Monthly Archives: July 2023

Business Travel

Navigating Business Travel in the Heart of the Mediterranean

Malta, a serene island country situated in the heart of the Mediterranean, is known for its picturesque landscapes, rich history, and warm, welcoming culture. Notwithstanding its attractiveness as a vacation destination, it is becoming a popular choice for business travellers too. For those considering a business trip to this island paradise, this blog post offers key insights to make your journey fruitful and enjoyable.

The Allure of Malta: More Than Just a Holiday Destination

Many consider Malta synonymous with cheap holidays to Malta or an idyllic getaway for those seeking respite from their routine. However, this perception only offers a partial view of the multifaceted island. Malta has emerged as a thriving business hub in the Mediterranean, attracting corporations and entrepreneurs from around the globe. With its favourable tax structure, strong connections to Europe and Africa, and rapidly developing tech industry, Malta offers a conducive business environment in a delightful setting.

Planning Your Business Trip to Malta

When planning your business trip to Malta, there are several considerations to take into account to make your stay both productive and enjoyable. A successful trip begins with thorough planning, factoring in aspects such as your stay, itinerary, business meetings, and, of course, relaxation time.

Where to Stay in Malta

Deciding where to stay in Malta largely depends on the nature of your business and the activities you plan to undertake. For easy access to the buzzing business scene, consider staying in St. Julian’s or Valletta, the capital city. Both offer a wide range of accommodations to suit all budgets, from luxury hotels to serviced apartments. St. Julian’s is known for its vibrant nightlife and high-end restaurants, while Valletta, a UNESCO World Heritage Site, is steeped in culture and history, offering an enriching experience beyond business.

Time Management

Given Malta’s small size, travel within the island is relatively convenient. This makes it possible to manage business meetings across different towns on the same day. However, ensure you allocate ample time for each meeting as relationships are valued in Maltese business culture, and rushing could be perceived negatively.

Business Etiquette

Understanding and adapting to local business customs is crucial for success. In Malta, face-to-face meetings are preferred over digital communication. Also, punctuality is highly valued. Moreover, English is widely spoken, which makes communication straightforward for those unfamiliar with Maltese.

Combining Business with Pleasure: The Maltese Way

One of the biggest draws of Malta is the potential to combine business with pleasure. The laid-back lifestyle, stunning beaches, historic sites, and delightful Mediterranean cuisine make for an ideal breather from work.

Explore Malta’s Cultural Heritage

Malta’s rich cultural heritage is worth exploring during your off time. From the awe-inspiring St. John’s Co-Cathedral in Valletta to the ancient Ggantija Temples in Gozo, there’s a wealth of history to discover.

Enjoy the Cuisine

No trip to Malta is complete without indulging in its cuisine. Maltese food is a testament to the island’s rich cultural history, with influences from Italian, Middle Eastern, and British cuisine. Enjoy a leisurely meal at one of the local restaurants, savouring delicacies like pastizzi, rabbit stew, or the Maltese platter.

Unwind by the Sea

After a busy day of meetings, unwind at one of Malta’s beautiful beaches. Mellieħa Bay, Golden Bay, and Paradise Bay are a few popular choices. Alternatively, take a short ferry ride to the idyllic island of Gozo for a change of scenery.

Networking Opportunities

Malta is not just about conducting business; it’s a place to forge connections that could prove invaluable in the long run. The country is a melting pot of cultures and industries, providing ample opportunities to network and grow your business contacts. Attending local business events, exhibitions, and industry conferences can pave the way for new partnerships and collaborations. Also, it’s not uncommon to strike up business conversations in Malta’s many coffee shops and wine bars, where locals and expatriates mingle.

Preparing for Future Visits

Your first business trip to Malta will likely not be your last. The island’s charm has a way of enticing visitors back again and again. On your initial visit, take the opportunity to familiarise yourself with the nuances of doing business on the island. Understand the rhythm of life, the customs and etiquettes, the best locations for future meetings, and, of course, the culinary delights you’ll want to revisit. Use this knowledge to ensure your future visits are even more successful and enjoyable. After all, a regular business trip to Malta feels like an endless rendezvous with the heart of the Mediterranean.

