Washington, D.C., November 4, 2010—
Jamaica made it easier to register property in the past year by introducing
fast track procedures that save local entrepreneurs time and money, according
to Doing Business 2011: Making a Difference for Entrepreneurs, the
eighth in a series of annual reports published by IFC and the World Bank.
Jamaica eased the transfer of property
by lowering transfer taxes and fees, offering expedited registration procedures,
and making information from the company registrar available online. Registration
for simple property sales is now possible in two days, down from seven.
Other reformers in the Caribbean included
Grenada, Guyana and Haiti. Grenada was among the global leaders in improving
business regulations for local firms. It eased business start-up by transferring
responsibility for its commercial registry from the courts to the civil
administration; nearly halved the time needed to transfer property, and
improved customs administration.
Guyana made starting a business easier
by digitizing company records. The country also enhanced access to credit
by establishing a regulatory framework that allows the licensing of private
credit bureaus and gives borrowers the right to inspect their data. Improvements
to Guyana’s risk profiling system for customs inspection reduced physical
inspections of shipments and sped up trade.
Haiti also eased business start-up by
eliminating the review of the incorporation act by the president’s or
prime minister’s office.
Around the world, governments in 117
economies carried out 216 business regulation reforms aimed at making it
easier to start and operate a business, strengthening transparency and
property rights, and improving the efficiency of commercial dispute resolution
and bankruptcy procedures.
In the past five years about 85 percent
of the world’s economies have made it easier for local entrepreneurs to
operate, through 1,511 improvements to business regulation. Doing Business
2011 shows how much business regulation has changed in 174 economies
The 40 most-improved economies in those
five years include China, the Arab Republic of Egypt, Nigeria, and India,
which together account for more than 40 percent of the world’s population.
Colombia and Peru have also been among the world’s most consistent reformers
of business regulation.
“Governments in the Caribbean, as elsewhere,
have been picking up the pace of improvements to business regulation to
empower local entrepreneurs,” said Sylvia Solf, lead author of the report.
“Small island states such as Grenada, Cape Verde, and Brunei Darussalam
have been paying attention to the quality of business regulation to make
their economies more competitive and to support greater job creation by
About the Doing Business report
Doing Business analyzes regulations
that apply to an economy’s businesses during their life cycle, including
start-up and operations, trading across borders, paying taxes, and closing
a business. Doing Business does not measure all aspects of the business
environment that matter to firms and investors. For example, it does not
measure security, macroeconomic stability, corruption, skill level, or
the strength of financial systems. Its findings have stimulated policy
debates in more than 80 economies and enabled a growing body of research
on how firm-level regulation relates to economic outcomes across economies.
For more information about the Doing Business report series, please
About the World Bank Group
The World Bank Group is one of the world’s
largest sources of funding and knowledge for developing countries. It comprises
five closely associated institutions: the International Bank for Reconstruction
and Development (IBRD) and the International Development Association (IDA),
the International Finance Corporation (IFC); the Multilateral Investment
Guarantee Agency (MIGA); and the International Centre for Settlement of
Investment Disputes (ICSID). Each institution plays a distinct role in
the mission to fight poverty and improve living standards for people in
the developing world. For more information, please visit www.worldbank.org,
Contacts for region-specific queries
on Doing Business 2011:
Latin America and the Caribbean
Adriana Gomez +1 (202) 458-5204
Aguilar +1 (202) 473-6768