With the ever increasing prices of cars and affordability of motor vehicles at the start of the decade many Irish customers began to look abroad and to the prospect of bringing cars in from the UK, the price and spec of the cars being the main attraction point since the years have gone on this has become more difficult for the consumer in this piece we will go on to discuss these matters. In 2019 Rte reported that  imported second-hand cars from the UK will overtake the number of new cars sold in Ireland for the first time. The Consumer Market Monitor from the Marketing Institute of Ireland showed that new and second-hand car sales continue to decline from 901,000 in 2016 to 839,000 in 2019. At its peak in 2007, the new car market topped 180,000, while imported second-hand sales amounted to just 59,255. But since 2016, new-car sales have followed a  decline from 142,688 that year to just 127,045 in 2018, with sales down a further 12.9% in the first quarter of 2019 to 50,861.  Imported second-hand cars registered for the first time have continued an upwards trend. To combat this the Irish government have brought in a NOx levy. This has a big impact on the cost of importing older used cars into the country, this was done to try to boost new car sales in Ireland as well as making imports less attractive. Over half of the cars imported into Ireland in 2019 where more than four years old so it seems that this levy could have a great impact of the renewal of the Irish car market in the future. However as it currently stands 111,245 new cars have been registered since 2020, which would represent a decline of 5% on the 2019 outturn. Which shows that the market still has some way to go to find more on this take a look at our white paper. Find attached : https://fdw.ie/auto-stats/ #2021 #Motor #UKNI

Investment ready region The m1 corridor in Ireland is at the Centre of economic activity in Ireland,  and is driving its future. Adjacent to the only EU/ UK land border, and the only English speaking EU country. A unique urban-centric region with unrivalled access to talent, connectivity and infrastructure. It is Supported by long term government commitment under Project Ireland 2040 to drive future growth potential. The M1 corridor is the most densely populated region in Ireland outside of Dublin with 2.25 million residents it is within 1 hour of Dundalk and Drogheda and the area takes up over one third of the whole islands population, another important reason it is driving Irelands future is that 66% of the people who live in this area are aged between 20-44, for an area that only takes up 10% of all the land in Ireland it has 34% of the population. The area also has a great wealth of work ready talent, 216,000 have apprenticeship and trade qualifications, 48% of the Republic of Ireland total. Also 40% (406,000) of all third level graduates live in the region, greater than the number of graduates living in Cork, Waterford, Galway and Limerick combined (302,000).Many of the young people in the area continue to look towards third level education as there way into employment, A student population of 87,000, and 58% of all university enrolments in 12 RoI Higher Education Institution as well as Access to research centers and facilities at DkIT. The connectivity of the area is another massive factor for its driving seat in the economy it is a  30/60 min drive from both Dublin and Belfast, 30/60min to Dublin city center & IFSC by train and is within driving distance of 3 International Airports, the infrastructure of the area is also extremely important Co. Louth has Irelands fastest broadband connectivity with 86% of the region having high speed fibre enabled broadband. The area is also more attractive than Dublin as office space comes at a quarter of the price that it does in Dublin. With all of these factors coming in to play the area is thriving in many sectors, whether it be – International Financial Services, Digital Technologies, Life Sciences, or Energy & Environment, it seems the m1 corridor will be a big player in the country’s economy for many years to come. To find out more information on this go to file: //ukfd-fsclstr-02/HomeDrives$/2142.90/Documents/Investment%20Ready%20Region.pdf #2021 #Budget #BusinessinIreland #Economic

