The Global Grapevine - Edition 1

Welcome to the inaugural edition of The Global Grapevine!

We’re excited to bring you The Global Grapevine, your essential monthly update on the latest developments in international business compliance, legislation, and key regulatory changes. Each edition is designed to keep you informed about the critical stories and evolving regulations impacting businesses expanding across borders.

In this first edition, we’ll cover the most recent updates in employment laws in the UK, the U.S. Corporate Transparency Act, Germany’s tax relief measures, and much more.

Whether you’re navigating new markets or ensuring compliance in existing ones, The Global Grapevine is here to guide you through the complexities of global business with expert insights and actionable advice. Discover a world of insights with Briars below with all the latest news below.

Changes in UK Employment Law: The ‘Make Work Pay’ Initiative

The UK Government is gearing up for significant changes in employment law with its new initiative, “Make Work Pay”. The centerpiece of this initiative is the Employment Rights Bill, which is expected to be introduced in Parliament in early October.

This bill aims to enhance the rights of workers and ensure fair pay across various sectors. It reflects the government’s commitment to addressing employment issues and creating a more equitable working environment. As we await the specifics of the legislation, businesses should prepare for potential changes in compliance requirements and employee rights.

If you’re keen to learn how this may affect your plans, speak with our Global HR Director Phill Anderson at [email protected] who can be an extension of your global team providing guidance on how to manage this as part of your expansion strategy.

For a deeper dive into the “Make Work Pay” initiative, check out the full article here.

UK Corporate Governance Rules for SMEs

The UK’s updated corporate governance rules now impose stricter requirements for transparency and accountability, particularly for SMEs operating across multiple jurisdictions. Non-compliance with these rules can lead to substantial fines and sanctions from regulatory bodies, and directors may even face personal liability if governance failures lead to financial loss or misconduct.?

In severe cases, directors can be disqualified for up to 15 years, or held personally liable for company debts, especially in the case of insolvency due to governance failures.?

Speak to our Head of Corporate Services, Carmel Dray at [email protected] to understand how we can be your team on the ground, ensuring that your governance frameworks are updated, compliant, and properly implemented across your business.??

You can also learn more about these reforms here - https://www.gov.uk/government/publications/corporate-governance-reforms?

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Get Ready for the U.S. Corporate Transparency Act (CTA)

From 2024, the U.S. Corporate Transparency Act (CTA) will require businesses—including foreign-owned entities—to disclose their beneficial ownership information to FinCEN. We appreciate this is a lot of acronyms and it can be hard to understand what it means but this isn’t just a paperwork task; non-compliance comes with steep consequences. Daily fines can reach up to $500, and willful violations could result in criminal penalties of up to $10,000 or even two years in prison. Quite scary figures when you look at it.

Accurate, timely reporting will be critical to avoid these hefty penalties. Not sure if your processes are up to scratch? Our U.S. Fractional FD’s are here to help. We’ll guide you through the CTA requirements and ensure your business remains fully compliant.

Get in touch with Gemma Bignell FCCA at [email protected] for expert advice on meeting these new regulations.

Find more information about the CTA here - https://www.fincen.gov/bo?

U.S. Work Visa Reforms

With the American dream of expanding into a new country, operating in multiple states then the excitement can sometimes mean you overlook the importance of your employee strategy if you are looking to transfer or hire foreign employees. This is even more true with the stricter U.S. visa regulations, particularly around H-1B and L-1 visas that have made this more challenging for businesses to transfer or hire foreign employees. These issues can significantly disrupt your business’s expansion plans in the U.S. and delay key operations.?

How Briars Can Help: Expanding to the U.S. can be complex, especially with the tightening of visa regulations. That’s where we come in. Our Global Mobility team works hand-in-hand with your HR department to ensure every visa application is accurate and meets legal requirements. With our support, you can avoid costly delays, fines, and any headaches that might slow down your U.S. expansion.

Reach out to us at [email protected], and let’s make your U.S. growth smooth and stress-free. More information on the US Work Visa Reforms can be found here - US Work Visa Reforms.

Germany's Corporate Tax Adjustments for SMEs

Germany has introduced significant new tax relief measures that could lead to sizable savings for small and medium-sized enterprises (SMEs). But here’s the catch: to truly benefit from these incentives, it’s crucial to get your filings right and use these measures properly. If not, you might find yourself facing penalties of up to 10% of the tax owed, plus interest on late payments and the risk of audits from tax authorities.

Staying compliant isn’t just a good idea—it’s essential for avoiding unexpected financial headaches.?

If you are concerned about your German entity, please contact Gemma Bignell FCCA [email protected] to ensure your business maximises the benefits of these relief measures while remaining fully compliant with German tax regulations.?

Learn more here -? Article | Germany Taxation for SME?

Navigating GDPR Compliance in the EU

Unless you’ve been living under a rock then the term GDPR is probably ingrained into the DNA of most businesses and it’s the same if you’re looking to conquer new markets within Europe. The EU’s General Data Protection Regulation (GDPR) is serious business when it comes to data protection. If your company operates in Europe, you need to be aware of the strict requirements in place.

Ignoring these can lead to hefty fines—up to €20 million or 4% of your annual global turnover, whichever is higher! Mishandling customer data or not addressing data breaches quickly can also lead to financial loss and damage your reputation, which could seriously impact your business in the long run.

If you need a SOS with your global GDPR then our Global Solutions Director Emma Lisauskas at [email protected] who can connect you with local compliance experts.

Learn more about GDPR compliance in the EU here.

Why Choose Briars??

With severe penalties and fines at stake, expanding into new markets can be risky without the right guidance. Briars acts as an extension of your team , helping you navigate these complex regulations with confidence through our 30 years of expertise helping businesses expand to over 150+ countries. With our expertise in accounting, tax, HR, and payroll, we ensure your business complies with local laws, allowing you to focus on growth.?

Visit www.briarsgroup.com to learn more about how we can help.