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IMC Dubai Wins Most Trusted Advisory Award 2025

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What Factors Are Vital for Ensuring ESR Report Compliance upon Submission
  • NEWSLETTER,U.A.E

What Factors Are Vital for Ensuring ESR Report Compliance upon Submission?

This is to inform you that the Economic Substance Regulation (ESR) requires reporting by December 31, 2023, for the Financial Year ending December 31, 2022.

The Economic Substance Regulations (ESR) in the United Arab Emirates (UAE) require certain legal entities in domestic and free zones to conduct one or more of nine relevant activities (RA) (referred to as “licensees”) to comply with annual filing obligations.

Licensees earning income and meeting under the exempted licensee criteria (for instance, if a licensee operates as a branch of a foreign entity and its income is taxed in a foreign jurisdiction) must submit a notification but are exempt from filing a report.

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There are other exemptions. The Ministry of Finance has recently released updated instructions in Ministerial Decision No. 100 of 2020, which can help firms determine whether they conduct a relevant activity and are exempted licensees.

Key Factors to Consider

Relevant Activities (RA): As per the UAE Ministry of Finance’s ESR Regulation, the responsibility for submitting an ESR Notification and ESR Report lies with Licensees involved in any pertinent activities and generating specified relevant income outlined in the regulation.

Reminder about the Deadline: The deadline to submit the ESR Report is approaching. We strongly encourage you to act promptly, to guarantee compliance with the regulatory obligations.

An entity must submit a notification within six months from the end of the fiscal year (FY) stating its engagement in RA, regardless of whether the licensee is exempt from the ESR or generates income from RA.

A report outlining specific business details should be filed within 12 months after the conclusion of the Fiscal Year, solely if income was derived during the period from RA and the licensee was not exempt from the ESR.

Consequences of Non-Compliance: Not submitting the ESR report by the specified deadline may lead to an administrative penalty of AED 50,000. It’s essential to adhere to the resolution’s provisions by submitting the report and any pertinent information or documentation to avoid these penalties. Furthermore, failure to comply with the Economic Substance regime for the year ending 31 December 2022 will have severe results, such as suspension or cancellation of your business license.

Suggested Steps for Your Business

ESR Evaluation: We advise all Licensees to undertake a thorough ESR assessment, irrespective of involvement in pertinent activities, and, if applicable, to submit an ESR notification and report via the MoF portal.

Accountability for Pertinent Activities: Licensees involved in relevant activities and generating relevant income are obligated to file the ESR Notification and ESR Report. They will be answerable to their respective regulatory authorities.

Key ESR Factors to Consider before the end of the Financial Year

All legal entities should address the following ESR matters and act, where applicable, before the end of the fiscal year:
  • The entity needs to evaluate if it engaged in and earned income from any of the nine RAs within the period. This assessment is crucial as it determines the entity's specific ESR compliance needs for the fiscal year
  • Entities that have generated income from RA during the fiscal year should assess their adherence to the relevant ESR evaluations, namely the directed and managed test, core revenue generating activities (CIGA) test, and adequate examination
  • After the review, entities should promptly undertake all essential measures before the fiscal year's conclusion to rectify any potential non-compliant areas (i.e., ensuring adherence to all relevant ESR tests)
  • Regarding the CIGA test, entities must showcase control and supervision over any outsourced arrangements during the fiscal year. This can be illustrated, for instance, through contractual agreements or correspondence
  • Given the FTA ESR audits, Licensees should gather pertinent supporting documents regarding their ESR compliance obligations and maintain them on file. Should they be chosen for an audit, Licensees have a brief timeframe of 5 working days to furnish the FTA with all requested documentation (i.e., demonstrating compliance with the ESR tests)
The guidance mentioned above (not exhaustive) is to offer entities a chance to initiate any required actions for ESR compliance before it becomes too late.
How Can IMC Be Your Trusted Ally?

Navigating the complexities of compliance with regulatory bodies such as the Federal Tax Authority (FTA) and the Ministry of Finance (MOF) can be challenging. At IMC, we understand the importance of staying in good standing with these authorities. That’s why we’re here to assist you in conducting a thorough ESR assessment and ensuring clear communication of your status to the regulatory authority.

By partnering with us and addressing these requirements promptly, you can avoid the stress of potential conflicts and significant penalties. Remember, we’re just a call or an email away for any additional guidance or questions you might have. Let’s tackle these challenges together, with ease and confidence.

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Top 3 Compliance Challenges to Address in 2023
  • NEWSLETTER, GLOBAL

Top 3 Compliance Challenges to Address in 2023

Compliance leaders find themselves at a crossroads in 2023 with a plethora of challenges to address. Amidst political tensions, economic volatility, and a competitive labor market, they have little resources at their disposal, with more to achieve. No wonder compliance leaders heavily rely on established service providers for governance risk and compliance. Standing in 2023, three pivotal compliance function trends demand strategic attention. These involve embracing increased investments in technology, adapting to changing labor markets and working on tighter budgets.

Prioritizing these challenges, compliance leaders need to optimize their staffing decisions and expenses, adjust existing budgets, and take care of optimal productivity in their departments. Besides, strategic investments in technology are to be made as required.

Optimizing Budgets Amid Economic Strain

With rising interest rates and fears of yet another recession looming, organizations are reeling under the pressure to operate within more constrained budgetary restrictions. Compliance leaders find themselves grappling with increased workloads while respecting regulatory norms stemming from the pandemic. They need to maximize efficiency while maintaining cost efficiency.

Industry experts focus on retaining personnel, given that a substantial part of compliance budgets is necessary for staffing. Besides, industries have witnessed a surge in interest in technology solutions, which is largely driven by the push towards automation. This has turned out to be a pivotal factor in augmenting productivity during economic depressions.

