHEZ DEVANNY ESEVERRI,
S.C
Arturo Surez
KPMG
Charles Lohn
POHNPEI STATE ENVIRONMENTAL
PROTECTION AGENCY
Quirino Loyola
REGISTRAR OF CORPORATIONS,
POHJNPEI STATE GOVERNMENT
Sisananto Loyola
POHNPEI STATE ENVIRONMENTAL
PROTECTION AGENCY
Silberio S. Mathias
MICROPC
Iulia Furtuna
TURCAN CAZAC
Silvia Grosu
PWC MOLDOVA
Andrian Guzun
SCHOENHERR
Vladimir Iurkovski
SCHOENHERR
Roman Ivanov
VERNON DAVID & ASSOCIATES
Gregory Kitriyakov
GONVARO-CON
Grigorii Lobodiuc
GRADA LOGISTIC
Ciubaciuc Ludmila
ACI PARTNERS LAW OFFICE
Vitalie Lungu
MOLDOVA AGROINDBANK
Angela Matcov
AGENCY OF LAND RELATIONS
AND CADASTRE STATE
ENTERPRISE CADASTRU
Stefan Milicenco
GLADEI & PARTNERS
Mihaela Mitroi
PWC ROMANIA
Elena Mocanu
PUBLIC NOTARY
Alexandru Munteanu
PWC MOLDOVA
Oxana Novicov
NATIONAL UNION OF JUDICIAL
OFFICERS
Igor Odobescu
ACI PARTNERS LAW OFFICE
Aelita Orhei
GLADEI & PARTNERS
Vladimir Palamarciuc
TURCAN CAZAC
Nataliya Palii
VALAH
Ilona Panurco
PWC MOLDOVA
Carolina Parcalab
ACI PARTNERS LAW OFFICE
Oleg Pereverzev
ICPT ENERGOPROJECT
Irina Perevoznik
GRADA LOGISTIC
Vladimir Plehov
MARITIMTRANS
Bodiu Pontelimon
SRL RECONSCIVIL
Dumitru Popescu
PWC MOLDOVA
Pavel Postolachi
GONVARO-CON
Alexandru Savva
TURCAN CAZAC
Ionut Simion
PWC ROMANIA
Alexandru Sipitca
ICS ERNST AND YOUNG SRL
Adrian Sorocean
ACI PARTNERS LAW OFFICE
Tatiana Stavinschi
PWC MOLDOVA
Adrian Suruceanu
COBZAC & PARTNERS
Cristina Tiscul-Diaconu
ACI PARTNERS LAW OFFICE
Alexander Tuceac
TURCAN CAZAC
Nikolay Urievich
MARITIMTRANS
Ghenadie Veretco
UNION FENOSA
Irina Verhovetchi
ACI PARTNERS LAW OFFICE
Carolina Vieru
IM PAA SRL
Victor Vintu
UNION FENOSA
Jigau Viorica
ASSOCIATE LAWYERS OFFICE
NAGACEVSCHI & PARTNERS
Corina Voda
GLADEI & PARTNERS
ACKNOWLEDGMENTS
Vitalie Zama
ASSOCIATE LAWYERS OFFICE
NAGACEVSCHI & PARTNERS
Tuvshin Javkhlant
GLOBAL INVESTMENT AND
EQUITY ADVISORY PARTNERS
LLC
MONGOLIA
MINISTRY OF FINANCE
Batbayar Jigmedsuren
UB TRANS LLC
PWC MONGOLIA
Sholtoi Jolbars
GENERAL AUTHORITY FOR STATE
REGISTRATION
USAID
Michael Aldrich
HOGAN LOVELLS
Telenged Baast
MONLOGISTICS WORLDWIDE LLC
Bayarmaa Badarch
GLOBAL INVESTMENT AND
EQUITY ADVISORY PARTNERS
LLC
Bolortsogoo Baldandorj
ULAANBAATAR ELECTRICITY
DISTRIBUTION NETWORK
COMPANY
Tuya Balijinnyam
ERDMON CO. LTD.
Nandinchimeg Banzragch
TSOGT & NANDIN
James Liotta
MAHONEY LIOTTA LLC
Bat-Ulzii Lkhaasuren
MONSAR LLC
Ganzorig Luvsan
UBEDN
Marija Bojovi
BOJOVIC & PARTNERS
Radovan Radulovic
MONTENOMAX
Bojana Bokovi
MINISTRY OF FINANCE
Vesna Radunovi
R&P AUDITING
Zona Cimpl
BOJOVIC & PARTNERS
Draen Raikovi
FINANCEPLUS
Michel Durand-Meyrier
CHASSANY WATRELOT &
ASSOCIS
Dragan orac
LAW OFFICE VUJAI
Branka Rajicic
PWC BOSNIA AND HERZEGOVINA
Vladimir Dasi
BDK ATTORNEYS-AT-LAW
Miljan Sestovic
ASSOCIATION OF FREIGHT
FORWARDERS
Savo Djurovi
ADRIATIC MARINAS D.O.O.
Dragan Draca
PWC SERBIA
Christopher Melville
HOGAN LOVELLS
Veselin Dragievi
CHAMBER OF ECONOMY OF
MONTENEGRO, SECTOR FOR
ASSOCIATIONS AND ECONOMIC
DEVELOPMENT
Ganbat Munkhbold
GRATA LAW FIRM
Sladana Dragovi
NORMAL COMPANY
Gerelmaa Myagmarsuren
LEHMAN, LEE & XU
Dragana Filipovic
MINISTRY OF SUSTAINABLE
DEVELOPMENT AND TOURISM
Daniel Mahoney
MAHONEY LIOTTA LLC
Tuya Namsan
TITLE REGISTRATION
DEPARTMENT
T. Battulga
GENERAL AUTHORITY FOR STATE
REGISTRATION
Jigjidsuren Nanjid
ENERGY REGULATORY
COMMISSION
Altanduulga Bazarragchaa
UBEDN
Byambasuren Narantuya
GTS ADVOCATES LLP
Danilo Gvozdenovi
MINISTRY OF SUSTAINABLE
DEVELOPMENT AND TOURISM
David Beckstead
LEHMAN, LEE & XU
Ganbaatar Narantuya
BORHOIN TAL
Ana Jankov
BDK ATTORNEYS-AT-LAW
Sammy Beedan
MAHONEY LIOTTA LLC
Tsogt Natsagdorj
TSOGT & NANDIN
Maja Jokanovi
MINISTRY OF ECONOMY
Ebon Bishop
MAHONEY LIOTTA LLC
Enkhtsetseg Nergui
ANAND ADVOCATES LAW FIRM
Miomir Joksimovic
LAW OFFICE VUJAI
Batzaya Bodikhuu
ANAND ADVOCATES LAW FIRM
Munkhsoyombo Nyamsuren
GTS ADVOCATES LLP
Bayar Budragchaa
ELC LLP ADVOCATES
Sara K. Phillips
ANDERSON AND ANDERSON LLP
Nada Jovanovic
CENTRAL BANK OF
MONTENEGRO
David C. Buxbaum
ANDERSON AND ANDERSON LLP
Ariuntuya Rentsen
MAHONEY LIOTTA LLC
Khatanbat Dashdarjaa
ARLEX CONSULTING SERVICES
Gandolgor Sambuu
ERDENET TEX CORPORATION
Tseveensuren Davkharbayar
MONGOL ADVOCATES
Norovtseren Sanjmyatav
ARLEX CONSULTING SERVICES
Brett DCruz
MINTER ELLISON
Sharkhuu
AABB LLC
Dorjkhuu
MONGOLIAN NATIONAL
CONSTRUCTION ASSOCIATION
Tumurkhuu Sukgbaatar
UBEDN
Elisabeth Ellis
MINTER ELLISON
Erdenetuya Togtuun
MONGOLIA MUNICIPAL PLANNING
AGENCY
Tsolmonchimeg Enkhbat
GTS ADVOCATES LLP
Ganzaya Tsogtgerel
ANDERSON AND ANDERSON LLP
Oyunchimeg Enkhbayar
UB TRANS LLC
Arslaa Urjin
ULAANBAATAR ELECTRICITY
DISTRIBUTION NETWORK
COMPANY
Enhtor
ELITE NETWORK
Batzorig Erdenee
BILIG CAPITAL
Munkhjargal Galsanjamts
ANAND ADVOCATES LAW FIRM
Selenge Gantulga
MAHONEY LIOTTA LLC
Mergenbayar Gulkhuu
MONGOLIA MINISTRY OF
CONSTRUCTION AND URBAN
DEVELOPMENT
Darin Homan
MAHONEY LIOTTA LLC
Aynagul Japar
DASTAN LLC
Yu
SUNDAY GROUP
Shagdarsuren Zuunai
GRATA LAW FIRM
MONTENEGRO
NOTARY CHAMBER OF
MONTENEGRO
Aleksandar Adamovic
PACORINI MONTENEGRO
Veselin Anjui
BUSINESS CENTER ELEBI
Bojana Andri
BUSINESS CENTER ELEBI
Darko Globarevi
ZETATRANS
Mile Gruji
NORMAL COMPANY
Velimir Strugar
EPCG AD NIKI
Snezana Terzic
STADION
Marko Tintor
CENTRAL BANK OF
MONTENEGRO
Renata Todorovi
LAW OFFICE VUJAI
Vera Vucelic
HARRISONS SOLICITORS
Saa Vujai
LAW OFFICE VUJAI
Jelena Vujisi
LAW OFFICE VUJAI
Tatjana Vujosevic
MINISTRY OF SUSTAINABLE
DEVELOPMENT AND TOURISM
Lana Vukmirovic Misic
HARRISONS SOLICITORS
Jelena Zivkovic
EUROFAST GLOBAL, PODGORICA
OFFICE
MOROCCO
CENTRALE DINGENIERIE ET
SERVICES
Idriss Abou Mouslim
BHIRAT
Yahia El Fadil
PWC ADVISORY MAROC
Moulay El Amine El Hammoumi
Idrissi
HAJJI & ASSOCIS
Naoufal El Khatib
MAZARS AUDIT ET CONSEIL
Hamid Errida
GARRIGUES MAROC
Driss Ettaki
ADMINISTRATION DES DOUANES
ET IMPOTS INDIRECTS
Nadia Fajr
AVOCATE AU BARREAU DE
CASABLANCA
Youssef Fassi Fihri
FYBA LAWYERS
Nasser Filali
ZIMAG
Bahya Ibn Khaldoun
UNIVERSIT M.V. SOUISSI RABAT,
MAROC
Agathe Jaudeau
CHASSANY WATRELOT &
ASSOCIS
Mehdi Kettani
KETTANI ASSOCIS
Nadia Kettani
KETTANI LAW FIRM
Rita Kettani
KETTANI ASSOCIS
Nabyl Lakhdar
ADMINISTRATION DES DOUANES
ET IMPOTS INDIRECTS
Amine Mahfoud
AMINE MAHFOUD NOTAIRE
Jelena Jovetic
MINISTRY OF FINANCE
Sidimohamed Abouchikhi
EXPERIAN
Rado-Lolo Kastratovi
ADVOKATSKA KANCELARIJA
Ana Krsmanovi
MINISTRY OF FINANCE
Karim Adyel
CABINET AYDEL
Dejan lBori
MORAVEVI VOJNOVI I
PARTNERI
Abdelkhalek Merzouki
ADMINISTRATION DES DOUANES
ET IMPOTS INDIRECTS
Dragana Ljumovic
BDK ATTORNEYS-AT-LAW
Redouane Assakhen
CENTRE RGIONAL
DINVESTISSEMENT
Lahlou Mhamed
ETUDE DE NOTARIAT MODERNE
Edita Mehovic
LAW OFFICE VUJAI
Fassi-Fihri Bassamat
BASSAMAT & ASSOCIE
Azdine Nekmouche
ORDRE DES ARCHITECTES DE
CASABLANCA
Ivan Nikolic
TOTAL SPED
Maria Belaa
ETUDE MATRE BELAFIA
Nenad Pavlii
PAVLII LAW OFFICE
Predrag Pavlii
MONTECCO INC D.O.O.
Bojana Pekovic
R&P AUDITING
Nikola Perovi
PLANTAE
Novica Pesic
PESIC & BAJCETA
Zorica Pesic Bajceta
PESIC & BAJCETA
Ana Radivojevi
PWC SERBIA
Andrea Radonjanin
MORAVEVI VOJNOVI I
PARTNERI
Vladimir Radonjic
HARRISONS LAW FIRM
Azel-Arab Benjelloun
AGENCE DARCHITECTURE
DURBANISME ET DE
DECORATION
Karim Benkirane
ESPACE TRANSIT
Mohamed Benkirane
ESPACE TRANSIT
Richard Cantin
JURISTRUCTURES - PROJECT
MANAGEMENT & LEGAL
ADVISORY SERVICES LLP
Mahat Chraibi
PWC ADVISORY MAROC
Driss Debbagh
KETTANI ASSOCIS
Anis Mahfoud
ABOUAKIL, BENJELLOUN &
MAHFOUD AVOCATS
Noureddine Marzouk
PWC ADVISORY MAROC
Abderrahim Outass
COMMUNE URBAINE DE
CASABLANCA
Hassane Rahmoun
ETUDE NOTARIALE HASSANE
RAHMOUN
Nesrine Roudane
NERO BOUTIQUE LAW FIRM
Ghalia Sebti
AIT MANOS
Rachid Senhaji
ORDRE DES ARCHITECTES DE
CASABLANCA
Khalil Yassir
YASSIR KHALIL STUDIO
Meryem Zoubir
CHASSANY WATRELOT &
ASSOCIS
MOZAMBIQUE
Calu Abubacar
ELECTROVISAO LDA
293
294
Miguel Almeida
SAL & CALDEIRA ADVOGADOS
LDA
Fernanda Lopes
FERNANDA LOPES &
ASSOCIADOS ADVOGADOS
Carolina Balate
PWC MOZAMBIQUE
Runo Lucas
TEC TNICOS CONSTRUTORES
LDA
Ebrahim Bhikha
PWC MOZAMBIQUE
Eduardo Cal
SAL & CALDEIRA ADVOGADOS
LDA
Adelia Canda
SILVA GARCIA
Henrique Castro
AMARO ARQUITECTOS E
ASSOCIADOS LDA
Liliana Chacon
CGA - COUTO, GRAA E
ASSOCIADOS, SOCIEDADE DE
ADVOGADOS
Pedro Couto
CGA - COUTO, GRAA E
ASSOCIADOS, SOCIEDADE DE
ADVOGADOS
Alcinda Cumba
FERNANDA LOPES &
ASSOCIADOS ADVOGADOS
Avelar da Silva
INTERTEK INTERNATIONAL LTD.
Thera Dai
CGA - COUTO, GRAA E
ASSOCIADOS, SOCIEDADE DE
ADVOGADOS
Alberto de Deus
MACURRU LAW, SOCIEDADE
UNIPESSOAL, LDA
Eugnio Luis
BANCO DE MOAMBIQUE
Gimina Lus Mahumana
SAL & CALDEIRA ADVOGADOS
LDA
Mnica Marques
MOZAMBIQUE LEGAL CIRCLE
Vtor Marques da Cruz
MC&A - SOCIEDADE DE
ADVOGADOS RL
Joo Martins
PWC MOZAMBIQUE
Cludio Nhandamo Jr.
SAL & CALDEIRA ADVOGADOS
LDA
Teresa Pala
MC&A - SOCIEDADE DE
ADVOGADOS RL
lvaro Pinto Basto
CGA - COUTO, GRAA E
ASSOCIADOS, SOCIEDADE DE
ADVOGADOS
Diana Ramalho
SAL & CALDEIRA ADVOGADOS
LDA
Malaika Ribeiro
PWC MOZAMBIQUE
Paula Duarte Rocha
MOZAMBIQUE LEGAL CIRCLE
Carla de Sousa
FERNANDA LOPES &
ASSOCIADOS ADVOGADOS
Belisrio Tamele
MOZAMBIQUE LEGAL CIRCLE
Elisio De Sousa
FERNANDA LOPES &
ASSOCIADOS ADVOGADOS
Ricardo Veloso
GPA - GOUVEIA PEREIRA,
COSTA FREITAS & ASSOCIADOS,
SOCIEDADE DE ADVOGADOS RL
Fulgncio Dimande
MANICA FREIGHT SERVICES
SARL
Rita Donato
CGA - COUTO, GRAA E
ASSOCIADOS, SOCIEDADE DE
ADVOGADOS
Vanessa Fernandes
CGA - COUTO, GRAA E
ASSOCIADOS, SOCIEDADE DE
ADVOGADOS
Telmo Ferreira
CGA - COUTO, GRAA E
ASSOCIADOS, SOCIEDADE DE
ADVOGADOS
Maria Fatima Fonseca
MAPUTO CITY COURT
(COMMERCIAL CHAMBER)
Pinto Fulane
BANCO DE MOAMBIQUE
Isabel Garcia
SILVIA GARCIA ADVOGADOS &
CONSULTORES
Jorge Graa
CGA - COUTO, GRAA E
ASSOCIADOS, SOCIEDADE DE
ADVOGADOS
Victoria Gundanhane
SDV MOAMBIQUE SA
Fabricia Henriques
MOZAMBIQUE LEGAL CIRCLE
Rui Loforte
CGA - COUTO, GRAA E
ASSOCIADOS, SOCIEDADE DE
ADVOGADOS
MYANMAR
AGX LOGISTICS MYANMAR
CO. LTD.
ALLEN & OVERY MYANMAR
CARE FREIGHT SERVICES LTD.
CB BANK
CP WORLD LTD.
PRICEWATERHOUSECOOPERS
MYANMAR CO. LTD.
Khin Leinmar Ban Aye
KELVIN CHIA YANGON LTD.
Jaime Casanova
DFDL
Cheah Swee Gim
KELVIN CHIA YANGON LTD.
Florence Grangerat
AUDIER & PARTNERS MYANMAR
CO. LTD.
Chris Hughes
BAKER & MCKENZIE MYANMAR
LEGAL SERVICES LIMITED
Jean Loi
VDB LOI MYANMAR
Oliver Massmann
DUANE MORRIS & SELVAM
(MYANMAR)
Adam McCarty
MEKONG ECONOMICS
U Maung Maung (Arthur) Myint
LS HORIZON (MYANMAR)
LIMITED
SanSan Myint Wai (Susan)
LS HORIZON (MYANMAR)
LIMITED
Alessio Polastri
POLASTRI WINT & PARTNERS
Mya Sandar
LS HORIZON (MYANMAR)
LIMITED
Edward Kawesha
CITY OF WINDHOEK ELECTRICITY
DEPARTMENT
Rajan Niraula
NIRAULA LAW CHAMBER & CO.
Frank Kpplinger
KPPLINGER BOLTMAN
Regula Schmidhauser
DFDL
Cameron Kotze
ERNST & YOUNG
Devendra Pradhan
PRADHAN & ASSOCIATES
Helen Sullivan-Looney
VDB LOI MYANMAR
Norbert Liebich
TRANSWORLD CARGO PTY. LTD.
Thuy Tran
DUANE MORRIS & SELVAM
(MYANMAR)
Marie Mandy
MMM CONSULTANCY
Purnachitra Pradhan
KARJA SUCHANA KENDRA LTD.
(CIB)
Edwin Vanderbruggen
VDB LOI MYANMAR
Pakpoom Vetvitayanuwat
LS HORIZON (MYANMAR)
LIMITED
Tepparak Yadtong
LS HORIZON (MYANMAR)
LIMITED
Henk Mayer
MAYER CONSULTING ENGINEERS
Johan Nel
PWC NAMIBIA
Mari-Nelia Nieuwoudt
PWC NAMIBIA
Tim Parkhouse
NAMIBIAN EMPLOYERS
FEDERATION
NAMIBIA
NAMIBIA REAL ESTATE
Ramji Shrestha
PRADHAN & ASSOCIATES
Joos Agenbach
KOEP & PARTNERS
NEPAL
Robert Araeb
KPMG NAMIBIA
Mark Badenhorst
PWC SOUTH AFRICA
Tiaan Bazuin
NAMIBIAN STOCK EXCHANGE
Adeline Beukes
KPMG NAMIBIA
Ronnie Beukes
CITY OF WINDHOEK ELECTRICITY
DEPARTMENT
Benita Blume
H.D. BOSSAU & CO.
Christian Bohlke
MAYER CONSULTING ENGINEERS
Hanno D. Bossau
H.D. BOSSAU & CO.
Ferdi Brinkman
DEPARTMENT OF
INFRASTRUCTURE, WATER &
WASTE MANAGEMENT
Elysia Brits
BANK WINDHOEK
Lorna Celliers
BDO
Esi Chase
ADVOCATE
Andr Davids
WOKER FREIGHT SERVICES
Anton de Wit
BANK WINDHOEK
Luziem Diergaardt
TRANSWORLD CARGO PTY. LTD.
Marcha Erni
TRANSUNION
Johann Espag
CLARKE ARCHITECTS
Stefan Hugo
PWC NAMIBIA
Lalit Aryal
LA & ASSOCIATES CHARTERED
ACCOUNTANTS
Narayan Bajaj
NARAYAN BAJAJ & ASSOCIATES
Kapil Basu
PRICEWATERHOUSECOOPERS
PVT. LTD.
Jaya Raj Bhandari
ECONOMIST
Bhojraj Bhattarai
NEPAL ELECTRICITY AUTHORITY
Narayan Chaulagain
PIONEER LAW ASSOCIATES
Tankahari Dahal
NIRAULA LAW CHAMBER & CO.
BM Dhungana
B&B ASSOCIATES -
CORRESPONDENT FIRM
OF RUSSELL BEDFORD
INTERNATIONAL
Shirshak Ghimire
PRADHAN & ASSOCIATES
Tika Ram Ghimire
MINISTRY OF LAND REFORM AND
MANAGEMENT
Sunil Gupta
GUPTA COUNSEL
Shreedhar Kapali
SHANGRI-LA FREIGHT PVT. LTD.
Jagat Bahadur Khadka
NEPAL SHIPPING & AIR
LOGISTICS PVT. LTD.
Gourish K. Kharel
KTO INC.
Aayushi Koirala
PIONEER LAW ASSOCIATES
Chantell Husselmann
PWC NAMIBIA
Amir Maharjan
SAFE CONSULTING ARCHITECTS
& ENGINEERS PVT. LTD.
Stefan Hyman
H.D. BOSSAU & CO.
Jaco Jacobs
ELLIS SHILENGUDWA
Bijaya Mishra
PRADHAN & ASSOCIATES
Ritja Kamupingene
KPMG NAMIBIA
Anjan Neupane
NEUPANE LAW ASSOCIATES
Rochelle Kandjella
KPPLINGER BOLTMAN
Matrika Niraula
NIRAULA LAW CHAMBER & CO.
NETHERLANDS
Johan Admiraal
LIANDER
Maarten Appels
VAN DOORNE NV
Ben Arends
KEIZERS ADVOCATEN
Sytso Boonstra
PWC NETHERLANDS
Peter Bouterse
OCEANEXPRESS NETHERLANDS
BV
Roland Brandsma
PWC NETHERLANDS
Mirjam de Blecourt
BAKER & MCKENZIE
AMSTERDAM NV
Margriet de Boer
DE BRAUW BLACKSTONE
WESTBROEK
Taco de Lange
LEXENCE
Jantien Dekkers
HOUTHOFF BURUMA
Henriette Derks
LIANDER
Wilfrank Driesprong
STICHTING BUREAU KREDIET
REGISTRATIE
Boris Emmerig
DLA PIPER NEDERLAND NV
Sebastian Frankenberg
DLA PIPER NEDERLAND NV
Andy Furr
DE BRAUW BLACKSTONE
WESTBROEK
Edik Huseinov
HVK LEGAL BV
ACKNOWLEDGMENTS
Marcel Kettenis
PWC NETHERLANDS
Edwin M.A.J. Kleefstra
KAB WEST - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Frederik Veldhuijzen
DE BRAUW BLACKSTONE
WESTBROEK
Reinout Vriesendorp
DE BRAUW BLACKSTONE
WESTBROEK
Ian Page
BRANZ
Mihai Pascariu
MINTER ELLISON RUDD WATTS
Michael Pollard
SIMPSON GRIERSON, MEMBER OF
LEX MUNDI
Christian Koedam
PWC NETHERLANDS
Frank Werger
PWC NETHERLANDS
Andrej Kwitowski
AKADIS BV
Stephan Westera
LEXENCE
Stefan Leening
PWC NETHERLANDS
Marcel Willems
KENNEDY VAN DER LAAN
Matthias Noorlander
AUTHORITY FOR CONSUMERS
AND MARKETS
Christiaan Zijderveld
SIMMONS & SIMMONS LLP
Johan Polet
SIMMONS & SIMMONS LLP
NEW ZEALAND
SDV LOGISTICS
Peter Radema
MERZARIO
VEDA ADVANTAGE
Kelvin Sue
SIMPSON GRIERSON, MEMBER OF
LEX MUNDI
Lara Bird
BELL GULLY
Mike Tames
PWC NEW ZEALAND
Mark G. Rebergen
DE BRAUW BLACKSTONE
WESTBROEK
Hugo Reumkens
VAN DOORNE NV
Maayke Rooijendijk
DE BRAUW BLACKSTONE
WESTBROEK
Jan Willem Schenk
HVK LEGAL BV
Jack Schrijver
BAKER & MCKENZIE
AMSTERDAM NV
Susan Tov
PWC NEW ZEALAND
Ross Crotty
LOWNDES ASSOCIATES CORPORATE AND COMMERCIAL
LAW SPECIALISTS
Ben Upton
SIMPSON GRIERSON, MEMBER OF
LEX MUNDI
John Cuthbertson
PWC NEW ZEALAND
Igor Drinkovic
MINTER ELLISON RUDD WATTS
Natusia Szeliga
BAKER & MCKENZIE
AMSTERDAM NV
Bethany Frowein
LOWNDES ASSOCIATES CORPORATE AND COMMERCIAL
LAW SPECIALISTS
Maxim Sherstobitov
EASY FREIGHT
Hamish Cameron
INLAND REVENUE DEPARTMENT
Arnout Stroeve
VAN DOORNE NV
Agata Uceda
DLA PIPER NEDERLAND NV
Silvana Schenone
MINTER ELLISON RUDD WATTS
Ben Thomson
SIMPSON GRIERSON, MEMBER OF
LEX MUNDI
Maarten Tinnemans
DE BRAUW BLACKSTONE
WESTBROEK
Jim Roberts
HESKETH HENRY LAWYERS
James Caird
SIMPSON GRIERSON, MEMBER OF
LEX MUNDI
Joanne Dickson
SIMPSON GRIERSON, MEMBER OF
LEX MUNDI
Fedor Tanke
BAKER & MCKENZIE
AMSTERDAM NV
John Powell
RUSSELL MCVEAGH
NICARAGUA
CARRION CRUZ
CONSTRUCCIONES
Elias Alvarez
PWC NICARAGUA
Andy Glenie
BELL GULLY
Margina Baca
GARCA & BODN
Joseph Harrop
MINTER ELLISON RUDD WATTS
Paul Heaslip
PAUL HEASLIP LAWYER
Alberto Jose
Ballardes-Bendana
GARCA & BODN
Mandy McDonald
MINISTRY OF BUSINESS,
INNOVATION & EMPLOYMENT
Shaun McMaster
MINTER ELLISON RUDD WATTS
Andrew Minturn
QUALTECH INTERNATIONAL LTD.
Robert Muir
LAND INFORMATION NEW
ZEALAND
Michael OBrien
HESKETH HENRY LAWYERS
Catherine Otten
NEW ZEALAND COMPANIES
OFFICE
Maricarmen Espinosa de
Molina
MOLINA & ASOCIADOS CENTRAL
LAW
Luis Fuentes Balladares
ARQUITECTURA FUENTES
Terencio Garcia Montenegro
GARCA & BODN
Engelsberth Gmez
PRONICARAGUA
Claudia Guevara
AGUILAR CASTILLO LOVE
Maryeling Guevara
ARIAS & MUOZ
Federico Gurdian
GARCA & BODN
Eduardo Gutierrez
PACHECO COTO
Gerardo Hernandez
CONSORTIUM TABOADA Y
ASOCIADOS
Alfredo Artiles
KPMG
John Lawrence
AUCKLAND CITY COUNCIL
Mike Whale
LOWNDES ASSOCIATES CORPORATE AND COMMERCIAL
LAW SPECIALISTS
Tony Gault
PWC NEW ZEALAND
Kate Lane
MINTER ELLISON RUDD WATTS
Brenda Darce
CETREX
Marianela Gutierrez
AGUILAR CASTILLO LOVE
Michelle Kilham
LOWNDES ASSOCIATES CORPORATE AND COMMERCIAL
LAW SPECIALISTS
Eugenia Cruz
CETREX
Matthew Wentz
BELL GULLY
Ian Gault
BELL GULLY
Matt Kersey
RUSSELL MCVEAGH
Dorisabel Conrado
CONSORTIUM TABOADA Y
ASOCIADOS
Henrik Bang
EXPORTADORA ATLANTIC SA
Olga Barreto
CONSORTIUM TABOADA Y
ASOCIADOS
Favio Josu Batres P.