Wrapping Up Your Malta Business Trip

Business travel in Malta goes beyond boardrooms and formal meetings. This Mediterranean gem offers a refreshing work-life balance, wrapping up business endeavours in a package that feels like a holiday. In essence, it encapsulates the perfect blend of productivity, culture, relaxation, and natural beauty. As more businesses discover the potential of this Mediterranean jewel, Malta continues to rise as a preferred destination for business travellers.

So, the next time your business calls for a Mediterranean venture, consider Malta. Navigating business travel in the heart of the Mediterranean might become your favourite professional adventure yet.

Charity & CSR, Climate, Climate Action, News

The past year has brought conflicts and health crises of “outstanding proportions”, warns leading humanitarian expert

Shameet Thakkar, a leading humanitarian aid expert and founder of Unimed Procurement Services, writes of the challenges those working in the sector face – and predicts these challenges will continue deep into 2024:

“Humanitarian aid should be a continued focus in our world. Unfortunately, there’s no end in sight for what the world is experiencing right now – climate change, conflicts, health crises – which means humanitarian aid and relief will continue to be called into action.

“In the last month alone there have been floods in Canada, India, London and South Korea, just to name a few. There are unbelievable heat waves across Europe, as well as harmful wildfires. Amongst other things, climate change is having a huge impact on the day-to-day lives of people.

“The past year has also brought conflicts and health crises of outstanding proportions. Ukraine, Lebanon and Sudan and are just some of the countries whose populations have been struck by unimaginable suffering.

“Now, think about the burden on the people affected – humanitarian aid and relief organisations are being called into action all the time to provide essential assistance. It’s therefore crucial that they can continue to be available to respond to emergencies.

“In turn, this means that supporting those organisations should be our priority. There isn’t a global, cyclical up and down when it comes to humanitarian aid. These organisations never stop working.”

Shameet explains how global economic issues are also impacting the sector:

“It is no secret that the world is experiencing high interest rates, inflation and a cost-of-living crisis, and businesses around the world are finding themselves in a more difficult position.

“But that’s due to markets – and consumer habits – changing. Yet there is no such thing as consumer habits when it comes to humanitarian aid. People can’t forgo shelter, clean water or essential medical products, regardless of interest rates or inflation.”

On the challenges which lie ahead, he predicted: “The world is changing, and yet through it all, humanitarian aid continues to play a crucial role in the development of people’s lives and countries.

“Developing countries just cannot provide enough support to their citizens, meaning there is a gap – international development organisations exist to plug that gap. And if those organisations don’t have enough funding, they won’t be able to provide their services; the consequential impact can be enormous.

“Issues such as the cost-of-living crisis and inflation pale in comparison to what some of the more unfortunate people in the world are experiencing. We have a duty to do everything in our power to support and empower the organisations that are making a difference.”

Shameet also warns that the challenges in this area are likely to last long into next year:

“I also expect these challenges will last long and deep into 2024. That’s why we need to make plans right now to ensure we have effective strategies in place for the new demands everyone working in this field faces.”

 

Carbon Reduction, Energy, News

EDP Renewables secures its first stand-alone battery storage project in Europe, based in the United Kingdom

  • Acquired from Tupa Energy, the project will provide 2 hours of storage capacity and will contribute 50 MW of capacity.
  • With this project, the company will support the grid resilience by providing stability and reliability and will allow for an increased penetration of renewables in the generation mix.

EDP Renewables (Euronext: EDPR), a leading global wind and solar producer, will install its first stand-alone Battery Energy Storage Systems (BESS) project in Europe, based in the United Kingdom. This milestone represents a strategic move in optimizing resources and improving energy efficiency.

The project will contribute approximately 50 MW of capacity to the power grid and will provide 2 hours of storage capacity. The asset will play a crucial role in grid management, offering flexibility and supporting the government’s strategy for renewable energy in the UK.

This first storage system developed by EDPR will be located in Kent, England, and has been acquired from Tupa Energy, a British company specializing in utility-scale battery storage, as well as other technologies (such as solar). This project is expected to become operational by the end of 2024.

