New Staff of Company Secretarial and Audit Department
Welcome our new staff Sangita (Nepalese) and Abigail (Filipino). They are fresh graduates from the Open University of Hong Kong.
HSBC representative of Shanghai Branch Office
On 10 December 2020, a representative from the HSBC Shanghai branch visited our Shanghai office. Some colleagues of our Shanghai and Guangzhou offices attended the meeting to discuss near future cooperation for our clients in Shanghai and Southern China. CW keeps on searching for ways to improve our services to clients interested in doing business in China and partnering with international organizations, such as HSBC, in providing flexible solutions due to the current travel limitations.
Our firm’s ongoing training
The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018 became effective on 1 March 2018 in Hong Kong.
Accountants working in professional firms, lawyers, and trust or company service providers, among others, are required to conduct customer due diligence and record–keeping when they carry out particular kinds of transactions for their clients. To equip ourselves for these requirements, CW‘s professional teams received training organized by the Hong Kong Institute of Certified Public Accountants (HKICPA) in the afternoon of 4 December 2020.
A Recap of Recent Business Events in Guangzhou
- Our Business Advisor, Ms. Therese Feng, had the honor of attending the Understanding China Guangzhou Conference from 20 to 22 November, the China-Foreign Chambers Business Exchange on 25 November, and the UK Business Dialogue with the Guangzhou Municipal Government on 10 December 2020.
During the last few days, our business advisor Ms. Therese Feng had the honor of attending the following events and activities arranged in Guangzhou.
Understanding China Guangzhou Conference
20 to 22 November 2020
First rolled out in 2013, four sessions of the Understanding China Conference have been successfully held in Beijing and Guangzhou, attracting over 100 former political leaders, prominent entrepreneurs, and scholars around the world to participate. The conference provides a crucial platform to demonstrate China‘s national development strategies and for the international community to take a more in-depth, better look into the country‘s road of peaceful development as well as its domestic and foreign policies.
This year‘s Understanding China Guangzhou Conference was co-hosted by the China Institute for Innovation and Development Strategy, the Chinese People‘s Institute of Foreign Affairs, the People‘s Government of Guangdong Province, and the world reputed think tank, the 21st Century Council of the Berggruen Institute, and organized by Guangzhou Municipal People‘s Government on the theme of “Great Changes, Great Tests, Great Cooperation — China‘s New Journey of Modernization and the Community of Shared Future for Mankind“. It comprised TED talks and 10 parallel sessions themed “New Infrastructures and New Manufacturing: New Momentum of Growth and China‘s High-Quality Economic Development“, “Financial Challenges and Opportunities in China under Dual Circulation Strategy“, “Great Cooperation in Post-Pandemic Global Economy Recovery“, etc.
China-Foreign Chambers Business Exchange
25 November 2020
The China-Foreign Chambers Business Exchange was organized and supported by several foreign chambers, including the German Chamber of Commerce and domestic organizations, and was held on 25 November in Guangzhou.
The purpose of the event was to promote business exchanges. Business introduction and exchange session was presented by different organizations, including Nansha Free Trade Zone of Guangzhou.
UK Business Dialogue with the Guangzhou Municipal Government
10 December 2020
The UK Business Dialogue with the Guangzhou Municipal Government was organized by the China-Britain Business Council (CBBC) in partnership with Guangzhou Municipal Commerce Bureau, Guangzhou Financial Supervisory Authority, and Tianhe District Government. The event was held on10 December (Thursday).
The UK Business Dialogue provided a forum for CBBC members to engage the Guangzhou Municipal Government on local policy relating to trade and investment as well as the cities‘ plans for GBA integration.
In addition, CBBC members were invited to raise questions about the local business environment, and they received feedback from the relevant local government departments. Officials from the Guangzhou Municipal Government, including Guangzhou Municipal Commerce Bureau, Guangzhou Financial Supervisory Authority, and Tianhe District Government, were present to answer CBBC members’ questions.
The above three events were all successfully held in Guangzhou. As one of China’s key National Central Cities, Guangzhou is an international business center, a comprehensive transportation hub, a critical interchange along the Belt and Road, and a significant engine fueling the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
With an office in Guangzhou and as one of the few firms which have already started to plant seeds in the Greater Bay Area since 2017, CW would love to help foreign enterprises to invest in this city, offering a wide array of client-focused, tailored services of professional quality, including audit and other assurance, tax, corporate secretarial and business process outsourcing, and advisory specialisms.