ALVARADO Y ASOCIADOS,
MEMBER OF LEX MUNDI
Minerva Adriana Bellorn
Rodrguez
PACHECO COTO
Camilo Bendana
SALAZAR & BENDANA
Flavio Andrs Berros Zepeda
MULTICONSULT & CIA LTDA
Carlos Alberto Bonilla Lpez
SUPERINTENDENCIA DE BANCOS
Blanca Buitrago
GARCA & BODN
Orlando Cardoza
BUFETE JURIDICO OBREGON Y
ASOCIADOS
Thelma Carrion
AGUILAR CASTILLO LOVE
Patricia Rodrguez
MULTICONSULT & CIA LTDA
Pal Rodrguez
GARCA & BODN
Carlos Mario Rostan
ROSTRAN Y ASOCIADOS
Gabriel Snchez G.
PRONICARAGUA
Alfonso Jos Sandino Granera
CONSORTIUM TABOADA Y
ASOCIADOS
Arling Solrzano
PWC NICARAGUA
Rodrigo Taboada
CONSORTIUM TABOADA Y
ASOCIADOS
Carlos Tllez
GARCA & BODN
Joe Henry Thompson
ESUDIO JURDICO ADUANERO
Diogenes Velasquez
PACHECO COTO
NIGER
AFRIGLOBE SHIPPING LINES LTD.
Kassoum Abari
VILLE DE NIAMEY
Sidi Sanoussi Baba Sidi
CABINET DAVOCATS
SOUNA-COULIBALY
Kaoura Bachir
MAISON DE LENTREPRISE NIGER
Bassambie Bationo
BCEAO
Eduardo Lacayo
TRANSUNION
Moussa Coulibaly
CABINET DAVOCATS
SOUNA-COULIBALY
Brenda Martinez
CONSORTIUM TABOADA Y
ASOCIADOS
Moussa Dantia
CENTRE DES FORMALITES DES
ENTREPRISES
Fabiola Martinez
VENTANILLA UNICA DE
INVERSIONES
Abdou Djando
EMTEF
Assatou Djibo
ETUDE DE MATRE DJIBO
ASSATOU
Halima Gambo
MILLENNIUM CHALLENGE
ACCOUNT
Ibrahim Baoua Gog
MINISTRE DE LECONOMIE ET
DES FINANCES
Sani Halilou Alkali
DAMCO NIGER SA - A.P.
MOLLER MAERSK GROUPS
REPRESENTATIVE
Mahaman Tahir Hamani
BCEAO
Souley Hammi Illiassou
CABINET KOUAOVI
Issoufou Harouna
CABINET DAVOCAT HAROUNA
ISSOUFOU
Ali Idrissa Sounna
TOUTELEC NIGER SA
Abary Insa
CELLULE DE PARTENARIAT
PUBLIC PRIV
Seybou Issi
VILLE DE NIAMEY
Habibou Kane Kadoure
AGENCE PROJEDIS AFRIQUE
Bernar-Oliver Kouaovi
CABINET KOUAOVI
Issaka Manzo
EGTC
295
296
Adeline Messou
PWC CTE DIVOIRE
Konyin Ajayi
OLANIWUN AJAYI LP
Emmanuel Egwuagu
OBLA & CO.
Olawale Ajetunmobi
PERCHSTONE & GRAEYS
Oyindamola Ehiwere
ALSEC NOMINEES LIMITED
Moussa Moussa
MINISTRE DU COMMERCE ET
DE LA PROMOTION DU SECTEUR
PRIV
Babatunde Ajibade
SPA AJIBADE & CO.
Nnenna Ejekam
NNENNA EJEKAM ASSOCIATES
Mayowa Ajibade
WTS ADEBIYI & ASSOCIATES
Mary Ekemezie
UDO UDOMA & BELO-OSAGIE
Olatoye Akinboro
KPMG
Samuel Etuk
1ST ATTORNEYS
Manuel Akinshola
JACOBS & BIGAELS
Venance Pre
LCA
Linda Rakotonavalona
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Naissa Sabiou Mamane
TRIBUNAL DE GRANDE INSTANCE
HORS CLASSE DE NIAMEY
Iwilade Akintayo
KUSAMOTU & KUSAMOTU
Dafe Akpeneye
PWC NIGERIA
Daouda Samna
SCPA MANDELA
Folake Alabi
OLANIWUN AJAYI LP
Moussa Sanogo
BCEAO
Oluwatosin Alabi
PERCHSTONE & GRAEYS
Dominique Taty
PWC CTE DIVOIRE
Belema Alagun
OLANIWUN AJAYI LP
Idrissa Tchernaka
ETUDE DAVOCATS MARC LE
BIHAN & COLLABORATEURS
Olugboyega Alawode
ALLIANCE LAW FIRM
Foussni Traor
PWC CTE DIVOIRE
Ramatou Aliyu
PLANNED SHELTER CONSULT
Emmanuel Yehouessi
BCEAO
NIGERIA
Sola Arifayan
IKEYI & ARIFAYAN
Ijeoma Abalogu
GBENGA BIOBAKU & CO.
Ismail Abdulaziz
POINTBLANK ATTORNEYS
Mohammed K. Abdulsalam
GITRAS LTD.
Innocent Abidoye
NNENNA EJEKAM ASSOCIATES
Oluseyi Abiodun Akinwunmi
AKINWUNMI & BUSARI LEGAL
PRACTITIONERS
Chetanna Achara
OKONJO, ODIAWA & EBIE
Temiloluwa Adebayo
OLANIWUN AJAYI LP
Olaleye Adebiyi
WTS ADEBIYI & ASSOCIATES
Kentuadei Adefe
KENTUADEI ADEFE, LEGAL
PRACTITIONERS, MEDIATORS
AND ARBITRATORS
Kunle Adegbite
CANAAN SOLICITORS
Steve Adehi
STEVE ADEHI AND CO.
Olabanji Adenusi
AINA BLANKSON LP
Tolulope Aderemi
PERCHSTONE & GRAEYS
Adekunle Adewale
JACKSON, ETTI & EDU
Albert Adu
ALLIANCE LAW FIRM
Daniel Agbor
UDO UDOMA & BELO-OSAGIE
Michael Ajaegbo
ALLIANCE LAW FIRM
Kunle Ajagbe
PERCHSTONE & GRAEYS
Olaoluwa Ajala
GBENGA BIOBAKU & CO.
Gbeminiyi Ajayi
OLANIWUN AJAYI LP
Temitayo Arikenbi
CRC CREDIT BUREAU LIMITED
Oluseye Arowolo
DELOITTE
Ige Asemudara
PUNUKA ATTORNEYS &
SOLICITORS
Oluwapelumi Asiwaju
G. ELIAS & CO. SOLICITORS AND
ADVOCATES
Popoola Atilola Omosanya
LATEEF O. FAGBEMI SAN & CO.
Olusola Ayodele
NIGERIA EMPLOYERS
CONSULTATIVE ASSOCIATION
(NECA)
Reginald Aziza
OLANIWUN AJAYI LP
Bisola Babington
PERCHSTONE & GRAEYS
Zainab Bello
AKINWUNMI & BUSARI LEGAL
PRACTITIONERS
Ngozi Chianakwalam
INVESTMENTS AND SECURITIES
TRIBUNAL
Chinwe Chiwete
PUNUKA ATTORNEYS &
SOLICITORS
Ukata Christian
AFRIGLOBE SHIPPING LINES LTD.
Peter Crabb
NNENNA EJEKAM ASSOCIATES
Aliyu Yusuf Dada
Matthias Dawodu
SPA AJIBADE & CO.
Nnamd Dimbga
OLANIWUN AJAYI LP
Francis Edet
PWC NIGERIA
Olubukola Edun
JACKSON, ETTI & EDU
Chris Eze
NNENNA EJEKAM ASSOCIATES
Chibuzor Ezegamba
OBLA & CO.
Anse Agu Ezetah
CHIEF LAW AGU EZETAH & CO.
Kenechi Ezezika
IKEYI & ARIFAYAN
John Ezike
1ST ATTORNEYS
Violet Ezirike
AINA BLANKSON LP
Omowumi Fajemiroye
OLANIWUN AJAYI LP
Fatai Folarin
DELOITTE
Bolaji Gabari
SPA AJIBADE & CO.
Adejoke A. Gbenro
ADEBANKE ADEOLA & CO.
Sagir Gezawa
S. S. GEZAWA & CO.
Simon Gusah
URBAN BASE CONSULTING
Louis Gyoh
YORKSHIRE CONSULT
Aminu Isa Hashim
Ibrahim Hashim
ABUJA ELECTRICITY
DISTRIBUTION COMPANY
Chinedu Ihenetu-Georey
OLANIWUN AJAYI LP
Hadiyah Lawal
FEMI SUNMONU & ASSOCIATESQAIS CONRAD LAUREATE
SOLICITORS & NOTARY PUBLIC
Ishaya Livinus Etsu
NIGERIAN ELECTRICITY
REGULATORY COMMISSION
(NERC)
Enyioma Madubuike
OLANIWUN AJAYI LP
Abubakar Mahmoud
DIKKO AND MAHMOUD
SOLICITORS AND ADVOCATES
Moshood Olajide
PWC NIGERIA
Olayinka Olazewere
SPA AJIBADE & CO.
Adebayo Ologe
PERCHSTONE & GRAEYS
Ajibola Olomola
KPMG
Afolasade Olowe
JACKSON, ETTI & EDU
Abijo Oluwasegun
FMA ARCHITECTS LTD.
Victor Munis
TRLP LAW
Tolulope Omidiji
PWC NIGERIA
Chibueze Ngozi
ALLIANCE LAW FIRM
David Omoloye
KANO DISTRIBUTION
ELECTRICITY COMPANY
Chinelo Nkemnele
PERCHSTONE & GRAEYS
Nnenna Nwaokobia
NNENNA EJEKAM ASSOCIATES
Olamide Obajimi
IKEYI & ARIFAYAN
Victor Obaro
LIBRA LAW OFFICE
Afolake Obawunmi
OLANIWUN AJAYI LP
Collins Obi
KPMG
V. Uche Obi
ALLIANCE LAW FIRM
Blessing Obi Ajunwo
ALLIANCE LAW FIRM
Godwin Obla
OBLA & CO.
Mami Obla
OLANIWUN AJAYI LP
Abimbola Odeyemi
FORTIS LP
Chijioke Odo
DELOITTE
Onyinye Odogwu
PUNUKA ATTORNEYS &
SOLICITORS
Oluwakemi Oduntan
JADE & STONE SOLICITORS
Toluwalogo Odutayo
DELOITTE
Abraham Oyakhilome
FIRST & FIRST INTERNATIONAL
AGENCIES
Oscar Ogbakpan
EMPIREX
Taiwo Oyedele
PWC NIGERIA
Godson Ogheneochuko
UDO UDOMA & BELO-OSAGIE
Feyisola Oyeti
SPA AJIBADE & CO.
Ozofu Ogiemudia
UDO UDOMA & BELO-OSAGIE
Femi Oyetosho
BIOS 2 LIMITED
Ayokunle Ogundipe
PERCHSTONE & GRAEYS
Bukola Oyinlola
PERCHSTONE & GRAEYS
Yvonne Ogunoiki
IKEYI & ARIFAYAN
Tunde Popoola
CRC CREDIT BUREAU LIMITED
Ifedayo Iroche
PERCHSTONE & GRAEYS
Chudi Ojukwu
INFRASTRUCTURE CONSULTING
PARTNERSHIP
Damilola Salisu
BAYO OSIPITAN & CO.
Oyinlola Iwaeni
PWC NIGERIA
Ikenna Okafor
PERCHSTONE & GRAEYS
Isiaku Sani
DIGIBITS CONTROLS NIGERIA
LTD.
Okorie Kalu
PUNUKA ATTORNEYS &
SOLICITORS
Anwuli Okeke
ALLIANCE LAW FIRM
Habibat Sanusi
IKEYI & ARIFAYAN
Patrick Okonjo
OKONJO, ODIAWA & EBIE
Yewande Senbore
OLANIWUN AJAYI LP
Tumininu Oladipo
NNENNA EJEKAM ASSOCIATES
Christine Sijuwade
UDO UDOMA & BELO-OSAGIE
Mariam Olafuyi
OLANIWUN AJAYI LP
Olalekan Sowande
SPA AJIBADE & CO.
Bukola Iji
SPA AJIBADE & CO.
Emmanuel Ikeakonwu
DELOITTE
El-shaddai Ikeh
PERCHSTONE & GRAEYS
Nduka Ikeyi
IKEYI & ARIFAYAN
Femi David Ikotun
ZIONGATE CHAMERS
Ifedolapo Ilesanmi
KUSAMOTU & KUSAMOTU
Babatunde Kolawole
HLB Z.O. OSOSANYA & CO.
Rajeev Kumar
ETC AGRO CO LTD
Ayodele Kusamotu
KUSAMOTU & KUSAMOTU
ACKNOWLEDGMENTS
Adeola Sunmola
UDO UDOMA & BELO-OSAGIE
Rau Sunmonu
DELMORE ENGINEERING AND
CONSTRUCTION COMPANY
LIMITED
Adesegun Talabi
PERCHSTONE & GRAEYS
Garba Ahmed Tijani
AHMED TIJANI & CO.
Nneamaka Udekwe
PWC NIGERIA
Kelechi Ugbeva
WTS ADEBIYI & ASSOCIATES
Uche Ugonabo
OBLA & CO.
Maxwell Ukpebor
WTS ADEBIYI & ASSOCIATES
Ebere Uzum
UDO UDOMA & BELO-OSAGIE
Erlend Haaskjold
ARNTZEN DE BESCHE
ADVOKATFIRMA AS
Sverre Hrem
AF GROUP
Robert Haugen
AF GROUP
Hilde Hksnes
ADVOKATFIRMAET SELMER DA
Heidi Holmelin
ADVOKATFIRMAET SELMER DA
Odd Hylland
PWC NORWAY
Pl Jger-Pedersen
PWC NORWAY
Andreas Jarb
ADVOKATFIRMAET SELMER DA
Jran Kallmyr
ADVOKATFIRMA RDER DA
Kamaluddeen Yahaya
KAMALUDDEEN YAHAYA & CO.
Tijjani Yahaya
TIJJANI YAHAYA & COMPANY
Kyrre Kielland
ADVOKATFIRMA RDER DA
Funke Yesufu
AKINWUNMI & BUSARI LEGAL
PRACTITIONERS
Umar Bala Yorce
KANO URBAN PLANNING AND
DEVELOPMENT AUTHORITY
(KNUPDA)
Ismaila M. Zakari
AHMED ZAKARI & C
NORWAY
EXPERIAN NORWAY
Guro Bakke Haga
PWC NORWAY
Stig Berge
ADVOKATFIRMAET THOMMESSEN
AS
Ingrid Fladberg Brucker
ADVOKATFIRMA SIMONSEN
VOGT WIIG
Wibecke Brusdal
AF GROUP
Margrethe Buskerud
Christoersen
ADVOKATFIRMAET THOMMESSEN
AS
Carl Christiansen
RAEDER DA
Per Arne Dhli
ADVOKATFIRMAET SELMER DA
Tron Dalheim
ARNTZEN DE BESCHE
ADVOKATFIRMA AS
Magnar Danielsen
MINISTRY OF THE ENVIRONMENT
Lars Davidsen
HAFSLUND
Knut Ekern
PWC NORWAY
Lars Eliassen
THE BRONNOYSUND REGISTER
CENTER
Marie Eltervaag
PWC NORWAY
Lars Engen
ADVOKATFIRMA RDER DA
OMAN
CAPITAL MARKET AUTHORITY
OF OMAN
ERNST & YOUNG
Ragnar Furru
AF GROUP
Jehanzeb Afridi
AL BUSAIDY MANSOOR JAMAL
& CO.
Al Hassan Al Alawi
AL ALAWI & CO.
Diana Dsouza
DATACHECK PVT. LTD.
Hussein Al Balushi
MAZOON ELECTRICITY COMPANY
Khalid Al Riyami Dy
AMJAAD ENGINEERING
CONSULTANCY
George Sandars
SNR DENTON & CO.
Paul Sheridan
SNR DENTON & CO.
Hanaan Al Marhuby
PWC OMAN
Zuhaira Al Sulaimani
CURTIS MALLET - PREVOST,
COLT & MOSLE LLP
Roy Thomas
OMAN CABLES INDUSTRY
(SAOG)
Majid Al Toky
TROWERS & HAMLINS
PAKISTAN
Ibrahim Al-Abri
MUSCAT MUNICIPALITY
Mohsin Ahmed Alawi Al-Hadad
MOHSIN AL-HADAD & AMUR
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Khalid Khamis Al-Hashmi
MUSCAT MUNICIPALITY
Zaid Al-Khattab
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(TAG-LEGAL)
Leyan Al-Mawali
TROWERS & HAMLINS
Hilal Almayahi
MUSCAT MUNICIPALITY
Mohamed Alrashdi
MUSCAT MUNICIPALITY
Mohammed Alshahri
MOHAMMED ALSHAHRI &
ASSOCIATES
Zareen Austin
CURTIS MALLET - PREVOST,
COLT & MOSLE LLP
Hasan Juma Backer
HASAN JUMA BACKER TRADING
& CONTRACTING
Jamie Gibson
TROWERS & HAMLINS
Justine Harding
SNR DENTON & CO.
Abraham Jacob
MOHSIN AL-HADAD & AMUR
AL-KIYUMI & PARTNERS
Diana Jarrar
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
O. A. Kuraishy
HASAN JUMA BACKER TRADING
& CONTRACTING
P.E. Lalachen MJ
KHALIFA AL HINAI ADVOCATES &
LEGAL CONSULTANCY
Jose Madukakuzhy
KHIMJI RAMDAS
Pushpa Malani
PWC OMAN
Krishnadas Mathilakath
BANK MUSCAT
Zahra Ahmad
HAIDERMOTABNR & CO.
Jawad Ahmed
MUHAMMAD FAROOQ & CO.
CHARTERED ACCOUNTANTS
Syed Aftab Ahmed
PYRAMID PAKISTAN
Fiza Islam
LEGIS INN ATTORNEYS &
CORPORATE CONSULTANTS
Muzaar Islam
LEGIS INN ATTORNEYS &
CORPORATE CONSULTANTS
Saila Jamshaid
SECURITIES AND EXCHANGE
COMMISSION OF PAKISTAN
Ali Ahsan
HAIDERMOTABNR & CO.
Ashraf Ali
ABRAHAM & SARWANA
Haina Karim
BUBBLEWRAPP INC.
Manahil Khan
HASSAN KAUNAIN NAFEES
Muhammad Amjad
PYRAMID PAKISTAN
Akhil Nair
AL ALAWI & CO.
Shariq Aziz
ONLINE SHIPPING & LOGISTICS
Githa Nair
CURTIS MALLET - PREVOST,
COLT & MOSLE LLP
Muhammad Bilal
NEWS-VIS CREDIT INFORMATION
SERVICES PVT. LTD.
Amjad Bokhari
Bruce Palmer
CURTIS MALLET - PREVOST,
COLT & MOSLE LLP
Mahwish Elahi
ABRAHAM & SARWANA
Faisal Daudpota
KHALID DAUDPOTA & CO.
Junaid Daudpota
KHALID DAUDPOTA & CO.
Mohsin Malik
BUILDERS ASSOCIATES PVT. LTD.
Rashid Rahman Mir
RAHMAN SARFARAZ RAHIM
IQBAL RAFIQ - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Moazzam Mughal
BOXING WINNER
Rana Muhammad
RANA IJAZ & PARTNERS
Faiza Muzaar
LEGIS INN ATTORNEYS &
CORPORATE CONSULTANTS
Saqib Naveed
ANAYA SALT CRAFTS
Jamal Panhwar
TRAVEL AND CULTURE SERVICES
Rizwan Pir Muhammad
MAERSK LINE
Fayez Qamar Rasheed
CKR & ZIA
297
298
Suzanne Finney
PALAU HISTORIC PRESERVATION
OFFICE
Zaki Rahman
EBRAHIM HOSAIN, ADVOCATES
AND CORPORATE COUNSEL
Anthony Frazier
Eduardo De Alba
ARIAS, FBREGA & FBREGA
Ameeruddin Rana
ABRAHAM & SARWANA
Ramsey Ngiraibai
KOROR PLANNING AND ZONING
OFFICE
Robeen Rana
MEDICAL TOWERS
Lily Rdechor
PALAU ENVIRONMENTAL
QUALITY PROTECTION BOARD
Abdur Rehman
PAKISTAN REVENUE
DEPARTMENT
Gershwin Rengiil
KOROR PLANNING AND ZONING
OFFICE
Khalid Rehman
SURRIDGE & BEECHENO
- KARACHI
William L. Ridpath
WILLIAM L. RIDPATH,
ATTORNEY-AT-LAW
Rana Sajjad
RANA IJAZ & PARTNERS
V. Tikei Sbal
FINANCIAL INSTITUTIONS
COMMISSION
Jawad A. Sarwana
ABRAHAM & SARWANA
Safdar Sayed
ABRAHAM & SARWANA
Mohammad Ali Seena
SURRIDGE & BEECHENO KARACHI
Mohammad Shaque
ONLINE SHIPPING & LOGISTICS
Naeem Shah
MEER & HASAN
Muhammad Siddique
SECURITIES AND EXCHANGE
COMMISSION OF PAKISTAN
Mian Hamdoon Subhani
M.H.S. ASSOCIATES
Haris Syed Raza
GERRYS DNATA (PVT.) LTD.
Chaudhary Usman
EBRAHIM HOSAIN, ADVOCATES
AND CORPORATE COUNSEL
Saleem uz Zaman
SALEEM UZ ZAMAN & CO.
Javed Ahmed Vohra
FAIR BROTHERS INTERNATIONAL
Ilyas Zafar
ZAFAR & ASSOCIATES LLP
Muneeb Zafar
ZAFAR & ASSOCIATES LLP
Murtaza Zahoor
CKR & ZIA
Vaqar Zakaria
HAGLER BAILLEY PAKISTAN
PVT. LTD.
PALAU
PALAU PUBLIC UTILITY
CORPORATION
Lisa Abraham
SMALL BUSINESS DEVELOPMENT
CENTER (SBDC)
Maggy Antonio
KOROR PLANNING AND ZONING
OFFICE
Kenneth Barden
ATTORNEY-AT-LAW
Ricardo Bausoch
BUREAU OF REVENUE, CUSTOMS
AND TAXATION
Maria Cristina Castro
WESTERN CAROLINE TRADING
CO.
Yukiwo P. Dengokl
DENGOKL, DIMITRUK &
NAKAMURA, ATTORNEYS AT
LAW
Rachel Dimitruk
DIMITRUK LAW OFFICE
Peter C. Tsao
WESTERN CAROLINE TRADING
CO.
PANAMA
Hernando Abraham
Carrasquilla
REGISTRO PBLICO DE PANAM
Alvaro Aguilar
LOMBARDI AGUILAR GROUP
Gabriel Aguilar
LOMBARDI AGUILAR GROUP
Ascanio Alberola
MINISTRY OF ECONOMY AND
FINANCES
Aristides Anguizola
MORGAN & MORGAN
Mercedes Araz de Grimaldo
MORGAN & MORGAN
Luis Arrocha
LOMBARDI AGUILAR GROUP
Khatiya Asvat
PATTON, MORENO & ASVAT
Ana Ayarza
PANALPINA WORLD TRANSPORT
LLP
Claudio De Castro
ARIAS, FBREGA & FBREGA
Jorge G. Lombardi Dutari
LOMBARDI AGUILAR GROUP
Mailyn Espinosa
PWC PANAMA
Enna Ferrer
ALFARO, FERRER & RAMREZ
Gina Gmez
William Gonzalez
PWC PANAMA
Angie Guzmn
MORGAN & MORGAN
Ivette Elisa Martnez Saenz
PATTON, MORENO & ASVAT
Maricela Moreno
DIRECCIN DE OBRAS Y
CONSTRUCCIONES MUNICIPIO
DE PANAMA
Erick Rogelio Muoz
SUCRE, ARIAS & REYES
Alejandro Nolan Aikman
MORGAN & MORGAN
Boris Nuez
REGISTRO PBLICO DE PANAM
Malory Olmos
PWC PANAMA
Mario Rognoni
AROSEMENA NORIEGA &
CONTRERAS
Luis Chalhoub
ICAZA, GONZALEZ-RUIZ &
ALEMAN
Julio Cesar Contreras III
AROSEMENA NORIEGA &
CONTRERAS
Gonzalo Crdoba
APC BUR SA
Jack Kariko
IPA
Leo Kasi
PWC PAPUA NEW GUINEA
Timothy Koris
PNG POWER LTD.
Sarah Kuman
ALLENS ARTHUR ROBINSON
Peter Lowing
LEAHY LEWIN NUTLEY SULLIVAN
LAWYERS
Bruce Mackinlay
CREDIT & DATA BUREAU LIMITED
Nigel Merrick
WARNER SHAND LAWYERS LAE
Vaughan Mills
ALLENS ARTHUR ROBINSON
Antonia Nohou
PWC PAPUA NEW GUINEA
Lou Pipi
NCDC MUNICIPALITY
Nestor Loizaga
FERRERE ABOGADOS
Thomas Tarabu
IPA
Alessandro Molfesi
PANALPINA PARAGUAY
Alex Tongayu
IPA
Marlaine Tun
MINISTERIO DE COMERCIO E
INDUSTRIA
Mariana Castillo
PWC PANAMA
Clarence Hoot
IPA
Eduardo Rejano
EXPRESS FREIGHT MANAGEMENT
Klaus Bieberach
Goiye Gileng
POSMAN KUA AISI LAWYERS, IN
ASSOCIATION WITH MALLESON
STEPHEN JAQUES
Carla Salvatierra
DIRECCIN DE OBRAS Y
CONSTRUCCIONES MUNICIPIO
DE PANAMA
Raul Soto
AROSEMENA NORIEGA &
CONTRERAS
Irene Carrizo
MINISTRY OF ECONOMY AND
FINANCES
Gibson Geroro
LEAHY LEWIN NUTLEY SULLIVAN
LAWYERS
Paolo Doria
PERONI, SOSA, TELLECHEA,
BURT & NARVAJA, MEMBER OF
LEX MUNDI
Anthony Frazier
Ivan Pomaleu
IPA
Vernica Sinisterra
AROSEMENA NORIEGA &
CONTRERAS
Richard Flynn
ASHURST LLP
Giselle Deir
BERKEMEYER, ATTORNEYS &
COUNSELORS
Nelson E. Sales
ALFARO, FERRER & RAMREZ
Francisco A. Barrios G.
