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UK businesses leaders say blockchain technology has the potential to revolutionise their businesses

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UK businesses leaders say blockchain technology has the potential to revolutionise their businesses
  • One in 7 UK firms are already using tech behind cryptocurrency to improve supply chains as well as sourcing trade finance
  • 40% planning to introduce it in the near future to reduce costs and improve efficiency
  • However 6 in 10 firms fear the new-found benefits of blockchain technology could be impacted by GDPR when introduced later this month
  • And three quarters of UK businesses want the government to regulate the technology more closely

New research predicts sweeping advances in tech and finance will fuel global trade over next decade.

The research, commissioned by DMCC, highlights the emerging impact of digital transformation for importers and exporters, along with the ongoing shifts in global economic power.

According to the global research on the Future of Trade, technology could bridge the current $1.5tn trade finance gap, unlocking new opportunities for trade across borders.

Blockchain is ripe for adoption – not just providing faster, more secure and effective ways to handle workflows in order to move goods across international borders – but also potentially helping reduce up to 20% of the actual physical paper costs associated with global trade, currently estimated at $1.8 trillion.

Building on research conducted over the last 12 months The Future of Trade brings together the collective thinking of 250 global industry leaders, academics and experts across 6 leading commodity trade hubs, London, Zurich, Dubai, Singapore, Johannesburg and Hong Kong. In addition to comprehensive quantitative research by The Centre for Economics and Business Research, and a global leading management consulting firm.

Here are the key insights gained from these discussions and some of the conclusions that emerged:

THE CHANGING NATURE OF GLOBAL TRADE

Are the rules of engagement for global trade changing in the wake of Brexit, trade tariff disagreements and protectionism?

China is expected to free up nearly 85 million labour-intensive manufacturing jobs between 2016 and 2030. Will Africa be the next manufacturing hub?

Global trade and trade finance are at the cusp of a digital revolution driven by Fintech and Blockchain, and at the same time, the world’s economic centre of gravity is shifting towards Asia with new manufacturing hubs emerging. Geopolitical factors continue to challenge traditional trade flows and associated tariffs. From the US election, to the UK’s Brexit through to China’s Belt and Road mega project, change is definitely on the horizon.

The world’s economic centre of gravity is shifting towards Asia. China is seen as the emerging champion of globalisation. The Belt and Road initiative aims to connect markets across Asia, Africa, and Europe by expanding maritime, rail and road networks, and infrastructure. The initiative also includes energy corridors and telecommunications.

New manufacturing hubs are emerging. As China’s economy becomes more reliant on domestic consumption and technologically-led manufacturing, around 100 million labour intensive manufacturing jobs will move to other low-cost countries including Vietnam, Mexico, Myanmar, India, Indonesia, and Kenya.

Looking at trade in primary goods, the research introduces The Commodity Trade Index (CTI) which ranks 10 key commodities trading hubs based on 16 indicators within three groups. They are: commodity endowment, institutions, and location.

With the highest score in nature resource endowments, the UAE ranks as the number one global hub for commodity trade in 2018. The US and the UK come second and third, respectively, scoring highly among the institutional factors.

THE IMPACT OF DIGITALISATION 

Cost of trade globally is $1.8 trillion. 20% of that cost is related to paperwork. Could Blockchain change the game?

The development of Blockchain, advanced robotics, and the Internet of Things presents a profound shift for the future. Blockchain, while still not deployed at an industrialised scale, will begin to streamline business efficiency for global importers and exporters; reducing costs, increasing productivity, and driving economies over the next decade

Blockchain is seen as a game changer for the tracking of goods and shipment as well as improving trade finance. By providing a secure, decentralised record of transactions, a large degree of paper-based documentation would be eliminated resulting in simpler, automated workflows, smart contracts and cost reductions.

Estimates indicate that supply chain improvements such as the cost and time savings offered by Blockchain, could increase global GDP by nearly 5%, and trade volumes by 15%.

The World Economic Forum estimates that the cumulative value of digital transformation across all industries could be as high as $45 trillion in the decade to 2025.

