Media Coverage

In the days leading up to our Global Expansion Conference in May 2022, we met with our panellists to discuss the current talent market, the drivers of change, and expected outcomes. The impactful reflections of the panel that arose from these conversations were highlighted during the Global Expansion Conference, but the powerhouse team that represented four different sides of the Talent space could have led an engaging and meaningful discussion for much longer than the session.This article intends to reflect on the key takeaways of the talent conversation from Jean Martin, Senior Partner and Global Head of Product for Mercer, whose extensive experience and knowledge of HR and Change Management, focused on the perspective of remote work and “skilling”.  This article is two of a four-part series, in which we highlight some of the key discussion takeaways that managers and HR teams can take on board to help tackle the talent crunch. Read the first article in the series here.Remote Work Throughout Jean’s diverse background she has seen and facilitated change within leading organisations and advises that change typically moves as a pendulum. The pandemic pushed the way of work largely and rapidly into the remote work camp.As employers and employees alike adjusted to the new normal, a rise in demand for hybrid and fully-remote working options from the next generation of talent development followed. In July 2020, a Gartner survey found that 82% of leaders intended to allow employees to work remotely some of the time.Today, just 2 years later, we’re already seeing some organisations shift back to “office first”. Jean warned that what is the right solution will vary per region, company and industry, but that “one of the aspects of remote work that organisations need to consider to ensure an equal experience between the organisation and the employee is the total rewards proposition and compensation”, but creating equitable aligned pay, particularly for International Remote Workers, will be challenging.  The next generation workforceAs we refer to the future of work, many companies look to the next generation workforce. Jean agreed that the momentum driving wider accountability change behind Gen Z and Gen Alpha is contributing to the overall workplace transformation.However, when it comes to talent strategies, we shouldn’t overlook the current talent within the company. Two in five HR professionals responding to a Mercer Survey admitted that they do not know what skills they have in their own organizations.Upskilling and reskilling “allows employers to focus on what skills they need — by either acquiring or developing them, meanwhile employees are able to focus on skill development and career alignment.  Stay tuned as we share more insights into the key discussion points of the talent crisis.                                                                                                                                                                                                                                 

Russian government entities, state-owned companies, and foreign businesses operating in Russia have been facing a growing number of cyberattacks attributed to Russia’s full-scale invasion of Ukraine. Rostelcom-Solar, the cybersecurity arm of telecoms company Rostelecom said it had been witnessing increased activity on hacker forums since the invasion, according to Reuters.Alexandra Bretschneider, Vice President and Cyber Practise Leader at  Johnson, Kendall & Johnson, Inc., who also heads UNIBA Partners' Cyber Center of Excellence, provided a little bit of context on the current cyber environment and shared how she sees the pressure “hacktivists” are putting on companies. What is the current context?The Russia-Ukraine conflict has certainly raised cybersecurity concerns at an international level. On one hand, there are the ongoing attacks aimed at Ukrainian infrastructure (including communication services) perpetrated by Russian attackers; as well as Russian attackers setting sites on any foreign states who have interjected in the crisis in any capacity - such as the United States and other NATO countries issuing various sanctions against Russia.As a result, retaliation attacks are transpiring, with Ukrainian and other international actors (some representing specific foreign states and other cyber vigilantes) who are perpetrating attacks on military, media, and infrastructure targets within Russia.The attacks from both sides have taken the form of DDoS (distributed denial of service) attacks against banking and defence websites, wiper attacks designed to wipe the data of their targets, media attacks aimed at posting threatening messages on websites or streaming services, or system and email compromises aimed at gaining military insight.Then we have instances of “hacktivists” on either side perpetrating attacks from decentralized groups or individuals against shared targets. Typically, these are still aimed at various infrastructure, government, and media entities. However, we are also seeing them target other businesses based on their involvement and position – or lack thereof – in the conflict.For example, Anonymous has alleged to claim responsibility for leaking data from a breach of Nestle’s network out of retaliation for Nestle’s refusal to stop conducting business in Russia, despite requests directly from Ukraine. Nestle has since come out denying that Anonymous leaked the data and indicated it was from an earlier breach caused internally on their part in the month prior.Nestle was just one of several companies that found themselves on a list of businesses serving Russia that are under threat by Anonymous to cease operations in the country or suffer the consequences of cyber-attacks. Therefore, businesses in general who have a stake in this conflict, whether by doing business in those countries or refusing to, may find themselves as a collateral target.Although cyber-attacks, and particularly ransomware, have caught the attention of governments internationally – calling for more action, regulations, and sharing of information to address the ever-growing problem - the reality is that this is a dynamic risk facing people and businesses today that is growing in complexity over time.After the number of successful cyber-attacks appeared to be finally trending downward in the tail-end of 2021 and heading into early 2022, we are back to seeing an increasing frequency and severity of attacks (such as Toyota and Bridgestone) that could be related to the increasing tensions from the Russia-Ukraine conflict.Whether it is a nation-state actor or hacktivist, we are all at risk of being a target, although certainly some organizations more so than others. Managing Cyber RisksManaging cyber risk requires intentional and thoughtful solutions and strategies. Good cybersecurity hygiene is critical. For example, securing access to your network, systems, and data via sound access control processes and password requirements incorporating multi-factor authentication (MFA).MFA should be considered in more than just the areas where it is now virtually required to be insurable (email access, remote access, and administrator accounts), but also at the application level, beginning with systems that are more critical to operations.What can organizations do to manage cyber risks?1. Organizations must spend more time on the cyber incident response piece of their broader business continuity/disaster recovery planning. This includes considering the impact of an attack on a vendor or customer within your supply chain (including your IT vendors), beyond just an attack on your own business.2. Timely patching of systems remains critical with the number of zero-day exploit incidents doubling year over year from 2021 to 2020. Organizations may want to consider geofencing (restricting IP address access) and other DDoS prevention methods and deploying other more advanced technical solutions such as NextGen Antivirus software, Endpoint Detection & Response, etc.3. Additionally, having sound backup & recovery procedures, including segregated and secured backups that are frequently tested. We need to continue to communicate to our employees about the importance of cybersecurity awareness, and creating safe channels to communicate suspected or potential issues.In conclusion, cyber insurance remains a valuable tool in transferring the costs associated with cyber risk. In light of the Russia-Ukraine conflict, much consideration should be given to war exclusions on policies, and cyberterrorism carve-backs.Understanding coverage and how to utilize it remains a key aspect of the successful cyber resilience of organizations. We all need to put in the work to effectively manage this complex and evolving challenge.If you require more information on cyber threats and how to prevent malicious cyber activity, we encourage you to contact Centuro Global and our member, UNIBA Partners.

