GBCI 2023：全球合規(guī)挑戰(zhàn)與商業(yè)復(fù)雜性（英）

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3CELEBRATING10YEARSOF

GBCIACCOUNTINGAND

TA

XENTIT

YMANAGEMENTESGONGEOPOLITICSCOMPLIANCEINFL

ATIONLayers

ofcomplexity:the

challengesof

cross-borderbusinesscomplianceThe

tentheditionoftheGlobalBusinessComplexity

Indexmarksadecade

ofinvaluableinsightfromTMF

Groupon

thechallengesofdoingbusinessacrossborders.Since

thepublicationofthe?rst

report

in2013,theGBCI

hasincreasedinsizeandscope,

nowranking78jurisdictionsforthecomplexity

oftheirbusinessenvironments.Our

experts

havecombined

theirknowledgeandanalysisofmorethan200,000

datapointsoverthepasttenyears,toproduceanauthoritativeandtrustedannualindexandroundupofcompliancetrends,thathelpsyoutonavigatebusinesscomplexity

aroundtheworld.C

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SForeword12CorebusinessareasIntroduction–Accountingandtax283440–Globalentitymanagement–HumanresourcesandpayrollGlobaltrends–Geopoliticalandeconomicturbulence–Globalcompliancechallenges–Environmental,socialandgovernance(ESG)considerations410Ten

leastcomplexjurisdictions46142022ConclusionMethodologyGlossary525455GBCIrankings2023Ten

mostcomplexjurisdictions

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231F

O

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O

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DWe

at

TMFGroupare

delightedto

beableto

bringyouour2023GlobalBusinessComplexityIndex,lookingat

differencesintherulesandrequirementsfor

doingbusinessin78

jurisdictionsaroundtheworld.Thisis

thetenth

anniversaryof

thereport?rst?nancialmarketsthathave

sofarbeencontainedbypromptinterventionby

relevantauthorities.Againstthatbackdrop,we

want

to

doall

we

cantosimplifythepathto

investingandoperatingaroundcomingoutandwe

continueto

lookfor

ways

to

make

theworld.Trade

andinvestmentstimulate

economicitincreasinglyusefulto

?rmsmakinginvestmentdecisionsaroundtheworld.growth.Complexplacesto

dobusinessare

oftenamongthemostattractive,whetherthatinvolvesgainingaccessto

naturalresources,workersorconsumers.The78

jurisdictionswe

covercapturetheworld’slargesteconomiesandinvestmenthubs,representing72%of

worldpopulation,92%of

worldGDPand95%of

netFDIin?ow.

We

lookat

nearly300

factorsinOurmessageincomparingthecomplexityof

thesejurisdictionsisn’tto

deterinvestmentbutsimplytoeachcountry.We

madethedecisionlastyearto

treat

make

surethat?rmsinvestingare

readyto

copethedataas

apublicgoodthatis

accessibleto

all.

withtherulesandrequirementsineachlocation.AtThatcontinuesto

bethecaseandthedata,alongwith

thesametime,we

hopethattheworkandrankingsotherusefulindicesandsourcesfor

doingbusinessaroundtheworld,are

nowavailableonourwebsite:/dashboardencouragegovernmentsto

reform,simplifyingwhereverpossible–lowercomplexityis

associatedwithhigherwealthinacountry,encouragingnotjustexternalinvestorsbutlocalentrepreneurshipandbusinessactivity.Worldtradeis

inrecoveryfromthedif?cultyearsoftheCovid-19

pandemic.Challengesof

courseremainincludingtheongoingwar

inUkraine,associatedsanctionsandgeopoliticaltensions.Risinginterestrates

have

alsobeenthetriggerfor

stressesintheMark

WeilTMF

Group

CEO

2I

NTRO

D

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TI

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NTheGlobalBusinessComplexityIndex2023(GBCI)providesanauthoritativeoverviewof

thecomplexityof

establishingandoperatingbusinessesaroundtheworld.Itexploresfactorsdrivingthesuccessorfailure

of

internationalbusiness,withafocusonoperatinginforeignmarkets,andoutlineskey

themesemerginggloballyas

well

as

localintricaciesacross78

jurisdictions.3TheGBCI2023is

basedon292indicatorsrelatingtobusinesscomplexityandprovidesin-depthanalysisof

globalandlocalchallengesimpactingontheeaseof

doingbusinessaroundtheworld.Thesedatapointsare

usedto

compileaglobalrankingof

the78

jurisdictions,basedonthecomplexityof

theirbusinessenvironmentsandcoveringlegislation,compliance,accountingprocedures,taxregimes,humanresources(HR)

rulesandpayrollprocesses.GLOBA

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2331INFL

ATIONCONFLICTGeopoliticalandeconomicturbulenceWe

exploretheimpactthatglobaleconomicfactorssuchasin?ation,employeeattritionandthewarinUkrainearehavingonbusiness.We

alsoexaminehowgeopoliticalchallengesareaffectingtheexpansionandgrowthplansofcompaniesaroundtheworld.MARKET

