If you are thinking about international expansion, there are many factors to consider and regulations to understand before entering a new country. Sometimes you don’t know what you don’t know, and hidden surprises can derail your plans very quickly.
I recently helped a NY-based manufacturer and retailer successfully expand their operations into the heavily-regulated UK market. They knew they wanted to expand, but didn’t know where to begin, as they had no business entity set up and no local bank account. They have 5 locations in the US and were planning to open their first international retail location in London.
The first step was setting up their UK business entity, opening bank accounts, and setting up pension schemes for each employee. Using in-country experts, we were able to ensure compliance with the PAYE system and identify the correct pension plan for their employees. They also needed help with general operations, including integrating with their current HR system. Blue Marble global consulting services was critical to ensure the compliance and integration were successful. We were able to integrate their HR system with our single sign-on functionality, and it was a seamless process.
The implementation process was completed in less than 30 days, and the client successfully opened their first international retail location. They began paying one employee in July and are rapidly growing the staff to at least 15 full time employees. As they bring on staff, we continue to help gather all required data from the employees, quickly integrate the information, and get their employees paid on time and accurately. The company plans to expand into other international markets and we are here to support them from start to finish.
If you are expanding internationally for the first time or starting up in a new country and need assistance, our in-country experts can identify potential obstacles, help ensure compliance, and prevent possible missteps along the way. Our global payroll technology with customized reporting provides real-time access to your payroll across all countries and currencies. Contact us today and see how easy global operations can be!