Annual index by TMF Group ranks 95 countries according to regulatory and compliance regimes Ireland ranked the world's least complex country for multinational companies to stay compliant with corporate regulation and legislation, ahead of the UK Introduction of Ireland's new Companies Act in 2015 was a transformational initiative for the country's already pro-business environment Ireland's performance contrasts with Argentina, which ranked as the most complex country for doing business from a regulatory and compliance perspective for the third year running Dublin, Ireland, 16 February 2016 - Ireland has topped the world's ranking as the least complex place for businesses to stay compliant with corporate regulation and legislation, according to TMF Group's Global Benchmark Complexity Index 2015, having improved its position from last year when it was beaten to the line by Hong Kong and Jersey.
The far-reaching annual study by TMF Group, a leading global provider of high value business services to clients operating and investing internationally, ranked 95 jurisdictions across Europe, the Middle East, Africa, Asia-Pacific and the Americas according to how complex they are to do business in from a regulatory and compliance perspective. View full report.
According to the report, Ireland comes last in the Complexity Index in 2015 (95th place), highlighting its position as the least complex country for business compliance ahead of the British Virgin Islands (94th), Latvia (93rd), Trinidad & Tobago (92nd), New Zealand (91st) and Labuan (90th). This is third year in which Ireland has ranked in the top three of the least complex places in the world to do business with regard to regulation and compliance, and it once again outperforms the United Kingdom and United States, which ranked 74th and 56th respectively.
The ease of doing business in Ireland improved in 2015 with the introduction of a new Companies Act designed to reduce red tape and business complexity in the country. The act included a single constitutional document to replace the Memorandum and Articles of Association; reduced the minimum number of directors of a private company limited by shares to one from two; companies having no requirement to convene AGMs; and, extended the small companies audit exemption to small groups, among other changes.
Coupled with Ireland's pro-business attitude, some of the broader reasons Ireland is a straightforward place to do business include a stable...