tmf group - building bridges to china: part 1
DESCRIPTION
1. Introductory Remarks 2. Establishing a Foothold in China – Success Stories 3. Corporate Establishment and the Chinese Legal EnvironmentTRANSCRIPT
1
Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China
Jochum S. Haakma
Global Director of Business Development, TMF Group
PART 1
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China
Jochum S. Haakma
Global Director of Business Development, TMF Group
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China
Kieran Desmond
Regional Director, UK, Ireland & Channel Islands, TMF Group
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
ChinaThe Hangzhou Bay Bridge
Costing $1.7bn, the S-shaped 36km-long Hangzhou Bay Bridge is the longest ocean-crossing bridge in the world. It shortens the journey between Shanghai and Ningbo by 75km
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
ChinaEstablishing a Foothold in China Outsourcing Success Stories
Kieran DesmondRegional Director
TMF Group
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China
Setting up and supporting your foreign entities
Our Corporate Services
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China TMF Group’s Global Reach
Netherlands, Belgium, Luxembourg, United Kingdom, Jersey, Guernsey, Ireland, Germany, Liechtenstein, Denmark, Sweden, Finland, Norway, France, Switzerland, Italy, Spain, Malta, Austria, Poland, Czech Republic, Slovakia, Hungary, Slovenia, Bulgaria, Croatia, Romania, Serbia, Ukraine, Russia, Kazakhstan, Turkey, Cyprus, Israel, United Arab Emirates, Mauritius, South Africa, Venezuela, Colombia, Brazil, Ecuador, Peru, Bolivia, Chile, Paraguay, Argentina, Uruguay, Mexico, Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Dominican Republic, Canada, United States, Aruba, Bonaire, Curaçao, British Virgin Islands, Cayman Islands, Jamaica, Bermuda, China, Hong Kong, Japan, Thailand, Singapore, Philippines, Vietnam, Malaysia, Labuan, Taiwan, India, Australia, New Zealand, Samoa.
100 Offices – 75 Countries
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
ChinaSample of our Global Clients
35,000 clients including over 50% of of Fortune 500 & FTSE 250 companies
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China
TMF Expansion Plan in China
TMF Group’s Competitive Advantages
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
ChinaTMF Group – what makes us unique?
ONE Firm – solely focused on helping clients do business internationally Global Reach - more than 100 offices in over 75 countries Independent – a wider range of services for clients, including offering local
directors or managing bank accounts and local payments
Helping business to seamlessly operate across borders
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China
Provide expert local delivery and central control of all accounting, corporate secretarial and HR processes to ensure your business is fully compliant wherever you are doing business
Enable you to accelerate and control your global expansion by leveraging our corporate platform with minimum start-up investment
Transparency of your global accounting and corporate data
Reduce RiskReduce Risk
Reduce local corporate compliance, finance and administration costs Reduce the risks of late filings and so avoid penalties and interest payments Consolidate service providers to give better value for money Completeness of worldwide bookkeeping and reporting can reduce audit fees
Control CostsControl Costs
One provider for all countries where you are operating Single point of contact so all communications are efficient and co-ordinated Provide consistent and robust accounting and reporting across the world Consolidated reporting on all entities - a clear view of your global performance Enable your management team to focus on your core business Single global contract and billing arrangements
Simplify OperationsSimplify Operations
How We Help Clients
3 drivers to help our clients succeed globally
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China
Global reach We have more than 100 offices in over 75 jurisdictions worldwide and we can offer our services in the countries where you operate
Local delivery Services from in-country specialists with in-depth knowledge of local rules and
regulations, understand local practice from different cities Close working relationship with local government authorities in different cities To capture practical variations from different cities in China by China network, KPO
Central coordination As a true group (not a franchise), TMF is able to provide central
coordination, allowing for control and visibility, with a single pointof contact
Full scope TMF Group provides a comprehensive range of corporate administrative outsourcing services, including financial, legal, and HR administrative services
No conflicts As an independent services provider, TMF Group can provide the full scope of corporate administrative services, and can work with any bank or advisor of the clients’ choice
Track record Excellent client ratings and retention
TMF compliance TMF Group adheres to strict internal and external compliance procedures Client Acceptance and KYC procedures supervised by the Group Compliance
Center
TMF Group Competitive Advantages
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
ChinaCase Study – Controlling Client Spend
TMF saves client up to 25% on outsourced global bookkeeping as it expands
Our client provides analytical studies on sales for retailers
The firm operates in 22 countries around the world, employing local admin staff
How we helped TMF Group reviewed the costs of outsourcing its back office functions
This saved the client over 20% of its costs
TMF Group now manages 40 countries in total for the firm
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