 

“The integration of storage systems will play a crucial role in the renewable energy mix of the future, as it will contribute to address the challenge of intermittency. By mitigating the impact of external factors that can affect availability, these systems are key in overcoming one of the main limitations faced by renewables across Europe, while producing no emissions”, said Miguel Stilwell d’Andrade, CEO of EDPR.

 

EDPR places a high priority on energy storage as part of its long-term strategy. The company anticipates significant growth in this technology, particularly through various initiatives planned in the United Kingdom. The UK stands out as the most advanced market in Europe for the development of battery storage assets, leveraging a comprehensive regulatory framework. This includes a Capacity Market that provides a fixed floor with a 15-year tenor. Currently, the country already has 2.2 GW of battery projects connected to the grid, with an additional 2 GW under construction.

EDP Renewables remains dedicated to advancing energy efficiency on a global scale. In its updated Business Plan for 2023-2026, the company aims to achieve a storage capacity of over 500 MW, primarily through co-located assets, with a smaller portion consisting of stand-alone assets such as the recently acquired project. EDPR also has nearly 200 MW of contracted storage capacity in North America and over 4 MW under construction in the Asia-Pacific region.

 

About EDP Renewables (EDPR)

EDP Renewables (Euronext: EDPR) is the fourth largest wind and solar energy producer worldwide with presence in 28 markets across Europe, North America, South America and Asia Pacific. Based in Madrid and with main regional offices in Houston, São Paulo and Singapore, EDPR has a robust development portfolio with first class assets and a market-leading operational capability in renewables. Wind onshore, utility scale & distributed solar, wind offshore (through its 50/50 JV – OW) and technologies complementary to renewables, such as batteries and green hydrogen.

EDPR’s employee-focused policies have seen them named a 2023 Top Workplace in the United States and a 2023 Top Employer in Europe (Spain, Italy, France, Greece, Romania, Portugal and Poland), Colombia and Brazil, as well as their inclusion in the Bloomberg Gender-Equality Index.

EDPR is a division of EDP (Euronext: EDP), a leader in the energy transition with a focus on decarbonization. Besides its strong presence in renewables (with EDPR and hydro operations), EDP has an integrated utility presence in Portugal, Spain and Brazil including electricity networks, client solutions and energy management.

EDP – EDPR’s main shareholder – has been listed on the Dow Jones Index for 14 consecutive years, recently being named the most sustainable electricity company on the Index.

 

Business & Property News, Events, Gardening, Gardens, News

Cheshire designer celebrates the Peak District in iconic RHS letters display

Penny Williams from Modern Farmhouse Flowers showcases her passion for using sustainable materials, locally sourced flowers and love of the Peak District in this year’s RHS letters show feature. 

Sustainable materials and locally grown blooms were the welcoming sight to more than 80,000 people who visited the annual RHS Flower Show Tatton Park this July.

After being awarded the design for this year’s coveted RHS letters installation, up-and-coming Cheshire based floral designer Penny Williams from Modern Farmhouse Flowers decided to make the iconic signage a homage to the beauty of Derbyshire’s Peak District National Park featuring stunning Cheshire grown cut flowers.

One of the most photographed installations of the event, generating thousands of Instagram impressions every year, this year’s RHS letters display is the brainchild of Penny Williams who launched her Cheshire-based floristry business, Modern Farmhouse Flowers, less than 12 months ago.

Inspired by the dramatic beauty of the Peak District, the display embraces Penny’s passion for working with locally sourced and naturally derived materials, incorporating cut flowers grown in Mobberley; natural stone borrowed from a farmer in Macclesfield and a path of crushed whelk shells, the bi-product of a fish factory in West Wales – providing a sustainable alternative to grit by Shell On Earth.

 

Speaking about the commission, Penny said: “It was an absolute honour to be asked to create the letter installation for this year’s show. As an avid visitor to the event, I know just how hotly anticipated the RHS entrance display is. It’s a key landmark of the show and plays a pivotal role in welcoming visitors to the annual event. To think that around 80,000 people will see the display is absolutely mind blowing. It’s an amazing way to mark my first year in business.

“My creation is inspired by the dramatic and varied landscape of my home, the Peak District. A visit to this area of natural beauty is a feast for the senses as the fierce ever-changing weather makes its mark on the landscape. Every year thousands of ramblers beat on charming public footpaths; climbing its wild moorlands, weaving through atmospheric forests and often stopping for rest in its charming villages. The installation has been designed to capture the magic of this wonderful sensory experience.”

