More Case Studies...
Dubai is strategically located on the world map that connects the growing gold and precious metal trade flows to and from the Indian subcontinent, South East Asia, Europe and Africa. More than 25% of the world’s physical god passed through Dubai, which is around $70 Billion in gold trading alone.
One of our clients, John, called the office on Wednesday 27th February at 3.10pm saying that he urgently needed a Tax Residency Certificate and that he needed it on that day as he was flying out of the UAE on the same date.
Long Term Lease vs Serviced Offices
How do you really need to work? When starting a new venture, there is a great temptation to jump straight in and acquire the space you anticipate requiring. However, it is no longer necessary to over commit on office space in the early stages of a start-up organisation.
Case study The BWI Group
The BWI Group, also known as Beijing West Industries, is a multi-national supplier of brake and suspension systems.
The group, a joint venture between Shougang Corporation and Beijing Fangshan State & Asset Management Company Ltd, was founded in 2009 and at that time acquired the chassis division of Delphi. Delphi itself was spun out of General Motors a number of years earlier. The group has manufacturing locations in China, Poland, the United Kingdom and Mexico with global headquarters in Beijing and significant back office support co- ordinated from the US.
Fluency has been performing accounting services for BWI since 2009. At that time, the central accounting support previously provided by Delphi was no longer available to BWI. Fluency was able to step in and within four weeks and was providing the accounting support in countries as diverse as Germany, Italy, Taiwan, and Australia. These sales and marketing sites of BWI were not significant enough to require their own accounting department. Having the accounting services provided in each country was the best solution, given the different local requirements and complexities that would have made it too difficult for a shared services provider.
Fluency has provided the following services for BWI, management reporting, co-ordinated payment of invoices, and provided an online web interface for document approval. Fluency was also able to assist with facilitation of international payments through an online platform provided by what is now Western Union (previously Travelex). This service was a requirement as BWI did not have the international bank accounts open on day one of the acquisition,and therefore was not able to pay their local invoices.
Karen Weaver, the Global Controller of BWI, has said that “it is very reassuring to be able to rely on Fluency for a full range of services. This was particularly the case given the geographical coverage that they can provide. Having Fluency certainly has assisted us in not having to learn all the detailed requirements in countries across three different continents”.