ChinaCase Study – Simplifying Operations
TMF takes over the complexities of administration and compliance for an international fund client
Our client manages real estate funds for retail, office and private properties in Europe
This necessitated the need to create numerous fund holding, asset and management entities across multiple territories, compliant with varying regulations
How we helped TMF’s international teams took over the bookkeeping, accounts preparation,
consolidated accounts, VAT and tax compliance work, with a single point of contact
This enabled the client to cut its back-office admin headcount and to reduce the costs and inefficiencies of having multiple service providers
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
ChinaCase Study – Simplifying HR Compliance
TMF ensures international compliance on staff hiring and salary payments for global media group
Our client is a global media company with over 9,000 staff in 108 territories
This required a complex understanding of the local rules and obligations in each country, and careful co-ordination of payroll management
How we helped TMF took over all processes and payments through the client’s SAP accounting
system, with all approvals managed online
This gave the client clarity and control over its HR processes, as well as assurance that it is fully compliant in all countries
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
ChinaCase Study – Reducing Service Providers
Our global Corporate Secretarial service consolidates an insurer’s service providers – giving transparency and lower headcount
Our insurance client is expanding its business globally, growing the number of legal entities from three to 50 within two years
The firm was using multiple service providers, external lawyers and in-house staff to track entities, filing obligations, directors, shareholders and certification
How we helped TMF’s corporate secretarial teams took over all legal administration, with a single
point-of-contact, including implementing an internet-based database of all records
This enabled the client to reduce the number of service providers down to one, control its in-house legal staff headcount and improve local compliance
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Building Bridges to
China
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Building Bridges to
ChinaCase Study – Compliance for the Last Mile
TMF local offices and experts in accounting and statutory reporting take care of client’s shared service center ‘last mile’
Our client is a global drinks manufacturer with a shared service centre for account transaction processing and closing books in 16 countries
In consolidating finance into a single centre, the firm had lost the local knowledge and resource to report in each territory – the ‘last mile’
How we helped TMF’s offices, linked to the client’s SAP system, were able to take on local accounts
conversion, annual statutory reporting, VAT and CIT filings
This meant the client did not have to manage multiple service providers, worry about co-ordination or the quality of local compliance
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
ChinaCase Study – Accelerating Client Growth
Our client is a successful domestic provider of facilities management services
In 2010 the firm was invited to pitch for a global contract with an existing customer, but it had no foreign corporate structures or employees to fulfil the opportunity
How we helped TMF’s global office and expert platform enables the client to set up and close down
local branches as its customer demands
This gives our client the flexibility to expand (or contract) with limited risk or spend
TMF now provides local accounting, consolidated reporting and payroll services
Client uses TMF’s global platform to accelerate its growth and reduce the risks of international expansion
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Building Bridges to
China
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Building Bridges to
China
Outsourcing:
Why it is such a key strategy for expanding to China?
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Building Bridges to
China
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Building Bridges to
China The Chinese Challenges
1. Business Risks
3. Control & Expense
2. Regulatory Burden
China is booming, but presents serious challenges for local and foreign businesses
The distractions of managing the above risks and burdens Gaining transparency on business performance Ensuring all policies and procedures are consistently applied Expense and risk of investing in a local accounting and
administrative workforce
Rising employment costs and business inflation Increasing competition Human resources constraints – hiring and retention
Understanding the state and 33 regions’ varying rules Selecting the right investment structures Business license applications and delays Complex tax regime with risks of excessive liabilities Convoluted customs clearance and trade regulations
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Building Bridges to
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Building Bridges to
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Corporate presentation
Some key findings from the China Business Report (2011-12) conducted by AmCham in Shanghai …
78% of companies surveyed report they are “very profitable”
80% of companies surveyed report revenue growth in 2011 over 2010
51% of companies surveyed state their operating margins improved
67% of companies surveyed report their China revenue growth is higher than
revenue growth generated worldwide
Top 3 business challenges: (1) costs (2) human resources & (3) competition
No significant improvement in legal and regulatory barriers - 71% said either staying
the same or deteriorating.