PWC PANAMA
Javier Bouche
UNION FENOSA - EDEMET
- EDECHI
Moira Eka
ASHURST LLP
Ramn Varela
MORGAN & MORGAN
Juan Manuel Vasquez
DIRECCIN DE OBRAS Y
CONSTRUCCIONES MUNICIPIO
DE PANAMA
Ral Zuiga Brid
ALEMAN, CORDERO, GALINDO
& LEE
Hellen White
EXPRESS FREIGHT MANAGEMENT
Stuart Wilson
LCS ELECTRICAL AND
MECHANICAL CONSTRACTORS
PARAGUAY
INFORMCONF SA
Yolanda Pereira
BERKEMEYER, ATTORNEYS &
COUNSELORS
Perla Alderete
VOUGA ABOGADO
Leyla Apud
ESTUDIO JURIDICO GROSS
BROWN
Enrique Bentez
BDO RUBINSZTEIN & GUILLN
Paul Barker
CONSULTATIVE IMPLEMENTATION
& MONITORING COUNCIL
Hugo T. Berkemeyer
BERKEMEYER, ATTORNEYS &
COUNSELORS
Simon Bendo
DEPARTMENT OF LANDS AND
PHYSICAL PLANNING
Vincent Bull
ALLENS ARTHUR ROBINSON
Esteban Burt
PERONI, SOSA, TELLECHEA,
BURT & NARVAJA, MEMBER OF
LEX MUNDI
Dickson
NCDC MUNICIPALITY
Roco Penayo
MORENO RUFFINELLI &
ASOCIADOS
SUPERINTENDENCIA DE BANCOS
- BCP
David Caradus
PWC PAPUA NEW GUINEA
Natalia Oddone
BERKEMEYER, ATTORNEYS &
COUNSELORS
ACKNOWLEDGMENTS
Ernesto Velzquez-Argaa
CENTRAL BANK OF PARAGUAY
Cecilia Guzmn-Barrn
GALLO BARRIOS PICKMANN
Victor Scarsi
LUZ DEL SUR
Walter Vera
VOUGA ABOGADO
Martin Serkovic
ESTUDIO OLAECHEA, MEMBER OF
LEX MUNDI
Lia Zanotti-Cavazonni
PERONI, SOSA, TELLECHEA,
BURT & NARVAJA, MEMBER OF
LEX MUNDI
PERU
PLFA & CIA ABOGADOS,
ASESORES Y CONSULTORES
SUPERINTENDENCY OF BANKING,
INSURANCE AND PRIVATE
PENSION FUND ADMINISTRATOR
Fanny Aguirre
ESTUDIO ALVAREZ CALDERON
Walter Aguirre
AGUIRRE ASESORES &
ABOGADOS
Jess Matos
ESTUDIO OLAECHEA, MEMBER OF
LEX MUNDI
Alejandro Medina
SUPERINTENDENCY OF BANKING,
INSURANCE AND PRIVATE
PENSION FUND ADMINISTRATOR
Cecilia Mercado
GAMMA CARGO SAC
Alessandro Mussio
ESTUDIO FERRERO ABOGADOS
Maribel Prncipe
RUBIO LEGUA NORMAND
Bruno Marchese Quintana
RUBIO LEGUA NORMAND
Alfredo Cardona
EXPERIAN PER SAC
Jorge Reategui
ESTUDIO FERRERO ABOGADOS
Ursula Caro
RUBIO LEGUA NORMAND
Cecilia Catacora
ESTUDIO OLAECHEA, MEMBER OF
LEX MUNDI
Jose M. Reyes
BARRIOS & FUENTES ABOGADOS
Rossana Rodriguez
GARCA SAYN ABOGADOS
Alonso Rojas
ESTUDIO OLAECHEA, MEMBER OF
LEX MUNDI
Aristotle Cristobal
LOCAL GOVERNMENT OF
QUEZON CITY
Arnaldo L. Cruz
CREDIT INFORMATION
CORPORATION
Emerico O. de Guzman
ANGARA ABELLO CONCEPCION
REGALA & CRUZ LAW OFFICES
(ACCRALAW)
Manuel Villa-Garca
ESTUDIO OLAECHEA, MEMBER OF
LEX MUNDI
Anthony Dee
SYCIP SALAZAR HERNANDEZ &
GATMAITAN
Rafael Villaran
ESTUDIO LUIS ECHECOPAR
GARCA SRL
Kennedy Diokno
LOCAL GOVERNMENT OF
QUEZON CITY
Agustn Yrigoyen
GARCA SAYN ABOGADOS
Redel Domingo
MERALCO
Laura Zuiga
PAYET, REY, CAUVI ABOGADOS
Heidy Zuzunaga
AGUIRRE ASESORES &
ABOGADOS
Lucianna Polar
ESTUDIO OLAECHEA, MEMBER OF
LEX MUNDI
Tadeo F. Hilado
ANGARA ABELLO CONCEPCION
REGALA & CRUZ LAW OFFICES
(ACCRALAW)
PHILIPPINES
DBO
Fernando M. Ramos
BARRIOS & FUENTES ABOGADOS
Ricardo de la Piedra
ESTUDIO OLAECHEA, MEMBER OF
LEX MUNDI
Ricardo P. Silva
ESTUDIO MUIZ, RAMIREZ,
PEREZ-TAIMAN & OLAYA
Ariel Orrego-Villacorta
BARRIOS & FUENTES ABOGADOS
Jorge Calle
RUBIO LEGUA NORMAND
Hugo Silva
RODRIGO, ELAS, MEDRANO
ABOGADOS
Kenneth L. Chua
QUISUMBING TORRES, MEMBER
FIRM OF BAKER & MCKENZIE
INTERNATIONAL
Erick Rojas
CAMARA PERUANA DE LA
CONSTRUCCION
Pamela Duy
GALLO BARRIOS PICKMANN
Emil Ruppert
RUBIO LEGUA NORMAND
Maite Fernndez
ESTUDIO OLAECHEA, MEMBER OF
LEX MUNDI
Justina Callangan
SEC DEPARTMENT OF
INVESTORS PROTECTION
Guillermo Ferrero
ESTUDIO FERRERO ABOGADOS
Carolina Salcedo
ESTUDIO MUIZ, RAMIREZ,
PEREZ-TAIMAN & OLAYA
Mariana Franco
ESTUDIO FERRERO ABOGADOS
Luis Fuentes
BARRIOS & FUENTES ABOGADOS
Alfredo Gastaeta
GARCA SAYN ABOGADOS
Ral Sanchez
BARRIOS & FUENTES ABOGADOS
Erlida Cabatic
SEC
Rachel Follosco
FOLLOSCO MORALLOS & HERCE
Florida Fomaneg
ISLA LIPANA & CO.
Antonieta Fortuna-Ibe
SEC
Catherine Franco
QUISUMBING TORRES, MEMBER
FIRM OF BAKER & MCKENZIE
INTERNATIONAL
Roberto Locsin
INTERNATIONAL CONTAINER
TERMINAL SERVICES, INC.
299
300
Maybellyn Pinpin
ISLA LIPANA & CO.
Mikkel Puyat
INTERNATIONAL CONTAINER
TERMINAL SERVICES, INC.
Peter Young
INTERNATIONAL CONTAINER
TERMINAL SERVICES, INC.
Roselle Yu
ISLA LIPANA & CO.
Senen Quizon
PUNONGBAYAN & ARAULLO
Oliver S. Yuan
YUAN & ASSOCIATES LAW FIRM
Revelino Rabaja
ISLA LIPANA & CO.
Redentor C. Zapata
QUASHA ANCHETA PENA &
NOLASCO
Ethel Regiado
LAND REGISTRATION
ADMINISTRATION AUTHORITY
Elaine Patricia S.
Reyes-Rodolfo
ANGARA ABELLO CONCEPCION
REGALA & CRUZ LAW OFFICES
(ACCRALAW)
Ruben Gerald Ricasata
PUYAT JACINTO SANTOS LAW
OFFICE
Ricardo J. Romulo
ROMULO, MABANTA,
BUENAVENTURA, SAYOC & DE
LOS ANGELES, MEMBER OF LEX
MUNDI
Patrick Henry Salazar
QUISUMBING TORRES, MEMBER
FIRM OF BAKER & MCKENZIE
INTERNATIONAL
POLAND
BANK ZACHODNI WBK SA
BUSINESS & LAW BLOG
ENERGY REGULATORY OFFICE
PWC POLAND
Micha Anastasiu
KANCELARIA PRAWA
GOSPODARCZEGO I
EKOLOGICZNEGO DR BARTOSZ
DRANIEWICZ
Celestyna Bargaska
WINDMILL GSIEWSKI & ROMAN
LAW OFFICE
Ferdinand Sales
SEC
Micha Barowski
WARDYSKI & PARTNERS
Michal Biaobrzeski
HOGAN LOVELLS (WARSZAWA)
LLP
Neptali Salvanera
ANGARA ABELLO CONCEPCION
REGALA & CRUZ LAW OFFICES
(ACCRALAW)
Katarzyna Bilewska
DENTONS
Froilan Savet
MERALCO
Antonio Jr. Serrano
FOLLOSCO MORALLOS & HERCE
Abigail D. Sese
CASTILLO LAMAN TAN
PANTALEON & SAN JOSE
Hans B. Sicat
THE PHILIPPINE STOCK
EXCHANGE, INC.
Richmund Sta Lucia
BAKER & MCKENZIE
Felix Sy
BAKER & MCKENZIE
Geronimo Sy
DEAPRTMENT OF JUSTICE OF
THE PHILIPPINES
Maria Christina Sy
BANCO DE ORO
Nora Terrado
DEPARTMENT OF TRADE AND
INDUSTRY
Amando Tetangco Jr.
BANGKO SENTRAL NG PILIPINAS
Steen Treiber
PANALPINA WORLD TRANSPORT
LLP
Roland Glenn T. Tuazon
ROMULO, MABANTA,
BUENAVENTURA, SAYOC & DE
LOS ANGELES, MEMBER OF LEX
MUNDI
Priscela Verzonilla
LOCAL GOVERNMENT OF
QUEZON CITY
Virginia B. Viray
PUYAT JACINTO SANTOS LAW
OFFICE
Amelia Grniak
CRIDO TAXAND
Adrian Praczuk
MINISTRY OF FINANCE
Jaromir Grabowski
WOJEWDZKI INSPEKTORAT
NADZORU BUDOWLANEGO W
WARSZAWIE
Andrzej Puncewicz
CRIDO TAXAND
Piotr Graczyk
RACZKOWSKI I WSPLNICY SP.K.
Dominik Gruca
WINDMILL GSIEWSKI & ROMAN
LAW OFFICE
Andrzej Grzekiewicz
GRIDNET
Monika Hartung
WARDYSKI & PARTNERS
Mariusz Hildebrand
BIG INFOMONITOR SA
ukasz Iwaski
ERGONOMIX
Justyna Jamroy
CHADBOURNE & PARKE LLP
Marcin Kamola
DEEPWATER CONTAINER
TERMINAL GDASK
Mariusz Kauch
MINISTRY OF FINANCE
Katarzyna Kopyowska
DLA PIPER WIATER SP.K.
Olga Koszewska
CHADBOURNE & PARKE LLP
Ewa achowska - Brol
WIERZBOWSKI EVERSHEDS,
MEMBER OF EVERSHEDS
INTERNATIONAL LTD.
Urszula Brzeziska
BLACKSTONES
Magdalena Laskowska
HOGAN LOVELLS (WARSZAWA)
LLP
Joanna Bugajska
JAMP
Pawel Leszoski
BIG INFOMONITOR SA
Mariusz Cholewa
BIURO INFORMACJI
KREDYTOWEJ SA
Krzysztof Ciepliski
GIDE LOYRETTE NOUEL POLAND
WARSAW
Tomasz Czech
RAIFFEISEN BANK POLSKA SA
Micha Dbrowski
MINISTRY OF JUSTICE
Agnieszka Lisiecka
WARDYSKI & PARTNERS
Mariusz Lorencki
Pawe Ludwiniak
ELTECH
Jarosaw Malicki
RWE STOEN OPERATOR SP.
Tomasz Dbrowski
MINISTRY OF ECONOMY
Agnieszka Marzec
BIURO INFORMACJI
KREDYTOWEJ SA
Andrzej Dmowski
RUSSELL BEDFORD DZO SP.
Z O.O. - MEMBER OF RUSSELL
BEDFORD INTERNATIONAL
Pawel Meuse
GIDE LOYRETTE NOUEL POLAND
WARSAW
Bartosz Draniewicz
KANCELARIA PRAWA
GOSPODARCZEGO I
EKOLOGICZNEGO DR BARTOSZ
DRANIEWICZ
Anna Drozd
MINISTRY OF FINANCE
Edyta Dubikowska
SQUIRE SANDERS WICICKI
KRZENIAK SP.K.
Rafal Dziedzic
GIDE LOYRETTE NOUEL POLAND
WARSAW
Marek Firlej
MINISTRY OF FINANCE
Tomasz Michalak
MINISTRY OF FINANCE
Tomasz Michalik
MDDP MICHALIK DUSKA
DZIEDZIC I PARTNERZY
Michal Niemirowicz-Szczytt
BNT NEUPERT ZAMORSKA &
PARTNERZY SP.J.
Joanna Nowakowska-Drapaa
NOTARIAT POLSKI
Filip Opoka
DLA PIPER WIATER SP.K.
ukasz Piebiak
MINISTRY OF JUSTICE
Jan Furtas
CRIDO TAXAND
Tomasz Pietrzak
HOGAN LOVELLS (WARSZAWA)
LLP
Jan Gawd
AGS GAWD
Micha Pietuszko
DLA PIPER WIATER SP.K.
Rafa Godlewski
WARDYSKI & PARTNERS
Kamilla Piotrowska-Krl
TERRAMAR LTD.
Bartomiej Raczkowski
BARTOMIEJ RACZKOWSKI
KANCELARIA PRAWA PRACY
Andrzej Rogowski
NAPRAWA KABLI
ENERGETYCZNYCH ANDRZEJ
ROGOWSKI
Piotr Sadownik
GIDE LOYRETTE NOUEL POLAND
WARSAW
Katarzyna Sarek
RACZKOWSKI I WSPLNICY SP.K.
Zbigniew Skrczyski
CHADBOURNE & PARKE LLP
Marek Sosnowski
GIDE LOYRETTE NOUEL POLAND
WARSAW
Micha Steinhagen
WARDYSKI & PARTNERS
Ewelina Stobiecka
TAYLOR WESSING, E|N|V|C
Michal Suska
ERGONOMIX
Peter wicicki
SQUIRE SANDERS WICICKI
KRZENIAK SP.K.
Emil Szczepanik
ukasz Szegda
WARDYSKI & PARTNERS
Maciej Szwedowski
SQUIRE SANDERS WICICKI
KRZENIAK SP.K.
Anna Tarasiuk-Flodrowska
HOGAN LOVELLS (WARSZAWA)
LLP
Dariusz Tokarczuk
GIDE LOYRETTE NOUEL POLAND
WARSAW
Ryszard Trykosko
POLISH ASSOCIATION OF CIVIL
ENGINEERS
Dominika Wagrodzka
BNT NEUPERT ZAMORSKA &
PARTNERZY SP.J.
Dariusz Wasylkowski
WARDYSKI & PARTNERS
Maciej Wesoowski
DLA PIPER WIATER SP.K.
Robert Windmill
WINDMILL GSIEWSKI & ROMAN
LAW OFFICE
Steven Wood
BLACKSTONES
Agata Magorzata Zakrzewska
WINDMILL GSIEWSKI & ROMAN
LAW OFFICE
Cezary Zalewski
Magorzata Zamorska
BNT NEUPERT ZAMORSKA &
PARTNERZY SP.J.
Grazyna Zaremba
RUSSELL BEDFORD DZO SP.
Z O.O. - MEMBER OF RUSSELL
BEDFORD INTERNATIONAL
Adam onowski
DEEPWATER CONTAINER
TERMINAL GDASK
Sylwester ydowicz
TAYLOR WESSING, E|N|V|C
PORTUGAL
CREDINFORMAES - EQUIFAX
Victor Abrantes
Maria Isabel Abreu
POLYTECHNIC INSTITUTE OF
BRAGANA
Luis Filipe Aguiar
BANCO DE PORTUGAL
Anabela Aguilar Salvado
PEDRO RAPOSO & ASSOCIADOS
Bruno Andrade Alves
PWC PORTUGAL
Natlia Garcia Alves
ABREU ADVOGADOS
Nuno Alves Mansilha
MIRANDA CORREIA AMENDOEIRA
& ASSOCIADOS - SOCIEDADE DE
ADVOGADOS RL
Joana Andrade Correia
RAPOSO BERNARDO &
ASSOCIADOS
Filipa Arantes Pedroso
MORAIS LEITO, GALVO
TELES, SOARES DA SILVA &
ASSOCIADOS, MEMBER OF LEX
MUNDI
Joo Banza
PWC PORTUGAL
Mark Bekker
BEKKER LOGISTICA
Joo Cadete de Matos
BANCO DE PORTUGAL
Vitor Campos
NATIONAL LABORATORY FOR
CIVI ENGINEERING - LNEC
Rui Capote
PLEN - SOCIEDADE DE
ADVOGADOS, RL
Fernando Cardoso da Cunha
GALI MACEDO & ASSOCIADOS
Tiago Castanheira Marques
ABREU ADVOGADOS
Susana Cebola
INSTITUTO DOS REGISTOS E DO
NOTARIADO
Joaquim Correia Teixeira
EDP DISTRIBUIO - ENERGIA,
SA
Cristina Dein
DEIN ADVOGADOS
Joo Duarte de Sousa
GARRIGUES PORTUGAL SLP SUCURSAL
Jaime Esteves
PWC PORTUGAL
Soa Ferreira Enriquez
RAPOSO BERNARDO &
ASSOCIADOS
Ana Filipa Ribeiro
PWC PORTUGAL
Tereza Garcia Andr
MIRANDA CORREIA AMENDOEIRA
& ASSOCIADOS - SOCIEDADE DE
ADVOGADOS RL
Rui Gloria
TOCHA, CHAVES & ASSOCIADOS,
SROC - MEMBER OF RUSSELL
BEDFORD INTERNATIONAL
Ins Godinho
GMEZ-ACEBO & POMBO
ABOGADOS, SLP SUCURSAL EM
PORTUGAL
Nuno Pimentel Gomes
PLMJ SOCIEDADE DE
ADVOGADOS, RL
ACKNOWLEDGMENTS
Walter F. Chow
ONEILL & BORGES
Manuel De Lemos
MANUEL DE LEMOS AIA
ARQUITECTOS
Filomena Rosa
INSTITUTO DOS REGISTOS E DO
NOTARIADO
Pedro Santos
GRANT THORNTON LLP
Vanessa Santos
GMEZ-ACEBO & POMBO
ABOGADOS, SLP SUCURSAL EM
PORTUGAL
Filipe Santos Barata
GMEZ-ACEBO & POMBO
ABOGADOS, SLP SUCURSAL EM
PORTUGAL
Susana Santos Valente
PEDRO RAPOSO & ASSOCIADOS
Lora Seita
PEDRO RAPOSO & ASSOCIADOS
Cristina Serrazina
PEDRO RAPOSO & ASSOCIADOS
Ana Soa Silva
CUATRECASAS, GONALVES
PEREIRA
Rui Silva
PWC PORTUGAL
Lus Filipe Sousa
PWC PORTUGAL
Carmo Sousa Machado
ABREU ADVOGADOS
Rui Souto
PEDRO RAPOSO & ASSOCIADOS
Nuno Telleria
BARROS, SOBRAL, G. GOMES &
ASSOCIADOS
Ricardo Veloso
GPA - GOUVEIA PEREIRA,
COSTA FREITAS & ASSOCIADOS,
SOCIEDADE DE ADVOGADOS RL
Antonio Escudero
MCCONNELL VALDS LLC
Alfonso Fernandez
IVYPORT LOGISTICAL SERVICES
INC.
Ubaldo Fernandez
ONEILL & BORGES
Julio A. Galndez
FPV & GALNDEZ CPAS, PSC MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Paul Hammer
WILLIAM ESTRELLA | ATTORNEYS
& COUNSELORS
Pedro Janer
CMA ARCHITECTS & ENGINEERS
LLP
Jerry Marrero
ONEILL & BORGES
Oscar O. Melndez-Sauri
MALLEY TAMARGO &
MELNDEZ-SAURI, LLC
Christian Sobrino
PIETRANTONI MNDEZ &
ALVAREZ LLP
Mohamed Riaz
SULTAN AL-ABDULLA &
PARTNERS
Eduardo Tamargo
MALLEY TAMARGO &
MELNDEZ-SAURI, LLC
Marie-Anne Roberty-Jabbour
LALIVE LLC
Joseph Vergara
ONEILL & BORGES
Ral Vidal y Seplveda
OMNIA ECONOMIC SOLUTIONS
LLC
Travis Wheatley
ONEILL & BORGES
Nayuan Zouairabani
ONEILL & BORGES
QATAR
ALLEN & OVERY
BADRI AND SALIM EL MEOUCHI
LAW FIRM, MEMBER OF
INTERLEGES
MAERSK QATAR MARITIME
SERVICES
Hani Al Naddaf
AL TAMIMI & COMPANY
ADVOCATES & LEGAL
CONSULTANTS
Rashed Albuasa
NOBLE GLOBAL LOGISTICS
Ahmed Bin Khalid Al-Thani
QATAR CREDIT BUREAU
Maryam Bint Khalifa Al-Thani
QATAR CREDIT BUREAU
Dina Al-Wahabit
AL TAMIMI & COMPANY
ADVOCATES & LEGAL
CONSULTANTS
Jason Arnedo
NOBLE GLOBAL LOGISTICS
Antonio Molina
PIETRANTONI MNDEZ &
ALVAREZ LLP
Karim El Gebaily
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Luis Mongil-Casasnovas
MARTINEZ ODELL & CALABRIA
Fouad El Haddad
LALIVE LLC
Jose Morales
JAM CARGO SALES INC.
Karim Hamdy
SULTAN AL-ABDULLA &
PARTNERS
Isis Perez
ONEILL & BORGES
Marta Ramirez
ONEILL & BORGES
Thelma Rivera
GOLDMAN ANTONETTI &
CRDOVA PSC
Kenneth Rivera-Roles
FPV & GALNDEZ CPAS, PSC MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Yuenping Wong
AL TAMIMI & COMPANY
ADVOCATES & LEGAL
CONSULTANTS
ROMANIA
Adelina Anghel
GEBRUEDER WEISS ROMANIA
SRL
Cosmin Anghel
CLIFFORD CHANCE BADEA SCA
Mihai Anghel
UCA ZBRCEA & ASOCIAII
Gabriela Anton
UCA ZBRCEA & ASOCIAII
Andrei Badiu
3B EXPERT AUDIT - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Georgiana Balan
D&B DAVID I BAIAS LAW FIRM
Florina Balanescu
ENEL
Ioana Blu
UCA ZBRCEA & ASOCIAII
Irina Elena Bnic
POP PEPA SCA
ATTORNEYS-AT-LAW
Iulian Berbece
POP PEPA SCA
ATTORNEYS-AT-LAW
Monica Biciusca
ANGHEL STABB & PARTNERS
Paula Boteanu
DLA PIPER DINU SCA
Sandra Cahu
DLA PIPER DINU SCA
Maria Cambien
PWC ROMANIA
Raq Jaer
AL TAMIMI & COMPANY
ADVOCATES & LEGAL
CONSULTANTS
Ioana Cercel
D&B DAVID I BAIAS LAW FIRM
Victor Rodriguez
PWC PUERTO RICO
Frank Lucente
AL TAMIMI & COMPANY
ADVOCATES & LEGAL
CONSULTANTS
Edgardo Rosa-Ortiz
FPV & GALNDEZ CPAS, PSC MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Conan Higgins
TSI LEGAL ENTERPRISES, PC
Victor Rodriguez
MULTITRANSPORT & MARINE CO.
Lourdes Rodriguez-Morera
IMMIGRATION STRATEGIES PA
Sohaib Rubbani
PWC QATAR
Zaher Nammour
DENTONS
Sujani Nisansala
PWC QATAR
Neil OBrien
PWC QATAR
Patricia Salichs-Rossell
MCCONNELL VALDS LLC
Michael Palmer
PATTON BOGGS LLP
Jaime Santos
PIETRANTONI MNDEZ &
ALVAREZ LLP
Sony Pereira
NATIONAL SHIPPING AND
MARINE SERVICES COMPANY
WLL
Ioan Chiper
STOICA & ASOCIAII SOCIETATE CIVIL DE AVOCAI
Alin Chitu
UCA ZBRCEA & ASOCIAII
Crina Ciobanu
MUAT & ASOCIAII
Mariana Ciocoiu
MARAVELA & ASOCIAII
Veronica Cocrlea
MARAVELA & ASOCIAII
Valentin Cocean
DRAKOPOULOS LAW FIRM
Raluca Coman
CLIFFORD CHANCE BADEA SCA
Anamaria Corbescu
SALANS FMC SNR DENTON
EUROPE TODOR SI ASOCIATII
SCA
Oana Cornescu
UCA ZBRCEA & ASOCIAII
Alexandru Cretu
ZAMFIRESCU RACOI &
PARTNERS ATTORNEYS-AT-LAW
301
302
Sergius Creu
UCA ZBRCEA & ASOCIAII
Tiberiu Csaki
SALANS FMC SNR DENTON
EUROPE TODOR SI ASOCIATII
SCA
Radu Damaschin
NESTOR NESTOR DICULESCU
KINGSTON PETERSEN
Anca Danilescu
ZAMFIRESCU RACOI &
PARTNERS ATTORNEYS-AT-LAW
Dan Dascalu
D&B DAVID I BAIAS LAW FIRM
Adrian Deaconu
TAXHOUSE SRL
Oana Diaconu
MARAVELA & ASOCIAII
Luminita Dima
NESTOR NESTOR DICULESCU
KINGSTON PETERSEN
Diana Dimitriu
RADU TRCIL PDURARI
RETEVOESCU SPRL IN
ASSOCIATION WITH ALLEN &
OVERY
Livia Dinu
UCA ZBRCEA & ASOCIAII
Madalina Dobre
D&B DAVID I BAIAS LAW FIRM
Rodica Dobre
PWC ROMANIA
Monia Dobrescu
MUAT & ASOCIAII
Ion Dragulin
NATIONAL BANK OF ROMANIA
Panagiotis Drakopoulos
DRAKOPOULOS LAW FIRM
Laura Adina Duca
NESTOR NESTOR DICULESCU
KINGSTON PETERSEN
Alina Dumitrascu
CABINET CONSULTANTA
ECONOMICA MERCESCU
Geanina Dumitru
ENEL (FORMER ELECTRICA
MUNTENIA SUD)
Lidia Dutu
DLA PIPER DINU SCA
Oana Dutu-Buzura
DLA PIPER DINU SCA
Serban Epure
BIROUL DE CREDIT
Georgiana Evi
CLIFFORD CHANCE BADEA SCA
Sonia Fedorovici
MARAVELA & ASOCIAII
Iulia Ferstru-Grigore
MARAVELA & ASOCIAII
Adriana Gaspar
NESTOR NESTOR DICULESCU
KINGSTON PETERSEN
Monica Georgiadis
DLA PIPER DINU SCA
Laurentiu Gorun
DRAKOPOULOS LAW FIRM
Daniela Gramaticescu
NESTOR NESTOR DICULESCU
KINGSTON PETERSEN
Adina Grosu
SALANS FMC SNR DENTON
EUROPE TODOR SI ASOCIATII
SCA
Argentina Hincu
SALANS FMC SNR DENTON
EUROPE TODOR SI ASOCIATII
SCA
Ana-Maria Hrituc
SULICA PROTOPOPESCU VONICA
Camelia Iantuc
CLIFFORD CHANCE BADEA SCA
Alexandra Ichim
MARAVELA & ASOCIAII
Ilinca Iliescu
RADU TRCIL PDURARI
RETEVOESCU SPRL IN
ASSOCIATION WITH ALLEN &
OVERY
Diana Emanuela Ispas
NESTOR NESTOR DICULESCU
KINGSTON PETERSEN
Horia Ispas
UCA ZBRCEA & ASOCIAII
Madalina Ivan
ZAMFIRESCU RACOI &
PARTNERS ATTORNEYS-AT-LAW
Ionut Stancu
NESTOR NESTOR DICULESCU
KINGSTON PETERSEN
Alexandru Oan
MARAVELA & ASOCIAII
Andrei Ormenean
MUAT & ASOCIAII
Ctlina Sucaciu
MARAVELA & ASOCIAII
Maria Bykovskaya
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Delia Paceagiu
NESTOR NESTOR DICULESCU
KINGSTON PETERSEN
Miruna Suciu
MUAT & ASOCIAII
Dmitry Churin
CAPITAL LEGAL SERVICES LLC
Ruxandra Talpan
DRAKOPOULOS LAW FIRM
David Craneld
CMS LEGAL
Ruxandra Tarlescu
PWC ROMANIA
Marina Dmitrieva
DLA PIPER RUS LIMITED
Amelia Teis
D&B DAVID I BAIAS LAW FIRM
Olga Duchenko
KACHKIN & PARTNERS
Florin Tineghe
DLA PIPER DINU SCA
Vasina Ekaterina
ALRUD LAW FIRM
Laura Tiuca
SALANS FMC SNR DENTON
EUROPE TODOR SI ASOCIATII
SCA
Gleb Fayzullaev
PWC RUSSIA
Mihai Jelea
EVERSHEDS LINA & GUIA SCA
Carolina Pletniuc
LINA & GUIA SCA
Claudiu Pop
POP PEPA SCA
ATTORNEYS-AT-LAW
Cristian Lina
EVERSHEDS LINA & GUIA SCA
Edita Lovin
RETIRED JUDGE OF ROMANIAN
SUPREME COURT OF JUSTICE
Bogdan Lucan
DRAKOPOULOS LAW FIRM
Smaranda Mandrescu
POP PEPA SCA
ATTORNEYS-AT-LAW
Dumitru Viorel Manescu
NATIONAL UNION OF CIVIL LAW
NOTARIES OF ROMANIA
Gelu Titus Maravela
MARAVELA & ASOCIAII
Carmen Medar
D&B DAVID I BAIAS LAW FIRM
Vlad Meraru
PWC ROMANIA
Mariana Mercescu
CABINET CONSULTANTA
ECONOMICA MERCESCU
Mirela Metea
MARAVELA & ASOCIAII
Maria Cristina Metelet
POP PEPA SCA
ATTORNEYS-AT-LAW
Ctlina Mihilescu
UCA ZBRCEA & ASOCIAII
Florian Mihalce
SC ELECTRICA SA
Ana Mirea
CLIFFORD CHANCE BADEA SCA
Mihaela Mitroi
PWC ROMANIA
Geanina Moraru
CLIFFORD CHANCE BADEA SCA
Mona Musat
MUAT & ASOCIAII
Carmen Nstase
UCA ZBRCEA & ASOCIAII
Adriana Neagoe
NATIONAL BANK OF ROMANIA
Larisa Negoias
DLA PIPER DINU SCA
Florina Toma
DLA PIPER DINU SCA
Andra Trantea
DLA PIPER DINU SCA
Ada uc
MARAVELA & ASOCIAII
Iulian Popescu
MUAT & ASOCIAII
Tatiana Urimescu
NATIONAL UNION OF CIVIL LAW
NOTARIES OF ROMANIA
Mariana Popescu
NATIONAL BANK OF ROMANIA
Tiberiu Potyesz
BITRANS LTD.
