Nexia

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Contents

Nexia International: profiled firms Europe

12-22

VGD Belgium Nexia Poyiadjis VGD Czech Republic Fiscales Ltd Nexia Tilintarkastus Oy Sefico Group Ebner Stoltz Mรถnning Bachem Nexia Berlin GMBH DHPG Eurostatus Certified Auditors S.A Saffery Champness ABT Hungรกria Tanรกcsadรณ Kft

VGD Ferencz & Partner Studio Maurizio Godoli

Langtry International Limited Nexia BT Benady Cohen & Co FSV Accountants and Adviseurs The Centre of Tax Expertise and Audit Nexia CIS Nexia Stockholm Nexia Spain ReviTrust Group AS CPA & Auditing Nexia Ukraine Jones Peters Saffery Champness Corporate Finance Smith & Williamson

North, Central and South America

23-30

Argentina Nexia Villas Rodil Auditores E Consultores Bernhoeft Auditores Independentes Ltda Davidson & Company LLP Perreault Wolman Grzywacz & Co Zeifmans LLP Montes & Associados Gossler S.C. Auditores and Consultants Gish SEIDEN LLP Louie & Wong LLP Larson Allen LLP Miller Cooper & Co Ltd J.H Cohn LLP Maloney + Novotny LLC MaloneBailey LLP Whitley Penn LLP The Wolf Group PC

Asia Pacific

30-35

Nexia China Nexia Australia Fan Chan & Co Nexia Charles Mar Fan & Co Chaturvedi & Shah SKP Group GYOSEI & CO Nexia Baker & Arenson Nexia TS Public Accounting Corporation EDEC Group Trans-Asia & Co

Middle East & Africa

36-39

Adel Saad & Co Nazar & Partners Graham Carr Agbo Abel & Co Usamah Tabbarah & Co Nexia HBLT Nexia Levitt Kirson SAB&T Sajjad Haider Group

NEXIA

Financial Solutions for a Global Marketplace 4-11


Connecting businesses to international advice A successful formula designed to recruit the very best mid-tier accounting firms across the world has helped to make Nexia International a world class accounting and consulting network. A merger with SC International at the end of 2007 expanded Nexia’s reach and placed it in the top 10 accountancy networks in the world by size, with 590 member offices operating in 105 countries with a total personnel of more than 20,000 operating under the Nexia International umbrella. This reach gives the network a presence in all major business centres around the world, but the most important aspect of the growth is the successful way that Nexia International has maintained the quality of service provided by members and maintained a focus on helping mid-tier clients to deal with an increasingly globalised economy. Dr. Norbert Neu, Chairman of Nexia International, believes the main distinguishing factor over other networks is its emphasis on uniformity and consistency of quality, rather than on branding.

“Nexia has a leading presence among mid tier companies and a distinguishing factor over other networks is that we don’t have a mandatory branding policy. The use of the brand name is welcomed and we foster that, but it is not mandatory. This means there is no restriction on our ability to attract high quality member firms, with a strong, independent presence in their own marketplaces. One point that is quite crucial is that we really concentrate on quality. Improving the consistency and uniformity of services is a strategy that has made us successful and is one of the things that makes us more than just a directory of firms. We can offer the same kind of services as the Big Four organisations for more competitive fees and often with a more personal service and more partner involvement.” Quality Control Quality control is the single biggest driver for Nexia International and its future growth. Neu is clear that an increase in size is worthless unless quality levels are maintained. A key strategy discussed at the network’s annual conference in Prague last year was the implementation of more quality controls to increase safeguards for existing members and their clients. Neu said: “We have canvassed the views of our members and the board is listening. Members want more quality and consistency and so we are working on this, monitoring it thoroughly and elaborating on criteria needed to control quality on a regular basis. Members want us to have strict standards with regard to firms that join the network and, once they are members, what standards they should meet with regard to responsiveness.” He added: “We are working very hard on that at the moment to give members that level of oversight expected in top quality firms.” Nexia International is working hard to improve communication and recruit new members in the Africa and Middle East region. It’s a big challenge, but the network is trying to find solutions and put money into the region. Members in Africa and Asia Pacific understand that the local brand is fostered by the international brand and they are very keen to use the Nexia background. Neu stated: “It is harder to verify a firm in Africa and the Middle East, quality-wise, than it is in Europe. We use criteria for growth, regional coverage, quality and size and we don’t take additional members just for the sake of it, they must fit the quality criteria. We are heavily reliant on our regional chairmen who know the right standards. The standards are good in Africa, but monitoring differs in comparison to Western Europe; the same is true for Eastern Europe. We generally create a standard that is acceptable in the region and we rely on the expertise of the local chairperson to guide us.” International Business Matters | Nexia International