CONFIDENCEREGUL

ATIONREPORTING2GlobalcompliancechallengesLEGISL

ATIVE

U-TURNSWithglobalcompliancelegislationexpectedtotighteninthefuture,whatwillthismeanforbusinesscomplexity?We

willexplorehowchangesinrulesandregulationshavebeenexacerbatedorexpeditedbythegeopoliticalsituation,andhowincreasingcompliancerequirementsaremakingsomejurisdictionsmoreattractivethanothers.SUSTAINABILIT

YDIVERSIT

Y

&

INCLUSION3Environmental,socialandgovernance(ESG)considerationsTRANSPARENCYWe

examinehowtheincreasingimportanceofESGcriteriameansthatauthoritiesarefurtherde?ningwhatisrequiredofbusinesses,inparticulararoundtheenvironment,diversityandinclusion.

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ETHEME#1Despite

political,

geopoliticaland

social

expectationsremaining

stable,there

is

asense

that

businesses

maybe

less

open

toglobal

expansion

than

inprevious

years

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235LikelyAgreementthatoverthenext

?veyears,jurisdictionwill…

2020

2021

2022

2023BepoliticallyandgeopoliticallystableBesociallystable71%73%68%70%77%77%70%74%BeeconomicallystableBemoreappealingtooperateinthatisrightnow82%73%70%71%74%64%61%65%Con?denceinfutureeconomicstabilityhasdroppedsince2020jurisdictionswerecon?dentabouttheirfutureeconomicstability–this?gurehasdroppedto

71%

in2023.In?ationiswidespreadandispointedto

asafactorcausingsigni?cantissues.Whileitisimpactingdifferentjurisdictionsindistinctways,thereisnodoubtthattheeffectsofthecurrentin?ationarypressuresarelikelyto

befeltforsometimeto

come.Since2020,con?denceintheeconomicstabilityofjurisdictionsoverthenext

?veyearshasbeen

waning.Political,geopoliticalandsocialstabilitypredictionshave,however,remainedmostlystable.Thisissurprisinggivenrecentglobalevents,suchastheCovid-19pandemic,warinUkraineandunprecedentedratesof

in?ationaroundtheworld.Forexample,inVietnamwherestrongpost-pandemiceconomicrecoverywasrecordedin2022,

withGDPat8.02%;growthiscurrentlyforecastedat6.5%,solowerfor2023.Thisisdueto

anexpectedweakenedglobaldemandinmajorexport

markets,likelyresultingfromgeopoliticaltensions.It’sthesamestoryinotherAPACjurisdictions,suchasThailand,withglobalheadwindsslowinggrowth,despitefasterthanexpectedrecoveryfollowingCovid-19.“Currently,Ukraineisoneofthemorecomplexlocationstodobusinessforsafetyreasons,asaresultofmilitaryactioneffective24February2022.”InSouthAmerica,only40%

of

jurisdictionshavecon?denceintheireconomicfuture.In?ationhasbeen

alongstandingproblemintheregion,soglobaleconomicturbulenceisresultinginevengreaterpressureintheregion.Forinstance,inVenezuelahassufferedhyperin?ationoveranumberof

years,whilein?ationinArgentinarecentlyreached95%.TMF

Ukraine

expertDespitepolitical,geopoliticalandsocialexpectationsremainingstable,thereisasensethatbusinessesmaybelessopento

globalexpansionthaninpreviousyears.In2020,74%

of

thosejurisdictionssurveyedreportedthatbusinesseswould?nditmoreappealingto

operatethereoverthenext

?veyears.Thishasdroppedto

65%in2023,suggestingthatoptimismhasfadedsomewhat,andorganisationsmaybetakingamorecautiousapproachoverthecomingyears.“Venezuelahasexperiencedhyperin?ationinrecentyears.