Adapting to Evolving Labor Markets

Compliance departments have significant decline in the number of FTE (full-time employees) since 2020. This trend is likely to dominate the industry till 2023. The challenge seems to have intensified with intense geopolitical tensions, greater regulatory scrutiny, and a competitive talent market. This explains why organizations are finding it increasingly challenging to retain existing staff or scale up their departments.

Addressing this crisis calls for an innovative approach to retain talent and maintain workflow efficiently.

Technology Investments on the Horizon

In response to growing inflation rates and a fiercely competitive labor market, compliance leaders are strategically allocating resources toward technology. Technology is likely to be one of the biggest domains for expenses in 2023. Organizations are looking forward to investing in solutions like managing hotlines, risk management, and training for compliance and ethics. These are some of the emerging focal points for investment. Many compliance leaders simply don’t depend on capital but are banking on technology to realize their goals.
Ensuring Compliance Through Enterprise Risk Management Solutions

Amidst uncertainties and challenges in the global business ecosystem, enterprise risk management solutions have emerged as indispensable tools like Corporater for compliance leaders. ERM solutions are a critical component of the recommended technology investments by experts in 2023. It offers a holistic approach to identifying, evaluating, and mitigating risks. These solutions leverage advanced analytics and automation to help compliance teams sail through the evolving regulatory landscapes seamlessly.

IMC and Corporater: Innovating Compliance Management and Tracking Solutions

The IMC Group continues to be a reliable partner for ERM solutions. From managing hotlines to enhancing ethics training and strengthening risk management systems, a professional hand from this established team ensures sustainable compliance resilience. We offer a comprehensive range of services in partnership with Corporater to empower organizations to make informed, responsible decisions while being risk-aware, ensuring sustainable growth.

Corporater is a global software company that offers integrated solutions for governance, risk, compliance, and performance management to medium and large organizations worldwide. Top Fortune 500 companies use their solutions.

IMC has partnered with Corporater to offer efficient and effective business solutions to companies worldwide. Along with Corporater, IMC assists in overcoming various challenges, and it offers a comprehensive solution to manage all aspects of business governance, including performance, risk, compliance, policies, standards, and audits.

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Effective Tools and Methods to Evaluate Business Risk
  • NEWSLETTER, GLOBAL

Effective Tools and Methods to Evaluate Business Risk

Walking in the shoes of a CEO or business head, there’s no denying that the digitized business landscape presents a plethora of risks to your business. Whether you are a startup or the leader of a conglomerate, it pays to draw a strategic line of defence to mitigate these risks. Forward-thinking organizations adopt governance risk and compliance software early on to address the challenges using sophisticated technologies comprehensively.

Well, risk assessment continues to be a strategic tool for businesses regarding decision-making. A meticulous and structured approach makes the strategy effective. Let’s take a look at the tried-and-tested tools and methods to assess and mitigate business risk.

What Are The Different Stages of Risk Assessment?

Successful businesses come up with a holistic approach to risk assessment, evaluating the following elements:

1. Identifying Risks

In the first place, organizations need to identify the risk. This process involves understanding the potential drawbacks or problems that the business might run into. A strategic evaluation helps in identifying these risks early. Accordingly, the business can allocate resources and come up with an effective strategy to mitigate the risk.

2. Quantifying the Risk

Once the crisis has been identified, businesses work on quantifying the risk. This implies that you need to assess their likelihood of happening, along with the potential impact. Experts recommend tools to evaluate historical data, understand statistical models, or study simulated situations to elicit valuable insights. Once you quantify the threat, you can prioritize different goals and work on the solution.

3. Prioritize the Risks

The next logical approach for you is to prioritize the risks to take action. Organizations need to evaluate the threats, prioritize them, and eventually determine the ones that they should address first based on their significance.

Established companies specializing in enterprise risk management solutions deploy instruments such as risk matrices. Tools help them prioritize the risks based on their threat potential, which helps them recommend strategic solutions.

4. Weigh Each Risk

As a part of the risk prioritization process, it’s essential to understand the relative magnitude of each risk against others. Based on the risk appetite, businesses need to address the situation.

Therefore, the best way to approach the situation is to compare established benchmarks in the industry, predetermined threshold, and past experiences to decide the most suitable way to respond to the threat.

5. Risk Mitigation and Management

The next stage requires businesses to mitigate and manage the risk. This is where you need to make strategic decisions and address each risk. Considering the intensity and nature of these risks, you need to deploy different risk management mechanisms like changes in business strategies or insurance. With these defence tactics in place, businesses can absorb the impact of the threat.

6. Monitor the Situation and Review it

The nature of risks tends to vary and fluctuate based on time and situations. This justifies the importance of regular feedback mechanisms, audits, and third-party reviews. With consistent monitoring, businesses can adjust their strategies to the changing conditions.

Best Risk Assessment Methods for Businesses

1. Qualitative Assessments

This type of assessment is based on non-numerical data, which is primarily descriptive. It is applicable in scenarios where businesses find it challenging to gather numerical data. Qualitative assessments work wonders while capitalizing on the power of experience, intuition, and expertise to evaluate risks.

Under qualitative assessments, businesses can adopt different techniques like SWOT analysis. Here, they explore both the external and internal elements that impact their decisions or projects. It helps in identifying their threats, opportunities, strengths, and weaknesses.

Also, some businesses use the expert judgment method, which works on insights from those holding expertise. You also have the Delphi method, which involves a structured dialogue among experts.