Member Relations A close relationship between members on a worldwide and regional level is one of the keys to Nexia International’s success. It means that firms can work together to leverage their collective expertise around the world on key issues such as IFRS and international tax planning. Dual or multiple representation on a national level means that there is usually plenty of action taking place and vibrant communication across the network. Clients using a Nexia firm can be assured that any business they have in a different jurisdiction will be handled by someone that their adviser has confidence in and probably knows personally. Neu believes that this community spirit within the network is a bonus and a real differentiating factor. He said: “Nearly all members firms focus on mid cap clients and owner managed businesses. The same attitude governs all our members regardless of the services provided. If a client is from Germany and they want to do some business in Italy or Spain for example, our German member will recommend a proven specialist in that country, which can give real confidence to the client.” Members can also often work together on a pitch, leveraging each others skills, location and experience to win business that they may not have been able to secure on their own. The degree of cooperation between members depends, to a certain extent, on the countries involved, but is generally very good. Neu believes that the ability to have real influence in another jurisdiction without opening a new office is a big plus for many firms looking for a proactive network to join. This cooperation between members is supplemented by task forces and committees put in place by the network itself in order to give a client access to expertise in several different countries at once. Task Forces Neu added: “We have several task forces that function extremely well. We have had excellent results with regard


A successful formula designed to recruit the very best midtier accounting firms across the world has helped to make Nexia International a world class accounting and consulting network.

to expatriate services for instance, in that, in a very short time, we can tell clients what the cost of those services is for, say, 10 different countries around the world. Our transfer pricing task force is also very useful because we have experts in many countries who meet on a regular basis. If there is a potential transfer pricing problem on the horizon, the head of the task force knows the right partners to contact ahead of time, giving them time to react.” He added: “The situation in Europe, where there are very regular meetings on a regional basis, is extremely joined up. Within our European Tax Group, managers (not partners) meet regularly, making things very smooth on a day-to-day basis. Europe is probably the best integrated area of our whole network.” Future Expansion Nexia International is looking to continue to grow its membership levels organically by recruiting top quality firms, rather than by further acquisition of another major network, and has targeted certain areas to focus on. Areas where the network would like to increase membership include the USA, Eastern Europe and Asia, specifically China. The SC International merger took place at the end of 2007 and was really successful in extending Nexia’s reach in key markets, such as the US, particularly New York. This overall global presence has benefited clients enormously. The network has picked up three substantial firms in the USA recently and has also brought in members in Slovenia, Croatia, Kazakhstan and Azerbaijan. There is a presence in China that is set to grow significantly under the stewardship of regional chairman Henry Tan. Neu noted: “We are trying to improve the

situation in China in terms of language issues and the challenges of communication. We are definitely on the right track. Both the Western and Asian business worlds will continue to integrate moving forward, so this is something for the future. Perhaps Chinese firms will dominate international networks in 20 year’s time.” Nexia Academy – An International Perspective Most of Nexia’s member firms have a regional as well as a national viewpoint. Nexia aims to develop this and give members an increasingly international perspective. One way of doing this is through the Nexia Academy. Neu says that this academy, established initially in Germany, is designed to give training to member employees on international issues such as IFRS. He noted: “Members have heard about this and we are now beginning to demonstrate that it is a live project. It’s a very important directive offering the possibility of valuable training in a variety of different jurisdictions. We are in the process of developing this.” He added: “Clients are looking for their advisers to work with them into the future and they look for one partner to take care of them if anything goes wrong or anything is required. If additional services are required, then that person can ask the contact partner to deal with it. This is a crucial element, particularly with the type of clients we work with. The Nexia Academy can build these skills and that awareness into junior accountants, emphasising the need for a personal relationship that engenders respect. We try to let the young people understand the international dimension of their work and our vision is that, in five years time, when many young people have gone through the academy the international viewpoint will be automatic.”

