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Webinar: Grow your Exports and International Business
- 1. Grow your Exports and International Business Doing Business in Europe Ask the Expert: Global Upside IBT Partners Webinar Series – April 20, 2016 Ragu Bhargava CEO, Global Upside Susanna Hardy Director – Europe John Worthington Managing Director
- 2. 2 Welcome IBT Partners Who we are: A team of experienced, web-savvy business developers, with offices in the USA, the UK, Germany and France What we do: International Business and Trade we build and manage websites for exporters Go Global with Website Localization We run a series of webinars for exporters so check out and register for the next one! www.ibtpartners.com/us/resources/webinars
- 3. 3 Welcome Global Upside Who we are: Problem solvers and partners in your growth. What we do: We provide world-class Accounting, HR, Payroll, Tax, and Compliance services in 90+ countries. Incorporation Banking HR Accounting Stock Options/ RSUs Tax (VAT/GST/HST, Income) Payroll Company Law Compliance Consolidation Sign up for Accounting, Tax, HR, Payroll and Compliance updates in 90+ countries at www.globalupside.com
- 4. 4 Doing Business in Europe Section 1: The online world The online world Localized websites U.S. – EU economic relations Section 2: Expand your presence in Europe Key Considerations Setup & Day-to-day Operations Hiring & Employment Law Value Added Tax (VAT) Expect the Unexpected Section 3 : Takeaways and Q&A Exporter success and unicorns Q&A
- 5. 5 The Online World - Globalization Global trade in goods and services has not recovered since 2008 End of globalization...... Or something new ? * Source: McKinsey Global Institute (MGI) report, Digital globalization: The new era of global flows, 2015
- 6. 6 The Online World - Interconnections Cross-border bandwidth X 45 since 2005 2015-2020 projected X 9 * Digital flows.... now exert a larger impact on GDP growth than the trade in goods Source: McKinsey Global Institute (MGI) report, Digital globalization: The new era of global flows, 2015
- 7. 7 Localized Websites Accessibility Trust Knowledge Localized website = built for target markets => localized website architecture relevant design and content optimized for local searches Localized digital marketing = building brand => via localized websites relevant social media localized lead generation & online tools
- 8. 8 Localized Websites – Myth Busters Google in the USA ǂ Google in the UK Germany = google.de is in German google.com and google.co.uk = significantly different Search engine optimisation is country specific SEO in your home market is NOT optimized for your export markets Social media is for business 86% of B2B firms in Europe and North America use social media Not all Googles are created equal
- 9. Trade volume/day $2.7 billion The U.S.-EU Economic Relationship: Key Facts 3.8 million EU foreign affiliate jobs in the U.S. 4.2 million U.S. foreign affiliate jobs in the EU 51.1% of total 2014 U.S. FDI outflows were directed to the EU 59.4% of total 2014 FDI in the U.S. came from the EU Source: Hamilton, D. & Quinlan, J. Center for Transatlantic Relations. Transatlantic Economy 2016 / Trans-Atlantic Business Council Generates 15.5 million workers in “onshored” jobs on both sides of the Atlantic
- 10. 10 European Expansion Key Considerations Location Entity Setup Activities Hiring and Employment Law Management: Central vs. Regional vs. Local Headquarter Support
- 11. 11 Location, Set Up, Activity Where to? Representative Office Branch vs. Subsidiary Permanent Establishment (PE) Risks Eastern Europe Setting up a Regional Center (Ireland, Netherlands or Switzerland)
- 12. 12 Company Law Compliance Resident Director Registered Office Substance Over Form (Tax Structure) Data Protection Registration Data Privacy Statutory Audit Annual Reports
- 13. 13 Poll #2 What is your biggest HR challenge? 1. Employment law 2. Statutory/Supplemental benefits 3. Attracting the right talent 4. Multi-country Payroll 5. Don’t know
- 14. 14 HR & Employment Employment Law, Contracts, Local Terms of Employment Infrastructure (leases, etc.), Banking, Expense Reports Local Employees or Expats, Immigration, Global Mobility Cultural Sensitivity, Employee Expectations, Work Culture Salary Benchmarking, Compensation & Benefits, Stock Options, Payroll
