Kreston Global firm, Kreston Iberaudit, is hosting a webinar on settling and investing in Andorra. They will explore various residence options and the key requirements for investing in Andorra. The event will take place on February 22nd at 12:00 PM (Spain) / 11:00 AM (UK).
Prof. Giannina Tacca Soriano, an Expert Collaborator in the investment landscape of Andorra, and a partner at Kreston Iberaudit.
During this session, participants will receive updated information on the latest fiscal and migratory developments approved in Andorra. Additionally, they will have the opportunity to interact and ask questions.
This webinar is tailored for companies and individuals interested in investing in Andorra. The session will be conducted in English and is completely free!
Don’t miss the chance to gain valuable insights and make informed decisions.
A guide to setting up business in Poland is the latest publication to be produced by a firm in the Kreston Global network to support clients looking to start a business in the country. The guide, written by experts at network firm Exco A2A Polska, describes Poland as a stable economy, with a strategic location in Europe and a skilled workforce. Its economy is robust, consistently growing, and represents one of the largest in the EU. Additionally, Poland boasts a variety of universities recognised for business education, making it an attractive destination for investors and entrepreneurs.
Setting up a business in Poland involves choosing the right legal structure. Options include sole proprietorship, limited liability companies, joint-stock companies, and various partnerships. Each structure has specific implications for management, liability, and tax obligations, which are crucial to understand for successful business operations.
Taxation and financial incentives
Poland offers a favourable tax environment for businesses, including a reduced corporate tax rate for certain taxpayers and investment incentives under the Polish Investment Zone program. Understanding these tax structures and incentives is vital for maximising profitability and ensuring compliance.
The Polish market
Understanding regional variations and economic conditions across Poland is crucial. The business landscape varies significantly between regions, influencing opportunities and challenges. Knowledge of these regional dynamics can guide strategic decisions and market entry plans.
Partnering with the right advisor
For a seamless business set-up in Poland, partnering with experienced advisors who understand the local business environment is essential. They can provide guidance on legal requirements, financial planning, and market entry strategies, ensuring a smooth transition into the Polish market.
Poland’s robust economy, strategic location, and favourable business environment make it an ideal destination for setting up a business. Understanding the legal and financial landscape is key to success in this dynamic market. With the right guidance and planning, entrepreneurs and investors can tap into the potential of the Polish market.
For expert advice on setting up a business in Poland, contact Exco A2A Polska today.
News
A guide to setting up a business in Italy
August 3, 2023
Kreston TDL Italy, a member of Kreston Global’s international network, has created a detailed 128-page guide to setting up a business in Italy. This guide is for anyone investing in Italy, to help you navigate the Italian business landscape.
The guide offers an in-depth analysis of various aspects integral to operating a business in Italy. It begins with an introduction to the country’s corporate and legal structures, including an exploration of different business entity forms. Subsequent sections delve into setup and liquidation procedures, the intricacies of mergers and acquisitions, and the responsibilities arising from corporate criminal liability.
Understanding taxes in Italy
Kreston TDL’s guide shines a light on Italy’s complex taxation system. Covering corporate taxes, business income, VAT, and individual income taxation, the guide provides an exhaustive exploration of main incentives, anti-avoidance measures, and withholding taxes. It also presents in-depth knowledge on VAT registration, returns, deductibility, and the mechanisms behind international supplies of goods and services.
Business laws in Italy
The guide further examines various legal aspects like customs, excise, import VAT, accounting procedures, filing requirements, and audit systems. In addition, it offers comprehensive advice on potentially challenging areas like transfer pricing, bankruptcy, reorganisation, debt restructuring procedures, and employment laws.
Local experts
The guide offers you invaluable technical insights from Kreston TDL’s team of experts, to help you make informed decisions and save time and money setting up a business in Italy correctly.
Established in 1985, Studio TDL is an independent Italian firm that specialises in tax, corporate and labour consultancy, and administrative outsourcing services. With a team of Certified Accountants, Statutory Auditors, and Labour Consultants, the firm caters to multinational companies and groups, capitalising on its long-standing relationships with major international professional firms.
The quality of Studio TDL’s services is driven by the team’s high level of expertise. They offer a wide range of services in tax, corporate, accounting, and labour matters, serving both local and international clients. This is supported by the latest methodologies and a vast network of international relations.
Studio TDL’s professionals are active contributors at conferences and trade magazines and are members of study commissions set up by relevant professional institutes in Milan. This engagement, alongside their in-house Study Centre, allows them to maintain current knowledge and develop best practices. As such, they can provide reliable support for even the most complex operations. Their in-depth understanding of the Italian business environment makes Studio TDL a go-to source for business setup and operations in Italy.
Carmen Cojocaru is a highly qualified professional with extensive experience in the fields of accounting, audit, tax, and business process outsourcing. Additionally, Carmen’s involvement with the ESG committee and Kreston Global highlights her commitment to promoting ethical business practices and fostering sustainable growth within the industry.