Dr. Norbert Neu

04 - 05


Tackling cross border tax issues Tax is one of the big global issues at present, as developed economies struggle with heavy budget deficits and see a clampdown on tax avoidance as a good way to boost ailing finances. Nexia International’s tax experts discuss what’s hot in the tax world. Corporations are keen, as they always have been, to minimise tax within the law, but now find themselves within an ever tightening noose as tax authorities get tough. Demand is greater than ever for an experienced tax advisers to help multinational businesses to negotiate their way through the range of regulations imposed by different jurisdictions.

Rajesh Sharma, tax partner with Smith & Williamson in the UK and Tax Committee Chairman for Nexia International, says that tax planning must be carried out at an early stage in order to be effective. He said: “One of the big issues we encounter is that clients have already had things set out for them and it’s not the right structure for their business. To try and unravel it all becomes an expensive exercise and frustrating as far as the client is concerned. I prefer clients to give me their objectives, intentions and exit routes and then we try to fit the tax strategy around that.” He also emphasises that the tax structure must follow the corporate structure in terms of functionality. Having a tax structure based in the Cayman Islands does not work if all the decisions and transactions take place in the UK. He said: “There has been an issue that has come up recently with the tax authorities, where people say that they are based elsewhere, but, in reality, everything is conducted in the UK and decision making processes are made there, but another jurisdiction is “rubberstamping” it – this cannot be supported.” This advice is echoed by Ton Krol, tax partner with Horlings in The Netherlands, who believes that a tax adviser should look for ways to combine the way the company does business, with the requirement to push the average tax rate as low as possible. He said: “You can come up with some exotic tax schemes, but if it’s not in line with the way the client operates then it is normally very difficult to fulfill the conditions of that tax structure.” Transfer Pricing Transfer pricing is set to be the single biggest direct tax issue of the next few years as tax authorities identify it as the area of greatest tax leakage and corporations identify it as the area where the greatest savings can be made. Rajesh Sharma says that one of the most common mistakes clients make is to assume that the price they have charged internally is fair, without any background documentation to prove it is an arms-length price (ie the same as you would charge a third party for the good or service). He said: “Clients believe it is fair, but there is no work to document the basis for determining the price. The fact that you think it is an arms length price does not make it an arms length price. There is an absence of bench marking.” International Business Matters | Nexia International

He added: “Guidelines are useful, such as the Comparable Uncontrolled Price Method (CUP), but theoretically it is difficult to identify the correct price for a range of services. Accounting information produced by other companies is all integrated into consolidated statements and will not identify an individual profit level for a division within that business. As such, how can you identify a comparable uncontrolled price?” He suggests that alternative methods may be more practical in determining the arm’s length price. A Tax Clampdown in the US There is an increased emphasis in the USA on international tax issues as the country desperately tries to recover from the economic downturn by increasing tax revenues. A number of proposals have been put forward by the Obama administration to strengthen compliance and enforcement and make sure there aren’t too many dollars slipping through the US fiscal net than there ought to be. Jim Wall, tax principal at Nexia member firm J.H. Cohn in New York, says that a change to US GAAP a few years ago called FIN48 has put pressure on US companies to disclose their uncertain tax positions, many of which, are international in nature. The rules apply to public companies from 2007 and for private companies filing financial statements for 2009. He noted: “FIN48 came out a few years ago and requires public companies in the US to assess their uncertain tax positions and make certain disclosures in their financial statements about those positions. The majority are international in nature, around transfer pricing and permanent establishment issues.” He added: “In early 2010 the commissioner of the Internal Revenue Service (IRS) said the IRS will develop


