KUALA LUMPUR – Hong Kong and New Zealand have once again been ranked among the world’s least complex jurisdictions for doing business, according to the 2024 Global Business Complexity Index (GBCI) released by professional services firm TMF Group.
The annual index evaluates 79 jurisdictions, covering 94 per cent of global gross domestic product (GDP), and measures over 250 indicators including tax regulations, compliance requirements, and administrative procedures. A higher ranking indicates a more complex business environment, while a lower ranking reflects greater ease of doing business.
Hong Kong Special Administrative Region (SAR) retained its position as the fourth least complex jurisdiction globally for the second consecutive year, bolstered by its low-tax regime and transparent business policies.
New Zealand also remained in the top 10 easiest places to do business, supported by a pro-investment regulatory stance and efficient government processes.
TMF Group Head of Asia Pacific, Shagun Kumar, noted that governments across the region are taking deliberate steps to enhance business efficiency.
“Efforts to reduce unnecessary burdens are helping unlock economic growth across APAC. We expect businesses to adapt and leverage the region’s potential as a vital part of their global strategies,” he said in a statement.
Asia-Pacific Sees Mixed Results
Across the region, the business complexity landscape remained diverse:
India ranked 18th in complexity, driven by recent regulatory reforms aimed at improving transparency and accountability. While positive in the long term, these measures have increased short-term compliance obligations.
Japan showed improvement, moving from 38th to 43rd. The change was attributed to regulatory simplifications and enhanced English-language support for international financial services.
Singapore held steady at 48th, maintaining its reputation as a technologically advanced and business-friendly hub. Continued infrastructure investment was cited as a key strength.
Mainland China entered the top 10 most complex jurisdictions, ranking 10th this year. TMF Group cited frequent regulatory updates and regional inconsistencies as key challenges, despite ongoing efforts by the Chinese government to attract foreign investment through targeted incentives.
Global Rankings
The five most complex jurisdictions to do business in, according to the GBCI 2024, are:
Greece
France
Mexico
Turkey
Colombia
In contrast, the five least complex jurisdictions are:
Cayman Islands
Denmark
New Zealand
Hong Kong SAR
Jersey
The GBCI report offers businesses a comprehensive view of the regulatory and operational landscape worldwide, helping organizations assess risk and navigate local requirements as they expand into new markets.
Source – Bernama
