Fin630 hailee
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Please review the Executive Summaries of other students, providing an objective assessment and constructive feedback that will help strengthen the effectiveness of their efforts and the quality of the finished report.
Executive Summary:
The consolidated evaluation of pursuing a company in the European Union or outside of the European Union is a measure of opportunity and overall benefits for the firm. To make this decision the firm will need to evaluate the technology advancements that are compatible with the United States infrastructure. It is important to understanding the pros, cons, risks, historical events, and current events surrounding the European Union. At this time the evaluation is representing the firms best interests to pursue a company outside of the European Union.
Global Business Complexity Index (GBCI) and the Index of Global Economic Policy Uncertainty are discussed to capture the relevance of the Brexit referendum in June 2016, and the overall understanding of taxes and processes that will be a concern for effective business practices. The uncertainty of the Ukraine and Russia conflict will have a long term affect on the surrounding European Union jurisdictions and their reliability to grow a business investment reliably.
The European Union has 27 countries, and 24 of them are ranked within the GBCI. In the top 10 most complex jurisdictions the European Union has France in second, Greece in sixth, Italy in eighth, and Poland in tenth for the report published in 2022. Some of these jurisdictions have common issues that relate to tax and accounting requirements such as International Financial Reporting Standards (IFRS) and labor laws being difficult to adhere to due to local language and the numerous tax reports to be filed. Environmental, social, and corporate governance (ESG), anti-money laundering (AML), and Ultimate Beneficial Owner (UBO) laws that limit transition for foreign businesses to adopt. Some of them are also undergoing many changes in legislations and technological advancements pushed during the Covid-19 pandemic that the jurisdictions have not fully adjusted to (TMF Group, 2022).
The European Union also has one jurisdiction, Denmark, in the least complex jurisdictions. The main reason for their ease is due to the one stop shop aspect of their digitalization incorporated in 2020. Denmark also implemented adequate reimbursement process for employees that endured the hardship of Covid-19, alleviating companies of administration issues or burdens. It also allowed for more flexibility for companies to postpone deadline, loans, and reimbursements that lead to a faster recovery from the pandemic (TMF Group, 2022).
Despite the tax and accounting or heavier labor laws and regulations, the ability for European Union jurisdictions to keep up with the digital age and the challenges of the Russian Ukraine conflicts is too much risk for a foreign business to endure. There are many other jurisdictions outside of the European Union that will have less risks. In 5 years, the situation in the European Union might change and the firm will reevaluate at that time.
References
TMF Group. (2022, June 28). Global Business Complexity Index 2022. Retrieved from TMF Group: https://www.dianeosis.
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