Going Global | North America edition 2 | Kreston Global
Kreston Global
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The second magazine in the Going Global regional markets series is out now. This edition focuses on the North America region.?
The magazine uses the results of the 'interpreneur' survey as a framework to understand how mid-market clients do business in the region.
We have discussed the key issues with our on-the-ground network experts to understand more about the needs of clients operating there.
You can read some highlights below or click below to download your copy and read the full edition.
US: High optimism, low growth
With an election within weeks and an economy that looked set to falter in August, the US market could be forgiven for adopting a wait-and-see attitude. This is somewhat adrift from the optimistic results of the latest mid-market?research report?conducted by Kreston Global in February 2024, which saw 94% of US respondents expecting to see an increase in international business this year.?
Jan Smallenbroek, Managing Director and National Leader of the International Tax & Transfer Pricing Practice at CBIZ, Kreston Global’s US firm, sheds light on how mid-market businesses are taking the economic headwinds, and the answer is, in their stride.
Canada: Employee Owned Trusts
Employee Equity Schemes in Canada, specifically Employee Option Trusts (EOTs), were given a sweetener with a Capital Gains Tax exemption in June of this year. In Kreston Global’s 2024 research, US entrepreneurs named employee equity schemes their top choice for raising capital to expand globally. Are employee equity schemes no longer just a staff loyalty scheme a viable strategy for SMEs looking to raise capital?
Pitched as an effective way to raise funding, increase staff loyalty, and, with a capital gains exemption, save costs, can EOTs deliver these benefits for Canadian businesses in practice and achieve the same popularity seen in other North American markets?
Balaji Katlai, a Tax Consultant at?Kreston GTA?Canada with extensive experience advising domestic and cross-border clients in Canada on various tax matters, offers his view on the practicalities of EOTs for mid-market businesses.
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CBIZ launches D@taNEXUS: Transforming business decision-making with advanced data analytics
CBIZ, Inc. has taken a significant step forward in empowering business leaders by launching its latest innovation, CBIZ D@taNEXUS. Rob McGillen, Chief Innovation Officer at CBIZ Financial Services, discusses the new suite of data analytics and automation services and how it is designed to help businesses, particularly in the mid-market segment, transform complex, multi-source information into actionable insights. By enabling faster, more informed decision-making, CBIZ D@taNEXUS is set to redefine how companies manage their data and operations.
Bahamas: Business Licence Act throws mid-market a compliance challenge
On 1 July 2023, The Bahamas introduced significant regulatory changes with the Business Licence Act 2023, imposing new compliance requirements on businesses, particularly in key sectors. The legislation's first year has exposed significant compliance gaps in mid-market businesses, creating an audit bottleneck.?
Pretino Albury, Partner at Kreston Bahamas and President of the Bahamas Institute of Chartered Accountants (BICA), explains the challenges the update has uncovered.
US firms turn to nearshoring for labour
Nearshoring, particularly in Mexico, is becoming an increasingly popular answer for US firms who are struggling with a labour shortage. US companies are looking south of the border as they search for new ways to stay profitable. A big push to nearshore in Mexico comes from the labour market, but Veronica Quintana, Director at CBIZ, finds that strong cultural links between Mexico and America are also adding to the allure.
There are more stories to discover from the North America edition. Click here to download your copy and read the full edition.