Business Reforms in Burkina Faso
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Starting a Business: Burkina Faso made starting a business less costly by reducing the paid-in minimum capital required to register a company.
Getting Credit: Burkina Faso improved access to credit information by introducing regulations that govern the licensing and functioning of credit bureaus in West African Economic and Monetary Union (UEMOA) member states.
Resolving Insolvency: Burkina Faso made resolving insolvency easier by introducing a new conciliation procedure for companies in financial difficulties and a simplified preventive settlement procedure for small companies.
Starting a Business: Burkina Faso made starting a business easier by reducing the minimum capital requirement.
Protecting Minority Investors: Burkina Faso strengthened minority investor protections by introducing greater requirements for disclosure of related-party transactions to the board of directors and by making it possible for shareholders to inspect the documents pertaining to related-party transactions and to appoint auditors to conduct an inspection of such transactions.
Paying Taxes: Burkina Faso made paying taxes easier for companies by abolishing the separate capital gains tax on real estate properties.
Starting a Business: Burkina Faso made starting a business easier by replacing the requirement for a copy of the founders’ criminal records with one for a sworn declaration at the time of the company’s registration.
Dealing with Construction Permits: Burkina Faso made dealing with construction permits less costly by reducing the fees to obtain a fire safety study.
Getting Credit: Access to credit in Burkina Faso was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.
Dealing with Construction Permits: Burkina Faso made dealing with construction permits easier by cutting the cost of the soil survey in half and the time to process a building permit application by a third.
Paying Taxes: Burkina Faso reduced the statutory tax rate and the number of taxes for business and introduced simpler, uniform compliance procedures.
Trading across Borders: Burkina Faso reduced documentation requirements for importers and exporters, making it easier to trade.
Enforcing Contracts: Burkina Faso made enforcing contracts easier by setting up a specialized commercial court and abolishing the fee to register judicial decisions.
Starting a Business: Burkina Faso made starting a business easier by allowing online publication of the articles of incorporation directly on the website of the one-stop shop, by reducing registration fees and by streamlining tax registration.
Dealing with Construction Permits: Burkina Faso made dealing with construction permits easier by establishing a one-stop shop for processing building permits in Ouagadougou.
Registering Property: Burkina Faso streamlined property registration by allowing the payment of transfer taxes at the land registry, reorganizing the land registry, setting statutory time limits for procedures and simplifying property valuation by government officials through the use of tables of values based on materials used.
Trading across Borders: Burkina Faso reduced the time needed for trading across borders by creating a one-stop shop for commercial trade documents.
Enforcing Contracts: Burkina Faso improved its contract enforcement system by reducing court fees and introducing alternative dispute mechanisms.
Dealing with Construction Permits: Burkina Faso made dealing with construction permits easier by eliminating random inspections during construction and by introducing a new one-stop shop for building permits, which reduced approval fees and combined several separate payments into one.
Registering Property: Burkina Faso made transferring property easier and less costly by eliminating the requirement to obtain authorization from the municipality, merging the payment of 2 taxes at the land registry and reducing the transfer tax rate.
Paying Taxes: Burkina Faso made paying taxes less costly for companies by reducing the corporate income tax rate as well as the dividend and property transfer tax rates.
Labor Market Regulation: Burkina Faso allowed fixed-term contracts to be concluded for permanent tasks, removed the 48-month limit on their duration. It also eliminated restrictions on “weekly holiday” work and the employer's obligation to notify a third party before dismissing one redundant worker.
Starting a Business: Burkina Faso reduced the time required to start a business through a ministerial decree simplifying notification and documentation requirements for company registration.
Registering Property: Burkina Faso made registering property less costly by reducing the registration tax.
Enforcing Contracts: Burkina Faso made enforcing contracts easier by increasing the efficiency of operations in the commercial court.