A journey through the last decade The Irish automotive industry has had an interesting history, which dates back to the early twentieth century. We have developed a white paper on the passenger car market in Ireland and attempted to cover the interesting journey of this sector since the recession in 2008. Our objective is to provide you with a detailed perspective on how market volumes have swayed during this period, the possible reasons therefore and a view to the road ahead to help you with planning for the future of your business. Below is based on information from our white paper which you can obtain a free copy of here ( https://fdw.ie/auto-stats/ ) The Unveiling The overall performance of the Irish car market has historically demonstrated a high degree of correlation with the performance of the wider economy. The growth we have seen in the Irish economy between 1995 and 2008 was accompanied by a massive growth in vehicles licensed as well as passenger kilometers travelled. The sector did however witness a decline during the recession. Almost 75% of all journeys in Ireland are by passenger cars, while passenger car registrations made up almost 81% of the total motor vehicle registrations in Ireland in 2019. In 2020 most of the global brands are present in the Irish market with Volkswagen, Toyota, Hyundai, Ford and Nissan occupying the top five positions by market share. Counties Clare, Cork, Kildare, Galway and Limerick account for almost 65% of all new car registrations in Ireland. COVID-19 brought decline in the market with new car registrations plummeting to historical lows in these months. The recovery expected from July 2020 was heavily dented by the decline brought about by the pandemic. The Decade That Went By Private cars have traditionally been the dominant mode of travel in Ireland. Passenger Cars form a significant chunk of the country’s automotive sales. Out of 2.73 million vehicles on Irish roads in 2018, almost 2.22 million where private cars. Despite this the market has gone through a rollercoaster ride. In 2013, the market witnessed a slump thanks to the superstition that a ‘13’ registration would bring bad luck to owners. As a result of this the Irish government brought in a new license plate system under which the cars registered between January and the end of June had a ‘131’ registration and those after had a ‘132’ plate. The year 2014 was one of solid recovery. This strong trend continued over to 2015 and 2016 which witnessed the peak in car registrations before the Brexit referendum. The demand for new cars has since dwindled, however the total number of registrations increased marginally. Largely driven by a steady increase in used car imports. Before 2017, used car imports averaged less than 50,000 units but have since grown almost 55% in 2019 with steady annual growth. In 2019 hatchbacks remained the most preferred type of new cars sold in the republic, accounting for 35% of the market although still the most popular the share of hatchbacks has seen a drop from the 54% in 2009, the declining market of hatchbacks has resulted from the growing popularity of SUV’s. SUV’s accounted for 23% of the market in 2019 compared to 7% in 2014 and only 2% in 2009.Saloon cars in Ireland have taken a nosedive. The share of saloons declined to 16% in 2019 from 32% in 2009. Traditionally in Ireland most cars have been operated by manual transmission, this is mainly because of their cheaper price, although manuals still remain the major transmission type it is beginning to decline, in 2009 the market share was 90% fast forward ten years to 2019 and it stands at 70%.this can be attributed to the fact that many manufacturers are only producing automatic transmission vehicles now. The environmental considerations involved also play a huge part in this. The engine type in passenger cars has also seen a change over the last decade. Diesel cars accounted for 73% of total registrations in 2009 but comprised only 47% of the market share in 2019. This decline can be attributed to the diesel gate scandal and uncertainty surrounding tax legislations. Given this backdrop the Irish car market has seen another shift. In 2019 12.8% of the market was filled by electric cars with hybrids accounting for a large portion of this. Between 2014 and 2019 electric car registrations have increased tenfold. The recent boost in electric cars is in line with the Irish government target to have 950,000 electric vehicles on the road by 2030. The road ahead for the Irish car market appears to be uncertain. The chances of any recovery in the remainder of 2020 remain bleak, on the back of general weakness in the economy. There might be an upturn in 2021 when the economy is expected to witness a gradual recovery. Request a copy of our White Paper ‘Passenger Car Market In Ireland A Journey Through The Last Decade and A Sneak Peek Into The Next’ #2021 #Motor

