37 February 2017 Challenges to the Financial Services Industry an you go into detail about what the firm does? We are full service accounting firm with special focus on International transactions and tax planning. We are registered with PCAOB. Our clients include start-ups, small to medium organisations and we specialise in business and individual tax service and planning, audit and review, compliance, corporate services, account- ing, outsourcing, business consulting, financial and retirement planning, immigration consulting and litigation support to a diverse range of clients. Some of our clients over the years in US and India include public sector banks, India Infotech Centre – an Indian government division, casino, technology companies, financial investment firms, auto dealership, a number of non profit and trade organisations, amongst others. Can you give any examples of any successes your firm has had lately? We have successfully handled a number of cases under overseas disclosure programs of IRS and have managed to get heavy penalties either waived or considerably reduced for a number of clients. We have helped a number of businesses from overseas establish their footing in the US by providing them in terms of incorporation, corporate, tax compliance as well as immigration for their key officials. We have played a key role in planning for a client to expand from US and India to Canada, Taiwan and UAE. What is your own role in the firm? What do you do on a day-to-day basis? I am the owner and the founder of the company. As the manager/leader of the team my most important role is to give direction to the team and to guide them. I equip them with the necessary tools (in terms of train- ing and knowledge share) so that they handle the day to day operations of the company quite independently. I have initial and critical meetings with most of the clients. I am involved in devising global planning and tax planning strategies for our clients. I am an accomplished accounting professional with 30+ years expertise in international and domestic tax planning and compliance for start-ups and multinational entities. I specialise in international tax, audit and review, accounting, compliance and reporting, immigration services, and corporate compliance. My current engagements in the US and in India include cross border tax planning and transactions, corporate structuring, and complex Tax audits and representation including recent oversees disclosure programs (OVDP/OVDI/ Streamlined disclosure programs). What role do staff play in the success of your firm? We have a team of highly qualified and experienced professionals from both the accounting and the finance field including certified public accountants, chartered accountants, MBAs and other such profession- als. We have a team of 10 in our US offices and about 15 in our India entity. I believe that having a robust team is critical for the success of any company. Our staff ensure that we are able to provide the best qual- ity of service to the clients, as well as ensuring that they meet all their compliance obligations in a timely manner. What feedback do you receive from your customers? The best feedback or testimonial that one could receive from clients, comes in the form of referrals by them. An overwhelming majority of the new clients that we sign in, come from generous referrals and very positive comments from our existing clients. What opportunities and challenges does your firm face in 2017 and beyond? During recent years, securities and revenue authorities in the US and oth- er countries have been increasing the regulatory requirements, especially for multinational organisations and listed companies, and that in turn also brings in more opportunities for us. Most of the financial institutions and governments around the world have been adopting reporting require- ments under US FATCA and / or laying down their own similar ones. Recently, we have been signing in more and more clients who have cross border interests and investments, which requires more planning and compliance. For instance, if someone plans to sell a property in another country - this may have a tax impact in both the countries and this would mean taking into consideration potential taxation as well as tax saving strategies in both counties - and the impact of tax and the tax saving strategies of one country has in tax planning in the other country. Looking at the wider picture, what opportunities and challenges lie ahead for the industry you work in? The growing uncertainty in the world at large, especially on economic front, caused by factors such as change in the US administration and Brexit pose a big challenge to the financial services industry and also offer increased opportunity for accounting industry in the changing environment to assist their clients in planning for uncertainties and to adapt to these changes. Each country adopting a more protectionist outlook, presents uncertainty as to what lies ahead. Company: Bhatia & Co. Inc, CPAs Name: Neeraj Bhatia Email:
[email protected] Web Address: www.bhatiaco.com Address: 4655 Old Ironsides Dr, #250. Santa Clara-95054 Telephone: + 1 408 845 9411 Bhatia & Co, Certified Public Accountants, established in the US in 2000, is a diversified full service financial and business services firm that provides services to domestic and international organisations. We caught up with the firm’s Neeraj Bhatia to find out more about his own work in the company and the tremendous global impact the firm is having on businesses today. C 1702WF35