Trent Limited, the retail arm of the Tata Group and a leading name in India’s branded retail sector, has established a presence in Indian and international markets. Building on the success of its flagship concepts, Trent set its sights on expanding into the Middle East, choosing Dubai, UAE, as the location for its first outlet.
Given the complexities of entering a new market, Trent sought the expertise of Kreston Menon to navigate the legal and operational challenges involved in establishing a presence in Dubai, where Trent wanted to replicate the same operational model targeting both middle and upper middle-class customers. The Kreston Menon team was tasked with advising on the optimal legal structure and managing the incorporation process for Trent’s UAE operations.
The chosen legal structure was a step-subsidiary of Trent’s listed entity in India, which required strict adherence to Indian regulatory requirements. Notably, the 2021 amendments to the UAE Commercial Companies Law, which now permit 100% foreign ownership, were instrumental in facilitating Trent’s entry into the market. Prior to this change, foreign investors were required to partner with a UAE national holding at least 51% equity.
Kreston Menon provided comprehensive support from the initial stages of incorporation through to the entity’s operational readiness. Given the significance of this market entry for Trent and its position as a subsidiary of a large industrial group, multiple meetings were held with top management to address concerns related to compliance, documentation, licensing, taxation, and employment matters. Despite the complexities involved and a registration process that extended over 90 days, the establishment of Trent’s Dubai subsidiary was completed successfully, marking an encouraging first step in the company’s Middle Eastern expansion.
News
GATE, Slovakia
August 21, 2023
GATE is a popular fashion brand based in Slovakia and operates online stores across eight European countries.
The company wanted to automate the supply and transaction processes in all of its e-shop locations. This required an IT system that embedded the different payment methods, VAT structures and cash-on-delivery arrangements of the countries where it operated. The company also plans to expand into other markets so automating these operations would become even more important.
The management at GATE instructed Kreston Slovakia to carry out the work, with the team led by Vladimír Bartoš and Július Činčala. The firm already advised GATE on tax, accounting and payroll matters and was able to provide its IT technology expertise for this project.
The team prepared VAT Group registration and Group VAT OSS on goods deliveries within EU countries. Specialists also automated processes on matching payment gateways for eight countries and cash-on-deliveries of outgoing B2C invoices.
Now the company can match and track all sales (B2C) within OSS, including returns to customers.
“We were blown away by the exceptional quality and incredible results this has delivered, and we are glad that Kreston Slovakia is our advisor not only in the field of tax and accounting, but also in the field of process management and IT.”
Milan Glavo, Group CFO at GATE.
News
Kreston Global welcomes new member firm in Croatia
February 24, 2023
Kreston Global has welcomed new member firm Kreston Croatia (formerly LID Revizija) to the Kreston network. The firm, which was created in June 2022 and is based in Zagreb was founded by Managing Partner Ivan Pecur, who has worked in a number of international accountancy organisations including Grant Thornton and Crowe over the last 16 years as an Audit partner, the firm also comprises 2 other partners, Luka Orlović and Domagoj Bakran. Together they offer a mix of audit, accounting and tax services to businesses across Croatia, and in particular service clients in the ICT, Tourism and Leisure, Energy, FMCG/Retail, Production and Not-for-Profit sectors.
Ivan Pecur, Managing Partner at Kreston Croatia said: “Joining the Kreston network is a great opportunity for us to really help our clients to grow. The international reach across Europe and the world the network offers is of great interest to us and we are keen to become involved in the regional and global opportunities for collaboration it offers.”
Liza Robbins, Chief Executive of Kreston Global, said: “Kreston is really pleased to welcome our new Croatian firm which will be a great asset to our highly energetic Eastern European firms. We know many of our members have clients who are interested in this part of the world and having Kreston Croatia able to help and support them is a great advantage. We are looking forward to helping them connect with our members across the network.”
Azur PLC Cameroon is a market leader in the manufacturing of soap and refined cooking oil in Cameroon, with ambitions to expand into the margarine and cosmetic sector.
Kreston member firm, Exco Fidaco, accounting and consulting expert, was appointed by Azur as statutory auditors and have worked for Azur for six years.
AGRAY IBRAHIMA – Finance Director
“Exco Fidaco have been our advisors for more than 6 years. Their expertise and experience have been invaluable to our growth in the last years and give us peace of mind that we continue making the best decisions for our business.”
The two new members are now both group leaders in their e-teams, Kreston Egypt now specialising in individuals moving in or out of Cairo and McLean Delmo Bentleys now responsible for the same in Melbourne.
The two firms are working with our two global mobility partners; Expatland, who co-ordinate the e-teams all around the world, offering one-stop service, organising everything from expatriate tax to finding a school, for their clients. andHarmony Relocation, a global relocation expert.
