Greece, Italy and France among 10 most complex jurisdictions for businesses, says the GBCI 2026

Denmark and the Netherlands rank among the easiest jurisdictions worldwide, revealing a split between Europe’s business environment

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.

The EU and Latin America lead the ranking

Three of the 10 most complex jurisdictions in the world are in the European Union (EU), highlighting a high regulatory burden despite ongoing harmonisation efforts within the single market.

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 top of the ranking, 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.

France(4th) and Italy (8th) also remain in the top 10 most complex jurisdictions for businesses worldwide. France’s complexity is driven by high regulatory density, strict compliance obligations and language requirements, which slow market entry and increase operating costs. On the other hand, Italy 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.

Latin America also has a strong presence in the ranking, with six countries in the top 10 most complex.

Mexico is the second most complex, driven by frequent regulatory changes, unpredictable administrative requirements, evolving digital requirements and unclear expectations by the tax authorities. Brazil ranks as the third most complex, with a multi-layered tax system and frequent regulatory changes and heavy compliance demands, alongside inconsistent rules at federal, state, and municipal levels.

At the other side of the spectrum, Denmark, Hong Kong, the Netherlands and the Czech Republic are among the top 10 easiest jurisdictions for doing business. The report shows that the least complex jurisdictions tend to benefit from streamlined and stable regulation, solid digital infrastructure and clear compliance pathways.

“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, TMF Group’s CEO. “Investors seek simplicity, but above all, certainty in the rules they operate under.”

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. We work with the majority of the Fortune Global 500 and FTSE 100, covering sectors as diverse as capital markets, private equity, real estate, pharmaceuticals, energy and technology. 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