Greece, France rank as Europe's worst legislations to do business in

Greece has once again been ranked the world’s most complex country for doing business, according to a major annual study published by TMF Group, a leading multinational provider of compliance and administrative services.

The consultancy released the 13th edition of its Global Business Complexity Index (GBCI) this week, analyzing 81 jurisdictions that together represent more than 90% of the global economy.

The report compares countries across 292 indicators, examining factors such as regulation, taxation, human resources, corporate administration and compliance obligations.

Greece topped the ranking for the third consecutive year. According to the study, the world’s most complex business environments are typically marked by frequent regulatory changes, heavy administrative burdens and constantly evolving digital compliance requirements.

“Doing business in Greece remains challenging,” the report stated, citing repeated legislative changes and continuing regulatory reforms across accounting, taxation, payroll and private wealth management systems.

TMF Group highlighted new requirements such as the MyData electronic reporting system for accounting and tax compliance, expanding digital HR and payroll platforms and ongoing uncertainty in regulations affecting private wealth and family office structures.

The report also noted that businesses in Greece often encounter inconsistent implementation of rules depending on individual officials or regional departments, particularly when dealing with bodies such as the national social security system or the commercial registry.

“Frequent and unpredictable changes force companies to constantly adapt, heightening operational risk for foreign firms,” the report added.

France ranked as Europe’s second-most complex jurisdiction and fourth worldwide, although that represented an improvement compared with last year, when it placed second globally.

According to TMF Group, companies operating in France still face substantial challenges related to dense regulation, language requirements, heavy bureaucracy and strict ongoing compliance obligations.

The report highlighted lengthy banking procedures linked to Know Your Customer (KYC) requirements, along with particularly complex payroll systems and expanding labor regulations.

French lawmakers have also introduced broader transparency requirements and stricter labor laws, increasing compliance pressures for corporate HR departments, the study noted.

Among the 81 jurisdictions reviewed, the countries and territories ranked as having the most favourable legislations that allow for a flourishing business environments were (ranked starting with least complex economy):

Cayman Islands

Denmark

Jersey

Hong Kong

Netherlands

Azerbaijan was not included in the ranking. The following are several other notable economies that appeared in the index: (a higher ranking indicates a more complex legislative environment)

Türkiye — 5.

Kazakhstan — 11.

Ukraine — 16.

China — 17.

United Arab Emirates — 18.

Russia — 23.

Germany — 35.

Qatar — 44.

Israel — 60.

Latvia — 66.

By Nazrin Sadigova