If you are moving abroad or looking to move staff overseas, the Kreston Global mobility network can offer tax advice and co-ordinate all other services, from organising a visa to moving your house contents to another country.
Learn more about our network and how we can help you and your employees move country.
News
Kreston Menon launches latest investment guide for ‘Doing Business in Dubai’
Dubai-based member firm, Kreston Menon, has launched the seventh and latest edition of ‘Doing Business in Dubai’, a guide to investment in Dubai, UAE.
The publication was recently launched by His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline and Group, and Kreston Menon partners, Raju Menon, Chairman and Managing Partner, Kreston Menon and Sudhir Kumar, Senior Partner and Head of Corporate Communications. The handbook is approved by the Business Registration and Licensing Department of the Dubai economy.
The publication has been celebrated in the press for raising the profile of Dubai, its free zones and offers a comprehensive understanding of the setting up process of Dubai International Financial Centre (DIFC) and on Nasdaq Dubai which allows companies to benefit from a unique investor pool that combines regional and international wealth. The guide is a great resource for start-up businesses, looking to benefit from the various support and incubation programmes provided by Dubai.
‘Doing Business in Dubai’ highlights the competitive start-up ecosystem of Dubai and acts as a guide for the innovative and enterprising youth from all over the world, as the book emphasizes on the various Startup Support initiatives and Business Incubation and Acceleration facilities provided by Dubai.
The book provides a complete overview of the incorporation process in the Mainland and Free Zones of Dubai, and helps the investor have clear understanding of the costs, impacts and benefits of each jurisdiction on his business. It also offers guidance on setting up in the Dubai International Finance Centre, and on NASDAQ Dubai, giving access to a unique investor pool.
The handbook gives insight into the decisive economic measures and new amendments to the residency and investment legislation initiated by the leadership of UAE which has stimulated the flow of foreign investments into the country. 30, 000 copies have been distributed around the region, including banks and high profile business events, such as the 2020 Expo in Dubai.
Prix import is one of the largest food importers and distributors of food and non-food products in Gabon. Prix-Import’s strategy is to become the driving force behind agri-food distribution in Gabon, by offering a wide range of food and non-food products for all tastes and budgets.
The group operates on a wholesale and retail basis. The retail business is run via their eight “Prix Import” stores, and the wholesale side of the business operates as a central purchasing entity, supplying more than 500 corporate food retailer and wholesale customers, primarily from the Carrefour brand portfolio.
Kreston member firm, Exco Africa FEAG has worked with Prix Import since 1993, supporting their plans and ambitions to grow their business. Recently they assisted in raising finance for expansion. Led by Claude Hurtaux , Exco Afrique FEAG has supported Prix import in setting up the bond loan arrangements in order to enable Prix Import to achieve the development of their projects.
“Exco Afrique FEAG is a very trustworthy firm that is knowledgeable and has advised us for many years on all tax and accounting services, from the revision of the accounts to the establishment and presentation of the annual accounts, as well as providing tax consulting advice. Claude Hurtaux provides attentive and wise counsel in all aspects.”
Jean-Christophe JAUNEAU
News
Otafuku Foods Co, China
July 2, 2021
Otafuku Foods Co. Ltd was founded in 1922 in Japan. It mainly provides liquid, solid and semi-solid seasoning products such as sauces and vinegars for condiment manufacturers and other food companies. It has developed into one of the largest seasoning products manufacturers in Japan and continues to grow in North America.
In order to promote a Japanese food culture in China and develop the Chinese market, Otafuku Foods Co., Ltd established Otafuku Foods (Qingdao) Co., Ltd in China in 2012.
As a Japanese production enterprise, it is really critical to have standardized financial accounting processes that can accurately deal with local tax policies and regulations in China and ensure strong tax compliance. Otafuku Foods (Qingdao) Co., Ltd appointed Brighture to help them with this.
Brighture’s team consists of financial and tax consultants, senior accountants and auditors who collaborate to ensure problems are solved quickly, who understand the company’s business model and more importantly can provide solutions to help improve and enhance operations.
Over the last 9 years, Otafuku Foods and Brighture have worked closely together on the growth of their business, their markets and their customers. Brighture has also helped them to develop new ideas and additional partners to help them grow new business areas, such as high-tech providers and maternity leave outsourcing services.
“Since its establishment in 2012, Otafuku Foods (Qingdao) Co., Ltd has been consulted and guided by Brighture in accounting, taxation, auditing and other aspects of finance and taxation. With professional services, Brighture answers relevant financial and tax questions, standardizes financial accounting of enterprises, helps enterprises prevent and control financial and tax risks, and establishes a foundation for the development of enterprises, which is worthy of customers’ trust and long-term cooperation.”