Cristina Vedel
POP PEPA SCA
ATTORNEYS-AT-LAW
Olga Preda
POP PEPA SCA
ATTORNEYS-AT-LAW
RUSSIAN FEDERATION
BADIS
Elena Preotescu
DLA PIPER DINU SCA
KPMG RUSSIA
Sebastian Radocea
UCA ZBRCEA & ASOCIAII
Cristian Radu
UCA ZBRCEA & ASOCIAII
Laura Radu
STOICA & ASOCIAII SOCIETATE CIVIL DE AVOCAI
Bogdan Riti
MUAT & ASOCIAII
Angela Rosca
TAXHOUSE SRL
Adrian Roseti
DRAKOPOULOS LAW FIRM
Adrian Rotaru
CLIFFORD CHANCE BADEA SCA
Raluca Sanucean
UCA ZBRCEA & ASOCIAII
Daniel Sava
DRAKOPOULOS LAW FIRM
Andrei Svescu
SVESCU & ASOCIAII
Alina Solschi
MUAT & ASOCIAII
Oana Soviani
SALANS FMC SNR DENTON
EUROPE TODOR SI ASOCIATII
SCA
David Stabb
ANGHEL STABB & PARTNERS
Claudiu Stan
DLA PIPER DINU SCA
Lorena Stanciulescu
LAW OFFICES LORENA
STANCIULESCU
GREENWAY
Michail Abramov
FEDERAL SERVICE FOR STATE
REGISTRATION CADASTRE AND
CARTOGRAPHY
Elena Agaeva
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Julia Andreeva
CAPITAL LEGAL SERVICES LLC
Anatoly E. Andriash
NORTON ROSE FULBRIGHT
(CENTRAL EUROPE) LLP
Aleksandr Androsov
MOSENERGOSBYT
Elena Anisimova
CAPITAL LEGAL SERVICES LLC
Irina Anyukhina
ALRUD LAW FIRM
Stefan Bakh
PUBLISHING HOUSE CUSTOMS
TERMINALS
Konstantin Baranov
CMS LEGAL
Maria Baranovskaya
HERBERT SMITH FREEHILLS
CIS LLP
Andrey Belykh
BANK SAINT PETERSBURG
Egor Bogdanov
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Julia Borozdna
PEPELIAEV GROUP
Thomas Brand
BRAND & PARTNER
Ilya Bulgakov
DLA PIPER RUS LIMITED
Ekaterina Buzina
RUSSIN & VECCHI
Liliya Gaynullina
LEVINE BRIDGE
Roman Goldberg
Vladimir Gorbunov
TSDS GROUP OF COMPANIES
Lidia Gorshkova
PEPELIAEV GROUP
Robert Gurdyumov
HELLEVIG, KLEIN & USOV
Andrey Ignatenko
MORGAN LEWIS
Ekaterina Ilina
DS LAW
Armen Isaakyan
TRANSAS
Roman Ishbulatov
CAPITAL LEGAL SERVICES LLC
Roman Ishmukhametov
BAKER & MCKENZIE
Maria Ivakina
ALRUD LAW FIRM
Ivan Ivanov
FINEC
Maxim Kalinin
BAKER & MCKENZIE
Diana Kalyaeva
PRICEWATERHOUSECOOPERS
RUSSIA BV
Alexey Karchiomov
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Mitrofan Karpekin
BANK SAINT PETERSBURG
Pavel Karpunin
CAPITAL LEGAL SERVICES LLC
Ekaterina Karunets
BAKER & MCKENZIE - CIS,
LIMITED
Pavel Karusev
PEPELIAEV GROUP
Denis Kazantsev
MOSENERGOSBYT
Evgeny Khazanov
ROLLSTANDARD
Alexander Khretinin
HERBERT SMITH FREEHILLS
CIS LLP
Snezhana Kitaeva
LENENERGO
Alexander Klochkov
DLA PIPER RUS LIMITED
Elena Klyuchareva
DEBEVOISE & PLIMPTON LLP
Olga Klyzhenko
WHITE & CASE
ACKNOWLEDGMENTS
Vadim Kolomnikov
DEBEVOISE & PLIMPTON LLP
Anastasia Konovalova
NORTON ROSE FULBRIGHT
(CENTRAL EUROPE) LLP
Alexander Korkin
PEPELIAEV GROUP
Sergey Korolyov
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Gennady Odarich
PRICEWATERHOUSECOOPERS
RUSSIA BV
Elena Ogawa
LEVINE BRIDGE
Reena Ohri
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Ekaterina Palagina
WHITE & CASE
Alexander Tikhov
NATIONAL CONTAINER COMPANY
Pavel Timofeev
HANNES SNELLMAN LLC
Ilya Titov
HOUGH TROFIMOV & PARTNERS
Ksenia Tomilina
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Philip Tsukanov
WHITE & CASE LLC
Ilya Kotov
ATTORNEYS-AT-LAW BORENIUS
Aleksandr Panarin
LOGISTIC SERVICE
Vadim Kovalyov
CAPITAL LEGAL SERVICES LLC
Svetlana Panlova
DEBEVOISE & PLIMPTON LLP
Ilya Tur
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Oksana Kozhevnikova
CAPITAL LEGAL SERVICES LLC
Sergey Parinov
RUSSIN & VECCHI
Aleksandra Ulezko
KACHKIN & PARTNERS
Tushabe Karim
RWANDA DEVELOPMENT BOARD
Alyona Kozyreva
NORTON ROSE FULBRIGHT
(CENTRAL EUROPE) LLP
Roman Perekhodov
TRANSAS
Igor Vasiliev
FEDERAL SERVICE FOR STATE
REGISTRATION CADASTRE AND
CARTOGRAPHY
Julien Kavaruganda
K-SOLUTIONS AND PARTNERS
Natalia Kruglova
Eugene Perkunov
HOGAN LOVELLS
Artem Kukin
INFRALEX LAW FIRM
Yulia Petrakova
ALRUD LAW FIRM
Dmitry Kunitsa
MORGAN LEWIS
David Lasfargue
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Sergei Lee
CASTRN & SNELLMAN
INTERNATIONAL LTD.
Elena Legashova
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Sergey Logunov
CMS LEGAL
Maxim Losik
CASTREN & SNELLMAN
INTERNATIONAL LTD.
Stepan Lubavsky
FINEC
Sergey Lubimov
DLA PIPER RUS LIMITED
Dmitry Lyakhov
RUSSIN & VECCHI
Igor N. Makarov
BAKER & MCKENZIE - CIS,
LIMITED
Grigory Marinichev
MORGAN LEWIS
Igor Marmalidi
PEPELIAEV GROUP
Anna Maximenko
DEBEVOISE & PLIMPTON LLP
Olga Mazur
BAKER & MCKENZIE
Andrei Mikhailov
HOUGH TROFIMOV & PARTNERS
Anastasia Mikhailova
MORGAN LEWIS
Elena Morozova
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Dmitry Nekrestyanov
KACHKIN & PARTNERS
Tatyana Neveeva
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Natalie Neverovskaya
UNICOMLEGAL RUSSIA
Alexey Nikitin
BORENIUS ATTORNEYS AT LAW
Elena Novikova
ALRUD LAW FIRM
Egor Viktorovich Novoselov
MOESK
Maya Petrova
BORENIUS ATTORNEYS AT LAW
Daria Plotnikova
WHITE & CASE LLC
Anton Poddubny
ATTORNEYS-AT-LAW BORENIUS
Gulnara Ponomarenko
ZENITH BANK
Svetlana Prokopenko
RECHT & PARTNER
Ivan Rossokhin
CMS LEGAL
Alexander Rostovsky
CASTREN & SNELLMAN
INTERNATIONAL LTD.
Jonathan Russin
RUSSIN & VECCHI
Natalia Ryasina
DS LAW
Artem Vasyutin
DELOITTE & TOUCHE CIS
Sergey Vasilievich Vasyutin
LENENERGO
Darya Vetrova
CASTREN & SNELLMAN
INTERNATIONAL LTD.
Aleksei Volkov
NATIONAL BUREAU OF CREDIT
HISTORIES
Jens Wergin
RDL & PARTNER
Maria Yadykina Gorban
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Alexandra Yaroshook
DLA PIPER RUS LIMITED
Alexei Shcherbakov
TSDS GROUP OF COMPANIES
Roman Zhavner
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Vladislav Smirnov
DELOITTE & TOUCHE CIS
Julia Solomkina
LEVINE BRIDGE
Ksenia Soloschenko
CASTRN & SNELLMAN
INTERNATIONAL LTD.
Alexandra Stelmakh
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Anna Stroeva
INFRALEX LAW FIRM
Ivetta Tchistiakova-Berd
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Evgenia Teterevkova
ATTORNEYS-AT-LAW BORENIUS
Thophile Kazeneza
CABINET DAVOCATS KAZENEZA
Bernice Kimacia
PWC
Kanamugire Makuza Aloys
Lewis Manzi Rugema
ECOBANK
Isae Mhayimana
CABINET DAVOCATS
MHAYIMANA
Vladislav Zabrodin
CAPITAL LEGAL SERVICES LLC
Inga Skvortsova
LAW FIRM CLIFF
Eudes Kayumba
LANDMARK STUDIES
Taisiya Vorotilova
BAKER & MCKENZIE
Kirill Saskov
KACHKIN & PARTNERS
Victoria Sivachenko
ALRUD LAW FIRM
Didas Kayihura
FOUNTAIN ADVOCATES
Abdou Mbaya
SPEDAG INTERFREIGHT
Maxim Yashkov
PUBLISHING HOUSE CUSTOMS
TERMINALS
Marcellin Kamanzi
Dmitry Volkov
SU-33
Anna Rybalko
DELOITTE & TOUCHE CIS
Roman Anatolyevich
Shcherbakov
MOESK
Dsir Kamanzi
ENSAFRICA RWANDA
Maria Zhilina
KACHKIN & PARTNERS
RWANDA
BOLLOR AFRICA LOGISTICS
NATIONAL BANK OF RWANDA
Alberto Basomingera
CABINET DAVOCATS
MHAYIMANA
Natacha Bugondo
ADVOCARE RWANDA
Flavia Busingye
RWANDA CUSTOMS
Louis de Gonzague
Mussengangabo
VISION TECHNOLOGIES
COMPANY
Paul Frobisher Mugambwa
PWC UGANDA
Daniel Gasaatura
TRUST LAW CHAMBERS
Patrick Gashagaza
GPO PARTNERS RWANDA
Felix Gatanazi
EWSA
Martin Nkurunziza
GPO PARTNERS RWANDA
Abel Nsengiyumva
CABINET ABEL NSENGIYUMVA
Herv Ntege
ENSAFRICA RWANDA
Emmanuel Nyamurangwa
CITY OF KIGALI - ONE STOP
CENTER FOR CONSTRUCTION
Aaron Nzeyimana
SPEDAG INTERFREIGHT
Nelson Ogara
PWC
Josue Penaloza Quispe
BRALIRWA LTD.
Gakuba Rugambya
SPEDAG INTERFREIGHT
Arthur Rugango
Damas Rurangwa
EWSA
Lucien Ruterana
EWSA
Richard Rwihandagaza
R & PARTNERS LAW FIRM
Fred Rwihunda
RFM ENGINEERING LTD.
Kizito Safari
BONA FIDE LAW CHAMBERS
Yves Sangano
RWANDA DEVELOPMENT BOARD,
OFFICE OF THE REGISTRAR
GENERAL OF RWANDA
Sandrali Sebakara
BUREAU DETUDES CAEDEC
Alvin Mihigo
R & PARTNERS LAW FIRM
Nelly Umugwaneza
ADVOCARE RWANDA
Merard Mpabwanamaguru
CITY OF KIGALI - ONE STOP
CENTER FOR CONSTRUCTION
M. Aimee Uwanyiligira
EWSA
Jean Npomuscne
Mugengangabo
BONA FIDE LAW CHAMBERS
Lopold Munderere
CABINET DAVOCATS-CONSEILS
Prasad Varma
SWIFT FREIGHT INTERNATIONAL
(RWANDA)
Alloys Mutabingwa
AIMS EAST AFRICA LAW
PARTNERS
Maureen Wamahiu
CREDIT REFERENCE BUREAU
AFRICA LTD.
Patrick Mutimura
BMP CONSULTING
Stephen Zawadi
MILLENIUM LAW CHAMBERS
Pothin Muvara
RWANDA NATURAL RESOURCES
AUTHORITY, OFFICE OF THE
REGISTRAR OF LAND TITLES
SAMOA
BETHAM BROTHERS
ENTERPRISES LTD.
Frank Muvunyi
EWSA
MINISTRY OF WORKS,
TRANSPORT & INFRASTRUCTURE
Georey Mwine
GM CORPORATE CONSULT
LIMITED (GMCC)
Ernest Mwiza
TOWN NICE VIEW
Da Costa Ndahayo
SWIFT FREIGHT INTERNATIONAL
(RWANDA)
Grace Nishimwe
RWANDA NATURAL RESOURCES
AUTHORITY, OFFICE OF THE
REGISTRAR OF LAND TITLES
Kizito Niyonshuti
ENSAFRICA RWANDA
Frederick Niyonzima
PWC
Aimable Nkuranga
CREDIT REFERENCE BUREAU
AFRICA LTD.
Lawrie Burich
QUANTUM CONTRAX LTD.
Shelley Burich
QUANTUM CONTRAX LTD.
Murray Drake
DRAKE & CO.
Fiona Ey
CLARKE EY LAWYERS
Anthony Frazier
Margaret Fruean
MINISTRY OF COMMERCE,
INDUSTRY AND LABOUR
Taulapapa Brenda
Heather-Latu
LATU LAWYERS
Misa Ioane Esoto
MISA ELECTRICAL
303
304
Cesare Pisani
TELECOM ITALIA SAN MARINO
S.P.A.
Nasser H. Al Qahtani
ELECTRICITY & CO-GENERATION
REGULATORY AUTHORITY
George Latu
LATU LAWYERS
Roberto Ragini
ANTAO PROGETTI S.P.A.
Uputaua Lauvi
MINISTRY OF COMMERCE,
INDUSTRY AND LABOUR
Tima Leavai
LEAVAI LAW
Tuala Pat Leota
PUBLIC ACCOUNTANT
Leuluaialii Tasi Malifa
MALIFA LAW
Albert Meredith
MINISTRY OF COMMERCE,
INDUSTRY AND LABOUR
Tomasi Peni
MINISTRY OF COMMERCE,
INDUSTRY AND LABOUR
Arthur R. Penn
LESA MA PENN
Peato Sam Ling
SAMOA SHIPPING SERVICES LTD.
Faiiletasi Elaine Seuao
MINISTRY OF COMMERCE,
INDUSTRY AND LABOUR
Sala Theodore Sialau Toalepai
SAMOA SHIPPING SERVICES LTD.
Daniela Tombeni
S.M. STUDIO SPED
Stefano Trenta
ANTAO PROGETTI S.P.A.
Idalina Martinho
DESPACHANTE HELDER BATISTA
SAN MARINO
Simone Arcangeli
AVVOCATO E NOTAIO
Renzo Balsimelli
UFFICIO URBANISTICA
Dennis Beccari
AVV. ERIKA MARANI
Gianna Burgagni
STUDIO LEGALE E NOTARILE
Cecilia Cardogna
STUDIO LEGALE E NOTARILE
Fabrizio Castiglioni
COSTRUZIONI EDILIZIE
SAMMARINESI (CES) SA
Debora Cenni
STUDIO LEGALE E NOTARILE
Alberto Chezzi
STUDIO CHEZZI
Simone Gatti
WORLD LINE
Giovanni Guerra
TELECOM ITALIA SAN MARINO
S.P.A.
Anna Maria Lonfernini
STUDIO LEGALE E NOTARILE
Erika Marani
AVV. ERIKA MARANI
Lucia Mazza
UFFICIO TECNICO DEL CATASTO
Daniela Mina
STUDIO COMMERCIALE
Gianlucca Minguzzi
ANTAO PROGETTI S.P.A
Lorenzo Moretti
STUDIO LEGALE E NOTARILE
Alfredo Nicolini
LAWYER
Sara Pelliccioni
STUDIO LEGALE E NOTARILE
AVV. MATTEO MULARONI - IN
ASSOCIAZIONE CON BUSSOLETTI
NUZZO & ASSOCIATI
Virna Neves
MIRANDA CORREIA AMENDOEIRA
& ASSOCIADOS - SOCIEDADE DE
ADVOGADOS RL
Joo Branco Pedro
NATIONAL LABORATORY FOR
CIVI ENGINEERING - LNEC
Guilherme Posser da Costa
POSSER DA COSTA ADVOGADOS
ASSOCIADOS
Hugo Rita
TERRA FORMA
Ana Roque
MANUEL ROQUE LTDA
Jos Manuel Roque
MANUEL ROQUE LTDA
Cludia Santos Malaquias
MIRANDA CORREIA AMENDOEIRA
& ASSOCIADOS - SOCIEDADE DE
ADVOGADOS RL
Rui Verssimo
SOARES DA COSTA
Teresa Verssimo
SOARES DA COSTA
Antnio Vicente Marques
AVM ADVOGADOS
SAUDI ARABIA
ERNST & YOUNG
Asad Abedi
THE LAW FIRM OF HATEM ABBAS
GHAZZAWI & CO.
Fayyaz Ahmad
JONES LANG LASALLE
Fayez Ghaith Al Jabri
ELECTRICITY & CO-GENERATION
REGULATORY AUTHORITY
Ahmad Al Kassem
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Fayez Aldebs
PWC SAUDI ARABIA
Abdullah Al-Hashim
AL-JADAAN & PARTNERS LAW
FIRM
SENEGAL
SENELEC
Mouhamed Kebe
GENI & KEBE
Ousseynou Lagnane
BDS
Bassambie Bationo
BCEAO
Moussa Mbacke
ETUDE NOTARIALE MOUSSA
MBACKE
Dame Mbaye
TRANSFRET DAKAR
Birame Mbaye Seck
DIRECTION DU DEVELOPPEMENT
URBAIN
Omar AlHoshan
ALHOSHAN CPAS
& CONSULTANTS -
Ibrahima Diagne
GAINDE 2000
CORRESPONDENT OF RUSSELL
BEDFORD INTERNATIONAL
Mohammed Al-Jadaan
AL-JADAAN & PARTNERS LAW
FIRM
Macir Diallo
SCP NDIAYE & DIAGNE,
NOTAIRES ASSOCIS
Turki Al-Jou
TATWEER EDUCATIONAL
TRANSPORTATION COMPANY
Yousef A. Al-Jou
AL-JOUFI LAW FIRM
Alassane Diop
DP WORLD
Amadou Diop
GAINDE 2000
Angelique Pouye Diop
AGENCE CHARGE DE
LA PROMOTION DE
LINVESTISSEMENT ET DES
GRANDS TRAVAUX
Babacar Biram Diop
CABINET BABACAR BIRAM DIOP
Fod Diop
ART INGNIERIE SUARL
Shaimaa Atbani
ALSINDI LAW FIRM
Madjiguene Diop
RMA SNGAL
Lamisse Bajunaid
ALSINDI LAW FIRM
John Balouziyeh
DENTONS
Andre Diop-Depret
GA 2 D
Abdoulaye Drame
CABINET ABDOULAYE DRAME
Stuart Hind
PANALPINA WORLD TRANSPORT
LLP
Fayz Fakry
SCP SENGHOR & SARR,
NOTAIRES ASSOCIS
Chadi F. Hourani
HOURANI & ASSOCIATES
Cheikh Fall
CABINET DAVOCAT CHEIKH FALL
Amgad Husein
DENTONS
Zaid Mahayni
LAW OFFICE OF HASSAN
MAHASSNI
Bakary Faye
BDS
Ibrahima Mbodj
AVOCAT LA COUR
Papa Alboury Ndao
RMA SNGAL
Aly Mar Ndiaye
COMMISSION DE RGULATION DU
SECTEUR DE LELECTRICIT
Amadou Ndiaye
CABINET DAVOCAT CHEIKH FALL
Layti Ndiaye
BOLLOR AFRICA LOGISTICS
Ndn Ndiaye
Macodou Ndour
CABINET MOCODOU NDOUR
Moustapha Ndoye
CABINET MAITRE MOUSTAPHA
NDOYE
Dominique Picard
SOCIT CIVILE
PROFESSIONNELLE DAVOCATS
FRANOIS SARR & ASSOCIS
Herinjiva Tahirisoa
Rakotonirina
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Babacar Sall
BDS
Moussa Sanogo
BCEAO
Franois Sarr
SOCIT CIVILE
PROFESSIONNELLE DAVOCATS
FRANOIS SARR & ASSOCIS
Daniel-Sdar Senghor
SCP SENGHOR & SARR,
NOTAIRES ASSOCIS
Humaid Mudhar
SAUDI CREDIT BUREAU - SIMAH
Fazal Rahman
FAWAZ SHAWAN CUSTOMS
BORKERS
Sylvie Gomis
SCP SENGHOR & SARR,
NOTAIRES ASSOCIS
Mustafa Saleh
EMDAD ARRIYADH
Nadeem Shaikh
GLOBE MARINE SERVICES CO.
Dominique Taty
PWC CTE DIVOIRE
Abdul Shakoor
GLOBE MARINE SERVICES CO.
Alioune Ka
TUDE SCP MES KA
Peter Stanseld
AL-JADAAN & PARTNERS LAW
FIRM
Ibra Thiombane
CABINET JURAFRIK CONSEIL EN
AFFAIRES (JCA)
Juergen Villmer
AL-SOAIB LAW FIRM
Abdul Aziz Zaibag
ALZAIBAG CONSULTANTS
Soudki Zawaydeh
PWC SAUDI ARABIA
Yaya Sow
CADASTRE SENEGAL
Codou Sow-Seck
GENI & KEBE
Emmanuel Yehouessi
BCEAO
SERBIA
PD ELEKTRODISTRIBUCIJA
BEOGRAD D.O.O.
Jelena Adamovic
HARRISON SOLICITORS
ACKNOWLEDGMENTS
Ivana Ajdanic
PRICA & PARTNERS LAW OFFICE
Milos Andjelkovic
WOLF THEISS
Aleksandar Andrejic
PRICA & PARTNERS LAW OFFICE
Vlada Babic
AIR SPEED
Bojana Bregovic
WOLF THEISS
Milan Brkovic
ASSOCIATION OF SERBIAN
BANKS
Milena Buha
AJILON SOLUTIONS
Marina Bulatovic
WOLF THEISS
Ana ali
PRICA & PARTNERS LAW OFFICE
Jovan Cirkovic
HARRISON SOLICITORS
Vladimir Dabi
THE INTERNATIONAL CENTER
FOR FINANCIAL MARKET
DEVELOPMENT
Vladimir Dasi
BDK ATTORNEYS-AT-LAW
Simon Dayes
CMS CAMERON MCKENNA
Uro Djordjevi
IVKOVI & SAMARDI LAW
OFFICE
Jelena Kuveljic Dmitric
LAW OFFICES ZECEVIC & LUKIC
Veljko Dostanic
MARI, MALII & DOSTANI
O.A.D., CORRESPONDENT LAW
FIRM OF GIDE LOYRETTE NOUEL
Dragan Draca
PWC SERBIA
Jovana Gavrilovic
PRICA & PARTNERS LAW OFFICE
Saa Gavrilovi
MARI, MALII & DOSTANI
O.A.D., CORRESPONDENT LAW
FIRM OF GIDE LOYRETTE NOUEL
Jelena Gazivoda
LAW OFFICES JANKOVI,
POPOVI & MITI
Danica Gligorijevic
PRICA & PARTNERS LAW OFFICE
Ana Jankov
BDK ATTORNEYS-AT-LAW
Milovan Jocovic
BDK ATTORNEYS-AT-LAW
Nemanja Kaavenda
A.D. INTEREUROPA, BELGRADE
Miodrag Klannik
MARI, MALII & DOSTANI
O.A.D., CORRESPONDENT LAW
FIRM OF GIDE LOYRETTE NOUEL
Vidak Kovacevic
WOLF THEISS
Ivan Krsikapa
NINKOVI LAW OFFICE
Zach Kuvizi
KUVIZIC & TADIC LAW OFFICE
Ruzica Macukat
SERBIAN BUSINESS REGISTERS
AGENCY
Miladin Maglov
SERBIAN BUSINESS REGISTERS
AGENCY
Rastko Malisic
MARI, MALII & DOSTANI
O.A.D., CORRESPONDENT LAW
FIRM OF GIDE LOYRETTE NOUEL
Igor ivkovski
IVKOVI & SAMARDI LAW
OFFICE
Aleksandar Manev
PRICA & PARTNERS LAW OFFICE
SEYCHELLES
ATTORNEY GENERALS
CHAMBERS
Ines Matijevi-Papulin
HARRISON SOLICITORS
Aleksandar Mladenovi
IKRP ROKAS & PARTNERS
Marina Nikolic
MORAVEVI, VOJNOVI &
ZDRAVKOVI U SARADNJI SA
SCHONHERR
MINISTRY OF LABOUR
AND HUMAN RESOURCES
DEVELOPMENT
Djurdje Ninkovi
NINKOVI LAW OFFICE
SEYCHELLES NATIONAL
PLANNING AUTHORITY
Bojana Noskov
WOLF THEISS
Jelena Obradovi
ivkovi & Samardi Law
Office
Zvonko Obradovi
SERBIAN BUSINESS REGISTERS
AGENCY
Darija Ognjenovi
PRICA & PARTNERS LAW OFFICE
Leslie Boniface
COMPANY AND LAND REGISTRY
Igor Oljai
ADVOKATSKA KANCELARIJA
OLJAI
Lanka Dorby
SEYCHELLES REGISTRAR
GENERAL
Vladimir Peri
PRICA & PARTNERS LAW OFFICE
FMS Egonda-Ntende
SUPREME COURT OF
SEYCHELLES
Mihajlo Prica
PRICA & PARTNERS LAW OFFICE
Ana Radivojevi
PWC SERBIA
Branka Rajicic
PWC BOSNIA AND HERZEGOVINA
Mirjana Stankovic
DEVELOPMENT CONSULTING
GROUP
Dragana Stanojevi
USAID BUSINESS ENABLING
PROJECT - BY CARDNO
EMERGING MARKETS USA
Milica Stojanovic
LAW OFFICES JANKOVI,
POPOVI & MITI
Petar Stojanovi
JOKSOVIC, STOJANOVIC AND
PARTNERS
Robert Sundberg
DEVELOPMENT CONSULTING
GROUP
Ana Tomic
JOKSOVIC, STOJANOVIC AND
PARTNERS
Jovana Tomi
IVKOVI & SAMARDI LAW
OFFICE
Alex Ellenberger
ADD LOCUS ARCHITECTS LTD.
Conrad Lablache
PARDIWALLA TWOMEY
LABLACHE
Franky Madeleine
SEYCHELLES LICENSING
AUTHORITY
Malcolm Moller
APPLEBY
Joe Morin
MAHE SHIPPING CO. LTD.
Margaret Nourice
STAMP DUTY COMMISSION
Brian Orr
MEJ ELECTRICAL
Poonkhothai Pillay
EY SEYCHELLES
Serge Rouillon
ATTORNEY-AT-LAW
Divino Sabino
PARDIWALLA TWOMEY
LABLACHE
Kieran B. Shah
BARRISTER &
ATTORNEY-AT-LAW
Cheryl Blake
B&J PARTNERS
Beatrice Chaytor
CHARIOT EIGHT
Leslie Theophilus Clarkson
AHMRY SERVICES
Grace Coleridge-Taylor
CHARIOT EIGHT
Abu Bakr Dexter
E.E.C. SHEARS-MOSES & CO.
Ibrahim Dumbuya
BANK OF SIERRA LEONE
Mariama Dumbuya
RENNER THOMAS & CO., ADELE
CHAMBERS
Momoh Dumbuya
NATIONAL POWER AUTHORITY
Joseph Fofanah
OFFICE OF THE ADMINISTRATOR
AND REGISTRAR GENERAL
(OARG)
Manilius Garber
JARRETT-YASKEY, GARBER
& ASSOCIATES: ARCHITECTS
(JYGA)
Franklyn Williams
SIERRA LEONE BUSINESS FORUM
LTD.
Yada Williams
YADA WILLIAMS AND ASSOCIATE
SINGAPORE
ALLEN & GLEDHILL LLP
CHIP ENG SENG CORPORATION
LTD.
ERNST & YOUNG
KONG HWA CHAN TRADING
PTE. LTD.
RDC ARCHITECTS
SINGAPORE CUSTOMS
Lim Ah Kuan
SP POWERGRID LTD.
Rachel Chan
PAUL HYPE PAGE MANAGEMENT
SERVICE PTE. LTD.