Penny Williams trained at the Tallulah Rose Flower School and worked as an innovation manager for Bloom and Wild before opening Modern Farmhouse Flowers in 2022. She specialises in event and wedding styling and has attracted a loyal local following since opening a showroom located within the Arighi Bianchi store in Macclesfield. She also has an online shop offering same and next day local delivery and a flower subscription service.

For more information about Modern Farmhouse Flowers visit www.modernfarmhouse.co.uk or follow @modernfarmhouseflowers on Instagram. You can also find out more about Shell On Earth here
https://www.shellonearth.co.uk/

 

News, Pensions, Thought Leadership

What do trustees need to know about the ‘Mansion House Reforms’?

Written by James Duggan, Client Director and Professional Trustee at Vidett

The recent ‘Mansion House’ speech by the Chancellor of the Exchequer, Jeremy Hunt, introduced a series of reforms aimed at empowering the financial services sector to improve pension and investment returns for people in the UK.

These changes also aim to increase the supply of investment capital to support the growth of high-potential businesses across the nation.

As the UK’s pension market is the largest in Europe, worth over £2.5 trillion, these reforms carry significant implications for pension schemes and their trustees.

Here are some key takeaways from the speech, the ‘Mansion House Compact’, and other ongoing consultations pension trustees need to understand.

Key takeaways

Unlocking the potential:

The UK’s pension market plays a vital role in providing secure retirement income for retirees across the UK. However, how the money has been invested has been limiting returns for some pension savers. To address this, the Chancellor has introduced the ‘Mansion House Compact’, a voluntary agreement among nine of the UK’s largest defined contribution (DC) pension providers. This agreement aims to allocate 5% of assets in their default funds to unlisted equities by 2030. By diversifying portfolios and investing in unlisted equities, providers can achieve higher net returns, benefiting long-term savers.

The Mansion House Compact includes Aviva, Scottish Widows, L&G, Aegon, Phoenix, Nest, Smart Pension, M&G and Mercer. With over £400 billion in assets and representing the majority of the UK’s DC workplace pensions market, the Compact has the potential to unlock up to £50 billion of investment in high-growth companies by 2030. This could result in pension pots increasing by up to 12%, providing an additional £16,000 for an average earner.

Ongoing & recent consultations

These reforms will have a significant impact on trustees and pension scheme sponsors and are part of a series of ongoing consultations around pensions that will require legislation before becoming law.

Key consultations for pension trustees to note include:

  • The Value for Money (VFM) framework – this proposed framework around VFM assessments for DC pension schemes aims to shift focus from costs to value by requiring consideration of factors critical to longer term saver outcomes, including investment performance. The Government-regulator response to this consultation was updated on 25 July 2023 and pension trustees need to be aware of the requirements and The Pension Regulator’s powers of enforcement.

 

  • Collective defined contribution (CDC) – this is a roadmap to extend opportunities for CDC, a new type of pension scheme. Contributions are collected in the same way as a DC scheme but are pooled and invested collectively with a view to delivering a sustainable target benefit level, more like a defined benefit (DB) scheme. The Government’s response to the consultation was issued in July 2023 and consultation on draft regulations to extend CDC to whole-life multi-employer schemes including master trusts is expected in the Autumn.

 

  • Defined benefit pension announcements – a Department for Work and Pensions call for evidence supports the development of innovative policy around how DB pension schemes could increase investment in productive asset classes. This includes exploring the provision of more equity capital and finance for businesses in the UK. This covers start-ups, infrastructure, and private equity, as well as longer-term investments, typically in illiquid assets – sometimes called ‘productive finance’.

Call for trustee evidence

The government recognises the importance of pension trustees’ roles and wants to ensure they have the skills and knowledge to navigate an evolving and complex regulatory environment effectively. To gather insights into trustee capabilities and barriers they may face, a ‘call for evidence’ has been launched. Trustees of DB, DC and CDC schemes can participate in this process until 5 September 2023. The call for evidence focuses on trustee skills and capability, the role of advice and other barriers to trustee effectiveness, especially when considering diverse investment opportunities.

