Our client is a design based multi-disciplinary practice firm covering all areas of construction work. They have worked with blue chip clients for over 60 years. They are associated with customers ranging from Tesco, Marks & Spencer and McDonalds to Shell and Esso.
They offer competitive and cost effective services to clients in the disciplines of architecture, surveying, property development and project management. They have worked on everything from castles to exclusive villas in the UK and overseas for an array of customers.
The client wanted to set up their operations in India and expand into emerging markets but was facing a number of issues from the outset regarding incorporation of their business when faced with the number of legal and regulatory compliances just to form the company.
And even after the company formation, their biggest challenge was to identify the target market location and then set up an office. They were overwhelmed by the challenges of complying with taxation related regulations. They also had to take care of their back office functions such as IT, payroll, bookkeeping and other accounting related activities. They had a daunting task of recruiting the right talent to run their office.
They wanted to get the correct business advice on how to set up a business in India while keeping their costs down.
To help them get their business off the ground in India, QX Corporate Advisors offered them a comprehensive solution of a Build-Operate-Transfer (BOT) model.
Our advisors offered a ‘plug and play’ office which gave them the flexibility to run their operations from QX premises for an agreed time as a ‘test’ prior to setting up their own office. The BOT model works on the basis of facilitating the expansion into India without the associated costs and risks of setting up their entire operation independently.
We registered a company for them through our office address. QX Corporate Advisors then started recruiting the right talent and building their operations in India through our office.
We recruited qualified architect, interior designers and AutoCAD experts for them. We also set up all IT infrastructures and purchased licenses for them. We jointly discussed SLAs and incorporated them as part of the contract and agreed upon regular delivery of reports. We also agreed that once their business is established, QX will transfer all the assets to them so they can manage it from their offices while QX will provide them routine advisory and back office services.
The clients has been impressed with our work and have continued to avail our back office services which includes payroll, human resources (HR), Information technology (IT), book keeping and other accounting services.
What we achieved:
With QX corporate advisor’s suggestions on legal and regulatory compliance; the client was able to form a company within two weeks. Impressed by our quality and efficiency of work, client outsourced their accounting process to QX. We achieved great success in the following areas, including:
- Formation of the company with client’s details within 2 weeks
- Guaranteed compliance with all country specific regulations on operations
- Enhanced service from QX’s accounting and compliance expertise in both India and UK
- Full compliance with Health & Safety and Labor law related legislations of India
- Helped client frame legal and policy frame work for HR and tax related activities
- Protected their Intellectual Property (IP) rights throughout the set up processs
Quality and work management
- Streamlined their operations by standardizing work plan for each step
- Created a robust reporting structure with daily, weekly and monthly briefings
- Set-up a direct phone line to client’s office to communicate easily
- Provided all the accounting related reports on time to take a better strategic decision
- Client was able to start their work and get results from the first day of operations, thus we say minimum gestation period and maximum gains
- Created calendar for daily, weekly and monthly activity for accounting and HR activities
- Created new process controls, variables and list of vendors\suppliers for service and payment related issues
- Created new invoicing and cash management systems for better accounting
- Filed Tax returns, VAT and self-assessment documents on behalf of client
- Managed their book-keeping, payroll and ledger postings with 98% accuracy
- Year end accounts are prepared with cash flow statements and P & L accounts to give them a clear view of business direction and working capital
- Monthly management accounts are produced for better allocation of budgets
Industry leading support
- Minimum gestation period with ease of transformation for business
- Helped them in recruitment of designers, architects and other professionals
- Searched and finalised office space for client to run their operations in India
- Provided extensive IT support for set up of office and systems for smoother operations
- Helped them in getting compliance certificate for VAT and corporate taxes
- Reconciliation of accounts done on a monthly basis and a report is given to client
- We reduced the cost of Filing Tax and VAT returns in India and the UK by around 30%
- Saved over 40% on office rent by negotiating on the office space for client
- Savings of up to 50% realised in first 6 months of operations compared to setting up on their own
- Reduced costs on payroll, book keeping and accounting related work by over 50%
- Saved more than 60% in Human Resources (HR) related costs
- Client have expanded their business and recruited more than 10 resources