Read news from:
Austria
SHARE
COPY LINK
SPONSORED ARTICLE

Are you an entrepreneur looking for the ultimate opportunity?

Currently branching out into the Swiss and Dutch markets, The Interface Financial Group (IFG) is looking for entrepreneurial minds to lead their brand into the next phase of international business expansion.

Published: 11 December 2013 18:46 CET
Are you an entrepreneur looking for the ultimate opportunity?

IFG has been in business for over 40 years and currently operates in Canada, the United States, Australia, New Zealand, Mexico, The Republic of Ireland, Singapore and the UK. Their plans for growth include a move into Holland and Switzerland, having already established a European development office in Amsterdam to act as a liaison and support centre.

IFG operates in the small business world, providing small companies with finance that can accelerate their cash flow, and likewise their growth. As the job creators in today’s environment, small businesses are invariably the driving force for national growth. With multi-nationals cutting back and downsizing operations, small business owners are taking up the slack and creating new jobs, albeit one at a time.

As a small business grows it experiences a demand for growth capital – a commodity that is proving very difficult to source with conventional funders such as banks. Since the global economic slowdown banks have been very reluctant to service the financing needs of their valuable small business customers.

“Our franchisees look to small-medium businesses that are unable to obtain money through the banks,” explains IFG President David Banfield. “That’s where we step in and, after our due diligence, buy invoices they would choose to sell to us at a small discount. This means that our client receives immediate income to enable them to grow their business.  At the end of the credit period, their customer then pays us the full amount of the invoice to complete the transaction. “ 

It’s about turning a negative into a positive and IFG has grown their licensed operations steadily over the past four decades. Even in stable economic times many small businesses will still not qualify for conventional bank lending (often just because they are ‘small’ businesses), and so with the Interface solution there are opportunities in both an up and a down economy.

“It’s a unique business model,” adds Banfield. “While factoring and invoice discounting represent a growing market, we don’t hold anyone to a contract and deal with individual invoices instead. Once a business doesn’t need us anymore, they are not bound to us.”

With their continued growth plan, Interface is ready to start offering the same ‘in-demand’ service in Holland and Switzerland through this unique licensed approach. However in order to make it work, and work well, a Master Licensee must be appointed for each country. There will only be one Master for each country, and the Master will own the exclusive development rights for IFG in their country.

“Many entrepreneurs look back and say, ‘why didn’t I do that’ or ‘why didn’t I think of that' and these are probably the dreamers of this world – always looking back," says Banfield.

Interface is looking for two individuals, one in Switzerland and one based in Holland, who are also ready to grow and are definitely looking forward. People, with sound business backgrounds, ready to take the entrepreneurial challenge of building a new business under an international established business umbrella.”

As with the small business sector, the financial service arena is one of continued growth. There are substantial challenges for entrepreneurial individuals that want to enter the financial service arena. To break in as a newcomer presents many problems and concerns.

These issues tend to evaporate if you can work in a new market location but under a well-established and proven brand. For many executives the thought of running their own business is no more than a dream or fantasy.

“For the dedicated few that can recognize a challenge, and are excited by a challenge, this once in a lifetime opportunity is an opportunity to seize,” says Banfield.

Interested applicants should send a cover letter and CV to:
[email protected]

For members

MONEY

Do adult children in Switzerland have to support their parents financially?

Usually, it is the parents’ responsibility to ensure their kids are well taken care of financially. But can Swiss authorities force the children to return the favour in times of need?

Published: 30 April 2024 15:31 CEST
Updated: 5 May 2024 08:14 CEST
Do adult children in Switzerland have to support their parents financially?

In most cases, once children are grown up and out of the house, they are (or at least should be) self-sufficient in terms of finances.

Parents too should breathe a sigh of relief that they are no longer obligated to pay for their children’s expenses, except perhaps for giving them some money here and there as a gift.

This is what happens in the best-case scenario.

But what if things don’t go according to this plan — for instance, if the parents find themselves in financial straits and can’t  afford to pay their bills?

Family obligations

Generally speaking, the truly needy people who don’t have enough income to pay for their basic living expenses will receive financial help from the government, in the very least in the form of the health insurance and housing subsidy.

READ ALSO: Can I get financial help in Switzerland if I’m struggling to pay the bills?

However, before doling out public money, authorities will see whether relatives should be made to help the struggling individuals pay their bills.

(In this context, ‘relatives’ means only those in the direct line of descent: grandparents, parents, and children.)

They will do it by checking the tax status of these relatives — how much they earn and what other financial assets they have — to determine whether, and how much, they should be paying toward their parents’ expenses.

Obviously, you will be expected to pay up only if your own financial situation allows it; you will not be forced to part with your money if you have very little of it yourself.

 ‘Favourable financial circumstaces’

Based on a Federal Court ruling, if the adult child  lives in ‘favourable financial circumstances’ they are required to help out their struggling parents.

The Court defined ‘favourable financial circumstances’ as income and assets allowing a comfortable life.

‘Comfortable life’, in turn, was defined by the Swiss Conference for Social Welfare (SKOS), as a taxable annual income of 120,000 francs for a single person, and 180,000 francs for married couples.

“If you have minors in your household, the limit is increased by 20,000 francs per child,” according to AXA insurance.

It goes on to say that you can deduct an exempt amount from your taxable assets.

“Your annual depletion of assets is deducted from the remaining amount. This means that if you are obligated to provide financial support, you are permitted to use part of your assets yourself each year; you don’t have to devote your entire assets to providing support.”

At between 18 and 30 years of age, this is 1/60th per year; from 31 to 40, 1/50th per year; 41 to 50, 1/40th per year; 51 to 60, 1/30th per year; and from the age of 61,1/20th per year. 

Are there any exemptions to these rules?

Aside from not having sufficient funds, you could be exempted from paying if, say, your parents, or parent, have not lived up to their own financial obligations toward you.

In Switzerland, parents are required to  provide financially for their children until the age of majority, and even beyond that if they are still studying or undergoing vocational training — typically, until the mid-20s.

SHOW COMMENTS