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1 Angola

2 2010 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington, DC Telephone Internet All rights reserved A copublication of The World Bank and the International Finance Corporation. This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of the World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone ; fax ; Internet All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher,The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax ; Additional copies of 2011: Making a Difference for Entrepreneurs, 2010: Reforming through Difficult Times, 2009, 2008, 2007: How to Reform, in 2006: Creating Jobs, in 2005: Removing Obstacles to Growth and in 2004:Understanding Regulations may be purchased at ISBN: E-ISBN: DOI: / ISSN: Library of Congress Cataloging-in-Publication data has been applied for. Printed in the United States

3 Current features News on the project Rankings How economies rank-from 1 to Reformers Short summaries of DB2011 reforms, lists of reformers since DB2004 and a ranking simulation tool Historical data Customized data sets since DB Methodology and research The methodologies and research papers underlying Download reports Access to reports as well as subnational and regional reports, reform case studies and customized country and regional profiles Subnational and regional projects Differences in business regulations at the subnational and regional level Law Library Online collection of business laws and regulations relating to business and gender issues Contents Introduction and Aggregate Rankings 5 - Year Measure of Cumulative Change Starting a Business Dealing with Construction Permits Registering Property Getting Credit Protecting Investors Paying Taxes Trading Across Borders Enforcing Contracts Closing a Business 2011 Business Reforms Local partners More than 8,200 specialists in 183 economies who participate in Business Planet Interactive map on the ease of doing business

4 2011 : Making a Difference for Entrepreneurs is the eighth in a series of annual reports investigating regulations that enhance business activity and those that constrain it. presents quantitative indicators on business regulations and the protection of property rights that can be compared across 183 economies, from Afghanistan to Zimbabwe, over time. A set of regulations affecting 9 stages of a business s life are measured: starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. Data in 2011 are current as of June 1, 2010*. The indicators are used to analyze economic outcomes and identify what reforms have worked, where, and why. The methodology has limitations. Other areas important to business such as an economy s proximity to large markets, the quality of its infrastructure services (other than those related to trading across borders), the security of property from theft and looting, the transparency of government procurement, macroeconomic conditions or the underlying strength of institutions, are not studied directly by. To make the data comparable across economies, the indicators refer to a specific type of business, generally a local limited liability company operating in the largest business city. Because standard assumptions are used in the data collection, comparisons and benchmarks are valid across economies. The data not only highlight the extent of obstacles to doing business; they also help identify the source of those obstacles, supporting policymakers in designing reform. The data set covers 183 economies: 46 in Sub-Saharan Africa, 32 in Latin America and the Caribbean, 25 in Eastern Europe and Central Asia, 24 in East Asia and Pacific, 18 in the Middle East and North Africa and 8 in South Asia, as well as 30 OECD high-income economies. The following pages present the summary indicators for Angola. The data used for this economy profile come from the database and are summarized in graphs. These graphs allow a comparison of the economies in each region not only with one another but also with the good practice economy for each indicator. The good-practice economies are identified by their position in each indicator as well as their overall ranking and by their capacity to provide good examples of business regulation to other countries. These good-practice economies do not necessarily rank number 1 in the topic or indicator, but they are in the top 10. More information is available in the full report : Making a Difference for Entrepreneurs presents the indicators, analyzes their relationship with economic outcomes and recommends reforms. The data, along with information on ordering the report, are available on the website ( * Except for the Paying Taxes indicator that refers to the period January to December of Note: data and rankings have been recalculated to reflect changes to the methodology and the addition of new economies (in the case of the rankings). 1

5 Economy Rankings - Ease of Angola is ranked 163 out of 183 economies. Singapore is the top ranked economy in the Ease of. Angola - Compared to global good practice economy as well as selected economies: Angola's ranking in 2011 Rank 2011 Ease of 163 Starting a Business 164 Dealing with Construction Permits 128 Registering Property 174 Getting Credit 116 Protecting Investors 59 Paying Taxes 142 Trading Across Borders 166 Enforcing Contracts 181 Closing a Business 147 2

6 Summary of Indicators - Angola Starting a Business Procedures (number) 8 Time (days) 68 Cost (% of income per capita) Min. capital (% of income per capita) 28.7 Dealing with Construction Permits Procedures (number) 12 Time (days) 328 Cost (% of income per capita) Registering Property Procedures (number) 7 Time (days) 184 Cost (% of property value) 11.5 Getting Credit Strength of legal rights index (0-10) 4 Depth of credit information index (0-6) 3 Public registry coverage (% of adults) 2.4 Private bureau coverage (% of adults) 0.0 Protecting Investors Extent of disclosure index (0-10) 5 Extent of director liability index (0-10) 6 Ease of shareholder suits index (0-10) 6 Strength of investor protection index (0-10) 5.7 Paying Taxes Payments (number per year) 31 Time (hours per year) 282 Profit tax (%) 24.6 Labor tax and contributions (%) 9.0 Other taxes (%) 19.5 Total tax rate (% profit) 53.2 Trading Across Borders Documents to export (number) 11 Time to export (days) 52 Cost to export (US$ per container) 1850 Documents to import (number) 8 Time to import (days) 49 Cost to import (US$ per container)

