Ireland was the third least complex country for multinationals to do business in in 2014, according to TMF Group’s Global Benchmark Complexity Index.

Of 81 countries surveyed in terms of complexity, Ireland ranked 79th behind only Jersey and Hong Kong. The report will be published today.

In first place, and considered the most complex jurisdiction to conduct business, was Argentina, followed by Brazil and Bolivia. Poland in seventh place was the only European country in the top 10.

New Zealand slipped from being the least complex place to do business in 2013 to 72nd position last year.

TMF, a provider of global business and compliance services, said the ease of doing business in Ireland was likely to improve in 2015 with the enactment of legislation to reduce the complexity of legal entity management. This will include allowing companies to appoint only one director (previously two were needed), having no requirement to physically convene agms, and having a single constitutional document.

Martin Shanahan, chief executive of IDA Ireland, welcomed the report’s findings. “Time and again, overseas companies cite Ireland’s ‘ease of doing business’ as one of the most compelling factors in their decision to invest here,” he said. “Ireland’s ranking as one of the least complex places to do business in the world confirms the country’s worldwide reputation.”