PR90830

LONDON, July 26, 2021 /PRNewswire=KYODO JBN/--

Hong Kong remains a great place for business according to the Global Business

Complexity Index

(https://www.tmf-group.com/en/news-insights/publications/2021/global-business-co

mplexity-index/?utm_source=marketing&utm_medium=social&utm_campaign=2021marketin

g&utm_content=gbci2021) (GBCI) by TMF Group, a leading professional services

firm.

The report analyses key areas of business administration and compliance across

77 jurisdictions, from the time it takes to incorporate a company, to changes

in tax legislation, policies around wages and benefits, through to the

challenges of opening a bank account. In all, over 290 different criteria are

factored into this year's rankings.

Second only to Denmark, Hong Kong is one of the easiest jurisdictions in the

world in which to do business, mostly due to its openness to globalisation and

simple rules. In the area of accounting, for example, the jurisdiction follows

the Hong Kong accounting principle, which is closely aligned with the

International Financial Reporting Standards (IFRS). Another factor is that

incorporating a business usually takes only one week, while only one

governmental body needs to be notified. Firing an underperforming employee is a

relatively simple process, requiring around 3-4 weeks. Hong Kong is also a

digital-friendly jurisdiction: official legal entity documents do not require

an official stamp, chop or seal to be legally effective, the wider Asia Pacific

region presents many challenges and opportunities. China is one of the biggest

economies in the world but has always been among the hardest jurisdictions to

do business in the world, but the recent trend shows this may be changing. The

country dropped from 6th to 12th over the last year, with Indonesia following

the trend, dropping from 1st to 6th. The latter is clearly showing a commitment

to opening up to foreign direct investment, with the introduction of new laws

to actively reduce the layers of complexity.

The contrast in the region is evidenced by South Korea and India featuring in

the top 20 most complex jurisdictions, while Singapore, Australia and New

Zealand are all closer to the bottom of the index so are simpler for business.

One interesting revelation from the report is that none of the region's

jurisdictions allow employees to be dismissed without citing a reason.

Globally, that number is currently at 20%, compared to 29% in 2020, a fact

mostly driven by the COVID-19 pandemic and the implementation of laws to

protect employees.

Paolo Tavolato, Head of APAC at TMF Group, commented: "The Asia Pacific region

is marked by its great diversity and opportunities. In general, countries in

the region have been trying to apply more business-friendly legislations. Hong

Kong is a hub for businesses in APAC, and it has simplified even more its

corporate environment. Challenges are still very present in countries like

China and Indonesia, but it is my belief that the investment opportunities are

enough to attract companies and investors".

Top and bottom ten

1.  Brazil

2.  France      

3.  Mexico    

4.  Colombia

5.  Turkey

6.  Indonesia

7.  Argentina

8.  Bolivia

9.  Costa Rica

10.  Poland

68. Mauritius

69. El Salvador

70. The Netherlands

71. United States

72. British Virgin Islands

73. Curaçao

74. Ireland

75. Cayman Islands

76. Hong Kong

77. Denmark

For further information, please contact:

Giampaolo Arghittu, Global External Communications Manager, TMF Group

Giampaolo.arghittu@tmf-group.com

D: +44-7983-314-989

Daniel Resendes, External Communication Executive, TMF Group,

E: daniel.resendes@tmf-group.com

T: +55-11-978-923-227

About TMF Group

Our 9,100 experts and 120 offices in 85 jurisdictions worldwide serve

corporates, financial institutions, asset managers, private clients and family

offices, providing the combination of accounting, tax, payroll, fund

administration, compliance and entity management services essential to global

business success.

We know how to unlock access to the world's most attractive markets – no matter

how complex – swiftly, safely and efficiently. That's why more than 60% of the

Fortune Global 500 and FTSE 100, and almost half the top 300 private equity

firms, work with us. Our unique global delivery model, underpinned by our

innovative digital platforms, means we can cover sectors as diverse as capital

markets, private equity, real estate, pharmaceuticals, energy and technology,

with experts on the ground providing local support.

With year-on-year growth averaging 8% since 2013, TMF Group is a trusted and

reliable partner. Whether operating across one border or many, with a handful

of staff or several thousand, we have the business-critical support you need to

expand, operate and grow while remaining compliant, everywhere.

TMF Group – we make a complex world simple.

www.tmf-group.com

Source: TMF Group