On 13th January 2021, Revenue confirmed that the Debt Warehousing Scheme remains available to support businesses experiencing tax payment difficulties arising from the current COVID-19 Level 5 public health restrictions, which are to remain in place until at least 31 January 2021. Revenue have suspended debt collection and the charging on interest on late payment of VAT, PAYE, self-assessed Income Tax (2019 liabilities and preliminary tax 2020) and TWSS overpayments. This allows businesses negatively impacted by COVID-19 to park these debts on an interest-free basis for a period of 12 months following the resumption of trading. At the end of the 12-month interest free period, the warehoused debt may be paid in full without incurring an interest charge or paid through a phased payment arrangement at a significantly reduced interest rate of 3% per annum – a reduction from the standard 10% rate per annum. The terms of the scheme remain the same in that access is automatic for SMEs and on request for larger businesses. It also remains a requirement that the business continues to file all relevant tax returns for the restricted trading period(s) so that the tax debt can be included in the warehousing scheme. Contact a member of our team today. +353 42 933 9955 info@fdw.ie Niall Donnelly nialldonnelly@fdw.ie Source: Revenue #2020 #Covid #BusinessinIreland #HR #GrantScheme

The Employment Wage Subsidy Scheme (EWSS) is expected to continue until 31st March 2021. On 18th of December 2020, Revenue announced updates on the criteria to determine eligibility from 1st January 2021 . Qualifying criteria from January 2021 Tax clearance must be in place. From 1 January 2021, the period to be reviewed to determine eligibility for EWSS will be 1 January to 30 June 2021. This is a significant change for businesses as previously it was only required that the period 01 July 2020 to 31 December 2020 be reviewed to determine eligibility. We therefore advise that any business availing of EWSS or considering doing so to perform the necessary review for the new 2021 comparative period as soon as possible. The reduction in turnover or customer orders (30%) between 1 January and 30 June 2021, is shown compared to the: same period in 2019, where the business operated for the whole of the comparable period in 2019 period from the date of commencement to 30 June 2019, where the business commenced trading between 1 January and 1 May 2019 projected turnover or customer orders from 1 January 2021, or date of commencement, to 30 June 2021, where business commenced after 1 May 2019. (This is compared to what the projections may have been if COVID-19 had not occurred.) Monthly Review to check eligibility As before, you are required to undertake a review on the last day of every month to ensure you continue to meet the eligibility criteria. July 2020 and the final month of the EWSS are exempt from this requirement. If eligible, the business can reregister for EWSS from 1 January 2021 and provided the reviews at the end of January and February 2021 do not alter the position such that the decrease is not less than 30%, EWSS can be claimed for paydates in January to March 2021. If an employer no longer qualifies, they must deregister for EWSS via ROS. Contact a member of our team today. +353 42 933 9955 info@fdw.ie Niall Donnelly nialldonnelly@fdw.ie Source: Revenue #2020 #Covid #HR #GrantScheme #TAX

UHY Capability Statement 2021 illustrates how we have continued to strengthen our close working relationships with our clients locally, internationally or cross-border throughout sectors, specialisms and geographical regions. This edition includes seven case studies featuring across a variety of market sectors: logistics management, construction & real estate, IOT, sport, human resources services, automotive, and entertainment. Download Capability Statement 2021 Request a printed copy of our Capability Statement 2021 – email nicolamernagh@fdw.ie Contact our Team Today Contact our team with any queries you have Call us +353 42 933 9955 Email us info@fdw.ie #2021 #CapabilityStatement #UHYGlobal

The Covid Restrictions Support Scheme (CRSS) was announced on Budget day and further details were included in the Finance Bill 2020 which was published on 22 October 2020. A guidance document released by Revenue entitled Guidelines on the operation of the Covid Restrictions Support Scheme was published on 23 October with further updates released on 27 October. The information below is a summary of the information provided in this guidance document. Download our CRSS Publication Summary of Scheme The CRSS is a targeted support for businesses significantly impacted by COVID-19 restrictions. This support is for businesses which are forced to close temporarily or operate at a significantly reduced level because of COVID-19 restrictions generally at Levels 3, 4 or 5 of the Government’s Plan for Living with COVID-19 which prohibit or significantly restrict customers from accessing their business premises. The scheme will apply from 13 October 2020 to 31 March 2021 but may be extended to 31 December 2021 if necessary. Eligibility The scheme is available to companies and self-employed individuals that carry on a taxable trade. In order to qualify, two key conditions must be met: The business must either be closed to customers or substantially restricted in operating, and As a result of these restrictions, turnover