Cayman at bottom of new list for right reasons
George Town, Grand Cayman
(CNS): A new report analysing business complexity in 76 countries has found that the largest economies in the world are often the most complex and unpredictable places in which to do business, but the Cayman Islands came bottom of the whole list, indicating that it is the easiest place in the world. The Global Complexity Index, commissioned by Dutch consulting firm the TMP Group, is the first of its kind and used a combination of data and research among local market experts on rules, regulations and penalties; accounting and tax; and hiring, firing and paying employees.
Greece was declared the most complex country overall due to frequently changing legislation, differing regional tax rates and inconsistent treatment of firms by the authorities. By contrast, the Cayman Islands, Curaçao and Jersey thrive “on the back of politically-stable and pro-business policies”, the authors found.
The UK came around the middle of the list at 43 because of strict governance standards and a complex tax system; anticipated legislative changes following Brexit added to complexity.
“The findings confirm that the business landscape has become more challenging. Any business looking to expand into new territories faces a formidable array of potential hurdles,” said Mark Weil, CEO of TMF Group.
“Trade disputes, tariffs, rising nationalism and political unrest point to a shift from globalisation to economic fragmentation. This has made some of the world’s most commercially attractive countries among the most complex to operate in. More than ever, businesses with global ambitions must have a good understanding of the rules and regulations that prevail locally, and how to manage them,” he added.
When it comes to the world’s biggest economies, China and the United States are at opposite ends. China was the ninth most complex country because of regional variations in legislation but the USA was deemed the eleventh least complex jurisdiction because of regulatory standards and recent tax reforms that make it easier for firms to repatriate profits.
In over a third of countries analysed, local rules, regulations and penalty systems present major challenges for companies.
“This report will help give businesses a better understanding of the idiosyncrasies that make up the global business landscape,” said Weil. “Complexity is no reason to avoid investing. It is a dimension which must be managed. With the right local knowledge and preparation, good companies can thrive anywhere.”
See the report here.
Category: Business, Financial Services
Why is there no fear that when Trump gets into/involved this Country will be under scrutiny?
Hiding taxes is what Cayman is famous for…soooo much other/natural to promote to bring in monies.
Trump will be poking around soon.
Fact.
I think we should begin to be proud of our boys and give them our assistance. No one is perfect but they are as good as we will get. At least they are our own Caymanians and we might not be able to say that for much longer. I might not have supported all of them but it does not keep me from saying that with some very strong guys there I feel very safe. I recently had the chance of proving their loyalty. May God bless Alden and others as we pray for them. No one is perfect.
hahahahahahhahahhaha. this is literally one of the hardest places in the world i have ever done business.
9:23 Methinks you are not Canadian, Australian nor American.
Two of the three, actually. Both Canada and the US are much more streamlined, with a much deeper labor pool, and a much more clear and consistent application of the rule of law.
I guess they didn’t ask the egg farm man.
Well Well, who would have known! I can’t say a word on this.
How dare the Premier put us on top of the world!! Now you see why the PPM will never lose the election.
Amazing news CNS. Our Ministers and Civil Servants must be commended.
Wow what an amazing week for our civil service.
Customers happy Index 94%
70% of staff engaged
75% staff proud to a civil servant
Historic Major arrest at the airport
Today easiest place in the world to do business.
When will we recognise our amazing civil servants?
Any local business owner will read this headline and report with scorn and awe.
Not saying it is not true – but the experience of launching, registering and running a business in Cayman is far from “easy” for Caymanians.
– Whodatis
Yes. Easiest to do business if you are not from here.
You could be an established business for 20 years and you try to open a new bank account for example, then you start to see the hurdles.
But walk off that cruise ship,
(figure of speech) and it’s a whole new world.
That aspect is the same for EVERYONE.
Unfortunately a very true and very sad statement.
I am so proud of CIG. Its amazing what can be achieved when the civil service and private sector work together.
Thank you PPM and everyone involved
Wow!! Very good. Listen up next to someone from the U.K, asking for more regulations that doesn’t make a lick of sense.
A world class civil service confirmed. Most of us have no idea how blessed we are to have such an effective civil service.
Thank you civil servants for that all you do
If they would answer their phones, they would be thought of more highly. The rest of us have to and we respect that the person calling has a need which it is within our power or responsibility to do something about. If they weren’t getting up all the time to visit other floors and talk to friends and all the rest of it they might be able to do it. If they are sitting at their desks and just choose not to answer they should just be fired. Any public servant = employee of everyone else. Pick up the damn phone.
Complexity also keeps lower income people from getting into business for themselves because they can’t afford the accountants and lawyers to keep the bureaucrats off their backs. So only the politically connected can succeed.
Legislative and Tax Complexity significantly increase: Expense, Risk, Fines, Delays, Stress, Fraud, Discouragement and significantly Decreases: Profits, Productivity, Joy, Honesty, Stability and Motivation