GBCI 2023: Doing Business in South East Asia

13 July 2023
3:30pm – 5:00pm (UTC+7)
 -  Online

Watch the recording of the webinar focused on this year’s Global Business Complexity Index (GBCI) and discover with us the reasons behind the rankings of Indonesia, Philippines, Thailand and Vietnam.

Webinar: GBCI 2023 - Doing Business in South East Asia

Indonesia: Indonesia ranks just outside the top 10 most complex jurisdictions in this year’s GBCI. Complexity in the jurisdiction is driven by the time it takes to enter the market and incorporate legislation, as it has high capital requirements and foreign ownership restrictions for certain industry sectors. Stringent labour policies also contribute to its complexity due to the frequent changes in legislation. Indonesia is also implementing a new tax administration system which is expected to add complexity until 2024 as businesses navigate the new procedures.

Philippines: the Philippines is taking steps to simplify business processes within the jurisdiction. For instance, the Ease of Doing Business Law works to streamline procedures by introducing electronic portals and processes, such as the eFPS for tax filing and eAFS for submission of documents such as audited financial statements. In addition, in 2022 the Regular Foreign Investment Negative List was amended to relax restrictions for foreign investors within industries such as telecommunications and retail.

Thailand: Thailand is a highly attractive jurisdiction for businesses due to the opportunity for foreign businesses to establish backend operations such as accounting, compliance and payroll in a low-cost destination. The Thai government has also worked to offer tax and non-tax incentives to encourage investment in recent years, for instance with the introduction of a five-year investment promotion strategy. This strategy aims to highlight the jurisdiction’s efforts to attract investment in innovative, high tech and sustainable industries and will be in effect between 2023 and 2027.

Vietnam: Efforts to align the country with international standards and practices continue. While reforms have been introduced to improve the process of investing in Vietnam, there are regulatory obstacles and requirements that foreign investors should be aware of. This is why Vietnam sits around the middle of this year’s GBCI, ranking 46th out of 78 jurisdictions worldwide.


  • Introduction to the Global Business Complexity Index (GBCI)
  • Deep dive and recent updates on:
  • Indonesia
  • Philippines
  • Thailand
  • Vietnam
  • Q&A


Headshot of Edwin Wouters

Edwin Wouters, Market Head of Business Development – Southeast Asia, TMF Indonesia

With over 25 years of experience in end-to-end Business Development & Consulting program delivery roles, working with some of the leading global Consulting firms & international Software firms, Edwin has built up an all-round consulting expertise, ranging from IT- Technology & Technology Advisory Services, to Operations Improvement/ Business Process Re-engineering, including providing advisory and implementation services around Insourced/ Outsourced business models.

Edwin has spent a large part of his professional career in various South-East Asian countries. Currently located in Jakarta, Indonesia, he joined TMF in 2013 and has since then taken up various business development leadership roles within the firm.


Headshot of Achin Malik

Achin Malik, Managing Director, TMF Thailand

Achin is a qualified finance professional with over 20 years of work experience as Head of Finance and Accounting & Assurance functions with global organisations and start-ups. Having joined TMF India in 2016, Achin moved to Thailand in early 2020 as the Managing Director of TMF Thailand and has recently assumed additional role as Market Head of Delivery for Southeast Asia.

His key focus areas at TMF Thailand include growing business and market share, managing/coaching/expanding teams and operations, building and managing strong client relationships at CXO levels with heading global companies and ensuring optimum levels of delivery for all ongoing engagements.

As the Market Head of Delivery for SEA, Achin strives to provide a flawless service experience to all the clients in the market and beyond. His team consists of qualified accountants, lawyers and payroll professionals assisting clients with market entry and on-going compliances contributing to TMF’s growth and client satisfaction.

Achin strongly believes that the clients and employees are the two most important pillars for any successful organisation and works relentlessly to create solutions and give them the experience they desire.

Headshot of An Vo Ngoc Thuy

An Vo Ngoc Thuy, Managing Director, TMF Vietnam

An is a Vietnamese CPA and a Fellow of the Association of Chartered Certified Accountants (ACCA) in the UK. She is also a key member of the Executive Board of Vietnam Institute of Chartered Accountants.

An joined TMF Group in 2017 and she is currently the Managing Director of TMF Vietnam, leading the business operation of 2 offices in Ho Chi Minh City and Ha Noi, building up strong teams for service delivery and managing client relationship with local and global businesses.

Prior to joining TMF Group, An was the senior manager of external audit services at EY Vietnam and head of internal audit at Prudential Vietnam. She has extensive practical experience in accounting and advisory projects with exposure to various local and foreign invested companies in an immense range of industries.

Headshot of Janis Maghinay

Janis Maghinay, Managing Director, TMF Philippines

Janis joined TMF Group in 2021 as Managing Director in the Philippines. She is responsible for the overall delivery of services to local and multinational clients in an effective and efficient manner as well as the development and retention of high performing staff. She also acts as a director and treasurer for many TMF Group's clients.

Janis has more than 20 years of experience in accounting, consulting, and business development work from Isla Lipana & Co. (PwC Philippines) to Punongbayan & Araullo (P&A Grant Thornton) where she became the Head of Business Development Group in 2019.

Janis earned her degree in Bachelor of Arts in Economics and Bachelor of Science in Accountancy, cum laude, in 1998 from the De La Salle University. She passed the National Licensure Examination for CPA in May 1999 obtaining the 9th highest overall rating.

Headshot of Fauzi Irawan

Muhammad Fauzi Irawan, Country Head, TMF Indonesia

Fauzi is a licensed advocate with more than 15 years of experience in merger and acquisition, project financing, investment, labor dispute and mining. Before joining TMF Group, he has worked for both multinational law firm and prominent mining companies, such as Roosdiono and Partners (in association with ZICO), Hiswara Bunjamin & Tanjung (in association with Herbert Smith Freehils), and Ithaca Resources.

As the Country Head for TMF Indonesia, Fauzi is focusing on growing the business and committed to delivering exceptional results and providing the highest level of service to clients.