Written by Therese Feng, German Desk, CW CPA
Our Top 10 Webinars in 2020
- In 2020, webinars have become our favorite tool for creating engaging digital experience and sharing knowledge with our beloved clients and friends. During the year, we have organized or co-organized a total of 34 webinars, reaching to thousands of audiences with topics such as Greater Bay Area, Start-ups, E-Commerce, Human Resources Management, Foreign Direct Investments to China, etc. In this article, our Social Media Team lists the top 10 CW webinars worth mentioning.
In 2020, webinars have become our favorite tool for creating engaging digital experience and sharing knowledge with our beloved clients and friends. During the year, we have organized or co-organized a total of 34 webinars, reaching to thousands of audiences with topics such as Greater Bay Area, Start-ups, E-Commerce, Human Resources Management, Foreign Direct Investments to China, etc.
In this article, our Social Media Team lists the top 10 CW webinars worth mentioning:
The Webinar aimed at Latin American businesses that want to learn from China’s experience in fighting COVID-19, using the example of Shenzhen.
- Shenzhen Municipal Government has provided support up to RMB 60 billion in the form of reduction and exemption, subsidies and hold-over payment, among which the financial support will exceed RMB 10 billion.
- Shenzhen was able to incorporate mobile technology, big data, and artificial intelligence into its COVID-19 response.
- In minimizing the financial impact due to COVID-19, employers must first act swiftly in adopting temporary policy to protect the safety of employees, analyze from the financial perspective how to reduce unnecessary operating costs and enhance receivables control. Lastly, businesses should re-think their business models from a long term perspective and start adopting a digital strategy.
2. As China returns to work, is it business as usual? Lessons learned.
In this webinar, we gathered a group of panelists to share the lessons the world can learn from China after lifting their lockdown, reopening their economy and business is back to “Normalcy”.
Co-organizer: US-Mexico Chamber of Commerce California Chapter
- Official China forecasts of 2020 and 2021, GDP, Imports, Exports, FDI
- Estimate of when the economy will go back to normal
- How was the process to get the business reopened? Was it by region? By Industry? By relevance?
- US-China Trade Relations after COVID-19
- Recommendations for small and mid-sized companies in Mexico and the US as to what to do and not to do to make made things easier throughout the “stay home” order
- Major legislative changes in the US anticipated as a consequences of the COVID-19
- What business opportunities will the USA and Mexico have with China in the aftermath
The Greater Bay Area only accounts for 0.6% of China’s land and 5% of the population, yet it accounts for 12% of the country’s GDP. Hence, the average GDP per capita is more than double the China average. How can Australian SMEs get involved?
Co-organizer: Australia China SME Association
- The development of the Greater Bay Area is a high priority for China and creates unique opportunities for foreign investors and entrepreneurs seeking a single and attractive market entry point.
- There are over 70 million people living in the 11 cities which make up the GBA, a number which is expected to double in the next 20 years. This creates a vast market for the distribution of relevant products and services.
- Connectivity and Convenience are the two buzz words – new roads, bridges, high speed railways and 5G infrastructure will create an exciting hub of economic activity.
- It’s now easier and faster to set up foreign companies in the GBA – foreign companies can get up and running within a week.
4. Revisiting China’s New Foreign Investment Law and its impact on foreign SMEs
On 1 January, the China’s Foreign Investment Law and its Implementation Regulations officially came into force, providing a legal guarantee for continuously optimizing the foreign investment environment and promoting a higher level of opening-up. This Webinar organized exclusively for a group of entrepreneurs in Zhuhai talked about several practical issues in setting up a business in China under the new law.
- What happened to the existing WFOEs and JVs?
- How to form a private company with a Chinese partner now?
- What is a Negative List? How does it affect your existing business or the business you are going to set up?
- What is the difference between “Approval” and “Record Filing”?
CW CPA combined forces with their partners Hewlett Rand and InvestHK to host a thought-provoking online event for business leaders across the Greater Bay Area during August. The event considered how HR & Training can support their business transformation and change to bounce back through the Covid–19 pandemic, as employees continue to return to their workplace and employers continue to navigate the ongoing pandemic.
