Nusantaranews, LONDON, June 03, 2024 (GLOBE NEWSWIRE) — TMF Group, a leading provider of compliance and administrative services, has today launched the 11th edition of the Global Business Complexity Index (GBCI). The annual report analyses 79 jurisdictions across the globe, offering data on key aspects of doing business around the world.
At 11th place, Mainland China ranks as the most complex APAC jurisdiction within this year’s GBCI, moving up from 15th place in 2023. It is followed by Kazakhstan at 10th and then by Indonesia at 16th and South Korea at 19th. This year’s study found Mainland China’s complexity to be driven by the localisation of e-invoicing in accounting, leading to new requirements around management and digital archiving.
Indonesia’s reduced complexity stems from simplifications around market entry, such as lowering capital requirements to incorporate, lowering severance payments, and the introduction of a golden visa scheme.
Meanwhile, Hong Kong, SAR, has improved in this year’s GBCI rankings, from 74th in 2023 and 2022, to 76th in 2024, maintaining its position as a key Asian hub and as the least complex APAC jurisdiction within the study. Even though the country’s banking methods can add to the complexity of setting up a business, the low and straightforward tax system remains attractive. The country has also implemented AI and outsourcing to address high salary demands.
