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TMF Group has published its annual Global Business Complexity Index (GBCI) for 2025, ranking Serbia 35th out of 79 jurisdictions analyzed. This places Serbia among the less complex countries for doing business, with a stable regulatory environment.
The GBCI ranks countries based on the administrative and regulatory complexity of their business environments – including accounting, tax, labor laws, and compliance. The analysis covers 94% of global GDP and 95% of net foreign direct investment.
Key Global Trends in 2025
This year’s report highlights that major obstacles for businesses stem not only from regulatory complexity, but increasingly from geopolitical and economic uncertainty. Trade tensions, inflation, talent shortages, and the restructuring of supply chains are pushing companies to adopt more resilient and flexible business models.
The most complex jurisdictions for doing business are Greece, France, and Mexico, while those at the bottom of the list – and therefore the easiest to operate in – include the Cayman Islands, Denmark, and New Zealand.
The full report is available on the TMF Group website: GBCI 2025
