IRELAND IS GREAT for many things, but it’s apparently also one of the easiest places in the world to do business.
Ever year, TMF Group, an international professional services firm, publishes its Global Benchmark Complexity Index Report.
It ranks countries based on how complex they are for doing business.
Considerations are made to a country’s regulations and compliance, its local legal systems, economics and cyber-security risks.
After all countries were assessed, Ireland rose close to top of the pile.
Tax
Ireland is praised as being a favourite for foreign investors in Europe, thanks to its generally low tax rates.
Tech companies like Google, Facebook and PayPal have all set up home in Dublin.
The report finds that the Companies Bill 2012, which is due to be enacted in 2015, will reduce the complexity of doing business here even further.
Changes will allow companies to appoint only one director (previously two were needed).
There will also be no requirement to physically convene Annual General Meetings, and companies will only need a single constitutional document, similar to Hong Kong.
The winners
So, who beat us? That would be Hong Kong, and the island of Jersey.
Hong Kong enjoys a unique status by being part of China, but having its own regulation and tax policies.
The winner of the top prize is Jersey, the largest of the British Channel Islands.
Apparently, what makes this island appealing to do business in, is its tax haven status.
Zero VAT and potentially 0% corporate tax has lured international companies to Jersey. Four-fifths of the local economy in Jersey comes from the off-shore finance sector.
Additional reporting Business Insider
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