Managing The Expectations Of People From Any Culture Takes A Lot Of Time And Efforts: Toine Knipping, CEO, Amicorp Group
In an interaction with BW Businessworld, Toine Knipping, CEO and Co-Founder Amicorp Group and Amicorp Community Foundation shared his journey of the formation of Amicorp and what challenges he faced during the journey.
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Tell us about your journey and what inspired you to form Amicorp?
My journey started 26 years ago when I lived in an island in the Caribbean. I worked in a bank in the transaction department and helped people make investments outside their own country. I assisted people from legal tax compliance and administrative point of view. I visited countries like Venezuela, Brazil, Mexico, etc.
When I was a student I visited India. I came here 15 years ago and started our back office in Bangalore. We created a foothold in India and started offering our services in India. Our first office was opened in Mumbai. Later, we also expanded to Delhi.
What is the vision of Amicorp for India?
For Amicorp, India is a very interesting country. We offer inbound or outbound investments within the framework of the law and the tax investments, and since Indians follow the tax regulations as a member of G20 and the global economy, so as the rules become stricter and more complicated. There is more scope for the services of a company like us.
Business is growing slowly in India, as people here were hesitant to pay our fee as they wanted an easy, faster or a less complaint way to deal with. But, in the last 2-3 years we have seen that more businesses are becoming serious and organised and we are being called often to help them with our ideas. Initially, we organised seminars to talk about developments in international taxations around 3 years ago, and that time most of the advisers here were skeptical about what we were offering. But now, they are more open to hearing what we have to say and offer.
What challenges did you face in the Indian market?
Every market in the world has challenges, In India, people are always looking at a service on half the price to do proper individual tax planning. Also, decision making takes a lot of time in India, so managing the expectations of people from any culture takes a lot of time and efforts.
Creating wills for families, how is it challenging as the company plays a very crucial role for the families?
The challenge is that on one hand we want to have a trusted relationship with the client and on the other hand we need to manage their expectations, since the influential people think that they are above the law. In an international context that is not possible, especially now when the systems have become automated. At times, it becomes very difficult to explain to wealthy families that they have to stick to the same standards and live by the same rules, at times it is a challenge, because important families are used to making exceptions for them.