Global Subsidiary Management: Top Considerations for Expanding into the Americas

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Annie: Hello, everyone, and welcome to today's webinar, "Global Subsidiary Management: Top Considerations for Expanding into the Americas." My name is Annie Triboletti, and I will be your moderator.

Joining us today are Rogier Bronk, John LaPalomento, and Jonathan Scrocchi. Rogier is a leader for the Global Subsidiary Management business. With over 20 years of experience in the financial industry, he has worked across many different disciplines and with a wide variety of clients, ranging from large multinationals to private clients. John is a leader for the Global Subsidiary Management business. He has been with CSC for over 13 years, previously as a sales team leader and a product engineer with CSC Matter Management Solutions. Jonathan is also a leader for the Global Subsidiary Management business. He has more than 10 years of commercial experience and over 5 years of consultant sales with the corporate governance service industry.

And with that, let's welcome Rogier, John, and Jonathan.

John: Annie, thank you so much for that introduction. Everybody, thank you for spending time with us today on your morning or night depending on where you are in the world. My name is John LaPalomento, and we're excited to share time with you today. Together with my colleagues Rogier and Jonathan, of course we'll be talking about quite a few things. First of all about CSC, and I know everybody is excited about our recent acquisition of the Intertrust Group, further bolstering CSC's global presence. We're certainly excited to highlight some of those services and features today.

We're going to be talking a bit about concerns when expanding around the world, and, of course, today we're specifically discussing expanding into the Americas, North, Central, and Latin and South America. So we'll be happy to cover that under a microscope.

Lastly, we'll be chatting about the CSC solution, the CSC Global Subsidiary Management solution for the centralized and simplified way to manage your corporate secretarial obligations around the world.

If you've joined our webinars in the past, you've seen similar slides to this, but this slide certainly looks a little bit different. Here at CSC, of course we're still the same company that we've always been, founded in 1899, headquartered here in Wilmington, Delaware, privately held, very professionally managed. But in November of last year, we completed the largest acquisition to date for our company, acquiring the Intertrust Company. We're very proud of this acquisition, which significantly bolsters our services around the world.

Together as a combined company, we have over 200 years of experience helping our clients here in the United States, in the Americas as is the focus today, and around the world. We've won countless awards, including awards for our service and our technology. And with the acquisition, we now have local offices in more jurisdictions around the world than we've ever had before. Maybe most impressively we've grown our head count to over 7,500 employees around the world, all with the same goal — taking care of our clients and making your life simple.

Rogier: Thank you, John. It has been an absolute pleasure working with you and of course with the GSM team overall. But let's take a look at the most common challenges and top concerns when we're expanding into the Americas.

CSC commissioned a survey through Corporate Counsel, asking many general counsels of U.S. multinationals what their main concerns, challenges, and considerations are when they are expanding internationally. As John mentioned before, our focus today will be on the Americas.

The survey was conducted in November and December of last year and was completed by about 120 respondents, general counsels of U.S. multinationals. Therefore it should be noted that the outcome of the survey is U.S. outbound focused. I'm pleased to mention that this report is now available online or simply reach out to your sales rep if you're a CSC client, and we will be more than happy to forward the report.

So let's have a closer look at some of the highlights of the report. While we are going to discuss considerations and challenges of expanding into the Americas, you can see clearly that the top three regions for most general counsels, and actually account for more than a quarter, are the Middle East, Europe, and some of the Asian jurisdictions. All regions have their own specific challenges, including the specific jurisdictions in there, when it comes to regulations as well as their specific requirements.

As mentioned, today's focus will be on the Americas. So together with Jonathan and John, our subject matter experts on global expansion, we will focus on the Americas, and we'll go over some of the challenges, some of the experiences that we had personally when assisting U.S. multinationals expanding into the Americas. But before we do so, let's take a look at some of the topics that most general counsels consider challenging and/or might affect their strategy for expanding into the Americas.

