Prinova are a leading global supplier of ingredients and premix manufacturing solutions for the food, beverage, and nutrition industries.
The company holds strategic stocks in 35+ centres around the world to ensure continuity of supply and has liquid and dry premix manufacturing facilities in the UK, China, and the USA.
As a result of increasing demand in the APAC region, in 2019 Prinova Europe Ltd established a subsidiary in Australia that now services Australia and New Zealand.
The new operation helps the company supply ANZ markets with bespoke nutritional premixes from its China facility, with over 2,000 ingredients in categories ranging from vitamins and amino acids to essential oils and aroma chemicals supported by warehouses in ANZ. Prinova currently has more than 35 strategically located facilities worldwide. As a single-source partner offering ingredients, custom services, and market expertise, the company adds value at every step of a product’s lifecycle.
Who engaged RSM? Financial controller of Prinova Europe
Why were RSM engaged? Prinova Australia was established without a dedicated finance team and without local knowledge and expertise. RSM was engaged to assist the European accounting team with local Australian compliance and payroll matters.
Cross border considerations (operations in 26 countries) RSM performs an annual review of the Prinova group including a review of international related party dealings and implications of changes to both Australian and international taxation rules.
RSM Australia works closely with RSM US and RSM UK in relation to international tax and annual audit engagements.
Since Prinova’s entrance into the APEC market in 2019, RSM has continued to provide advisory and outsourced CFO support for their Australian subsidiary.
These services include:
- Entity establishment and ongoing group funding structure advice.
- Establishment & implementation of Xero including integration with payroll function.
- Taxation advice in relation to the importation of goods and indirect taxation implications.
- Transfer pricing, hybrid mismatch, and SGE compliance advice.
- Taxation advice in relation to the merger with Nagase group
- Monthly payroll management including superannuation & STP compliance.
- Preparation and lodgement of Business Activity Statements.
- Annual tax compliance and assistance with budget.