7 Enforcing Contracts Procedures (number) 46 Time (days) 1011 Cost (% of claim) 44.4 Closing a Business Recovery rate (cents on the dollar) 8.4 Time (years) 6.2 Cost (% of estate) 22

8 The 5 year measure of cumulative change illustrates how the business regulatory environment has changed in 174 economies from 2006 to Instead of highlighting which countries currently have the most business friendly environment, this new approach shows the extent to which an economy s regulatory environment for business has changed compared with 5 years ago. This snapshot reflects all cumulative changes in an economy s business regulation as measured by the indicators-such as a reduction in the time to start a business thanks to a one-stop shop or an increase in the strength of investor protection index thanks to new stock exchange rules that tighten disclosure requirements for related-party transactions. This figure shows the distribution of cumulative change across the 9 indicators and time between 2006 and Doing business has become easier (DB change score) Doing business has become more difficult or more costly Angola Swaziland Botswana Lesotho South Africa Namibia

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10 1. Benchmarking Starting a Business Regulations: Angola is ranked 164 overall for Starting a Business. Ranking of Angola in Starting a Business - Compared to good practice and selected economies: 7

11 The following table shows Starting a Business data for Angola compared to good practice and comparator economies: Good Practice Economies Procedures (number) Time (days) Cost (% of income per capita) Min. capital (% of income per capita) Denmark* 0.0 New Zealand* Selected Economy Angola Comparator Economies Botswana Lesotho Namibia South Africa Swaziland * The following economies are also good practice economies for : Procedures (number): Canada Cost (% of income per capita): Slovenia 8

12 2. Historical data: Starting a Business in Angola Starting a Business data Rank Procedures (number) Time (days) Cost (% of income per capita) Min. capital (% of income per capita) The following graphs illustrate the Starting a Business sub indicators in Angola over the past 4 years: 9

13 Starting a Business Summary - Angola This table summarizes the procedures and costs associated with setting up a business in Angola. STANDARDIZED COMPANY Legal Form: Sociedade por Quotas de Responsabilidade Limitada (LDA) City: Luanda Registration Requirements: No: Procedure Time to complete Cost to complete 1 Search for unique company name and pick up the relevant certificate 1 KZ KZ 24,090 2 Deposit the legally required initial capital in a bank and obtain deposit 1 no charge evidence; pay the registration fee 3 Verify the company documents at the Guichet Unico 1 no charge 4 Obtain NIF at Guichet Unico 1 no charge 5 Notarize company draft documents, register the company and pay 4 AOA 315,337 registration fees at Guichet Unico 6 Obtain the Commercial Operations Permit from the Ministry of 60 USD 1,000 Commerce 7 * Legalize the inventory and diary books with the Tax Office 1 USD 3 10

14 8 * Legalize the inventory and diary books with the judge of the 1 USD 20 provincial court having jurisdiction over the area of the company s headquarters * Takes place simultaneously with another procedure. 11

15 Starting a Business Details - Angola Procedure 1 Search for unique company name and pick up the relevant certificate Time to complete: 1 Cost to complete: KZ KZ 24,090 Comment: The company name can be verified at the commercial registry (Ficheiro Central de Denominações Sociais), affiliated with the Ministry of Justice. To obtain the company name certificate, an application (with copy of identification attached) must be filed with the one stop shop (Guiché Único das Empresas), as follows: 1. State the company s proposed name. 2. Request the issuance of a certificate, confirming that such name is acceptable and is not similar to any existing company name. Procedure 2 Fees for company name certificate: - Form: AOA Certificate: AOA 24,090. Deposit the legally required initial capital in a bank and obtain deposit evidence; pay the registration fee Time to complete: 1 Cost to complete: Comment: Procedure 3 no charge The Kwanza amount equivalent to USD 1,000 will soon become the minimum share capital required for the incorporation of a limited liability company (Sociedade por Quotas de Responsabilidade Limitada), according to the new Companies Law, recently approved by the Angolan Parliament and due to be published in the Official Journal. For such corporate form, notaries require an amount equivalent to about USD 135. Verify the company documents at the Guichet Unico Time to complete: 1 Cost to complete: Comment: Procedure 4 no charge This procedure takes place in the Guichet Unico. The clerks and the Judges are sitting in cubicles facing each other. Companies have 2 options; either to resort to lawyer services to draft the company documents or to fill in the standards documents. If the company decides to use the standard statutes of Association from the Guichet (2 pages), it takes 1 hour at most. the applicant just enters the information (ID info of associates, address, activities of company) and confirms that the articles are applicable to the type of company as the guichet has 4 different types of statutes. In the case statutes are prepared by a lawyer, the process might take 1/2 to 1 day for lawyers to review. However, in this case company documents are more detailed and thus documents' rejection is unlikely. Obtain NIF at Guichet Unico Time to complete: 1 12