The recent story about the Colombian superstar Shakira failing to pay her taxes has sparked controversy around the world. She is accused of ''defrauding'' the Spanish government out of 14.5 million euros on the income she earned between 2012 and 2014 by not paying Spanish tax.Shakira Isabel Mebarak RipollThe matter is complex, as foreign-earned income can be subject to a multitude of different types of tax legislation, depending on where the income was received and the tax residency location of the earner. Individuals and businesses alike can learn from Shakira’s ongoing tax fraud trial, by understanding some of the critical details.This article intends to explain some of the complexities and considerations involved.How is “Physical Presence” defined?When understanding and navigating tax law, “Physical Presence” is when an individual remains in a location for an aggregated maximum period of time, or longer, per tax year. In most cases, this is equivalent to 6 months, or 183 days per year, though in some countries some exceptions apply.In Argentina, for example, physical presence is only established at 12 months. Once physical presence is established in a given location, the individual is required to pay taxes on foreign earned income in that location, according to the local tax rates for income earned during the full stay. As the time is aggregated, it can be difficult to keep track of tax filing and payment obligations.In Argentina, physical presence is only established at 12 months.This has become a recurring theme of concern for Global Mobility and HR functions as it relates to compliance for frequent business travellers, International Commuters, and International Remote Workers. The COVID-19 pandemic also highlighted the complexities of the ''physical presence'' test, as many were stuck in entities they do not usually reside in, and were unaware of the tax implications they were.See the article on top considerations for doing business internationally in 2022. What is “Bona Fide”?In some countries – most famously in the U.S.A. there is another type of tax residency: “Bona Fide Resident”. An individual may be a bona fide resident if they are a citizen of that country or a resident alien who's a citizen or national of another country with an income tax treaty in effect.When individuals are bona fide residents, they are typically required to file taxes each year and may be exempt from paying taxes on income up to a capped amount if they qualify for a Foreign Earned Income Credit.In the U.S.A., there is another type of tax residency: “Bona Fide Resident”The onus is therefore on the individual to prove they qualify for an exemption, as the default position is to require taxes files and paid in the bona fide resident’s country. To complicate matters further, if no tax treaty exists, it is possible that an individual could be a bona fide resident of one country and obligated to pay taxes in that location, whilst also having established a physical presence in another country and required to pay taxes therein.These types of cases are often in the taxman's spotlight, as they trigger a breach in tax obligations. Although it is often fines that are imposed, some cases may lead to launching criminal proceedings, as it may be considered tax evasion or a breach of the tax law.Although it is possible to access general information concerning the matter, expert advice is often needed to truly understand the taxation across various jurisdictions and what bona fide rules could apply.Learn more about the country-specific tax requirements by signing up for Centuro Connect.What is “Derived Income”?Adding additional complexity to tax requirements, it may also be the case that an individual would be required to pay income on any funds earned in a given country. In Lesotho, for example, anyone is obligated to pay tax on any income earned in Lesotho, regardless of their citizenship or tax residency.In Lesotho, anyone is obligated to pay tax on any income earned in the countryAs derived income is not contingent upon residency, it is likely that an expat or remote worker would be obligated to file and pay for taxes in at least the derived income location and one other country. Whether Shakira broke the rules of the Agencia Estatal de Administración Tributaria or not ( this will be decided in the courts), employers and employees can work toward compliance by following these important details:Work with tax experts in all locations where you have earned income or spend more than 30 calendar days in order to ensure compliance requirements are met.Allow a buffer of around 183 days for physical presence.Keep track of the location where each day is spent, including travel days.Remember rules can still apply even years after the time was spent in a specific location. It is important to declare time spent and evaluate potential outcomes.Centuro Global is well-suited to assist with identifying and managing these risks and handling the related benefits, tax, and other issues–which can be complex and challenging to navigate. If you require any advice or support on tax and related legislation, please do not hesitate to contact us.                                                                                                                                                                                                                                