for the restricted period must be no more than 25% of 2019 levels (“turnover test”). Also, the business must intend to reopen and resume trading once restrictions are lifted. For a new business that commenced trading on or after 26 December 2019, the turnover test will be applied by reference to average weekly turnover in the period from 26 December 2019 to 12 October 2020. Requirements The company or self-employed individual carries on a trade or trading activities, either solely or in partnership, from a business premises located wholly within a region of the country for which restrictions announced by the Government to combat the effect of Covid-19 are in operation – referred to as a ‘relevant business activity’, and Under the specific terms of the Covid restrictions in operation for the region in which the relevant business activity is carried on, members of the public are either prohibited from accessing, or restricted from accessing, the business premises in which the relevant business activity is carried on, and As a result of the Covid restrictions, the company or self-employed individual’s turnover from the relevant business activity in the period for which the restrictions are in operation, will be no more than 25% of an amount based on the average turnover of the business in 2019 (or in the case of a new business, an amount based on the average turnover of the business in 2020), and The company or self-employed individual meets certain other conditions such as having a tax clearance certificate and having complied with obligations in relations to VAT. The above eligibility criteria must be met by a claimant in respect of each period for which an ACTE is being claimed under the CRSS, referred to as a “claim period” (refer to section 5 for information on how a claim period is determined). Where a person meets the eligibility criteria, the person will be able to make a claim under the CRSS. Amount of Claim The support will be provided by way of an Advance Credit of Trading Expenses (ACTE) for an amount equal to 10% of the average weekly turnover of an affected business up to €20,000 and 5% thereafter, subject to a maximum weekly payment of €5,000, for each week that their business is affected by the COVID-19 restrictions. In order to make a claim under the scheme a business must satisfy a number of other conditions in addition to the 25% ‘turnover test ‘above, including: Have an up to date tax clearance certificate in place. Comply with all VAT obligations. Register to claim the CRSS on ROS. Make a declaration on ROS that they satisfy the conditions to make a claim under section 485 Taxes Consolidation Act 1997. Turnover Test The turnover test is applied by comparing average weekly turnover during 2019 (or for 2020 effectively for new businesses as outlined above) with the average weekly turnover during the restricted period. For example, say a restaurant business in Drogheda had turnover of €2 million in 2019 and has since 22 October 2020 been subject to Level 5 restrictions for an initial six-week period. Average weekly turnover for 2019 was €38,461, therefore, in order to apply for CRSS there must be a reasonable expectation that total turnover for the six-week period will be no more than €57,691 which works out at a weekly average of €9,615. Amount Receivable The weekly payment will be calculated by reference to the average weekly value of the VAT-exclusive turnover for 2019 (or effectively 2020 in the case of new businesses), as follows: 10% of the first €20,000 5% of the balance Up to a maximum payment of €5,000 per week Per our above example, the payment due to the business in Drogheda is calculated as follows: (€20,000 X 10%) + (€18,461 X 5%) = €2,923 Payment due for the six weeks of restrictions = €17,538 The maximum payment of €5,000 per week would therefore apply where a business had turnover of €4.16 million or more in 2019. A business with turnover above this level is not precluded from applying for CRSS buts its payment will be capped at that level. Registration / Claims The business must register for the scheme on Revenue’s Online System (ROS). To register, the business must provide certain details that Revenue consider necessary and appropriate for the purposes of registration, including, the name, address and details and description of the business activity and the location where it is carried on. Once registered, the business must complete an electronic claim form to claim the ACTE and provide Revenue with the details of their claim. These details would include, for example, details of average weekly turnover, the VAT paid and the percentage reduction in business turnover for the claim period and other particulars. The business must also submit a declaration for the claim period, stating that they satisfy the conditions of the scheme. Where COVID-19 restrictions for a