2. Quantitative Assessments

This is where businesses work extensively on numerical data. Quantitative assessments involve financial, numerical, and statistical analyses, where they gain a more data-centric or systematic perspective on the threats.

Some techniques under quantitative assessments include Monte Carlo simulation, decision trees, and sensitivity analysis.

3. Other Types of Assessments

Beyond qualitative and quantitative analysis, businesses also need to deploy other types of risk assessment mechanisms. These include:

  • Scenario Analysis: This method involves evaluating businesses by considering different situations that may arise in the future. With this approach, businesses can evaluate the best, worst, and most probable situations. Thus, they gain adequate insights to visualize and weigh the potential rewards and risks.
  • Stress Testing: Stress testing is another approach where businesses scrutinize their potential vulnerabilities in a particular system. The models are designed to emulate drastic conditions. Accordingly, they work on the best way out.
  • Comparative Risk Assessment: A comparative perspective is used in this approach where businesses compare potential risks against each other. Thus, they can detect the threats that require immediate attention. Generally, this becomes vital when businesses run out of resources.
  • Hybrid Risk Assessment Method: Under this mechanism, businesses need to prioritize adaptability. At times, no single technique can bail you out of the threats. This requires you to use both qualitative and quantitative risk management strategies to mitigate the threat. Since more than a single method of risk mitigation is involved in this approach, it is known as a hybrid risk assessment method.

Deciding on the Right Risk Assessment Approach

Working closely with an established professional is the key to assessing your business risk. The IMC continues to be one of the best companies for governance risk management and compliance services. With professional backing, businesses can strategically choose the right combination of risk-mitigation strategies. Prioritizing the objectives and stature of your business, the experts can show you the way through troubled waters. Our clients can benefit from our expertise in risk management combined with Corporater’s advanced Governance, Performance, Risk and Compliance software, resulting in a comprehensive, top-tier solution.

Corporater is a powerful Business Management Platform (BMP) software that helps organizations create a digital blueprint of their enterprise, thoroughly view their business, and operate efficiently as a connected enterprise. All solutions built on Corporater BMP can be seamlessly integrated or used independently as purpose-built point solutions.

IMC has partnered with Corporater to provide end-to-end technology-enabled managed services, assisting businesses with their market-leading GPRC software solutions.

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Taxation Without Borders: Navigating International Tax Rules for Your Global Workforce
  • Article, Global

Taxation Without Borders: Navigating International Tax Rules for Your Global Workforce

In the ever-expanding global business landscape, organizations often find themselves employing a workforce that spans international borders. While this presents numerous advantages, such as access to a diverse talent pool and new markets, it also brings a unique set of challenges, with international taxation being one of the most complex and critical issues to address. This article delves into the intricate world of international taxation, offering insights and strategies to help you navigate the complexities and ensure compliance while optimizing your global workforce.

Global mobility services play a pivotal role in assisting businesses in managing the tax complexities associated with an internationally dispersed workforce. These services encompass a range of specialized solutions, including tax planning, compliance, and advisory services, tailored to the specific needs of companies with global operations. Leveraging the expertise of global mobility services providers can be instrumental in streamlining tax-related processes and reducing potential risks and liabilities.

With the assistance of global mobility services, businesses can effectively address international taxation challenges, allowing them to remain compliant with tax regulations in various countries and optimize their global workforce. In a world where borders are becoming increasingly blurred in the realm of international business, partnering with global mobility services providers is an essential step toward ensuring your organization’s success on a global scale.

Understanding the Basics

International Taxation - What Is It?

International taxation encompasses the regulations and principles dictating the taxation of income and financial transactions on a global scale. This intricate field addresses the interplay of tax laws among various countries, particularly when individuals, businesses, or entities partake in cross-border activities like international trade, investment, and employment. Navigating this complex landscape involves considerations of residency, double taxation, transfer pricing, and efforts to combat base erosion, all contributing to the dynamic nature of international tax frameworks.

Key Players in International Taxation

Home Country: This is the country where your company is headquartered. It has a say in how your global income is taxed.

Host Country: The country where your employees are based or where your company operates is known as the host country. It can also tax your income.

Tax Treaties: Many countries enter tax treaties to prevent double taxation. These treaties determine how income is allocated and taxed between the home and host country.

The Significance of Compliance

Compliance with international tax rules is crucial for any business operating globally. Non-compliance can lead to legal issues, hefty fines, and damage to your company’s reputation. Therefore, understanding and following these rules is essential.

Tax Compliance in the Employee’s Host Country

An employer with employees working in multiple international locations must comply with the host country’s local and national tax laws. When dealing with a global workforce, paying close attention to tax compliance in the employee’s host country is crucial.

It is essential to remember a few key things, such as:

1. Understanding Local Tax Laws
Each host country has its tax laws and regulations. These can vary significantly from one country to another. To ensure compliance, it’s essential to understand the specific tax requirements and obligations in the host country.
2. Employee Classification
Correctly classifying your employees in the host country is vital. Countries have varying definitions of employment relationships, and misclassification can lead to tax issues. Consulting with legal experts in the host country can help ensure accurate classification.
3. Withholding Taxes
Withholding taxes is a common requirement in many host countries. These are taxes that the employer deducts from the employee’s income and remits to the local tax authorities. Failure to comply with withholding tax regulations can result in penalties and legal consequences.
4. Reporting Requirements
Host countries often have specific reporting requirements that businesses must adhere to. This includes regular reporting of income, expenses, and other financial transactions related to employees. Companies should ensure that they meet these reporting obligations accurately and on time.
5. Seek Professional Guidance
Navigating the tax compliance landscape in a host country can be complex. Engaging with local tax professionals who are well-versed in the specific regulations of the host country can be invaluable. They can provide guidance, ensure compliance, and help your business avoid costly mistakes.