Recommendations for trustees

  • Pension trustees must thoroughly grasp the implications of the Mansion House Reforms and other ongoing consultations. They need to keep abreast of legislative developments so they can adapt to the changing landscape effectively.
  • Participate in the call for evidence: trustees, particularly those of smaller pension schemes, should actively engage in the process. Sharing their expertise and operational practices can contribute to shaping the future of trusteeships and pension scheme management in the UK. You can find out more here: Pension trustee skills, capability and culture: a call for evidence – GOV.UK (www.gov.uk)

The Mansion House Reforms present a unique opportunity for trustees to improve pension and investment returns for UK pension savers and support the growth of high-potential businesses. The Mansion House Compact, along with other pension-related consultations, will herald significant changes for pension schemes and their trustees. By actively participating in the call for evidence process and understanding the reforms, trustees can effectively adapt to the evolving regulatory environment and deliver better outcomes for savers.

 

News

Accountants power ahead with net zero vision in partnership with energy group

AN ACCLAIMED accountancy practice is powering ahead with its net zero vision.

Salisbury’s Chartered Accountants has installed 24 solar panels, an energy storage system and electric charging points at its St Asaph headquarters and unveiled plans to continue lowering the carbon footprint at its other offices in Ruthin, Beaumaris, Tywyn, and Menai Bridge.

In partnership with Carbon Zero Renewables – part of Carbon Zero Group based in Old Colwyn, St Asaph, Mochdre, Llandudno and Deeside – a state-of-the-art system was fitted earlier this year and is already having an effect, saving the company more than 1,114kg of CO2, the equivalent of planting 68 trees.

Over the course of its 20-year life span that’s almost 2,300 trees planted, and an expected annual saving of around £3,000.

Director Aled Roberts said this is the latest step in Salisbury’s “giving back” to its community, and ultimately, the planet, following a stellar year which has seen them rise to 33 staff and introduce new benefits and incentives to support the growth and wellbeing of their workforce.

“As a responsible business we are always aiming to do more for the environment,” said Aled.

“We recycle, have introduced electric charging points and LED lighting in St Asaph and installed solar panels this year, with plans for more at other sites where possible.

“Given the amount of electricity we use given our growing workforce it made sense to install solar panels, and the findings are obvious, from a financial and climate change perspective.

“It’s also good to support another local business, and together with Carbon Zero Renewables we can move forward as a greener, more environmentally responsible organisation.

“The results are amazing, and I would encourage others to follow suit given the devastating impact energy prices are having on industry in North Wales and beyond.”

Gareth Jones, Managing Director of Carbon Zero Renewables, and a Net Zero Ambassador for the North Wales Mersey Dee Business Council, praised Salisbury’s for being ahead of the curve in implementing the innovative solar energy system.

“We are hearing from more and more businesses, but it is a surprise how many are not proactively looking to introduce solar panels and other alternatives to high-cost, traditional fossil fuels, especially given the current economic and social climate,” he said.

“Energy bills are spiralling, and a lot of private sector firms are locked into long-term contracts which are having a massive effect on their livelihoods. Some have even been forced to shut down after trading for many years because they can’t afford to pay their electricity bills, which is sad to see.”

Gareth added: “Fortunately, people are starting to make the switch and we are installing systems in many different sectors from tourism and hospitality to finance and more. For those who have the space and capacity to do so, it’s a no-brainer.”

For more information, visit the website www.salisburys.com or follow @salisburysuk on social media.

For support, guidance, and more information on renewable energy options, visit the website www.carbonzerorenewables.co.uk or call 08450 34 35 40.

News

Land-based college to host annual Wales food and farming conference

COLEG CAMBRIA will play host to a leading agriculture expo this autumn.

The fifth annual Wales Real Food and Farming Conference is to be held at the college’s land-based Llysfasi site over two days from November 1.

It will feature presentations, talks, live demonstrations and workshops with some of the leading names in both sectors.

Accommodation will be available, and anyone interested in delivering a session can contact organisers, notably grassroots organisations in the north east Wales area.