geographical region are extended beyond the date on which they were due to expire, a new claim will be required for each extension period. To avail of the scheme the business must have complied with their VAT obligations (i.e. have registered for VAT or filed VAT returns, as required). They must also be eligible for a tax clearance certificate throughout the COVID-19 restrictions period. In the case of temporarily closed businesses, the taxpayer must have the intention to resume the business activity once the restrictions that prohibit or restrict public access to the business premises are lifted. The registration facility is expected to go live on Friday, 30 October 2020. A claim portal in respect of CRSS will be available on ROS from mid-November. We expect that Revenue will provide detailed guidance on the operation of the CRSS and we will update this webpage with further details on the registration and claims process when the online facility goes live. Time Lines A claim in respect of the ACTE must be made no later than 8 weeks from the date the claim period commences (i.e. 13 October 2020). Tax Treatment of Payments The ACTE payment is an advance of tax deductible business expenses. Therefore, when computing the taxable profits for the current accounting period or tax year, the amount of tax deductible expenses in the tax computation must be reduced by the amount of the ACTE payment received. The ACTE will not otherwise be included in computing the taxable profits or gains for the current period. Treatment of Incorrect Claims Where a company makes a claim for a period and it subsequently transpires that it was not permitted to make the claim under the scheme rules and the company has not repaid the amount claimed, the company will be liable to tax on an amount equal to four times of the amount of the claim that the company was not entitled to claim. The tax will be assessed under Case IV of Schedule D and the company will not be entitled to offset any loss, expense or credit etc. against this amount. Interest will also apply from the first date of the claim period. Where an individual makes a claim that he/she is not entitled to which has not been repaid to Revenue, the individual will be liable to tax at the standard rate on five times of the amount of the claim that was not permitted (the “unauthorised amount”). This unauthorised amount shall be liable to tax under Case IV of Schedule D. No tax deduction or credit can be applied to reduce the tax due on this amount. In cases where an individual makes an invalid claim or over claims ACTE interest will also apply. How long is the duration of the scheme? The scheme is due to expire on 31 March 2021. However, the Finance Bill gives the Minister for Finance authority to monitor and superintend the administration of the scheme and to vary it by Ministerial Order. The Minister can extend the scheme beyond 31 March 2021 but to no later than 31 December 2021. And Finally A business must hold a valid Tax Clearance Certificate and keep their tax affairs up to date for the duration of the scheme. Download our CRSS Publication Contact a member of our team today. +353 42 933 9955 info@fdw.ie Niall Donnelly nialldonnelly@fdw.ie Revenue published an updated version of Guidelines on the Operation of the Covid Restrictions Support Scheme (CRSS) on 27 Octo ber. #2020 #BusinessinIreland #Covid #GrantScheme

On the 19th October 2020 the Minister for Finance, Paschal Donohoe, T.D., announced that the rates of subsidy provided for under the Employment Wage Subsidy Scheme (EWSS) will be revised to achieve better alignment to the Pandemic Unemployment Payment (PUP) rates. On the 21st October 2020 Revenue provided further information for employers in relation to the new subsidy rates payable and the planned significant changes to the EWSS payment schedule. The revised scheme will operate in respect of payroll submissions with pay dates on or after 20 October 2020. The combination of the increased subsidy rates and making EWSS payments in as close as possible to ‘real-time’ following  the receipt of relevant payroll submissions will enable employers, in so far as possible, to retain the very important links with their employees during this very difficult period and be prepared for when business levels start to resume. EWSS Revised Rate The revised EWSS subsidy rates effective from 20 October 2020 to 31 January 2021 are as follows: Gross weekly payRevised Rates Less than €151.50Nil€151.50 – €202.99€203€203 – €299.99€250€300 – €399.99€300€400 – €1,462€350Over €1,462Nil The revised subsidy rates mean that, for example, if an employer is currently availing of the EWSS for an employee on a weekly wage of €350, the subsidy has increased from €203 per week to €300 per week. Similarly, for an employee on a weekly wage of €475 the subsidy has increased from €203 per week to €350 per