Report: Jersey one of world's 'simplest' business environments

Friday 28 June 2019

Jersey is the third simplest jurisdiction for businesses to operate in, according to a new report by TMF Group.

The Global Business Complexity Index, which compares key administrative and compliance demands across 76 jurisdictions worldwide, ranked Jersey as the 74th most complex jurisdiction out of 76 surveyed.

Only Curacao (75th) and the Cayman Islands (76th) had more straightforward business environments.

The report, which was based on a combination of statistically weighted data and research among local market experts, focuses on three areas: rules, regulations and penalties; accounting and tax; and hiring, firing and paying employees.

Pictured: Greece was named the world's most complex place to do business.

Jersey was found to be an unusually simple location due to legislation policies which are highly aligned with international standards, a fast process when it comes to incorporating new companies, and a stable regulatory environment.

Cengiz Somay, TMF Group Managing Director, said: “Jersey is one of the world’s leading financial services centres and facilitators of global business. As such, it plays a role in setting international standards, particularly in trust law where its work is replicated across the world.”

Huib de Kanter, Head of Western Europe and Benelux at TMF Group, added: “Understanding the effect a complex business environment has is imperative for firms, especially those thinking of expanding into new jurisdictions. Every jurisdiction across the globe has differences from filing accounts, paying staff, tax laws and HR requirements. Taking the time to understand the business landscape can help business leaders keep their focus on their core business.”

Of all the jurisdictions analysed as part of the report, Greece was named the world’s most complex place, followed by Indonesia, Brazil and the United Arab Emirates.