LONDON, June 05, 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). Based on 292 key business indicators across 79 jurisdictions, this report provides an overview of the challenges investors face when operating businesses around the world.
Within the Middle East, Turkey tops the rankings as the most complex country in the region in which to do business, coming in at 6th in the global standings. The country’s frequent tax law changes, elaborate document submission processes and new capital requirements for specific sectors contribute to its complexity level. Government VAT exemptions are also often left unutilised by business owners due to a complex bureaucratic process.
Across the rest of the region, Egypt (ranked 28th) has introduced golden licenses to reduce differing approval requirements., while Saudi Arabia, a new entry in this year’s GBCI, ranks at 37th. Meanwhile, the United Arab Emirates (UAE) has dropped from 53rd to 40th in this year’s standings, but remains a significant trading, tourism and financial hub within the region.
TMF Group’s Market Head of Middle East & Africa, Stewart Adams said:
“The business landscape in this particular region is quite dynamic and overall, positive. We are seeing economic diversification, increasing investments, and growing relations among the jurisdictions. However, there will still be challenges to be faced by investors due to geopolitical instability and regulatory barriers, so a nuanced understanding of this business environment is very much needed.”
Top and bottom ten (1= most complex, 79= least complex)
1 Greece 70 Jamaica
2 France 71 British Virgin Islands (BVI)
3 Colombia 72 Jersey
4 Mexico 73 United Kingdom
5 Bolivia 74 The Netherlands
6 Turkey 75 New Zealand
7 Brazil 76 Hong Kong, SAR
8 Italy 77 Denmark
9 Peru 78 Curaçao
10 Kazakhstan 79 Cayman Island
Media Contacts
TMF Group:
Giampaolo Arghittu
giampaolo.arghittu@tmf-group.com
Zulfadhli Ibrahim
zulfadhli.ibrahim@tmf-group.com
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