While we saw in the previous slide that the Americas might not be in the top three, it might not be a huge surprise that cybersecurity and data privacy rank with almost 60% as the top hindrance for international growth. While we can discuss if the second listed challenge, overcoming communications and cultural differences applies only to companies who wish to expand to new regions, we can certainly discuss if this also applies to companies who are already operating in these regions as changes in local legislations require quite a bit and have changed over the past two years, are driven by cultural differences, but also the pandemic has forced the regulatory landscape to adapt as well.

Rounding out the top three, which I'm sure most of the audience agrees with, is the increased workloads in-house counsel teams encounter on a day-to-day basis. It's often a combination of having a leaner in-house legal team, an increase in regulatory compliance challenges that they face on a on a day-to-day basis. They add to cultural differences, especially with the Americas to it, it can be quite cumbersome to find your way around.

So let's take a good first look at the considerations for expanding into the Americas. Well, some of you in the audience might already have done their due diligence or are already operating in the Americas, every one should ask themselves, when expanding internationally, so not only in the Americas, to become familiar with the challenges and how to navigate the complex local regulatory compliance landscape. So why should you consider using an outsourced partner, like CSC, as opposed to a domestic law firm? What are the benefits? Would this be a better, cost-effective option for your organization? So let's find out.

We have listed some of the most important considerations on the screen. There is market entry, entity setup, and also the registered agent concept, know your customer (KYC) and anti-money laundering (AML). What are the regulatory regimes, and how do they affect your organization? Taxation issues, governance and procedures, cultural and language differences. But there's no right or wrong way to tackle this slide.

We just want to give you a good understanding of the challenges and the considerations that you need expanding into the Americas. So let's start with John. John, the registered agent concept is often misinterpreted. Perhaps you can shine some light on that.

John: Yeah, I agree. It's oftentimes misinterpreted, specifically by Americans, and of course we have this conversation regularly. We have organizations who already work with CSC or are considering partnering with CSC approach us asking if we could be their registered agent around the world or in Central and South America or wherever it may be.

Of course, the concept of registered agent is very much an American concept. That's not to suggest that it doesn't exist outside of the United States. Here in the U.S. where I'm located, there is regulation by each secretary of state saying that you have a registered agent, being that a representative who is there to receive government mail and SOP on your organization's benefit.

That exists to an extent in Canada as well. Of course, Canada, when it comes to extra-provincial registrations, that's provinces or territories where you're working in addition to your domestic province, you do have an appointment of registered agent that serves the same purpose that I just mentioned. And in other jurisdictions, many island jurisdictions, Cayman Islands does recognize a registered agent appointment. British Virgin Islands does recognize a registered agent appointment. And in those cases it is an agent. It is a representative who represents your organization. Of course, this is a service that CSC can provide.

But in most of the rest of the world, including our highlight for today of the Americas, your organization will require corporate secretarial services to maintain their corporate secretarial filing responsibilities, annual meetings, and in many cases taking on other appointments. There's a similar term that rolls off the tongue almost the same way. That is the appointment of registered office. Registered office and registered agent certainly sound very similar. But where a registered agent is a representative who represents your organization, a registered office is an address. It's a physical location. Typically, in most jurisdictions, it's where your minute books are required to reside and be upkept. It is where you may have staffing, you may not have staffing. And in many cases, it would be either your own physical location, or it's sometimes common to use a third-party partner, like CSC, to fulfill that.

Part of CSC's goal, of course, is to help you understand these considerations and suggest the best practices in country and fill the voids where you might have them. Rogier, what do you think? Does that make sense the way I positioned that?

Rogier: Oh, absolutely. And you actually mentioned one of the other items that causes a lot of miscommunication, which is the SOP, service of process. You know it's included with our overall service offering here in the U.S. But we often get questions like, "Oh, can you do this for us as well?" And then the combination with registered office, there we go. We have some miscommunication. If you then talk about the other difficulties to expand, it becomes really difficult to bring the message across.

