The World Bank is launching this year’s Doing Business survey report today.
In simple terms, this is research conducted by the World Bank to find out how easy it is to conduct business in a country.
The survey was started in 2004, and among others, aims at directing potential investors which countries are friendlier for them to put their dime. Obviously a bad ranking provokes positive improvements in affected countries to put policies that will make starting up a business faster.
Last year, out of a total of 168 countries surveyed, Rwanda was ranked 150th.
This meant that the country had to work hard on putting into play so many policies that favour doing business here.
There is a lot of confidence that this year’s ranking will be a lot different, given the vigorous spirit which has directed Riepa and the government generally to move on issues that greatly favour doing business here now.
Space constrains an enumeration, but mention of just a few reforms will do:
Starting with the most recent, Rwanda Revenue Authority Customs Offices now stay open up to 10 p.m., according to the many adverts that are running in print and electronic media informing international business people.
This is desirable for people who have been waiting long to clear their goods simply because the offices have closed at 5 p.m. With time the closing time will even be upped, depending on the volume of goods and services.
A number of taxes, like mortgage registration and property registration, have been abolished and replaced with friendly flat Frw2,000 and 20,000 figures respectively.
This has cut down so much on the frustration and under-declaration that was going on to cut down the high rates of registering property, let alone the time it used to take.
There are also those practices that are rarely mentioned but nevertheless much appreciated by the business community in Rwanda, like the much longer banking hours compared to many countries on the African continent.
Not to sound like a Riepa bulletin board, but registering a business in Rwanda has surely become much faster and cheaper.