That’s essentially the crux for entities in the US who seek to expand, that relief that someone in the know has it under control. Unlike Europe and the Far East, the concept of going into another country is daunting for management teams here in the US because we are really so much more isolated. Overseas is a black box and it’s difficult for US management teams to navigate what it is they really need when in most cases they do not know and do not really know how to begin to assess it. That’s the sweet spot, so to speak, that you folks provide – direction and compliance, from the start.
Controller, The Jackson Laboratory
The Jackson Laboratory (JAX) is a non-profit biomedical research institution, focused on genomic medicine and mouse genome database resources. JAX began its expansion into Mainland China at the start of 2018 using several advisors identified by the senior leadership team, including leading accounting firms to manage its affairs. As can often be the case when using unconnected advisors to meet a variety of compliance objectives, JAX found it difficult to prioritize the sheer volume of complex local requirements without someone overseeing the process.
The confusion and delays around the set up process caused by a lack of coordination, meant that by spring 2018, JAX found itself without a full understanding of both the set up process and the ongoing local requirements. The company’s Controller, Gerard Langlais, had previously worked with F&L and had been impressed by their international reach, coordination and service excellence. Gerard therefore recommended that the leaders contacted F&L for strategic advisory and practical implementation support.
In collaboration with Tricor Group, F&L set about establishing what had happened so far and where the challenges were in terms of market entry, set up and ongoing compliance. Together, F&L and Tricor to provide an integrated approach to bank account set up, tax registrations, payroll compliance, employee benefits, accounting, Value Added Tax (VAT), corporate tax, corporate secretarial filings and financial reporting - all handled through one central point in London to bridge the gap between the US and Asian time zones.
Not only did F&L-Tricor provide detailed breakdowns of what needed to be done (including how, when and why) but the Tricor team had regular face-to-face meetings with the locally appointed law firm to ensure delays were kept to a minimum. F&L-Tricor also provided guidance and onboarding for JAX’s growing workforce, including calls with individual employees to ensure their HR, payroll and employee benefits were well managed.
JAX significantly benefits from F&L-Tricor’s coordinated, proactive, commercial approach to handling all of its Chinese legal and compliance affairs. The advantages of working with us include monthly coordination, full tracking of compliance tasks and seamless processes. F&L and Tricor take an integrated approach to the roles and responsibilities between the two firms, having regular calls to talk through any uncertainties on financial or compliance requirements. JAX also benefits from dedicated points of contact, who provide information in English and the local language for complete transparency, which is also aligned with the local chart of accounts for management purposes and Chinese GAAP for full compliance.
The company is growing in Mainland China, thanks in part to its streamlined compliance procedures to satisfy its employees, the Mainland Chinese authorities and its board – as well as minimized disruption to the management team’s day-to-day activities.