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Vitae India. Background  Set up by AKT Portland Oregon  Mumbai – 20 people tax & pensions  2006 – 6 firms join MGI – Brisbane Nexia – Perth MLR – Texas.

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Presentation on theme: "Vitae India. Background  Set up by AKT Portland Oregon  Mumbai – 20 people tax & pensions  2006 – 6 firms join MGI – Brisbane Nexia – Perth MLR – Texas."— Presentation transcript:

1 Vitae India

2 Background  Set up by AKT Portland Oregon  Mumbai – 20 people tax & pensions  2006 – 6 firms join MGI – Brisbane Nexia – Perth MLR – Texas Buzzacott – London PolsonHiggs – Dunedin NZ Water Turnbull – Canberra  Owned 5% Indian Nation 95 % AKT

3 Current Structure  Ownership 75% member firms – Alcedo Atthis, 25% Daniel Victor  Members AKT – 10 The co-opMLR – 11 Nexia – 15 Walter Turnbull (ex) Buzzacott – 24 Polsen Higgs – 8 Moore Stephens Melbourne – 4  User Firms PWC, Canberra – 17 Moore Stephens Sydney – 8 Law Partners – 25 Ark Technologies, UK – 10  Meet as a Member Group twice per year, 1 x India 1 x member office

4 Location  Operation now in Coimbatore  State of Tamil Nadu – State capital Chennai  4 hour direct flight from Singapore  4½ hour behind EST  Coimbatore 3 rd tier city Approx 3 million people Industries – Technology, Education, Engineering, Textiles, Medical  70,000 graduates a year

5 Current Operation  Managing Director – Daniel Victor  Middle Management approx 20 Operations, IT, HR, Finance, Area Leaders, Social Responsibility  150 professional team  Professional teams contracted to individual firms  Each firm is allocated a cabin  2 shifts a day 6:00 – 2:30 and 2:30 – 10:30  ½ team on one shift ½ on the other  There is a general shift 9-5 – Mothers & Team Leaders

6 Vitae v’s User User controls  Team requirements – the make up  Team training  Workflow management  Team assessment Vitae controls  Hiring  Firing  HR management  General training – Accounting, English etc There are many cultural differences. General rule let them manage the HR issues.

7 Security  Tagged in and out of the office  No printers  No mobile phones  No hard drives  Citrix locked down to specific computers  Minimal pens and paper (only if user allows)

8 IT  All users on citrix – it’s what works best  Dumb terminals – 2-3 screens depending on user requirements  3 internet lines and growing  Feedback from all users, Indian IT infra structure is excellent  Diesel back up power supply

9 Typical Team  Team Leader (could be a CA depending on your requirements)  Split between experience levels (your control) Hired mainly for attitude (Daniel’s control) All have degrees  Start with team of 5, suggested make up 1 team leader 2 experienced 2 graduate  Paid well  Excellent conditions  Good benefits

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11 Work being done  SMSF  Accounting – client  Taxation  Auditing  Accounting – Firm back office  Programming – ARK - xbrl  Research

12 Financial  Yearly contract  Current averaging $1,400 US per month per person  Pay ¼ year in advance  New user commits to 5 people 1 x ¼ deposit mobilisation 1 x ¼ contract payment  After 2 years maybe invited in as a member deposit credited against buy in  Buy in pro rata by head count your share of $337,500

13 Financial cont’d  40% wage cost – your actual make up  40% overhead contribution shared  20% transfer pricing profit  All profits remain in India  Reinvestment in infrastructure  Balance out into social programs Vitae team control Invest both money and time in to community projects Orphanage Disabled girls home After school study program School sponsorship program Various others

14 Our Experience  Need to handle all work electronically  There is a Indian discount factor, current utilisation 60 – 80%  Don't lose onshore what you gain offshore?  It will fail if you don't imbed it in your onshore systems  Use the user group to leverage their experiences  You need all directors on board  You need a champion  Don’t underestimate the work to be done onshore  Don’t have unreal expectations

15 Our Experience cont’d  Experience now telling us firms taking up to 2 years to get it where they want it  However you need to continually work it  Factor in all your costs – Vitae, Travel, Lost time opportunity, Non chargeable  Keep working it

16 Questions?


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