The OECD and IMF have reported recently that global economic momentum has faltered and is likely to remain slow. Inhibiting factors include trade tensions, corporate and government debt, disruptive technologies and more. Corporate leaders are well aware of the trend. As one Harvard Business Review article puts it, “Many C-suite executives are already anticipating recession in the next few years and quietly gearing up for it.”
As a multinational business expands it becomes more complex and difficult to manage. Whether your organization has grown organically and/or through acquisition, just keeping track of your legal entities can become challenging, to say nothing of understanding why they were established and if you still need them. Just as important is understanding and fulfilling your compliance obligations in all your countries of operation. Each entity will have its own set of local corporate filing deadlines, director requirements, bank account considerations and more. Even if you eventually get control over these obligations, one or more of your countries of operation will change an existing regulation or add a new one, leaving you scrambling to comply.
Recent, long-anticipated changes to Canada’s Labour Code came as a result of increased global competition and rapid technological advancements that have altered the way businesses operate. Here's a summary of the most important changes.
Canada is one of the world’s most attractive destination markets for companies looking to expand internationally. It boasts an affluent consumer base, highly educated workforce, stable political environment and trade agreements with the U.S. and the EU. It also has more than its share of tech hubs, including not only Toronto, Vancouver and Montreal, but the emerging markets of Halifax, Calgary and Quebec City. Perhaps most impressive, Canada is ranked third globally for starting a business, according to the World Bank’s most recent data.
Brexit will have profound effects on businesses exporting from the UK and those with UK-based customers, regardless of where those businesses are located. Affected businesses will face new challenges related to data protection, supply chains, immigration and more. The precise nature of many of these challenges remains uncertain, and the hard truth is that many Brexit-related uncertainties will persist long after the UK leaves the EU.
Whether you’re thinking about international expansion for the first time or are experienced at maintaining operations in multiple countries, there’s a strong chance you’ll benefit from this comprehensive review of cross-border considerations.
The global economy is evolving quickly, and tech and other startups are looking beyond traditional expansion targets like the UK and China. Popular targets now include relatively low cost, talent-rich countries like Israel, Ireland, the Czech Republic and Poland, which recently joined the ranks of FTSE Russell advanced economies, the first country to do so in nearly ten years
Keeping track of your employees’ international business trips is a critical, often overlooked component of operating a multinational organization. The size of your business doesn’t matter: to minimize risk, you need to understand and record where your employees are traveling and for how long. Business trips — also known as short-term expat assignments — pose a particular problem. They are often wrongly dismissed as low- or no-risk, which can prove costly. Many companies, for example, unknowingly trigger a taxable presence in another country by sending an employee on multiple business trips there, which can lead to fines and reputational damage.
In an effort to address concerns about transparency and improve tax governance globally, European Union member states have produced a Code of Conduct for Business Taxation as well as a blacklist of non-cooperative jurisdictions in relation to harmful tax practices. Appearing on the list has the potential to significantly hurt a country’s reputation and limit its ability to engage in financial transactions with EU member states and beyond.