Mr. Huiming Luo GM at Otafuku Foods (Qingdao) Co., Ltd
News
Retail
June 29, 2021
The retail sector has been rocked through the developments of this current digital age. The rise of eCommerce, the subsequent impact on consumer behaviour and the necessity to adapt to online technologies and platforms in order to fulfil the demands of customers has put a strain on many businesses, leaving some vulnerable to risk or confused as to how they should move forward as a business. Working with experienced and interconnected financial consultants can help your retail business to grow resilience to change, to foresee the shifts occurring within the sector and respond to them, and find opportunity for international worldwide.
Financial consultancy for retail businesses
Kreston Global’s firms offer expert financial advice and support tailored specifically for the retail sector. Whether you need comprehensive audits, assistance with business restructuring, or guidance through growth and international expansion, we are equipped to enhance your operations and drive your success. Our services are designed to address the unique challenges faced by retailers in today’s dynamic marketplace.
Audits
Our audit services are essential for ensuring the integrity of your financial statements and improving operational efficiency. By conducting thorough audits, we help you streamline financial record-keeping, identify discrepancies, and enhance compliance with regulatory requirements. This process provides valuable insights into your financial health, enabling informed decision-making and better risk management.
Industry forecasts and budgeting
Kreston Global leverages its extensive global network to produce insightful industry forecasts and budgeting support. Our teams analyse market trends and consumer behaviour, allowing you to make data-driven decisions. By creating accurate budgets, we help you allocate resources effectively and prepare for future market fluctuations, ensuring your business remains competitive and resilient.
Specialist retail accounting and tax advice
Navigating the complexities of retail accounting and tax compliance can be daunting. Our specialists possess in-depth knowledge of the retail sector, allowing us to provide tailored accounting and tax advice that addresses your unique needs. We help you optimise your tax position while ensuring compliance with local and international regulations, enabling your business to thrive.
Overseas VAT
For retailers operating internationally, managing VAT obligations can be complex. Kreston Global’s experts are adept at navigating the intricacies of overseas VAT, ensuring compliance across different jurisdictions. We work with you to audit your existing VAT strategies and develop effective procedures that meet international standards, minimising your tax liabilities and avoiding costly penalties.
International subsidiary tax structuring and planning
If your retail business has international subsidiaries, effective tax structuring is vital. Our professionals assist in developing tax strategies that align with your global operations, optimising your overall tax position while ensuring compliance with local laws. This strategic planning supports sustainable growth and helps mitigate risks associated with international expansion.
Business structuring
Choosing the right business structure is crucial for operational efficiency and financial success. Kreston Global’s consultants guide you through the process of business structuring, evaluating the implications of different structures on taxation, liability, and compliance. We help you establish a framework that supports your business objectives and fosters growth.
Financing
Accessing financing is often critical for retail growth and expansion. Our team collaborates with you to develop comprehensive financing strategies tailored to your needs. We assist in identifying suitable funding sources, preparing robust proposals, and navigating the complexities of financing options, ensuring that you have the capital necessary to fuel your growth initiatives.
Overseeing business acquisitions
Acquisitions can be a powerful avenue for growth in the retail sector. Kreston Global’s firms provide expert guidance throughout the acquisition process, from due diligence to post-acquisition integration. Our experienced consultants ensure that you effectively manage transitions, capitalise on synergies, and align your acquisition strategy with your overall business goals.
Sales transactions
Sales transactions in retail require meticulous oversight to maximise profitability and ensure compliance. Our team supports you in optimising sales processes, enhancing customer relationships, and navigating contractual obligations. We provide the expertise necessary to drive successful sales transactions while minimising risks.
What are Kreston Global’s professional standards in the retail space?
Kreston Global’s member firms observe their country’s regulations, closely adhering to international standards of practice. Our internal monitoring programme ensures that all our partners meet the International Standards on Quality Control as well as the International Standards on Auditing for the conduct of transnational audits. Across our network, member firms follow the code of ethics as dictated by the IESBA (International Ethics Standards Board for Accountants).
As a proud member of the Forum of Firms, an association of international networks of accounting firms, Kreston Global is dedicated to attaining high standards in financial reporting and auditing practices across our worldwide community.
Kreston’s global reach enables our partner firms to share knowledge and expertise, providing invaluable insights for growing businesses and ensuring consistently high professional standards.
At Kreston Global we craft personalised financial consulting from our in depth global insights. Our international network provides connectivity and information that make global expansion seamless as well as quickly identifying opportunities in new markets. With Kreston Global’s dedicated financial consultancy services for the retail sector, you gain access to a wealth of expertise and a commitment to your business’s success. Let us partner with you to navigate the complexities of the retail landscape, ensuring that you are well-prepared to seize opportunities and overcome challenges.
Contact Kreston Global to find out how we can support your retail business
Want to know more about our financial services for retail businesses? Get in touch
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