EFRAG approves European Commission’s adoption of European Sustainability Reporting Standards
August 2, 2023
Sector:ESG
EFRAG has approved the European Commission’s adoption of European Sustainability Reporting Standards (ESRS). The European Commission adopted the first ESRS, set on July 31, 2023. This is mandated by the Corporate Sustainability Reporting Directive (CSRD) and covers environmental, social, and governance matters. The adoption represents a significant step towards relevant and comparable sustainability reporting and identifying sustainability-related financial risks and opportunities for companies.
The European Commission adopted the ESRS after a comprehensive process that began in September 2020. EFRAG played a significant role in this procedure, including submitting a preparatory work report to the European Commission in February 2021, launching a public consultation on Exposure Drafts of ESRS in April 2022, and providing Technical Advice to the European Commission on the final draft standards delivered in November 2022.
EFRAG is putting significant efforts into developing standards for small and medium-sized enterprises (SMEs). Additionally, they are actively preparing guidance to encourage the implementation and interoperability of ESRS with overlapping ISSB standards, contributing to the joint work with the ISSB and ensuring the interoperability of ESRS with other relevant international standards.
On August 23, the EFRAG SRB will have a public session to receive an update on the first draft of the EFRAG Implementation Guidance and FAQ regarding materiality assessment (MAIG) and value chain (VCIG). Papers related to this will be posted on or before August 16, 2023. The EFRAG SRB and EFRAG SR TEG will also review the responses to the European Commission’s consultation for feedback on the Have Your Say portal on the draft ESRS to identify priority areas for further guidance. Furthermore, EFRAG will soon establish a single access point on its website for stakeholders to ask questions about the ESRS application.
Since its inception, EFRAG has aimed to contribute to the progress of sustainability reporting worldwide while preventing EU preparers and users from having to report multiple times. During its public session on August 23, 2023, the EFRAG SRB will receive an update on interoperability with other major standard-setting initiatives. The SRB acknowledges the excellent progress made in interoperability between the ESRS adopted by the European Commission and the ISSB standards published in June (IFRS S 1 and S 2). Additionally, the SRB will receive an update on joint efforts to promote straightforward interoperability of ESRS and ISSB climate-related standards. EFRAG and the GRI have approved a joint statement acknowledging a high level of commonality and the possibility for ESRS reporting entities to report regarding GRI, which will also be submitted to the EFRAG SRB.
According to the SRB, there has been significant advancement in the development of SME standards(both for listed SMEs (LSME) and for voluntary use (VSME)). The progress on sector standards is ongoing, but the European Commission will provide updated information on the timeline in the fall.
To learn more about your ESG reporting obligations, visit our Sustainability pages.
News
A guide to starting a business in the Netherlands
June 28, 2023
Kreston Global firms in the Netherlands have recently expanded resources for entrepreneurs with its latest guide to starting a business in the Netherlands. This useful new guide offers practical insights and tips to facilitate a smooth transition into the Netherlands business landscape.
The guide provides a practical roadmap for entrepreneurs looking to establish a business in the Netherlands. It serves as an efficient tool, highlighting the most critical issues businesses might face when entering the Dutch market. However, the guide does not aim to be exhaustive, given the wide range of potential business scenarios and constraints.
Expert consultation from Kreston Global
To supplement the guide, Kreston Global encourages entrepreneurs to consult with their member firms located in the Netherlands for more detailed information. Whether it’s a question about the basics or a complex concern, the team is ready to provide expert advice.
Flexibility and liberal framework of Dutch law
According to Dutch law, a foreign individual or company can operate in the Netherlands through either an incorporated or unincorporated entity or branch. The guide elaborates on the flexible and liberal framework that Dutch corporate law provides for the organization of subsidiaries or branches.
The essentials of starting a business in the Netherlands
The guide offers a holistic approach to doing business in the Netherlands, covering a variety of key areas. These include starting a business, finding a location, understanding subsidies and financing, complying with tax legislation, managing personnel, and a list of useful addresses.
No matter where you are in your entrepreneurial journey, “Doing business in the Netherlands” is designed to equip you with the knowledge and resources you need to succeed. Backed by Kreston Global’s extensive network of eight member firms active in the Dutch region, this guide marks a significant step towards supporting global entrepreneurs in this internationally-focused and strategically positioned base for Europe.
If you are looking to expand your business into the Netherlands, read the doing business in the Netherlands guide. If you would like to speak to one of our firms in the Netherlands, please get in touch.
News
BANSBACH adds BDO firm to Freiburg team
March 3, 2022
BANSBACH adds BDO firm to Freiburg team, GERMANY –
Kreston Global member firm, BANSBACH, has added another location in Freiburg, growing the audit offering. BANSBACH currently has over 400 employees across 9 offices across Germany.
The newest acquisition, which brings 11 audit and tax consultant professionals, including Alexander Friedemann is a certified public accountant and tax advisor with almost 30 years of experience and Steffen Walter, who has over 20 years of experience at a “Big 4” company and BDO in auditing individual and consolidated financial statements.