week. Additionally, the EWSS is available to employers who have had to temporarily close their business due to Level 5 restrictions in respect of eligible employees that are maintained on the payroll during the period they are closed. Frequency of EWSS payments The EWSS was originally designed to pay the subsidy due once a month in arrears as soon as possible after the due date of the relevant monthly Employer PAYE return (the 14th of the following month). On 6 October 2020, Revenue announced that it had brought forward the date for EWSS payments to the fifth day of the following month. October EWSS payments, including the increased rates announced by the Minister for Finance in respect of payroll submissions with pay dates on or after 20 October 2020, will be paid by 5 November 2020. Revenue is currently working to further significantly shorten the EWSS payment timeframe. In this regard, the first EWSS payments in respect of November payrolls will be made in early November, rather than by 5 December. Thereafter, subsequent payments for November will be paid following the receipt of a payroll submission containing an EWSS claim. This means EWSS will be paid on a similar basis to the Temporary Wage Subsidy Scheme (TWSS), providing a significant positive cashflow boost for businesses. Finally, due to the current Level 5 restrictions, employers who previously did not qualify for EWSS may now be able to show the necessary 30% reduction in turnover or customer orders between 1 July and 31 December 2020. Revenue is reminding employers that it is still possible to register for EWSS once all qualifying criteria are met. Once registered, employers can then claim subsidy payments in respect of payroll submissions with a pay date on or after their registration date. If you would like any more information on this, please contact a member of our payroll team. +353 42 933 9955 info@fdw.ie Niall Donnelly nialldonnelly@fdw.ie #2020 #BusinessinIreland #GrantScheme #HR

It was announced yesterday – 19 October 2020 –  that  Ireland will be placed on Level 5 COVID-19 restrictions from midnight tomorrow –  Wednesday 21 October. As a result of these new restrictions, the COVID-19 Pandemic Employment Payment (PUP) will be increased. The Employment Wage Subsidy Scheme is also being amended to align with the amendment to PUP. This means that there will be 5 payment bands and associated rates: Please note that the subsidy will be paid to the employer and will not be shown on the employee’s payslip.  In order to claim the EWSS, an employer must have Tax Clearance and must meet the minimum 30% reduction in turnover or customer orders test (unless you are a registered childcare provider). Gross Salary from 0 to €151 = €0 in subsidy Gross Salary of more than €151 and less than €203 = €203 in subsidy Gross Salary of more than €203 and less than €300 = €250 in subsidy Gross Salary of more than €300 and less than €400 = €300 in subsidy Gross salary of more than €400 and less than €1,462 = €350 in subsidy The main aim of this scheme is to ensure where possible employees retain their link with their employer rather than become unemployed. This revised scheme will run to the end of January 2021. This change to payment rates will apply for payments issued from Tuesday 27 October (PUP is paid weekly on a Tuesday) in respect of all existing and new applicants. If you would like any more information on this, please contact a member of our payroll team. +353 42 933 9955 info@fdw.ie Jane Jackson janejackson@fdw.ie #2020 #Covid #BusinessinIreland #Payroll #GrantScheme #TAX

In the recent Budget for 2021 the Minister for Finance announced that the tax debt warehousing scheme which is currently available to corporate taxpayers will be extended to self-employed individuals. For self-employed individuals the scheme will cover 2019 income tax and 2020 preliminary tax liabilities. While this is welcome news for taxpayers that cannot afford to pay their upcoming income tax liabilities, it does however come with a pitfall that we want to highlight to you. While you are probably aware that the filing deadline for 2019 income tax returns has been extended to 10 December 2020, this extension only applies to taxpayers that actually pay their tax liabilities on 10 December 2020. As such, for taxpayers that are not in a position to pay their income tax liabilities by 10 December 2020, the filing deadline for the 2019 income tax return reverts to the default due date of 31 October 2020. If the income tax return is not filed by this date then Revenue can apply a late filing surcharge of 5% or 10% of the tax liability. If you feel you will not be in a position to pay your income tax liabilities in full by the 10 December 2020 please contact Jane Jackson or Mairead Rooney on our tax team as soon as possible. If you would like to speak to one of our tax team professionals, please contact us: +353 42 933 9955 info@fdw.ie Niall Donnelly nialldonnelly@fdw.ie #2020 #Budget2021 #GrantScheme #TAX