  • The spread of technology and data is having a significant impact on GDP. The Industry Digitalisation Index (IDI) benchmarks four separate functions of digitalisation: upstream supply chain, production, downstream supply chain and digital infrastructure; the IDI tracks businesses’ digitalisation progress across sectors.
  • The 2018 edition of the IDI shows that the accommodation and food services industries have made the most progress in terms of digitalisation, enabled by online ordering and booking systems.

BRIDGING THE GAP IN TRADE FINANCE 

50% of SME’s applications for funding are rejected. Could tech bridge the $1.5tn trade finance gap?

Digital trade finance could revolutionise the Future of Trade. Technological advances are putting trade finance in the spotlight. Traditional debt finance – bank loans, overdrafts, Letter of Credits, export credit, and insurance – accounts for roughly 80% of financing for world trade. As digital trade finance becomes a sought-after alternative, startups and SMEs are no longer as reliant on banks as before. FinTechs are venturing into the trade finance space through digital lending platforms.

Due to strict collateral needs and credit history checks, 50% of SMEs funding applications are rejected by banks. This has resulted in a $1.5 trillion gap in trade finance.

There is consensus that Blockchain, supported by FinTech, is seen as the big disruptor and enabler for trade finance in the next decade and will help bridge the trade finance gap. Alternative trade finance solutions are becoming accessible to a much larger extent than previously.

Blockchain is ripe for adoption – not just providing faster, more secure and effective ways to handle workflows in order to move goods across international borders – but also potentially helping reduce up to 20% of the actual physical paper costs associated with global trade, currently estimated at $1.8 trillion.

The total alternative finance market in Europe amounts to around $73 billion, and $35.2 billion across the United States, Canada, Latin America and the Caribbean. The alternative finance market in the APAC region more than doubled between 2015 and 2016 to the total value of $245.2 billion.

WTO is at the same time forecasting trade volumes to rise 3.2% by the end of 2018, and that trade finance volume is expected to rise at a CAGR of 3.7% between 2016 and 2020.

SHAPING THE FUTURE OF SUSTAINABILITY IN TRADE

Will reduce-reuse-recycle-and-return initiatives transform the Future of Trade?

Are consumers prepared to pay a premium for sustainable products?

With the decline of natural resources and the rise of social responsibility, consumers are increasingly demanding ethically sourced and environmentally friendly goods. Sustainable supply chains can reduce the impact on the environment as well as unlock opportunities to improve operational efficiencies. As governments around the world enforce energy and resource efficiency policies; sustainable business practices will have the competitive advantage in years to come.

 We are witnessing the most rapid expansion of the middle class the world has ever seen. Experts estimate that around 2020, the middle class will become a majority of the global population for the first time. This will drive a surge in consumer demand, many of whom are millennials prepared to spend more on sustainable products. Much of this new consumer demand will come from emerging urban clusters in Asia, particularly in China and India.

 Various legislative frameworks will require companies to trace their supply chains and be transparent about their environmental, social and governance initiatives.

 Digital technologies such as cloud-based warehouse management systems and Blockchain will help make the supply chain, accurate, while reducing costs.

 Increase in consumer demand for green product, will see exponential increase in demand for sustainable packaging, a market forecasted to reach $203 billion by 2021.

Developing sustainable packaging solutions is predicted to be a top challenge for business by 2023

ADDITIONAL RESEARCH CONDUCTED FOR DMCC IN LIGHT OF THE REPORT’S FINDINGS

  • 36% of UK business decision makers think blockchain can be used by businesses to find alternative forms of funding/trade finance
  • But 13% said they had never heard of blockchain and 10% say they’ve heard of it but don’t know what it does
  • 41% of UK businesses are actively investigating introducing blockchain technology, while 14% are already using it
  • 40% of UK businesses believe blockchain will lead to increased transparency, accountability and traceability to track the exchange of assets, while 38% cite reduced administrative fees/costs
  • The top industries or functions that businesses anticipate being disrupted by blockchain technology are retail (23%), cloud storage (17%) and communications (10%)
  • 62% of businesses decision makers think blockchain adoption, enabling traceability of every data exchange globally, will be impacted by GDPR
  • 69% of business decision makers think blockchain, and the accountability it provides for two entities to exchange data and provide a ledger for record, will have a direct impact on geopolitics in the way that voting systems can be revolutionised
  • 74% of UK business decision makers think the government needs to regulate blockchain technology
  • Thinking about digitalising in their business:

o   90% have in some way digitalised practices when it comes to connecting with external suppliers but only 30% are absolutely digitalised

o   87% have in some way digitalised internal processes but only 28% are absolutely digitalised

o   90% have in some way digitalised practices when it comes to connecting with clients, be it consumers, governments or other businesses, but only 28% are absolutely digitalised

o   90% have in some way set up a digital infrastructure to support the above processes but only 30% are absolutely digitalised