- 15. 15 Employment Law At Will Employment – DOES NOT EXIST Works Council & Collective Bargaining Agreements (CBAs) Working Time Regulations Hiring & Exiting Statutory Benefits Supplemental Benefits Staffing
- 16. 16 Accounting Considerations Key Filings and Deadlines Payroll Management/Statutory Accounts Year-end Local GAAP (IASB) Accounts Corporate and Payroll Taxes Stock Transaction (ESPP, RSUs, Stock Options)
- 17. 17 Poll #3 How familiar are you with VAT? 1. Extremely familiar 2. Moderately familiar 3. Somewhat familiar 4. Slightly familiar 5. Not at all familiar
- 18. 18 Value Added Tax (VAT) Understanding VAT, implications for US companies VAT obligations for you and your Client Netherlands: Your Logistics Hub Storage/Operations of Goods – Permanent Establishment Issues VAT Compliance and Reporting
- 19. 19 Expect the Unexpected Acquisitions VAT Compliance Penalty Do Your Homework Management: Central vs. Regional vs. Local EU Commonalities and Differences Localization Headquarter Support
- 20. 20 Poll #4 What other regions are you considering or already doing business in? Check all that apply. 1. China and/or India 2. Rest of APAC 3. Latin America 4. South America 5. Eastern Block (Romania, Ukraine, Czech Republic) 6. Other
- 21. 21 Exporter Success Digital world => Great news for Mid-Caps The big disruption……. or the big opportunity? Mid-Cap exporters: The winners will be the well-connected and the digitally literate
- 22. 22 Exporter Unicorns Use of online to go international Source: World Economic Forum Jan 2016
- 23. 23 Go Global: Global Upside and IBT Partners Global Upside Ragu ragu@globalupside.com Tel: +1 (408) 219 8203 IBT Partners Susanna sh@ibtpartners.com Tel: +44 7841 911 532
Notes de l'éditeur
- First I wanted to share some findings and observations from a recent McKinsey report (Feb 2016 published = Source: McKinsey Global Institute (MGI) report, Digital globalization: The new era of global flows, 2015) One of the first things to catch my attention was the confirmation that trade in goods and services globally has not really recovered since 2008. In fact, since the Great Recession of 2008, the global flow of goods and services has flattened, and cross-border capital flows have declined sharply. Conventional wisdom says that globalization has stalled. But although the global goods trade has flattened and cross-border capital flows have declined sharply since 2008, globalization is not heading into reverse. Rather, it is entering a new phase defined by soaring flows of data and information.
- (FROM HUFFINGTON POST’s review of McKinsey report) Just 15 years ago, cross-border digital flows were almost non-existent. Today, they exert a larger impact on global economic growth than traditional flows of goods, which developed over centuries. Digital flows are seemingly everywhere. Music downloads are just one variant. A multinational energy company can monitor production remotely by installing sensors on its oil wells around the world. A manufacturer in Spain can buy components from a Chinese supplier on Alibaba — or use 3-D printing to produce the parts from a digital design file transmitted from Canada. A girl in Kenya who logs on for a personalized math lesson from the California-based Khan Academy is now part of the story, too. So are the thousands of Syrian refugees who turn to Facebook to guide their journey to Europe. Overall, the usage of cross-border bandwidth has soared 45-fold since 2005. All flows together have raised global gross domestic product by 10 percent over the past 10 years, worth $7.8 trillion in 2014. Data flows alone account for $2.8 trillion of that — more than any other type of flow. And it is estimated that this flood of data, information and content will increase by another nine times over the next five years, as web searches, video downloads, e-commerce transactions and intra-company traffic — to name just a few of the types of digital interchange now possible — continue to surge. This new age of globalization differs from the 20th century variety in a number of important ways. It is knowledge-intensive, rather than capital- or labor-intensive. It requires good broadband connections more than vast shipping lanes. Much of it is intangible. Most powerfully, digital flows open up the global economy to anyone with an Internet connection. That reduces the barriers to entry and changes old rules about how business is done — and who can participate.