Co-organizers: Hewlett Rand, InvestHK
The 5 key areas where HR & Training teams can help their organizations to rebuild, re-engage and upskill teams:
In this webinar, we discussed how the cross-border e-commerce business in China is booming and introduce a new cross-border e-commerce platform to Latin American companies – China Travel Bus Mall.
Co-organizers: Colombian Chinese Investment and Commerce Chamber
- China’s cross-border e-commerce presents a new way for Latin American brands to test the China market. China’s online retail market is larger than the next 10 markets combined.
- There is a rapid increase on the demand of travelling frequency over the Government initiative of Greater Bay Area and the mobility involved 70 million population. Currently, the traveler frequency is over 3 million monthly that using CTS bus services travel between HK and China.
- Introduction to CTS Bus Mall, a CROSS-BORDER platform that supported by Stated Owned Enterprises catering on-line retail; marketing; customer service; logistics and clearance from customs.
This Webinar is part of the round table discussion series organized by the Pacific Basin Economic Council.
Co-organizers: Pacific Basin Economic Council (PBEC)
- The 11 cities in the Greater Bay Area have their unique advantages. Each city has its vision, mission and value. We should focus more on corporate strategies and general management for better integration between cities.
- Most of the Latin American economies have a trade deficit with China by exporting raw materials and foods. The way to expand trade with China will be extending product catalogues like products related to the digital economy, financial services and research development, which suit the needs of GBA as the area specifies in developing these industries.
- During the pandemic, many companies in Latin America have turned their business to online platforms. They would like to explore China’s market through Hong Kong. Therefore, it is a good way to invest in the GBA for firms from Latin America that would like to enter China’s market by trading with the GBA.
- Countries cannot rely too much on the supply chain in China. Supply chain diversification is needed for a more stable supply for the world.
Recent discussions about e-commerce have gained more visibility due to the current economic and social scenario caused by the pandemic. Many companies are turning to digitalization to increase their revenue and to save their businesses. In this sense, we prepared this webinar focusing on the advantages of using Hong Kong as a leverage on the digitalization process of companies and providing some tips for establishing a successful e-commerce.
Co-organizers: InvestHK, Chinese Chamber of Commerce of Brazil
- An overview of Hong Kong’s attractive business environment, with a specific focus on the city’s current economic and social situation.
- The relief measures undertaken by the HK Government to support the economy and businesses during the pandemic.
- The opportunities in HK arising from digitalization across different sectors, such as B2C, B2B, E-Commerce, etc.
This webinar is an educational workshop that provides guidance on how to operate a Hong Kong company in a compliant manner. We discussed issues such as filing annual return, how to prepare the accounting books and get ready for the annual audit & tax filing.
- Annual compliance for a Hong Kong Limited Company
- How to keep business records
In 2020, our firm has placed quite a strong emphasis on promoting the startup ecosystem in Hong Kong. In this webinar, we have assembled an amazing panel with high-level speakers sharing their view on Brazilian start-ups can be better prepared for the Asian markets.
Co-organizers: Cyberport, InvestHK, LIDE China, Arena Hub, Raja Valley, Chinese Chamber of Commerce of Brazil
- How start-ups are performing in Brazil?
- What challenges are Brazilian start-ups facing during their internationalization process?
- What are the expectations from Asian investors?
- How can Brazilian start-ups be better prepared to tap into the Asian markets?
After reviewing our Top 10 list, do you find any other topics interesting to explore in upcoming year? We would love to hear from you.
Written by Delilah Li, China Consultancy Team, CW CPA
A Visit to CBBC Shanghai Office
On 10 November 2020, our Business Advisor, Therese Feng together with our Shanghai colleagues, Kathy Wang and Marant Caballero paid a visit to China-Britain Business Council (CBBC) Shanghai Office and had a fruitful meeting with Mr. Weifeng Ma (Director of East China) and Mr. Nicolas Zhai (Director of China Member Programmes and Events) of CBBC. During the meeting, both parties exchanged ideas and planned how to cooperate in the future, hoping to build a good long-term relationship.