Thedevaluationofthecurrencyhascaused?veorsixzerostobetakenoffthecurrency.”In?ationishavingsigni?cantimpactgloballyTMF

VenezuelaexpertEconomicstabilityiswherejurisdictionshaveobservedthegreatestdropincon?dence.In2020,82%of

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ENCEEmployeesareplacingpressureonorganisations“ThegreatresignationcouldbefeltbyallbusinessesinItaly.

Mostcompaniesfeltthepressureandhadto

spendbigmoneyto

retaintalentandcompensateforincreasedattrition.”Within?ationcreatinghugepriceincreasesonessentialslikefood,fuelandutilities,employeesareseekingmoreandmore?nancialsupport

fromtheiremployerto

makeendsmeet.Thishasledto

widespreadsalarydemandincreases,andworkersseekingbetteropportunitieselsewhere.60%

of

jurisdictionsreport

thatin?ationhasincreasedemployeeattrition.Thisisoftencombinedwithskillsshortagesto

createrecruitmentandretentionchallengesforbusinesses.The‘greatresignation’isputtingpressureonorganisationsto

remainagileandcompetitive.TMF

ItalyexpertHasin?ationimpactedemployeeattrition?Employeesareaskingforbetter?nancialpackagesin86%of

jurisdictions.ThisisparticularlythecaseinEMEA

wherealmostall(98%)of

jurisdictionssurveyedarenotingthistrend.Changesto

salariescandriveadministrativecomplexityfororganisations.InArgentina,forinstance,in?ationarypressuremeansthatsalariesaresometimesbeingincreasedseveraltimesperyear.Everytimethishappens,businessesneedto

makerelevantchanges,suchasupdatingpayrollandmodifyingcontracts,creatinganongoingadministrativeandcostburden.60%31%4%5%–

Yes

–in?ation–

Yes

–in?ationhashasincreasedattritiondecreasedattrition–

No–in?ationhasnotnoticeablyaffectedattrition–

Notapplicable–wehaven’texperiencedsigni?cantin?ationPast12

months,trendofemployeesaskingforbetter

?nancialpackagesEMEAAPACOverall98%93%86%NorthAmericaSouthAmerica64%56%

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237BusinessesaretakingactionduetoeconomicfactorsinamajorityofjurisdictionsWarinUkraineaffectingexpansionandgrowthplansAs

globalin?ationimpactseconomicgrowthworldwideandcausesemployeesto

demandbetter?nancialsupport,

it’sunsurprisingthatbusinessesaretakingactionto

meetdemandsandrecouplostincome.Measureslikehiringfreezes,outsourcing,reducingheadcountandclosingof?ces

arebeingtakeninmanyjurisdictions.Althoughsuchactionscanworktosupport

businessesthatarestruggling?nancially,theyalsocreatecomplexityforbusinessesto

navigate.Theprocessesof

redundancyandbusinessdissolutioncanbeincrediblycumbersomeandbureaucratic,particularlyinjurisdictionswithstrongcommitmentsto

employeerightssuchasFrance,withitsstrictemploymentlawsakeyfactorinmakingitthemostcomplexjurisdictioninthisyear’sGCBI.Sincethestartof

thewarinUkraine,jurisdictionshaveobserveddisruptedsupplychainsandincreasedenergyprices,aswellasbarriersto

internationaltrade.Thisdrivescomplexityandmakesdoingbusinessmorechallenging,particularlyacrossborders.Suchchallengeshitharderforthoseintheshadowof

thecon?ict.Forinstance,EMEA

jurisdictionslikeSwedenhaveexperiencedincreasedenergyprices,whichinturnhavecausedlongerleadtimeforsomegoodsto

bedelivered.Thisincreasesproductiontimes,meaningthatbusinessoperationbecomesslower,morecumbersomeandmorecostly.ActionsclientsaretakingasaresultofglobalinstabilityCurrentimpactofthewarinUkraineDisruptionofsupplychains71%Hiringfreeze62%Energypriceincreases71%OutsourcingTrade

barriers57%42%ReducingheadcountIncreaseinrefugees42%53%OtherClosingof?ces16%53%Noneofthese12%

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ENCELong-term

impactsofwarinUkraine63%63%DisruptionofsupplychainsCompaniesrethinkingexpansion54%33%CompaniesrevisinggrowthplansTrade

barriers26%17%Long-termrefugeesettlementsCompaniesfeelingpressuretotakesides7%11%OtherNoneofthese

