The TMF Group has published its annual ranking – the Compliance Complexity Index 2018. Based on the surveyed experts in the field of corporate compliance from 84 countries, Ukraine took 6th position being among the easiest jurisdictions for doing business. The most complicated country, in terms of compliance is UAE, the least one is Ireland.

Why it is important? – When choosing international expansion location, the level of complexity of specific jurisdiction for handling compliance issues might be crucial. Counties have different legal systems, traditions, regulatory frameworks, international regulation and more. Together it can be a challenging task.

Top 10 the most comlicated jurisdictions:

  1. UAE
  2. Qatar
  3. China
  4. Argentina
  5. Malaysia
  6. Livan
  7. Brasilia
  8. Vietnam
  9. Poland
  10. Uruguay

Top 10 the leased complicated jurisdictions:

  1. Ireland
  2. Denmark
  3. Curacao
  4. Honduras
  5. Nicaragua
  6. Ukraine
  7. Luxemburg
  8. Morocco
  9. Hungary
  10. Paraguay

Top 5 global trends specified in the report:

Global financial transparency. The need to report more financial information to authorities

Regulatory Compliance. Huge burden on multinational companies to understand, comply and adapt to these changes to successfully work across the globe.

Data Privacy. The EU introduced General Data Protection Regulation (GDPR), May 2018.

Cyber Security to keep customer and client data protected

Ethics and anti-bribery. Know Your Client (KYC) is a global regulatory requirement which forces companies to carry out due diligence on their customers, including verifying their identities and businesses

Methodology

TMF Group surveyed compliance experts in 84 countries, with the aim of getting a detailed understanding of the changing corporate compliance environment in their jurisdictions, as well as across continents and globally. The survey contained 52 questions, covering areas including the complexity of opening an entity in a specific country; local language requirements; and difficulty of adopting both local and global transparency reporting requirements, amongst others.

Source: the Compliance Complexity Index 2018

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