Business Reforms in Syrian Arab Republic
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Starting a Business: Syria made starting a business more difficult by increasing the time for company registration and more costly by increasing fees for post-registration procedures.
Registering Property: Syria made registering property more complex by requiring a security clearance prior to transferring the property.
Enforcing Contracts: Syria made enforcing contracts easier by adopting a new code of civil procedure.
Getting Credit: Syria improved access to credit information by establishing an online system for data exchange between all banks and microfinance institutions and the central bank’s credit registry.
Starting a Business: Syria eased business start-up by reducing the minimum capital requirement for limited liability companies by two-thirds. It also decentralized approval of the company memorandum.
Getting Credit: Syria enhanced access to credit by eliminating the minimum threshold for loans included in the database, which expanded the coverage of individuals and firms to 2.8% of the adult population.
Labor Market Regulation: Syria eliminated the severance payment obligation but increased the notice period applicable in case of redundancy dismissals. Implemented a 100% pay premium for weekly holiday work and decreased the total term limit of fixed-term contracts.
Starting a Business: Syria made starting a business easier by reducing the paid-in minimum capital requirement and making standard incorporation forms available online.
Starting a Business: Syria reduced the time and number of procedures to start a business through a new company law and commercial code simplifying the registration process, ending the involvement of the court and lawyers in the process and further simplifying tax registration.
Trading across Borders: The entry of private banks into the Syrian market led to faster issuance of letters of credit, making it easier to trade across borders.
Starting a Business: Syria made starting a business more difficult by enforcing the requirement for limited liability companies and joint stock companies to publish their memorandum of association in the official gazette and show proof of payment of the publishing fees.
Paying Taxes: Syria made paying taxes less costly for companies by reducing the corporate income tax rate—and also made it easier for large businesses by setting up a large-taxpayer unit.