So again, coming back to and most of the audience are U.S. multinationals and general counsels from those multinationals, we look into jurisdiction-specific items. So Jonathan, when we look at Latin America, so only Central and LatAm, are there any jurisdictions that really jump out when it comes to most difficult to either enter the market or deal with government-related issues? Are there some that you can highlight?

Jonathan: Yes. Hello, Rogier and John. Thank you for having me in this webinar. Also thank you to the audience for your time and your interest in listening. Yeah. So Latin America is a very interesting region. As the audience might well know, it's comprised of many and several countries, but all these countries obviously have their standalone jurisdictions. There are several factors that impact the region. Currently there are six major jurisdictions in LatAm, which are Brazil, Mexico, Argentina, Colombia, Chile, and Peru. Although these are let's say the leading countries in this region, the region is experiencing gradual economic recovery, considerable uncertainty about the future development of these countries, and the region remains somewhat uncertain and this has to do a lot with the political outlook that these countries face. Several of these countries will be going into new presidential elections in the upcoming year or two, which obviously determines the future of the economies in these in these countries as well as how these the jurisdictions will evolve from a legal standpoint based on how these political parties drive the future of these countries.

In addition to that, it is known that Russia and China have a significant influence in the region. Obviously, on a global scale, China and Russia are target countries with respect to the rest of the world given their political views, their influence from an economic perspective.

So definitely these are factors to consider. I would say that within the region there are certain countries in which it is more difficult to do business. For example, I'm originally from Venezuela. Unfortunately, Venezuela has gone through somewhat of political turmoil in the past two decades, and I could say that the country has changed significantly from a political, economic, and social standpoint, not to mention all the restrictions that Venezuela has suffered from let's say international pressures, given again the influence of Russia and China doing heavy investment in this country.

But aside from, how would you say this, outlying countries, such as Venezuela or Nicaragua in Central America, I think that the leading countries, such as Brazil, Colombia, Chile, and Argentina, they're all let's say bumping up the game as they further develop. So to go into these countries and venture into doing new business I believe that and it seems that there's more restrictions being implemented. There's significant changes done on the governance level. They're also changing, for example, their tax laws. Mexico is going or undertaking significant tax law changes with various regulations. In Colombia, we can see that companies must take into account that the government plans to strengthen measures for corporate responsibility and for the promoting the transparency in their fight against corruption. This could affect the list of corporate obligations regarding business ethics programs and risk management systems for money laundering processes in the financing third.

So as these countries take the lead with these changes and trying to fight all the bureaucracy that is already existing and all the red tape, as we like to call it, other countries in the region in their development plans might want to mimic or copy and implement some of the process. So this will definitely hinder and make it a little bit more challenging to go into these countries from an international standpoint.

Rogier: Yeah. Now you make a few good examples there because even if we look at Brazil, you're talking about the taxation, the governance, and procedures found that we even hear from existing clients, who are operating in Brazil, that they rather are in São Paulo over Rio because it's easier to work with the local government there for setting up their entity and staying compliant.

John, this is most likely also your experience. We have like some real-time examples of clients that we've helped in the past expanding to Brazil or Colombia or Mexico.

John: Yeah. I have certainly plenty of them. Of course, Mexico being our neighbors to the south, we have several American-based organizations who move into Mexico. And sometimes there are some things that catch our current clients or prospective clients off guard when it comes to Mexico and I would say especially Brazil in terms of the setup time. I see it very commonly, and I'm speaking from an American's perspective. I see it very commonly that organizations come to us and think that it may be similar to setting up a Delaware LLC, where it's anything but that.

Forming a company in Mexico or Brazil for that matter, it's going to take a while. Mexico, you're typically not getting a company formed shorter than three months. There's considerations. There's common practices versus regulation. Mexico is a good example of that, where technically by the law there's no requirement for a resident director of a corporation, of an S.R.L. de C.V. or S.A. de C.V. in Mexico. But it really is a best practice to have somebody local to be able to satisfy what's required.