Cross Border Employees Need a Plan for Addressing International Tax Issues

Employers should have a comprehensive plan to ensure a smooth transition for employees working abroad and maintain tax compliance. This plan should cover various aspects of international taxation, such as:
1. Employee Education
Provide thorough information and resources to your employees about their tax obligations. Offer guidance on how to fulfil tax requirements while working abroad.
2. Tax Compliance Support
Consider providing assistance or resources to help employees with their tax filings. This support can include connecting them with tax experts who specialize in international tax matters.
3. Structuring Compensation Packages
Work with tax professionals to structure compensation packages that optimize tax benefits for both the employee and the employer. This may include utilizing tax-efficient benefits and incentives.
4. Regular Compliance Checks

Regularly review the tax compliance of your cross-border employees. Ensure compliance with tax obligations to avoid future issues.

Having a well-thought-out plan in place not only facilitates a smoother experience for your international employees but also protects your organization from potential tax and legal complications.

What Qualities to Seek in a Mobility Tax Specialist

Navigating the complex terrain of international taxation requires expertise, and that’s where mobility tax specialists come into play. When searching for the right tax professional to help with your global workforce’s taxation needs, here are some crucial qualities to look for:
1. International Tax Expertise
Choose a tax specialist with a strong background in international taxation. They should be well-versed in global tax rules, treaties, and regulations.
2. Cross-Border Experience
Look for a professional who has experience in dealing with cross-border employees. They should understand the unique challenges and opportunities presented by international assignments.
3. Regulatory Knowledge
Your tax specialist should stay up-to-date with the latest tax regulations in your home and host countries. Tax laws change frequently, and compliance is critical.
4. Problem-Solving Skills
International taxation can be rife with complexities. Your chosen specialist should have excellent problem-solving skills to navigate these complexities and find solutions.
5. Communication and Education
A good tax specialist should not only address tax issues but also be able to communicate tax concepts effectively to both employers and employees, empowering them to make informed decisions.

In conclusion, international tax rules for global workforces can be intricate, but with careful planning, education, and the correct tax professionals, businesses can ensure compliance while optimizing their global operations. Addressing the tax obligations of cross-border employees, having a robust plan for international tax issues, and selecting the right mobility tax specialist, such as IMC Group, are key steps in successfully navigating this complex landscape.

IMC Group, with its expertise in global mobility services and international tax matters, can be a valuable partner for businesses looking to manage their tax complexities effectively. They offer comprehensive solutions to help organizations streamline their international operations while remaining in compliance with tax regulations across different countries.

By embracing these principles and collaborating with trusted partners, businesses can thrive in the global marketplace, leaving the borders of taxation behind. Remember that expanding your business across international borders offers tremendous opportunities and brings unique challenges. Understanding and addressing these challenges is essential for your organization’s success in the global arena. So, embrace the opportunities, navigate the complexities, and ensure compliance – because taxation knows no borders in international business.

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7 Compelling Advantages of Establishing a UAE Foundation
  • NEWSLETTER,U.A.E

7 Compelling Advantages of Establishing a UAE Foundation

In the dynamic business environment in the United Arab Emirates, foundations have emerged as a powerful tool for safeguarding wealth and ensuring seamless succession planning. Foundations were introduced in 2017 in the UAE and have gained prominence quickly. Currently, they find their place in three of the free zones in the UAE, including RAKICC, ADGM, and DIFC.

A foundation in the UAE is an independent legal entity allowing individuals to consolidate their wealth while keeping their personal assets distinct from their business interests. This separation takes place by endowing assets to the foundation, which holds them in its name. During your company formation in Dubai, you may decide to establish a foundation and take advantage of its benefits.

A foundation is free from shareholders and works as an ‘orphan’ entity. These foundations are managed according to their charter and help beneficiaries, who often belong to the same family. This striking feature of foundations makes them suitable for succession planning.

Advantages of Establishing a Foundation in the UAE

Establishing a foundation in the UAE offers several potential benefits to organizations. These include:

1. Protecting Assets

Establishing a foundation enhances the protection of your assets. When the assets are transferred to a foundation, they no longer belong to the founder. This makes them less vulnerable to government claims, creditors, or disputes within the family. So, under specific conditions, these assets wouldn’t be readily accessible to external parties. This ensures the security and preservation of your wealth.

2. Privacy

Since foundation beneficiaries remain confidential, they ensure discreet family wealth management. It reduces the potential for claims or judicial actions from third parties trying to exploit the wealth of the founder. This significantly secures the financial interests of the family.

A confidential foundation structure enhances the bargaining power of the founder in business acquisitions and negotiations. It mitigates the risk of the founder or heirs being targeted by individuals with malicious motives to access their wealth.

3. Flexibility

UAE foundations are flexible, which provides internationally mobile families with a strategic advantage when they have their assets scattered across multiple jurisdictions. When the beneficial and legal ownerships are separated, families can adapt their wealth management strategies to changing goals. Thanks to this adaptability, their inter-generational legacy planning and wealth protection remain effective regardless of the global financial conditions or changing family conditions.

4. Effective Succession Planning

When it comes to succession planning, foundations prove to be highly effective tools. Founders get peace of mind, knowing that the asset distribution or their benefits will comply with what they wished, not considering succession laws. Traditional wills become effective only upon death. However, foundations protect a family’s assets in different scenarios like bankruptcy, incapacitation, divorce, or incapacitation. Foundations can also expedite asset transfers and mitigate complexities associated with probate procedures.