16 Cost to complete: no charge Comment: Once documents are verified and completed, applicant apply to the station of the Direccao National dos Impostos to obtain NIF, where all taxes and fees one must pay are calculated. This service is free of charge and does not take more than 15 minutes. However, the tax fees is Kz. Procedure 5 Notarize company draft documents, register the company and pay registration fees at Guichet Unico Time to complete: 4 Cost to complete: AOA 315,337 Comment: Procedure 6 The applicant submits the dossier to the Notary Public at the Guichet Unico. Once the Notary reviewes and notarizes the dossier, he will have a reading with the applicant present or the accredited person to ensure there are no mistakes. There are 3 conference rooms with projectors which allow all the associates to see the text and make modification. This service fee is included in the Guichet fees and takes a day depending on room availability and complexity of the company s Articles of incorporation.after this lecture, the notary makes copies and send to each of the agencies involved a copy for approval and filing. The centralized post distribute these to the representatives of Impresa National, National Institute of Statistics, Tax office of the Ministry of Finance, Social Security Institute and the Ministry of Public Administration, Employment, and Social Security. Each agent from each institution is in charge of sending the files to his/her agency, but this doesn't impede on the process of registration. For Impresa national, the receipt is sufficient to continue the process. Despite the fact that law says docuements should be published before getting the license to operate, the system at Impresa National makes it unlikely for daily or weekly publication, therefore the Ministry of Commerce uses the receipt as proof. The fees for these services are included in the Guichet Unico s cost. The time for this process depends on the presence of various agents and the complexity of the case. Each of the organizations sited above have a representative within Guichet with authority to deliver the accreditation that the step has been accomplished. Obtaining the final document (except the publication in the Official Gazette) would take 4 days (on average). Fees are paid at the bank counter of banco BAI within the Guichet to facilitate payment of the different fees. Each agency and fees goes to a specific account and payments can be made cash or by card. Obtain the Commercial Operations Permit from the Ministry of Commerce Time to complete: 60 Cost to complete: USD 1,000 Comment: Procedure 7 To carry out commercial activities in Angola, a company must obtain a commercial operations permit (alvará) from the Ministry of Commerce. To apply for the issuance of the commercial operations permit, the following documents must be filed with the Municipal Delegation of the Ministry of Commerce: (a) company s notary deed of incorporation; (b) copy of the tax identification card; (c) commercial registration certificate; (d) statistical registration certificate; (e) extracts from the criminal record of the founders; (f) opinion, by the relevant administrative authority, on the company s geographical location and social and economic feasibility; and (g) a photocopy of ID or passport. For the issuance of the commercial operations permit, one requirement is for the relevant administrative authorities to inspect the company s premises to confirm they are suitable for commercial activities. Legalize the inventory and diary books with the Tax Office Time to complete: 1 Cost to complete: USD 3 Comment: The inventory and diary books are taken annually to the Tax Office for registration of the annual accounts. 13

17 Procedure 8 Legalize the inventory and diary books with the judge of the provincial court having jurisdiction over the area of the company s headquarters Time to complete: 1 Cost to complete: USD 20 Comment: The registration book of the minutes of the General Assembly meetings must be registered with the Tax Office (USD cents per page) and the Provincial Court (USD 0.67 cents per page). After the registration of any such minutes in the book, it should be registered with the notary public (USD 17 per shareholder signature). 14

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19 1. Benchmarking Dealing with Construction Permits Regulations: Angola is ranked 128 overall for Dealing with Construction Permits. Ranking of Angola in Dealing with Construction Permits - Compared to good practice and selected economies: 16

20 The following table shows Dealing with Construction Permits data for Angola compared to good practice and comparator economies: Good Practice Economies Procedures (number) Time (days) Cost (% of income per capita) Denmark 6 Qatar 0.8 Singapore 25 Selected Economy Angola Comparator Economies Botswana Lesotho Namibia South Africa Swaziland

21 2. Historical data: Dealing with Construction Permits in Angola Dealing with Construction Permits data Rank Procedures (number) Time (days) Cost (% of income per capita) The following graphs illustrate the Dealing with Construction Permits sub indicators in Angola over the past 4 years: 18

22 Dealing with Construction Permits in Angola The table below summarizes the procedures, time, and costs to build a warehouse in Angola. BUILDING A WAREHOUSE City: Luanda Registration Requirements: No: Procedure Time to complete Cost to complete 1 Obtain a proof of title of property for the land 15 days AOA 3,000 2 Obtain permission to build from fire department 5 days no charge 3 Request license to build from the provincial governor 180 days AOA 13,200 4 * Receive on-site inspection from the provincial government 1 day no charge 5 * Obtain approval from telephone provider (Angola Telecom) 1 day no charge 6 Hire inspection firm 1 day AOA 632,640 7 Obtain occupancy permit and request inspection by provincial authorities 30 days AOA 2,000 8 * Receive final inspection by provincial authorities 1 day no charge 19

