Getting Down to Business : Strengthening Economies through Business Registration Reforms

Getting Down to Business : Strengthening Economies through Business Registration Reforms

Business registration remains a complicated and costly process in many countries, hampering entrepreneurial activity and the creation of formal employment. In Bolivia and Uganda, for example, entrepreneurs need to complete 15 procedures to incorporate a limited liability company. In the Gambia and Djibouti, the cost of incorporation is about 180 percent of per capita income, and the average time needed to start up a business in São Paulo, Brazil, is more than 100 days. Rampant bureaucracy and systemic inefficiencies should not pose obstacles for business development and growth. Several research studies find that simpler business start-up processes are associated with higher rates of formal entrepreneurship, lesser development of shadow economies, increased tax revenues, and decreased corruption. It is clear that easy and straightforward business incorporation practices have multiple spillover benefits for the entire economy.

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Bibliographic Details
Main Authors: Saltane, Valentina, Pan, Jiawen
Format: Brief biblioteca
Language:English
en_US
Published: International Finance Corporation, Washington, DC 2013-12
Subjects:ACCESS TO INFORMATION, ACCOUNT, ACCOUNTING, ACCOUNTS, ARTICLES OF ASSOCIATION, AUTHENTICATION, BEST PRACTICES, BUSINESS COMMUNITIES, BUSINESS DEVELOPMENT, BUSINESS ENTRY, BUSINESS INDICATOR, BUSINESS OPERATIONS, BUSINESS REGISTRATION, BUSINESS REGULATIONS, BUSINESS SERVICES, BUSINESSES, CAPITAL REQUIREMENT, CAPITAL REQUIREMENTS, CERTIFICATE, CERTIFICATE OF INCORPORATION, CHARTER, CHARTERS, COMMERCIAL ACTIVITIES, COMMERCIAL BANK, COMPANIES ACT, CORPORATE GOVERNANCE, CREATIVE SOLUTIONS, DIGITAL SIGNATURE, E-MAIL, E-SERVICES, ECONOMIC COOPERATION, ELECTRONIC FORM, ELECTRONIC PLATFORM, ELECTRONIC SERVICES, GOOD PRACTICE, IDENTIFICATION NUMBER, INCORPORATION, INSPECTION, LICENSE, LIMITED, LIMITED LIABILITY, LIMITED LIABILITY COMPANIES, LIMITED LIABILITY COMPANY, MANDATORY DISCLOSURE, MEDIUM ENTERPRISES, NATURAL PERSONS, ONE-STOP SHOP, ONE-STOP SHOPS, ONESTOP SHOP, ONLINE BUSINESS, ONLINE REGISTRATION, ONLINE SERVICE, PARTNERSHIP, PRIVATE COMPANY, REGISTRIES, REGISTRY, REGULATORY AUTHORITY, RESULT, RESULTS, SEARCH, SHARE CAPITAL, SHAREHOLDERS, STARTUPS, STATE ENTERPRISE, TAX IDENTIFICATION NUMBER, USES,
Online Access:http://documents.worldbank.org/curated/en/2013/12/18882382/getting-down-business-strengthening-economies-through-business-registration-reforms
http://hdl.handle.net/10986/18689
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Summary:Business registration remains a complicated and costly process in many countries, hampering entrepreneurial activity and the creation of formal employment. In Bolivia and Uganda, for example, entrepreneurs need to complete 15 procedures to incorporate a limited liability company. In the Gambia and Djibouti, the cost of incorporation is about 180 percent of per capita income, and the average time needed to start up a business in São Paulo, Brazil, is more than 100 days. Rampant bureaucracy and systemic inefficiencies should not pose obstacles for business development and growth. Several research studies find that simpler business start-up processes are associated with higher rates of formal entrepreneurship, lesser development of shadow economies, increased tax revenues, and decreased corruption. It is clear that easy and straightforward business incorporation practices have multiple spillover benefits for the entire economy.

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