China
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Building Bridges to
China
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Building Bridges to
China
Corporate presentation
China: Market Challenges (AmCham Business Report 2012)
Top Business Challenges:
1. Rising Costs
2. HR Constraints
3. Increasing competition
Top Regulatory/Legal Challenges:
1. Bureaucracy
2. Unclear regulatory environment
3. Lack of government transparency
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
ChinaChallenges for Foreign Companies in China
CEIBS Survey 2012
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China
TMF Expansion Plan in China
TMF competitive advantages
Outsourcing:WWWWH
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Building Bridges to
China
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Building Bridges to
ChinaReasons to Outsource
Reduce and control operating costs Improve company focus Gain access to world-class capabilities Free internal resources for other purposes Resources are not available internally Accelerate reengineering benefits Function difficult to manage/out of control Improve efficiency of allocating scarce capital Mitigate/ share risks
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Building Bridges to
China
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Building Bridges to
ChinaEvaluating Outsourcing Services?
Client Requirement
Individual Advisor’s Capabilities
Market Experience of Firm or Individual Advisor
Firm’s Capabilities
Specialist skills Technical know-how
Market know-how Solutions know-how
Intellectual horsepower
Independence, creative thinking and problem solving
Facilitation and communication
Information and analysis
Execution and implementation
Speed Energy and momentum
Road map
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Building Bridges to
China
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Building Bridges to
ChinaFactors that Support Successful Outsourcing
Alignment with your company’s goals and objectives Clear outsourcing strategy and implementation plan Selecting the right outsourcing partner Ongoing management of the outsourcing relationship – use a
scorecard Properly structured contracts Open communication with any affected internal staff Senior executive support and involvement Near term financial justification
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Building Bridges to
China
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Building Bridges to
ChinaChoosing an Outsourcing Partner
Capabilities – differentiation from competitors, specialist skills Commitment to quality and service Competitive pricing - highest delivered value References/reputation - client list Responsiveness, flexibility Flexible contract terms Scope of resources Real value-added capabilities Cultural match Existing relationship Location, geographic footprint, size
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Building Bridges to
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Building Bridges to
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Professional Services Outsourcing in China
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Building Bridges to
China
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Building Bridges to
ChinaChinese Government’s1000-100-10 Project
In 2006, the Chinese government announced the 1,000-100-10 project whereby it aimed to create/attract 1,000 local Chinese outsourcing companies, 100 world-class outsourcing companies and to establish 10 key cities as the location of choice for the outsourcing industry.
The results rapidly exceeded expectations….. In February 2009, the Chinese government designated 21 "Service
Outsourcing Model Cities” and each of the cities implemented a range of policy measures to promote the local service outsourcing industry.
The balance between manufacturing and services activities in China will shift gradually from 60/40 to 40/60.
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Building Bridges to
ChinaChinese Cities - Industry Focus
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China
About China & TMF China
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Building Bridges to
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Building Bridges to
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For each of the last fifteen years China has been the recipient of between USD 65 – USD 110 billion per year in foreign investment.
China invested nothing in Brazil in 2009, but by 2010 was the largest foreign investor with over USD 20 billion in foreign investments
Retail sales across the country increased by 14% last year as the market shifts to a focus on internal consumption. TMF is at the heart of this growth, helping retailers to accelerate their store opening programs across the country
China: 15 Years+ of Rapid Growth
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Building Bridges to
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Building Bridges to
China
China is now the world’s second largest economy, having overtaken Japan recently
Every quarter the growth in China exceeds the annual GDP of Greece, and every year the GDP of Spain
The country has experienced almost two decades of economic growth exceeding 10% per annum
Chinese growth is expected to be around 7% in 2012. Growth in central and western China continues to race ahead in double-digit figures
In the coming years the Chinese economy will become the world’s largest, overtaking the USA.
China: 15 Years+ of Rapid Growth
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Building Bridges to
China
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Building Bridges to
China
TMF’s Core Services Offering in China
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Building Bridges to
China
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Building Bridges to
China
Administration Transaction-Based Services Value Added Services
Bookkeeping, Accounting & Reporting
Preparation of voucher and processing of accounting data
Bookkeeping and Reporting Disbursement processing Tax filing and payment Tax invoicing process
Group reporting, IFRS / USGAAP vs PRC GAAP
Internal Control – Implementation / Ongoing review and maintenance
SOX compliance Pre-IPO accounting support Inventory count – Cycle or Annual Provision of interim accountant or
account manager
Corporate Secretarial & Legal Administration Support
Incorporation / Deregistration Administration for change of
company particulars Annual filing / Annual examination
Company restructuring Health check for completeness,
timeliness and correctness Ongoing maintenance of statutory
records and information in TMF database
Provision of interim / nominated legal representative / director/supervisor
Human Resources & Payroll Services
Payroll calculation Individual IIT filing Work Permit and Visa application
Social security administration Recruitment Training Staff Performance / Retention Assessment and Development
The Core Service Offerings in China
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Building Bridges to
China
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Building Bridges to
ChinaLabour Leasing/ Nominee Employer Services
Nominee Employer services enables our clients to enter new markets quickly and/or to operate in a specific market without the administrative/compliance burden of maintaining their own local entity.