23 9 Obtain electric power connection 16 days AOA 1,107, * Obtain telephone connection 15 days AOA 7, * Obtain water and sewage connection 10 days no charge 12 Register the building with the real estate registry 90 days no charge * Takes place simultaneously with another procedure. 20

24 Dealing with Construction Permits Details - Angola Procedure 1 Obtain a proof of title of property for the land Time to complete: 15 days Cost to complete: AOA 3,000 Agency: Comment: Real Estate Registry of Luanda BuildCo must obtain this document from the Real Estate Registry in Luanda. The proof of ownership is valid for 6 months. Procedure 2 Obtain permission to build from fire department Time to complete: Cost to complete: Agency: Comment: 5 days no charge Fire Department The fees, varying according to project size and location, must be paid to the fire department. To estimate the fees, the fire department requires details about the warehouse location. The fees are not regulated and appear to be assigned in a relatively random fashion. Procedure 3 Request license to build from the provincial governor Time to complete: 180 days Cost to complete: AOA 13,200 Agency: Comment: Provincial Government To obtain the license to build, BuildCo must file with the provincial government its application and all required documents (listed in the procedures above). Procedure 4 Receive on-site inspection from the provincial government Time to complete: Cost to complete: Agency: Comment: 1 day no charge Provincial Government After receiving the application for construction permit, the Urban Department (Luanda Province) visits the prospective site to confirm whether the applicant s information is accurate. Procedure 5 Obtain approval from telephone provider (Angola Telecom) Time to complete: Cost to complete: Agency: 1 day no charge Angola Telecom 21

25 Comment: Angola Telecom sets the approval fee according to request processing time. Procedure 6 Hire inspection firm Time to complete: 1 day Cost to complete: AOA 632,640 Agency: Comment: Procedure 7 Private Inspection Firm The company must hire an inspection firm to closely follow construction progress and to ensure compliance with all statutory rules. The inspection firm s fees usually vary between 3% and 5% of the price provided in the agreement with the construction contractor. Obtain occupancy permit and request inspection by provincial authorities Time to complete: 30 days Cost to complete: AOA 2,000 Agency: Comment: Procedure 8 Provincial Government Once construction is completed, several departments and provincial authorities must inspect the building: the fire department, the engineering department, and the town services department. Receive final inspection by provincial authorities Time to complete: Cost to complete: Agency: Comment: 1 day no charge Provincial Government Once the building is completed, the Luanda provincial government conducts a final inspection. Several departments and provincial authorities are involved in the final inspection and issue their technical opinions. After the inspection, the occupancy permit will be issued. Procedure 9 Obtain electric power connection Time to complete: 16 days Cost to complete: AOA 1,107,134 Agency: Comment: Procedure 10 Empresaa de Distribuicao de Electricidade (EDEL) To request electric service, the building owner sends a letter to Luanda s power company (Empresa de Electricidade de Luanda, EDEL). Along with the letter, the owner submits a certificate of building location and a copy of the construction permit. The connection fees vary according to the warehouse size. Obtain telephone connection Time to complete: 15 days 22

26 Cost to complete: AOA 7,908 Agency: Comment: Procedure 11 Angola Telecom To request a telephone connection, BuildCo must send a letter with a copy of the building permit. The telephone service fees vary by warehouse size and the requested number of phone lines. Obtain water and sewage connection Time to complete: Cost to complete: Agency: Comment: 10 days no charge Empresa Provincial de Agua de Luanda (EPAL) To request a water and sewage connection, BuildCo must send a letter to the public sector water company in Luanda (Empresa Publica de Aguas de Luanda, EPAL). Along with the letter, the developer must submit a certificate of building location and a copy of the building permit. The connection fees vary according to warehouse size. Procedure 12 Register the building with the real estate registry Time to complete: Cost to complete: Agency: Comment: 90 days no charge Real Estate Registry of Luanda The Real Estate Registry charges building registration fees that are in line with taxes assessed on the building by the tax authorities. 23

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28 1. Benchmarking Registering Property Regulations: Angola is ranked 174 overall for Registering Property. Ranking of Angola in Registering Property - Compared to good practice and selected economies: 25

29 The following table shows Registering Property data for Angola compared to good practice and comparator economies: Good Practice Economies Procedures (number) Time (days) Cost (% of property value) New Zealand* 2 Norway* 1 Saudi Arabia 0.0 Selected Economy Angola Comparator Economies Botswana Lesotho Namibia South Africa Swaziland * The following economies are also good practice economies for : Procedures (number): United Arab Emirates Time (days): Saudi Arabia, Thailand, United Arab Emirates 26

30 2. Historical data: Registering Property in Angola Registering Property data Rank Procedures (number) Time (days) Cost (% of property value) The following graphs illustrate the Registering Property sub indicators in Angola over the past 4 years: 27

