The Global Work & Travel Co. Continues with international corporate restructuring
The Global Work & Travel Co., Australia’s leading provider of travel for young people and gap-year takers and a member of WYSE Travel Confederation, has announced that it has taken one more step in the long process of restructuring its international business operations.
Accountants in Brisbane formally began liquidation proceedings for the two now-dormant holding companies on March 27.
The Global Work & Travel Co. was originally formed under the umbrella of two separate companies – The Global Work & Travel Co. (Australia) Pty Ltd, and The Global Work & Travel Co. Pty Ltd. “Since the formation of those two companies, things have changed,” says Global Work & Travel Co. spokesperson Jay Klemola. “Growth has been exponential. We’ve opened multiple offices in foreign locations and the regulatory framework surrounding travel agencies in Australia has changed.”
In an effort to streamline corporate accounting, the travel company has been operating under the corporate banner of a third company, The Global Work & Travel Co. (Asia Pacific) Pty. Ltd.
The handover occurred over nine months ago at the beginning of the new fiscal year, 1 July 2014. The change did not affect any past or current customers, staff or suppliers.
“We felt it was time to formally consolidate our bookkeeping and clarify our accounting processes. When the Australian Government deregulated the travel industry, it significantly reduced our paperwork burden,” says Klemola. “A simpler accounting structure means we can focus less on accounting and more on providing a world-class gap-year experience.”
The Global Work & Travel Co. will remain a member of the Australian Federation of Travel Agents, as well as the Better Business Bureau and the World Youth and Student Education Travel Confederation.
As an Australian-headquartered international youth travel company, The Global Work & Travel Co. also has offices in Canada and the UK and it services almost 10,000 gap-year and youth travellers per year from Australia, New Zealand, Canada, USA and UK.