It is an exciting time, bringing forth a sign of change and progression — We are pleased to inform you that our Shanghai office has been relocated.
Room 2591, 25/F, Shanghai Central Plaza
No. 381 Middle Huaihai Road, Huangpu District
Tel: +86 (21) 6032 3609
Developing your business in the huge Mainland Chinese market characterized by remarkable opportunities is certainly an achievement worth striving for. Shanghai is a highly developed city and acts as a major financial and commercial center in Mainland China. In particular, the eastern coastal area constitutes a major industrial development hub for the Yangtze River Delta region. Our office is located in Huangpu District, right next to Xintiandi, an ideal place where we can help and guide our clients by sailing through a wide variety of services in the Mainland Chinese market. Our Shanghai-based experts are capable of providing professional advice in multiple languages. Working closely together with our other offices in Hong Kong, Shenzhen and Guangzhou, we can surely provide all-rounded support for developing and monitoring our clients’ business operations in mainland China and overseas.
Written by Wailey Liu, Business Development, CW CPA
As an in-house Foreign Direct Investment (“FDI”) Legal Counsel and Manager of Greater China in charge of CW’s China Consultancy Team, I have thoroughly enjoyed my 3 years of work at CW since 2017.
Before joining CW, I worked in an international law firm renowned for its shipping practices in South China for more than 18 years. I used to be the team leader for its FDI team for more than 10 years. I led the FDI team to assist overseas clients to set up their business in South China on a project basis. The overseas clients were mainly from the US, France, UK, Italy, Belgium, Denmark, Germany, the Netherlands, Japan, Singapore, and Hong Kong. As we served the Western clients together with foreign law firms and other corporate teams of my ex-law firm, we had to meet the professional standard of Western law firms in terms of the documentation and working methodology. There were multi-lingual client managers in my ex-firm who served the Western clients in their native languages, such as French, Italian, Dutch, English, and Japanese. It was my duty to assist these managers for their sales activities and implementation of FDI projects through transparent and effective communication.
Throughout the years working in the FDI field, I have accumulated tremendous experience in dealing with all kinds of tough situations associated with the local government as well as those involved in interacting with clients requiring special needs. There had been plenty of unforgettable challenges from handling difficult cases on a daily basis. It was definitely not an easy task to accomplish as a team leader who needed to be fully responsible for all the minor details in dozens of FDI projects under the high working standards of an international law firm (not just a normal consultancy company).
My working experience above matches the business development of CW perfectly. Over the 3 years working in this firm, I have helped to develop very much the similar practices in the inward FDI projects coming from overseas markets to PRC, despite of CW’s strength in focusing on Spanish and the Portuguese–speaking countries. Our annual revenue for the China consultancy services has increased significantly over the past few years, an outward manifestation of our sweat and tears. In the years to come, I am confident that we will achieve even greater results. I would like to express my gratitude for the support from our marketing teams (especially Latin Department) as well as the strategic marketing approaches adopted by our Partner, Mr. Thomas Wong and our capable Senior Manager, Delilah Li, who is in charge of the global business development. We soldier on~
Written by Phenix Zheng, China Consultancy Team, CW CPA
CW CPA is gaining a foothold in the Latin American and Spanish markets. As one of its two partners, Thomas Wong was interviewed by the Hong Kong Institute of Certified Public Accountants two years ago and his interview was subsequently reported by Master Insight, a growing online and traditional media publishing company in Hong Kong which has more than 65,000 online followers. He shared how he got out of the box and established one of Hong Kong’s most distinctive Certified Public Accountants firms. The interview article in Chinese was published on the Master Insight website on 21 November 2018. For those who have not read it yet, let us take an opportunity to read the article and learn from Mr Wong’s Latin journey.
The guitar melodies of a Latin rock musician, Carlos Santana, nurtured Thomas Wong’s way of thinking international when he was a teenager. Another inspiration for Mr Wong was the book Blue Ocean Strategy written by W. Chan Kim and Renee Maubourgne, which delivered a clear message: to stay away from the familiar. He read the book in 2006, the same year he started exploring the Latin American market through his friend’s connections.