Transfer pricing is set to be the single biggest direct tax issue as tax authorities identify it as the area of greatest tax leakage. a new form to be filed by all US tax payers so they have to disclose uncertain tax positions. This is a shocking development following a previous policy of restraint in relation to requests for taxpayers to disclose tax accrual workpapers.” Cross Border Issues The most difficult part of transfer pricing is finding comparable data that is unbiased in order to prove a certain price is correct. Various countries have different ways of achieving this and it can prove tricky if a corporation is dealing with several jurisdictions simultaneously. Ton Krol says that The Netherlands tax authorities use the same software as the accountants, making it easier to reach agreement on a transfer pricing solution. He noted: “It’s helpful that we don’t need to have a discussion about the database we use. In Germany the tax authorities have their own databases, but won’t share the pricing data when they decide your data is not in line with theirs - that’s difficult. We will try to get a ruling on transfer pricing in The Netherlands and then use that as a base for our argument in Germany. If the Dutch Government approves the method and pricing, then it is more difficult for the German authorities to set that aside without creating a problem on a Governmental level.” Rajesh Sharma says that dealing with the US authorities is also difficult, because they require tax advisers to go through every method available and set out the reasons why it has been discounted, rather than asking why one particular method has been selected; a lengthy process of exclusion rather than selection. Jim Wall confirms that there are slightly different rules in the US depending on whether it’s a transfer of tangible goods, services or royalty transactions between commonly controlled entities. He said: “The rules usually flag up five or six methodologies

that might be acceptable under the facts and circumstances, to determine if it’s correct. Certain methods rely on whether there are independent comparable transactions entered into by the tax payers with unrelated third parties.” He added: “Studies show that one of the most significant revenue raisers for the IRS is transfer pricing because the amounts involved are typically large and given the subjectivity related to how it is tested, they can almost always adjust it in some ways to increase tax due. There are also significant penalties that can be imposed in connection with transfer pricing adjustments if contemporaneous transfer pricing documentation does not exist. As such, it is important from both a risk management and planning perspective to put the work in and make your documentation as thorough as possible.”

Ton Krol Horlings

Rajesh Sharma Smith & Williamson

Jim Wall J.H. Cohn

06 - 07


IFRS The harmonisation of global accounting standards has continued apace for the past decade following the introduction of International Financial Reporting Standards (IFRS) in 2001. The International Accounting Standards Board (IASB) has continued its task to increase awareness and usage of IFRS across as many countries as possible and is slowly increasing its penetration.

Every major capital market is moving towards IFRS driven by the globalisation of capital markets and the need for enhanced comparability of financial statements. The changes will affect CFOs and finance teams, together with their advisers, who will shoulder the largest burden in determining how IFRS might impact accounting and reporting systems, debt covenants, budgeting, acquisitions and contingent consideration (i.e., earn-outs), leases, and tax planning. Felix J. Lozano, III Whilley Penn

Mike Bishop Smith & Williamson

Kjeld Verhoeven FSV Accountants & Adviseurs

“Audit committees need to be aware that an orderly transition to IFRS will require modifications to accounting policies, IT systems, business processes, and internal controls International Business Matters | Nexia International

Felix Lozano, partner at Whitley Penn in Texas and Audit Committee Chairman for Nexia International, says the basis of accounting that will be employed will be critical when negotiating agreements that give consideration to future financial results (e.g., debt covenants, contingent rentals, contingent consideration in an acquisition, and employee incentive compensation). He said: “Management needs to be aware that existing agreements may require renegotiation, which may require the attention of legal advisers. CEOs and strategic management teams may need to rethink key performance indicators, such as those which may affect loan covenants or employee compensation, if a different basis of accounting is contemplated for use. Further, these stakeholders may need to consider certain commercially sensitive disclosures that may be required by IFRS.” Mike Bishop, Director at Smith & Williamson in the UK and European Chairman of Nexia International, says that many senior accounting and finance staff within client organisations have lost their point of reference. He said: “One of the lessons we learnt in the UK was that there were more problems at senior level in professional practice and industry. All trainees in accountancy firms now come through on IFRS and yet we still have a convergence project with UK GAAP running. Unless a senior finance professional in a client firm has got their hands dirty with the detail of learning a new set of standards, there is a quite a learning curve. Most senior people have learnt UK GAAP, leaving a knowledge gap at the senior level of an organisation.” He added: “Senior people are amenable to learning skills, but it is much easier to do that level of retraining when you are going through a detailed process of crunching the standards. A CFO in the UK is used to using a detailed knowledge of UK GAAP to form opinions and make judgments. To an extent that reference point is