5. Better Family Governance

Foundations offer an effective corporate governance framework to manage a company or single-family office. With this professional structure, the founders with their family members can systematically manage their wealth. This ensures optimal protection of assets and their distribution. The powerful governance framework ensures that family assets are managed professionally, benefitting both the founder and the subsequent generations.

6. Philanthropic Opportunities

Foundations in the UAE also provide philanthropic opportunities. Founders have the scope to align their foundations with humanitarian and ethical values. This enables them to support causes and initiatives holding personal significance.

This is an ongoing support and can involve making regular donations to charitable organizations, education, medical research, etc. Therefore, the legacy of the founder extends beyond preserving wealth and contributes to the society.

7. Legacy in Perpetuity

The goals and vision of the founder continue in perpetuity with a UAE foundation. This is long-term commitment ensures the proper impact of the founder on their community, family, or chosen causes.

The IMC is a trusted and experienced business setup consultant in Dubai, providing expert guidance to entrepreneurs and corporations establishing a new company in the UAE’s thriving economy. Our dedicated team offers customized solutions to ensure that your venture in Dubai is set up with professionalism and a deep understanding of the local market. Let us help you establish your business with precision and expertise.

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Enhanced Tax Incentives for Single Family Offices in Singapore
  • NEWSLETTER,SINGAPORE

Enhanced Tax Incentives for Single Family Offices in Singapore

In a move to encourage higher investment in social and environmental causes, the Monetary Authority of Singapore (MAS) has updated its guidelines for SFOs (Single Family Offices) looking for tax incentives under the Section 13O and Section 13U schemes. These changes are likely to benefit your single family office in Singapore, fetching you better tax incentives and shift the focus to develop sustainable investment practices.

Have a look at the key policy updates and their respective implications.

Minimum Assets Under Management (AUM)

  • Currently, the minimum AUM for the 13O Scheme stands at S$20 million while applying. This has to be maintained throughout the incentive period, eliminating any grace period
  • At S$50 million, the minimum AUM for the 13U Scheme remains unchanged while applying as well as the period throughout incentives
  • The updated norms highlight the need for SFOs to have a financial buffer in their plans. This ensures that they can fulfill the criteria even when markets remain volatile

Investment Professionals (IPs)

  • The 13O Scheme makes it mandatory for an SFO to use at least two IPs, where there should be at least one non-family member IP
  • IPs in Singapore should hold relevant qualifications for fund management and maintain tax residency
  • According to the 13U Scheme requires at least three IPs, including one non-family member IP
These requirements related to staffing enhance the professionalism of SFOs. Besides, they help in creating job opportunities in the local wealth management industry.

Minimum Spending Requirement

  • According to the 13O Scheme, local business expenses should be at least S$200,000 per financial year. This is subject to the Tiered Spending Requirement Framework
  • According to the 13U Scheme, at least S$500,000 has to be spent on local businesses in a financial year, also subject to the same framework
The tiered framework ensures that SFOs contribute to the local economy, thereby enriching the business landscape in Singapore.

Tiered Spending Requirement Framework

This framework encourages SFOs to progressively invest more in local businesses, aligning their strategies with Singapore’s economic development goals. Have a look at the Tiered Spending Requirement Framework.
AUM of the Fund

Capital Deployment Requirement (CDR)

  • Under the updated guidelines, funds must allocate at least 10% of their AUM or S$10 million for particular local investments
  • The list of eligible investments has been expanded to include climate-related projects and blended finance structures that involve substantial participation from Singapore-licensed/registered financial institutions
  • Multipliers have been introduced to incentivize certain investments, helping SFOs meet the Capital Deployment Requirement and facilitating their contributions to the local economy.
multiplier

These newly introduced guidelines aim to make the 13O and 13U Schemes more flexible for Single Family Offices. This will foster an environment conducive to sustainable investments and economic growth. Besides, they promote a higher degree of professionalism within the SFO sector. In the process, Singapore further solidifies its position as a dynamic hub for family officers, emerging as a leader in responsible wealth management.

With Singapore’s SFOs growing popularity, you may partner with one of the trusted companies like the IMC Group to make the most of the opportunities. Professionals can help you maximize your tax incentives as you grow your single family office in the country.

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Why Is Digital Transformation About People and Not Just About Technology
  • NEWSLETTER, GLOBAL

Why is Digital Transformation about People and Not Just About Technology?

While forward-thinking businesses largely focus on digital transformation, it’s crucial to note that success on the digital front hinges largely on people, not on technology. A balanced blend of human ingenuity and technology defines the path for leading businesses embracing digital transformation. The core of this approach is to inspire employees to think differently about problems. They should use technology as a means to realize their creative solutions. While digital transformation services from established professionals can propel you to success, it’s imperative to understand how this transformation involves your manpower.

The Focus lies on Focusing on Products, Systems, and Applications (PSAs)

Entrepreneurs and IT leaders often focus on products, systems, and applications as they explore their digital journey. Usually, they consider the benefits that the new technology brings to the table. However, this is a conventional path and often falls short in the digitized business ecosystem. Companies providing digital transformation services recommend bringing about a shift in mindset to encourage employees to counter the traditional modes of thinking.

Remember, every digital transformation should consider some fundamental questions at the outset.

  • What specific business challenges will these changes resolve?
  • How will this transformation differentiate us in the market?
  • What are the expected business outcomes?
  • To what extent is a mindset shift required for digital transformation success?
  • What thought patterns, behaviors, and processes need revamping?

Apart from this, leaders should also consider:

  • Whether or not the technology is going to establish a foundation for the company’s market share, innovation optimization in the future, and differentiation
  • How leaders can use the technology to lead their teams to success
  • How they can provide the necessary training to stride ahead
  • How do they anticipate this initiative will benefit the company and its team members?

