Lawyer Monthly - May 2022

32 WWW.LAWYER-MONTHLY.COM | MAY 2022 Even before the pandemic cloaked everything in uncertainty, general counsel (GC) and their departments were under pressure to expand their support for the front-line business, while their headcounts and budgets shrank. These pressures have only grown. Today, they are caught between a rock and a hard place. In-house talent needs to spend much more on the more sophisticated (and, let’s face it, more glamorous) challenges of litigation, acquisitions, restructuring and contracts. But boards must also be given a certain level of assurance about the firm’s global tax and corporate governance risks, and they simply are not getting it. A Carnival of Wonders These days, keeping on top of the myriad idiosyncrasies, conflicts and unexpected complexities across multiple jurisdictions is simply too great a challenge to be mastered in-house, unaided. There would be no time to do anything else! Some examples speak eloquently on this point: - Companies incorporating in Brazil must register with all three levels of government – federal, state and city.(Taxes are levied by all three too, meaning rates differ from city to city and state to state. - Indonesia’s ownership rules (and the unlocking of a wide range of business incentives, benefits and support) require a foreign-owned business to identify precisely its “regulated sector” – from a list of 386. - In Colombia, companies must complete tax filings for every municipality in which Cross-border companies are increasingly waking up to the need to take an integrated, global and multi-disciplinary approach to managing the good standing of their portfolio of legal entities in multiple jurisdictions. Lisa Wilcox, Global Head of Entity Management at TMF Group, shares her belief that effective entity management processes are the foundations of modern cross-border business in a chaotic world. Bringing Calm to the Confusion of Global Entity Management Lisa Wilcox Global Head of Entity Management TMF Group E: news-insights/lisa-wilcox/ Lisa Wilcox is the Global Head of Entity Management for TMF Group, having joined the group in 2017 first as a Country Leader for Canada, where she oversaw the delivery of Canada’s three service lines: entity management, HR & payroll and accounting & tax. Prior to joining TMF she spent 20 years with Scotiabank, both within Canada and internationally, leading large teams in the provision of fiduciary services and working with clients on tax-efficient cross border structures. As Global Head, Lisa focuses on the development and enhancement of entity management solutions to ensure TMF’s clients’ entities operate compliantly around the globe and stay current with changing legislation. BRINGING CALM TO THE CONFUSION OF GLOBAL ENTITY MANAGEMENT

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