Since CW CPA’s establishment, Mr Wong has continued his Latin dream and been making the firm to be seen in Latin America and Spain as the go-to firm for entry into Hong Kong and mainland China. He is not just dealing with numbers, but also gives overseas businessmen advice on everything from finding decoration workers to doctors. Recently, he saw changes, one of which foreseen by him was the huge surge of interest in the Greater Bay Area (“GBA”). As a strong advocate of the GBA concept, he believes the GBA will act as gateway for Latin American and overseas clients looking to expand their businesses into the mainland China and for Chinese companies to reach out to overseas.
Want to know more about Mr Wong’s business philosophy? Please spend a few minutes to enjoy the article here:
Written by Toby Wong, China Consultancy Team, CW CPA
On 19 May 2020 at 11:30 am Hong Kong time, CW and Allinial Global co-hosted a webinar on “Building Stronger Linkages & Growth Through the Greater Bay Area”, sharing insights on the overview and development of the Greater Bay Area (“GBA”) with Allinial Global member firms from the Asia Pacific region.
As a member-based association dedicated to the success of independent accounting and consulting firms worldwide, Allinial Global now ranks as the world’s second-largest accounting association. The Regional Director of Asia Pacific, Ms. Abby Chee, is actively building relationships and expanding the association’s presence in the Asia Pacific Region.
On the introduction of the webinar, both partners of CW CPA, Mr. Thomas Wong and Ms. Rosanna Choi expressed that in the past few years, the firm has seen growing needs for entrepreneurs from around the world to explore trading and investment opportunities in the Greater Bay Area, especially in Shenzhen, Dongguan, and Guangzhou. There are more and more inquiries into the incorporation of foreign-invested enterprises (FIEs) in the above cities. The international communities have demonstrated their tremendous contributions to the local economies in South China.
One of the Region’s strategic positioning is to grow into an international scientific and technological innovation center with global influence according to the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. As talent is the fundamental driving force for science and technology development and innovation, the development of the GBA will rely on the innovative system and mechanism to stimulate the innovation vitality of talents. In this regard, CW’s China Consultancy Team presented several stimulus policies rolled by the GBA cities’ municipal governments and highlighted the benefits of doing business in the GBA. Our team has assisted many foreign investors in setting up their operations in China. And we firmly believe there would be more beneficial incentives for SMEs in the years to come as China is striving to open its domestic market to foreign investors.
As the world’s second-largest economy, China has contributed more than 30 percent of global economic growth in the past few years. Although the country has been hit hard by rising labor costs, trade tensions, and the coronavirus, its GBA Initiative is now gathering momentum across the Pearl River Delta Region, aiming at developing and deepening the connectivity with the world in infrastructure, trade, commerce, capital, culture and more. Understanding China’s action plan in developing the GBA will facilitate businesses building stronger linkages and growth in the Region. CW will continue to organize webinars in the related topics in the coming months, providing more information and updates about the development of the GBA.
About Allinial Global:
Allinial Global is a member-based association dedicated to the success of independent accounting and consulting firms. Founded in 1969, this strategic affiliation of legally independent accounting firms has a mission to foster the independence, profitability, and continuous improvement of its members. Allinial Global is one hundred and ninety-three members strong and growing, with worldwide locations generating over $3.5 billion in collective revenues. With dedicated regional liaisons who have extensive connections throughout the Americas, EMEIA (Europe, the Middle East, India, and Africa), and the Asia Pacific region, members of Allinial Global are committed to providing the most agile, flexible, and client-centric solutions anywhere, anytime.
Regional Director, Asia Pacific
Written by Delilah Li, China Consultancy Team, CW CPA
During my first weeks in Hong Kong, in the late autumn of 2008, I greeted people on the street or in the corridors of The Gateway not infrequently, believing that this person was my colleague who worked at a few cubicles away in the office; all these people reacted with surprise and some prevention to my effusive greetings … Weeks later, I understood that I was wrong and that I had greeted many people who were not my colleagues. I laughed at myself, at my ignorance, the journey began.
