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Dear
sir/madam,
It
has been a while since we released our first newsletter in November 2009. Of
course, that does not mean that since then nothing happened or changed! On
the contrary, Compass and the world around it is speeding up significantly.
We therefore like to update you a number of news-items that might be of
interest for you, both on the ‘eXperts’ and the ‘eXpats’-side of our
business:
Compass starts FLEXCUBE focused –
partnership with Trasset Services Group.
Renewed
social security agreement between India and the Netherlands.
State secretary increases fees for
residence permit drastically.
Luxembourg
new practice area of Compass.
Enjoy
reading!
Johan
Opperman
Managing
Director
Compass
eXperts & eXpats
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Compass starts FLEXCUBE-focused partnership with Trasset Services
Group.
Those of you who are familiar with Compass eXperts
& eXpats, know that it is our aim to supply businesses in Western Europe,
with eXpert IT services and solutions from anywhere in the world. Our focus
is very much on the world of core banking solutions where we have a long
track record in servicing EU-based banks using Temenos’ T24 solution. It is
our strategic aim to expand our reach in this domain, by developing the same
type of services also focusing on other solutions.
 We are
therefore excited to announce that Compass has signed a new partnership
agreement with Trasset Services Group. Trasset is a Middle East / Asia based services
group, delivering lifecycle expertise from pre- to post-implementation, with
a strategic focus on FLEXCUBE, the core banking solution of Oracle Financial Services
Software Ltd. (formerly known as I-flex Solutions Ltd.).
Trassets
Service-Oriented-Approach to the commoditized market of core banking
solutions, enables banks to cope with ever increasing challenges, and
provides them with alternative sourcing solutions for their projects and
solutions. The company has a
strong presence the Middle East and Asia, and through committed partners like
Compass eXperts & eXpats, Trasset is now looking at expanding its
presence and reach also in Western Europe.
Trasset consultants and teams can help our clients with project
implementations in the areas of:
·
Retail
Banking
·
Corporate
Banking
·
Islamic
Banking
·
Investment
Banking
·
Private
Banking and Wealth Management
In a separate service line, Trasset
also focus on Datawarehouse and Business Intelligence solutions.
Trassets Global Delivery Model offers
clients the value of remote delivery through onshore, near-shore and offshore
expertise, bringing with it, local accountability with a global perspective
backed by strong foundation of quality management.
Compass will gladly discuss the
benefits of using Trasset’s services with you!
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Renewed Social Security Agreement between India and the Netherlands.
India and the Netherlands at the end of 2009 signed
a Social Security Agreement to facilitate the movement of professionals
between the two countries. The agreement was signed by Indian Overseas
Affairs Minister Vayalar Ravi and Dutch Minister of Social Affairs and
Employment Piet Hein Donner.
“This agreement will strengthen the bilateral
relations and it will enhance cooperation on social security between our
countries,” said Ravi after signing the agreement.
One aspect of the agreement
is that detached workers sent by Netherlands-based companies to their Indian
subsidiaries, or those sent by Indian companies to their branches in the
Netherlands can be exempt from social security contribution in the host
country for a period of 60 months. “While working abroad, these employees
will only be subject to the social security regulations of their home
country.” This agreement provides that an employed or self-employed person,
other than detached workers shall be subject only to the legislation of the
host country. The agreement furthermore provides for portability of the
benefits at the time of relocation.
“The agreement will come into effect after the fulfillment of the national requirements,”
the statement added. There are about 21,000 Indians in the Netherlands and
over 850 Dutch nationals working in India. India has signed similar
agreements with Belgium, France, Germany, Switzerland and Luxembourg
recently.
Our customers and partners
can off course get additional advice from Compass to learn about the
implications of this agreement
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Dutch State secretary
increases fees for immigration drastically.
State Secretary
of Justice Albayrak increased the administrative expenses to obtain a
residence permit in the Netherlands at the end of 2009. This increase has to
lead to a higher coverage of the operational costs of the Immigration- and Naturalization Service (IND) for the
issue of (replacing) residence permits as well for the five-yearly renewal of
the permanent residence permit.
Highly
Skilled Migrants
Also the costs of MVV’s (provisional residence
permits) for Highly Skilled Migrants (kennismigranten) have been increased
significantly. Employers employing highly skilled new recruits under this
program, will now have to pay € 750.- for a MVV instead of € 250.-. Due to
the quick procedure, knowledge migrants have an answer to their request of
stay within two weeks with minimum administrative costs. The State Secretary
expects this huge increase of administrative fees to be of no influence on
the number of knowledge migrants, since research of the advisory board of
foreign affairs has shown that the height of administrative fees is of no
influence on the closure of employment contracts. Mostly these fees are  paid by
the employer. It is known that employers mostly value the quick procedures
over the height of the fees.
The website
of the IND shows a table of the new tariffs.
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Luxembourg new practice
area for Compass.
After
the Netherlands, Belgium and Germany, Compass is now also starting its
activities in a 4th European country namely Luxembourg. As with
the other countries, our decision to move forward to Luxembourg is strongly
driven by customer demand and our partner’s requests to enjoy our typical
eXpat-focused services also in this country that is physically small, but
probably has the highest number of banks per citizen in Europe….
Via
our presence in Luxembourg, we can now provide our support to those customers
that are committed to successful business using eXpat resources in
Luxembourg.
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