There has been mounting criticism over the visa delays and immigration processes for applicants who have applied for a visa or require immigration services for several countries. The delay in immigration visa backlog has been driven by numerous factors, including the COVID-19 pandemic, which led to many delays which have as a result led to a larger backlog.From famous sports personnel to many business travellers and those requiring business immigration services, visa delays and wait times are affecting applicants globally. Immigration difficulties for U.S. visitor visas came to a head this week as Ferdinand Omanyala’s paperwork arrived a single day before his race in the United States for the World Athletics Championships.Across the world, and in Africa in particular, others awaiting visa appointments at local embassies have chimed in about their own experiences.  Office closures due to COVID-19 and global political issues have created a backlog of pending applications for many governing authorities. There are many applicants from various locations who are awaiting visitor visas. The process for applying for a visitor visa will include various steps, according to a formal appointment with the local consulate in most cases. This will depend on the applicant's nationality and the purpose of their visit. In some cases, the wait time for appointments is incredibly delayed.An example of this includes the U.S. embassies around the world. There are significantly backlogged periods for all visa types, including for those with green cards, family members of US residents who are looking to apply for a visitor visa and many more.Some examples of US consulates with long waiting times include:- Nairobi (689 days)- Mexico City (592 days)- Istanbul (477 days)- Toronto (439 days)- Cairo (413 days)- Manila (388 days)Whereas another number of cities, (Kyiv, Khartoum, Caracas, Tripoli, Moscow, for example) are closed or accepting emergency appointments only. This may vary depending on the visa type that is required and the timelines associated with it. It is crucial to consider these longer waiting periods on top of the standard timeframes to anticipate a visa.In some cases, visa requirements and timelines can vary depending on nationality and where you are applying from. If you require more information concerning the various visa types available and the processes needed in order to apply or be applicable for those visa types, see our guidance here: Centuro Connect Immigration Support.What can companies and individuals do to navigate the visa backlog?With this in mind, individuals and organisations alike should consider the below guidelines to ensure the process is as smooth as possible.1.      Anticipate delaysMany governing bodies have issued statements to confirm that they are working through a backlog of applications.·        In the US there are some 409,645 pending applications in the backlog·        Priority and super priority long-term applications for the UK have been suspended since March 2022 to allow the immigration authority time to catch up on pending applications·        This week, Australia announced that 60,000 permanent visa applications lodged by skilled workers based overseas will go to the top of the pile, at the expense of applications by temporary visa holders already in Australia.2.      Consult with a professionalThe information posted on government websites may use overly complex jargon and be difficult to understand, whilst information in other spaces is often out of date. Referring to a clear and trusted source, like the Centuro Global Immigration Assessment Tool, that outlines the process and timing expectations for global immigration needs, or seeking advice from an immigration lawyer will help ensure that applicants apply for the correct type of visa or work permit.3.      Verify compliance requirements before submitting the applicationWhilst some agencies may connect with the applicant to request further information, others may cancel a pending application and require the individual to refile at an additional expense. On June 21st, Lebanese sprinter, Noureddine Hadid, was initially denied a US visa to compete in the World Athletics Championships on the grounds that the documentation submitted was insufficient to prove intent to return home.He was permitted to send in further support information and received his approval on July 7th – only 1 week before the start of the Championships.4.      Consider priority processingWhen travel is imminent, budget for rush or priority processing options with a guaranteed document return date (if applicable). Some examples of countries which have priority processing options for certain types of visas are:·        UAE·        China·        Italy·        Ethiopia·        ParaguayIf you are an individual who is looking to move abroad or perhaps embark on a new career journey as a digital nomad or remote worker, these visa backlogs may impact you too. It might be harder to convince your employer to allow for remote working or to support you in your visa application processes.We have therefore put together the below guidance to help support you in convincing your employer to allow you to work remotely.How to convince your employer to allow you to work remotelyA. Provide accurate Global GuidanceDoes your employer already have an international remote working policy Cost solutions?Accountability: how do you best demonstrate what options are viable for both yourself as well as your employer?Comparing locations – provide options of what is possible and available to youB. Take action – provide an expert-led solution  Demonstrate to your manager how you will compliantly work from anywhere. This includes:- Immigration options & processes (If required)- Payroll Setup & Payment options  - Employment laws in your intended country of work and contractual requirements from your employer- Benefit packages- Entity Setup ( if required)- Tax implications and solutions*C. Settle into your new home; compliantlyEven the best of moves / most wanted moves can be stressful. To prepare yourself, you should consider:- Time to process necessary formalities (visas, employment contracts, payroll etc)- Relocation services ( you’ll need some help settling into your new home )- Insurance and required assistanceStart working from anywhere, and let us help you in showing your employer that it is cost-effective, quick and easy to stay compliant. It is important to plan ahead and to leave plenty of time to ensure that the visa backlog does not disrupt your intended trip or relocation. If you require any advice or support, please do not hesitate to contact us.

