Client Background
A small, Morocco-based food manufacturing company specializing in organic products native to their region had an exciting opportunity to expand internationally. The company secured a prestigious nationwide U.S. contract to distribute its products with Whole Foods Market, a major milestone for the business and a testament to the quality and uniqueness of their offerings.
However, entering the U.S. market came with significant financial and compliance challenges. To meet the standards of a high-profile retailer like Whole Foods, the company needed to establish a U.S.-based entity, navigate complex tax and accounting regulations, and ensure their operations adhered to U.S. business standards.
Challenges Faced
Securing a contract with a retailer as prominent as Whole Foods was both a thrilling opportunity and a daunting challenge. The company faced several critical obstacles:
- Tax and Accounting Compliance: The client needed to form a U.S. company, file taxes, and comply with U.S. accounting standards. These were new and unfamiliar processes for the international business.
- Operational Risks: Without a clear grip on starting and running a U.S. business, the company risked failing to fulfill its Whole Foods contract, which could jeopardize its reputation and future opportunities.
- Time-Sensitive Requirements: The client needed to act quickly to meet Whole Foods’ stringent supplier requirements and avoid penalties or contract termination.
Solutions Provided
Filing Express stepped in as a full-service partner, tailoring a comprehensive solution to address the client’s unique needs:
- ITIN Services: We expedited the ITIN process, ensuring the company could establish a U.S.-based entity without delay.
- Corporate Structuring: We restructured the business to account for domestic and foreign partners and shareholders, creating a compliant corporate framework suited for Whole Foods’ supplier standards.
- Bookkeeping and Reconciliation: Filing Express caught up on a year’s worth of bookkeeping, ensuring accurate financial records and reconciling discrepancies critical for maintaining trust with Whole Foods.
- Monthly Accounting Management: We implemented ongoing monthly reporting and compliance management, enabling the company to stay ahead of regulatory requirements and confidently supply Whole Foods.
Every client case is treated as a unique challenge at Filing Express, and this project was no exception. Our ability to deliver a full-service experience ensured the company could focus on its core mission—producing and distributing high-quality organic food.
Results Achieved
The results were transformative for the client:
- Compliant Corporate Structure: The company now operates under a legally compliant U.S. entity that accommodates both domestic and foreign stakeholders.
- Reconciled Financial Records: Bookkeeping was fully updated and accurate, laying a foundation for precise tax planning and reporting.
- Avoided Penalties: Timely compliance efforts prevented potential IRS penalties and fines.
- Peace of Mind: The owners gained confidence knowing they could focus on fulfilling the Whole Foods contract while Filing Express managed the financial and regulatory complexities.
- Quick Turnaround: All solutions were implemented in less than 30 days, meeting Whole Foods’ strict deadlines.
Testimonial
Here’s what the client had to say about their experience:
“It was a great experience working with Filing Express! Everyone I spoke with was super helpful and clear in their communication. The process was seamless (just a couple of forms to fill and a quick call to double-check our identity). We received our ITIN number in less than two months. Once that was complete, they ensured our foreign and U.S. entities were compliant and filed properly, did our accounting from the past year, and will continue to manage it into the future. Highly recommended!”
Are you an international business expanding into the U.S. market or securing contracts with major retailers like Whole Foods? Let Filing Express handle your accounting and compliance needs so you can focus on growing your business. Schedule A Call with us Today