For a successful digital transformation, these questions serve as the foundation. Any change should directly improve business operations, whether it’s a new tool or process. This should enhance customer experience significantly.

For example, a company offering digital transformation services may deploy new technologies like machine learning or artificial intelligence not just because they are trendy, but capable of enhancing the workflow of their clients, resulting in better operational efficiency, saving time, and building stronger relationships with customers.

Consider changes in behaviour and thought patterns

Considering changes in behaviour and thought patterns is crucial since it presents us with a fundamental insight. Digital transformation largely depends on shifts in thought patterns and behaviours. This results in a realignment of cultures, rather than the technology being used in the process. There’s no denying that technology keeps evolving. However, if employees fail to adapt to their underlying behaviours and thought patterns, the technology will prove to be futile. Rather, employees might consider it to be a burden and not a solution to boost their efficiency.

This requires leaders to try and bring about a shift in the thought patterns and behaviours of the employees. For example, your staff should consider daily communication to be more fluid and collaborative. Being the leader, you must encourage a culture defined by frequent interaction with colleagues for questions, answers, and fresh perspectives.

With these behavioral shifts in place, introducing the new technology solution becomes more effective. Also, leaders should ensure that their employees understand the reason behind incorporating new technology. This, along with the mindset and behaviours of the employees, will help them understand the value that the solution brings to the table. This makes the technology likely to be successful for the organization.

Explore the existing digital intelligence mindsets of your employees

One of the most effective strategies to encourage shifts in behaviour and mindset in employees is to tap into their existing digital intelligence. Many employees already cultivate a digital mindset in their personal lives. Embracing technology makes them more efficient on the professional front.

In the digital transformation services industry, leaders should guide their teams to grow this mindset to the workspace. So, leaders should encourage employees to recognize that they can do the same within the organization as they do in their daily lives outside work. The more you support employees in bringing their innovation mentality to work, the more innovative your organization becomes.

The truth is that digital transformation is ever-evolving, and more changes are likely to come up in the future. Unless you associate digital transformation with your people, the term continues to remain abstract. When leaders initiate a digital transformation initiative in the context of digital transformation services, their priority should be to unpack the term. This will encourage a shift in the behaviour and mindset of the employees. Leaders need to lay the groundwork for a successful digital intelligence strategy. This approach will genuinely drive change and innovation in the organization.

The IMC Group continues to be a trusted company, partnering with global organizations to assist them in their digital transformation journeys. Reach out to us and let’s discuss how you can streamline your operations as you eye digital transformation.

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How Does ESG Create Business Opportunities?
  • NEWSLETTER, GLOBAL

How Does ESG Create Business Opportunities?

Recent years have witnessed ESG advisory firms gain significant traction, showing businesses the way towards sound Environmental, Social, and Governance practices. Businesses, however, are apprehensive about pursuing their ESG goals, considering increased costs. Well, this fear isn’t justified, given that a proper ESG approach can significantly reduce costs and drive the growth of revenue. This explains why successful businesses work closely with established ESG advisory firms to boost revenue streams and reduce costs.

How can ESG mitigate risks while lowering costs?

A disciplined and systematic stance in embracing ESG principles can reduce business risks significantly. This also curtails operational costs.

In the 21st century, businesses have undergone a digital transformation. There’s no denying that the evolution of their digital maturity was a slow process. Similarly, large companies, with their complexity and scale, may require time to realize the full potential of ESG. It is a transformative force having long-term implications. It’s not a quick fix for short-term financial results.

Increasing your revenue through ESG

Regulatory norms often drive ESG adoption by companies. Other factors driving ESG adoption include cost reduction and mitigating risk. It also presents the potential to drive revenue growth. This remains an uncharted territory for many businesses. However, successful companies like Unilever have stood out by embracing ESG policies.

Their approach to embracing ESG helped in making cost savings. Unilever introduced the concept of “Sustainable Living Brands” (SLBs), which embraced strong social and environmental purposes. By 2020, nearly half of Unilever’s sales came from SLBs. Most importantly, there was an impressive 70% improvement in SLBs compared to the rest of the business. As a result, Unilever was able to declare its intention to phase out old brands that lacked a clear purpose. This approach shows how businesses can prioritize social and environmental impact to help customers who have been looking for a deeper meaning in their purchases.

Let’s evaluate the case of Tesla as another instance. Founded in 2004, the company’s commitment to electric vehicles (EVs) has reshaped the automotive industry. With a market capitalization of $650 billion and a cumulative global sale of 4 million EVs, Tesla has outperformed many established automakers.

General Motors, on the other hand, recalled its EV1 electric cars in 2003 and abandoned the EV segment. GM’s market capitalization stands at $37 billion, a fraction of Tesla’s value. Tesla’s innovation-driven approach has propelled its revenue growth, emphasizing the financial prudence of addressing environmental and social concerns.

ESG holds tremendous potential for businesses

ESG opens up the opportunity or companies to contribute positively to the society. In the process, they can open up fresh revenue streams. ESG, sustainability, and climate solutions offer a framework for tapping into this potential. It’s imperative to understand corporate purpose and master ESG principles for businesses to capitalize on the opportunities. Once you identify where the core business purpose meets evolving market needs, you can offer solutions that address the pain points. Accordingly, you can position your brand for long-term success. Collaborating with an established ESG advisory firm like the IMC Group goes a long way in guiding you toward creating value through ESG initiatives. Combining cost-reduction strategies with revenue-enhancing ESG approaches, you can make a positive impact while ensuring long-term financial sustainability.