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239ManyjurisdictionsthatwerereliantonRussiaandUkraineforexportslikegrainandoilareseverelyimpacted.Forinstance,inGermany,thefallinimportedgoodshasbeen

akeydriverof

in?ation.InColombia,thiswasalsothecaseatthestartof

thecon?ict–grainimports

wereaffected,whichincreasedin?ation,demonstratingthattheimpactsof

thewarareglobal,notlimitedto

Europe.IssuesresultingfromthewarinUkraineareanticipatedto

continue,withthemajority(63%)of

jurisdictionspredictingongoingsupplychaindisruptions.Itishavingaclearimpactonglobalbusiness,withoverhalfofjurisdictionsnotingthatorganisationswillrethinktheirgrowthandexpansionplans.Jurisdictionswillneedtoworkharderthaneverto

attractnewinvestmentandrebuildshakyeconomies.56%44%However,somejurisdictionsare?ndingopportunitiesto

attractforeigndirectinvestment(FDI).IntheUSA,

forexample,FDIhasincreasedcomparedto

pre-pandemiclevels.Inatimeof

suchuncertainty,jurisdictionsthatcanofferinvestorsrelativestabilityandsecuritycanbemoreattractivethanever.IncreaseinPWFOclientsduetogeopoliticalinstabilityThisisnotonlythecaseforbusinesses,butalsoforprivateinvestors.Overhalfof

jurisdictions(56%)

thatofferprivatewealthandfamilyof?ce

services,predictatrendof

anincreaseinhighnetworthindividualsseekingasafeplaceto

investtheirwealthdueto

geopoliticalinstability.–

Yes–

NoWhiletheglobalbusinessenvironmentmayfeelmoreunstablethaninrecentyears,timesof

hardshipcanoftenserveto

createnewopportunitiesforinvestmentandexpansion.Forexample,inArgentinatheshortageof

oilworldwideisencouraginggreaterself-suf?ciencyandfocusonfutureexport

plans.Itishopedthiswillbolstertheeconomyandaidrecoveryfromtheeffectsofunprecedentedlyhighin?ation.Althoughorganisationsmayfeelnervousaboutexpanding,somejurisdictionsareusingthistimeto

?ndamoreprominentspaceintheglobalmarket,openingnewdoorsforbusiness.It’salsolikelythatgovernmentswillworkharderto

driveattractivenessandenticeinvestment,meaningthatbusinessesmay?ndthatprocessesandproceduresaresimpli?edinthecomingyears.

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STHEME#2While

the

increasedscrutiny

of

global

complianceframeworks

can

create

complexity,they

also

work

to

drive

consistencyand

predictabilityfor

businessesentering

new

markets

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2311Globalcompliancerequirementsremaininlinewith2022Theseregulationshavetendedto

becomemorestringentovertime.Forinstance,inHongKongthetighteningduediligencechecks,KYC

requirementsandtransactionmonitoringhassigni?cantlyincreasedtheburdenonclientduediligence.Thisisalongsidegreatermonitoringof

HongKong-basedcorporateservicesproviders’activitiesforclients,especiallyaroundpayments.Compliancerequirements,suchasreportingonultimatebene?cialowners(UBO)andpersonsof

signi?cantcontrol(PSC),areinplaceto

ensurethatbusinessesandthosewhomanagethemremaintransparentwhenincorporatingandoperatinginforeignjurisdictions.Theyhavebeen

acorepart

of

complianceprocessesinlocationsaroundtheworldforanumberof

years.Yearonyear,

therequirementto

provideUBO

and/orPSCinformationto

acentralregisterhasremainedstableataround7in10

(71%)

jurisdictions.Globalregulationssuchasthesecancreatemorelocalisedcomplexity.InMexico,forexample,UBOreportingrequirementswereintroducedinJanuary2022

andtheinformationgatheringisextensive,addingasigni?cantreportingburdenforclients.Additionally,unclearrequirementsmeantitwasopento

widespreadinterpretation.Publicnotariescouldrefuseto

incorporateorganisationsasaresult.Regulationssuchasknowyourcustomer(KYC)andanti-moneylaundering(AML)havebeen

adoptedbyatleastsomeindustriesacrossalljurisdictions.Thishasbeenthecaseoverrecentyears,demonstratingthattheseregulationshavebeen

animportantandstablemethodof

holdingbusinessesto

accountoveroperationaltransparencyandsafety.“Localregulationsinresponsetowiderinternationalrulesanddirectiveshaveincreasedandarecomplextohandle.”TMF