I will say that Latin America in many cases keeps things close to the vest. It requires local signers or at least a power of attorney to be able to act on your on your behalf. So having a local director in Mexico is definitely something that will strengthen your position. This is something that oftentimes comes as a surprise to Americans.

I'll speak to Brazil, which is extremely complicated, right? Brazil is going to require a residency position, not a director appointment but a local administrator appointment. Maybe more challenging than that though is appointment of legal representatives or attorney in fact for any foreign shareholder, foreign to Brazil that is of course, any foreign shareholder or any foreign director. And these are appointments that oftentimes are considerations that might not have been taken.

So I would encourage anybody who's looking to move into any jurisdiction to do the research, to seek local counsel to understand what the best practices are. And then, of course, always know that CSC can make this an easier job for you and take all those considerations and put an offering together that can centralize and streamline those types of processes.

Rogier: Yeah. And I think actually the last point you make, John, is the most important one because not only are we discussing the challenges for entering those markets, which are often sometimes driven by sales, right? The organization lands a bid or wins a bid in Colombia, so immediately they need to have an entity set up. But while that goes actually rather quickly, the bank accounts to pay the employees in Colombia might take weeks if not months to find. So how do you know utilize local resources, and it's common to provide at least payroll to your employees or, like you mentioned earlier, resident director or a legal rep in all of the other jurisdictions. So it's knowing how the market operates one. Winning a bid is always great to do business in those countries.

I remember when I started out in this business, one of the panelists of those expansion seminars I attended mentioned like, okay, it's great to go into Brazil, but before you go into Brazil, make sure that you have an exit strategy because that's another point. Sometimes going into these jurisdictions, whether difficult or not, exiting those jurisdictions can even be more cumbersome than setting up an entity or a bank account, which also has his own challenges.

So that said, any of the government procedures that you can highlight specifically to Brazil or Mexico in that case, John or Jonathan, and any additional comments on that?

Jonathan: Yes, Rogier. So there's, for example, in Mexico, a multinational or a company might be engaged with let's say a global service provider like CSC or local counsel. Regardless who is servicing them, those local counsels or those service providers need to still engage with authorities and the local government. And in essence, sometimes this hinders the process to expedite things.

For example, in Mexico, again if you have to notarize something, you really depend on the notary. It's not necessarily the service provider who is not wanting or causing a delay to render a service. It's the notary who has to fulfill this task because of the way that the process is established in Mexico.

Also I think that it's important to consider the infrastructure and let's say the economic status of the country. So to walk you through a simple example, when public finances are strained, infrastructure becomes and remains outdated in these countries. Outdated infrastructure directly correlates to the timeliness and the ease of fulfilling procedures. So when these countries evolve and they're limited with finances to modernize their systems, they're unable to invest in IT systems and technology, which limits these jurisdictions from being able to make available and implement modern corporate governance procedures, such as, for example, doing e-filings or having a higher-quality process control, increasing the data protection and IT security, etc.

Adding to the mix, the low level of educational personnel, which tend to be public personnel, this limits the governing body to develop staff that can manage and maintain and use such advanced infrastructure. So this forces such administrative tasks to become more bureaucratic, labor-intensive, cumbersome, and unsecure, not to mention tedious and time consuming.

Lastly and adding to this point, the added red tape will hinder the evolvement and ease for establishing and maintaining legal business structures, creating barriers to entry and increasing financial and legal risk to foreign companies seeking to do business and protecting their assets locally in such jurisdictions. So this is something I consider it's important for corporate and general counsels to consider.

Latin America is known to be made out of third world countries. So these are countries that are in the process of evolving. So being accustomed to doing swift processes or implementing or establishing companies in jurisdictions like the U.S., where you can do everything online, that doesn't work in this fashion in these jurisdictions because they're undertaking this evolving process.