31 Registering Property in Angola This topic examines the steps, time, and cost involved in registering property in Angola. STANDARDIZED PROPERTY Property Value: 12,716, City: Luanda Registration Requirements: No: Procedure Time to complete Cost to complete 1 * Obtain an updated ownership certificate from the Registry 7 days (simultaneous with procedure 2) AOA 1,550 2 * Obtain an updated tax certificate from the Tax Office 7 days (simultaneous with procedure 1) AOA 1,500 3 Pay conveyance tax (SISA) and stamp duty 1 day 10% of property value (conveyance tax) + 0.8% of property value (stamp duty) 4 Execute the deed of transfer before a notary public 15 days Already paid in Procedure 3 28

32 5 Apply for provisional registration at the Land Registry Office 5 days Value of property Fee per 30 UCF (UCF) Number Amounta) up to 60 UCF = 6 = 6 * 2 = 12.00b) from 60 UCF to 400 UCF = 9 * ((400-60))/30 = c) from 400 UCF to 4000 UCF = 10 * (( )/30) = 1,200.00d) above 4000 UCF = 0.05 * ((property value )/30)) =327.42Total registration fee (UCF) 1,641.42Total registration fee (AOA) = * 53 = 86, Receive definitive registration from the Real Estate Registry 150 days (5 months) Already paid in Procedure 5 7 Apply for definitive registration at the Tax Office 5 days AOA 105 * Takes place simultaneously with another procedure. 29

33 Registering Property Details - Angola Procedure 1 Obtain an updated ownership certificate from the Registry Time to complete: 7 days (simultaneous with procedure 2) Cost to complete: AOA 1,550 Agency: Real Estate Registry (Conservatória do registo predial de Luanda) Comment: Procedure 2 An updated ownership certificate is obtained from the relevant Real Estate Registry. It sets out a full description of the property, including information on its owner and any charges, liens or encumbrances pending over the property. Obtain an updated tax certificate from the Tax Office Time to complete: 7 days (simultaneous with procedure 1) Cost to complete: AOA 1,500 Agency: Tax Office Comment: Procedure 3 An updated tax certificate is obtained from the relevant Tax Office, detailing the description of the property. Pay conveyance tax (SISA) and stamp duty Time to complete: Cost to complete: 1 day 10% of property value (conveyance tax) + 0.8% of property value (stamp duty) Comment: Typically, this is only paid when the parties have agreed between them and with a notary public a fixed date for the execution of the required notary deed. A receipt will be issued by the tax authorities, which will then be given to the notary public as part of Procedure 4 below. The 0.8% Stamp Duty is payable on the SISA receipt. The documentation shall include: A statement by the seller setting out the sales value or a copy of the Promissory Agreement of Sale and Purchase signed by both parties. Procedure 4 Execute the deed of transfer before a notary public Time to complete: 15 days Cost to complete: Already paid in Procedure 3 Comment: A notary public executes the deed of transfer. From this moment onwards, the buyer is the lawful owner of the property in light of the transaction. Registration is needed for publicity purposes and protection against third parties. The documentation shall include: Proof of payment of conveyance tax (obtained in Procedure 3) 30

34 Updated registry certificate from Land Registry (obtained in Procedure 1) Updated tax certificate from Tax Office (obtained in Procedure 2) Personal identification documents of the buyer and seller (passports, identity card, etc.) Registry of Companies' Certificates if seller and buyer are companies, so as to provide evidence that the officer executing the deed on behalf of the corresponding company has authority to do so. Procedure 5 Apply for provisional registration at the Land Registry Office Time to complete: 5 days Cost to complete: Value of property Fee per 30 UCF (UCF) Number Amounta) up to 60 UCF = 6 = 6 * 2 = 12.00b) from 60 UCF to 400 UCF = 9 * ((400-60))/30 = c) from 400 UCF to 4000 UCF = 10 * (( )/30) = 1,200.00d) above 4000 UCF = 0.05 * ((property value )/30)) =327.42Total registration fee (UCF) 1,641.42Total registration fee (AOA) = * 53 = 86, Agency: Land Registry Office Comment: Procedure 6 The notarized deed certificate must be presented to apply for provisional registration at the Land Registry Office. It is no longer necessary to apply for provisional registration at the Tax Office as final registration with the tax office is processed much quicker than with the Real Estate Registry. Receive definitive registration from the Real Estate Registry Time to complete: 150 days (5 months) Cost to complete: Already paid in Procedure 5 Agency: Real Estate Registry (Conservatória do registo predial de Luanda) Comment: Procedure 7 This procedure is a conversion, not a new act of registration and it will take place approximately 10 months after provisional registration. The procedure takes so long because there is a backlog, all records are paper-based and the entire history of transactions relevant to the property must be checked every time. Apply for definitive registration at the Tax Office Time to complete: 5 days Cost to complete: AOA 105 Agency: Tax Office Comment: At the tax office, there is only final registration. Provisional registration is no longer applicable, as final registration has become considerably faster. 31

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36 1. Benchmarking Getting Credit Regulations: Angola is ranked 116 overall for Getting Credit. Ranking of Angola in Getting Credit - Compared to good practice and selected economies: 33

