A heart without dreams is like a bird without feathers. My Latin American dream took off 15 years ago and it has been actualised to the fullest potential and beyond. I still remember how the idea started simply with the jazzy tunes of Latin American guitarist Carlos Santana and the book “Blue Ocean Strategy”, which inspired me to create and open up an uncontested new market space.
In this new age of information-seeking paradigms, globalisation is the norm. As Latin American small and medium-sized enterprises are encouraged to participate in the global industrial chain, our Latin department has strived to sustain high-quality advisory and audit services in the midst of ever-changing global landscape. Our growing multicultural team with expert advisors from Mexico, Panama, Colombia, Brazil and Spain has become our key strength, as people are always the fundamental differentiating asset in the market.
In the last years, our team of experts have helped hundreds of Latin American companies to expand their business to Hong Kong and subsequently mainland China, successfully striking a balance between service quality and the geographic dispersion of service activities. Up till now, more than 200 of our firm’s clients are Latin American and European clients who trust me very much. Doing business with Latin America is no less challenging than when I embarked on the Latin journey 15 years ago.
Under the new growth model driven by innovation and domestic consumption, the business relationship between mainland China and Latin America has ushered in a new era. I have firmly committed to the philosophy of doing business in the spirit of friendship. We established an extensive network of Latin American and Spanish contacts around the world. There are various institutions in the network, including consulates, Trade promotion offices, chambers of commerce, banks, law firms, etc..
2020 has been a year of significant economic, social and environmental challenges. Our overseas business has grown steadily in mainland China despite the occurrence of COVID-19, social distancing and travel restrictions. Looking ahead, it is high time our firm had the courage to take a daring lead and turn a threat into an opportunity. With many countries imposing travel restrictions, we are helping Latin American clients to perform administrative functions in China, eliminating their need to fly here physically. Our Latin Department will continue organizing webinars on various topics relating to the latest government measures in battling against COVID-19. As a strong advocate of the Greater Bay Area concept, I will also help our clients in Latin America and Spain to take advantage of the GBA initiatives. I believe the Greater Bay Area will act as an ideal gateway for overseas clients looking to expand their businesses into the mainland China.
Come whatever kind of weather, come the stormy days along. With our dedicated team of Latin and Chinese professionals, we soldier on.
Written by Mr. Thomas Wong, Partner of CW CPA
Since 2012, Project WeCan has organised Job Tasting Programme for secondary school students. The Job Tasting Programme allows students to work in sizable companies during summer vacation. Students are required to go through normal application procedures and are assigned to mentors in their respective work places.
CW CPA is one of the Corporate Partners of Project WeCan and has been supporting Project WeCan in their programmes including this Job Tasting Programme.
This year, because of the COVID-19, the internship with our company was done in a virtual way. A panel interview via Zoom was arranged on 10 June 2020 and two webinars via Zoom were held on 10 August 2020 (Day 1) and 12 August 2020 (Day 2).
During the Day 1 webinar, our Partner, Mr. Thomas Wong, besides telling the students about himself and our firm, has also talked to the students on the Greater Bay Area. On Day 2, Mr. Ray To, our Senior Manager from the Audit Department, gave a talk to the students on Accounting and Audit industry. The daily routines, job duties and career path, etc. of the industry were shared in the webinar. We hope, the 2 webinars can provide some basic ideas of the Accounting and Audit industry to the participating students; and can be a reference to their future studies and career development.
Written by Mandy Lau, Administration Department, CW CPA
Marant Caballero – CW’s recently relocated Mexican advisor in Shanghai
Before joining the Latin Department team, Marant Caballero studied at Fudan University in Shanghai, from which he obtained a business certificate in international business. After his graduation, he moved to Shenzhen, where he worked in the retail division of a large e-commerce company, focusing on Spanish-speaking markets (Latin America and Spain) and developed different sales and marketing strategies through social media. As a native Spanish speaker from Mexico, Marant Caballero joined CW team in 2017 in our Shenzhen office as Latin Department business advisor and focused on marketing and sales.
