Yulia Frolova’s SunTax Consulting: A Finance and Business Services Startup Strategically Navigates Preparation for its Debut U.S. Tax Season by Streamlining Internal Processes and Procedures.
Mrs. Frolova has been immersed in the financial services sector for over 15 years. Her experience is remarkably diverse, as it spans multiple industries and functions. Throughout her career, Mrs. Frolova has been managing audit and assurance projects at one of the world’s largest financial consulting firms, implementing an ERP system in a renowned mining company, engaging in financial reporting and budgeting in the oil production enterprise, and serving as a Head of financial control of the private investment fund.
“I consider myself fortunate enough to have experienced engagement in financial consulting from both the service provider and client perspectives. This has provided me with valuable insights into the distinct viewpoints and potential contradictions in these roles. Based on my experience, I can assert with confidence that four key factors play a crucial role in achieving overall business success and ensuring customer satisfaction. They are efficient operational processes, a comprehensive and multi-faceted approach to each business case, adaptability, and a receptive and open attitude,” Mrs. Frolova elaborated.
Mrs. Frolova’s approach to business organization and management seems very consistent and profound. According to Startup.info, before making the final decision to embark on her solo journey into the U.S. financial services industry, Yulia went through a gradual preparatory process. During this research phase, Yulia made a surprising observation: there was a significantly underserved, and yet highly marginal market segment within the tax advice and preparation industry. This is how the idea to concentrate on serving non-residents, dual-status residents, expatriates, and investors in foreign businesses was born.
“As we decided to professionally focus on international taxation, it was pretty logical to delve into the U.S. immigration statistics. We analyzed the publicly available historical immigration data published by the Department of Homeland Security. Our findings revealed a significant rise in annualized immigration inflows from the CIS countries in 2022, surpassing both the previous year and the 10-year average (69% and 16% respectively). This appeared to be a promising business opportunity for us,” Mrs. Frolova explained.
Born in Moldova Yulia was exposed to a wonderful blend of cultures and languages from a young age. As a result, she is now fluent in Russian, Romanian, and Ukrainian languages, on top of her English proficiency. Recognizing the value of this linguistic diversity, she made it her company’s competitive advantage.
Today, approximately 70% of SunTax Consulting’s clients are recent immigrants from CIS and other Eastern European countries. Considering the overall complexity of the United States taxation, it is understandable that they prefer to discuss their tax-related matters in their native language.
While SunTax Consulting serves customers across the entire country as well as U.S. nationals living abroad, Yulia firmly believes that establishing a sustainable local customer base can greatly enhance the success of the business. That’s why she was highly deliberate in selecting the right location for her company.
Boca Raton, FL, with its median income per household significantly surpassing national and state averages, along with a considerable portion of the population having Russian and Ukrainian ancestries, appeared to be an ideal location.
Currently, SunTax Consulting offers a diverse range of financial services, including but not limited to financial modeling, comprehensive financial planning, scenario analysis, business valuation, due diligence, and more. By providing unique value in these areas, the company effectively distinguishes itself in the market.
It can already be said that the company has successfully introduced itself to the market as a reliable business partner, providing high-quality comprehensive services. But Yulia does not plan to stop at what has been achieved, instead, she has an ambitious plan to develop a new business direction.
“Yes, we are interested in exploring related business areas. However, I am not ready to disclose this information publicly at the moment. What I can assure is that through this expansion, we will be able to create even more value for our customers,” Mrs. Frolova stated.