Harmonising accounting standards around the world lost. It may be even harder in the US because there is a bigger difference between IFRS and US GAAP.” IFRS in the US The US is still in the early stages of adopting IFRS and has some way to go before the standard holds more influence than US GAAP (United States’ Generally Accepted Accounting Principles). Although the SEC has issued its Proposed Roadmap for the adoption of IFRS by U.S. registrants, they have yet to fully commit to IFRS. Felix Lozano says that the divergence of IFRS and US accounting standards and its impact on business practices demands the attention, not only of CFOs and finance teams in US-based entities with an international presence, but for a whole range of other stakeholders around the world. Adding that customers, vendors, employees, and sources of finance for these companies require greater insight into how these differences can impact business practices. He believes that many reporting entities have chosen to ignore, at least for the present time, the differences between IFRS and US GAAP. These differences include, but are not limited to, revenue recognition, fair value accounting, accounting for leases, and share-based compensation, all of which can significantly impact business practices. He said: “The ramifications for preparing to adopt IFRS go far beyond finance departments and the need for training and new systems to capture the necessary financial accounting and information for reporting under IFRS. US business owners and boards of directors should be aware that the basis of accounting used in financial statements could have an impact on business valuations. Significant differences in reported revenues, net income, net assets, and net worth can arise, potentially impacting a valuation.” He added: “US audit committees need to be aware that an orderly transition to IFRS will require modifications to accounting policies, IT systems, business processes, and internal controls. They should be discussing the implementation plans for adopting IFRS, if and when required, with their CEOs and CFOs. They should also be aware of any local statutory IFRS financial reporting requirements and related costs.” IFRS-Lite IFRS-lite is an attempt by the IASB to bring a slightly less onerous set of global accounting standards to small and medium-sized enterprises (SMEs). This system is still in development and much less advanced than stan-

dard IFRS but is being considered by more small businesses as they do business outside their country of origin. A recent survey done by Nexia member firm Kroese Wevers in The Netherlands found that 73% of Nexia European members support the adoption of a common set of accounting standards for non-listed companies throughout Europe, but 38% think that entities in their respective countries will not adopt IFRS until it is mandated by their national accounting standard-setting body. Kjeld Verhoeven, partner with KSV Accountants in The Netherlands, leads Nexia International’s European IFRS Committee. He says that the issue has been widely discussed in The Netherlands and throughout the rest of Europe and sees the same discussions developing as were apparent in 2003 when IFRS was introduced. He said: “After a few years of complaints, I expect most companies will say they know how it is done and the precautions they need to take. There will be a lot of work for companies and their advisers to do and therefore it comes at a cost, but it is generally a good thing that will enable us to have better comparison between companies in Italy, Germany, Spain etc. Having the same valuation principles is good because the total markets for SMEs is expanding, with more small companies looking abroad for business or setting up foreign subsidiaries. These operations need financing in other countries and an IFRS-lite accounting standard will make it far easier for financial institutions to benchmark when considering loans.” Nexia International’s Response to IFRS Nexia International started an IFRS group in 2003 and set out to bring together experts from a range of jurisdictions to talk through the issues. Kjeld Verhoeven says that the group has been successful and helped many clients to understand the translation from local GAAP to IFRS. He said: “The group comes together once a year to discuss the specific topics. We share practical tools developed by one or two members and they present to, and share information with, the other firms. In the beginning it was about how you approach an IFRS conversion project, nowadays it’s very specific topics.” 08 - 09


Creativity

the key in dealmaking Trends in mid-market corporate finance Leading corporate finance experts from Nexia’s global network discuss the state of health and future prospects for mid-market transactions.

Corporate finance and deal making suffered significantly during the past year as debt became increasingly difficult to find: banks baulked at previously financeable deals and ratcheted up interest rates and covenant complexity on existing finance.

time, regional banks are issuing commitments more and more for what they perceive to be well run companies –again, there is a need to put money to use and we’re seeing that money with a laser focus on quality over quantity.”

