Doing Business in International Markets

Article By Drew Pflaum | | Business, Accounting
Doing Business in International Markets | Munro's Accountants and Advisors

Recently I had the pleasure of attending the ASNAF conference in Goa, India. ASNAF is an alliance of accounting firms in various countries across Asia and Australasia; and Munro’s is the only firm in the alliance from Western Australia.

Through the ASNAF alliance, Munro’s leverages the local expertise of member firms from countries in Asia and New Zealand, allowing us to provide advice to Australian clients doing business in those regions. This benefits our clients as they receive accurate local-based advice delivered by our personal service, at a client-friendly price point.

During the conference, besides meeting with great people and enjoying delicious curries, what was particularly interesting was just how much businesses throughout the world are dealing with the same issues.

Tax compliance is important to get right for all businesses. Governments are constantly changing laws to preserve and grow tax revenues. At the same time Governments talk about wanting to attract innovative businesses to their country and achieve this through favourable tax treatment.

Technology is both a disruptive force threatening traditional business models and an opportunity for creative entrepreneurs to take the lead in market growth, potentially achieving abnormally high profit margins.

America’s new protectionist policies were of course a hot topic, as was China’s ambitious One Belt, One Road initiative.

It seems clear to me that local Australian businesses looking to expand internationally, or foreign businesses looking to enter the Australian market, will be best served by business advisors familiar with these key global issues and access to local expertise.

Consequently, at Munro’s we will focus our efforts on further leveraging our network of professional service providers both here in Australia and internationally, to solve issues arising from doing business in Asia and beyond.

If you’re doing business internationally, then contact us today to speak with our passionate business advisors.

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