During those same first weeks, I lost about three or five kilos of weight, something important given that I was not overweight on my arrival in Hong Kong. Weeks later, I realized that it was the result of my lack of skill in handling chopsticks, but in a short time I was able to regain the lost weight and add a few extra kilos after having mastered the chopsticks.
Not infrequently, during those same first weeks, I waited for the minibus on the wrong side of the street, seeing how that number 3 was going away, the one that would take me from Mong Kok to Tsim Sha Tsui in minutes. It took me a while to learn that I was in another world.
When I arrived in Hong Kong, I ignored the rules of the real estate, labor and social markets, but I did receive all the support, especially because I was adopted by a family, my new great family which protected and re-educated me, a family which tolerated my ignorance of their culture and values and offered me the privilege of a place at the table, to work, eat and celebrate together. I was not alone.
It is to that family that I am writing this message, to you, my Latin Department family.
For me, Latin Department, that is precisely my Family, I think not only for myself, but also for many of our clients, who like many of us, one day arrived or wanted to reach the other side of the world and had the privilege of finding more than just a service provider. For many of them, the Latin Department has been a family that welcomed and supported them in their projects, far beyond the portfolio of services that are bought and sold. Thomas’ interest and urgency in supporting our clients are genuine and I am aware that his selfless interest is superior to a business one; faith, service and community are practiced inside and outside the Latin Department.
It is a privilege to be part of this family and I tell fragments of my experience that perhaps only make sense to me, but with it, I want to honor a great truth and from my heart, celebrate with gratitude and humility, in family, this permanent journey on the other side of the world. I also know that for my non-Latino family, this has also been a challenge and a continuous learning opportunity.
A new era is making its way for the world and its businesses and with it, new challenges and opportunities will arise for those who have the necessary humility and determination. The Latin Department will continue helping and accompanying many people, companies, organizations and governments on their Journey to the other side of the world.
Written by Mauricio Quiroz
[Remarks: Mauricio Quiroz joined Thomas Wong’s Latin Department in November 2008. He’s a graduate in Business Administration from Universidad de Medellín in Colombia and holds an MSc in China Business Studies from the Hong Kong Polytechnic University and a Postgraduate Certificate in Asia Business from the St. Gallen Institute of Management in Asia (Switzerland and Singapore). His fruitful career as part of the Latin Department brought him from the level of Advisor to Senior Manager and ended in April 2013 after he joined the Colombian diplomatic service as the first Director of ProColombia in South Korea. Mauricio Quiroz is currently based in Switzerland where he lives with his wife and two kids and is responsible for international accounts and business development at a Swiss financial services company.]
As the coronavirus pandemic continues to grow and evolve around the world, public and private sectors are scrambling to adapt to these times and take effective responses.
Whilst temporary containment measures are gradually relaxed by the Chinese government, the next step is to focus on mitigating the economic impact of COVID-19 across the Chinese businesses over the long term. This means designing and implementing measures to integrate economic reactivation, investment encouragement, and getting the country back on track. To do so – alleviate the economic impact of the COVID-19 epidemic-, the Chinese government have introduced a series of supporting policies at both central and local level.
On this occasion, CW was pleased to have been invited by The American Chamber of Commerce in South China (“AmCham”) to host a webinar that took place on 19 April 2020. More than 100 people and companies registered and participated in the webinar focused on business crisis management and the government’s contingency aid offer to Chinese companies. Topics covering everything from how to be prepared for and manage this disruptive and emergency, policies and subsidies related to FDI, to the role of the technology in the era, were discussed.
Headed by the president of AmCham South China, Harley Seyedin, and with the participation of Thomas Wong, Partner at CW CPA, and Victor Herrera, as the main presenter on behalf of CW, the webinar further enhanced our relationship with American companies in South China. This translates into a greater network of knowledge and advice to all foreign companies established in Mainland China.