Shi-Chien Chia
MINISTRY OF TRADE & INDUSTRY
Ng Chin Lock
SP POWERGRID LTD.
Emilia Gbomor
CLAS CONSULT LTD.
Kamil Dada
TETRAFLOW PTE LTD.
Ransford Johnson
RENNER THOMAS & CO., ADELE
CHAMBERS
Mariama Seray Kallay
GOVERNMENT OF SIERRA LEONE
Denny Dunsford
MINISTRY OF MANPOWER
Miah Fok
CREDIT BUREAU SINGAPORE
PTE. LTD.
Alieyah Keita
Sandy Foo
DREW NAPIER
Stephanie Kam
MINISTRY OF TRADE & INDUSTRY
George Kwatia
PWC GHANA
Peter Larvai
BANK OF SIERRA LEONE
Millicent Lewis-Ojumu
CLAS CONSULT LTD.
Michala Mackay
CORPORATE AFFAIRS
COMMISSION OF SIERRA LEONE
K. Latha
ACCOUNTING & CORPORATE
REGULATORY AUTHORITY, ACRA
Corneleius Max-Williams
DESTINY SHIPPING AGENCIES
LTD.
Yvonne Lay
MINISTRY OF FINANCE
Harold McCarthy
NATIONAL POWER AUTHORITY
Mohamed Pa Momoh Fofanah
EDRINA CHAMBERS
Sidney Ojumu
CLAS CONSULT LTD.
Ho Ming Lee
ACCOUNTING & CORPORATE
REGULATORY AUTHORITY, ACRA
James Leong
STATE COURTS
Vladislav Tomi
PICARD KENTZ & ROWE LLP
SIERRA LEONE
NATIONAL REVENUE AUTHORITY
Afolabi Oluwole
CUSTOMERWORTH
Sneana Tosi
SERBIAN BUSINESS REGISTERS
AGENCY
Kargbo Santigie
A+S BUSINESS CENTRE
Carrie Lim
PWC SINGAPORE
Julia Sarkodie-Mensah
JUDICIARY OF SIERRA LEONE
Gideon Ayi-Owoo
PWC GHANA
William Lim
CREDIT BUREAU SINGAPORE
PTE. LTD.
Alpha Tejan-Jalloh
TROPICAL AND ENVIRONMENTAL
ASSOCIATES
Sreko Vujakovi
MORAVEVI, VOJNOVI &
ZDRAVKOVI U SARADNJI SA
SCHONHERR
Tanja Vukoti Marinkovi
SERBIAN BUSINESS REGISTERS
AGENCY
Milo Vuli
PRICA & PARTNERS LAW OFFICE
Milo ivkovi
IVKOVI & SAMARDI LAW
OFFICE
Mallay F. Bangura
NATIONAL POWER AUTHORITY
Philip Bangura
BANK OF SIERRA LEONE
Joseph Liow
STRAITS LAW
Madan Mohan
YEO-LEONG & PEH LLC
Valisius Thomas
ADVENT CHAMBERS
Girish Naik
PWC SINGAPORE
Sushil Nair
DREW NAPIER
Beng Hong Ong
WONG TAN & MOLLY LIM LLC
305
306
Shari Rasanayagam
KINETICA PTE. LTD., IN
ASSOCIATION WITH KELVIN CHIA
PARTNERSHIP
Manoj Pillay Sandrasegara
WONGPARTNERSHIP LLP
Douglas Tan
STEVEN TAN PAC - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Hak Khoon Tan
ENERGY MARKET AUTHORITY
Nicole Tang
CREDIT BUREAU SINGAPORE
PTE. LTD.
Siu Ing Teng
SINGAPORE LAND AUTHORITY
Peck Wong
STATE COURTS
Siew Kwong Wong
ENERGY MARKET AUTHORITY
Jennifer Yeo
YEO-LEONG & PEH LLC
Stefanie Yuen Thio
TSMP LAW CORPORATION
SLOVAK REPUBLIC
Martin Bednr
HMG & PARTNERS, S.R.O.
Silvia Beloviov
WHITE & CASE S.R.O.
Jn Budinsk
SLOVAK CREDIT BUREAU, S.R.O.
Peter Cavojsky
CLS AVOJSK & PARTNERS,
S.R.O.
Katarna echov
ECHOV & PARTNERS S. R. O.
Kristina ermkov
PETERKA & PARTNERS
Tomas Cibula
WHITE & CASE S.R.O.
Peter Drenka
HAMALA KLUCH VGLASK S.R.O.
Jan Dvorecky
GREEN INTEGRATED LOGISTICS
(SLOVAKIA) S.R.O.
Mat Fojtl
GEODESY, CARTOGRAPHY AND
CADASTRE AUTHORITY OF THE
SLOVAK REPUBLIC
Juraj Foltn
PETERKA & PARTNERS
Simona Halkov
ECHOV & PARTNERS S. R. O.
Lukas Kralovic
WHITE & CASE S.R.O.
Jaroslav Krupec
PETERKA & PARTNERS
Soa Lehock
ALIANCIAADVOKTOV AK, S.R.O.
Filip Luk
HMG & PARTNERS, S.R.O.
Maria Malovcova
PWC SLOVAKIA
Pemysl Marek
PETERKA & PARTNERS
Nikoleta Molnrov
CLS AVOJSK & PARTNERS,
S.R.O.
Jaroslav Niznansky
JNC LEGAL S.R.O.
Andrea Olovsk
PRK PARTNERS S.R.O.
Peter Ondrejka
MINISTRY OF ECONOMY
Simona Rapav
WHITE & CASE S.R.O.
Ivana akov
ECHOV & PARTNERS S. R. O.
Gerta Smelov-Flassikov
ALIANCIAADVOKTOV AK, S.R.O.
Marek Samo
WHITE & CASE S.R.O.
Zuzana Satkova
PWC SLOVAKIA
Christiana Serugova
PWC SLOVAKIA
Katarina Simurdova
PWC SLOVAKIA
Jakub Skalo
MINISTRY OF ECONOMY
Jaroslav kubal
PRK PARTNERS S.R.O.
Stanislava Valientov
WHITE & CASE S.R.O.
Ondrej Vaovi
HMG & PARTNERS, S.R.O.
Otakar Weis
PWC SLOVAKIA
Tomas Zahradnk
HMG & PARTNERS, S.R.O.
Dagmar Zukalov
ZUKALOV - ADVOKTSKA
KANCELRIA S.R.O.
SLOVENIA
Roman Hamala
HAMALA KLUCH VGLASK S.R.O.
Marjan Babi
AGENCY FOR PUBLIC LEGAL
RECORDS AND RELATED
SERVICES
Peter Hodl
WHITE & CASE S.R.O.
Nataa Boovi
BANK OF SLOVENIA
Veronika Hruovsk
PRK PARTNERS S.R.O.
Lana Brlek
PWC CROATIA
Lucia Huntatov
JNC LEGAL S.R.O.
Markus Bruckmller
WOLF THEISS
Vladimir Ivanco
WHITE & CASE S.R.O.
Miroslav Jalec
ZPADOSLOVENSK
DISTRIBUN AS
Martin Kluch
HAMALA KLUCH VGLASK S.R.O.
Roman Konrad
PROFINAM, S.R.O.
Miroslav Kopac
NATIONAL BANK OF SLOVAKIA
rtomir Brvar
ENERGY AGENCY OF THE
REPUBLIC OF SLOVENIA
Miodrag Dordevic
SUPREME COURT OF THE
REPUBLIC OF SLOVENIA
Mojca Fakin
CMS REICH-ROHRWIG HAINZ
Alenka Goreni
DELOITTE
Mira Gori
PWC SLOVENIA
Eva Gostisa
LAW OFFICE JADEK & PENSA
D.N.O. - O.P.
Bostjan Sedmak
ATTORNEY OFFICE KOSMAC
D.O.O.
Jaka Simoni
LAW OFFICE JADEK & PENSA
D.N.O. - O.P.
Damijan Gregorc
LAW FIRM MIRO SENICA AND
ATTORNEYS, D.O.O.
Andreja ko Klanjek
DELOITTE
Livingston Saepio
HONIARA CITY COUNCIL
Leonard Saii
SPARK ELECTRICAL SERVICES
Martin B. Sam
SOLOMON ISLANDS ELECTRICITY
AUTHORITY
Damjana Igli
BANK OF SLOVENIA
Teja Skrt
BDO SVETOVANJE D.O.O.
Andra Jadek
LAW OFFICE JADEK & PENSA
D.N.O. - O.P.
Zoran Skubic
MINISTRY OF JUSTICE
Gerald Stenzel
TRADCO SHIPPING
Branka pani
LAW OFFICE JADEK & PENSA
D.N.O. - O.P.
John Sullivan
SOL - LAW
Andrej Jarkovi
LAW FIRM JANEI & JARKOVI
LTD.
Jernej Jeraj
CMS REICH-ROHRWIG HAINZ
Sabina Jereb
MINISTRY FOR ENVIRONMENTAL
AND SPATIAL PLANNING
Ana Kavi
AGENCY FOR PUBLIC LEGAL
RECORDS AND RELATED
SERVICES
Lovro Kleindienst
TRANSOCEAN SHIPPING
Miro Koak
NOTARY OFFICE KOAK
Nina Kristari
LAW OFFICE JADEK & PENSA
D.N.O. - O.P.
Tjaa Lahovnik
ODVETNIKI ELIH & PARTNERJI
Borut Leskovec
LAW OFFICE JADEK & PENSA
D.N.O. - O.P.
Tanja Magister
DELOITTE
Rok Starc
NOTARY OFFICE KOAK
Maja Stojko
LAW FIRM MIRO SENICA AND
ATTORNEYS, D.O.O.
Ana Terlep
ODVETNIKI ELIH & PARTNERJI
Tilen Terlep
ODVETNIKI ELIH & PARTNERJI
Melita Trop
LAW FIRM MIRO SENICA AND
ATTORNEYS, D.O.O.
Ura Volk
AGENCY FOR PUBLIC LEGAL
RECORDS AND RELATED
SERVICES
Katja Wostner
BDO SVETOVANJE D.O.O.
Nina efran
DELOITTE
Alojz Zupani
CUSTOMS ADMINISTRATION OF
THE REPUBLIC OF SLOVENIA
Makario Tagini
GLOBAL LAWYERS, BARRISTERS
& SOLICITOR
Whitlam K. Togamae
WHITLAM K TOGAMAE LAWYERS
Yolande Yates
Katalaini Ziru
SOLOMON ISLANDS BAR
ASSOCIATION
SOUTH AFRICA
BIDVEST PANALPINA LOGISTICS
Nicolaos Akritidis
PARADIGM ARCHITECTS
Ross Alcock
ENS
Claire Barclay
CLIFFE DEKKER HOFMEYR INC.
Lauren Barnett
WERKSMANS INC.
Kobus Blignaut
ATTORNEY
Lourens Botes
DAMCO
Jera Majzelj
ODVETNIKI ELIH & PARTNERJI
Matja Miklavi
SODO D.O.O.
SOLOMON ISLANDS
Brendon Christian
BUSINESS LAW BC
Mateja Mikloka
ODVETNIKI ELIH & PARTNERJI
Hugo Baulo
SOLOMON ISLANDS PORTS
AUTHORITY
Beric Croome
ENS
Bojan Mlaj
ENERGY AGENCY OF THE
REPUBLIC OF SLOVENIA
Don Boykin
PACIFIC ARCHITECTS LTD.
Mojca Muha
LAW FIRM MIRO SENICA AND
ATTORNEYS, D.O.O.
Anthony Frazier
Chris Harpa
PACIFIC LAWYERS
Evelina Novak
PWC SLOVENIA
Thomas Kama
SOL - LAW
Pavle Pensa
LAW OFFICE JADEK & PENSA
D.N.O. - O.P.
John Katahanas
SOL - LAW
Chantel Bredenhann
WHITE & CASE LLP
Haydn Davies
WEBBER WENTZEL
Anneen De Jay
WHITE & CASE LLP
Henk De Klerk
DN FREIGHT
Gretchen de Smit
ENS
Thulani Dyasi
BOWMAN GILFILLAN INC.
Mathew Korinihona
SOLOMON ISLANDS ELECTRICITY
AUTHORITY
Pieter Faber
PWC SOUTH AFRICA
Judah Kulabule
SOLOMON ISLANDS PORTS
AUTHORITY
Elise Gibson
GROSSKOPFF LOMBART
HUYBERECHTS & ASSOCIATES
ARCHITECTS
Aaron Levine
ASIAN DEVELOPMENT BANK
Veronica Manedika
MINISTRY OF COMMERCE,
INDUSTRY, LABOR AND
IMMIGRATION
Wayne Morris
MORRIS & SOJNOCKI
CHARTERED ACCOUNTANTS
Norman Nicholls
SOLOMON ISLANDS ELECTRICITY
AUTHORITY
Haelo Pelu
MINISTRY OF JUSTICE AND
LEGAL AFFAIRS
Kim Goss
BOWMAN GILFILLAN INC.
Anine Gree
TRANSUNION
Njabulo Hlophe
WERKSMANS INC.
Christopher Holfeld
WEBBER WENTZEL
Tobie Jordaan
CLIFFE DEKKER HOFMEYR INC.
Lisa Koenig
TRANSUNION
Leza Marie Kotz
SHEPSTONE & WYLIE
ACKNOWLEDGMENTS
Paul Lategan
SHEPSTONE & WYLIE
Anastasia Vatalidis
WERKSMANS INC.
Denise Bejarano
PREZ - LLORCA
Jorge Hernandez
EQUIFAX IBERICA
Johnathan Leibbrandt
WEBBER WENTZEL
Allen West
DEPARTMENT OF RURAL
DEVELOPMENT AND LAND
REFORM
Andrs Berral
CLIFFORD CHANCE
Carlos Hernndez
METROPOLITANA DE ADUANAS Y
TRANSPORTES & ICONTAINERS.
Gabriele Hofmann
FOURLAW ABOGADOS
Carolina Posse
GMEZ-ACEBO & POMBO
ABOGADOS
Eric Levenstein
WERKSMANS INC.
Thomas Makamo
RIVONINGO ENGINEERS
Kyle Mandy
PWC SOUTH AFRICA
Ina Meiring
WERKSMANS INC.
Burton Meyer
CLIFFE DEKKER HOFMEYR INC.
Gabriel Meyer
NORTON ROSE FULBRIGHT
SOUTH AFRICA
Katlego Mmuoe
Sizwe Msimang
BOWMAN GILFILLAN INC.
Graeme Palmer
GARLICKE & BOUSFIELD INC.
Joshua Parbhu
WHITE & CASE LLP
Kwanele Radebe
THE STANDARD BANK OF SOUTH
AFRICA LIMITED
Steve Raney
WHITE & CASE LLP
Philippa Reyburn
ENS
Lucinde Rhoodie
CLIFFE DEKKER HOFMEYR INC.
Lauren Richards
BOWMAN GILFILLAN INC.
Matthew Richards
WHITE & CASE LLP
Marc Schulman
BOWMAN GILFILLAN INC.
Dennis Seemela
NATIONAL ENERGY REGULATOR
OF SOUTH AFRICA (NERSA)
Andres Sepp
OFFICE OF THE CHIEF REGISTRAR
OF DEEDS
Richard Shein
BOWMAN GILFILLAN INC.
Alex Short
WATERMARK AUDITORS
INCORPORATED - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Gareth Williams-Wynn
KARTER MARGUB & ASSOCIATES
Kerri Wilson
WEBBER WENTZEL
Merwyn Wolder
REDLOW SOLAR POWER
Andrew Wood
GROSSKOPFF LOMBART
HUYBERECHTS & ASSOCIATES
ARCHITECTS
SOUTH SUDAN
SOUTHERN SUDAN ELECTRICITY
CORPORATION
Gabriel Aliga
EQUITY BANK SOUTH SUDAN
LTD.
Roda Allison Dokolo
LOMORO & CO. ADVOCATES
Monyluak Alor Kuol
LIBERTY ADVOCATES LLP
Gabriel Isaac Awow
MINISTRY OF JUSTICE
Premal Bataviya
INFOTECH GROUP
Michael Fend
SOUTH SUDAN ELECTRICITY
COMPANY
Biju Kumar MS
BOLLOR AFRICA LOGISTICS
Josepho Lokuku
JOPHCO ENGINEERING AND
CONSTRUCTION
Robert Lwoki
SOUTH SUDAN LAND
COMMISSION
Kris Mbaya
UAP INSURANCE SUDAN LIMITED
Ramadhan A.M. Mogga
RAMADHAN & LAW ASSOCIATES
Issa Muzamil
JUBA ASSOCIATED ADVOCATES
Hannington O. Ouko
COOPERATIVE BANK OF SOUTH
SUDAN
Lomoro Robert Bullen
LOMORO & CO. ADVOCATES
Vicente Bootello
J&A GARRIGUES SLP
Agustn Bou
JAUSAS
Laura Camarero
BAKER & MCKENZIE
Jess Camy
REGISTRO DE LA PROPIEDAD
GRANADA 6
Ignacio Castrilln Jorge
IBERDROLA SA
Lorenzo Clemente Naranjo
J&A GARRIGUES SLP
Juan Jose Corral Moreno
CUATRECASAS, GONALVES
PEREIRA
Beatriz Corredor
COLEGIO DE REGISTRADORES DE
LA PROPIEDAD Y MERCANTILES
DE ESPAA
Miguel Cruz Amors
PWC SPAIN
Guillermo De La Cruz Garca
CONERSA - GRUPO PROINGEC
Pelayo de Salvador Morell
DESALVADOR REAL ESTATE
LAWYERS
Ivn Delgado Gonzlez
PREZ - LLORCA
Rossanna DOnza
BAKER & MCKENZIE
Ivn Escribano
J&A GARRIGUES SLP
Antonio Fernndez
J&A GARRIGUES SLP
Luis Fernandez Del Pozo
COLEGIO DE REGISTRADORES DE
LA PROPIEDAD Y MERCANTILES
DE ESPAA
Pedro Moreira
SCA LEGAL
Borja Garca-Alamn
J&A GARRIGUES SLP
SPAIN
Carlos Gonzalez
Gutierrez-Barquin
ASOCIACIN ESPAOLA DE LA
INDUSTRIA ELCTRICA
Ana Armijo
ASHURST LLP
Eleni Vassilopoulos
NORTON ROSE FULBRIGHT
SOUTH AFRICA
Antonio Bautista
CLEANERGETIC SEERS
SOLUTIONS SLU
Jane Strydom
TRANSUNION
Silvia Garca
DELOITTE ABOGADOS SL
Ana Gmez
MONEREO MEYER MARINEL-LO
ABOGADOS
Riaan Stipp
PWC SOUTH AFRICA
Alberto Lorenzo
BANCO DE ESPAA
Paul Wanambuko
ACCOUNTANT
Marina Lorente
J&A GARRIGUES SLP
Archana Sinha
RCS PVT. LTD. BUSINESS
ADVISORS GROUP
Jaime Llopis
CUATRECASAS, GONALVES
PEREIRA
Jeremaih Sauka
MINISTRY OF JUSTICE
Basilio Aguirre
REGISTRO DE LA PROPIEDAD DE
ESPAA
David Short
FAIRBRIDGES ATTORNEYS
Arvind Sinha
RCS PVT. LTD. BUSINESS
ADVISORS GROUP
COM
Ignacio Quintana
PWC SPAIN
Nelson Raposo Bernardo
RAPOSO BERNARDO &
ASSOCIADOS
Maria Redondo
BAKER & MCKENZIE
lvaro Rif
URA MENNDEZ
Guillermo Rodrigo Garca
CLIFFORD CHANCE
Eduardo Rodrguez-Rovira
URA & MENNDEZ, MEMBER OF
LEX MUNDI
lvaro Rojo
J&A GARRIGUES SLP
Javier Romeu
TIBA INTERNACIONAL SA
Javier Ruz Cerezo
GRUPOTEC RENEWABLES
Jaime Salvador
RUSSELL BEDFORD ESPAA
AUDITORES Y CONSULTORES SL
- MEMBER OF RUSSELL BEDFORD
INTERNATIONAL
Eduardo Santamara Moral
J&A GARRIGUES SLP
Ramn Santilln
BANCO DE ESPAA
Cristina Soler
GMEZ-ACEBO & POMBO
ABOGADOS
Raimon Tagliavini
URA MENNDEZ
Francisco Tllez de Gregorio
FOURLAW ABOGADOS
Adrin Thery
J&A GARRIGUES SLP
Ivan Tintore Subirana
METROPOLITANA DE ADUANAS Y
TRANSPORTES & ICONTAINERS.
COM
SRI LANKA
Melissa Abeyasinghe
TIRUCHELVAM ASSOCIATES
Asanka Abeysekera
TIRUCHELVAM ASSOCIATES
Surangi Arawwawala
PWC SRI LANKA
Pradeep Banduwansa
COMMERCIAL BANK
Senajith Dasanayake
CEYLON ELECTRICITY BOARD
Savantha De Saram
D.L. & F. DE SARAM
307
308
Rupa Dheerasinghe
CENTRAL BANK OF SRI LANKA
Manjula Ellepola
F.J. & G. DE SARAM, MEMBER OF
LEX MUNDI
Anjali Fernando
F.J. & G. DE SARAM, MEMBER OF
LEX MUNDI
Ayomi Fernando
EMPLOYERS FEDERATION OF
CEYLON
P.N.R. Fernando
COLOMBO MUNICIPAL COUNCIL
Ranil Gamage
SUPER NEAT TECHNOLOGY
PVT. LTD.
Lasantha Garusinghe
TIRUCHELVAM ASSOCIATES
Jivan Goonetilleke
D.L. & F. DE SARAM
Naomal Goonewardena
NITHYA PARTNERS
Locana Gunaratna
GUNARATNA ASSOCIATES
P. Mervyn Gunasekera
LAN MANAGEMENT
DEVELOPMENT SERVICE
Thilanka Namalie
Haputhanthrie
JULIUS & CREASY
Halin Hettigoda
SAMPATH BANK PLC
M. Basheer Ismail
DELOITTE
David Jacob
DELLOGISTICS INTERNATIONAL
PVT. LTD.
Jayantha Jayasekara
COLOMBO MUNICIPAL COUNCIL
Sonali Jayasuriya-Rajapakse
D.L. & F. DE SARAM
Shamalie Jayatunge
TIRUCHELVAM ASSOCIATES
Sanjaya Jayawardene
PROGRESSIVE DESIGN
ASSOCIATES
Niral Kadawatharatchie
FREIGHT LINKS INTERNATIONAL
(PTE.) LTD.
Yudhishtran Kanagasabai
PWC SRI LANKA
Charana Kanankegamage
F.J. & G. DE SARAM, MEMBER OF
LEX MUNDI
Neelakandan Kandiah
NEELAKANDAN & NEELAKANDAN
Amila Karunaratne
FREIGHT LINE INTERNATIONAL
(PVT.) LTD.
Sankha Karunaratne
F.J. & G. DE SARAM, MEMBER OF
LEX MUNDI
Sumith Nandana
TECHWELL ENGINEERING PVT.
LTD.
John Wilson
JOHN WILSON PARTNERS
Laila Nasry
TIRUCHELVAM ASSOCIATES
Peterson D. Francis
PETERSON D. FRANCIS
WORLDWIDE SHIPPING &
CUSTOMS SERVICES LTD.
Charlene Acquisto
SCOTIABANK
Carol J. Gedeon
CHANCERY CHAMBERS
Michella Adrien
THE LAW OFFICES OF MICHELLA
ADRIEN
Garth George
ST. LUCIA ELECTRICITY
SERVICES LTD.
Nicholas Brisbane
BRISBANE OGARRO ALVARANGA
Claire Greene-Malaykhan
PETER I. FOSTER & ASSOCIATES
Jan Dash
LIBURD AND DASH
Claude Guillaume
INTERISLAND ARCHITECTS AND
PLANNERS
Abirami Nithiananthan
TIRUCHELVAM ASSOCIATES
Michael Paiva
TIRUCHELVAM ASSOCIATES
Nirosha Peiris
TIRUCHELVAM ASSOCIATES
Priyantha Peiris
COLOMBO MUNICIPAL COUNCIL
Ravi Peiris
EMPLOYERS FEDERATION OF
CEYLON
Dayaratne Perera
COLOMBO MUNICIPAL COUNCIL
K.L.G. Thilak Perera
DEPARTMENT OF CUSTOMS
Nissanka Perera
PWC SRI LANKA
Sudath Perera
SUDATH PERERA ASSOCIATES
Priyantha Punchihewa
MIT CARGO PVT. LTD.
M. Puviharan
DEPARTMENT OF CUSTOMS
S. Rajendran
DEPARTMENT OF CUSTOMS
Hiranthi Ratnayake
PWC SRI LANKA
Sanjeewanie Ratnayake
CREDIT INFORMATION BUREAU
LTD.
Mohamed Rizni
SPEED INTERNATIONAL FREIGHT
SYSTEMS LTD.
Nihal Rodrigo
SRI LANKA EMPLOYEES TRUST
FUND DEPARTMENT
Marsha T. Henderson
HENDERSON LEGAL CHAMBERS
Stanley Jacobs
SKIPA
Damian E. S. Kelsick
KELSICK, WILKIN AND
FERDINAND
Mickia Mills
NISBETTS
Adeola Moore
INLAND REVENUE AUTHORITY
Jeorey Nisbett
NISBETTS
Nervin Rawlins
INLAND REVENUE AUTHORITY
Heidi Lynn Sutton
LAW OFFICES OF T.A.C.T. LIBURD
& H.D. SUTTON
Warren Thompson
CONSTRUCTION MANAGEMENT
AND CONSULTING AGENCY INC.
(CMCAI)
Larry Vaughan
CUSTOMS AND EXCISE
DEPARTMENT
Leonora Walwyn
WALWYNLAW
ST. LUCIA
Shane Silva
JULIUS & CREASY
Michelle Anthony-Desir
DU BOULAY, ANTHONY & CO.
Volya Siriwardana
TIRUCHELVAM ASSOCIATES
Clive Antoine
MINISTRY OF SUSTAINABLE
DEVELOPMENT, ENERGY,
SCIENCE AND TECHNOLOGY
Priya Sivagananathan
JULIUS & CREASY
Bharatha Subasinghe
D.P.R. CONSULTANTS PVT.
LIMITED
A.H. Sumathipala
NEELAKANDAN & NEELAKANDAN
Harshana Suriyapperuma
SECURITIES & EXCHANGE
COMMISSION OF SRI LANKA
J.M. Swaminathan
JULIUS & CREASY
Bandula S. Tilakasena
CEYLON ELECTRICITY BOARD
Neil Tissera
COLOMBO MUNICIPAL COUNCIL
Nihal Keppetipola
SRI LANKA PORTS AUTHORITY
Dhanika Umagiliya
AMARASURIYA ASSOCIATES
Janaka Lakmal
CREDIT INFORMATION BUREAU
LTD.
Shehara Varia
F.J. & G. DE SARAM, MEMBER OF
LEX MUNDI
Ishara Madarasinghe
F.J. & G. DE SARAM, MEMBER OF
LEX MUNDI
G.G. Weerakkody
COLOMBO MUNICIPAL COUNCIL
Poorna Mendis
Charmalie Weerasekera
LAWYER
Priyath B Wickrama
SRI LANKA PORTS AUTHORITY
Ramani Muttettuwegama
TIRUCHELVAM ASSOCIATES
Jagath P. Wijeweera
DEPARTMENT OF CUSTOMS
Thaddeus M. Antoine
TM ANTOINE PARTNERS
Oswald Augustin
JOSEPH SHIPPING
Gerard Bergasse
TROPICAL SHIPPING
Glenn Charlemagne
SUPERIOR SHIPPING SERVICES
Willibald Charles
BARON SHIPPING & BROKERAGE
INC.
Sean Compton
MELON|DESIGN:ARCHITECTURE
Swithin Donelly
MINISTRY OF ECONOMIC
AFFAIRS, ECONOMIC PLANNING
& NATIONAL DEVELOPMENT
Raquel Du Boulay-Chastanet
DU BOULAY, ANTHONY & CO.
Brenda M. Duncan
BDO ST. LUCIA
Kurt Elibox
BLUEPRINT CONSTRUCTION LTD.
Barbara Eloi
CARRIBEAN CARGO DC
Peter I. Foster
PETER I. FOSTER & ASSOCIATES
Shelda London
WEST INDES SHIPPING &
TRADING CO.
Cuthbert McDiarmed
MINISTRY OF PHYSICAL
PLANNING, HOUSING, AND
URBAN RENEWAL
Stephen Mcnamara
MCNAMARA & CO.
Theona R. Elizee-Stapleton
COMMERCE & INTELLECTUAL
PROPERTY OFFICE (CIPO)
Ralph Henry
SCOTIABANK
Stanley John
ELIZABETH LAW CHAMBERS
Errol E. Layne
ERROL E. LAYNE CHAMBERS
Isaac Legair
DENNINGS
Louisa Lewis-Ward
PWC BARBADOS
Moulton Mayers
MOULTON MAYERS ARCHITECTS
Martin Sheen
COMMERCE & INTELLECTUAL
PROPERTY OFFICE (CIPO)
Shelford Stowe
MINISTRY OF HOUSING,
INFORMAL HUMAN
SETTLEMENTS, LANDS AND
SURVEYS
Richard Peterkin
GRANT THORNTON
SUDAN
Trevor Philipe
TREVOR PHILIP AGENCIES LTD.