Last year’s celebration in Lampeter was attended by up to 300 delegates and Event Secretary and Coordinator Jane Powell hopes to see that record broken this year.

“We are thrilled to be bringing the conference to North Wales and looking forward to welcoming people from across the region and beyond,” she said.

“The event will focus on all aspects of food and farming in Wales, tackling important issues and exploring ways people can work together, identifying opportunities and sharing best practice at a difficult time for agriculture in the UK.

“There has never been a greater need to mobilise society to create a better world, supporting farmers and trying to bring about a more sustainable, environmentally minded culture for future generations, and these are topics we will address.”

The independent conference is brought together by a team of volunteers from a range of relevant organisations passionate about developing and supporting sustainable, equitable and resilient farming and food systems.

“We believe that farming and food can be good for people, communities and the environment,” added Jane.

“There is a lot of interest in local food production and the supply chain, so we also hope to see people from those areas, in addition to the guests we already have lined up.

“Anyone interested in speaking or attending is welcome to get in touch, as well as suggesting ideas on what they would like to see discussed and highlighted as part of the programme.”

For more information or to sponsor the conference visit www.wrffc.wales/cynhadledd-2023-conference or email info@wrffc.wales.

Beauty, Healthcare

Enhanced Beauty and Confidence through Dentistry & Aesthetics

Intending to improve beauty and confidence, dentistry and facial aesthetics have become transformative partners. The combination of dental and facial aesthetics treatments has gone beyond traditional cosmetic procedures, providing an integrated approach to improving one’s appearance. In this article, we will discuss the effective combination of dentistry and facial aesthetics, by understanding the variety of remedies available and their fine effect on boosting confidence and overall well-being.

 

The Integration of Dentistry and Facial Aesthetics

Dentistry and facial aesthetics work together to achieve a harmonious relationship between dental enhancements and facial rejuvenation. We will discover how the symmetry and alignment of a lovely smile can be similarly accentuated by way of facial treatments that restore more youthful features and improve facial harmony. The seamless integration of these remedies contributes to the enhancement of natural beauty in a holistic manner.

 

Dental Aesthetics: Beyond Just a Pretty Smile

Dental aesthetics includes a big variety of remedies, from enamel whitening and veneers to orthodontics and dental implants. We will know the function of dental aesthetics in correcting dental imperfections, improving oral fitness, and restoring a stunning smile. Moreover, we will highlight the psychological impact of a confident smile in boosting self-esteem.

 

The Artistry of Facial Aesthetics

Facial aesthetics is an artwork form itself, specialising in rejuvenating and improving facial functions. We will explore painless tactics like dermal fillers and Botox, that could effectively deal with wrinkles, lines, and volume loss, making people look younger and rejuvenated. By restoring facial balance and symmetry, these treatments contribute to an overall sense of beauty and confidence.

 

The Journey to Facial Harmony

In this section, we will examine how dentistry and facial aesthetics work together to achieve facial harmony. By considering the relationship between teeth, lips, and facial structure, professionals can create a personalised treatment plan that enhances both dental and facial aesthetics. The aim is to achieve a balanced, natural look that complements each individual’s unique features.

 

Empowering Transformation: The Psychological Impact

Beyond physical modifications, dentistry and facial aesthetics have a profound psychological effect. We will talk about how individuals who undergo these treatments regularly experience a substantial boost in self-confidence and enhanced well-being. Having a more confident sense of self in various aspects of their lives is a result of feeling more contented with their appearance.

 

The Role of Skilled Professionals

The success of dentistry and facial aesthetics lies in the hands of skilled and experienced professionals. Here we will highlight the importance of seeking reliable practitioners who prioritise affected person safety, have open communication, and innovative precision tactics. The human contact of a caring professional ensures that patients have a pleasant and fulfilling experience.

 

Conclusion

Based on our exploration, cosmetic dentistry and facial aesthetics shape a powerful collaboration that promotes beauty and confidence together. Their combination empowers people to gain their best look at the same time they embrace their unique talents. Together, they provide a holistic experience that goes beyond superficial improvements, enhancing self-esteem and leaving a lasting effect on a person’s well-being. Taking advantage of dentistry and facial aesthetics can lead you to a more beautiful, confident, and radiant self.