For CW, actively participating in these open discussions means our firm’s commitment with our clients and all those companies running business in Mainland China, sharing valuable information and being able to provide the right services with the highest standards of quality and performance.
The American Chamber of Commerce in South China (AmCham South China) is a non-partisan, non-profit organization dedicated to facilitating bilateral trade between the United States and the People’s Republic of China. AmCham South China represents more than 2,300 corporate and individual members, and provides dynamic, on-the-ground support for American and International companies doing business in South China.
Written by Victor Manuel Herrera, Latin Department, CW CPA
In late April, CW had the pleasure to deliver a series of webinars in Mexico, sharing insights, experience and knowledge on how to overcome business challenges during COVID-19. With more than 100 people registered for the webinars and many more watching the video recordings, these webinars resulted from the collaborative efforts with our strategic business partners such as InvestHK and COMCE Sur.
COVID-19 landed in Latin America on 26 February 2020 when Brazil confirmed its first case. Mexico confirmed its very first case on 28 February in Mexico City. Since then, governments across the region – including Mexico – have taken an array of actions to protect their citizens and reduce the spread of COVID-19.
With the new coronavirus spreading rapidly across all Latin American countries, the seeming difficulty to stop the spread of coronavirus and the travel restrictions imposed by some governments in the region, it is difficult for LATAM businesses to successfully stay afloat in these times.
In the next coming months, our Latin Department will continue organizing more webinars on various topics relating to the latest government measures in battling against COVID-19 and helping our clients in Latin America steer clear of any policy uncertainty.
- InvestHK is a government department of foreign direct investment in Hong Kong, having a vision to strengthen Hong Kong’s status as the leading international business location in Asia. Its mission is to attract and retain foreign direct investment which is of strategic importance to the economic development of Hong Kong.
- COMCE is one of the main organizations dedicated to promoting foreign trade, foreign investment and the development of technology in Mexico. It has more than 50 years of experience in foreign trade promotion and represents around 2,000 exporting companies which carry out approximately 80% of total exports in Mexico.
Written by Victor Manuel Herrera, Latin Department, CW CPA
Due to the restrain of activities and mobility across the globe, more and more people are finding new ways to acquire knowledge, interact with others and get updated. CW, in its effort to innovate, is always looking for the best practices and ways to identify the best business opportunities in mainland China and Hong Kong, even in difficult times.
On 3 April 2020, with the support of the Commerce Bureau of Shenzhen Municipality, the Colombia China Chamber of Investment and Commerce, CW, taking advantage of its Latin America representative office, held the webinar “Opportunities and trends in China after Covid-19”, with special focus on Shenzhen as a hub for start-ups, technological companies and innovative projects in general. More than 1,000 companies from 14 countries, 51 cities of South America, registered for the virtual event. It was a great success, not only in terms of the size of audience but also as a platform to present the recent business trends in China to businessmen and representatives of private institutions.
Please click the following link for the video of this webinar. The same has been also been uploaded to our new Youtube channel.
Written by David Barriga, Latin Department, CW CPA
We are glad to introduce our new Spanish business advisor, Galo Rodrigo Cano, who has been on board since early April 2020.
Native of Burgos, Spain, Galo has been studying and working in China for more than 5 years. Having previously studied at Autonomous University of Madrid, Beijing Foreign Studies University and Peking University, Galo graduated from Tsinghua University with a Graduate Degree in Chinese Politics, International Relations and Foreign Policy in 2017.
Fluent in Chinese, Galo has solid experience in developing marketing strategies to cater for overseas customers in China. He worked at a relocation company in Beijing, helping expatriates to tackle the housing issues and settle in China. Also, before joining CW, he managed the event organization and corporate relationship at an international chain-branded hotel in Guangzhou.
He will be responsible for business development in the Spanish market and assisting Spanish clients in the design and implementation of business operations in China. He can be contacted by email at email@example.com.