Monday, June 3, 2024 TMF Group unveils the 11th Global Business Complexity Index, analyzing 79 jurisdictions. Mainland China ranks highest in APAC, while Hong Kong remains the least complex. TMF Group, a global leader in compliance and administrative solutions, today unveiled the 11th edition of the Global Business Complexity Index (GBCI).
This annual publication examines 79 territories worldwide, providing insights into critical factors affecting international business operations. In this year’s GBCI, Mainland China has ascended to 11th position as the most complex jurisdiction in the APAC region, improving from 15th in 2023. It is preceded by Kazakhstan in 10th place, with Indonesia at 16th and South Korea at 19th.
The study highlights that the complexity in Mainland China is primarily due to the localized requirements of e-invoicing within accounting frameworks, necessitating enhanced management and digital preservation protocols. In Indonesia, business operations have become less complicated due to regulatory easing in market access, including reduced capital requirements for incorporation, lower severance payouts, and the launch of a golden visa program. Hong Kong, SAR has also seen a rise in the 2024 GBCI, moving from 74th in the previous two years to 76th, reinforcing its role as a pivotal Asian center and the least complex jurisdiction in the APAC area for the survey.
Despite the intricate nature of its banking practices, Hong Kong’s appealing tax structure, which.