As part of the strategic plan of Allinial Global to continue growing and helping more and more accounting firms around the world, the association has appointed a new President and CEO, Mr. Mark Koziel. Mark has broad experience with firms not only in North America, but also has experience with an important number of companies in Latin America and Hong Kong.
In the interview done by International Accounting Bulleting, Mark shared how Allinial Global can bring multiple benefits to accounting firms all over the world, mainly by sharing resources, network, innovation and knowledge to the members, as being the second biggest association in the world, with still a high potential in the industry to continue growing.
Some of the challenges and opportunities Mark foresees in this endeavor is to bring more innovation to the accounting industry, especially with the covid-19 situation, when more and more firms are facing virtual auditing and the development of new accounting and audit software.
Find out more about his work bringing the firms of Allinial Global together in the interview done by International Accounting Bulleting, download the interview here!
The content and copyright of this interview belongs to International Accounting Bulletin.
International Accounting Bulletin is the only global magazine covering professional services. Focusing on business issues affecting accounting firms, networks and associations, it is a trusted source for leading accounting news, as well as vital data and analysis provided by its survey features.
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
Stepping into CW CPA’s Hong Kong office as an undergraduate student in Psychology, I was essentially a blank slate diving into the business world characterized by intricate complexity. I was bombarded with mixed feelings on my first day of work: fear, because of uncertainties and self-doubt in whether I can fulfill my responsibilities to the fullest; excitement, because it was my first day as a business development intern; and immense gratitude, for Mr. Thomas Wong, Partner of CW CPA, has invested much in developing youngsters and took me in despite the difficult pandemic circumstances that got a lot of internships cancelled.
In an increasingly globalized world, multiculturalism has become the norm. I was allocated to the Latin Department, a signature department showcasing CW CPA’s key strengths and unprecedented breakthroughs. Having understood the diverse backgrounds of my Spanish and Portuguese-speaking colleagues, I was determined to excel and contribute in a multicultural setting. Sitting right between Latin American colleagues and Chinese colleagues, the unique work dynamics were surprisingly reminiscent of my time as a student in University College London, for everyone was friendly and so welcoming that we even established an eat-out lunch routine!
My first impression of Mr. Wong was that he is an amazing, all-rounded role model. As the leader of this company, he is not only a respectful, forward-thinking businessman who firmly commits himself to do business in the spirit of friendship, but also an amazing athlete who runs to freshen up the mind every morning. Upon my arrival with other interns on the first day, he showed us to his room and gave us a life lesson: to navigate the business world or any other field, it is pivotal to have patience and always prioritize health and family no matter the circumstances. To me, he is not only the “boss” that hundreds and thousands of staff and clients rely on, but also a mentor in life with great depth in character.
Contrary to preconceived notions, I found myself especially engaged and reflective during company meetings. This is partially due to the fast-paced and transregional nature of the meetings, which are essentially virtual conferences between colleagues in Hong Kong, mainland China, Spain, the US, and more. The division of labour, technological expertise and level of international cooperation taken to expand client’s’ businesses, enabled by advanced technological systems, truly transcends geographical boundaries. On top of this, during the course of discussion, Mr. Wong would always convey substantial take-home messages as a penny for thought, adding a splash of colour to a typical day at the firm.
During my stay at the firm, I was intellectually stimulated and continuously challenged. Not only have I gained holistic insight into the firm’s operation, I also had the opportunity to oversee and engage in specific advisory, consultancy and implementation processes involved in assisting clients from Latin America and Spain to expand their businesses to Greater China. Additionally, I polished my existing skill sets and learned about diversified strategies crucial for an effective multimedia marketing approach, as was given a chance to develop the firm’s newsletter content and webinar materials.
CW CPA is not just my stepping-stone. Working in a multicultural, people-oriented environment has fostered a global perspective and an open mind in me, as I have experienced firsthand how cultures prepared to listen, to see, to dialogue, and accept each other with great appreciation and sensitivity. It also served as an important reminder which I shall apply on my future endeavours: Under the ever-changing global landscape, businesses are no longer just about the numbers or the money. Instead, it is fundamentally based on a culture of collective respect, which relies on our inherent capacity for human trust, relationships, and even more, connections.
Written by Eugenia Kam (worked as an intern in June 2020), 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