37 The following table shows Getting Credit data for Angola compared to good practice and comparator economies: Good Practice Economies Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) New Zealand* Portugal 67.1 Singapore* 10 United Kingdom 6 Selected Economy Angola Comparator Economies Botswana Lesotho Namibia South Africa Swaziland * The following economies are also good practice economies for : Strength of legal rights index (0-10): Hong Kong, China, Kenya, Kyrgyz Republic, Malaysia Private bureau coverage (% of adults): Argentina, Australia, Canada, Iceland, Ireland, Norway, Sweden, United Kingdom, United States 27 countries have the highest credit information index. 34

38 2. Historical data: Getting Credit in Angola Getting Credit data Rank Strength of legal rights index (0-10) Depth of credit information index (0-6) Private bureau coverage (% of adults) Public registry coverage (% of adults) The following graphs illustrate the Getting Credit sub indicators in Angola over the past 4 years: 35

39 Getting Credit in Angola The following table summarize legal rights of borrowers and lenders, and the availability and legal framework of credit registries in Angola. Getting Credit Indicators (2010) Indicator Private bureau coverage (% of adults) Private credit bureau Public credit registry 3 Are data on both firms and individuals distributed? No Yes 1 Are both positive and negative data distributed? No Yes 1 Does the registry distribute credit information from retailers, trade creditors or utility companies as well as financial institutions? No No 0 Are more than 2 years of historical credit information distributed? No No 0 Is data on all loans below 1% of income per capita distributed? No Yes 1 Is it guaranteed by law that borrowers can inspect their data in the largest credit registry? No No 0 Coverage Number of individuals 0 214,000 Number of firms 0 31,000 36

40 Strength of legal rights index (0-10) Can any business use movable assets as collateral while keeping possession of the assets; and any financial institution accept such assets as collateral? 4 Yes Does the law allow businesses to grant a non possessory security right in a single category of movable assets, without requiring a specific description of collateral? No Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without requiring a specific description of collateral? No May a security right extend to future or after-acquired assets, and may it extend automatically to the products, proceeds or replacements of the original assets? No Is a general description of debts and obligations permitted in collateral agreements, so that all types of obligations and debts can be secured by stating a maximum amount rather than a specific amount between the parties? Yes Is a collateral registry in operation, that is unified geographically and by asset type, as well as indexed by the grantor's name of a security right? No Do secured creditors have absolute priority to their collateral outside bankruptcy procedures? No Do secured creditors have absolute priority to their collateral in bankruptcy procedures? No During reorganization, are secured creditors' claims exempt from an automatic stay on enforcement? Yes Does the law authorize parties to agree on out of court enforcement? Yes 37

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42 1. Benchmarking Protecting Investors Regulations: Angola is ranked 59 overall for Protecting Investors. Ranking of Angola in Protecting Investors - Compared to good practice and selected economies: 39

43 The following table shows Protecting Investors data for Angola compared to good practice and comparator economies: Good Practice Economies Strength of investor protection index (0-10) New Zealand 9.7 Selected Economy Angola 5.7 Comparator Economies Botswana 6.0 Lesotho 3.7 Namibia 5.3 South Africa 8.0 Swaziland

44 2. Historical data: Protecting Investors in Angola Protecting Investors data Rank Strength of investor protection index (0-10) The following graph illustrates the Protecting Investors index in Angola compared to best practice and selected Economies: New Zealand South Africa Botswana Angola Namibia Swaziland Lesotho Note: The higher the score, the greater the investor protection. 41

45 Protecting Investors in Angola The table below provides a full breakdown of how the disclosure, director liability, and shareholder suits indexes are calculated in Angola. Protecting Investors Data (2010) Indicator Extent of disclosure index (0-10) 5 What corporate body provides legally sufficient approval for the transaction? Whether immediate disclosure of the transaction to the public and/or shareholders is required? Whether disclosure of the transaction in published periodic filings (annual reports) is required? Whether disclosure of the conflict of interest by Mr. James to the board of directors is required? Whether an external body must review the terms of the transaction before it takes place? Extent of director liability index (0-10) Whether shareholders can hold Mr. James liable for the damage that the Buyer-Seller transaction causes to the company? Whether shareholders can hold the approving body (the CEO or board of directors) liable for the damage that the Buyer-Seller transaction causes to the company? Whether a court can void the transaction upon a successful claim by a shareholder plaintiff? Whether Mr. James pays damages for the harm caused to the company upon a successful claim by the shareholder plaintiff?