Although many companies ask about how to be incorporated, there comes a time when they also enquire about how to close a company in Romania. There are subsequent steps that need to be taken to close a company in Romania and to ensure that there are no outstanding liabilities on the administrator and the shareholders.  The concept of limited liability should in theory protect the administrator and the shareholders but there are cases where this does not apply.  The intention of this article is to provide a brief overview of some of the issues which can and do arise.  Some key considerations are highlighted below:See article on how to acquire a company in RomaniaCriteria to close a Romanian company1.  A company can be closed voluntarily by the shareholders if they qualify for the following:Do not have any liability against themIf the company no longer has any employeesIf the company has paid all its debts including outstanding taxesIf the company has paid all its other debts in full and has repaid any shareholder's loans  If all of these items have been actioned then the application for closure can be made by the shareholders/administrators to the Trade Registry to close and liquidate the company and for it to be deleted from the register. The procedure will take between 3 – 6 months.If there are unpaid debts and the company has not entered into an agreement with the creditors on how to settle the amounts due, then a liquidator must be appointed in order to deal with the closure operations. This is the simplest procedure and the shareholders/administrators are in a position to control the process. The one important issue to remain aware of is to ensure that there are no outstanding liabilities to third parties before lodging the request with the Trade Registry. 2. According to Romanian legislation, the administrators of a company must ask for insolvency if a company has outstanding liabilities that exceed fifty thousand (50,000) RON and there is insufficient cash flow in order to pay these liabilities as they become due and payable.  In such a case the court will appoint a liquidator to manage the liquidation of the company. The insolvency application lodged by the administrator on behalf of the company must include the list of documents as set out in the law. Below we set out the principal documents which include: - The last annual financial statement, certified by the administrator- The profit and loss account of the company for the year prior to the submission of the application- The verified balance sheet for the month preceding the date of the registration of the insolvency request- A complete list of the assets of the company, including all the bank accounts- A list of creditors', mentioning their name, the amount due and when due as well as the addresses of the creditors- The list containing the payments and transfers made by the debtor in the 6 months prior to the registration of the request 3. Any creditor who has an outstanding balance due to a company which exceeds fifty thousand (50,000) RON and unpaid for more than sixty (60) days may request the insolvency of a company.  In order to do that, the creditor must provide evidence of the debt, that it is due and, that it is unpaid.  In such a case the court will appoint the liquidator designated by the creditor if no other creditor intervenes in the process and asks for a specific liquidator.  If this happens, the court will choose between the proposed liquidators.     It is important to note that in all circumstances if the company enters the insolvency/bankruptcy procedure, the legislation allows for the Ministry of Finance (“ANAF”) to complete a thorough check of the accounting records.  In practice, there are times when ANAF does not do this.     4. If the insolvency/bankruptcy procedure is opened an administrator may become solely liable together with the company for the company’s outstanding debts. So what happens next?According to the provisions of the Law, the administrators and directors of a company as well as any other person who has contributed to the insolvency of the company can become liable for a part of the company’s debts. This is applicable irrespective of the type of debt that resulted in the insolvency (public or private).  The liability must be established by a judgement given by the syndic judge responsible for overseeing the liquidation after a court action started by a person interested.  Such persons are one of the following:- The judicial administrator / liquidator- The president of the creditors’ committee- Any creditor empowered by the creditors’ assembly- Any creditor who holds more than thirty per cent (30%) of the debts of the company   The liability can be established for part or for all of the debts but without exceeding the damage which is directly caused by such acts. The liability can be established only if one or more of the following acts have been committed:a) The administrator or others have used the assets or credits of the company for their own or others' benefitb) The administrator or others have conducted activities in their personal interest, under the cover of the legal personc) The administrator or others have ordered, for their personal interest, the continuation of any activity of the company that would obviously lead to the cessation of payments by the companyd) The administrator or others have kept a fictitious account; made some accounting documents disappear or did not keep the accounting in accordance with the lawe) The administrator or others have embezzled or concealed part of the company’s assets or have fictitiously increased its liabilitiesf) The administrator or others have used fictitious acts to procure funds for the company, in order to delay the cessation of payments by the companyg) The administrator or others in the month preceding the cessation of payments, have paid or ordered to be paid one creditor preferentially to the detriment of the other creditorsh) The administrator or others have committed any other act intentionally, which contributed to the company’s insolvencySee article on why you should consider opening a micro entity in Romania.As mentioned before, the administrator's liability does not operate automatically but requires court action and confirmation by the judge responsible for overseeing the liquidation.Court action in this respect must be lodged by one of the parties mentioned above.  The plaintiff must provide clear evidence that the above-mentioned deeds have been committed and that they affected the company and the creditor.  The court action may be rejected by the judge if the defendant fills proper defences.  The court decision will depend on the syndic judge in the case, which can be appealed to a higher court by the plaintiff.  If the court action is approved then the final decision will be enforceable in Romania against the administrator. The final decision can be enforced in other countries based on the European or International conventions between Romania and that country.Our experience in commercial business and insolvency matters means our clients seek our advice to sort out all issues and aspects in order to avoid any consequences resulting from their legal duties as administrators and also as shareholders in relation to their companies in Romania.  From our experience and knowledge, there are cases when foreign investor abandons a company in Romania without being aware of the possible legal and financial consequences, even though they proceeded in good faith and without bad intentions.  What should and could have been a simple procedure at the beginning then becomes involved and costs the client more money.Don't struggle with the entire process on your own; we are happy to help. Get in contact with us today!                                                                                                                                                                                                                                

