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© 2013.Sieglien Burleson L.L.M.. Doing Business Reform Program Suriname Stakeholders Involvement Date : May 27, 2013 Time : – hours Location : Auditorium Self Reliance
© 2013 Sieglien Burleson L.L.M.. 2 World Bank Doing Business measures business regulations across 185 economies using 10 Criteria and 34 sub-criteria Indicator (Topic)Sub-Indicators (Areas of assessment) Starting a Business Number of ProceduresTime (Num of days)Cost (% of income per capita)Paid-In Min Capital Construction Permits Number of ProceduresTime (Num of days)Cost (% of income per capita) Getting Electricity Number of ProceduresTime (Num of days)Cost (% of income per capita) Registering Property Number of ProceduresTime (Num of days)Cost (% of income per capita) Getting Credit Credit Information IndexLegal Rights IndexSum Getting Credit Protecting Investors Disclosure IndexDirector Liability IndexShareholders Suit Index Paying Taxes Number of PaymentsTime (Num of hours)Total Tax Rate (% of Profit) Trading Across Borders Number of Documents for Export Time for Export (Num of Days) Cost to Export (US$ per container) Number of Documents for Import Time for Import (Num of Days) Cost to Import (US$ per container) Enforcing Contracts Number of ProceduresTime (Num of days)Cost (% of claim) Resolving Insolvency Time (Num of Years)Cost (% of Estate)Recovery rate (Cents on the dollar) Confirmed IndicatorSub-Indicator (assessment area) All criteria and sub-criteria are transparent and controllable, enabling economies to improve their ranking by instituting pro-business reforms
© 2013 Sieglien Burleson L.L.M.. 3 Doing Business Data is collected from Feb – Apr annually; reforms must be in place by this period Data Collection Methodology: Questionnaires designed based on simple business case to ensure comparability across economies and time Questionnaires are sent to government officials and industry experts - lawyers, business consultants, accountants, freight forwarders and professionals who routinely administer or advise on legal and regulatory requirements Data from questionnaires are very stringently verified for consistency and checked against local laws and regulations where applicable Where different estimates are received from multiple respondents, median values are used. Current cycle has passed – For 2014 better coordination is required DB Data Collection Coordinating Agency provides potential list of respondents to WB WB releases Surveys to Govt & Non-Govt respondents Coordinating Agency mobilizes and consolidates responses from Government agencies Coordinating Agency submits responses from Government respondents to WB Jan W2W4 Apr May (W2) May (W4)JulAug Jan 2014Feb 2014 Mar 2014 Apr 2014May 2014
© 2013 Sieglien Burleson L.L.M.. 4 Suriname’s ranking according to:
© 2013 Sieglien Burleson L.L.M.. 5 Suriname’s is ranked 164 out of 185 economies surveyed in Doing Business 2013
© 2013 Sieglien Burleson L.L.M.. 6 Suriname’s Performance in Doing Business 2013
© 2013 Sieglien Burleson L.L.M.. 7 Suriname declined 4 ranks to #164 in Doing Business % of 185 economies surveyed dropped 4 ranks or more Suriname is among this 20%, placing us among the least business friendly places globally Suriname is among the bottom 20% for: Starting a Business Registering Property Enforcing Contracts Protecting Investors Resolving Insolvency Getting Credit Ranked near or below the Global Median in: Trading Across Borders Construction Permits Suriname among the 20% economies that decline the most
© 2013 Sieglien Burleson L.L.M.. 8 Suriname did well in some criteria but... Relatively easy for new businesses to Get Electricity – Suriname is ranked 39 of 185 in Ease of Getting Electricity Doing Business 2013 also considers it easier to Pay Taxes in Suriname than 136 other economies – Suriname is ranked 49 of 185 Also been improvements in: Dealing with Construction Permits + 2 rank increase Paying Taxes + 2 rank increase Resolving Insolvency + 1 rank increase BUT: Suriname’s Doing Business Rank Increases in some criteria were not a result of reform efforts but rather an increase in GDP (which brought down the Cost indicators) or rank decreases by other economies Paying Taxes Getting Electricity
© 2013 Sieglien Burleson L.L.M.. 9 Immediate attention required in other areas... World Bank Doing Business still reports that it takes 694 days to Start a Business in Suriname Next closest economy is Congo Republic (ranked 183), where it takes 161 days to Start a Business By contrast, it only takes 20 days to Start a Business in Guyana and 105 days in Haiti Suriname is the clear outlier Next closest is Congo Republic
© 2013 Sieglien Burleson L.L.M.. 10 Past five years, Doing Business reported that Suriname did not improve but deteriorated Starting a Business Construction Permits Getting Electricity Registering Property Getting Credit Protecting Investors Paying Taxes Trade Across Borders Enforcing Contracts Resolving Insolvency 2009NNNANNNNNNN 2010NNNANNNNNN 2011NNANNNNNNN 2012NNNNNNNNNN 2013NNNNNNNNN DB 2010 – Suriname implemented new valuation requirements to insure proper tax payments at the Land Registry which increased procedures, cost and time to Register Property DB2011 – VP reduced the time to under 21 days and simplified the procedures to Start a Business DB Suriname increased the time to export by involving more customs departments in clearing exports, making it more tedious to Trade Across Borders N – No Reform Positive ReformsNA – Not Assessed Negative Reforms
© 2013 Sieglien Burleson L.L.M.. 11 Expected Output Policy reforms that drive a pro business environment A Doing Business Diagnostic Study (Phase 0) and Identification of Quick Wins (Phase 1) Set of medium term reform plans based on recommendations from Diagnostics Study (Phase 2) Institutional long term reforms plans (Phase 3) A Doing Business management process and governance structure
© 2013 Sieglien Burleson L.L.M.. 12 What is expected from stakeholders? Assistance to identify, validate, prioritise areas for reforms to reduce time and cost and strengthen governance and ICT Co-encouragement and ownership for implementation of the roadmap for reform Promotion and support by strategic stakeholders and process owners to keep improving
© 2013 Sieglien Burleson L.L.M.. 13 GOAL DB Reform Program Together with stakeholders establish an enabling environment for Doing Business, that promotes an Entrepreneurial Society and contributes to the sustainable strengthening of the national competitiveness, consequently improving the international ranking of our Country.
© 2013 Sieglien Burleson L.L.M.. 14 is now...
© 2013.Sieglien Burleson L.L.M.. Thank you
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