This announcement comes on the heels of the merger with O&R Oppenhoff & Rädler AG in Munich. This was completed in the summer of 2021 and saw 45 employees added to the company as part of an ongoing growth strategy.
The new Freiburg office will support a growing need for tax declaration and structuring, consulting, auditing and corporate finance in the area.
Hanns-Georg Schell, Managing Partner of BANSBACH and head of the Freiburg office comments,
“We are pleased about the reinforcement in Freiburg and are convinced that the colleagues will be an excellent reinforcement for our entire company.”
News
Technology Bulletin Oct 2020
October 6, 2020
News
VAT Newsletter 2020
October 1, 2020
News
Quality Bulletin Aug 2020
August 7, 2020
News
How to make your remote audits a success
August 6, 2020
By Liza Robbins.
It was the longest video call of his life…
The auditor had just spent six hours on Facetime with a client, reviewing the stock in their warehouse.
“The client kept on putting his phone in his pocket, which made the conversation a challenge,” says Lisa Leighton, co-managing partner at BHP Chartered accountants, one of Kreston’s firms in the UK. “And each time he went up or down a flight of stairs, our auditor got motion sickness!”
Welcome to the brave new world of audits which are conducted remotely, end-to-end…
Your firm has probably conducted quite a few of these itself since the Coronavirus crisis broke.
But while they are clearly becoming standard, they also involve significant changes in the way we work.
So how are Kreston firms adjusting? What challenges are involved – and what opportunities? And what can we all learn from each other’s experiences?
I set out to find out by speaking to two firms which, between them, have conducted dozens of remote audits in recent months.
Lisa says that they adjusted relatively smoothly because – like many of the UK firms – they had already been using Inflo, a platform that automates some aspects of the auditing process, for two years.
“We started using it because the audit quality improves, which has nothing to do with remote working,” she says.
“But it requires clients to upload all their audit deliverables onto one portal. So when Coronavirus began and we had to shift towards remote auditing, most of our clients were already used to this system – which made things considerably easier!”
Overall, the transition was smooth.
One obstacle was seeing physical stock – hence the 6-hour Facetime call. Now that most clients of hers are accepting auditors back on site, this is one element that they have gone back to doing in person.
This was also a significant challenge for the team at the Kreston IL Group, which conducts internal audits for American companies listed on the Israeli stock exchange.
“We recently had to audit a construction site in Texas,” recounts Doron Rozenblum, managing partner of Ezra Yehuda-Rozenblum.
“We did most of it on Zoom, but we really needed someone physically on-site to see what was going on there. We had to reach out to someone on our team who had moved to Houston, and ask her to assist.”
In future, says Roy Weisberg, managing partner for Kreston Consulting IL, this will make partnerships with other Kreston firms overseas even more critical, because in many locations they can step in.
Inevitably, firms are more reliant on their clients to supply the necessary data for remote audits.
Lisa says that there has been a bit of pushback from long-time clients who were used to the auditors finding information themselves.
The client which was most cooperative was brand-new and had never had an audit before – so they had no expectations around who traditionally does what.
Even with new clients, Lisa says it was not difficult to build trust online. The key was regular contact – and over time, video conferencing actually makes that easier.
But, caution the Israelis, that is balanced out by the need to exercise more caution, because fraud is inevitably easier when auditing remotely.
“There is no substitute to flying in and telling the CFO that you want to see a document immediately,” says Roy. “You have to be a lot more wary when you’re auditing remotely, and institute other controls to verify the information you’re given.”
So, for example, they have added a call with the external auditors. And on occasion, they’ve insisted that clients log onto their system and show them certain documents ‘live’, sharing their screen, instead of simply forwarding a document which can be amended later.
But the biggest challenge of all has been internal – getting the audits done in a timely manner.
“We used to fly in for a week’s work, everyone was available to us, and by the time we flew out we had everything we needed,” says Doron. “But when you audit remotely, clients feel they can postpone everything… Maybe we’ll speak to you tomorrow, we forgot to send you this or that… It takes 30% longer.”
They have had to allow more time for each audit and “be persistent… It’s the only way.”
“Time management and project management skills have become a lot more important,” agrees Lisa.
Since lockdown has eased, they have created a socially distanced “audit room” in their office where the auditors can collaborate more easily than they can from home, even if they are not visiting the clients’ premises.
Not only does this make them more efficient, but it helps inexperienced trainees get the guidance they need.
Despite the obstacles, though, both firms agree that remote audits are a positive development, which allows them more flexibility and to cut down on travel, with only minor trade-offs.
Even if face-to-face audits become possible again, they do not anticipate a return to that model.
Lisa particularly appreciated being able to deliver her audit completion meeting remotely, because more board members could attend that meeting.
“I got more engagement with the client – it was much better!” she says.
Overall, she concludes: “I really can’t understand why we didn’t do this earlier!”
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