 

Employee Benefits, Global Mobility, News

How can businesses create a multinational benefits strategy to compete for top talent – Howden launches toolkit for multinational employers

As businesses compete for talent globally against a backdrop of tremendous change, a new report published by Howden Employee Benefits & Wellbeing (HEBW) and Reward & Employee Benefits Association (REBA) outlines how businesses can overcome key challenges when expanding internationally by creating an effective multinational benefits strategy.

The Global Employee Benefits Insights 2023 report is a toolkit for companies who either have a multinational workforce or are looking to expand internationally. It offers guidance and real-life examples of companies who have successfully implemented global benefits strategies and considers how companies can incorporate wider diversity, equity and inclusion policies, as well as environmental, social and governance requirements into their benefits strategies.

The report looks at some of the key challenges facing employers rolling out multinational benefits programmes including:

Getting started – Fast-growth organisations need to consider everything from where and how to expand, to creating the organisational culture to support their expansion plans. The report suggests key questions employers should ask themselves when creating their strategy.

Aspects to consider when building a multinational benefits structure – These include different legislation, regulation and employee expectations which will shape exactly what’s required in each location.

Identifying and selecting benefits and technology – Once a strategy and standards are in place; the next step is to select the benefits and technology to deliver the proposition. A multinational solution, where available, can be advantageous.

Navigating cultural nuances – Expanding into new territories can create challenges around benefit expectations. Cultural differences, whether over politics, religion or legislation, can make it difficult to translate existing benefits to a new population.

In the report, companies including BSI Group, Brown-Forman, FNZ, Galapagos, Haleon, Kantar, Sumitomo Mitsui Banking and Wella Company share their insights and experiences. There are also practical tips for both large global entities with employees across the world through to smaller fast-growing organisations with a handful of employees in a small number of countries.

Leigh Dauncey, Director Global Employee Benefits – Middle East, Africa, Asia and Pacific at Howden Employee Benefits & Wellbeing said: “Various factors including the post-Covid-19 recovery, geopolitical instability, widespread inflation and cost of living implications have brought significant changes to the global business landscape in recent times.’’

“One of the most significant factors affecting employee benefits is the evolving nature and dynamics of talent markets. The pandemic has compelled numerous companies to adopt remote and flexible working arrangements, reducing the importance of physical location in the workforce. As a result, employers are now competing on a global scale to attract the best talent, requiring employee benefits that cater to the changing needs of employees across different locations.”

Mark Ramsook, Director of Global Health & Benefits – Europe and Latin America at Howden Employee Benefits & Wellbeing said: “Our report provides valuable insights to assist employers in navigating the challenges and developing a benefits strategy that aligns with the demands of today’s global business environment. With the aim of reflecting the changing landscape, it offers the latest thinking and recommendations to ensure that employee benefits remain competitive and appealing in the context of a rapidly evolving talent market. By incorporating these insights, employers can enhance their ability to attract, retain, and motivate top talent in a global marketplace.”

“Identifying and selecting tailored solutions that align with overall business objectives and growth strategy has never been more important. Consulting and insurance partners can play a critical role in helping companies navigate these challenges and create benefits programmes that attract and retain top talent, while aligning with their overall objectives.”

The report ends with four key insights and action points from HEBW to help employers start creating an employee benefits strategy that can be applied in any territory. To download the free report click here.

For more information, please visit www.howdengroup.co.uk

Cryptocurrency

What is the BVI VASP regulation?

What Is a VASP?

The abbreviation “VASP” refers to “Virtual Asset Service Provider.” When discussing the world of cryptocurrencies, the term “VASP” is used to describe any commercial enterprise that provides services connected to virtual assets. These services may include the exchange of virtual assets; the transfer of virtual assets; the custody of virtual assets; the management of virtual assets; or other types of administration of virtual assets. In its most basic form, VASPs provide a smooth and uninterrupted flow of digital coins across the crypto ecosystem.

VASPs often pursue the acquisition of a VASP license in the hopes of operating lawfully and enhancing their reputation both within and outside the cryptocurrency industry. This license guarantees that the supplier of the service conforms with the standards for regulatory compliance that have been established by the appropriate authorities. In order to qualify for a VASP license, an organization must demonstrate that it complies with anti-money laundering (AML) and know-your-customer (KYC) rules, that it has comprehensive cybersecurity protections in place, and that it maintains transparent business practices.