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UAE: Understanding Qualifying Free Zone Person Status
  • NEWSLETTER,U.A.E

UAE: Understanding Qualifying Free Zone Person Status

The IMC focuses on the criteria for attaining Qualifying Free Zone Person status in various jurisdictions in the context of global business and corporate tax regulations.

Under the global corporate tax guidelines, Qualifying Free Zone Persons can benefit from a preferential 9% corporate tax rate on their Qualifying Income. However, they need to fulfil the following conditions:

  • Establishing a substantial presence within the designated free zone
  • Generating Qualifying Income
  • Adhering to the Transfer Pricing documentation and Arm’s Length Principle
  • Ensuring that non-qualifying revenues remain below specified de-minimis thresholds
  • Compiling audited Financial Statements as per local laws
  • Fulfilling any additional conditions that the relevant authorities need
It is imperative to fulfil all these conditions right from the outset. Non-compliance with one or more of these conditions may deprive you of your tax benefits. The implications apply for the current financial year along with the upcoming four years, even if you meet all the conditions afterwards.

Key Insights

With the calendar year drawing to a close in 2023, businesses operating within free zones, with their initial tax periods commencing on or after January 1, 2024, should prioritize evaluating their operations to be eligible for the preferential corporate tax regime (i.e., a 9% corporate tax rate) as applicable.

It is imperative to carry out strategic planning and an early assessment to ensure that businesses meet all the conditions from the very beginning. It takes time to implement any restructuring, resource allocation, adjust processes, or evaluate potential benefits.

Certain steps may be more urgent or important compared to others to ensure compliance from the first day. Taking timely action after identifying those steps holds the key to enjoying the 9% benefit.

Disclaimer

Our team of corporate tax experts at the IMC Group is dedicated to navigating the complex world of global tax regulations. We provide comprehensive support throughout your compliance journey. You can contact one of our tax specialists by click here or reach out to us via email at [email protected]. We are always here to help you.

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Zoho - Shaping the Future of Business Success
  • Article, Global

Zoho – Shaping the Future of Business Success

In today’s digital era, businesses are constantly in pursuit of methods to streamline their operations, boost productivity, and elevate client satisfaction. Among the notable instruments that have made a substantial impact in the business landscape is Zoho.

Zoho offers extensive business tools that operate synergistically, providing a comprehensive solution to your business requirements. Whether your objectives involve client management, inventory oversight, data analysis, or digital document signing, Zoho is well-equipped to meet your needs. In this article, we will delve into how Zoho can potentially transform any business.

Understanding Zoho

Before we explore the transformative possibilities of Zoho, let’s first gain a comprehensive understanding of the offerings within this software.

What is Zoho?

Zoho represents a cloud-based software encompassing an array of applications designed to address nearly every facet of business operations. From Customer Relationship Management (CRM) to accounting, marketing, and project management, Zoho offers a diverse range of tools that can be tailored to meet the distinct needs of any business.

Optimizing Operations

Enhancing Efficiency with Zoho CRM

At the core of Zoho lies its CRM software, a pivotal component. This tool empowers businesses to streamline their sales and client management procedures. By centralizing client data and interactions, Zoho CRM facilitates highly personalized services, improving sales and heightened client retention.

Effective Project Management

Zoho Projects, another valuable component, simplifies project management, enabling seamless team collaboration. From task allocation to progress tracking, Zoho Projects ensures that projects are completed on schedule and within budget.

Boosting Productivity

Fostering Collaboration and Communication

Zoho offers various communication and collaboration tools, including Zoho Mail and Zoho Docs. These tools foster seamless cooperation among teams, regardless of their geographic locations. This, in turn, enhances productivity and ensures that vital information is readily accessible.

Automation through Zoho Workflow

The most transformative feature of Zoho is its workflow automation. By automating routine tasks, businesses can conserve time and resources, allowing employees to concentrate on more critical aspects of their work.

Enhancing Client Satisfaction

Tailored Client Support

Zoho Desk, a customer support solution, empowers businesses to deliver top-tier customer service. Features such as ticketing and multi-channel support guarantee the swift resolution of customer issues, leading to increased client satisfaction.

Marketing Insights

Zoho Marketing Hub equips businesses with valuable insights into their marketing campaigns. Companies can customize their marketing strategies to maximize customer engagement and conversions by comprehending customer behaviour and preferences.

Whether the goal is operational streamlining, productivity enhancement, or the elevation of client satisfaction, Zoho stands as a versatile platform that can adapt to the distinct requirements of each business.

Let’s embark on a journey across ten diverse business sectors to witness how Zoho can simplify your operations. Prepare to explore how Zoho can streamline your business, irrespective of your industry. To find a solution, it’s important to work smarter, not harder.

Real Estate

Real estate companies can simplify property management processes with Zoho, covering tasks such as listing management, client interactions, and document handling.
Zoho CRM
Supervise property listings, oversee client portfolios, and nurture prospective clients. Monitor the sales process to elevate conversion rates and client gratification.
Zoho Sign
Securely deliver digital signatures for lease or sales agreements, guaranteeing statutory compliance and expediting the document procedure, thereby economizing time for both the agency and clients.
Zoho Social
This instrument streamlines the effortless promotion of property listings on multiple social media platforms, expanding the agency’s outreach and attracting potential clients, culminating in prompt closures.

Manufacturing

Manufacturing entities can streamline the administration of production, inventory, and sales management through Zoho tools.

