"Doing Business 2012: Doing Business in a More Transparent World" report released by International Finance Corporation and World Bank in Washington D.C. on October 20, 2011, assesses regulations affecting domestic firms in 183 economies. The report ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency, and trading across borders. The study's methodology was expanded in 2011 to include indicators on getting electricity connections.

The 12 economies that have improved the ease of doing business the most across several areas of regulation as measured by the report are Morocco, Moldova, the former Yugoslav Republic of Macedonia, Sչo Tomռ and Prվncipe, Latvia, Cape Verde, Sierra Leone, Burundi, the Solomon Islands, the Republic of Korea, Armenia, and Colombia.

Armenia, ranked 55th, rose six places in the global ranking from 61st in 2011 in accordance with changed methodology and a new indicator on getting electricity, which resulted in recalculation of last year's 48th rank. Armenia is the only country among 183 economies that implemented as many as five regulatory and institutional reforms between June 2010 and May 2011. Specifically, the country reformed in the following areas of business regulation: Starting a business, Dealing with construction permits, Getting credit (credit information), Paying taxes, Resolving insolvency.

Armenia made starting a business easier by establishing a one-stop shop that merged the procedures for name reservation, business registration, and obtaining a tax identification number and by allowing for online company registration. The country made dealing with construction permits easier by eliminating the requirement to obtain an environmental impact assessment for small projects. Armenia improved its credit information system by introducing a requirement to collect and distribute information from utility companies. It made tax compliance easier for firms by reducing the number of payments for corporate income tax, social security contributions, property, and land taxes. It also introduced mandatory electronic filing and payment for major taxes. Finally, Armenia amended its bankruptcy legislation. Amendments regulate the appointment of insolvency administrators, reduce the processing time for bankruptcy proceedings, and regulate sales by auction.

A new IFC and World Bank report finds that for the ninth consecutive year, Eastern Europe and Central Asia led other regions in improving regulations for entrepreneurs. In the past year, 21 of the region's 24 economies improved business regulations for domestic firms by implementing a total of 53 reforms in areas such as resolving insolvency, dealing with construction permitting, enforcing contracts, and protecting investors. Amid a global economic crisis, 40 percent of the region's economies improved insolvency proceedings by implementing such measures as amended bankruptcy laws.

New data show that improving access to information on business regulations helps entrepreneurs. "Increasing transparency and access to regulatory information is important to creating a healthier business environment," said Sylvia Solf, lead author of the report. "To date, 60 percent of economies in Eastern Europe and Central Asia provide easy access to fee schedules or documentation requirements for trade, business start-up, construction permits, or electricity connections."

A new measure that looks at how economies changed their business regulations over the past six years shows that all economies in Eastern Europe and Central Asia have made their regulatory environments more business-friendly. "Research shows that a streamlined business regulatory environment helps a country's economic growth," said Augusto Lopez-Claros, Director, Global Indicators and Analysis, World Bank Group. "By simplifying regulations and expanding access to credit, countries in Eastern Europe and Central Asia continue to enhance opportunities for entrepreneurs."

About the Doing Business report series

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 resolving insolvency. 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, the level of skills, 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, one may visit: www.doingbusiness.org or join on Facebook: http://www.facebook.com/DoingBusiness.org.

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), which together form the World Bank; 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, www.miga.org, and www.ifc.org.