Barbados has been ranked as the 7th least complex country in the world as it relates to regulation and compliance in conducting business on the island. This is according to the TMF Group’s Benchmark Complexity Index 2015. Now in its 3rd year, the index ranks 95 countries across Europe, the Middle East, Africa, Asia-Pacific and the Americas, and is based on the relative ease in doing business from a regulatory and compliance perspective.
Barbados’ position improved significantly over the last year when it was ranked as the 22nd least complex country in the world. Its 2015 ranking is also impressive when compared to countries within the Americas, ranking among the top three.
The report indicated that the two main factors driving complexity and regulation are the demand for “more comprehensive information on corporate structures and activities of companies” and the increased sharing of information between governments to combat money laundering and other evasive tax practices. The uncertain environment coupled with the increasing complexity continues to impact negatively on doing business across countries. Therefore, the index is a useful indicator when companies, including multinationals, are considering expansion, as it can be used to determine the countries to consider carefully due to their high ranking as being complicated jurisdictions for doing business.
The top five most complicated jurisdictions for doing business were Argentina, Indonesia, Colombia, UAE and China, while the top five least complicated jurisdictions were Ireland, BVI, Latvia, Trinidad & Tobago and New Zealand.
Half of the ten most complex jurisdictions are reported to be in the Americas.