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Global Expansion and Financial Outsourcing
Whether you are seeking to expand your customer base or reduce business overheads by lowering manufacturing production costs, taking your business global requires an entrepreneurial spirit balanced with methodical and insightful planning.
Being unfamiliar with the local jurisdiction needn’t hold your international business expansion plans back any longer. Through our independent member firms you can access a wide range of accounting, tax, business advisory and company secretarial experts, including human resources and payroll specialists. Applying our extensive knowledge of local regulations, business cultures and customs, global experts within Nexia member firms can assist you to:
- Analyse the market opportunities for your product and services;
- Strategically plan your approach, greatly increasing the chances of long-term commercial success;
- Customise a governance structure aligned to your growth ambitions;
- Drive greater profitability and business value;
- Comply with international tax laws.
Much of the knowledge we share across geographic boundaries is beyond the scope of routine activities. By drawing upon the scale and efficiency of our members across the globe, you can access best practice most relevant to your business model, saving your business time and money.
Guidance tailored to your needs
Avoiding outsourcing pitfalls – key points checklist
- Invest time in building a long-term relationship, but ensure independence
- Agree a formal contract
- Pay special attention to potential additional costs
- Regularly evaluate levels of service
- Address problems when they arise
- Fix broken processes in-house before handing over to a third party
- Ensure the provider keeps pace with changing needs and technology
- Maintain control and don’t become overly reliant on the provider
Members provide businesses of all sizes, from all sectors, with a wide range of financial and outsourcing services, including:
- Evaluating the options for incorporating a company in specific jurisdictions, assessing the most tax efficient legal structure
- Completion and legal filing of company registration documents
- Assisting with initial and ongoing financial recordkeeping and reporting
- Maintenance of fixed asset registers
- Assisting with direct and indirect tax (VAT/GST) registration and filing requirements
- Ensuring compliance with local and international tax obligations, including corporate income taxes, social security taxes, state/provincial and municipal income taxes, land transfer taxes, stamp duties and sales taxes
- Establishing bank accounts and a compliant cash management function
- Consulting on cross-border transactions and repatriation of earnings
- Preparing expatriate tax returns.
In addition, Nexia members regularly assist global businesses with:
- Real estate transactions in overseas territories, facilitating introductions to real estate leasing agents, bankers, attorneys or other trusted professional service providers
- Applications for visas or work permits
- Employment planning, including HR and local laws regarding the hiring/sourcing of employees
- Operating payroll and remuneration planning
- Preparing and filing related tax documentation/tax returns.
From everyday bookkeeping to transaction processing, billing and collections, members can help your business reduce operating costs whilst maintaining accurate records and your financial integrity. By outsourcing these functions to a Nexia International member firm, your management team is unburdened and free to focus on developing your market reach, driving business improvements and pursuing further opportunities.
Nexia International member firms advise inbound and outbound international businesses on a wide range of tax compliance, tax planning and tax advisory issues. We can help you to compliantly benefit from tax opportunities and the hidden tax traps.
Incorporating an overseas company
In recent years complying with international tax laws has required much more effort, time and knowledge, and the risk of non-compliance has increased significantly. Global experts within member firms provide businesses of all types with appropriate advice to ensure compliance with their tax obligations. Members also assist with transfer pricing, planning for tax efficient corporate transactions, employee remuneration, indirect taxes and real estate.
Employee benefits and other services for employers
Through Nexia International you can access professionals with experience in all aspects of employee benefits and pension provision, as well as experts in HR consultancy and payroll services. Our member firms can assist with:
- Remuneration planning
- Share scheme design, implementation and operation
- Pensions consultancy and administration
- HR support
- Payroll services
- People management services
The Nexia SAB&T difference
Many entrepreneurs have recognised that they can gain a competitive advantage by delegating financial processes through a fully outsourced solution package, allowing them to focus on the main business.
Many overseas companies and subsidiaries prefer to outsource their finance function due to cost-effectiveness, a shortage of well-trained financial staff available in the marketplace and insufficient internal capacity to employ people directly in the business. They can also gain comfort in the knowledge that their tasks are being handled by professionals with a detailed understanding of local regulations.
Clearly the benefits of outsourcing will depend to a large extent on the level of financial transactions undertaken by a company on a daily basis. Some companies prefer to keep rank-and-file bookkeepers on the staff, while outsourcing the functions of the chief accountant. Minor issues may be better dealt with in-house.
Other benefits include:
- Being able to focus on key issues
- Control and business support
- Cultural divide
- Continuous improvement