Within the rest of the APAC region, Malaysia’s implementation of an e-invoicing system is helping to streamline financial processes, reduce costs and enhance transparency. Likewise, Vietnam’s digitalisation efforts – such as online tax report filing – are also saving businesses on both time and costs.
Yet elsewhere, start-up entities in the Philippines are still seeing delays in obtaining their licenses and registrations due to a lack of standardisation when it comes to new laws and regulations. Similarly, in Thailand, there remains serious challenges for foreign investors, with restrictions around foreign companies establishing full business ownership in the country.
TMF Group’s Head of APAC, Shagun Kumar said:
“The Global Business Complexity Index (GBCI) remains a cornerstone for understanding business complexities within key jurisdictions around the world. This year, Hong Kong, SAR has maintained its position as the least complex APAC jurisdiction, while countries such as Indonesia, Malaysia, and Vietnam have improved their rankings after bringing in significant changes. The APAC region continues to serve as one of the primary growth catalysts for both our clients and our own organisation and I hope this report continues to be an invaluable resource for business decision makers and researchers.”