The severe problems that have beset corporate financing are beginning to lift as the global economy picks itself off the floor, although corporations and their advisers are still required to work hard to put deals together, refinance existing debt and find investors. Charles Simpson, Head of Corporate Finance at Nexia member firm Saffery Champness in the UK, believes that creativity and flexibility are key, with different sources of debt and an acceptance that more equity will be required to get a deal off the ground. He said: “One area with a little more scope is asset-based finance, in terms of sourcing reasonably priced debt. There are ways of doing a deal that way, rather than straight forward senior debt which is not producing the same lending multiples as before the downturn, more like 2 times cash flow if it’s a cash flow lend and 65%/70% loan to value (LTV) using property as security.” He added: “There is also more equity going into transactions and less debt. We are doing some work with smaller private equity houses which are putting their own equity in as debt and not sourcing it from a bank. This involves using their own funds but structuring that as if it were a lend.” Traditional debt is still available to good companies with a healthy profit margin. This is, perhaps, even more true at present when lenders are so much more careful about where they invest. George Szabo, Co-Practice Director of Mergers & Acquisition Services with Nexia firm J.H. Cohn LLP in New York, says that the old axiom of “good money to good companies” has never been truer, as lending sources look for what they perceive to be best in class companies to put pent up money to work. He said: “Contrary to much of what is being reported, financing is being made available to back deals – both large and small. In addition to a more comprehensive underwriting process, however, we have been seeing higher rates relative to historical averages, reduced lending multiples (say 3 times EBITDA from say 5 times or 6 times) and increased equity checks (up to 50% and more, from 20% or 25% previously).” He added: “As one might expect, asset-based lenders are more active than cash flow lenders and at the moment, more reasonably priced. We are also seeing larger banks opening up a bit more than regional banks, but at the same

Creative solutions If the traditional model of debt/equity finance isn’t fitting with a deal structure, there are more creative ways to make the deal happen. This is where the use of an experienced adviser, such as those in the Nexia International network, can be particularly useful. Ian Stone, Managing Partner of Nexia Court & Co. says that deferred consideration is an alternative that allows vendors to achieve earn-out over a number of years. He said: “While deferred compensation is one means of enabling deals to be completed where expectations of sale values have not lowered to market values, it does still allow vendors to maybe achieve an earn-out over a number of years at their price. Irrespective the premium above market values is often the amount which is deferred. I have been involved in a deal where an agreed rate of return was part of the conditions of sale in order for both parties to agree on the sale price.” Charles Simpson says that deferred consideration, with an earn-out formulae paying a sum on completion, is a possible route that buyers should explore. He said: “This technique is used regularly with MBOs and valuations are very good from an investment perspective.” The limited “traditional” cash flow lending focused on a relatively smaller share of what are considered the highest quality/lower risk opportunities, means advisers are seeing deals getting done with loans on specific assets, seller paper, mezzanine, larger equity checks and in many cases, some combination of or all of the above. George Szabo says that he has seen a lot of activity where privately raised capital is leveraged with matching funds made available through the US Government’s Small Business Administration (SBA) scheme at a dollar for dollar rate

International Business Matters | Nexia International


“This is one area where advisers can assist in identifying assets to improve balance sheets before refinancing. There are indications at present that banks may be offering discounts on current interest rates to entice customers to swap borrowers.

per fund, up to $90 million such that $180 million could be made available to fuel transaction-based investments. Restructuring Restructuring has been a buzzword of the past year as many companies have found previous leveraged financial structures untenable as revenues fell and interest servicing costs increased. Ian Stone suggests that clients looking to refinance are firstly examining their own balance sheets to consider selling obsolete or poor performing assets. He said: “This is one area where advisers can assist in identifying assets to improve balance sheets before refinancing. There are indications at present that banks may be offering discounts on current interest rates to entice customers to swap borrowers. I must admit this is the first sign in Australia of a changing market. In addition, it is predicted that premiums charged by banks will start to decline over the next two to three years.” He added: “Some clients, where possible, have, in some cases, provided additional security or injected funds into businesses to stay off premium margins on borrowings when coming up for renewal.” In some cases there are alternative ways of raising finance and using that to pay off existing debt and reduce interest costs. Ian Stone added: “In Australia many public companies have been offering rights issues to existing shareholders on much lower P/E ratios than three years ago to raise funds to either reduce debt, improve balance sheets or provide cash reserves for possible target acquisitions. In nearly all cases these have been widely accepted by shareholders and, with about a 30% market improvement in the last six months, they have been very profitable for shareholders.”

