Business Reforms in Comoros
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Trading across Borders: The Comoros made trading across borders easier by implementing an automated customs data management system, SYDONIA++, which reduced the time for the preparation and submission of documents for both exports and imports.
Registering Property: Comoros made transferring a property less expensive by reducing transfer costs.
Resolving Insolvency: The Comoros made resolving insolvency easier by introducing a new conciliation procedure for companies in financial difficulties and a simplified preventive settlement procedure for small companies.
Labor Market Regulation: The Comoros reduced the length of notice period and amount of severance payment for redundancy dismissals.
Starting a Business: The Comoros made starting a business easier by reducing the minimum capital requirement.
Getting Credit: The Comoros improved access to credit information by establishing a new credit registry.
Protecting Minority Investors: The Comoros 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.
Starting a Business: The Comoros made starting a business easier by eliminating the requirement to deposit the minimum capital in a bank before incorporation.
Starting a Business: The Comoros made starting a business easier and less costly 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 and by reducing the fees to incorporate a company.
Registering Property: The Comoros made it easier to transfer property by reducing the property transfer tax.
Starting a Business: Comoros made the process of starting a business more difficult by increasing the minimum capital requirement.
Getting Credit: Access to credit in Comoros 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.