  • 43% of UK business decision makers think Brexit will negatively impact their business, 29% think it will have a positive impact
  • 29% of UK business decision makers think the US/Chinese tariff dispute will negatively impact their business, 22% think it will have a positive impact
  • 28% of UK business decision makers think the US withdrawl from NADTA and TPP will negatively impact their business, 25% think it will have a positive impact
  • 27% of UK business decision makers think the recent Russian expulsions will negatively impact their business, 20% think it will have a positive impact
  • With less than a year to go until Brexit Day (March 29th, 2019), only 10% of businesses expect Brexit to have a largely positive impact on their business, while 17% say it will have a largely negative one.
  • 21% of UK business decision makers say it’s impossible to estimate the impact of Brexit, either positively or negatively, on their business until the government’s trade negotiations with the EU are concluded
  • 24% of UK business decision makers say that, within their own business, they are making active attempts to improve upstream and downstream supply chain sustainability, 12% are planning to do so in the next year while 15% say they have no plans to do so

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Lockdown 2.0 – Here’s how to be the best-looking person in the virtual room

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Lockdown 2.0 – Here's how to be the best-looking person in the virtual room 1

By Jeff Carlson, author of The Photographer’s Guide to Luminar 4 and Take Control of Your Digital Photos

suggests “the product you’re creating is not the camera, the lens or a webcam’s clever industrial design. It’s the subject, you, which is just on e part of the entire image they see. You want that image to convey quality, not convenience.”

Technology experts at Reincubate saw an opportunity in the rise of remote-working video calls and developed the app, Camo, to improve the video quality of our webcam calls. As part of this, they consulted the digital photography expert and author, Jeff Carlson, to reveal how we can look our best online. 

It’s clear by now that COVID-19 has normalised remote working, but as part of this the importance of video calls has risen exponentially. While we’re all used to seeing the more casual sides of our colleagues (t-shirt and shorts, anyone?), poor webcam quality is slightly less forgivable.

But how can we improve how we look on video? We consulted Jeff Carlson for some top tips– here is what he had to say.

  1. Improve the picture quality of your call

The better your camera, the higher quality your webcam calls will be. Most webcams (as well as currently being hard to get hold of and expensive), are subpar. A DSLR setup will give you the best picture, but will cost $1,500+. You can also use your iPhone’s amazing camera as a webcam, using the new app from Reincubate, Camo.

Jeff’s comments “The iPhone’s camera system features dedicated coprocessors for evaluating and adjusting the image in real time. Apple has put a tremendous amount of work into its imaging software as a way to compensate for the necessarily small camera sensors. Although it all works in service of creating stills and video, you get the same benefits when using the iPhone as a webcam.”

Aidan Fitzpatrick, CEO of Reincubate explains why the team created Camo, “Earlier this year our team moved to working remotely, and in video calls everyone looked pretty bad, irrespective of whether they were on built-in Mac webcams or third-party ones. Thus began my journey to build Camo: an iPhone has one of the world’s best cameras in it, so could we make it work as a webcam? Category-leading webcams are noticeably worse than an iPhone 7. This makes sense: six weeks of Apple’s R&D spend tops Logitech’s annual gross revenue.”

  1. Place your camera at eye level

A video call will never quite be the same as a face-to-face conversation, but bringing your camera up to eye level is a good place to start. That can involve putting your laptop on a stand or pile of books, mounting a webcam to the top of your display screen, or even using a tripod to get the perfect position.

Jeff points out, “If the camera is looking down on you, you’ll appear minimized in the frame; if it’s looking up, you’re inviting people to focus on your chin, neck, or nostrils. Most important, positioning the camera off your eye level is a distraction. Look them in the eye, even if they’re miles or continents away.