Joanna Raynold-Arthurton
MINISTRY OF PHYSICAL
PLANNING, HOUSING, AND
URBAN RENEWAL
Janelle Sagusingh
TROPICAL SHIPPING
Wael Abdin
SUDANESE COMMERCIAL LAW
OFFICE
Catherine Sealys
PROCUREMENT SERVICES
INTERNATIONAL
Yousif Abdulatif
DARKA FOR TRADING &
SERVICES CO. LTD.
Michael Sewordor
MINISTRY OF COMMUNICATIONS,
WORKS, TRANSPORT AND
PUBLIC UTILITIES
Abdalla Abuzeid
ABDALLA A. ABUZEID &
ASSOCIATES
Michaela N. Ambrose
BAPTISTE & CO. LAW FIRM
Alaa El Numan
DARKA FOR TRADING &
SERVICES CO. LTD.
Mohamed Elebodi
CIASA
Rene M. Baptiste
BAPTISTE & CO. LAW FIRM
Ahmed M. Elhillali
AMERICAN SUDANESE
CONSULTING INC.
Allan P. Burke
PERRYS CUSTOMS AND
SHIPPING AGENCY, LTD.
Mira E. Commissiong
EQUITY CHAMBERS
Jarand Cummings
CARDINAL LAW FIRM
Stanley DeFreitas
DEFREITAS & ASSOCIATES
Vilma Diaz de Gonsalves
BDO EASTERN CARIBBEAN
Bernadine Dublin
LABOUR DEPARTMENT
Elwaleed Hussein
CIASA
Mohamed Ibrahim
SOMARAIN ORIENTAL CO.
Ahmed Mahdi
MAHMOUD ELSHEIKH OMER &
ASSOCIATES ADVOCATES
ACKNOWLEDGMENTS
SURINAME
AURORA ARCHITECTS
Kathleen Juanita Brandon
ADVOCATENKANTOOR KRAAG
Sieglien Burleson
COMPETITIVENESS UNIT
SURINAME
G. Clide Cambridge
PARAMARIBO CUSTOM BROKER
& PACKER
Dennis Chandansingh
DCA ACCOUNTANTS &
CONSULTANTS
Anneke Chin-A-Lin
NOTARIAAT ALEXANDER
Anoeschka Debipersad
A.E. DEBIPERSAD & ASSOCIATES
Helen Doelwijt
VERENIGING SURINAAMS
BEDRIJFSLEVEN, SURINAME
TRADE & INDUSTRY
ASSOCIATION
Marcel K. Eyndhoven
N.V. ENERGIEBEDRIJVEN
SURINAME
Kenneth Foe A. Man
SURIPRINT
Dirk Heave
MINISTRY OF TRADE AND
INDUSTRY
Siegfried Kenswil
KPMG
Susilkumar Gyandath
Rudrepersad Khoen Khoen
ACHARYA ADVOCATEN
Henk Naarendorp
CHAMBER OF COMMERCE &
INDUSTRY
Marcel Persad
BDO ABRAHAMS RAIJMANN &
PARTNERS
Frank E. M. Raijmann
BDO ABRAHAMS RAIJMANN &
PARTNERS
Natasja Robles
VERENIGING SURINAAMS
BEDRIJFSLEVEN, SURINAME
TRADE & INDUSTRY
ASSOCIATION
Adiel Sakoer
N.V. GLOBAL EXPEDITION
Albert D. Soedamah
LAWFIRM SOEDAMAH &
ASSOCIATES
Radjen A. Soerdjbalie
NOTARIAAT R.A. SOERDJBALIE
Silvano Tjong-Ahin
MANAGEMENT INSTITUTE GLIS
Carol-Ann Tjon-Pian-Gi
LAWYER & SWORN TRANSLATOR
Cindy Uden
BDO ABRAHAMS RAIJMANN &
PARTNERS
Milton van Brussel
BDO ABRAHAMS RAIJMANN &
PARTNERS
Jennifer van Dijk-Silos
LAW FIRM VAN DIJK-SILOS
Dayenne Wielingen-Verwey
VERENIGING SURINAAMS
BEDRIJFSLEVEN, SURINAME
TRADE & INDUSTRY
ASSOCIATION
Andy B. Wong
N.V. ENERGIEBEDRIJVEN
SURINAME
Anthony Wong
GENERAL CONTRACTORS
ASSOCIATION OF SURINAME
Bongani Mtshali
FEDERATION OF SWAZILAND
EMPLOYERS AND CHAMBER OF
COMMERCE
George Mzungu
M&E CONSULTING ENGINEERS
Jerome Ndzimandze
FJ BUILDING CONSTRUCTION
Knox Nxumalo
ROBINSON BERTRAM
Emmanuel Ofori
KOBLA QUASHIE AND
ASSOCIATES
Kobla Quashie
KOBLA QUASHIE AND
ASSOCIATES
Jos Rodrigues
RODRIGUES & ASSOCIATES
Bongani Simelane
MUNICIPAL COUNCIL OF
MBABANE
John Thomson
MORMOND ELECTRICAL
CONTRACTORS
Bradford Mark Walker
BRAD WALKER ARCHITECTS
SWEDEN
BILFINGER CONSTRUCTION
ROSCHIER SWEDEN
VATTENFALL ELDISTRIBUTION AB
Charles Andersson
ASHURST ADVOKATBYR AB
Bo Bergman
STOCKHOLM CITY HALL
Mats Berter
MAQS LAW FIRM
Helena Brnnvall
ADVOKATFIRMAN VINGE KB,
MEMBER OF LEX MUNDI
SWAZILAND
TRANSUNION ITC
Teodor Brissman
HRLINGS
PRICEWATERHOUSECOOPERS AB
Daniel Bediako
KOBLA QUASHIE AND
ASSOCIATES
Alexander Broch
RESUNDS REDOVISNING AB
Susanne DeBeer
MNS GROUP
Laura Carlson
STOCKHOLM UNIVERSITY,
DEPARTMENT OF LAW
Musa Dlamini
M.L. DLAMINI ATTORNEYS
Ray Dlamini
BICON CONSULTING ENGINEERS
Veli Dlamini
INTERFREIGHT PTY. LTD.
Muzikayise Dube
SWAZILAND INVESTMENT
PROMOTION AUTHORITY
John Earl Henwood
CLOETE HENWOOD
Thulasizwe Clyde Hlophe
OFFICE OF THE REGISTRAR
SWAZILAND
Phumlile Tina Khoza
SWAZILAND BUILDING SOCIETY
Andrew Linsey
PWC SWAZILAND
Mangaliso Magagula
MAGAGULA & HLOPHE
Nhlanhla Maphanga
LANG MITCHELL ASSOCIATES
Sabelo Masuku
MAPHANGA HOWE MASUKU
NSIBANDE
ke Dahlqvist
UC
Per Gustaf Ekbom
ASHURST ADVOKATBYR AB
Isabelle Emanuelsson
TIME ADVOKATBYR
Johan Gregow
ASHURST ADVOKATBYR AB
Peder Hammarskild
HAMMARSKILD & CO.
Lars Hartzell
ELMZELL ADVOKATBYR AB,
MEMBER OF IUS LABORIS
Elisabeth Heide
ASHURST ADVOKATBYR AB
Camilla Holmkvist
ASHURST ADVOKATBYR AB
James Hope
ADVOKATFIRMAN VINGE KB,
MEMBER OF LEX MUNDI
Erik Hygrell
WISTRAND ADVOKATBYR
Jenny Jilmstad
ASHURST ADVOKATBYR AB
Magnus Johnsson
HRLINGS
PRICEWATERHOUSECOOPERS AB
Mikael Klang
ASHURST ADVOKATBYR AB
Niklas Krling
WISTRAND ADVOKATBYR
Rikard Lindahl
ADVOKATFIRMAN VINGE KB,
MEMBER OF LEX MUNDI
Dennis Linden
LANTMTERIET
Inger Lindhe
LANTMTERIET
Christoer Monell
MANNHEIMER SWARTLING
ADVOKATBYR
Mikael Nelson
TIME ADVOKATBYR
Johan Nylander
CMA SCANDINAVIA AB
Karl-Arne Olsson
GRDE WESSLAU ADVOKATBYR
Khatereh Razazi
MAQS LAW FIRM
Therese Sde
ADVOKATFIRMAN VINGE KB,
MEMBER OF LEX MUNDI
Gaudenz Geiger
STAIGER, SCHWALD & PARTNER
LTD.
Riccardo Geiser
ALTENBURGER LTD. LEGAL
AND TAX
Debora Ghilardotti
MOLINO ADAMI GALANTE
Olivier Hari
SCHELLENBERG WITTMER
Nicolas Herzog
NIEDERMANN RECHTSANWLTE
Jakob Hoehn
PESTALOZZI, MEMBER OF LEX
MUNDI
Ani Homberger
LALIVE
Patrick Hnerwadel
LENZ & STAEHELIN
Sara Ianni
VISCHER AG
David Jenny
VISCHER AG
Mattias Johnson
FRORIEP
Bojana Saletic
HAMMARSKILD & CO.
Marina Joos
LALIVE
Jesper Schnbeck
ADVOKATFIRMAN VINGE KB,
MEMBER OF LEX MUNDI
Cyrill Kaeser
LENZ & STAEHELIN
Gustav Sthl
BAKER & MCKENZIE
Albert Wllgren
ADVOKATFIRMAN VINGE KB,
MEMBER OF LEX MUNDI
Petter Wenehult
ELMZELL ADVOKATBYR AB,
MEMBER OF IUS LABORIS
SWITZERLAND
ERNST & YOUNG
HANDELSREGISTERAMT DES
KANTONS
Fabian Koch
LENZ & STAEHELIN
Michael Kramer
PESTALOZZI, MEMBER OF LEX
MUNDI
Yury Kudryavtsev
AUDICONSULT SA - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Cdric Lenoir
LALIVE
Armin Marti
PWC SWITZERLAND
ZEK SWITZERLAND
Barbara Meyer
VISCHER AG
Beat M. Barthold
FRORIEP
Andrea Molino
MOLINO ADAMI GALANTE
Marc Bernheim
STAIGER, SCHWALD & PARTNER
LTD.
Daniela Reinhardt
PWC SWITZERLAND
Sbastien Bettschart
ABELS AVOCATS
Guy-Philippe Rubeli
PESTALOZZI, MEMBER OF LEX
MUNDI
Myriam Bchi-Bnteli
PWC SWITZERLAND
Stefan Schmiedlin
HUG SCHMIEDLIN SCHNYDER
Martin Burkhardt
LENZ & STAEHELIN
Daniel Schmitz
PWC SWITZERLAND
Massimo Calderan
ALTENBURGER LTD. LEGAL
AND TAX
Urs Schuppisser
KELLER ATTORNEYS-AT-LAW
Andreas Staubli
PWC SWITZERLAND
Boudry Charles
LALIVE
Daniel Steudler
SWISSTOPO, DIRECTORATE FOR
CADASTRAL SURVEYING
Sonia de la Fuente
ABELS AVOCATS
Beatrice Vetsch
PWC SWITZERLAND
Stefan Eberhard
ABELS AVOCATS
Jean-Paul Vullity
LALIVE
Suzanne Eckert
WENGER PLATTNER
Patrick Weber
EKZ ELEKTRIZITTSWERKE DES
KANTONS ZRICH
Jana Essebier
VISCHER AG
Robert Furter
PESTALOZZI, MEMBER OF LEX
MUNDI
Stefan Zangger
BELGLOBE INTERNATIONAL LLC
309
310
Dennis Chou
VIA JUSTICE LAW OFFICES
Joseph Ni
GOOD EARTH CPA
Takhir Nabiev
AITEN CONSULTING GROUP
Alina Achy
PWC LEBANON
May Chou
APL
Mouazza Al Ashhab
AUDITING CONSULTING
ACCOUNTING CENTER
Philip T. C. Fei
FEI & CHENG ASSOCIATES
Lawrence S. Ong
PRICEWATERHOUSECOOPERS
LEGAL
Rustam Nazrisho
NAZRISHO & MIRZOEV LAW
FIRM LLC
Patrick Pai-ChiangChu
LEE AND LI, ATTORNEYS-AT-LAW
Aloviddin Nosirov
GERMAN TECHNICAL
COOPERATION
Bisher Al-Houssami
AL-ISRAA INTERNATIONAL
FREIGHT FORWARDER
Anas Alsaadi
SYRIAN STRATEGIC THINK TANK
RESEARCH CENTER
H. Altass
DAMASCUS UNIVERSITY
Jamil Ammar
SYRIAN STRATEGIC THINK TANK
RESEARCH CENTER
Ghada Armali
SARKIS & ASSOCIATES
Karen Baroud
PWC LEBANON
Diaa Dannan
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Mohammad Khaled Darwicheh
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Nada ElSayed
PWC LEBANON
Anas Ghazi
MEETHAK - LAWYERS &
CONSULTANTS
Yazan Hosari
CENTRAL BANK OF SYRIA
Mohammad Joumaa
PWC LEBANON
Fadi Kardous
KARDOUS LAW OFFICE
Mamon Katbeh
CENTRAL BANK OF SYRIA
Randa Moftah
CENTRAL BANK OF SYRIA
Gabriel Oussi
OUSSI LAW FIRM
Housam Safadi
SAFADI BUREAU
Fadi Sarkis
SARKIS & ASSOCIATES
TAIWAN, CHINA
GIBSIN ELECTRICAL
CONSULTANCY
Mark Brown
WINKLER PARTNERS
Victor I. Chang
LCS & PARTNERS
Christine Chen
WINKLER PARTNERS
Mark Harty
LCS & PARTNERS
Sophia Hsieh
TSAR & TSAI LAW FIRM,
MEMBER OF LEX MUNDI
Jin-Fang Pun
CHEN, SHYUU & PUN
Lloyd Roberts
EIGER
Barbara Hsu
SDV LOGISTICS
Tanya Y. Teng
HUANG & PARTNERS
Robert Hsu
SDV LOGISTICS
Margaret Huang
LCS & PARTNERS
Alex Tsai
EIGER
Nicole Huang
LCS & PARTNERS
C.F. Tsai
DEEP & FAR,
ATTORNEYS-AT-LAW
T.C. Huang
HUANG & PARTNERS
Charles Hwang
YANGMING PARTNERS
Lin Jim
TOPTECH. ELECTRICAL
CONSULTANT
Joan Jing
PRICEWATERHOUSECOOPERS
LEGAL
David Tsai
LEXCEL PARTNERS
Eric Tsai
PRICEWATERHOUSECOOPERS
LEGAL
Rita Tsai
APL
Felix Wang
YANGMING PARTNERS
Vivian Lee
HUANG & PARTNERS
Yu Lee
TAIPEI CITY GOVERNMENT
John Li
LCS & PARTNERS
Che-Wei Liang
JUDICIAL YUAN
Justin Liang
BAKER & MCKENZIE
Lawerence Liao
YANGMING PARTNERS
Jerey Lin
JOINT CREDIT INFORMATION
CENTER
Kien Lin
JOINT CREDIT INFORMATION
CENTER
TAJIKISTAN
CIBT - CREDIT INFORMATION
BUREAU IN TAJIKISTAN
Bakhtiyor Abdulloev
ABM TRANS SERVICE LLC
Zulya Akchurina
GRATA LAW FIRM
Atabek Akhmedov
GRATA LAW FIRM
Ilhom Amirhonov
ABM TRANS SERVICE LLC
Khujanazar Aslamshoev
COLIBRI LAW FIRM
Amirbek Azizov
MINISTRY OF LABOR & SOCIAL
PROTECTION
Denis Bagrov
COLIBRI LAW FIRM
Jienshoh Bukhoriev
ASIAN DEVELOPMENT BANK
Assel Khamzina
PWC KAZAKHSTAN
Alisher Khoshimov
COLIBRI LAW FIRM
Larisa Kislyakova
ABBAT ASSOCIATION
Chung Pi Luan
MINISTRY OF INTERIOR
Maningo Nassoro
PRIME MINISTERS OFFICE
Raymond Ngatuni
REXATTORNEYS
Alex Thomas Nguluma
REXATTORNEYS
Cyril Pesha
CRB AFRICA LEGAL
Zukra Ally
PWC TANZANIA
Rich Lin
LCS & PARTNERS
Ying-Che Chiu
TAIPEI CITY GOVERNMENT
Shabani Mwatawala
PSM ARCHITECTS CO. LTD.
Alex Yeh
LCS & PARTNERS
Elena Kaeva
PWC KAZAKHSTAN
Kang-Shen Liu
LEXCEL PARTNERS
Abdurakhmon Yuldoshev
MINISTRY OF LABOR & SOCIAL
PROTECTION
Carolyne Muro
REXATTORNEYS
Patrick Ache
MKONO & CO. ADVOCATES
Nelson J. Lin
HUANG & PARTNERS
Chih-Hung Chiang
MINISTRY OF INTERIOR
Aliya Utegaliyeva
PWC KAZAKHSTAN
Ali Mufuruki
INFOTECH INVESTMENT GROUP
Pei-Yu Wu
BAKER & MCKENZIE
Edgar Y. Chen
TSAR & TSAI LAW FIRM,
MEMBER OF LEX MUNDI
Chia Yi Chiang
PRICEWATERHOUSECOOPERS
LEGAL
Sherzod Sodatkadamov
NAZRISHO & MIRZOEV LAW
FIRM LLC
Ming-Yen Lin
DEEP & FAR,
ATTORNEYS-AT-LAW
Chun-Yih Cheng
FORMOSA TRANSNATIONAL
Takdir Sharifov
ASSOCIATION OF ANTI CRISIS
MANAGERS
Steven Mlote
ENGINEERS REGISTRATION
BOARD
TANZANIA
Daniel Chen
WINKLER PARTNERS
Yo-Yi Chen
FORMOSA TRANSNATIONAL
Marina Shamilova
LEGAL CONSULTING GROUP
Nimrod Mkono
MKONO & CO. ADVOCATES
Ja Lin Wu
NATIONAL DEVELOPMENT
COUNCIL
Tzu-Di Kao
TAIPEI CITY GOVERNMENT
En Fan Lan
PRIMORDIAL LAW FIRM
Tatyana Savinykh
PWC KAZAKHSTAN
Jafari Mbaye
PWC TANZANIA
Deogratius Rutabanzibwa
BREVIS CONSULTS
Richard Watanabe
PWC TAIWAN
Kuo-Ching Lai
JOINT CREDIT INFORMATION
CENTER
Emin Sanginov
MINISTRY OF LABOR & SOCIAL
PROTECTION
Orif Zakirov
DEGERTAJ
Nathan Kaiser
EIGER
Howard Kuo
PWC TAIWAN
Firdavs S. Mirzoev
NAZRISHO & MIRZOEV LAW
FIRM LLC
Lawrence Masha
ISHENGOMA, KARUME, MASHA &
MAGAI ADVOCATES
Shirinbek Milikbekov
COLIBRI LAW FIRM
Kamoliddin Mukhamedov
GRATA LAW FIRM
Ofotsu A. Tetteh-Kujorjie
MKONO & CO. ADVOCATES
Said Athuman
TANZANIA REVENUE AUTHORITY
Magori Cosmas Magori
TRADE FACILITATION UNIT,
CUSTOMS
Pendo Shamte
CRB AFRICA LEGAL
Eve Hawa Sinare
REX CONSULTING LIMITED
Aisha Ally Sinda
MKONO & CO. ADVOCATES
David Tarimo
PWC TANZANIA
Jacqueline Tarimo
MKONO & CO. ADVOCATES
Christopher Giattas
REXATTORNEYS
Regis Tissier
BOLLOR AFRICA LOGISTICS
Hanif Habib
HANIF HABIB & CO. -
THAILAND
CORRESPONDENT OF RUSSELL
BEDFORD INTERNATIONAL
Asma Hilal
CRB AFRICA LEGAL
Sujata Jaer
PKF ACCOUNTANTS & BUSINESS
ADVISOR TANZANIA
Johnson Jasson
JOHNSON JASSON &
ASSOCIATES ADVOCATES
Edward John Urio
TANZANIA FREIGHT
FORWARDERS ASSOCIATION
Davith Kahwa
CREDITINFO TANZANIA LIMITED
Kamanga Wilbert Kapinga
MKONO & CO. ADVOCATES
Wilbert B. Kapinga
MKONO & CO. ADVOCATES
Mary Kwarteng
PWC TANZANIA
Adam Lovett
NORTON ROSE FULBRIGHT
Victoria Lyimo Makani
VELMA LAW
Siri A. Malai
MALAI FREIGHT FORWARDERS
LTD.
Janist Aphornratana
PWC THAILAND
Chanakarn Boonyasith
SIAM CITY LAW OFFICES LTD.
Somsak Bumroongwad
METROPOLITAN ELECTRICITY
AUTHORITY
Thunyaporn Chartisathian
DFDL
Chinnavat Chinsangaram
WEERAWONG, CHINNAVAT &
PEANGPANOR LTD.
Sirijitt Choosak
SIAM CITY LAW OFFICES LTD.
Suphakorn Chueabunchai
CHANDLER & THONG-EK
Paul Connelly
INTERNATIONAL LEGAL
COUNSELLORS THAILAND
LIMITED (ILCT)
Frederic Favre
VOVAN & ASSOCIES
Seetha Gopalakrishnan
PWC THAILAND
Yothin Intaraprasong
CHANDLER & THONG-EK
Muncharee Ittipalin
APL
ACKNOWLEDGMENTS
Kanok Jullamon
THE SUPREME COURT OF
THAILAND
Paisan Tulapornpipat
BLUE OCEAN LOGISTICS CO.,
LTD.
Nuttinee Kaewsa-ard
NATIONAL CREDIT BUREAU
CO. LTD.
Chunant Tunhapran
METROPOLITAN ELECTRICITY
AUTHORITY
Siri Lerdsirisopon
VOVAN & ASSOCIES
Pleotian Uttarachai
SIAM CITY LAW OFFICES LTD.
Panupas Likittanasombat
PWC THAILAND
Sutharm Valaisathien
INTERNATIONAL LEGAL
COUNSELLORS THAILAND
LIMITED (ILCT)
Sakchai Limsiripothong
WEERAWONG, CHINNAVAT &
PEANGPANOR LTD.
Anuwat Ngamprasertkul
PWC THAILAND
Surapol Opasatien
NATIONAL CREDIT BUREAU
CO. LTD.
Tanadee Pantumkomon
CHANDLER & THONG-EK
Thawatchai Pittayasophon
SECURITIES AND EXCHANGE
COMMISSION
Ratana Poonsombudlert
CHANDLER & THONG-EK
Cynthia M. Pornavalai
TILLEKE & GIBBINS
Kanya Pujjusamai
THAI CONTRACTORS
ASSOCIATION UNDER H.M. THE
KINGS PATRONAGE
Chinnavit Putanapibul
SIAM CITY LAW OFFICES LTD.
Rangsima Rattana
LEGAL EXECUTION DEPARTMENT
Thavorn Rujivanarom
PWC THAILAND
Kunal Sachdev
DFDL
Maythawee Sarathai
MAYER BROWN JSM
Somchai Sathiramongkolkul
PRICEWATERHOUSECOOPERS
LEGAL & TAX CONSULTANTS
LIMITED
Alexander James Seeley
INTERNATIONAL LEGAL
COUNSELLORS THAILAND
LIMITED (ILCT)
Kraisorn Singharajwarapan
LEGAL EXECUTION DEPARTMENT
Kowit Somwaiya
LAWPLUS LTD.
Kaittipat Sonchareon
BANGKOK METROPOLITAN
ADMINISTRATION
Pattara Vasinwatanapong
VICKERY & WORACHAI LTD.
Harold K. Vickery Jr.
VICKERY & WORACHAI LTD.
Athicha Vuttiviroj
MAYER BROWN JSM
Wasantachai
Watanavongvisudhi
INTERNATIONAL LEGAL
COUNSELLORS THAILAND
LIMITED (ILCT)
Patcharaporn Wechayasopon
SIAM CITY LAW OFFICES LTD.
Auradee P. Wongsaroj
CHANDLER & THONG-EK
Ahmet Yesilkaya
TILLEKE & GIBBINS
Somchai Yungkarn
CHANDLER & THONG-EK
TOGO
AGENCE EPAUC NOUVELLE
DIRECTION DES SERVICES
TECHNIQUE DE LA MAIRIE
Folly Adama
CABINET AQUEREBURU AND
PARTNERS
Jean-Marie Adenka
CABINET ADENKA
Mensah Adje
AQUEREBURU AND PARTNERS
CABINET DAVOCATS
Kokou Gadmon Agbessi
CABINET LUCREATIF
Franck Akakpo
MAERSK LINE
Martial Akakpo
SCP MARTIAL AKAKPO ET
ASSOCIS
MINISTRY OF FINANCE
Picharn Sukparangsee
SIAM CITY LAW OFFICES LTD.
Alejandro Garcia
CUSTOMS, MINISTRY OF FINANCE
Kesara Summacarava
MAYER BROWN JSM
Siripong Supakijjanusorn
PRICEWATERHOUSECOOPERS
LEGAL & TAX CONSULTANTS
LIMITED
Ricardo Silva
MIRANDA CORREIA AMENDOEIRA
& ASSOCIADOS
TIMOR-LESTE
BANCO CENTRAL DE TIMORLESTE (BCTL)
Audray Souche
DFDL
Luxsiri Supakijjanusorn
SIAM CITY LAW OFFICES LTD.
Vega Ramadhan
PWC INDONESIA
Eusebio Guterres
UNIDO BUSINESS REGULATORY
CONSULTANT
Zeca Guterres
SDV LOGISTICS
Sodsruang Suvarnakuta
PWC THAILAND
Aaron Levine
ASIAN DEVELOPMENT BANK
Naddaporn Suwanvajukkasikij
LAWPLUS LTD.
Alexander Lukito
PWC INDONESIA
Hunt Talmage
CHANDLER & THONG-EK
Helena Madeira
LAWYER
Roberto Monteiro
SDV LOGISTICS
Richard Kowovi A.
Akpoto-Kougblenou
STUDIO ALPHA A.I.C.
Prosper Gato Amegnido
GROUPE GATO
Co Alexis Aquereburu
AQUEREBURU AND PARTNERS
CABINET DAVOCATS
Ccile Assogbavi
ETUDE NOTARIALE ASSOGBAVI
Amatko Kangni
SCP MARTIAL AKAKPO ET
ASSOCIS
Vaimoana Taukolo
MINISTRY OF COMMERCE,
TOURISM AND LABOUR
Vitalice Kangni
SCP MARTIAL AKAKPO ET
ASSOCIS
Fine Tohi
DATELINE TRANS-AM SHIPPING
Bleounou Komlan
CABINET DAVOCAT
Emmanuel Mamlan
SCP MARTIAL AKAKPO ET
ASSOCIS
Adeline Messou
PWC CTE DIVOIRE
Yawovi Negbegble
AUTORIT DE RGLEMENTATION
DU SECTEUR DE LELECTRICIT
Adoko Pascal
TRIANGLE CONSTRUCTEUR
Olivier Pedanou
CABINET LUCREATIF
Mele Vunipola
MINISTRY OF COMMERCE,
TOURISM AND LABOUR
Dianna Warner
SKIPS CUSTOM JOINERY LTD.
REGULATED INDUSTRIES
COMMISSION
Christopher Alexander
PHOENIX LOGISTICS (TRINIDAD)
LTD.
Sariaka Randrianarisoa
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Rene Austin
TRINIDAD & TOBAGO
ELECTRICITY COMMISSION
Moussa Sanogo
BCEAO
Angelique Bart
M. HAMEL-SMITH & CO.,
MEMBER OF LEX MUNDI
Diagne Souadou
BCEAO
Dominique Taty
PWC CTE DIVOIRE
Ins Mazalo Tekpa
CABINET LUCREATIF
Andre Bass
THE FAST FREIGHT GROUP
Marlon Beharry
MINISTRY OF TRADE, INDUSTRY
AND INVESTMENT
Foussni Traor
PWC CTE DIVOIRE
Tianny Castillo
M. HAMEL-SMITH & CO.,
MEMBER OF LEX MUNDI
Emmanuel Yehouessi
BCEAO
Thomas Escalante
TRANSUNION
Edem Zotchi
SCP MARTIAL AKAKPO ET
ASSOCIS
Hadyn-John Gadsby
J.D. SELLIER & CO.
