Business Reforms in Central African Republic
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Resolving Insolvency: The Central African Republic made resolving insolvency easier by introducing a new conciliation procedure for companies in financial difficulties and a simplified preventive settlement procedure for small companies.
Protecting Minority Investors: The Central African Republic 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.
Trading across Borders: The Central African Republic made trading across borders more difficult by increasing border checks and security controls at the border post with Cameroon.
Trading across Borders: The Central African Republic made trading across borders easier by rehabilitating the key transit road at the border with Cameroon.
Dealing with Construction Permits: The Central African Republic made obtaining a construction permit more costly.
Starting a Business: The Central African Republic made starting a business easier by reducing business registration fees and 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.
Registering Property: The Central African Republic halved the cost of registering property.
Getting Credit: Access to credit in the Central African Republic 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.
Starting a Business: The Central African Republic simplified business start-up by establishing a one-stop shop (Guichet Unique de Formalité des Entreprises), which merged several procedures into one.
Getting Credit: In the Central African Republic and other members of the Central African Monetary Union, the regional public credit registry provided online access to information for banks, simplifying the task of filing and retrieving information in the public registry and allowing expanded coverage of borrowers.