“Rwanda, for the second year in a row, featured among the ten economies that improved the most on the ease of doing business, moving up from 70 in the global rankings in Doing Business 2010 to 58 in Doing Business 2011,” says the report.
According to the report, “Rwanda’s improvements reflect concerted efforts. In 2003 Rwanda started to reach out to East Asian economies such as Singapore to learn from their reform success stories.”
Rwanda’s reform agenda soon started to show results. In 2005, entrepreneurs had to go through nine procedures to start a new business, at a cost of 223% of income per capita. In 2010 it took only three days to start a company, costing only 8.8% of income per capita.
In 2008 more than 3,000 new businesses were established in Rwanda, compared to an average of only 700 annually in previous years.
Rwanda has also made it easier to register a property. “Registering property in 2005 took more than a year (371 days), and the transfer fees amounted to 9.8% of the property value. In 2010 the process took two months and cost 0.4% of the property value.”