Lockdown 2.0 – Here's how to be the best-looking person in the virtual room 2

Low camera placement from a MacBook

  1. Make the most of natural lighting

Be aware of the lighting in the room and move yourself to face natural lighting if you can. Positioning the camera so any natural light is behind you takes the light away from your face, which can make it harder to see and read expressions on a call.

Jeff Carlson’s top tip: “If the light from outside is too harsh, diffuse it and create softer shadows by tacking up a white sheet or a stand-alone diffuser over the window.” 

Lockdown 2.0 – Here's how to be the best-looking person in the virtual room 3Lockdown 2.0 – Here's how to be the best-looking person in the virtual room 4

Backlit against a window Facing natural light

  1. Use supplementary lighting like ring lights

The downside to natural lighting is that you’re at the mercy of the elements: if it’s too bright you’ll have the sun in your eyes, if it’s too dark you won’t be well lit.

Jeff recommends adding supplementary lighting if you’re looking to really enhance your video calls. After all, it looks like remote working will be carrying on for quite some time.

“The light can be just as easy as a household or inexpensive work light. Angle the light so it’s bouncing off a wall or the ceiling, depending on your work area, which, again, diffuses the light and makes it more flattering.

Or, for a little money, use a softbox or a shoot-through umbrella with daylight bulbs (5500K temperature), or if space is tight, LED panels. Larger lights are better for distributing illumination– don’t be afraid to get them in close to you. Placement depends on the look you’re going after; start by positioning one at a 45-degree angle in front and to the side of you, which lights most of your face while retaining nice shadow detail.” 

In some cases, a ring light may work best. LEDs are arranged in a circle, with space in the middle to put the camera’s lens and get direct illumination from the direction of the camera.

  1. Centre yourself in the frame

Make sure you’re getting the right angle and that you’re using the frame effectively.

“You should aim for people to see your head and part of your torso, not all the space between your hair and the ceiling. Leave a little space above your head so it’s not cut off, but not enough that someone’s eyes are going to drift there.”

  1. Be mindful of your backdrop

It’s not always easy to get the quiet space needed for video calls when working from home, but try as best you can to remove anything too distracting from your background.

“Get rid of clutter or anything that’s distracting or unprofessional, because you can bet that will be the second thing the viewers notice after they see you. (The Twitter account @RateMySkypeRoom is an amusing ongoing commentary on the environments people on television are connecting from.)”

A busy background as seen by a webcam

  1. Make the most of virtual backgrounds

If you’re really struggling with finding a background that looks professional, try using a virtual background.

Jeff suggests: “Some apps can identify your presence in the scene and create a live mask that enables you to use an entirely different image to cover the background. While it’s a fun feature, the quality of the masking is still rudimentary, even with a green screen background that makes this sort of keying more accurate.”

  1. Be aware of your audio settings

Our laptop webcams, cameras, and mobile phones all include microphones, but if it’s at all possible, use a separate microphone instead.

“That can be an inexpensive lavalier mic, a USB microphone, or a set of iPhone earbuds. You can also get wireless lavalier models if you’re moving around during a call, such as presenting at a whiteboard in the camera’s field of view.

The idea is to get the microphone closer to your mouth so it’s recording what you say, not other sounds or echoes in the room. If you type during meetings, mount the mic on an arm instead of resting it on the same surface as your keyboard.”

  1. Be wary of video app add-ons

Video apps like Zoom include a ‘Touch up your appearance’ option in the Video settings. This applies a skin-smoothing filter to your face, but more often than not, the end result looks artificially blurry instead of smooth.

“Zoom also includes settings for suppressing persistent and intermittent background noise, and echo cancellation. They’re all set to Auto by default, but you can choose how aggressive or not the feature is.”

  1. Be the best looking person in the virtual room

What’s important to remember about video calls at this point in time is that most people are new to what is, really, personal broadcasting. That means you can easily get an edge, just by adopting a few suggestions in this article. When your video and audio quality improves, people will take notice.

