Advances in technology and communications have made international trade more achievable for many businesses.
Exporting is now an enticing and achievable option for firms looking to expand but each new territory has its own idiosyncrasies that businesses need to be aware of.
Through its connections with BKR International, a global association of independent accounting and business advisers with more than 500 offices in 80 countries, Cassons was able to help a long-standing client set up a company in Hong Kong.
The business was a group of companies based in Burnley. The manufacturer had contacts in China but needed to establish a presence there to enable them to trade within the country.
Through BKR, Cassons was able to get in touch with its BKR contact, Tommy Chan, from the East Asia Sentinel Group in Hong Kong, who was then able to help the client meet its legal and financial obligations, including registering for tax and VAT there. They also advised the company to set up a bank account in Hong Kong. Thanks to Tommy all the company’s questions were answered and it was able to set up quickly and efficiently.
Cassons liaised with the client’s Hong Kong business to receive year-end accounts and tax information to enable it to consolidate the figures into the group accounts in the UK, ensuring compliance both in the UK and Hong Kong.
Nick Stockton, senior audit partner at Cassons, part of the Baldwins Group, said: “It’s great to have personal contacts at BKR who are able to guide us through the respective processes in different countries.
“It means that it is much simpler and quicker for us to obtain the on the ground information that the client needs.”
Read the article in the Lancashire Business View