With global compliance legislation expected to tighten
in the future, what will this mean for business complexity? In the
second of three themes explored in TMF Group's Global Business Complexity Index
2023 (GBCI), we will explore how changes in rules and
regulations have been exacerbated or expedited by the geopolitical
situation, and how increasing compliance requirements are making
some jurisdictions more attractive than others.
Global compliance requirements remain in line with 2022
Compliance requirements, such as reporting on ultimate
beneficial owners (UBO) and persons of significant control (PSC),
are in place to ensure that businesses and those who manage them
remain transparent when incorporating and operating in foreign
jurisdictions. They have been a core part of compliance processes
in locations around the world for a number of years. Year on year,
the requirement to provide UBO and/or PSC information to a central
register has remained stable at