Delores Elliott
DATA BUREAU (TONGA) LIMITED
Lepaola B. Vaea
INLAND REVENUE TONGA
Herinjiva Tahirisoa
Rakotonirina
CABINET JOHN W. FFOOKS &
CO., MEMBER OF BOWMAN
GILFILLAN AFRICA GROUP
Apow K. Bakoh
AQUEREBURU AND PARTNERS
CABINET DAVOCATS
Ko Joseph Dogbevi
CABINET LUCREATIF
Petunia Tupou
FUNGATEIKI LAW OFFICE
Sockna Diaby
PWC CTE DIVOIRE
Distquaine P. Tuihalamaka
MINISTRY OF COMMERCE,
TOURISM AND LABOUR
Venance Pre
LCA
TONGA
RT. HON. LORD DALGETY OF THE
ELECTRICITY COMMISSION
Bassambie Bationo
BCEAO
Lesina Tonga
LESINA TONGA LAW FIRM
Taniela Fonna
KRAMER AUSENCO TONGA
Anthony Frazier
Taaniela Kula
MINISTRY OF LANDS, SURVEY,
NATURAL RESOURCES &
ENVIRONMENT
Fisilau Leone
ITS PACIFIC ENGINEERING
CONSULTANTS
James Lutui
CROWN LAW
Salesi Mataele
OCEANTRANZ TONGA LTD.
Laki M. Niu
LAKI NIU OFFICES
Jemma San Jose
ELECTRICITY COMMISSION
Daphney Stone
INLAND REVENUE TONGA
Tuipulotu Taufoou
DATELINE TRANS-AM SHIPPING
Glenn Hamel-Smith
M. HAMEL-SMITH & CO.,
MEMBER OF LEX MUNDI
Melissa Ingleeld
M. HAMEL-SMITH & CO.,
MEMBER OF LEX MUNDI
Randall Karim
MINISTRY OF TRADE, INDUSTRY
AND INVESTMENT
Bijili Lalla
K. R. LALLA & COMPANY
Sunil Lalloo
LAWYER
Mariella Lange
HSMDT LTD.
Marlon Leben
ASSOCIATED BRANDS
INDUSTRIES LTD.
Marcia Leonard
THE FAST FREIGHT GROUP
Orrisha Maharajh
JOHNSON, CAMACHO & SINGH
Nassim Mohammed
ERNST & YOUNG
Sheldon Mycoo
SYNOVATIONS LIMITED
Marjorie Nunez
LEX CARIBBEAN
Kevin Nurse
JOHNSON, CAMACHO & SINGH
311
312
Donna Phillips
BROKERAGE SOLUTION
Noureddine Ferchiou
FERCHIOU & ASSOCIS
Slim Gargouri
CPA
Fanta Punch
M. HAMEL-SMITH & CO.,
MEMBER OF LEX MUNDI
Samah Ghrab
CAF JURIDIQUE ET FISCAL SARL
Alvin Ramsaran
TRINIDAD & TOBAGO
ELECTRICITY COMMISSION
Kelvin Ramsook
TRINIDAD & TOBAGO
ELECTRICITY COMMISSION
Myrna Robinson-Walters
M. HAMEL-SMITH & CO.,
MEMBER OF LEX MUNDI
Alice Salandy
GSAL DESIGNS LTD.
Gregory Salandy
GSAL DESIGNS LTD.
Arun Seenath
DELOITTE
Nicholas Sinanan
JOHNSON, CAMACHO & SINGH
Neshan Singh
MINISTRY OF TRADE, INDUSTRY
AND INVESTMENT
Stephen A. Singh
JOHNSON, CAMACHO & SINGH
Jonathan Walker
M. HAMEL-SMITH & CO.,
MEMBER OF LEX MUNDI
Turkessa Warwick
BROKERAGE SOLUTION
Anis Jabnoun
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Badis Jedidi
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Melsa Ararat
CORPORATE GOVERNANCE
FORUM OF TURKEY, SABANCI
UNIVERSITY
Ergun Benan Arseven
MOROGLU ARSEVEN
Ilkay Arslantasl Bilen
KPMG
zgr Asik
INLAWCO LAW FIRM
Banu Aslan
BEZEN & PARTNERS
Sami Kallel
KALLEL & ASSOCIATES
Pnar Atik
SARIIBRAHIMOLU LAW OFFICE
Mabrouk Maalaoui
PWC TUNISIA
Levent Ayda
AYDA LIMAN KURMAN
ATTORNEYS-AT-LAW
Dina Magroun
EL AJERI LAWYERS, PARTENAIRE
DE DS AVOCATS
Sarah Mebazaa
COMETE ENGINEERING
Aybike Aygun
AYGN & ZTERZI LAW OFFICE
Radhi Meddeb
COMETE ENGINEERING
Murat Ayyldz
ERYREKLI LAW OFFICE
Faouzi Mili
MILI AND ASSOCIATES
Elvan Aziz
PAKSOY LAW FIRM
Adel Mokhtar
HORIZONS MARITIMES
Derya Baks
TARLAN BAKSI LAW FIRM
Z. layda Balkan
ADMD - MAVIOGLU & ALKAN
LAW OFFICE
Imen Nouira
CONSERVATION FONCIRE
TUNISIA
Olfa Othmane
BANQUE CENTRALE DE TUNISIE
Burin Barlas
BARLAS LAW
Habiba Raouadi
CHAFTER RAOUADI LLP
Sedef Bac
DEVRES LAW OFFICE
TUNISIA
Sahbi
SDV LOGISTICS
Erdem Basgul
AKMAK AVUKATLIK BROSU
Adly Bellagha
ADLY BELLAGHA & ASSOCIATES
Borhene Tmar
PWC TUNISIA
Rachid Tmar
CAF JURIDIQUE ET FISCAL SARL
Aya Bayburan
ADMD - MAVIOGLU & ALKAN
LAW OFFICE
Wassim Turki
AWT AUDIT & CONSEIL
Anis Wahabi
AWT AUDIT & CONSEIL
Dion Wilson
THE UNIVERSITY OF WEST
INDIES
Abdelfetah Benahji
FERCHIOU & ASSOCIS
Peter Bismuth
TUNISIE ELECTRO TECHNIQUE
Salaheddine Caid Essebsi
CAID ESSEBSI AND PARTNERS
LAW FIRM
Riadh Chabbout
ARCHITECT
Elyes Chafter
CHAFTER RAOUADI LLP
Zine el Abidine Chafter
CHAFTER RAOUADI LLP
Abdelmalek Dahmani
DAHMANI TRANSIT
INTERNATIONAL
Mohamed Derbel
BDO
Mohamed Lot El Ajeri
EL AJERI LAWYERS, PARTENAIRE
DE DS AVOCATS
Wafa Essayeh
PWC TUNISIA
Abderrahmen Fendri
PWC TUNISIA
Yessine Ferah
F&A LAW FIRM
Simge Akyz
DEVRES LAW OFFICE
Inci Alaloglu
TABOGLU & DEMIRHAN
Mehmet Babr Ali
MOROGLU ARSEVEN
Duygu Alkan
ADMD - MAVIOGLU & ALKAN
LAW OFFICE
Cansu Alparman
ADMD - MAVIOGLU & ALKAN
LAW OFFICE
Ekin Altnta
PWC TURKEY
Selin Barlin Aral
PAKSOY LAW FIRM
Orkun Deniz
KREDIT KAYIT BUREAU
E. Nazl Grdal
TURUN LAW OFFICE
Ayegl Grsoy
CERRAHOLU LAW FIRM
zhan Gven
Rhan Derici
3E DANIMANLIK LTD. TI.
Bar Hnal
PWC TURKEY
Kazm Derman
KREDIT KAYIT BUREAU
Ece li
BEZEN & PARTNERS
Emine Devres
DEVRES LAW OFFICE
Ece Ilter
PWC TURKEY
Deniz Dinc
BARLAS LAW
Serpilgl Ik
BANKS ASSOCIATION OF TURKEY
Irmak Dirik
PEKIN & PEKIN
Sevi Islamagec
MOROGLU ARSEVEN
Nur Dogan
AKMAK AVUKATLIK BROSU
Orcun Dogancali
DLGER LAW FIRM
Murat Kamisli
BALKAN SULFUR LTD.
Alper Dnmez
ZAK TEKSTIL
Ibrahim Kara
KREDIT KAYIT BUREAU
Cumhur Dulger
PWC TURKEY
Nihat Karadirek
3E DANIMANLIK LTD. TI.
Dilara Duman
DUMAN LAW OFFICE
agil Karahasanoglu
MOROGLU ARSEVEN
Faruk Kavak
CENTRAL BANK OF THE
REPUBLIC OF TURKEY
zgr Ekinci
PWC TURKEY
Diler Emirolu
AYGN & ZTERZI LAW OFFICE
Betl Kencebay
TUYID - TURKISH IR SOCIETY
Burak Kepkep
Sleyman Ksa
TURK TELEKOM
Harun Bayramoglu
ITKIB ISTANBUL TEXTILE
AND APPAREL EXPORTERS
ASSOCIATION
Aycan Erdoan
PWC TURKEY
Onur Ergun
TABOGLU & DEMIRHAN
Fatih Koca
Serdar Bezen
BEZEN & PARTNERS
Serdar Akinci
MINISTRY OF ECONOMY
Yavuz Dayolu
PRICEWATERHOUSECOOPERS
Burcu Guray
MOROGLU ARSEVEN
Trkan Bayraktar
PWC TURKEY
Emre Akarkarasu
PWC TURKEY
Melandiz Dalyan
INLAWCO LAW FIRM
Ekin Kiral
SARIIBRAHIMOLU LAW OFFICE
TURKEY
ARMADA LTD. STI.
Erol Acun
ZAK TEKSTIL
lsa Cokun
MINISTRY OF FINANCE
Mehve Erdem
CERRAHOLU LAW FIRM
Nergis Beirolu
CERRAHOLU LAW FIRM
Metin Abut
MOROGLU ARSEVEN
Meline Cilingir
BEZEN & PARTNERS
Yeim Bezen
BEZEN & PARTNERS
Aye Eda Bier
AKMAK AVUKATLIK BROSU
Nurettin Emre Bilginolu
ADMD - MAVIOGLU & ALKAN
LAW OFFICE
Yildirim Bozbiyik
Melis Buhan
PEKIN & PEKIN
Irfan Bumin
PERA CONSTRUCTION
dil aal Kuyan
PRICEWATERHOUSECOOPERS
Cansu Caglar
PEKIN & PEKIN
Esin amlbel
TURUN LAW OFFICE
Maria Lianides elebi
BENER LAW OFFICE, MEMBER OF
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M. Fadlullah Cerraholu
CERRAHOLU LAW FIRM
Muzaer Erolu
KOCAELI UNIVERSITY, HUKUK
FAKLTESI
Nurhan Ersoy
GUNDUZ SIMSEK GAGO
AVUKATLIK ORTAKLIGI
Deniz Zeynep Erverdi
ADMD - MAVIOGLU & ALKAN
LAW OFFICE
Umurcan Gago
PWC TURKEY
zgr Can Geim
ERNST & YOUNG
Sabiha Nur Gll
BENER LAW OFFICE, MEMBER OF
IUS LABORIS
Osman Nuri Gnen
CENTRAL BANK OF THE
REPUBLIC OF TURKEY
Damla Gonul
PRICEWATERHOUSECOOPERS
Berkay Gl
MOROGLU ARSEVEN
Nurettin Gndogmus
AKTIF INVESTMENT BANK AS
Zeki Gndz
PWC TURKEY
idem Koar
CENTRAL BANK OF THE
REPUBLIC OF TURKEY
Mert Kutlar
ADMD - MAVIOGLU & ALKAN
LAW OFFICE
Altan Liman
AYDA LIMAN KURMAN
ATTORNEYS-AT-LAW
Francesca Maran
PEKIN & PEKIN
Orhan Yavuz Maviolu
ADMD - MAVIOGLU & ALKAN
LAW OFFICE
Gnes Mermer
AKMAK AVUKATLIK BROSU
Erhan Sey Moroglu
MOROGLU ARSEVEN
Mjde Mminolu
BARLAS LAW
ila Muratolu
BAYIRLI & MURATOLU LAW
FIRM
Pelin Oguzer
MOROGLU ARSEVEN
Mert Oner
KPMG
Mehmet Otrar
CERRAHOLU LAW FIRM
ACKNOWLEDGMENTS
Bar Yaln
PWC TURKEY
Kaan Ozaydin
SERAP ZUVIN LAW OFFICES
Erman Yaln
PWC TURKEY
Dursun Ozcan
ERNST & YOUNG
Ayegl Yalnmani
CERRAHOLU LAW FIRM
Can zilhan
BEZEN & PARTNERS
Sena Yasaroglu
MOROGLU ARSEVEN
Onur zterzi
AYGN & ZTERZI LAW OFFICE
Alican Yazd
BEZEN & PARTNERS
dil ztrk
AYDA LIMAN KURMAN
ATTORNEYS-AT-LAW
Glce Peker
GUNDUZ SIMSEK GAGO
AVUKATLIK ORTAKLIGI
Cansu Yazc
PEKIN & PEKIN
A.ar Yldz
ADMD - MAVIOGLU & ALKAN
LAW OFFICE
Ahmed Pekin
PEKIN & PEKIN
Bilge Yilmaz
ADMD - MAVIOGLU & ALKAN
LAW OFFICE
Batuhan ahmay
BENER LAW OFFICE, MEMBER OF
IUS LABORIS
Murat Ylek
PGLOBAL GLOBAL ADVISORY
AND TRAINING SERVICES LTD.
Selim Saribrahimolu
SARIIBRAHIMOLU LAW OFFICE
alar Yurttrk
YUKA LAW OFFICE
Birol Sezer
ISTANBUL DENETIM VE YEMINLI
MALI MAVIRLIK A..
Serap Zuvin
SERAP ZUVIN LAW OFFICES
Sezil Simsek
PRICEWATERHOUSECOOPERS
UGANDA
Innocent Kihika
SHONUBI, MUSOKE & CO.
ADVOCATES
Ambrose Turyahabwe
DHL GLOBAL FORWARDING
(U) LTD.
Georey Kiryabwire
HIGH COURT OF UGANDA
Isaac Walukagga
MMAKS ADVOCATES
Anita Kusiima
KAMPALA CAPITAL CITY
AUTHORITY (KCCA)
UKRAINE
Michael Malan
COMPUSCAN CRB LTD.
Albert Mukasa
KANDUHO & CO. ADVOCATES
Ahmed Mukasa Kalule
CRANE ASSOCIATED ADVOCATES
Cornelius Mukiibi
C. MUKIIBI SENTAMU & CO.
ADVOCATES
Rachel Mwanje Musoke
MMAKS ADVOCATES
Sarah Musumba
PWC UGANDA
Victoria Nakaddu
SEBALU & LULE ADVOCATES
Robina Nakato
BANK OF UGANDA
Rehema Nakirya
MMAKS ADVOCATES
Eva Nalwanga Gitta
KASIRYE BYARUHANGA AND CO.
Plaxeda Namirimu
PWC UGANDA
Priscilla Namusikwe
SHONUBI, MUSOKE & CO.
ADVOCATES
Doreen Nawaali
MMAKS ADVOCATES
James Kagiri Njoroge
PRICE & KING CERTIFIED PUBLIC
ACCOUNTANTS
Denis Absalyamov
JSC UKRENERGOCHERMET
Oleksandr Aleksyeyenko
ILF INTEGRITES
Oleg Y. Alyoshin
VASIL KISIL & PARTNERS
Inna Antipova
CMS CAMERON MCKENNA
Leonid Antonenko
SAYENKO KHARENKO
Andrey Astapov
ASTAPOV LAWYERS
INTERNATIONAL LAW GROUP
Anna Babych
VASIL KISIL & PARTNERS
Ron J. Barden
PWC UKRAINE
Yevgen Blok
ILF INTEGRITES
Oleg Boichuk
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Glib Bondar
AVELLUM PARTNERS
Yulia Bondar
HLB UKRAINE
Timur Bondaryev
ARZINGER & PARTNERS
Alexander Borisov
ZOVNISHINFORMAUDIT C
Andriy Bozhko
KPMG
Florence Nsubuga
UMEME LIMITED
Maksym Bugai
CMS CAMERON MCKENNA
Kefa Nsubuga
LAWYER
Alexander Buryak
PWC UKRAINE
Kizito Nusula
ANGUALIA, BUSIKU & CO.
ADVOCATES
Taras Chernikov
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Charles Odere
LEX UGANDA ADVOCATES &
SOLICITORS
Luliia Chervonooka
VASIL KISIL & PARTNERS
William Okello
Busiku Peter
ANGUALIA, BUSIKU & CO.
ADVOCATES
Harriet Wandira Rumanyika
SDV TRANSAMI
Moses Segawa
SEBALU & LULE ADVOCATES
Yulia Goptarenko
PJSC SEB CORPORATE BANK
Volodymyr Grabchak
ARZINGER & PARTNERS
Sergiy Gryshko
CMS CAMERON MCKENNA
Valeriia Gudiy
ILYASHEV & PARTNERS
Mykola Heletiy
CHADBOURNE & PARKE LLP
Oksana Ilchenko
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Jon Johannesson
IBCH
Yuriy Katser
KPMG
Oleksii Kharitonov
INYURPOLIS LAW FIRM
Tatiana Kheruvimova
KPMG
Tetyana Kistynyuk
PETERKA & PARTNERS
Natalia Klochun
ARZINGER & PARTNERS
Andrii Knysh
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Maksym Kopeychykov
ILYASHEV & PARTNERS
Vitaliy Kornev
ASTERS
Anton Korobeynikov
SAYENKO KHARENKO
Andrey Kosharny
ELIT GROUP
Oksana Krasnokutska
VASIL KISIL & PARTNERS
Vitaliy Kulinich
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Tatyana Kuzmenko
ASTAPOV LAWYERS
INTERNATIONAL LAW GROUP
Oleksii Latsko
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Serhiy Chorny
BAKER & MCKENZIE
Maksym Lavrynovych
LAVRYNOVYCH & PARTNERS
LAW FIRM
Sergey Chulkov
KIEVENERGO
Pavel Liaskovskyi
PETERKA & PARTNERS
Stefan Clenciu
MAERSK UKRAINE LTD.
Pavlo Liaskovskyi
PETERKA & PARTNERS
Aleksandr Deputat
ELIT GROUP
Maksym Libanov
NATIONAL SECURITIES AND
STOCK MARKET COMMISSION
Benedict Sekabira
BANK OF UGANDA
Nadiia Dmytrenko
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Olga Dubanevych
KPMG
Artem Lukyanov
CMS CAMERON MCKENNA
Alan Shonubi
SHONUBI, MUSOKE & CO.
ADVOCATES
Mariana Dudnyk
PWC UKRAINE
Anzhela Makhinova
SAYENKO KHARENKO
Igor Dykunskyy
BNT ATTORNEYS-AT-LAW
Yulia Malyshko
DAMCO
Max Fedorchenko
LAW FIRM IP & C. CONSULT, LLC
Oleg Matiusha
DLA PIPER UKRAINE LLC
Oleksandr Fomenko
KYIVENERGO
Arsenyy Milyutin
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Phillip Karugaba
MMAKS ADVOCATES
David Katende
ENVIROKAD
Obed Tindyebwa
GRAND & NOBLE, CERTIFIED
PUBLIC ACCOUNTANTS
Enoch Kibamu
UGANDA SOCIETY OF
ARCHITECTS
Milton Turyaguma
P.M. CONSULT LTD.
Olga Lubiv
KPMG
Svitlana Musienko
DLA PIPER UKRAINE LLC
Adam Mycyk
DENTONS
313
314
Nataliya Mykolska
SAYENKO KHARENKO
Anna Vlasiuk
ASTERS
Artem Naumov
INYURPOLIS LAW FIRM
Slava Vlasov
PWC UKRAINE
Aleksandra Odynets
GRISCHENKO & PARTNERS
Yuriy Volovnik
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Olexander Olshansky
SAYENKO KHARENKO
Oksana Orlova
DENTONS
Oleksandr Padalka
ASTERS
Konstantin Pilkov
CAI & LENARD
Yuliana Revyuk
KPMG
Anatolii Rybak-Sikorskiy
KPMG
Dmytro Rylovnikov
DLA PIPER UKRAINE LLC
Vadym Samoilenko
ASTERS
Maryana Sayenko
ASTERS
Viktor Semenyuta
KIEVENERGO
Olexiy Yanov
LAW FIRM IP & C. CONSULT, LLC
Anna Yarenko
ASTAPOV LAWYERS
INTERNATIONAL LAW GROUP
Yulia Yashenkova
ASTAPOV LAWYERS
INTERNATIONAL LAW GROUP
Aleksandra Yevstafyeva
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Tatiana Zamorska
KPMG
Anton Zinchuk
INYURPOLIS LAW FIRM
Elmugtaba Bannaga
BIN SUWAIDAN ADVOCATES &
LEGAL CONSULTANTS
Firdosh Irani
QATAR NAVIGATION LOGISTICS
CO.
Haroon Baryalay
AFRIDI & ANGELL, MEMBER OF
LEX MUNDI
Meena Jairaj
RETAIL LOGISTICS
Hiten Bhatia
SILVER LINE TRANSPORTATION
Jennifer Bibbings
TROWERS & HAMLINS LLP
Rashid Bin Humaidan
DUBAI ELECTRICITY AND WATER
AUTHORITY
Maryam Bin Lahej
DUBAI COURTS
Aed Bouchakra
HUQOOQ LEGAL PRACTICE
Mazen Boustany
HABIB AL MULLA & CO.
James Bowden
AFRIDI & ANGELL, MEMBER OF
LEX MUNDI
R. Chandran
TRANSWORLD SHIPPING &
LOGISTICS LLC
Maggie Chang
PWC UNITED ARAB EMIRATES
Olga Serbul
LAW FIRM IP & C. CONSULT, LLC
Farid Ahmadi
NATIONAL TRADING AND
DEVELOPMENT EST.
Sudesh Chaturvedi
GULF AGENCY COMPANY LLC
Alla Shevchenko
BNT ATTORNEYS-AT-LAW
M. Zeeshan Ahmed
ARBROS FOREST RESOURCES
Hanna Shtepa
BAKER & MCKENZIE
Nasser Chhipa
CARGO LINE SHIPPING SERVICES
LLC
Makhdoom Ahmed
VERACOR PRINTING PRESS LLC
Anzhelika Shtukaturova
DENTONS
Yakud Ahmed
ORCHID GULF
Taras Shyb
SAYENKO KHARENKO
Kiran Ahuja
UNILEVER UAE
Anna Sisetska
VASIL KISIL & PARTNERS
Sultan Al Akraf
DUBAI LAND DEPARTMENT
Lisa Dale
AL TAMIMI & COMPANY
ADVOCATES & LEGAL
CONSULTANTS
Anna Spichenko
CMS CAMERON MCKENNA
Mahmood Al Bastaki
DUBAI TRADE
Krishna Das
CEVA LOGISTICS
Natalia Spiridonova
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Shirish Deshpande
ARABIAN AUTOMOBILES
Roman Stepanenko
EGOROV PUGINSKY AFANASIEV &
PARTNERS
Karim El Gebaily
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Ibrahim Al Hosani
DUBAI COURTS
Mohammed El Ghul
HABIB AL MULLA & CO.
Mohammad Al Shaikh
DP WORLD
Savio Fonseca
PANALPINA GULF
Humam Al Zaqqa
ADNAN SAFFARINI
CONSULTANTS
Michael George
DAR AL-HANDASAH
Mykola Stetsenko
AVELLUM PARTNERS
Olesya Stolyarska
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Dmitriy Sukhin
KIEVENERGO
Kristina Tataru
PWC UKRAINE
Yaroslav Teklyuk
VASIL KISIL & PARTNERS
Svitlana Teush
ARZINGER & PARTNERS
Anna Tkachenko
DENTONS
Saeed Al-Hamiz
CENTRAL BANK OF THE UNITED
ARAB EMIRATES
Sajid Ali
TRANS WORLD SHIPPING
SERVICES LLC
Ahmed Khalifa Al-Mazrouei
EMCREDIT
Samantha Kelsey
BAKER BOTTS LLP
Dean Kern
PWC UNITED ARAB EMIRATES
Amjad Ali Khan
AFRIDI & ANGELL, MEMBER OF
LEX MUNDI
Naeem Khan
MOHAMMED ESHAQ TRADING
COMPANY
Salim Ahmed Khan
DUBAI TRADE
Afzal Patanwala
EASA SALEH AL GURG GROUP
Vijendra Vikram Singh Paul
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Tejal Poojary
APPAREL FZCO
Praveen Pudhuvail
DUBAI EXPRESS LLC
(FREIGHTWORKS BRANCH)
Anish Punwani
PANACORE RESOURCES
Samer Qudah
AL TAMIMI & COMPANY
ADVOCATES & LEGAL
CONSULTANTS
Yusuf Raudeen
DUBAI ELECTRICITY AND WATER
AUTHORITY
Jochem Rossel
PWC UNITED ARAB EMIRATES
Satheesh Chundayil
DANZAS AEI EMIRATES LLC
Khaled Kilani
ARAMEX EMIRATES LLC
Valiyakath Sabu
NISSAN MIDDLE EAST
Hasan Daboul
NAIF MARINE SERVICES CO.
Vipul Kothari
KOTHARI AUDITORS &
ACCOUNTANTS
Shahram Safai
AFRIDI & ANGELL, MEMBER OF
LEX MUNDI
Ravi Kumar
DUBAI TRADE
Senthil Kumar
GLG SHIPPING
Rohit Ghai
GADURR HOLDINGS
Jamal Guzlan
AL-AJMI CONSULTANTS
Saleem H.B.
NATIONAL TRADING AND
DEVELOPMENT EST.
Omar Ziyad Hadi
AFRIDI & ANGELL, MEMBER OF
LEX MUNDI
Mohammed AlSuboosi
DUBAI COURTS
Mariia Tsarova
ASTERS
Yousef Al-Suwaidi
DUBAI COURTS
Sydene Helwick
AL TAMIMI & COMPANY
ADVOCATES & LEGAL
CONSULTANTS
Andriy Tsvyetkov
GESTORS
Wicki Andersen
BAKER BOTTS LLP
Ashiq Hussain
DUBAI TRADE
Manavalan Arumugam
EROS GROUP
Mohammad Z. Kawasmi
AL TAMIMI & COMPANY
ADVOCATES & LEGAL
CONSULTANTS
Ravi Parambott
IAL LOGISTICS EMIRATES LLC
Valeriia Tryfonova
VASIL KISIL & PARTNERS
Oleg Tymkiv
PWC UKRAINE
Kanan Kasuya
AFRIDI & ANGELL, MEMBER OF
LEX MUNDI
Rana Odeh
DUBAI MUNICIPALITY
Mangat Ram
ABBAS JUMA CLEARING &
FORWARDING CO. LLC
Zakhar Tropin
PROXEN & PARTNERS
Omar Kalaji
TROWERS & HAMLINS LLP
Cathy Ninen
AMI MIDDLE EAST
Waseem Khokhar
PWC UNITED ARAB EMIRATES
Adite Aloke
AFRIDI & ANGELL, MEMBER OF
LEX MUNDI
Ruslan Tumanyan
GLOBALINK TRANSPORTATION &
LOGISTICS WORLDWIDE LLP
Viji John
FREIGHT SYSTEMS
Samer Hamzeh
TROWERS & HAMLINS LLP
Mustafa Ibrahim
MONAWALAT AL KHALEEJ
LOGISTICS
Mohamed Ifthikar Jamaldeen
KUEHNE + NAGEL LLC
John Kunjappan
MAERSK KANOO LLC
Ashraf Kunjimoidu
AL YOUSUF ELECTRONICS
Charles S. Laubach
AFRIDI & ANGELL, MEMBER OF
LEX MUNDI
Zachriya M.
APL EMIRATES LLC
A. Mahadevan
MEDITERRANEAN SHIPPING
COMPANY (UAE) LLC
Sohail Maklai
MOHAMMED ESHAQ TRADING
COMPANY
Abdus Samad
AFRIDI & ANGELL, MEMBER OF
LEX MUNDI
Sarathe
NAFFCO
Narendra Sawant
CARGOSOL LLC
Claus Schmidt
PANALPINA WORLD TRANSPORT
Herbert Schroder
EMCREDIT
Derrick Sequeira
KUEHNE + NAGEL LLC
Gagan Malhotra
DUBAI TRADE
Osama Shabaan
TALAL ABU GHAZALEH LEGAL
(TAG-LEGAL)
Harish Matabonu
ARTY TRANSPORT CO. LLC
Khurram Shahzad
PANALPINA GULF
Joanna Matthews-Taylor
DLA PIPER MIDDLE EAST LLP
Hassan Shakrouf
HYDER CONSULTING
Salim Mohammed
KABULTEX
Vivek Sharma
PIL (U.A.E) LLC
Tarig Monim
STRATEGY CONSULTANTS
Vasant Shetty
RAIS HASSAN SAADI LLC
Roland Monteath
AGILITY GLOBAL LOGISTICS
Ishita Shome
AFRIDI & ANGELL, MEMBER OF
LEX MUNDI
Badih Moukarzel
HUQOOQ LEGAL PRACTICE
Kumar Nair
DP WORLD
Senthil Nathan
FREIGHT SYSTEMS
Arvind Sinha
RCS PVT. LTD. BUSINESS
ADVISORS GROUP
Shekhar Sinha
RAIS HASSAN SAADI LLC
ACKNOWLEDGMENTS
Sreekumar Sivasankaran
GLOBELINK WEST STAR
SHIPPING LLC
Johnson Soans
EXTRON ELECTRONICS M.E.