You’re expanding your business overseas and want to implement sustainable development programs and meet environmental and social performance requirements. The catch? You’re feeling a bit stuck. Let's help you evaluate some key sustainability considerations to take into account when expanding internationally.All over the world, countries are facing the impacts and effects of climate change. Natural disasters such as fires, floods and earthquakes are inevitable – and their frequency and intensity continue to increase with the growing impacts of climate change.As a result, governments are taking action to incentivise companies to reduce their carbon footprint and drive sustainability. Governments continue to introduce incentives and penalties around reducing carbon emissions and are putting companies under pressure to reduce their impact on climate change.This includes tax incentives for green and climate-friendly initiatives, funding and support for businesses with sustainability plans and penalties for companies who partake in greenwashing as well as tax penalties for those who do not manage to adhere to the rules and guidelines omitted.Learn more about the country-specific Green tax and incentives by signing up for Centuro Connect.At COP2026, the message was clear: If companies align their business strategy with government sustainability targets, they will benefit and receive financial rewards. If companies do not align with these targets, penalties and fines may apply.Aligning sustainability policies to governments' incentives can help to :Reduce carbon emissions and help to achieve net zeroReduce pollution and have a positive environmental impactHelp to create jobs and work towards sustainable economic growthReceive tax concessions and reductionsAvoid penalties and finesSo what might some of these incentives and penalties look like for expanding companies? Let's evaluate what Singapore is doing to improve its legislation around sustainability and what incentives are in place to achieve the UNSDG goals and the goal of net zero.Singapore Sustainable laws Singapore has established several laws and policies aimed at achieving the sustainable goals and objectives of the country. The laws were introduced to govern emissions, improve waste disposal and move towards sustainable renewable energy.  Resource Sustainability Act One of the recently introduced laws is the Resource Sustainability Act 2019. The law contains measures which are aimed at combatting electronic waste, food waste and excess packaging.E-waste: measures introduced by the law E-waste refers to waste generated by old and/or unwanted electrical and electronic equipment (EEE). Part 3 of the Resource Sustainability Act creates an extended producer responsibility (EPR) framework for producers of certain EEE, including companies that manufacture or import covered EEE for supply on the local market. There are three main categories of obligations imposed under the EPR: Registration of producers All producers of regulated EEE products (consumer or non-consumer items), will be required to register with the National Environment Agency (NEA). Licensing of certain producers  Part 6 of the Resource Sustainability Act required producers of regulated consumer goods which supply more than the threshold to be licensed un terms of the producer responsibility scheme. This imposes financial and physical obligations for the collection and recycling of e-waste.  To reduce the regulatory burden, small producers will be exempted from the licensing obligation.UNSDG Agenda 2030Singapore has shared in the UN’s experience on sustainable development with fellow developing countries through technical assistance under the Singapore Cooperation Programme (SCP), which was established in 1992.More than 131,000 officials from over 170 countries have participated in SCP courses in areas such as water and sanitation (SDG 6), sustainable cities (SDG 11), and climate action (SDG 13). Nevertheless, the unmatched scale and objectives of the 2030 Agenda demand renewed commitment and enhanced partnership from all stakeholders.Additionally, the COVID-19 pandemic threatens to stall or even reverse progress on the SDGs. Singapore and the partnering countries will need to work together to increase efforts as we embark on this Decade of Action. Singapore undertook the UN’s first Voluntary National Review (VNR) of the SDGs at the 2018 UN High-Level Political Forum.To track the progress in achieving the SDGs, the Singapore Department of Statistics (DOS) introduced an SDG webpage in September 2019. The Singapore government has cooperated with countries that are members of ASEAN by way of the ASEAN Community Statistical System’s Working Group on SDG indicators to develop indicators to track the SDG progress more effectively regionally.  Singapore is a signatory of the 2030 United Nations Sustainable Development Goals (SDG).  The 2030 sustainable development agenda places importance and focus on responsible business practices to lower the effects of climate change. As a small country with limited land and natural resources, Singapore recognizes the challenges of sustainable development. This is why Singapore has engaged in negotiations regarding the 2030 SDG Agenda and continues to assist in efforts to implement and achieve the SDGs worldwide.Singapore is currently working to achieve its Green Plan 2030, which works toward ambitious and concrete targets to advance Singapore’s national agenda on sustainable development. The five key pillars under the Green Plan encompass targets that will touch almost every dimension of the lives of Singaporean residents. These five key pillars include:City in natureSustainable livingEnergy resetGreen economyResilient futureSustainability within the business context is generally defined as the management of environmental, social, and governance issues and is extremely important in various areas, such as new product development, reputation building, and overall corporate strategy, regulation, specifically environmental regulation, can have a significant effect on companies’ sustainability impact.For expanding companies, the Green economy key pillar may be an exciting opportunity for investment and funding. They define the Green Economy pillar as ;'' New Investments to be Among the Best-in-ClassSeek new investments to be among the best-in-class in energy/ carbon efficiencySustainability as a New Engine for Jobs and Growth2030 targets:Jurong Island to be a sustainable energy and chemicals parkSingapore as a sustainable tourism destinationSingapore is a leading centre for green finance and services to facilitate Asia’s transition to a low-carbon and sustainable futureSingapore as a carbon services hub in AsiaSingapore is a leading regional centre for developing new sustainability solutionsGroom a strong pool of local enterprises to capture sustainability opportunities''These incentives intend to cut emissions whilst promoting economic growth and reducing the impacts of global warming and reducing greenhouse gases in order to become carbon neutral.Government support for companies investing in sustainability   In July 2014, the Singapore government pledged S$100 million to accelerate and improve research and development expansion as it funds two new initiatives within the energy sector. The funding will be split up between the Building Energy Efficiency Research Development and Demonstration Hub, which will be administered by the Building and Construction Authority; and the Green Data Research Hub Programme, which will be run by the InfoComm Development Authority of Singapore. There is also an added registration fee (ARF) a tax levied upon registration of a vehicle in Singapore. There is a 45% rebate off the ARF for electric cars and taxis from January 2021 to December 2023 at a cap of $20,000, with an ARF floor of $5,000. The ARF floor will be reduced to S$0 for electric cars and taxis from January 2022 to December 2023. Key considerations for expanding companiesChoosing to expand to a country where the local government offers sustainably incentives does not only lead to cost savings for companies. It demonstrates how the private sector and public sector can work together to achieve a greater goal and a more sustainable future.Read our article on knowing when is the right time to expand your company overseas.Companies who are looking to expand into new markets should consider the incentives offered by both developed countries as well as those that are less developed, as there is extensive opportunity for receiving funding for green incentives and businesses.Although some countries, such as the United States government, do not have compulsory legislation in place currently, many are working on legislation that will come into effect in the upcoming years and months. It is thus important to stay ahead of the latest legislation, as your product or service offering may be impacted by the restrictions and rules that policymakers decide to implement.ConclusionIf you are unsure about which country you should expand into and are interested in some of the other sustainability incentives that are currently available to green companies, why not register for Centuro Connect?This technology-driven platform provides detailed country-specific information outlining government legislation around ESG, what incentives are on offer as well as what penalties and taxes may apply. Learn more about it HERE.

