Mexico, Brazil and France among the 10 most complex countries to do business in, says the GBCI 2026

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.

Hong Kong, SAR and the Netherlands are among the top 10 least complex jurisdictions for doing business globally. These jurisdictions have consistently ranked as low complexity, given a stable, simple regulatory environment and robust digital infrastructure supporting it.

India ranks as the 13th most complex jurisdiction, with a federal structure in which central and state regulations intersect. While new reforms add layers of complexity in the short term, these changes, alongside a more business-oriented policy direction, have the potential to open new opportunities for foreign firms in the long-term.

Japan and Singapore rank among the medium-to-low complexity jurisdictions. Japan’s (54th) efforts to attract inward investment include simplified processes for international financial firms, initiatives to attract highly skilled foreign talent and preferential tax treatment for asset managers. Singapore (47th) continues to benefit from strong digitalisation, alignment with international accounting standards, a competitive corporate tax rate, a competitive corporate tax regime, and an extensive network of double tax treaties.

As per the top 10 most complex jurisdictions worldwide, the ranking is led by Latin American and EU jurisdictions.

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. 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.

Overall, the Middle East ranks as a medium-complex region for businesses, with the United Arab Emirates ranking 18th in the ranking, followed by Egypt (38th), Saudi Arabia (40th) and Qatar (44th).

Top and bottom 10 jurisdictions (1= most complex, 81= least complex)

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