Going global in an uncertain business environment can come with numerous risks attached. But by taking an agile approach to global expansion, businesses can mitigate these risks and set themselves up for global success.
Utilizing industry experience, insight, and expertise is an important step in taking your business global — especially in uncertain markets. Velocity Global recently partnered with Global Tax Network for an in-depth webinar that covered current global mobility trends, tax considerations, and risks and requirements. Our speakers further discussed:
- Quickly entering new markets with a light footprint while remaining agile
- Challenges companies may expect to encounter when entering international markets
- Risks associated with short-term business travelers and applicable taxes rules and regulations
Watch the webinar here.
Agile Global Expansion for Confronting Common Challenges
Velocity Global Vice President of Operations, Rob Crabtree, J.D., kicked off the webinar with a discussion on adapting “agile,” and why it matters, highlighting why remaining agile is crucial when confronting political complexities during the expansion process. Further, Rob noted the fundamentals of the agile feedback loop — build, measure, learn — and how they may be applied to the expansion process.
He went on to address common challenges companies may experience during a global expansion, including:
- IP protection
- Testing new markets
- Necessity to hire immediately
- Attracting top global talent
- Employee retention
Rob concluded by discussing how utilizing International PEO assists companies in remaining agile, offering cost-effective, compliant, and quick market entry.
Global Tax Network: Global Mobility Tax Specialists
Rob then passed the torch to Global Tax Network (GTN) Director Sandy Famodu, CPA. Sandy began by highlighting GTN’s foci: tax consulting and compliance for corporate global mobility programs and individuals with international tax requirements. Sandy went on to note that, for both companies and individuals, GTN specializes in:
- Mobility tax services for those relocating to new countries
- Tax planning and preparation services
- Taxpayer support and solutions for those on both short- and long-term international assignments
Sandy then addressed the global challenges and risks companies may face during expansion, noting that geo-political issues and skills shortages presented barriers. Moreover, she noted that heightened risks and costs of non-compliance (including immigration, both individual and corporate tax, and social security, specifically) should be considerations for businesses during global expansion. She concluded by outlining steps organizations should consider when going global.
Entering New Markets with Mobile Employees
Following Sandy’s discussion, Global Tax Network Senior Manager Tracy Novotny, CPA, rounded out the webinar with an exploration into risks surrounding new market entry with mobile employees. Tracy noted that permanent establishment in new markets, reporting and compliance, reputation and budgetary concerns, and ramifications are each risks companies may face when expanding globally.
Tracy then concluded by highlighting tax issues organizations should consider. Concerning Base Erosion and Profit Sharing, she noted that there is a focus on taxing profits where value is generated, as well as impact on global mobility programs.
Expand Agile with Experienced Partner Insight
There are numerous factors to consider when crafting a global expansion strategy. Our webinar with GTN offers insight into and solutions to these barriers.
Watch the recorded webinar here.
If you have questions about how Velocity Global can assist you with your global expansion, reach out to us today to learn more.