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Bringing finance into the 21st Century – How COVID and collaboration are catalysing digital transformation

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Bringing finance into the 21st Century – How COVID and collaboration are catalysing digital transformation 5

By Keith Phillips, CEO of TISATech

If just six or seven months ago someone had told you that in a matter of weeks people around the world would be locked down in their homes, trying to navigate modern work systems from a prehistoric laptop, bickering with family over who’s hogging the Wi-Fi, migrating online to manage all financial services digitally, all while washing their hands every five minutes in fear of a global pandemic… You’d think they had lost their mind. But this very quickly became the reality for huge swathes of the world and we’re about to go through that all over again as the UK government has asked that those who can work from home should.

Unsurprisingly, statistics show that lockdown restrictions introduced by the UK government in March, led to a sharp increase in people adopting digital services. Banks encouraged its customers to log onto online banking, as they limited (and eventually halted) services at branches. This forced many customers online as their primary means of managing personal finances for the first time.

If anyone had doubts before, the Covid-19 pandemic proved to us the importance of well-functioning, effective digital financial services platforms, for both financial institutions and the people using them.

But with this sudden mass online migration, it’s become clear that traditional banks have struggled to keep up with servicing clients virtually. Legacy banking systems have always stilted the digitisation of financial services, but the pandemic thrust this issue into the limelight. Fintech firms, which focus intently on digital and mobile services, knew it was only a matter of time before financial institutions’ reliance was to increase at an unprecedented rate.

For years, fintechs have been called upon by traditional players to find solutions to problems borne from those clunky legacy systems, like manual completion of account changes and money transfers. Now it is the demand for these services to be online coupled with the need for financial services firms to cut costs, since Covid-19 hit the economy.

Covid-19 has catalysed the urgent need to bring digital transformation to a wider pool of financial services businesses. Customers now have even higher expectations of larger institutions, demanding that they keep up with what the younger and more nimble challengers have to offer. Industry leaders realise that they must transform their businesses as soon as possible, by streamlining and digitising operations to compete and, ultimately, improve services for their customers.

The race for digital acceleration began far before the recent pandemic – in fact, following the 2008 financial crisis is likely more accurate. Since the credit crunch, there has been a wave of new fintech firms, full of young, bright techies looking to be the next big thing. Fintechs have marketed themselves hard at big conferences and expos or by hosting ‘hackathons’, trying to prove themselves as the fastest, most innovative or the most vital to the future of the industry.

However, even during this period where accelerating innovation in online financial services and legacy systems is crucial, the conditions brought about by the pandemic have not been conducive to this much-needed transformation.

The second issue, which again was clear far before the pandemic, is that fact that no matter how nimble or clever the fintechs’ solutions are, it is still hard to implement the solutions seamlessly, as the sector is highly fragmented with banks using extremely outdated systems populated with vast amounts of data.

With the significance of the pandemic becoming more and more clear, and the need for better digital products and services becoming more crucial to financial services firms and consumers by the day, the industry has finally come together to provide a solution.

The TISAtech project was launched last month by The Investing and Saving Alliance (TISA), a membership organisation in the UK with more than 200 leading financial institutions as members. TISA asked The Disruption House, a specialist benchmarking and data analytics business, to create a clearing house platform for the industry to help it more effectively integrate new financial technology. The project aims to enhance products and services while reducing friction and ultimately lowering costs which are passed on to the customers.

With nearly 4,000 fintechs from around the world participating, it will be the world’s largest marketplace dedicated to Open Finance, Savings, and Investment.

Not only will it provide a ‘matchmaking’ service between financial institutions an fintechs, it will also host a sandbox environment. Financial institutions can pose real problems with real data and the fintechs are given the space to race to the bottom – to find the most constructive, cost-effective solution.

Yes, there are other marketplaces, but they all seem to struggle to achieve a return on investment. There is a genuine need for the ‘Trivago’ of financial technology – a one stop shop, run by an independent body, which can do more than just matchmaking. It needs to go above and beyond to encompass the sandboxing, assessments, profiling of fintechs to separate the wheat from the chaff, and provide a space for true collaboration.

The pandemic has taught us that we are more effective if we work together. We need mass support and collaboration to find solutions to problems. Businesses and industries are no different. If fintechs and financial institutions can work together, there is a real chance that we can start to lessen the economic hit for many businesses and consumers by lowering costs and streamlining better services and products. And even if it is just making it that little bit easier to manage personal finances from home when fighting with your children for the Wi-Fi, we are making a difference.

