Browsing: Global Expansion & Compliance

When a company needs to meet the demands of industry leaders in different sectors and countries, having the right employees is not a luxury, it’s a necessity. So, when DevonWay was tasked with relocating a valued employee from the U.S. to the UAE, a country where DevonWay did not have an entity, they had to find a cost- effective, efficient solution.

International growth can be an exciting time — but also one ripe with horror stories, waiting to keep you up at night. Behind the rose-tinted view of global expansion, lie more ghastly tales, involving a multitude of country-specific laws and regulations.

The global work environment has changed — companies are rapidly replacing traditional 9-to-5 office-based roles with a flexible, remote-first workforce. Remote work has opened the doors to hiring the best talent, wherever they may live. However, while this provides companies with new and exciting opportunities, it also comes with its challenges, one of which is managing employees in various countries.

Staying compliant is critical for long-term success. Companies that grow internationally without prioritizing compliance are sure to run into problems. From entity setup, to hiring, financial reporting, and staying on top of changing regulations, compliance plays a key role every step of the way.

That is one finding of a survey conducted by CFO Research of Industry Dive and Globalization Partners polling senior finance executives from companies in North America, Asia-Pacific, and Europe. The majority of CFOs reported that the coronavirus pandemic fundamentally altered the way they think about hiring and workforce management

Entering new markets and growing a global team is simple — with support from the right partner. A cloud-based project and team management company headquartered in Tel Aviv, monday.com, was looking to hire new team members in Brazil and Canada. However, the company did not have an entity set up there, making it complex to take the next step into a new market.

As the epidemic has brought many unpredictable changes, this year is undoubtedly a difficult year for organizations of all types and sizes. While many companies are struggling to gain a foothold, this continuous disruption also provides leaders with room to reimagine, reassess, and rebuild.