How Businesses Can Adapt To Increasing Compliance Demands

Author:TMF Group
Profession:TMF Group
 
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Compliance has become a financial and reputational consideration for multinationals.

The report – Conquering the complexity of local and global compliance – contains extra company secretarial information from TMF Group's original Global Business Complexity Index 2019. Here's a snapshot of the increasing compliance challenges that multinationals face.

Incorporation complexity

Many factors influence the relative ease or difficulty of legal entity setup in a new jurisdiction – specific industries, technologies and the number of authorities involved in the process.

What is the most challenging region for company and corporate secretaries?

Ownership and transparency

Company ownership and compliance liability is under increasing scrutiny from international regulators. The Ultimate Beneficial Owner register operates in 64% of global jurisdictions – but only four in APAC.

% of jurisdictions where ultimate beneficial owners must be listed on a public register

At the same time, multinationals must adhere to the rules and regulations of jurisdictional governments on ownership and liability.

Do you know where private company directors are always personally liable for non-compliance?

Increased workload

Our research shows – unsurprisingly – that company secretary duties are predicted to increase across the world as compliance demands on multinationals continue to grow.

Where will company secretaries take on...

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