Once you have decided that setting up a company in a new market is the ideal choice for your business needs and have identified your target market, there are a number of initial considerations which the majority of internationally headquartered companies will have to address (regardless of their market sector). We take you through some of the main steps below.Incorporating a local company into the new market.There are numerous business models and structures through which you can operate when doing business in a foreign market, but the most common is some form of: • Representative Office;• Branch / Establishment; or• Limited CompanyYour global ambitions and the target market should be considered as part of any incorporation process in order to optimise your growth potential.Sending someone over or local hires? When entering a new market, you may see a need only for a workforce of “travelling salespeople” or maybe a more layered presence incorporating various functions and services for your customers, both existing and new. Perhaps you wish to relocate someone from HQ to oversee the early stages of expansion or foresee regular relocations of staff during the life of the business.In any instance, you will need to consider the possible immigration issues and whether an assignment policy is going to be necessary, as well as local employment law, expatriate tax and payroll compliance.  Banking and making payments Setting up a bank account can be somewhat bureaucratic and should be considered as early as possible as part of your market entry strategy. Some local advisors can provide a client bank account facility for companies that need to make or receive payments fast, allowing you to keep on top of supplier, employee or customer invoice payments.Often local accounts will be required to handle certain payments.   Rewarding your new team Alongside remuneration planning for any expatriates, you will need to consider what the local salary range is for someone with the skillset you need. You will also need to consider the kind of environment you want to create for your team, what kind of benefits and reward programme you would like to offer and what compliance procedures and insurances you will need in place to protect your business and your staff.Tax Value Added Tax (VAT) / Goods & Services Tax (GST) can be a complex area for any company entering a new market; however, reclaims can be made in certain circumstances. Transfer pricing and corporation tax compliance are also important issues to highlight and we would recommend getting in touch with a tax advisor who can advise you on your specific circumstances, as every company and local market is different.Financial outsourcing In a comprehensive market entry strategy, there are a number of reporting requirements which need to be adhered to in order to maintain compliance. For example, in the UK, accounts need to be iXBRL coded and there are regular filings that have to be made.You may wish to consider outsourcing your local management accounts and related procedures – allowing you to ensure you comply with local rules and are able to oversee the local operation from anywhere in the world via an online accounting platform.Protecting your brand & IP You are only as strong as your reputation. Protecting your brand identity and your intellectual property is paramount to ensure you avoid costly mistakes in a foreign market. Speak to an advisor, particularly if you are engaging local contractors, as you could find your business objectives being compromised if you don’t have proper agreements in place.How we can help you with a successful market entry Deciding to grow your business into new markets will have you beaming in the long run if you do the due diligence on your part and employ the services, advice, and support of experts.We have launched a new platform - Centuro Connect, that dives into blueprint specifics helping you do your research all in one place. It is the ultimate tool for understanding market entry options, HR, Immigration, Legal Requirements, Tax & Accounting, and much more.Don't struggle with the entire process on your own; we are happy to help. Get in contact with us today!

Today, business is global. Organisations are increasingly moving beyond their existing marketplaces in search of increased profits, lower overheads, a wider talent pool and to pursue new consumer markets. With the most globally connected and technologically savvy workforce yet at our fingertips, there are unbounded opportunities for organisations to source top talent on the international stage.  Employer of Record is helping to make the global vision a reality for organisations around the world. Although still relatively little known as a concept, analysts have estimated that the global EoR services market size is accelerating towards a value of more than $1bn by 2024.The Employer of Record solution supports organisations by compliantly employing their workers in countries where their own local entity is lacking. An Employer of Record service absorbs the necessary local employment responsibilities and HR tasks, such as providing compliant contracts and managing payrolls, allowing businesses to focus on the day-to-day management of workers.But what exactly is driving the boom in this global concept, and how is it helping companies to expand?We explored four key reasons why the Employer of Record is the expansion trend to watch in 2022 and beyond.1. It simplifies global hiring and removes local labor law restrictionsAny global business considering overseas expansion needs the right people in place to make the project a success – and often this means hiring locally. Employees are the most vital resource to a company, and how they are utilised can make or break an expansion project. Companies could opt to assign expatriates to the new country or hire local nationals who know their market inside out.With variations in local labour and fiscal laws, global employment can be complex, and penalties can be huge when actioned incorrectly. Google last year came under fire for failing to correctly pay their contingent workforce in the UK, Europe and Asia – a move that could have substantial financial repercussions.Using a global employment service ensures that all international staff are working and being paid legally in-country. When it comes to global employment or entering new international markets, employee compliance is key. Professional employment services are giving companies the peace of mind that all local regulations are being properly upheld, leaving them to focus on the logistics of expansion.2. It’s an alternative to setting up a legal entity Global expansion is a big step, and the past few years have shown us that the business environment is anything but predictable. It is understandable that companies might want to try a target location for size initially before committing their resources in the long term.Employer of Record is giving businesses a presence in new locations without having to go through the timescales and financial burden of setting up their own entity. The mechanism is also useful if the project is fixed term.Once they have a handle on the success of that market for their product or service, they may then wish to set up locally.  