46 Whether Mr. James repays profits made from the transaction upon a successful claim by the shareholder plaintiff? Whether fines and imprisonment can be applied against Mr. James? Whether shareholders can sue directly or derivatively for the damage that the Buyer-Seller transaction causes to the company? Ease of shareholder suits index (0-10) 6 Whether the plaintiff can obtain any documents from the defendant and witnesses during trial? Whether the plaintiff can directly question the defendant and witnesses during trial? Whether the plaintiff can request categories of documents from the defendant without identifying specific ones? Whether shareholders owning 10% or less of Buyer's shares can request an inspector to investigate the transaction? Whether the level of proof required for civil suits is lower than that of criminal cases? Whether shareholders owning 10% or less of Buyer's shares can inspect transaction documents before filing suit? Strength of investor protection index (0-10)

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48 1. Benchmarking Paying Taxes Regulations: Angola is ranked 142 overall for Paying Taxes. Ranking of Angola in Paying Taxes - Compared to good practice and selected economies: 45

49 The following table shows Paying Taxes data for Angola compared to good practice and comparator economies: Good Practice Economies Payments (number per year) Time (hours per year) Total tax rate (% profit) Maldives* 3 0 Timor-Leste 0.2 Selected Economy Angola Comparator Economies Botswana Lesotho Namibia South Africa Swaziland * The following economies are also good practice economies for : Payments (number per year): Qatar 46

50 2. Historical data: Paying Taxes in Angola Paying Taxes data Rank Total tax rate (% profit) Payments (number per year) Time (hours per year) The following graphs illustrate the Paying Taxes sub indicators in Angola over the past 4 years: 47

51 Paying Taxes in Angola The table below addresses the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year in Angola, as well as measures of administrative burden in paying taxes. Tax or mandatory contribution Payments (number) Notes on Payments Time (hours) Statutory tax rate Tax base Totaltax rate (% profit) Notes on TTR Consumption tax % sales stamp duty on contracts 1 various rates contract value Property transfer tax % contract value (turnover) 0.00 Circulation fee 1 AOA 9000 fixed fee 0.10 Fuel tax % fuel price 1.70 Social security contributions % gross salaries 9.00 Stamp tax 0 paid jointly 1.0% contract value (turnover) Corporate income tax % taxable profit Totals

52 49

53 1. Benchmarking Trading Across Borders Regulations: Angola is ranked 166 overall for Trading Across Borders. Ranking of Angola in Trading Across Borders - Compared to good practice and selected economies: 50

54 The following table shows Trading Across Borders data for Angola compared to good practice and comparator economies: Good Practice Economies Documents to export (number) Time to export (days) Cost to export (US$ per container) Documents to import (number) Time to import (days) Cost to import (US$ per container) Denmark* 5 France 2 2 Malaysia 450 Singapore Selected Economy Angola Comparator Economies Botswana Lesotho Namibia South Africa Swaziland * The following economies are also good practice economies for : Time to export (days): Estonia 51

55 2. Historical data: Trading Across Borders in Angola Trading Across Borders data Rank Cost to export (US$ per container) Cost to import (US$ per container) Documents to export (number) Documents to import (number) Time to export (days) Time to import (days) The following graphs illustrate the Trading Across Borders sub indicators in Angola over the past 4 years: 52

56 53

57 Trading Across Borders in Angola These tables list the procedures necessary to import and export a standardized cargo of goods in Angola. The documents required to export and import the goods are also shown. Nature of Export Procedures (2010) Duration (days) US$ Cost Documents preparation Customs clearance and technical control Ports and terminal handling Inland transportation and handling Totals Nature of Import Procedures (2010) Duration (days) US$ Cost Documents preparation Customs clearance and technical control Ports and terminal handling Inland transportation and handling Totals

58 Documents for Export and Import Export Bill of lading Cargo release order Certificate of origin Commercial Invoice Customs export declaration Foreign exchange authorization Inspection report Packing list Tax certificate Technical standard/health certificate Terminal handling receipts Bill of lading Certificate of origin Import Clean inspection report of findings Commercial invoice Customs import declaration Import authorization from Conseil National des Chargeurs Angolais Packing list Terminal handling receipts 55

59 56

60 1. Benchmarking Enforcing Contracts Regulations: Angola is ranked 181 overall for Enforcing Contracts. Ranking of Angola in Enforcing Contracts - Compared to good practice and selected economies: 57

61 The following table shows Enforcing Contracts data for Angola compared to good practice and comparator economies: Good Practice Economies Procedures (number) Time (days) Cost (% of claim) Bhutan 0.1 Ireland 20 Singapore 150 Selected Economy Angola Comparator Economies Botswana Lesotho Namibia South Africa Swaziland

62 2. Historical data: Enforcing Contracts in Angola Enforcing Contracts data Rank Procedures (number) Time (days) Cost (% of claim) The following graphs illustrate the Enforcing Contracts sub indicators in Angola over the past 4 years: 59

63 Enforcing Contracts in Angola This topic looks at the efficiency of contract enforcement in Angola. Nature of Procedure (2010) Indicator Procedures (number) 46 Time (days) 1011 Filing and service 86.0 Trial and judgment Enforcement of judgment Cost (% of claim)* Attorney cost (% of claim) 22.2 Court cost (% of claim) 22.2 Enforcement Cost (% of claim)

64 Court information: Luanda Provincial Court ("Tribunal provincial de Luanda") * Claim assumed to be equivalent to 200% of income per capita. 61