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What to Know Before You Expand Across Borders

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What to Know Before You Expand Across Borders 6

By Sean King, Director of International Tax at McGuire Sponsel

The American retail giant, Target Corporation, has a market cap of $64 billion and access to seemingly limitless resources and advisors. So, when the company engaged in its first global expansion, how could anything possibly go wrong?

Less than two years after opening its first Canadian store in 2013, Target shut down all133 Canadian locations and terminated more than 17,000 Canadian employees.

Expansion of an operation to another country can create unique challenges that may impact the financial viability of the entire enterprise. If Target Corporation can colossally fail in its expansion to Canada, how might Mom ‘N’ Pop LLC fare when expanding into Switzerland, Singapore, or Australia?

Successful global expansion requires an understanding of multilayered taxes, regulatory hurdles, employment laws, and cultural nuances. Fortunately, with the right guidance, global expansion can be both possible and profitable for businesses of any size.

Permanent establishment

Any company with global ambitions must first consider whether the company’s expansion outside of the U.S. will give rise to a taxable presence in the local country. In the cross-border context, a “permanent establishment” can be created in a local country when the enterprise reaches a certain level of activity, which is problematic because it exposes the U.S. multinational to taxation in the foreign country.

Foreign entity incorporation

To avoid permanent establishment risk, many U.S. multinationals choose to operate overseas through a formal corporate subsidiary, which reduces the company’s foreign income tax exposure, though it may result in an additional level of foreign income tax on the subsidiary’s earnings. In most jurisdictions, multinationals can operate their business in the foreign country as a branch, a pass through (e.g., partnership,) or a corporation.

As a branch, the U.S. multinational does not create a subsidiary in the foreign country. It holds assets, employees, and bank accounts under its own name. With a pass through, the U.S. multinational creates a separate entity in the foreign country that is treated as a partnership under the tax law of the foreign country but not necessarily as a partnership under U.S. tax law.

U.S. multinationals can also create corporate subsidiaries in the foreign country treated as corporations under the tax law of both the foreign country and the U.S., with possibly two levels of income taxation in the foreign country plus U.S. income taxation of earnings repatriated to the U.S. as dividends.

Check-the-box planning

Under U.S. entity classification rules, certain types of entities can “check the box” to elect their classification to be taxed as a corporation with two levels of tax, a partnership with pass-through taxation, or even be disregarded for U.S. federal income tax purposes. The check the box election allows U.S. multinationals to engage in more effective global tax planning.

Toll charges, transfer pricing and treaties

When establishing a foreign corporate subsidiary, the U.S. multinational will likely need to transfer certain assets to the new entity to make it fully operational. However, in many cases, the U.S. multinational cannot perform the transfer without recognizing taxable income. In the international context, the IRS imposes certain outbound “toll charges” on the transfer of appreciated property to a foreign entity, which are usually provided for in IRC Section 367 and subject to various exceptions and nuances.

Instead, the U.S. multinational may prefer to license intellectual property to the foreign subsidiary for a fee rather than transfer the property outright. However, licensing requires the company and foreign subsidiary to adhere to transfer pricing rules, as dictated by IRC Section 482. The U.S. multinational and the foreign subsidiary must interact in an arms-length manner regarding pricing and economic terms. Furthermore, any such arrangement may attract withholding taxes when royalties are paid across a border.

Are you GILTI?

Certain U.S. multinationals opt to focus on deferring the income recognition at the U.S. level. In doing so, they simply leave overseas profits overseas and delay repatriating any of the earnings to the U.S.

Despite the general merits of this form of planning, U.S. multinationals will be subject to certain IRS anti-deferral mechanisms, commonly known as “Subpart F” and GILTI. Essentially, U.S. shareholders of certain foreign corporations are forced to recognize their pro rata share of certain types of income generated by these foreign entities at the time the income is earned instead of waiting until the foreign entity formally repatriates the income to the U.S.

The end goal

Essentially, all effective international tax planning boils down to treasury management. Effective and early tax planning can properly allow a company to better achieve its initial goal: profitability.

If global expansion is on the horizon for your company, consult a licensed professional for advice concerning your specific situation.

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