The employees can be transferred over from the Employer of Record when the company is operational and able to employ.3. It fills skills gaps Organisations increasingly do their business online and therefore engage workers that have the finest skills for the greatest financial value, regardless of their geo-location. Economies with advancing age demographics or vital needs to fill shortage occupations are also likely to look externally for workers.An Employer of Record solution allows the company to hire beyond their existing base – in effect, they can go wherever the talent is. It can also support legal migration for work purposes, by sponsoring visas and work permits into the country of work.4. It allows businesses of any size or location to globalise and become a global employer  The way in which we “tag” organisations as belonging to a specific country is changing in the face of globalisation. The rise of incubating platforms backed by investors is exposing startups to international financial backing.  Even smaller businesses no longer need to remain within the confines of their own marketplaces for business development or talent scouting. A company with just one or two international employees may not need to set up an entity.Instead, they can engage the workers through an Employer of Record – allowing them to imitate a multi-national mindset without the in-house infrastructure.Still on the fence about using the services of an Employer of Record? We can assure you the benefits and opportunities it can provide well outweigh the risks. If you are looking to recruit talent from anywhere in the world, but are not sure when or how to do so, explore Centuro Connect and contact one of our team.                                                                                                                                                                                                                                

Judging the right moment as to when to expand your company is a big moment for a leader and a daunting decision to make. It is important for CEOs and business leaders to take all the different elements of your company into consideration.Weighing up the risks versus the opportunities at hand may seem overwhelming, but with the right tools and information, international expansion can massively help to grow your business. Here are some general rules that may help those considering when to expand into a new market.The generally accepted wisdom for founders with big home markets was to win your domestic market first before thinking about going international after that. However, the most aggressive founders are now thinking about growing sales globally from day one. This may be due to the opportunities presented in a foreign market, the product matching the need when there is a gap in the market, as well as the economic opportunities that exist abroad.Judging the right moment to go international is going to be a big moment for a leader and a daunting decision to make. You have to consider the timing, cost as well as resources, and HR challenges. Although you will have to take all these different elements of your company into consideration, there are some general rules we can look to start that might help tell you, you are on track.The 25% RuleThis one is fairly straightforward. When 25% or more of your business is coming from international markets, it’s time to scale outside your home country. This signals a significant interest that there is a potential gap in the foreign market and need for the services or products you are providing. Although it is important to do your due diligence and successfully conduct some market research, if your product is adapting well, it is probably a good time to consider the business expansion into that market.The Scale RuleThe Scale Rule can help founders to decide if they are ready or too early to scale by defining it. For this, we turn to Steven Carpenter, former Global Sales & Operations at Dropbox and exec at Accel.“I define scale as when your company has reached “product/market fit” in tandem with “business model fit.” It’s the moment when your customer acquisition growth rate is increasing while your acquisition costs are decreasing, AND the unit economics of the business are moving in your favour. You aren’t yet profitable but you understand your cost levers.”It is important to consider a properly planned growth strategy when considering this rule. If you are scaling at a time when the customer acquisition growth rate is increasing, you will need to ensure you have a strategic growth plan to help you achieve your success of continuing to scale.The Go-Fast RuleThe founders that follow the Go-fast rule know that they can sell internationally with minimal incremental cost and that if they were successful, they would increase their growth rate and demonstrate that their addressable market extends beyond their home country, the goal is to drive valuation.If your business can use its existing logistics or pass along new delivery costs to the customer to service in the new market then it can generally be a no-brainer to run an AdWords or Facebook campaign in your new market very early on and see what takes. You shouldn’t even need to localise your offering for these tests.If the proposition is going to fly internationally then some customers will convert even when the pricing isn’t a local currency. If you are in a position where you are going to need people on the ground to sell and deliver your product then you need to consider the scale rule.There is also an argument for expanding early that you can pre-empt copycats, American investors looking for ideas from European or Asian markets, etc., and vice versa.Thinking of going global? Here are some reasons why you definitely should!The model is working well enough ruleThere’s often no clear moment when your business model is ‘working’. So, you can ask yourself does it feel like the management team has moved its focus from continually fighting fires to optimisation? If you are still fighting fires it might be too early but if you aren’t then your business model is probably working well enough that you can handle the fires of an international office.Some considerations:Start-ups from countries with a population of less than 50 million go international twice as fast as start-ups from countries with a population of more than 50 million: 1.4 years as opposed to 2.8 years.Companies in countries with smaller populations and market share need to think internationally from an early stage. A founder in the U.S. or China can focus 100 percent on their home market and comfortably build a $billion business. That’s the upside for bigger countries.The downside is that they may only think about the international market at a late stage and may struggle to adapt their business accordingly. Whereas a founder in Sweden or Ireland knows from day one that their business needs to be international, if it is ever going to get really big, and builds accordingly.As a general rule, the return on investment (ROI) of expanding internationally is usually less than the ROI of expanding domestically. Typically, with a business that is going well in its home market, €1 invested in local growth will increase users and revenues by more than €1 invested abroad.Eventually, though, a company will reach saturation point in its home market and need to expand elsewhere, at which point this equation might switch around. But usually, it is cheaper to expand at home than abroad.While the advice may be to go international as early as you can - If possible, start by selling internationally from your home base.Market expansion strategySo you have decided that it is the right time for you to enter a new market. However, what options exist that may suit your need and help you to achieve this successful market entry?Depending on your business, as well as the priorities around timelines, cost and immigration, there are many solutions that may apply to you. Although it is always best to speak to an expert who can manage your case based on the individual needs and circumstances of your growth, there are some more popular options for you to consider.1. Set up an EntityRegistering an entity allows companies to hire staff if necessary, sell goods/services apply for business benefits, and many other options. The main Entity types in most countries include ;Limited Liability CompanySole Proprietorship;   Limited Partnership;  Corporation; and  Cooperative.   