Rogier: Yeah. Yeah. Thank you, Jonathan. And I think we all can agree between the three of us that with our lengthy careers and in this space we have many, many examples to share with the audience. We don't want to scare the audience away. And I come back to what John mentioned, CSC's Global Subsidiary Management service offerings is equipped to handle all the challenges that you might encounter going into all these jurisdictions.

So with that being said, I think we've covered most of the bullet points, if not all. So let's go to the next one and actually see what are the most common questions to consider when expanding into the Americas.

So let's discuss what is the plan or objective of your new entity should be. What type of legal entity? John mentioned, in the previous slide, an S.R.L. and an S.A. limited. Where are we going to, in which jurisdictions, what type of the entity, legal and any fiscal requirements, and of course most importantly, can your in-house legal team continue to work with their existing advisors? So let's touch base on these bullet points real quick.

Best practices for expansion in the Americas, seems like a mouthful, but considering existing infrastructure, board composition, of course apply consistency, that's where we come in, and consider a proper entity management system. I don't know a better person who can talk about our technology solution than John at the moment, since he is 13 years with CSC. John, any of the other bullet points that you want to discuss besides the tech solution that we can offer?

John: Well, I think it's really important to understand that there are differences in every jurisdiction. I see sometimes folks make the mistake of thinking regionally instead of jurisdiction specific, and in some cases even local jurisdiction specific. So I'm always going to suggest to everybody that they seek the proper guidance and tax structuring, a tax professional for guidance and don't fall into the pitfall of considering the whole region to be similar when we talk about the Americas. Those things are certainly different from jurisdiction to jurisdiction in the terms of all of these bullets here.

Trying to apply consistency is definitely something that is important, but understand that that consistency will have some varied requirements by jurisdiction. I think one of the best ways you can be consistent is partnering with an organization like CSC, who can bring even though it's nuanced consistency from jurisdiction to jurisdiction based on local requirements, you can stay consistent in terms of the way you manage your organizations in different parts of the world, having one point of contact work with CSC when it comes to dual language support, of course, when there's required languages in-country.

And then when we talk about the consideration of an entity management system, both from a service standpoint, the fulfillment of your annual obligations, and very importantly from a technology standpoint, all of these jurisdictions in the Americas have requirements for physical minute books to be maintained in company, in-country, which oftentimes makes it very difficult for transparency. You cannot see the minute book that a law firm in Guatemala is holding on your behalf. But CSC will give you technology that will give you the ability to capture and have visibility on all of your documentation.

When you're working with CSC for our suite of Global Subsidiary Management services, which we'll be highlighting in a moment, we're going to draft all of this documentation in dual languages. So even if you don't speak Spanish or Portuguese or whatever they're speaking in the given jurisdiction, you'll have an English translation at your disposal. And most importantly, we will automate the capture of all of the data and documentation within CSC's proprietary and award-winning technology, CSC Entity Management, giving you an automatic and in real-time look at the data that's being produced for you.

Rogier: Yeah. I could not agree more, John. And one of the things that jumped out to me what you mentioned is like don't look at the individual countries where you're expanding into because maybe adding a jurisdiction that you're expanding into might have consequences for your entire organization. So you're right, having a tax advisory firm assisting you with the entire structure, maybe there are specific tax treaties that you can tap into if you route through either the Caribbean, Cayman, Bermuda, that will allow you to set up an entity for less money actually when you take advantage of that tax treaty. So infrastructure becomes therefore very important. How is the money flow sort to say within your organization?

Simply looking at Colombia and forget about the rest, just because you won a bid and you now need to have an entity set up, we already discussed those challenges, that it might be really your worthwhile to look a little bit larger and involve your tax folks within the organization and your tax advisory firm to also look what are the other benefits of maybe also setting up an entity in a different jurisdiction that allows you to operate through a tax treaty in South America.

