HSP Group Success Story:
Facilitating A Leading Global BioTech Firms's Expansion
At a glance
This leading biotech company is highly regarded by enterprises for its specialized focus on developing medicines for rare, autoimmune, and severe inflammatory diseases. The company’s innovative treatments significantly improve patient outcomes and quality of life. Its commitment to addressing unmet medical needs has made it a trusted partner in the healthcare industry, known for its robust pipeline and dedication to scientific excellence. After coming across the need to reach its clients more effectively in South America, Europe, the Middle East, and Africa (EMEA), Saudi Arabia, and Japan, they tapped HSP Group to facilitate this expansion.
Featured Solutions
Entity Setup & Management
Payroll Consolidation
Employee Contracts & Benefits
Accounting & Tax Compliance
Bank account setup
The Challenge
Expanding business operations at scale introduces numerous challenges. These include navigating a complex web of regulations unique to each region, managing strict data protection laws, and meeting various sustainability standards. Additionally, the financial burden of maintaining in-house HR staff across these diverse territories is significant, often outweighing the benefits. Managing multiple service providers for HR, payroll, compliance, and legal requirements in each country further complicates operations. HSP Group was engaged from the outset to streamline these processes, minimize costs, and ensure compliance, thereby avoiding delays and potential breaches.
The Solution
Bank Account Setup
HSP Group facilitated the opening of corporate bank accounts across multiple regions, ensuring compliance with local banking regulations and minimizing administrative delays.
Payroll Consolidation
By consolidating payroll services, HSP Group streamlined payroll management, reducing the complexity and cost of maintaining separate payroll systems for each country. This ensured timely and accurate payroll processing in compliance with local laws.
Entity Establishment
HSP Group assisted with the establishment of legal entities in each target market, navigating the intricate legal and regulatory landscapes to ensure swift and compliant setup.
Employee Contracts & Benefits
HSP Group managed the creation and standardization of employee contracts, aligning with local labor laws and regulations. They also oversaw the administration of employee benefits, ensuring competitive and compliant offerings across all regions.
Accounting & Tax Compliance
HSP Group ensured meticulous accounting practices and tax compliance, handling the complexities of local tax laws and financial reporting requirements. This minimized the risk of non-compliance and financial penalties.
I would wholeheartedly recommend HSP for anyone looking to expand into international markets that needs to do it quickly, effectively, and in a cost-effective manner
The Results
The biopharmaceutical company now leverages the expertise and services of a single global provider, equipped to handle all the company’s people and entity needs. At every turn, they can rely on HSP Group for expert support.
Since partnering with HSP, the company has achieved:
- Improved payroll accuracy, timeliness, and compliance
- Better data quality
- Standardized global processes
- A holistic approach to global growth
- Complete transparency via GateWay