Despite its much-touted growing economic influence, rapidly expanding consumer base, and the fast-paced industrialisation it’s undergoing, Africa remains an intimidating – if promising – prospect for businesses big and small.
So, what is an ambitious multinational or even home-grown business to do?
Enter the PwC Africa Coordination Centre (ACC).
Taking the lead on Africa, professional services powerhouse PricewaterhouseCoopers (PwC) long ago established a foothold on the continent and has, for years, been assisting newbies to the African context to navigate its regulatory and political waters.
Why should you care about doing business in Africa?
In case you’ve not been paying attention, Africa has become a promised land of sorts.
Possessing more fast-growing economies than any other global region and home to hundreds of large domestic businesses, Africa’s steadily urbanising consumer base spends more than that of India and will soon own more smart phones than North America.
An exception to the trend that currently sees most of the world’s consumer markets growing older, a majority of Africa’s population is under 20 and is modernising at a furious pace.
For the wise business, all of this spells out one thing: opportunity.
So, what’s the problem? Business in Africa sounds great!
If there’s all this growth, dynamism, and opportunity, why does anyone need help penetrating African markets? Surely, it’s just a case of diving in and scooping up the profits before anyone else gets the chance?
Well, not exactly.
According to Alan Seccombe of the PwC ACC, “doing business on the African continent is still arduous. The most significant challenges relate to the obtaining of certainty around the application of legislation and dealing with the tax authorities. Another interesting conclusion is that tax is still considered to be one of the primary constraints on doing business in Africa.”
In fact, after political instability, the demanding and confusing African tax environment remains the greatest obstacle to businesses wanting to break into African markets.
Specifically, the professional services and auditing firm identifies Nigeria, Angola, and South Africa – three of the continent’s most promising markets – as being the most constraining from a tax and regulatory perspective.
How does PwC help?
Located in Johannesburg, South Africa, the PwC ACC is manned by specialists on the African business environment, and is focused on providing information and services relating to tax, mobility, compliance, and more.
For the business hoping to survive and thrive on the African continent, PwC offers more than just vague talking points and hard-to-action advice. Rather, the enterprising giant has provided a single point of contact and centralised coordination of all tax-related, mobility, and compliance matters. With pan-African specialists supporting your expansion into Africa, PwC’s technology-driven solutions will enable you to stride confidently into the fast-growing markets it offers, rather than fumbling forward, hamstringing yourself as you double-check every stumbling step you take.
For more information on the PWC Africa Coordination Centre, visit PwC.