After joining our Latin Department, Marant has guided several Latin American clients through their market entry process into Greater China, from pre-entry assessment to corporate establishment, and ongoing support working closely our tax, accounting and payroll professionals.
With CW’s Shanghai office recently relocated, Marant has made the decision to represent our Latin Department in Shanghai in order to deepen CW’s commercial activities in the Yangtze River Delta, one of the most developed business clusters in China. CW’s Shanghai office now consists of a team of accounting and payroll consultants serving a handful of international clients headquartered in Latin America, United States, France, United Kingdom etc. Marant is excited to join our Shanghai team and plans to fully exercise his marketing expertise to help CW gain a stronger foothold in Shanghai.
If you wish to seek for cooperation with our Shanghai team, please do not hesitate to contact Marant Caballero at the following email: firstname.lastname@example.org.
Written by Marant Caballero, Latin Department, CW CPA
Established in October 2019, the Portugal-Hong Kong Chamber of Commerce and Industry (“PHKCCI”) is a non-profit private organization that aims to promote trade, economics and cultural relations between Portugal and Hong Kong, providing a platform for companies and individuals to learn more about Portugal and Hong Kong and to find new business opportunities.
CW CPA is proud to be invited as a Supporting Member of the PHKCCI and was graced by the visit of Goncalo Frey Ramos, Vice President of PHKCCI in early 2020, sharing with the PHKCCI the objective of encouraging business cooperation between Portugal and Hong Kong.
On 18 June 2020, the PHKCCI organized the webinar “Hong Kong and Portugal: Access to Third Markets – to the Greater Bay Area and Portuguese Speaking Countries” chaired by Bernardo Mendia, President of the PHKCCI. Kemelly Vera, Advisor of CW CPA, and Luis Bravo, Director of Bison Bank, were invited as speakers. They highlighted the benefits of doing business in Hong Kong and Portugal.
Following the webinar, Bernardo Mendia was interviewed by China’s largest news agency, Xinhua News Agency, and published in its Portuguese version, acknowledging the integration of Guangdong-Hong Kong-Macau Greater Bay Area (GBA) would bring opportunities and advantages for foreign companies in Hong Kong.
“For foreign companies, entering Hong Kong will mean entering in nine Chinese mega-cities and the Macao Special Administrative Region simultaneously,” said Bernardo. “The greater the integration of the region, the greater the advantages for entrepreneurs.”
Bernardo also mentioned, during the interview, that both Portugal and Hong Kong are gateways to large markets with common advantages such as legal, fiscal and financial regimes that are friendly to foreign investment, a broad command of the English language by their citizens, good transport and telecommunications, freedom of capital flow and qualified human resources. These factors attract entrepreneurs to develop their business in both places.
Bernardo hopes that companies in Portugal and Hong Kong will look for business complementarities and establish partnerships with mutual gains to build the necessary trust for lasting cooperation.
Interview article published in Xinhua Portuguese: http://portuguese.xinhuanet.com/2020-06/26/c_139168842.htm
Link to the webinar (in English): https://www.youtube.com/watch?v=8twnj5AOSrw
(If you wish to join the PHKCCI, please contact Kemelly Vera by email at email@example.com.)
Written by Ivo Pang, Intern of Latin Department, CW CPA
The Society of Accountancy, Student Union of The Chinese University of Hong Kong (CUSA) is a student organization representing over 650 undergraduates majoring in the Professional Accountancy Programme (PACC) at the Chinese University of Hong Kong.
Five members of CUSA Hilbert LEUNG, Wendy KONG, Angela LAM, Mandy CHAN, Cynthia YUEN and Victoria TSEUNG, visited our office on 19 June 2020. They have done a presentation to introduce their Society and brought us a souvenir. Our partner, Mr. Thomas Wong, shared his experience, opinion, and suggestions with the students during their visit.
Written by Mandy Lau, Administration Department, CW CPA
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
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
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