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Rwanda Business Lifecycle Project removes red tape and encourages business growth and expansion

February 02, 2016

Rwanda Business Lifecycle Project removes red tape and encourages business growth and expansion

A business goes through several stages of its life cycle, from inception to registration, expansion and finally closure. In each of these stages, businesses have to interact with various government institutions, like business registration bureaus and licensing bodies. The Rwanda Business Lifecycle Project set out to improve the services that the Government of Rwanda provides to businesses at each stage.

The objective was to remove red tape and make it easier for businesses to go through each lifecycle stage quickly and easily, thereby allowing the companies involved to spend less time and effort on required processes and instead concentrate on their core businesses.

The project has increased efficiencies in the electronic registration of businesses and mortgages. It has reduced the time taken to register a business and issue related certificates from two days to six hours. The business registration fee has been reduced from US$33 to zero thanks to the electronic business registration system.

Banks and other financial institutions have been linked to the electronic mortgage registration system, thus allowing them to register mortgages from their premises without needing to physically go to the Registrar General’s Office.

To simplify the process of issuing mortgages, the project linked up Rwanda’s electronic land administration information system, which manages the country’s land resources, to the mortgage system. Consequently, when a bank wants to issue a mortgage, it can use the mortgage registration system to access land information and thereby confirm whether or not a piece of land that has been presented as collateral is legitimate or not.

Lastly, the Rwanda Business Lifecycle Project established the practice of insolvency in the country by setting up effective insolvency regulations. The aim is to rescue financially viable companies that run into financial difficulties instead of closing them down in order to pay creditors. This practice has a more positive impact on economic productivity and job retention.

The improvement of the business lifecycle in Rwanda will have a significant impact on the economy. The ease of registering a business will encourage the growth of more enterprises in the country. More banks will have the confidence to extend credit, thus stimulating economic activity in general and the real estate industry in particular. Companies in Rwanda now also have more confidence that in times of potential crisis, the insolvency process that has now been established will focus on restructuring and saving the business where possible.

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