Is a VASP a Financial Institution?

There is some room for debate over whether or not VASPs should be considered financial institutions. VASPs, on the one hand, manage assets in a manner that is analogous to that of conventional financial institutions. On the other hand, the fact that cryptocurrencies are decentralized poses a challenge to the usual definitions of terms. Therefore, depending on the circumstances, it is possible to argue either that VASPs are financial institutions or that they are not financial institutions at the same time.

It is difficult to consistently classify VASPs since there is a lack of standardization in the regulatory frameworks that are in place across the world. It’s possible that some governments may categorize them as financial institutions without much deliberation, while others would take a more nuanced approach. Because of this discrepancy in categorization, substantial issues concerning the defining of duties and obligations of VASPs under various legal systems have been raised.

What Is a VASP in BVI?

The British Virgin Islands have become an appealing location for cryptocurrency initiatives and virtual asset service providers (VASPs). As a result of the favorable regulatory framework offered by the country, it is an ideal setting for cryptocurrency firms to flourish. The lack of a tax on capital gains, inexpensive registration costs, and a sound legal framework have all contributed to the growing popularity of the British Virgin Islands (BVI) among crypto aficionados.

The crypto license BVI is relatively easy to obtain, so there are many reasons as to why budding crypto entrepreneurs choose this island nation. Also, there is little to no murkiness when it comes to their definitions of VASPs. The country is at the forefront of building a solid regulatory framework around the concept.

Why Does BVI Attract Crypto Projects?

Beyond its advantageous taxation rules, the British Virgin Islands is a desirable location for cryptocurrency enterprises for many good reasons. Because of its dependable political climate, close proximity to important financial hubs, and well-functioning legal system, it is an excellent place for the establishment of VASPs of any kind. In addition, the business regulations and corporate structures of the British Virgin Islands are quite adaptable, which offers businesses a wealth of chances for development, be it inwards growth or outwards expansion.

What Is Required for Registration of VASP in BVI?

Certain prerequisites have to be satisfied before the British Virgin Islands will allow a brand-new VASP to be registered. In most cases, they will only need the presentation of required paperwork, the payment of application costs, and compliance with any applicable local rules related to the application and/or ongoing compliance. The particular criteria could change based on the kind of services that are provided by the VASP, so it’s best to examine registration requirements on a case-to-case basis. It’s easier to pay someone to help you with the application instead of trying to figure it out on your own.

How To Get VASP in BVI? Details Step by Step

The process of obtaining the license can be broken down into several steps:

  • First Step. Preparing the documents. At this point, it is necessary to collect all of the necessary papers, such as evidence of identification and proof of residence, as well as a business strategy and specifics about the planned virtual asset services.
  • Second Step. Company Creation. Register your business in the British Virgin Islands and verify that you are in compliance with all of the conditions for the creation of a company.
  • Third Step. Obtaining Required Licensing. Make an application for a VASP license with the appropriate regulatory body in the British Virgin Islands (BVI). In this step, it will be necessary to demonstrate that your organization complies with AML and KYC standards.
  • Fourth Step. Opening a Bank Account. Create a bank account for your company with a reputed financial institution in the British Virgin Islands. Your VASP activities will be made easier to manage with the help of this account and it’s a key requirement for the successful operation of your project in the island nation.
  • Fifth Step. Consistent Compliance on an Ongoing Basis. Make sure that your VASP is always in compliance with the standards set out by the BVI’s regulatory agencies. Be careful to conduct regular audits and keep your company’s procedures and security policies up to date.

Who Needs VASP in BVI and Why Is It Important to Do It?

The value of the VASP license cannot be overstated for crypto companies doing business in the British Virgin Islands. Not only does this guarantee that legal requirements are met, but it also builds confidence among customers and investors. Obtaining the right authorization for VASPs is becoming more important for the continued viability and expansion of such businesses as the cryptocurrency sector maintains its rapid pace of change.

It must be noted that the process itself might prove to be challenging for some projects, which means that you should probably seek out professional help whenever it’s possible.