Germany

expertUBO/PSCregisterstatements71%70%GlobalregulatoryburdenexpectedtoincreaseWhiletheimplementationof

globalcomplianceregulationremainsstable,jurisdictionsareobservingatighteningof

globalcomplianceregulationsuchasKYC

andUBO

reporting.Thisisatrendthatissettocontinueinlightof

geopoliticaltensions,suchasthewarinUkraine.Requirementtoprovide57%UBOand/orPSCinformationtoa55%centralregisterRequirementtoOnly13%

of

jurisdictionsdonotexpectto

seeatighteningof

globalcomplianceregulationasaresultof

currentgeopoliticalenvironment,demonstratingthattheglobalatmosphereisdrivingtheneedforgreatertransparencyandunderstandingof

whoexactlyisinvestingintojurisdictions.maintainUBOand/or64%PSCregisteratthecompany’sregisteredaddress63%Informationin25%theUBO/PSCcentralregisteraccessibletothirdparties29%InCura?ao,sanctionsintroducedagainstRussianbusinessesandindividualsmeanthatKYC

checkshavebecomemorein-depth

andrigorous,creatingcomplexityforRussianorganisations.ThesamecanbesaidforjurisdictionsliketheUK,

Hungary,AustraliaandMalaysia,demonstratingthattheimpactsof

thewararebeingfeltworldwide.(eglawenforcement)InformationintheUBO/PSCcentralregisteraccessibletothegeneralpublic–

Yes

(2022)–

Yes

(2023)Interestingly,certainjurisdictionssuchasSerbiaarenotplacinganysanctionsorincreasedglobalcompliance

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ENGESrequirementsontoRussianbusinessesandindividuals,meaningtheyareableto

betterattractRussianDueto

thispressureandincreasedcomplexity,weseethatalmosthalf(48%)of

jurisdictionsreport

thatatleastsomecompanieswillrethinktheirexpansiongoals.Forinstance,pausingincorporationwithinajurisdictionwithhefty

globalcompliancereportingrequirements,orperhapslookingforanotherjurisdictionwithmorelenientrules.Thisdemonstratesthetrueimpactthatglobalcompliancelegislationandreportingcanhave,andhowitcanlimittheattractivenessof

ajurisdictionandencouragebusinessesto

lookelsewhere.enterprise.Thisdemonstratesthedifferentapproachesjurisdictionscantakeduringchallengingtimesandhowthisimpactsbothcomplexityandattractiveness.Increasedreportingrequirementscanimpactglobalexpansiongoals43%

of

jurisdictionsexpectfurther

regulatorycompliancereportingforbusinesseswithinthenext

year.Organisationscanstruggleto

understandandmeetnewreportingrequirements.Onein?ve(21%)

of

jurisdictionsexpectthattherequiredspeedof

reportingwillincreasealongsidetheadditionof

newrules.Thiswillmeanthatbusinessesnotonlyhaveto

navigategreaterreportingdemands,buttheyalsomaybeexpectedto

dosoinamorerapidmannerthanpreviously.“We’ve

observedanincreaseofglobalregulatorypropositionsforallcountries,notjustfor

Turkey.

Adaptingto

theselocalpropositionsisthemainchallengeforbothcomplianceserviceprovidersandclients.”Dueto

suchchanges,clientsarefeelingthepressure.Only24%

of

jurisdictionsreport

thattheirclientsaregenerallypreparedforincreasedreportingrequirementsandarenotfeelingpressured.31%

of

jurisdictionsreportthatclientsaregenerally

unprepared,

demonstrating

thatthey

may

not

yet

realisethe

complexity

of

what

is

tocome.TMF

Turkey

expertRegulationexpectedto

tightenasaresultofthecurrentgeopoliticalenvironmentIncreasedspeed

offurther

regulatorycompliancereporting21%79%UBOKYC–

Yes

–Increasedspeedofreporting–

No77%77%Client’spreparedness/concernforfuturecompliancereporting

obligations31%24%AMLlegislationNoneofthese–––Yes,clientsaregenerallypreparedandnotconcernedYes,clientsaregenerallypreparedbutfeelthepressure75%13%No,clientsaregenerallyunprepared45%

