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Mexico and Brazil among most complex jurisdictions to do business in, says the 2026 GBCI
Hong Kong and the Netherlands are among the 20 easiest jurisdictions
LONDON, May 12, 2026 (GLOBE NEWSWIRE) -- TMF Group, a leading provider of compliance and administrative services, today launches the 13th edition of the Global Business Complexity Index (GBCI), which shows that operating across borders is becoming more demanding as regulations diverge and reporting obligations expand.
The GBCI analyses 81 jurisdictions representing over 90% of the world’s economy, ranking them from most (1) to least complex (81) to do business in. Based on 292 indicators per jurisdiction, the report focuses on the challenges businesses face across accounting and tax, legal entity management and employment requirements. While many factors contribute to the overall attractiveness of a jurisdiction, the GBCI captures the dead-weight cost of rules that impact growth.
This year, the US ranks as the 13th least complex jurisdiction. The country remains an attractive market, supported by strong digital infrastructure and investment incentives. However, evolving rules across tax, trade and labour, combined with the complexities linked to its multi-layered legal system, require companies to stay flexible.
The UK is the 12th least complex country. While businesses face a meaningful level of complexity, especially around regulation, tax and compliance, the UK continues to offer opportunities for international firms. Ongoing support for technology and science investment reinforces its international appeal, while frameworks such as the UK GAAP/FRS 102 help simplify reporting.
Most and least complex jurisdictions worldwide
Denmark, Hong Kong, SAR and the Netherlands are among the 10 least complex jurisdictions. These jurisdictions have historically ranked as low complex, given a stable, simple regulatory environment and robust digital infrastructure supporting it.
Top and bottom 10 jurisdictions (1= most complex, 81= least complex)
| 1. Greece | 72. Curacao |
| 2. Mexico | 73. Malta |
| 3. Brazil | 74. British Virgin Islands |
| 4. France | 75. Czech Republic |
| 5. Turkey | 76. New Zealand |
| 6. Colombia | 77. Netherlands |
| 7. Bolivia | 78. Hong Kong, SAR |
| 8. Italy | 79. Jersey |
| 9. Argentina | 80. Denmark |
| 10. Peru | 81. Cayman Islands |
At the other end of the spectrum, Latin America and the EU lead the top 10 most complex jurisdictions.
Greece ranks for the third consecutive year as the most complex jurisdiction in the world, mainly due to frequent legislative changes and ongoing regulatory reforms. Mexico, the second most complex, is characterised by frequent regulatory changes, unpredictable administrative requirements, evolving digital requirements and unclear expectations by the tax authorities. Brazil (3rd) suffers from a multi-layered tax system and frequent regulatory changes and heavy compliance demands, alongside inconsistent rules at federal, state, and municipal levels.
The complexity in France (4th) is driven mainly by high regulatory density, strict compliance obligations and language requirements, which slow market entry and increase operating costs. On the other hand, Italy (8th) faces constant legislative changes, complex labour laws and heavy administrative procedures, with businesses still required to navigate notarial processes, in-person requirements and evolving employment regulation.
The impact of global fragmentation on businesses
“World political fragmentation and economic spread mean that businesses are adding jurisdictions to their supply chains, increasing the complexity of their governance. It also means that they have to deal with more uncertainty in those regulations,” said Mark Weil, CEO at TMF Group. “Investors seek simplicity, but above all, certainty in the rules they operate under. We encourage governments to improve their ranking by acting on both.”
While external complexity is a challenge that firms can’t avoid when going global, they have the power to mitigate their own internal intricacies, he says: “Businesses tend to compound external uncertainty with internal complexity in how they manage these processes, with sometimes dozens of different processes, platforms and service providers. We encourage them to simplify their own operations so that they are more able and more agile in dealing with complex and uncertain rules.”
Key factors driving complexity in 2026
The GBCI 2026 identifies key drivers of complexity across three areas: accounting and tax, employment and legal entity management.
For accounting and tax, governments are accelerating digital reporting, expanding e-invoicing mandates and advancing global tax alignment through OECD BEPS and Pillar Two. These shifts increase short-term operational demands, but support longer-term transparency.
Employment complexity continues to be driven by new employment legislation, pay transparency requirements and significant regional differences in labour rules, benefits and talent availability.
Legal entity management is shaped by geopolitical uncertainty, regular legislative updates and growing expectations around governance and reporting. In the EU, initiatives such as ATAD3 and now EU Inc., have had a limited impact in reducing the burden of regulation in the single market so far.
In parallel, digitalisation continues to play a central role across all areas of business administration, with many jurisdictions reporting improvements in processing times, administrative efficiency and compliance predictability as new technologies are adopted. However, the pace and impact of digital transformation vary widely across regions.
About TMF Group
TMF Group is a leading provider of critical administrative services, helping clients invest and operate safely around the world. Our 13,000 experts and 125 offices in 87 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. TMF Group – we make a complex world simple. www.tmf-group.com
Media Contacts Marina Llibre Martin, Global PR Manager marina.llibremartin@tmf-group.com
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