LONDON, June 03, 2024 (GLOBE NEWSWIRE) — TMF Group, a leading provider of compliance and administrative services, today launches the 11th edition of the Global Business Complexity Index (GBCI).
The comprehensive report analyses 79 jurisdictions which account for 93% of the world’s total GDP and 88% of net global FDI inflow. It compares 292 annually tracked indicators, offering data on key aspects of doing business across the globe.
This year’s study reveals Denmark, the Netherlands, the UK, and Jersey to be among the easiest jurisdictions in Europe to do business.
Meanwhile, Greece takes the top spot in as this year’s most complex jurisdiction (in both Europe and overall), climbing from 6th in 2022 and 2nd in 2023, overtaking France in 2nd place this year. Turkey and Italy maintain their 2023 rankings, at 6th and 8th respectively.
While Greece has consistently been considered complex, particularly within accounting and taxation (A&T), its HR and payroll (HRP) functions have increased in complexity in 2024.
Limited knowledge of these complexities can often compel foreign investors to seek third-party advisors for A&T and HRP, only increasing costs.
France has also seen a rise in new regulations in 2024, including UBO identification and tax changes, which has also increased compliance costs. In addition, stringent labour regulations designed to protect employees make workforce adjustments challenging, increasing hiring and retention costs.
Whereas Denmark’s efforts to streamline business activities, notably through digitising taxation processes, have significantly eased business setup and reporting, making it faster and less complex.
And thanks to its client-friendly approach to laws, regulations and process, the Netherlands regularly ranks as one of the simplest jurisdictions for business operations. The country’s regulatory stability, support for new ventures, and strong ecosystems for fintech and AI-driven businesses remain attractive to foreign investors.
TMF Group’s Head of EMEA, Frank Welman, said: “The GBCI outlines the challenges of doing business within certain European countries despite their apparent attractiveness. We hope to see more companies reaching out to partners and advisors to ensure compliance with the evolving rules and regulations – especially when doing business across borders.”
Media Contacts:
TMF GROUP:
Giampaolo Arghittu
giampaolo.arghittu@tmf-group.com