Zoho Inventory

By tracking inventory from raw materials to finished products, this utility assures a streamlined production procedure and prevents delays due to shortages of materials.
Zoho CRM
Efficiently managing client orders and associations guarantees prompt, personalized service.
Zoho Analytics
Enterprises can maximize profits by optimizing procedures through insights into production bottlenecks, inventory turnover, and sales performance.
Zoho People
This utility oversees efficient labor and resource management for production schedules, facilitating the monitoring of employee attendance, time tracking, and streamlining safety and compliance training for factory laborers.

Legal Services

Legal enterprises can rationalize case administration, billing, and secure communication to elevate efficiency and client gratification through the utility of Zoho applications.
Zoho Books
This application facilitates precise tracking of billable hours, punctual invoicing, and financial administration, ensuring transparency and integrity.
Zoho CRM
Centralized administration monitors all client interactions, court dates, and case histories to prevent omitting critical information or dates.
Zoho WorkDrive
This utility enables secure document collaboration for confidential case teamwork.
Zoho People
It administers attorney certifications and continued education requisites, project administration focused on clients and billing tracking. Additionally, it handles confidential legal employee information securely.

Media and Entertainment

In media and entertainment, efficient supervision of creative projects, client relations, and online campaigns is pivotal. Zoho delivers utilities that streamline these processes.
Zoho Backstage
In event organization, Backstage efficiently manages in-person and hybrid events.
Zoho Projects
This application streamlines project management by delineating project schedules, resource allocation, and deliverables tracking, ensuring efficient production processes.
Zoho CRM
It augments the quality of relationships with advertisers, sponsors, and viewers by offering personalized experiences.

Finance and Banking

In finance, it is essential to handle customer relationships, derive valuable insights from data, and securely store sensitive information. Zoho provides dedicated tools to meet these requirements.
Zoho Analytics
This tool provides reliable data analytics to comprehend market trends, enabling informed investment determinations and facilitating strategic planning for the future.
Zoho CRM
This application facilitates the administration of client relations and the tracking of financial products, delivering personalized service and heightened satisfaction.
Zoho Vault
This instrument ensures the secure storage of sensitive information while adhering to industry-standard security protocols, diminishing the risk of data breaches.

Travel and Hospitality

The travel and hospitality industry demands effective customer service, efficient booking management, and successful marketing. Zoho offers solutions to improve customer experiences and streamline operations.
Zoho CRM
This tool aids enterprises in overseeing customer profiles and booking histories, enabling them to offer tailored deals and services, resulting in increased customer contentment and recurrent business.
Zoho Desk
It furnishes an efficient platform for managing customer inquiries, grievances, and solicitations, ensuring a delightful guest encounter.
Zoho Campaigns
This application permits personalized email marketing founded on customer inclinations and booking history, ameliorating engagement and stimulating repeat bookings.
Zoho Expense
Zoho 360 is an astute web-based application that simplifies expense management. It tracks all expenses and payment methods, generates analytical reports, and aids top-level management in identifying areas for cost curtailment. It simplifies intricate calculations, economizes time and effort, and enhances financial budgeting.

Nonprofit

Nonprofit organizations can streamline the administration of donations, volunteer scheduling, and donor-recipient connections with Zoho utilities.
Zoho CRM
Monitoring contributions and handling donor associations is indispensable for personalized correspondence and augmented contributions.
Zoho Creator
Nonprofits can effectively manage volunteer timetables, strategize events, and assess impact with tailor-made applications, ensuring smoother operations.
Zoho Books

This tool facilitates cost control, financial monitoring, and transparent reporting, ensuring accountability. Additionally, we offer cloud accounting services through Zoho Books.

Zoho People
This utility governs volunteer administration and coordination for assorted projects, including compliance management for grant-supported programs. It streamlines HR processes to optimize resources for the organization’s mission.

Software Development

Effectively overseeing coding projects, tracking software flaws, and upholding positive client relations are pivotal in the technology sector. Zoho provides tools to streamline these responsibilities, intensifying productivity and client satisfaction.
Zoho Sprints
This resource facilitates Agile project supervision, tracking sprint progress, and prioritizing tasks, resulting in a more efficient software development process.
Zoho CRM
As a resource, it helps manage client interactions, monitors software prerequisites, and upholds communication to ensure individualized service.
Zoho Developer
Zoho Developer simplifies the construction of enterprise-level applications with drag-and-drop tools and user-friendly coding alternatives. The platform furnishes a straightforward interface, enabling teams to devise custom applications swiftly and effortlessly.

Education

Educational institutions necessitate tools to govern learning materials, student information, and communication with students and parents.
Zoho Classes
This platform streamlines remote learning by overseeing class timetables, assessing assignments, and facilitating virtual classrooms.
Zoho CRM
This resource simplifies the student inquiry process, application procedures, and alumni relationships, fostering a robust and significant community.
Zoho Office Suite
All the indispensable tools for generating spreadsheets, text documents, and presentations in one location.
Zoho People
It governs faculty and staff schedules effectively, monitors teacher qualifications and certifications, and manages the protection of student data and compliance.

Agriculture

Efficient crop management, optimized supply chains, and data-informed customer relations are imperative in the agricultural sector. Zoho offers potent resources to help businesses attain these objectives.
Zoho Inventory
This resource supervises the inventory of seeds, fertilizers, and produce, resulting in diminished waste and optimized expenses.
Zoho CRM
This software oversees customer connections by monitoring orders and preferences and offering customized service.
Zoho Analytics
This application empowers data-driven decision-making with insights into crop yields, sales data, and market trends.

Embarking on your journey with Zoho may seem intricate initially. Nevertheless, you are primed for triumph with xponential Digital as your devoted Zoho Consulting Partner. It specializes in the precise adaptation and enhancement of the Zoho platform to align with sector-specific requisites. Elevate your operational excellence with Zoho, guided by the expertise of xponential Digital.

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