65 62

66 1. Benchmarking Closing Business Regulations: Angola is ranked 147 overall for Closing a Business. Ranking of Angola in Closing Business - Compared to good practice and selected economies: 63

67 The following table shows Closing Business data for Angola compared to good practice and comparator economies: Good Practice Economies Recovery rate (cents on the dollar) Time (years) Cost (% of estate) Ireland 0.4 Japan 92.7 Singapore* 1 Selected Economy Angola Comparator Economies Botswana Lesotho Namibia South Africa Swaziland * The following economies are also good practice economies for : Cost (% of estate): Colombia, Kuwait, Norway 64

68 2. Historical data: Closing Business in Angola Closing a Business data Rank Time (years) Cost (% of estate) Recovery rate (cents on the dollar) The following graphs illustrate the Closing Business sub indicators in Angola over the past 4 years: 65

69 Since 2004 has been tracking reforms aimed at simplifying business regulations, strengthening property rights, opening access to credit and enforcing contracts by measuring their impact on 10 indicator sets. * Nearly 1,000 reforms have had an impact on these indicators. 2011, covering June 2009 to June 2010, reports that 117 economies implemented 216 reforms to make it easier to start a business. 64% of economies measured by Doing Business have reformed this year, focusing on easing business start-up, lightening the tax burden, simplifying import and export regulations and improving credit information systems. The top 10 most-improved in 2011 Economy Positive Change Negative Change Starting a Business Dealing with Construction Permits Registering Property Getting Credit Protecting Investors Paying Taxes Trading Across Borders Enforcing Contracts Closing a Business Kazakhstan Rwanda Peru Vietnam Cape Verde Tajikistan Zambia Hungary Grenada Brunei Darussalam * For 2011 the Employing Workers indicator is not included in the aggregate ease of doing business ranking. 66

70 Summary of changes to business regulation in top 10 most improved economies in Doing Business 2011 and selected comparator economies. Angola Brunei Darussalam Cape Verde Grenada Hungary Angola reduced the time for trading across borders by making investments in port infrastructure and administration. Brunei Darussalam made starting a business easier by improving efficiency at the company registrar and implementing an electronic system for name searches. Brunei Darussalam reduced the corporate income tax rate from 23.5% to 22% while also introducing a lower tax rate for small businesses, ranging from 5.5% to 11%. The introduction of an electronic customs system in Brunei Darussalam made trading easier. Cape Verde made start-up easier by eliminating the need for a municipal inspection before a business begins operations and computerizing the system for delivering the municipal license. Cape Verde eased property registration by switching from fees based on a percentage of the property value to lower fixed rates. Cape Verde abolished the stamp duties on sales and checks. Grenada eased business start-up by transferring responsibility for the commercial registry from the courts to the civil administration. The appointment of a registrar focusing only on property cut the time needed to transfer property in Grenada by almost half. Grenada s customs administration made trading faster by simplifying procedures, reducing inspections, improving staff training and enhancing communication with users. Hungary implemented a time limit for the issuance of building permits. Hungary reduced the property registration fee by 6% of the property value. Hungary simplified taxes and tax bases. Amendments to Hungary s bankruptcy law encourage insolvent companies to consider reaching agreements with creditors out of court so as to avoid bankruptcy. Kazakhstan Kazakhstan eased business start-up by reducing the minimum capital requirement to 100 tenge ($0.70) and eliminating the need to have the memorandum of association and company charter notarized. Kazakhstan made dealing with construction permits easier by implementing a one-stop shop related to technical conditions for utilities. Kazakhstan strengthened investor protections by requiring greater corporate disclosure in company annual reports. Kazakhstan speeded up trade through efforts to modernize customs, including implementation of a risk management system and improvements in customs automation. Peru Rwanda Swaziland Tajikistan Peru eased business start-up by simplifying the requirements for operating licenses and creating an online one-stop shop for business registration. Peru streamlined construction permitting by implementing administrative reforms. Peru introduced fast-track procedures at the land registry, cutting by half the time needed to register property. Peru made trading easier by implementing a new web-based electronic data interchange system, risk-based inspections and payment deferrals. Rwanda made dealing with construction permits easier by passing new building regulations at the end of April 2010 and implementing new time limits for the issuance of various permits. Rwanda enhanced access to credit by allowing borrowers the right to inspect their own credit report and mandating that loans of all sizes be reported to the central bank s public credit registry. Rwanda reduced the number of trade documents required and enhanced its joint border management procedures with Uganda and other neighbors, leading to an improvement in the trade logistics environment. Swaziland strengthened investor protections by requiring greater corporate disclosure, higher standards of accountability for company directors and greater access to corporate information for minority investors. Swaziland reduced the time to import by implementing an electronic data interchange system for customs at its border posts. Tajikistan made starting a business easier by creating a one-stop shop that consolidates registration with the state and the tax authority. Tajikistan strengthened investor protections by requiring greater corporate disclosure in the annual report and greater access to corporate information for minority investors. Tajikistan lowered its corporate income tax rate. 67

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