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2313LegislativeU-turnsareimpactingnearly15%

ofjurisdictionsClientsrethinkingexpansionduetoincreasedregulatoryobligationsAlthoughthereisanincreasedfocusonstable,consistentcompliancerequirementsglobally,somejurisdictionshaveobservedlegislativeU-turnsoverthepast12

months.Yes,mostcompanieswillrethinktheirexpansiongoals10%Morethan1in10

(14%)

haveobservedsuchU-turns.Forexample,intheUK,

where2022

wascharacterisedbyunprecedentedpoliticalturmoil,severalpiecesoflegislationwereintroducedandthenreversed,typicallyrelatedto

tax.Yes,somecompanieswillrethinktheirexpansiongoals38%No,companieswillnotrethinktheirexpansiongoalsInChina,thegovernmentalsobacktrackedonthepreferentialtaxrateonemployeestockincome,annualbonusesandtaxexemptedbene?tsforexpatriateemployees,whichweredueto

terminateinJanuary2022.

Althoughthischangedoesbene?tforeignworkersandtheirinternationalbusinesses,changescancreatecomplexityfororganisationswhocanstruggleto

keepupwithcontradictingmessagesfromgovernments.52%NET:Atleastsomecompanieswillrethinktheirexpansiongoals48%Movingforward,wemaycontinueto

seelegislativeU-turnsasgovernmentsdealwithgeopoliticalinstabilityandachangingglobalbusinessenvironment.However,theincreasedfocusonglobalcomplianceandlegislationshouldworkto

offerstabilityinsuchchallengingtimes.WhileincreasedfocusonglobalcompliancecanGlobalcompliancerequirementscanofferstabilityandsecurityforhigh-net-worthindividualsGlobalcompliancerequirementslikeUBO,KYC

andAML

cancreatecomplexityforbusinesses,andcancauseconcernforclientslookingto

investacrossborders.However,thisincreasedfocusonglobalcomplianceisseenasinevitableanditisnotgoingaway.

It’salsowellestablishedincertainjurisdictions,particularlythoseintheEU,wheredirectivesarehandeddownto

beimplementedlocallyacrossmultiplejurisdictions.Thismeansthatmultinationalbusinessesmayalreadyhaveabetterunderstandingof

certaincompliancerequirementswhenenteringnewjurisdictions.Thatbeingsaid,therecanbenuancesthatcancausecomplexityandtaketimeto

beunderstoodbybusinesses.createcomplexity,italsoworksto

driveconsistencyandpredictabilityforforeignbusinessesenteringnewjurisdictionsandpressingforwardwithglobalexpansion.JurisdictionsthathaveobservedalegislativeU-turn

inthepast12

months14%86%However,whileglobalcomplianceincentivescanincreasecomplexity,theycanalsodrivetheattractivenessofjurisdictions,particularlyforprivatewealthandfamilyof?ce(PWFO)individualswhoareseekingsafetyandsecurity.Forinstance,inSingapore,astrongandstableregulatoryframeworkandpoliticalstabilityarethekeyfactorsthatattractforeigninvestments.Singaporealsooffersattractivetaxincentiveschemesthatappealto

high-net-worthindividuals.–

Yes

–therehasbeenatleastsomelegislationthathasbeenreversed–

No

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STHEME#3As

the

importanceof

ESGcontinues

to

grow,companies

will

have

tonavigate

new

requirementsbeyond

simple

box-tickingexercises

and

commit

toreporting

on

theirESG

indicators

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2315ESGrequirementsincreasinginimportanceRequirementsonconsumerprotectionsandhumanrights(eg

modernslavery)arethemostcommonforbusinessesto

abideby,

whichisunsurprisinggiventhattheseareembeddedinthewaythemajorityofcompaniesdobusiness.Nearlyhalfof

jurisdictionsrequirecompaniesto

report

onenvironmentalfactors:44%

ongreenhousegasemissionsand46%onEnvironmental,socialandgovernancecriteriaarebecomingincreasinglyprominent,withcompaniesnowrequiredto

abidebyatleastoneESG

requirementinthemajorityof

jurisdictions.Infact,onlyfourjurisdictions(Cura?ao,theBVI,VenezuelaandUruguay)don’trequirecompaniesto

abidebyand/orreport

onanyESGrequirementsrelatedto

theiractivities,demonstratingtheglobalreachof

thesecriteria.sustainabilityandreducingwaste.TheserequirementsarehigheramongEMEA

jurisdictions(54%forboth)andlowestinNorth

America(29%and36%,respectively).Requirementto

abideand/orreport

onESG

legislationConsumerprotectionHumanrightsGreenhousegasemissionsSustainabilityandreducingw