- Main question is: Do I have to have a local website to have international marketing? Well no if you decide that all your marketing can be in English and all your clients across the world can be found in the same place and finally that you do not have local competitors. That doesn’t apply to most companies. Marketing is about brand awareness and brand trust. Trust = local so presupposes you have a localised website. So step 1 is build a local website. First of all you need to Prioritise your markets, decide which are the lowest hanging fruit and build a local website. (translation, localisation, hosting, testimonials etc…are relevant to the local prospect). So digital marketing for exporting is all about using your local website. Translations - Don’t forget metadata, concepts, terminology, case studies - Note differences in dates, vocabulary, units of measurement, relevant case studies
- POLL AT END OF SLIDE 9 Do you already have localized websites for your key export markets? Yes No Thinking about it You are probably all aware of these online facts but it is worth remembering: Google in the USA is LOCALIZED. So google shapes its search engine to fit the local market. And it might not even be Google that your company needs – google has +90% market share in Europe but just 2% in China. Baidu is what you need in China. If the search engine is localized then SEO is different in each market. Your company that you are trying to help export are invisible internationally if they only work through their .com US website. And the last fact I want to highlight is that in todays world all exporters need an international media strategy.
- Lead in to Ragu.
- Assume your product or service is ready for export. So pricing, regulatory issues are all sorted. So what stopping you now? Market knowledge Visibility Credibility Market access In-market partners Our response is localized websites. Pragmatic, functional, cost-effective. Right for the digital world of today The online world is good news for SMEs that want to export. You no longer need to be a big, well-capitalized multinational company to compete globally. Thanks to digital platforms such as Alibaba and Amazon, even small-scale entrepreneurs can connect directly with customers and suppliers around the world, transforming themselves into “micro multinationals.” Today a weaver in Africa can find customers for her handiwork in Europe by posting pictures on Etsy; 30 percentof sales on this online marketplace for artwork and crafts are now cross-border. On Taiwan’s Pinkoi, 20,000 independent artists and designers offer their wares online. Amazon hosts 2 million sellers and Alibaba provides a digital platform for 10 million merchants. Facebook estimates that 50 million small businesses are on its platform, up from 25 million in 2013; on average, 30 percent of their fans are from other countries. The share of U.S. trade conducted by large corporations has already dropped from 84 percent in 1977 to about 50 percent in 2013. Meanwhile, McKinsey found in a survey that 86 percent of tech-based startups in the USA had already conducted at least one international transaction. Overall, business-to-business e-commerce across borders has grown to an estimated $1.8 to $2 trillion per year. It is not just companies who benefit; individuals everywhere do too. Digital flows are empowering, by providing new ways to learn, collaborate and work. An estimated400 million people have posted their professional profiles on LinkedIn — showing their skills to employers in more than 200 countries. More than 40 millionpeople around the world are registered on freelance platforms such as Freelancer.com, Upwork and sites in other countries with different names but similar purposes; if you’re looking for a plumber in France, frizbiz.com might be the place to look. More than 900 million people have international connections on social media. This 21st century globalization potentially portends some geopolitical shifts, as countries redefine their roles in the global economy. The U.S., long an engine of global consumer demand for imported goods, is the world’s leading producer of digital platforms and content. In the 20th century version of globalization, the U.S. was sometimes at a disadvantage because it couldn’t always compete with low labor costs elsewhere. But the new version plays to its strengths in technology and innovation; in every region of the world except for Europe, the U.S. today accounts for more than 50 percent of online content consumed. The winners will be the well-connected and the digitally literate.
- Carrying on from the last slide …. The winners will be the well-connected and the digitally literate.