HK ranks 4th amongst markets with the least complex jurisdictions for doing business
It is the only Asian market in the top 10.
Hong Kong has emerged as one of the easiest markets to do business globally.
Data from TMF Group showed that Hong Kong is the fourth least complex jurisdiction for doing business in the world.
2023 marks the third year that Hong Kong was featured in the ten least complex jurisdictions list.
“Its efforts to prioritise international alignment and simplify business processes have been fruitful. It remains a favourable jurisdiction to do business in terms of its infrastructure and low tax rates,” the TMF Group reported.
“Despite its simplicity, business owners in Hong Kong still deal with strict due diligence checks and know your customer (KYC) requirements,” it added.
TMF Group analyses 78 locations for its Global Business Complexity Index (GBCI).
The 78 jurisdictions included in the index account for 92% of the world’s total GDP and 95% of net global FDI flows.
TMF Group evaluates the markets in nearly 300 annually tracked indicators, presenting data on critical aspects of conducting business involving legislation, compliance, accounting procedures, tax regimes, human resources (HR) and payroll processes.