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International Financial Reporting Standards
Grant Thornton International member firms combine broad international experience with technical know-how in audits of IFRS based financial statements
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Financial Reporting Audit
Our Audit division has the capacity and knowledge to provide an assurance that the Final Financial Statements episodes will be reliable and timely
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Compliance
We are committed to providing a service with the highest standards of excellence, integrity, and experience
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Mexican Social Security & Local Tax
Growing businesses need strong tax management to meet current and future tax liabilities and we can help you achieve this, whatever challenges you face
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International Taxes
Your people are probably your business’ most valuable asset. If you choose to send them overseas you will face certain tax liabilities, social security, and pension obligations
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Prevention and detection of money laundering and anti-corruption practices
Prevention and detection of money laundering and anti-corruption practices. The process of hiding or disguising the existence, illegal source movement, fate or illegal use of property or funds, proceeding from illegal activities
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Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle
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Business risk services
Businesses worldwide are facing constant challenges as they try to navigate the wide range of risks involved in complex global markets
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Recovery & reorganisation
We focus on identifying and resolving issues affecting profitability, protecting enterprise value and facilitating a full recovery where possible
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Transactional Advisory Services
We can help you understand the value drivers behind successful transactions
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Internal Audit
In today's global economy, organisations - both public and private - must demonstrate that they have adequate controls and safeguards in place
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Payroll Outsourcing
Payroll and, in addition, personnel administration are the biggest and most time-consuming challenges facing expanding organisations
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Accounting outsourcing
The goal is to increase the effectiveness of accounting processes, supporting your core business. It was created especially for businesses with high information needs, usually related to working in an international environment
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Human Capital Services
We provide solutions for your company in order to identify, evaluate, reward and retain the best talent
Doing business in Russia
04 Dec 2012Your questions answered by Nigel Davies
Q. How do you leverage Russia as a hub to drive business across the Commonwealth of Independent States (CIS)?
Finding a regional team or advice from inside each country is key to managing the commercial, tax and legislative challenges in new markets.
Some businesses have the advantage that their primary customers have already expanded across the region so they can follow in their footsteps, reducing the risks. Others may need to build up more organically and will need careful research into potential markets, local management and any JV partners.
While Russia is not a member of the EU, it is the key regional CIS hub with strong existing distribution links. The mechanism of the Customs Union with Belarus and Kazakhstan allows wider access to the CIS from any of these three countries. Do not overlook the skilled and competitively priced workforce in Central and South East Europe, which may be a key component in many CIS supply chains.
Q. What is the best way to secure growth in Russia?
There are many examples of Western businesses that are achieving double-digit revenue and bottom-line growth in Russia – much stronger than in their home markets.
Starting a business from scratch may be a little challenging but once you have broken through, the opportunities for growth are real, not just in Moscow but in many other major cities. Both the municipalities and citizens have money to pay for the right goods and services.
The strategy to diversify the Russian economy into hi-tech and financial services is a real opportunity for growth for dynamic businesses. If you have a no- compromise policy from the beginning you can manage any corruption risks.
Teaming with or hiring people with local experience should reduce any surprises behind import, distribution, plant, staff, and tax issues, which may be less familiar to teams based outside Russia.
Q. Are there alternative safeguards to finding local partners?
Foreign investment is always influenced by government strategy and market developments in the target country. Foreign Direct Investment (FDI) in Ukraine is falling at present because of uncertainty around government strategy but the basis for strong commercial expansion is still there.
Russia is doing fairly well by comparison because economic growth and scale look more secure. However, seeking co-financing from some of the international financial institutions on the ground may reduce your risks.
Embassies and trade associations are also a good source of information and advice, which can help you make informed decisions.