Employer without establishment (Europe) - registering the client’s foreign client entity as a local/in-country employer, whereby TMF carries out the registration and the ongoing payroll for the local employees. Focus on tax considerations.
Special Purpose Company acting as employer - In certain countries, the SPE will need to obtain a license for the provision of nominee employer services. Indemnification required for TMF.
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Building Bridges to
China
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Building Bridges to
ChinaTrade Support Services – Hong Kong
Order Processing Capture data from client systems and process purchase orders
Shipping Arrange shipping and check letters of credit Liaise with Hong Kong bankers to transfer letters of credit to manufacturers Deliver samples to clients and arrange factory visits Arrange import / export declarations with Customs and Excise
Documentation and Back-office Support Prepare documentation for bills of ladings, documentation required for letters of credit,
and follow-up documents post-shipment Communicate with manufacturers, report net proceeds upon completion of
transactions, and move funds according to instructions
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Building Bridges to
China
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Building Bridges to
China
95% of TMF's clients in China are global corporations and foreign investors coming into China. They include manufacturers, and companies involved in retail, commodities, energy, transport, and IT and communications.
“Many companies were initially attracted to China as a low-cost manufacturing base and a place to grow B2B services. However, as China's economy matures and its population becomes more prosperous, they now find they have the world's largest consumer society on their doorstep. “Whichever way you look at it, it's a winner.” - Ernest Wong, MD TMF China
Who are TMF China’s Clients?
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Building Bridges to
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Building Bridges to
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TMF Group’s Expansion Plans in China
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Building Bridges to
China
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Building Bridges to
ChinaTMF China in 2009
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Building Bridges to
China
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Building Bridges to
ChinaTMF China in 2011–2012
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Building Bridges to
China
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Building Bridges to
ChinaTMF China in 2013 - 2014
We have been helping businesses succeed in China since 2005
Ten offices today, expanding to 25 by 2014
Our SSC in Chengdu provides low-cost processing for clients
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Building Bridges to
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Building Bridges to
China
Dalian
Shanghai
Tianjin
Beijing
Guangzhou
Hong Kong
Chengdu Chongqi
ngWuhan
Shenyang
Xiamen
Xi’an
Suzhou
TMF China in 2014
Shenzhen
Qingdao
Harbin
Fuzhou
Zhengzhou
Hefei
Changsha
Ningbo Hangzhou
Wuxi
Nanjing
Jinan
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Building Bridges to
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Building Bridges to
China
Now
Hong Kong Beijing Shanghai Tianjin Qingdao Chengdu (SSC) Chongqing Guangzhou Shenzhen Shenyang Wuhan
2013/4
Dalian (SSC) Suzhou Jinan Harbin Nanjing Wuxi Ningbo Xiamen Fuzhou Hangzhou Changsha Hefei Zhengzhou Xi’an
By end-2014
25 offices in China
Over 700 employees
2 Shared Services Centres (SSC):- Chengdu- Dalian
TMF Group’s Expansion Plans in China
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Building Bridges to
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Building Bridges to
ChinaFocus on Chengdu
Capital of Sichuan, 14m people growing by 15% annually. Home of the Panda
150,000 Foxconn employees built more than 40m iPads in Chengdu last year
51 colleges and universities in the city, with almost 600,000 students on campus and 120,000 graduates every year
Currently 100+ employees in Chengdu and growing fast
Chengdu will be the primary hub for TMF China’s 25 offices in 2014/5
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Building Bridges to
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Building Bridges to
ChinaChengdu SCC and its Satellite Offices
Initially, a typical satellite office consists of small office with a meeting room, supported by a local Client Relationship/Compliance Manager and a Business Development Manager, plus two or three additional staff.
Each satellite office also has a dedicated team of 10 or more staff in the SCC who perform the actual client work, which is coordinated by the Relationship Manager.