So that being said, if you look at consistency, therefore partnering with a global firm like CSC, having your entire portfolio under management with one global provider will assist you to get that consistency in service delivery. Having one global provider looking after all the nuances in each of the jurisdictions that John highlighted in Mexico, but is also aware of the fact, like Jonathan mentioned, the differences in cultural, different procedures and political regimes. Everything taken into consideration will eventually, at the end of the day, provide you with much consistency on the services that you receive and on how to operate in that jurisdiction.

Jonathan, I know we spoke about technology and the consistency already. But there are some things to be considered further more from a tax perspective or infrastructure perspective.

Jonathan: I would say that beyond from the tax and infrastructure perspective, it's more on the cultural and language differences. I mean, again, given the low levels of education let's say in the Latin American region, limitations and coaching and developing the staff, execution of staff in rendering services can be extremely tedious, making corporate governance filings extremely slow for business professionals working in the first world and fast pace countries, expecting to be able to complete these governance tasks and things in a timely manner. That would most likely not be feasible.

From a language standpoint, although we can consider today English to be the dominant and universal language in the world, the reality is that in Latin American countries is that the language is not dominated by all the populations. Only a small percentage of the preparation learns English as a second language. So only a few countries enforce the study of English as a second language across the region. In consequence, most of the local population in these countries only speak Spanish. So for local business purposes, the same applies.

Rogier: Yeah. Yeah. Yeah, we know like no other how that that feels being in the tip of South Florida. It feels like we're already in LatAm. But yeah, that being said, cultural differences, language differences. It's also cheap labor. So depending a little bit on your organization, if you're a manufacturer or you need to set up a call center, etc., it might also be worth considering going into LatAm just because of that reason.

So let's look a little bit about the solution we can provide to our audience. We have spoken about some challenges and solutions as well as the considerations of expanding into the Americas, and we would like to provide you with a high-level overview of CSC solution.

Based on many conversations we've had in the past and experience managing an international entity portfolio comes with quite a set of challenges. Here you see a few of those challenges, and most likely they will be very recognizable to the audience.

Lack of transparent pricing is something what we hear the most. Most of our in-house legal teams that we speak with would like to have a set budget for their corporate secretarial services and their entity portfolio. Working with a variety of local firms often dilutes that transparency.

But also inaccurate up-to-date information. Often not having the opportunity to have access to up-to-date information about your regulatory requirements, but also changes in the local landscape make it very, very complex to update your entity management system to use the latest forms that are needed to file documents with the commercial registries, etc.

And also, as you have heard throughout our webinar, cultural differences and languages in some of the jurisdictions that you want to encounter and set up your entity might really increase the difficulty of getting boots on the ground there.

There's a whole array, and most likely there are some very specific challenges that you currently work with. The way we solve this for our clients is actually very straightforward and simple. We put a single point of contact in place that has a dedicated client service team behind it, which means that all your entities in your entity portfolio are being managed by one team and one single point of contact. We also have one contract in place that hovers above all your entities wherever they are located.

We also have a proactive approach. Your dedicated client servicing team informs you about those changes in regulatory landscape so that you will know no changes will be missed and your entities will remain in good legal standing.

Having one service provider, it also means that you've got visibility on your spend, your cost of the service that we're offering. Fixed fees on both the annual compliance support package as well as fixed fees of any of the ad hoc services that you might need in the life cycle of an entity.

Now, of course, and we have spoken in length about this, it's supported by our award-winning technology entity management system that will provide you that enhanced visibility of your entity portfolio, creating org charts, seeing all your statutory information, your officers and directors, company secretaries. But we also have a complete document library access to any of the historical data that might be uploaded by your colleagues of finance, of tax that are related to the entity that you are administering yourself.

So therefore, it's a comprehensive service offering that takes care of most of the challenges that you currently encounter, and it would be worth exploring this with your sales rep.

John: So in addition to our framework and solutions that CSC provides, looking in more detail of how we can customize and provide services to multinationals in the Global Subsidiary Management sense, what you can see in this slide are the services that CSC offers under the Global Subsidiary Management service offering.

