Get the right help in operating your business more efficiently
Article 3 minute read

Get the right help in operating your business more efficiently

09 May 2018

Globalization is great for businesses looking to expand their markets, and grow their revenues and earnings. However, when managing a global footprint, challenges and problems arise all the time – and more often than not, the HQ staff lacks the experience, knowledge or time required to identify and then execute the best solutions.

Companies have a huge need for specialists who can step in, and tackle these problems for them. Many companies that expand outside their home countries can figure out the market strategy, and how to take care of the predictable, recurring support needs this creates. But, they often forget to account for the complexities related to having a global workforce.

Challenges you can expect to face when operating your business globally

Let’s say you have a US company, and have bought your overseas competition.Congratulations! But now overnight you have gained employees in 5-10 other countries, and your company has now become the headquarters of a multinational business. The people in these countries will need help making sure their compensation and benefits are at least as good as before, or they won’t stick around.  

They will also need clarity around the new or revised policies and procedures they will be expected to follow, and understand the culture of the new company they are now a part of. In this instance, having a trusted partner who can come in with the right knowledge can immeasurably help with these problems.  

Bringing knowledge and education

Sometimes a company that’s planning to expand needs to learn about the rules and regulations in a certain jurisdiction. For example, a Chinese company wants to expand into the US, so they may consider buying a US company. But to pull this off successfully, they will need to understand how each state, and often each county and municipality, deals with sales and taxes, and what the payroll and benefit requirements are for US employees.

There are many questions that will come up and the heads of the company may not have the answers. That’s where the knowledge and experience of these problem- solving experts come in. Our consultants can give you the resources you need to run your global business successfully.

BEPS Compliance

Over 100 countries are changing their rules when it comes to Base Erosion and Profit Shifting (BEPS). The regulations are meant to deter tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. This may affect local operations of businesses and require substantiating the work done in those jurisdictions. Our consulting specialists can help you to understand the rules, how they will affect your business, and talk about how other companies are complying with the changes.

What can TMF Group Consultancy Solutions help you with? Below is a partial list of the ways our experts commonly assist other clients.

Market Entry 

  • market intelligence
  • best practice expansion strategies
  • local set-up with our experts 
  • Human Resources
  • employee relations
  • benefits assistance
  • HR administration

Global Mobility

  • guidance on minimising the economic impact of expatriate employees
  • assistance adhering to visa and work permit requirements
  • support with shadow payrolls

Tax & Compliance

  • customised methodologies
  • best practice insights
  • considerations to reduce risk
  • operational efficiencies that meet local requirements

Global Governance

  • assessing and gathering information for transparency
  • reporting for global regulations

Transactional Support

  • onsite due diligence assistance
  • input on key factors
  • impacts and timelines of an M&A transaction
  • deliverables to support the newly acquired business both domestic or global

Special Projects

  • support in operational change management
  • tools and platform implementation

TMF Group can help

TMF Group’s Consultancy Solutions team helps you expand into new countries, and operate more effectively in the ones you’re already in.  Our roster of on-call, problem solving specialists can help take the stress and headaches away. Our work ranges from resolving small, one-off challenges to managing large and complex projects – anywhere in the world, and involving any part of your operation.

TMF Group is a leading global provider of high value business services to clients operating and investing globally. Talk to us today about how we can help your business. 

Written by

Larry Harding

President of Consultancy Solutions

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