On 13 October 2020, The Minister for Finance Paschal Donohoe introduced the budget and spending measures proposed for 2021. Find out what new measures were announced and how they might affect you and your business. Focal Points These are some of the focal points from the announcement Budget 2021 Highlights Download our Budget 2021 Highlights Budget 2021 Video We also have a video to view with a brief summary on Budget 2021 Watch our Video Highlights Contact our team with any queries you have Contact our Tax Team Today Call Us +353 42 933 9955 Email Us info@fdw.ie #2020 #Budget #Budget2021 #BusinessinIreland

The company develops solutions for more natural, sustainable plant, animal and human nutrition and health. Its ‘blue biotech’ focus on the complete food chain – from sea to plate – might sound ambitious, but the science behind the soundbites makes sense. So does the company’s decision to appoint UHY member firms to help its expansion into South America.  Olmix marine solutions are based on macroalgae, a varied source of nutrients and bioactive compounds. Macroalgae offers a range of innovative ways to reduce the need for pesticides in plats, antibiotics in animal feed and chemical additives in human food and healthcare. The company is based in Brittany, France, but has now expanded into 28 locations, including the Americas. The group has a turnover of around USD 200 million and over 900 employees. It opened its Mexico subsidiary – Olmix Mex – 2014. LOCAL KNOWLEDGE IS KEY Olmix faced the same challenges all businesses encounter when seeking rapid international expansion. Each new location demands local knowledge. As a French company, Olmix needed local partners to steer the business through the intricacies of national and regional regulation, especially as it moved beyond the familiar tax, accounting and legal regimes of the European Union. “Our group strategy is to use local specialists in every country we are active in – partners with knowledge of local legislation, accounting and politics,” says Robert Bandner, regional manager for the Americas at Olmix Group. “We made a strategic decision long ago not to use the Big Four.” As Robert implies, the role of an accounting firm, in this scenario, is about more than tax and audit. Olmix operates in a heavily regulated sector. When the group prepared to open a Mexican subsidiary in 2014, it looked for professional services providers that also offered a wider advisory function. Olmix met with three local accountancy firms, and as a result UHY Glassman Esquivel y Cía, UHY’s Mexican member firm, was awarded the task of helping Olmix develop a successful presence in the country. Six years later, the UHY member firm – and specifically UHY’s José Carlos Villegas and his team in Mexico City – is still Olmix’s preferred accountancy partner. RANGE OF SERVICES The team provides Olmix with accounting, tax, payroll, and invoicing services. Additionally, UHY Glassman Esquivel y Cía provides legal support and business advisory services, and prepares price transfer studies. “We chose UHY Glassman Esquivel y Cía because they gave us the complete set of services we needed,” says Robert. “We were also attracted by reasonable pricing and trustworthy people.” Since Olmix Mex was created six years ago, the company has significantly expanded its activities in the country. Robert believes the partnership between Olmix Mex and UHY Glassman Esquivel y Cía has been key to that success. “We have achieved our strategy in Mexico thanks to the support of UHY Glassman Esquivel y Cía,” he says. “We rely on the cooperation and vigilance of the people at UHY to give us the service we need.” PERU CONNECTION The partnership between Olmix Mex and UHY Glassman Esquivel y Cía has been so rewarding that, when Olmix was considering opening a subsidiary in Peru, it asked José Carlos Villegas for a recommendation. He had no hesitation in reaching out to UHY Blancas Sandoval & Asociados, UHY’s member firm in Lima. Olmix has now created a Peruvian subsidiary with the help of Carlos Sandoval at UHY Blancas Sandoval & Asociados. What is more, the company is considering opening further import and sales offices in Central and South America. José would not hesitate to recommend other member firms of the UHY global network in future, as Olmix Mex continues to be delighted with the service it receives. “The quality service we get from UHY goes beyond a simple accounting service,” says Robert. “We have a special relationship and we trust them to make sure Olmix can keep developing in the right way.” For more information about UHY’s capabilities, email the UHY executive office info@uhy.com  or visit www.uhy.com #2020 #LatestTopics #BiotechampPharma #CaseStudy #UHYGlobalIssue