Business is becoming increasingly global, even for mid and small-sized companies. Whether it is the need to be close to the customer, procuring key raw materials, de-risking operations or accessing low-cost resource pools, having a global footprint is becoming a necessity for survival and growth.
Establishing subsidiaries and branches in different countries increases a company’s compliance obligations manifold.
Each country has an array of laws dealing with taxation, employment, and social security, health and safety, corporate reporting and filing; the list can seem endless. The business and cultural environment is different. The ease of compliance and approach of law enforcement agencies varies vastly in different parts of the world.
Having a physical presence usually also means having employees in those countries. Payroll taxes and social security can have a major impact on costs. They come on top of other costs like visa and work permit costs, relocation costs, living allowances, and achieving parity with local salaries.
Most companies do not have the internal bandwidth to manage this dynamic and expanding universe of compliances. There is complete dependence on local consultants in the respective countries to remain compliant. Companies are relying on people they often haven’t met, and whose competence and service quality is hard to assess. The risk is compounded by time zone, cultural, and language differences involved in dealing with consultants in different geographies. They have to explain their business and expectations to each consultant they engage with. Every change in the business model and every change in policy or process and every initiative has to be disseminated to each consultant. Even then, the level of service varies from country to country and consultant to consultant depending their understanding, interest, and commitment.
SMARTFEL’s Compliances and Payroll Service provides you with a single window solution to managing the compliances of your local and overseas entities. We have a unique delivery model. Our client service managers are your single point of contact for compliances. They have the knowledge of compliance requirements in different countries and develop a position matrix and compliance calendar based on your business model in each country.
We complete the compliances and give you visibility using a compliance dashboard. Our client service team is backed by our knowledge team that uses a robust framework for determining country-specific compliance requirements and then keeping track of changes in the requirements, on an on-going basis. For last mile connectivity in the respective countries, we partner with our associates, often firms from the Nexia International network, of which we are members.
With a strong background in financial compliances and years of experience in serving clients from different geographies, SKP can provide a single window global corporate compliance and payroll management service across multiple geographies, allowing you to concentrate on expanding your business and enlarging your geographic footprint.