Denmark most business-friendly country in world; Norway and Sweden among simplest in Europe, TMF Group report reveals

Denmark most business-friendly country in world; Norway and Sweden among simplest in Europe, TMF Group report reveals

PR Newswire

LONDON, July 12, 2021

LONDON, July 12, 2021 /PRNewswire/ -- Denmark is the simplest jurisdiction to invest in globally, according to the Global Business Complexity Index (GBCI), a report by TMF Group, a leading professional services firm. Norway and Sweden are just below the UK, ranking 51st and 52nd respectively out of 77 where Finland ranks 42nd .  

The study analyses rules, regulations, tax rates, penalties, and compliance issues across 77 jurisdictions, accounting for 92% of the world's total GDP and 95% of net global FDI flows. In total, 292 indicators are tracked annually, offering data on key aspects of doing business, including incorporation timelines, payroll and benefits, as well as staying compliant.

The report finds that the Nordics is an attractive region for setting up and operating a business. Reasons include all four countries allowing organisations to make tax payments from foreign bank accounts. Additionally, opening a bank account from abroad takes between one and three months compared to up to six in The Netherlands.

There are differences within the region that explain the different rankings. When incorporating a business, a single body needs to be notified in Denmark, Norway and Sweden, and two in Finland. The average time for incorporating private companies in Denmark is only one day, while in Norway and Sweden it can take up to three weeks, and up to one month in Finland.

When a company is setting up a local entity the number of authorities notified may vary. Denmark is the only Nordics jurisdiction where all relevant bodies are notified automatically. This means there is no need for manual filings with business authorities and the tax administration. Digital fluency, the possibility to submit important documentation in English,  and the government's commitment to translating online services, are some of the other reasons that Denmark is the most business-friendly jurisdiction in the world.

Niels Didrich Buch, TMF Group's Head of Nordics, commented: "The overall placement of the Nordic countries is certainly satisfying. At a closer look, Denmark's ranking has been consistent throughout the years: it is a country that has heavily invested in digitalising its services, besides making them easily accessible to foreign speakers by translating them into English. The minimum level of bureaucracy required for multinationals is an expression of the very pragmatic and business-oriented attitude of the country. These factors, coupled with the attention to high living standards, make Denmark a strong candidate for business willing to start their expansion in the Nordics region".

Top and bottom ten

1.  Brazil

68. Mauritius

2.  France

69. El Salvador

3.  Mexico

70. The Netherlands

4.  Colombia

71. United States

5.  Turkey

72. British Virgin Islands

6.  Indonesia

73. Curaçao

7.  Argentina

74. Ireland

8.  Bolivia

75. Cayman Islands

9.  Costa Rica

76. Hong Kong

10.  Poland

77. Denmark

For further information, please contact:
Giampaolo Arghittu, Global External Communications Manager, TMF Group 
T: +44 7983314989

Daniel Resendes, External Communication Executive, TMF Group 
T: +55 11 9 7477 5453

About TMF Group
TMF Group is a leading provider of critical administrative services, helping clients invest and operate safely around the world. Our 9,100 experts and 120 offices in 85 jurisdictions worldwide serve corporates, financial institutions, asset managers, private clients and family offices, providing the combination of accounting, tax, payroll, fund administration, compliance and entity management services essential to global business success.

We work with 60% of the Fortune Global 500 and FTSE 100, and almost half the top 300 private equity firms, covering sectors as diverse as capital markets, private equity, real estate, pharmaceuticals, energy and technology.

TMF Group – we make a complex world simple. 

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