How the SCC and satellite offices work together
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Building Bridges to
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Building Bridges to
China
Management by global business line
Global client account management
Management by country and region
Common software platforms
Performance management controls
How TMF Group Integrates its Global Service Offerings
MA
TR
IX M
AN
AG
EM
EN
T
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Building Bridges to
China
28 September 2012 - Chester Beatty Library
Building Bridges to
China China Summary
TMF China understands the regulatory burden and business risks of expanding in China
Our impressive reach across the country is growing fast
Our local knowledge and global reach means simplified operations for you
A single point of contact from anywhere in the world gives you control and transparency
We can help you succeed in China
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Building Bridges to
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Building Bridges to
China
China Case Studies
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Building Bridges to
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Building Bridges to
China China Case Study 1
Our North American client, a global retailer, for which we have been providing outsourced accounting and payroll services for many years across the world.
In 2010, they launched an aggressive organic expansion plan into mainland China, launching from their Hong Kong base.
How we helped
TMF’s offices around the country were able to quickly register the retailer with all the relevant provinces’ tax authorities prior to the set-up of local shops, and ensure their business was authorized to employee local staff.
This meant our client was able to focus on store openings and securing their supply chain without the burden of regional administrative tasks.
North American branded retailer launches multiple Chinese stores
Accelerating Client Growth
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Building Bridges to
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Building Bridges to
China China Case Study 2
Brazilian manufacturer establishes Chinese production JVs
Our Brazilian client is an automotive parts manufacturer.
In 2011 it struck a JV agreement with a Chinese manufacturer to produce local parts for the Brazilian company’s expanding car retailer customer.
How we helped
TMF took on the set-up of the local Representative Office, providing corporate secretarial support in Shanghai.
We helped with import and service license applications.
In addition, we managed the hiring and administration of the small local workforce, including Brazilian expatriates.
Controlling Client Spend
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Building Bridges to
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Building Bridges to
China China Case Study 3
Industrial company restructures China operations
A global industrial client with numerous plants in China was reorganizing to take advantage of new investment incentives in one of the many Chinese free trade zones.
This included restructuring more than 80 legal entities in mainland China.
How we helped
TMF’s local experts helped review the entire structure, including holding, WFOE, JV and RO entities.
They were able to then close entities no longer required, and register new companies to enable the client to facilitate trade and take advantage of the new tax incentives.
Simplifying Operations
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Building Bridges to
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Building Bridges to
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Platform Solutions
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Building Bridges to
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Building Bridges to
China
Leave Applicationn-line
Commission Information
Productivity
Human Resource Dash Board
Platform Solutions - Payroll
Employer Information
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Building Bridges to
China
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Building Bridges to
China
Leave ApplicationOn-line
Commission Information
Personal Profile Appraisal result
Platform Solutions - Payroll
Employee Portal
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Building Bridges to
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Building Bridges to
China
Company review Conflicts manager
ISAE 3402 (SAS 70)
Back-up recovery
Provide periodic review and validation of data library
Send periodic email reminders to notify reviewers to check completeness
Accurately oversee the activities of subsidiaries
Provide periodic review and validation of data library
Send periodic email reminders to notify reviewers to check completeness
Accurately oversee the activities of subsidiaries
Ensure company has procedures to deal with conflicts of interest
Record any directors’ conflicts of interest, including 3rd party benefits and connected persons
Ensure company has procedures to deal with conflicts of interest
Record any directors’ conflicts of interest, including 3rd party benefits and connected persons
Adheres to the IASE3402(SAS70) Type II standard protocol
IASE3402(SAS 70) process assures that we meet the highest standards for security and have the appropriate controls and security in place
Adheres to the IASE3402(SAS70) Type II standard protocol
IASE3402(SAS 70) process assures that we meet the highest standards for security and have the appropriate controls and security in place
Adheres to the IASE3402(SAS70) Type II standard protocol
IASE3402(SAS 70) process assures that we meet the highest standards for security and have the appropriate controls and security in place
Adheres to the IASE3402(SAS70) Type II standard protocol
IASE3402(SAS 70) process assures that we meet the highest standards for security and have the appropriate controls and security in place
Platform Solutions - CoSec
O & R Management
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Building Bridges to
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Building Bridges to
China
Company Profile Group Structure Audit TrailManagement Report
Platform Solutions - CoSec
Facilitation
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Building Bridges to
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Building Bridges to
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TMF China Support
TMF Offices in China
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Building Bridges to
China
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Building Bridges to
ChinaTMF Group
Operating or expanding globally?
TMF Group helps to reduce the risks and to control the costs of doing business across borders
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Building Bridges to
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Building Bridges to
China
Thank You!