To begin with, we provide an annual compliance service package, which in essence provides the minimum required services that are required to keep an entity in good legal standing no matter the jurisdiction. So just to briefly mention a few, the preparation of the annual general meeting, also a system of the filing of annual accounts and annual returns. Doing the corporate document maintenance. This goes hand in hand also with uploading all the documents that we handle in our Entity Management system.

We assist with the creation of a compliance calendar, which is very useful for any corporate legal team in managing the deadlines as they work in conjunction with us to prepare for all the filings. We also provide a tracker for the compliance deadlines, and we assist with monitoring the regulatory changes in local jurisdictions.

Now we like to say that we provide all the services under the sun when it comes to Global Subsidiary Management services, but this would mean that in the life cycle of an entity there are also additional services that might be required to keep the entity in good legal standing. So this takes me to the second bucket, which is the middle column on this slide.

Among these services, we're able to provide directorship services, registered office and domiciliation, corporate health checks, which we also do at the beginning of our engagement to ensure once the engagement starts with CSC that all the entities are in good legal standing. We can also assist with the formation, incorporation, liquidation, as well as strike-off and dissolution of entities. We can assist with the drafting and review of powers of attorney, legalization and apostilles, with license renewals, and also the creation and maintenance of the ultimate beneficial owners, which is a regulatory, how do you say that, requirement that's becoming more and more common across jurisdictions around the world.

As you might well know, CSC does not only offer Global Subsidiary Management services, but we do offer services that go hand in hand with this service line, and for these we have our specialized services, which are outlined on the far right on this slide. If you are interested in learning more about any of these additional services, feel free to reach out. One of our sales reps will be happy to assist you in providing any additional information to our GSM offering.

Having spoken about the challenges, the solutions that we offer, as well as the services, CSC is able to provide global coverage, and by this I mean that we provide services in more than 140 jurisdictions. We provide our services through a single point of contact, which Rogier mentioned in the previous slide. That single point of contact will be made out of the different team members and the lawyers as well as paralegals and system administrators, who can be located in one of our three fulfillment centers. One is located in Delaware in the USA. Another one in the UK, and another one in India. And through these fulfillment centers, we are able to provide not only global coverage, but business continuity no matter in the time zones and where your entities are located.

These client servicing teams will be able to provide you with effective support as well as have a global subsidiary relationship manager who acts as an escalation point for any additional inquiries that you might have. And within these teams, you will also find a Global Subsidiary Management operations team, who in essence provides all the support needed to render all the services across the globe as needed.

Unique to CSC is our commitment, our ongoing commitment to technology. Of course, for well over a century, CSC is providing robust services here in the United States and around the world. But our commitment to technology, producing proprietary technology for our clients to use truly sets us apart in the space. The technology that we're discussing today, of course, is CSC's Entity Management solution, which is a robust technology available on its own. It certainly is very strong on its own as a [self-serve 00:42:54] tool. When coupled with our Global Subsidiary Management services, it takes on a whole degree of automation.

Every document that is produced for your organization as part of Global Subsidiary Management in dual languages is captured automatically within our technology, and not just captured in a holding pen for you to then further organize, but actually captured in a minute book repository specific to that entity. Every piece of data that we produce for your entities is captured automatically within the system. This system will give you tools to capture your own data and documents in a completely customized format.

CSC Entity Management is available for an unlimited number of users, so there's no cost per seat license and no challenges with the number of users you see fit to use the system. Granular permissions allow you to be specific in terms of which of your users can see and manage what data within your system. Robust reporting capabilities will make life easy when it comes to producing organizational charts and org sheets as well as detailed reporting.

There's numerous ways that your organization will benefit. But I think most importantly is the automation that comes tied with Global Subsidiary Management and Entity Management. We're always happy to show a demonstration of this technology. So if you do have questions, feel free to reach out to any member of your team here at CSC, and we'll be happy to walk through a technology demonstration.