Branch officeDeciding on which entity is best suited to your need depends on your business objective and background. Register to Centuro Connect to discover details about the entity types, documents required, timelines, and the procedure of how to apply.  2. FranchiseAllow others in different locations to open up your business branches and operate them following your guidelines. They pay you a fee and a percentage of profits. However, they have more operations control within their local market.3. Direct ExportingMarket your goods and services within a region and export your goods and services from your home region.4. Partnerships Can take many forms including JVs or having a local partner to represent your firm and help generate business.Some countries require a local partner to have an ownership stake within a region.You may simply need a distributor to sell your goods. 5. Buy a CompanyYou immediately claim market share with an existing customer base.No incorporation or initial setup costs/laws to comply withHowever, expensive to buy and need to integrate into the company culture 6. LicensingGive ownership of your product to parties in different regions for them to sell on your behalf. Companies who are looking to fully scale into a new market should consider the benefits as well as limitations that licensing may offer their business growth.7. PEO / EORA professional employer organisation (PEO)can be defined as an outsourcing firm that provides services to small and medium-sized entities (SMEs). An ‘ Employer of Record’ (EOR)is a third-party contracted by a client company to take on the core compliance responsibilities of an employer, as specified under the law.If you liaise with a company offering PEO and EOR services you will be able to expand your company in a region without setting up an entity. This involves the "leasing" of employees. A resident firm will hire employees on your behalf, and cover payroll and other necessary HR requirements, whilst the employees work for you.  This enables you to test the market with staff but without the up-front capital of setting up a company.  This may be a suitable option for companies that want to hire a few employees in a foreign country but are not ready to set up an entity.It may never feel like the '' right time'' to expand into a new market, however, the benefits and opportunities it can provide well outweigh the risks. If you are looking to enter a new market but are not sure when or how to do so, explore Centuro Connect and contact one of our team.

The challenges concerning talent and the future generation of the workforce continue, with organisations facing the raging war on talent, talent shortages, and are struggling to attract and retain talent. Job vacancies are at an all-time high, with employers having to incorporate better flexible working policies and focus on having to retain talent by prioritising career development and learning to keep the best talent.In the days leading up to the Centuro Global Expansion Conference in May, we met with four panellists who are experts to discuss the current Talent market, the drivers of change, and expected outcomes.The impactful reflections of the panel that arose from these conversations were highlighted throughout the conference, but the powerhouse team that represented the four different sides of the Talent space could have led an engaging and meaningful discussion for much longer than the session.In this article, we would like to reflect on the key takeaways from Imraan Arbee, founder of RB Partners Executive Search, to view the Talent space through the recruitment lens.This article is one of a four-part series, in which we highlight some of the key discussion takeaways that managers and HR teams can take on board to help tackle the talent crunch.Work-Life AlignmentIt goes without saying that the biggest shift towards work-life alignment occurred in 2020, as organisations turned to remote work at the start of the pandemic. Certainly, the evolution of technology in recent years enabled remote work to occur with an almost seamless transition from the majority of office work to the majority of remote work.After some initial growing pains and replicating of the office environment in the home space, many organisations adjusted to a more flexible approach to remote work. Output-led initiatives have become more common across industries, allowing employees to focus on finding the right balance between work and home life each day. One of our expert panelists, Imraan provided an example of a Nordic-based company that goes so far as to actively dissuade their employees from working outside of office hours, with the CEO leading the charge by scheduling lunch-time rock climbing breaks for himself.  HR leaders and teams will have to rethink their learning and development programmes to ensure that they are still engaging the workforce whilst upskilling them. Although workers demand more flexibility and better working environments, there is a high demand for more development and priority of the worker experience.DiversityOne of the challenges with creating a more diverse workplace, particularly in executive roles, for many companies is that to date, the talent pool from which candidates are chosen has not been very diverse itself.Remote work has allowed companies to access wider pools of talent and build diverse talent pipelines by supporting, for example, women in the workplace who have historically been unable to take on roles that required frequent time away from home. On an international level, remote work has also allowed organisations to gain a diversity of thought by accessing talent from different cultural backgrounds. But remote work only takes diversity so far: traditionally, leaders looked and sounded similar across businesses.Some companies found that their leaders might look the part, and sound the part, but the output wasn’t delivery-focused. The shift to output-led task delivery has helped companies identify high-performing individuals to achieve a greater amount of success alongside greater diversity.The future generationHow does Imraan view the changes in the talent space with the next-generation workforce? He poignantly reflected that his hope for the future generation(s) is that they will have the best of both worlds: they won’t have to work in the way that it was prescribed until 2020 and will have the flexibility that has come in recent years, but will have the work ethic of the environment that existed before and up to today.As organisations look to reshape their various policies around hiring and retaining talent, they will have to ensure that they manage to develop talent whilst balancing the new working environment.Stay tuned as we share more insights into the key discussion points of the talent crisis.