Jayanthi Suseelan
MAERSK KANOO LLC
Taha Tawawala
AL SUWAIDI & COMPANY
Hamad Thani Mutar
DUBAI COURTS
Sebastian Thomas
ZAFCO
Yusuf Timalia
CP WORLD LLC
Nitin Tirath
DUBAI TRADE
Baher Yousef
ENGINEERING CONSULTANTS
GROUP (ECG)
Natasha Zahid
BAKER BOTTS LLP
UNITED KINGDOM
HMRC
Shahid Jamil
LATHAM & WATKINS LLP
Arun Pontin
OFGEM
Steven Clark
CLARK FIRM PLLC
Charles L. Kerr
MORRISON & FOERSTER LLP
Hannah Jones
SHERRARDS SOLICITORS
Ross Pooley
LATHAM & WATKINS LLP
Anna Collica
YUSEN LOGISTICS
Joshua Kochath
COMAGE CONTAINER LINES
Michael Josypenko
INSTITUTE OF EXPORT
Piermario Porcheddu
PINSENT MASONS LLP
Vilas Dhar
DHAR LAW, LLP
Eigi Koh
YUSEN LOGISTICS
Jolita Kajtazi
SHERIDANS
Kathryn Ramsden
LATHAM & WATKINS LLP
Laurent Dionneau
SDV LOGISTICS
Amrit Khosa
LATHAM & WATKINS LLP
Alex Rogan
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
Joshua L. Ditelberg
SEYFARTH SHAW LLP
Arthur Kohn
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Pascal Lalande
HER MAJESTYS LAND REGISTRY
Aimee Saunders
BAKER & MCKENZIE
Sinead Lawrence
CBI - THE CONFEDERATION OF
BRITISH INDUSTRY
Thilo Schneider
PINSENT MASONS LLP
Catherine Ledger
BAA AIRPORTS LIMITED
Alasdair Lewis
HER MAJESTYS LAND REGISTRY
Zoe Lomax
DLA PIPER UK LLP
Paul Bagon
WEIL, GOTSHAL & MANGES LLP
Malin Lundin
LUBBOCK FINE - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Ji-Whan Bang
DLA PIPER UK LLP
Neil Maclean
SHEPHERD & WEDDERBURN
Lesley Batchelor
INSTITUTE OF EXPORT
Neil Magrath
UK POWER NETWORKS
Marie Batchelor
BIRKETTS LLP
Kacey Brown
BAKER & MCKENZIE
Michael Canvin
CROWN AGENTS LTD.
Sanah Choudhry
GRANT DAWE LLP
Brendon Christian
BUSINESS LAW BC
Michael Collard
5 PUMP COURT CHAMBERS
Elouisa Crichton
SHEPHERD & WEDDERBURN
Michael Dawes
MEMERY CRYSTAL LLP
Richard Dickman
PINSENT MASONS LLP
Kathryn Donovan
LATHAM & WATKINS LLP
Zaki Ejaz
RIGHT LEGAL ADVICE
Kristy Ewer
WEIL, GOTSHAL & MANGES LLP
Hannah Faulkner
LATHAM & WATKINS LLP
Matthew Fisher
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Nick Francis
PWC UNITED KINGDOM
James Franklin
LATHAM & WATKINS LLP
Donald Gray
DARWIN GRAY LLP
Helen Hall
DLA PIPER UK LLP
Neville Howlett
PWC UNITED KINGDOM
Daden Hunt
BIRKETTS LLP
Karl Hurley
OFGEM
Christopher Ryan
Keavy Larkin
OFGEM
Christopher Mallon
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
Ian Sharpe
EXPERIAN LTD.
Sandra Simoni
DEPARTMENT FOR COMMUNITIES
AND LOCAL GOVERNMENT
Mike Smith
MORRISON UTILITY
CONNECTIONS
Susanna Strandell
DEPARTMENT FOR COMMUNITIES
AND LOCAL GOVERNMENT
Paul Timmins
APPROVED INSPECTOR SERVICES
LIMITED
Dhanshuklal Vekaria
PINSENT MASONS LLP
Tony Walpole
Dara Duguay
EXPERIAN
Roger Fisher
TEC MANAGEMENT
CONSULTANTS
Max Frid
M & A ACCOUNTING SOLUTIONS
INC.
Patrick Fuller
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Jaswant S. Gill
JASWANT S. GILL CPA
PROFESSIONAL CORPORATION
Robert Goethe
CORNELL GROUP, INC.
Carol Goforth
UNIVERSITY OF ARKANSAS
SCHOOL OF LAW
William Gould
TROYGOULD PC
Paul Marmor
SHERRARDS SOLICITORS
Dermot Winters
MERRIT & COMPANY
Boris Grosman
L & B ELECTRICAL
INTERNATIONAL
Andrew Masraf
PINSENT MASONS LLP
David Ziyambi
LATHAM & WATKINS LLP
Victoria Miller
MEMERY CRYSTAL LLP
Phil Moss
LUBBOCK FINE - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Neil Munroe
EQUIFAX LTD.
Deborah Newton
THE ROYAL BANK OF SCOTLAND
Kevin Nicholson
PWC UNITED KINGDOM
Genna Oakes
PINSENT MASONS LLP
Frances Okosi
BAKER & MCKENZIE
Steve Parker
DHL GLOBAL FORWARDING
William Paterson
CROWN AGENTS LTD.
Sla Paterson-Marke
DLA PIPER UK LLP
Stewart Perry
CLYDE & CO.
Steve Pocock
CROWN AGENTS LTD.
Peter Gordon
PETER D. GORDON AND
ASSOCIATES
Joseph Gulino
DIAZ REUS & TARG LLP
Sonya H.S. Lee
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Tony Hadley
EXPERIAN
Thomas Halket
HALKET WEITZ LLP
Manish Antani
GOULD & RATNER LLP
Pamy J. S. Arora
CORNELL GROUP, INC.
Donald Hamman
STUART KANE
Arley M. Baker
THE PORT OF LOS ANGELES
Frank Hernandez
YUSEN LOGISTICS
Sam Baniqued
UPS SUPPLY CHAIN SOLUTIONS
Conan Higgins
TSI LEGAL ENTERPRISES, PC
Luke A. Barefoot
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Sanford Hillsberg
TROYGOULD PC
Thierry Blangy
SDV LOGISTICS
Eve Brackmann
STUART KANE
Joel A. Cassel
JEFFER MANGELS BUTLER &
MITCHELL LLP (JMBM)
Victor Chiu
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Sheri P. Chromow
KATTEN MUCHIN ROSENMAN
LLP
Bryan D. Lewitt
CBRE
Samuel L. Lovitch
Geo Wilkinson
WILKINSON CONSTRUCTION
CONSULTANTS
Shara Lerman
LERMAN LAW GROUP
George Gibbs
GIBBS BROTHERS ELECTRIC
CO. LTD.
Andrew Maple
APPROVED INSPECTOR SERVICES
LIMITED
Antoinette McManus
PWC UNITED KINGDOM
Lincoln Lee
LOS ANGELES DEPARTMENT OF
BUILDING SAFETY
Bradford L. Livingston
SEYFARTH SHAW LLP
Aliss Manseld
BAKER & MCKENZIE
UNITED STATES
HARMONY IMPORTS
Jen Leary
CLIFTONLARSONALLEN
Lauren Gans
PEITZMAN WEG LLP
Christopher Wigley
LONDON BUILDING CONTROL
LTD.
Charles Mayo
SIMMONS & SIMMONS LLP
John LaBar
HNERY, MCCORD, BEAN, MILLER,
GABRIEL & LABAR, PLLC
Mark Hirzel
LOS ANGELES CUSTOMS
BROKERS & FREIGHT
FORWARDERS ASSOCIATION INC.
Steven Horowitz
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Nancy Israel
LAW OFFICE OF NANCY D.
ISRAEL
Nicole Jadelrab
BLAQK DIAMOND GROUP
Christopher Andrew Jarvinen
BERGER SINGERMAN
Jim MacLellan
THE PORT OF LOS ANGELES
A Edward Major
A EDWARD MAJOR,
COUNSELLORS-AT-LAW
Haggai Mazler
LOS ANGELES DEPARTMENT OF
BUILDING SAFETY
Kevin McDonnell
JEFFER MANGELS BUTLER &
MITCHELL LLP (JMBM)
Todd McLawhorn
MCLAWHORN LAW OFFICES PC
Alene McMahon
CROWN AGENTS LTD.
Dietrick Miller
TROYGOULD PC
Kerry Mohan
SEYFARTH SHAW LLP
Kelly J. Murray
PWC UNITED STATES
David Newberg
COLLIER, HALPERN, NEWBERG,
NOLLETTI, & BOCK
Christopher OConnell
PARKER, MILLIKEN, CLARK,
OHARA & SAMUELIAN
Malhar Pagay
PACHULSKI STANG ZIEHL &
JONES LLP
Darrell Pierce
DYKEMA
Shanen Prout
BLY LAW, PC
Angela Reimer
DIAZ REUS & TARG LLP
Jonathan Reinstein
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Alexander Reus
DIAZ REUS & TARG LLP
Sandra Rocks
CLEARY GOTTLIEB STEEN &
HAMILTON LLP
Kenneth Rosen
UNIVERSITY OF ALABAMA
SCHOOL OF LAW
Joshua Roy
MORRISON & FOERSTER LLP
James Rusin
UPS SUPPLY CHAIN SOLUTIONS
315
316
George Saadian
FIRE PROTECTION GROUP INC.
Leonardo Slinger
GUYER & REGULES, MEMBER OF
LEX MUNDI
Florencia Farias
DCA CONTADORES &
ASOCIADOS
Beatriz Spiess
GUYER & REGULES, MEMBER OF
LEX MUNDI
Fabrizio Fava
COVIDIEN URUGUAY
Diego Tognazzolo
PWC URUGUAY
Marianela Fernandez
PWC URUGUAY
Augusto Tricotti
SOFTRON
Anala Fernndez
BERGSTEIN ABOGADOS
Steve Thomas
CROWN AGENTS LTD.
UZBEKISTAN
ADVOKAT-HIMOYA LAW OFFICE
Rebecca Tingstrom
CATHEDRAL CONSULTING
GROUP, LLC
Hector Ferreira
HUGHES & HUGHES
Manuel Santiago
MILROSE CONSULTANTS, INC.
William Shawn
SHAWNCOULSON LLP
Manjosh Sidhu
MS CONSULTING LLC
Joseph Tannous
JT CONSTRUCTION
Michael Temin
FOX ROTHSCHILD LLP
Magda Theodate
GLOBAL EXECUTIVE LIFE
COACHING
Frederick Turner
TURNER & TURNER
Maxim Vaynerov
BARNHILL & VAYNEROV LLP
Robert James Voetsch
CROWN AGENTS LTD.
Robert Wallace
STUART KANE
Seth Weissman
JEFFER MANGELS BUTLER &
MITCHELL LLP (JMBM)
Shannon Williams
CROWN AGENTS LTD.
Federico Florin
GUYER & REGULES, MEMBER OF
LEX MUNDI
Marisa Franco
CONSULTORES CIUDAD VIEJA
Sergio Franco
PWC URUGUAY
Diego Galante
GALANTE & MARTINS
Renato Guerrieri
GUYER & REGULES, MEMBER OF
LEX MUNDI
Ravshan Adilov
COLIBRI LAW FIRM
Mels Akhmedov
BAS LAW FIRM
Mariana Pisn
BERGSTEIN ABOGADOS
Martn Chiesa
PWC URUGUAY
Mara Durn
HUGHES & HUGHES
Mariana Saracho
GUYER & REGULES, MEMBER OF
LEX MUNDI
Eliana Sartori
PWC URUGUAY
Pierre Aivasovsky
BAKER & MCKENZIE
Enrique Altimari
BAKER & MCKENZIE
Servio T. Altuve Jr.
SERVIO T. ALTUVE R. &
ASOCIADOS
Loc Bernier
CAILLARD & KADDOUR
Vlada Burlachenko
INTERLINK GLOBAL SERVICES
Peter Burnie
PWC KAZAKHSTAN
Kariev Alimdjon
Davrondjonovich
TASHKENT COMMERCIAL COURT
Nail Hassanov
LEGES ADVOKAT LAW FIRM
Javier Noblega
JIMNEZ DE ARCHAGA, VIANA
& BRAUSE
Santiago Madalena
GUYER & REGULES, MEMBER OF
LEX MUNDI
Virginia Brause
JIMNEZ DE ARCHAGA, VIANA
& BRAUSE
Yanet Aguiar
DESPACHO DE ABOGADOS
MIEMBROS DE NORTON ROSE
FULBRIGHT SC
Barry Amoss
SOUTH SEA SHIPPING
(VANUATU) LTD.
Dilshad Habibullaev
COLIBRI LAW FIRM
Tamara Adrian
ADRIAN & ADRIAN
Elvina Asanova
GRATA LAW FIRM
Ignacio Lopez
PWC URUGUAY
Juan Bonet
GUYER & REGULES, MEMBER OF
LEX MUNDI
Jorge Acedo-Prato
HOET PELAEZ CASTILLO &
DUQUE
Renata Gafarova
M&M MILITZER & MNCH
Beatriz Bezon
CONSULTORES CIUDAD VIEJA
VENEZUELA, RB
TRANSPORTE INTERNACIONAL
LGICA OCENICA, C.A.
Umid Aripdjanov
COLIBRI LAW FIRM
Mark Staord
BARRETT & PARTNERS
Sergio Casinelli
DESPACHO DE ABOGADOS
MIEMBROS DE NORTON ROSE
FULBRIGHT SC
Umarzhon Usmanalievich
Egamberdiev
UZGOSENERGONADZOR
Enrique Martnez
Schickendantz
ASOCIACIN DE DESPACHANTES
DE ADUANA DEL URUGUAY
Sunatulla Valikhanov
UZGOSENERGONADZOR
CORRESPONDENT MEMBER OF
DFK INTERNATIONAL
VANUATU
VANUATU FINANCIAL SERVICES
COMMISSION
Marcela Hughes
HUGHES & HUGHES
Leonardo Couto
JOSE MARIA FACAL & CO.
Soa Shakhrazieva
COLIBRI LAW FIRM
Shokir Alimov
AGENCY UZSTANDART
Augusto Cibils
PWC URUGUAY
Nizomiddin Shakhabutdinov
LEGES ADVOKAT LAW FIRM
Nargiza Turgunova
GRATA LAW FIRM
Andres Hermida
URSEA (UNIDAD REGULADORA
DE SERVICIOS DE ENERGA Y
AGUA)
Muzaar Salomov
CREDIT INFORMATION ANALITIC
CENTRE LLC
PWC UZBEKISTAN
SUPERINTENDENCIA DE
SERVICIOS FINANCIEROS BANCO CENTRAL DEL URUGUAY
Alicia Barral
PWC URUGUAY
Akhtamova Valida
Rustamovna
TASHKENT COMMERCIAL COURT
Olga Zalomiy
LAW OFFICES OF OLGA ZALOMIY,
PC
Fernando Bado
ESTUDIO DR. MEZZERA
Abboskhon Jabbarovich
Nematullaev
UZGOSENERGONADZOR
Otabek Suleimanov
COLIBRI LAW FIRM
Darryl Wilson
Gaston Atchugarry
GASTON ATCHUGARRY
ARQUITECTURA-URUGUAY
Sherzod Nasirov
CREDIT INFORMATION ANALITIC
CENTRE LLC
Federico Fischer
HUGHES & HUGHES
Alejandra Garca
FERRERE ABOGADOS
URUGUAY
GRAETZ NUEZ
Zafar Malikov
COLIBRI LAW FIRM
Nelly Djurabaeva
M&M MILITZER & MNCH
Evgeniya Indina
KRESTON TASHKENT
Nizamiddin Kadirov
NATIONAL INSTITUTE OF
CREDIT INFORMATION (NICI)
OF THE CENTRAL BANK OF THE
REPUBLIC OF UZBEKISTAN
Paul de Montgoler
CABINET AJC, AN INDEPENDENT
CORRESPONDENT MEMBER OF
DFK INTERNATIONAL
Frederic Derousseau
VATE ELECTRICS
Jose Garcia
PWC VENEZUELA
Delores Elliott
DATA BUREAU (VANUATU)
LIMITED
Lynne H. Glass
DESPACHO DE ABOGADOS
MIEMBROS DE NORTON ROSE
FULBRIGHT SC
Anthony Frazier
Didier Hamel-Landry
CABINET AJC, AN INDEPENDENT
CORRESPONDENT MEMBER OF
DFK INTERNATIONAL
David Hudson
HUDSON & SUGDEN
Remy Janet
UNELCO
Bill Jimmy
FR8 LOGISTICS LTD.
Colin B. Leo
COLIN BRIGHT LEO LAWYERS
Abdukhamid Karimov
AGENCY UZSTANDART
Philippe Mehrenberger
UNELCO
Gabriela Longo
PALACIOS, ORTEGA Y
ASOCIADOS
Khurshid Kasimdzhanov
M&M MILITZER & MNCH
Edward Nalyal
EDWARD NALYAL & PARTNERS
Maritza Meszaros
BAKER & MCKENZIE
Khurshida Khabibullaeva
GRATA LAW FIRM
Mark Pardoe
SOUTH SEA SHIPPING
(VANUATU) LTD.
Harold Qualao
QUALAO CONSULTING LTD. QCL
Amayris Muoz
HOET PELAEZ CASTILLO &
DUQUE
Nurali Eshibaevich
Khalmuratov
NATIONAL INSTITUTE OF
CREDIT INFORMATION (NICI)
OF THE CENTRAL BANK OF THE
REPUBLIC OF UZBEKISTAN
Kamilla Khamraeva
COLIBRI LAW FIRM
Artem Klimenko
COLIBRI LAW FIRM
Katua Rezel
DEPARTMENT OF LANDS,
SURVEYS & RECORDS
John Ridgway
PLN LAWYERS
ACKNOWLEDGMENTS
Bruno Paredes
LOGISTIKA TSM
John R. Pate
DE SOLA PATE & BROWN,
ABOGADOS - CONSULTORES
Le Hong Phong
BIZCONSULT LAW FIRM
Margie Pirela
PWC VENEZUELA
Bernardo Pisani
RODRIGUEZ & MENDOZA
Eduardo Porcarelli
CONAPRI
Juan Carlos Pr-Rsquez
DESPACHO DE ABOGADOS
MIEMBROS DE NORTON ROSE
FULBRIGHT SC
Melissa Puga Santaella
CONAPRI
Aaron Quintero
DESPACHO DE ABOGADOS
MIEMBROS DE NORTON ROSE
FULBRIGHT SC
Jos Alberto Ramirez
HOET PELAEZ CASTILLO &
DUQUE
Pedro Saghy
DESPACHO DE ABOGADOS
MIEMBROS DE NORTON ROSE
FULBRIGHT SC
Laura Silva Aparicio
HOET PELAEZ CASTILLO &
DUQUE
Oscar Ignacio Torres
TRAVIESO EVANS ARRIA RENGEL
& PAZ
John Tucker
HOET PELAEZ CASTILLO &
DUQUE
Felipe Urdaneta
DATACRDITO - EXPERIAN
VENEZUELA
Carlos Velandia Sanchez
ASOCIACIN VENEZOLANA DE
DERECHO REGISTRAL (AVEDER)
Jos Vivas
LAWYER
VIETNAM
PANALPINA WORLD TRANSPORT
LLP
Samantha Campbell
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Giles Thomas Cooper
DUANE MORRIS LLC
Nhung Dang
LVN & ASSOCIATES
Phuong Dzung Dang
VISION & ASSOCIATES
Nguyen Dang Viet
BIZCONSULT LAW FIRM
Thuy Linh Do
KTC ASSURANCE & BUSINESS
ADVISORS - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Linh Doan
LVN & ASSOCIATES
Phong Nguyen
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
David Fitzgerald
PWC VIETNAM
Trang Nguyen
CREDIT INFORMATION CENTRE STATE BANK OF VIETNAM
Tram Nguyen Huyen
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Trang Nguyen Kim
INDOCHINE COUNSEL
Hung Duy Pham
KTC ASSURANCE & BUSINESS
ADVISORS - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Viet D. Phan
LUATPVD
Vu Anh Phan
INDOCHINE COUNSEL
Dang Anh Quan
RUSSIN & VECCHI
Nguyen Que Tam
CSP LEGAL LLC
Van Anh Thai
KTC ASSURANCE & BUSINESS
ADVISORS - MEMBER
OF RUSSELL BEDFORD
INTERNATIONAL
Thao Nguyen Thi
PWC VIETNAM
Tan Heng Thye
CSP LEGAL LLC
Antoine Toussaint
GIDE LOYRETTE NOUEL, MEMBER
OF LEX MUNDI
Hien Tran
MAYER BROWN LLP
Quang Tran
INDOCHINE COUNSEL
Quang Tuong Tran
INDOCHINE COUNSEL
Dang Dinh Truong
INDOCHINE COUNSEL
Giang Truong
SDV LOGISTICS
Nam Hoai Truong
INDOCHINE COUNSEL
Ho Anh Tuyet
YKVN
Anh Thu Vu
MAYER BROWN LLP
Dzung Vu
LVN & ASSOCIATES
Phuong Vu
LVN & ASSOCIATES
Son Ha Vuong
VISION & ASSOCIATES
Hanna Atrash
AEG
Firas Attereh
HUSSAM ATTEREH GROUP FOR
LEGAL SERVICES
Amjad Badran
USAID WEST BANK AND GAZA
Andrew W. Craig
HUSSEINI & HUSSEINI
Ali Faroun
PALESTINIAN MONETARY
AUTHORITY
Fadi Hamad
USAID WEST BANK AND GAZA
Ali Hamoudeh
JERUSALEM DISTRICT
ELECTRICITY CO. LTD.
Maher Hanania
EQUITY LEGAL GROUP
George Handal
BETHLEHEM FREIGHT
Samir Hulileh
PADICO HOLDINGS
Hiba I. Husseini
HUSSEINI & HUSSEINI
Amjad Issa
PALESTINE INVESTMENT
PROMOTION AGENCY
Hussein Jaloudi
MINISTRY OF FINANCE
Bilal Kamal
ITTQAN ATTORNEYS-AT-LAW
Rasem Kamal
KAMAL & ASSOCIATES
- ATTORNEYS AND
COUNSELLORS-AT-LAW
Mohamed Khader
LAUSANNE TRADING
CONSULTANTS
Tony H. Nassar
A.F. & R. SHEHADEH LAW OFFICE
Hisham Omari
JERUSALEM DISTRICT
ELECTRICITY CO. LTD.
Raed Rajab
INVESTMENT CLIMATE
IMPROVEMENT PROJECT
Samir Sahhar
HLB SAMIR B. SAHHAR
CERTIFIED PUBLIC
ACCOUNTANTS
Maysa Sarhan
PALESTINIAN MONETARY
AUTHORITY
Abdulrahman Sawayfeh
STONE AND MARBLE CLUSTER
Kareem Fuad Shehadeh
A.F. & R. SHEHADEH LAW OFFICE
Nadeem Shehadeh
A.F. & R. SHEHADEH LAW OFFICE
Husein Sholi
JUSTICE SECTOR ASSISTANCE
PROJECT - JSAPII
Richard Wolfe
CHEMONICS
Odeh Zaghmori
PALESTINIAN FEDERATION OF
INDUSTRIES
Khalid Abdullah
SHEIKH MOHAMMED ABDULLAH
SONS (EST. 1927)
Tariq Abdullah
LAW OFFICES OF SHEIKH TARIQ
ABDULLAH
Shaq Adat
LAW OFFICES OF SHEIKH TARIQ
ABDULLAH
Khaled Al Wazir
KHALED AL WAZIR LAW FIRM
Ramzi Al-Ariqi
GRANT THORNTON YEMEN
Mohamed Taha Hamood
Al-Hashimi
MOHAMED TAHA HAMOOD & CO.
Abdulkader Al-Hebshi
ADVOCACY AND LEGAL
CONSULTATIONS OFFICE (ALCO)
Ali Al-Hebshi
ADVOCACY AND LEGAL
CONSULTATIONS OFFICE (ALCO)
Maher Alkladi
LAW OFFICES OF SHEIKH TARIQ
ABDULLAH
Abdalla Al-Meqbeli
ABDALLA AL-MEQBELI &
ASSOCIATES
Ameen Al-Rabeei
SAWSIA ORGANIZATION
Qais Alsanabani
Q&A LAW OFFICE
Anis Ebrahim
Esam Nadeesh
ADVOCACY AND LEGAL
CONSULTATIONS OFFICE (ALCO)
Saeed Sohbi
SAEED HASSAN SOHBI
Khaled Hassan Zaid
YEMEN CHAMBER OF SHIPPING
ZAMBIA
ENERGY MANAGEMENT SERVICES
Azizhusein Adam
AD ADAMS & CO.
Sudhir Balsure
SWIFT FREIGHT INTERNATIONAL
LTD.
Dickson Bwalya
LISULO + BWALYA
Mwelwa Chibesakunda
CHIBESAKUNDA & COMPANY,
MEMBER OF DLA PIPER GROUP
Sydney Chisenga
CORPUS LEGAL PRACTITIONERS
Vishal Joshi
SWIFT FREIGHT INTERNATIONAL
LTD.
Bruce Kaemba
ZAMBIA CUSTOMS AND
FORWARDING AGENTS
ASSOCIATION
Chance Kaonga
NATIONAL COUNCIL FOR
CONSTRUCTION
Mutale Kasonde
CHIBESAKUNDA & COMPANY,
MEMBER OF DLA PIPER GROUP
Perine N. Kasonde
ENVIRONMENTAL COUNCIL OF
ZAMBIA
Mohammad Amarneh
EU POLICE MISSION IN THE
PALESTINIAN TERRITORIES
(EUPOL COPPS)
YEMEN, REP.
CENTRAL BANK OF YEMEN
SAS FOR CARGO SERVICES
Walusiku Lisulo
LISULO + BWALYA
Thaer Amro
AMRO & ASSOCIATES LAW
OFFICE
Qusai Abdalla
ABDALLA AL-MEQBELI &
ASSOCIATES
Johan Lombaard
MANICA AFRICA PTY. LTD.
317
318
Mumba Makumba
PACRA
Daniel Garwe
PLANET
Sylvester Mashamba
NATIONAL COUNCIL FOR
CONSTRUCTION
R.T. Katsande
ZIMBABWE ELECTRICITY
TRANSMISSION & DISTRIBUTION
COMPANY
Bonaventure Mbewe
BARCLAYS BANK
Chosani Mbewe
PWC ZAMBIA
Harriet Mdala
MUSA DUDHIA & COMPANY
Jyoti Mistry
PWC ZAMBIA
Mwape Mondoloka
BARCLAYS BANK
Mutule Museba
CORPUS LEGAL PRACTITIONERS
Henry Musonda
KIRAN & MUSONDA ASSOCIATES
Lloyd Musonda
PACRA
Francis Mwape
NATIONAL COUNCIL FOR
CONSTRUCTION
Nchima Nchito
NCHITO AND NCHITO
ADVOCATES
Kanti Patel
CHRISTOPHER RUSSELL COOK
& CO.
Solly Patel
CHRISTOPHER RUSSELL COOK
& CO.
Rodwyn Peterson
CHIBESAKUNDA & COMPANY,
MEMBER OF DLA PIPER GROUP
John Serlemitsos
PLATINUM GOLD EQUITY
Valerie Sesia
CUSTOMIZED CLEARING AND
FORWARDING LTD.
Sharon K. Sichilongo
ZAMBIA DEVELOPMENT AGENCY
Mildred Stephenson
CREDIT REFERENCE BUREAU
AFRICA LTD.
Thomas Story
PWC ZAMBIA
Mephias Triboyi
MUSA DUDHIA & COMPANY
Enos Zulu
PACRA
ZIMBABWE
ERNST & YOUNG
Richard Beattie
THE STONE/BEATTIE STUDIO
Tim Boulton
MANICA AFRICA PTY. LTD.
Peter Cawood
PWC ZIMBABWE
Antony Chagonda
SAWYER & MKUSHI
Lindsay Cook
ATHERSTONE & COOK
Grant Davies
MANICA AFRICA PTY. LTD.
Beloved Dhlakama
DHLAKAMA B. ATTORNEYS
Farayi Dyirakumunda
EXPERT DECISION SYSTEMS
ZIMBABWE
Paul Fraser
LOFTY & FRASER
DOING
BUSINESS 2013
Smarter Regulations for
Small and Medium-Size Enterprises
2011
2007
2010
2004
2008 2006
2013
10TH EDITION
ISBN 978-1-4648-0351-2
90000
www.doingbusiness.org
9 781464 803512
SKU 210351