end, meaning that more private equity eyes will be looking for investment opportunities. George Szabo says that growth capital and support for MBOs can certainly be found by speaking to traditional private equity houses. Companies can also look to less traditional, smaller “offshoots” that are sprouting up as a result of changes in the private equity houses themselves. He said: “ Years of growth in the size of funds and professionals jumping from smaller funds ($250 million) to larger funds ($750 million to $1 billion) or mega funds. Repositioning in the private equity community has led to multiple situations where two or three managing directors have leveraged, or are in the process of leveraging, successes at larger shops into niche opportunities with $100 million to $200 million or $250 million in capital. This capital is being provided by wealthy investors or entrepreneurs and, in some cases, institutional sources as well.”

Ian Stone Nexia Court & Co

George Szabo J.H. Cohn

Charles Simpson Saffrey Champness

The role of private equity Private equity and venture capital funds have been sitting on large piles of cash recently while they focused their attention on repairing portfolio businesses. This process is coming to an 10 - 11


The economic environment remains challenging across Europe, with well documented debt problems in some of the southern European countries, economic stress in various of the newer entrants and an enlarged Euro region struggling to find answers to the disparate concerns of its members within the constraints of a centralized monetary policy. The pressures are being felt both by Nexia members and by their clients. So how is Nexia looking to help? The network tries to help on two fronts: by • helping clients gain access to ‘best in class’ technical insight and support; and • helping Nexia members to maximise their own business opportunities. Access to Technical Insight The role of Nexia International in Europe involves facilitating the sharing of knowledge within member firms, so that clients benefit from a wider pool of expertise. Mike Bishop, European Chairman of Nexia Interna-

NEXIA

Europe

tional, says the network can do this in both the financial reporting and tax arenas. He said: “IFRS group meets on a regular basis to share ideas and discuss real live application issues. The transition path to IFRS clearly varies widely even within Europe, but our combined experience and working in cross member teams means we can help clients get up the IFRS learning curve as quickly and efficiently as possible.” He added: “Our International Tax Committee and our European Tax Groups meet regularly to share ideas on cross border issues, including transfer pricing, harmful tax practices and disclosure, all of which are becoming of increasing importance as European governments seek ways of raising additional finance.”

Helping Nexia Members Ultimately the role of a network is to help members build their businesses. For a number of years Nexia International has been proud of its Young Managers and Young Leaders programmes, which help people transition from technicians to effective networkers and business winners, at the same time giving them a forum in which they can build their personal networks internationally. Mr Bishop added: “We have also worked hard to give our members access to best practice in marketing and business development, developing a range of branded tools and techniques such that even for the smallest of our member firms feel they have access to a ‘virtual’ bid support and marketing function.”

Profiled firms

VGD Belgium

Nexia Poyiadjis

VGD Czech Republic

Cyprus

Czech Republic

Fiscales Ltd

Finland

Nexia Tilintarkastus Oy

Finland

Sefico Group

France

Ebner Stoltz Monning Bachem

Germany

Nexia Berlin GMBH

Germany

DHPG

Germany

Benady Cohen & Co

Gibraltar

Eurostatus Certified Auditors S.A Saffery Champness

Greece Guernsey

ABT Hungaria Tanacsado Kft

Hungary

VGD Ferencz & Partner

Hungary

Studio Maurizio Godoli

Italy

Langtry International Limited

Jersey

Nexia BT

Malta

FSV Accountants and Adviseurs

Netherlands

The Centre of Tax Expertise and Audit

Russia

Nexia CIS

Russia

Nexia Stockholm Nexia Spain ReviTrust Group AS CPA & Auditing Nexia Ukraine

Accounting For The Downturn | Nexia International

Belgium

Sweden Spain Switzerland Turkey Ukraine

Jones Peters

UK

Saffery Champness Corporate Finance

UK

Smith & Williamson

UK


VGD

Belgium

subsidiaries of multinational companies make up the client portfolio and the business also offers services to holding companies, non-profit organisations and private traders. Wouter Vandeberg, partner at VGD, believes that sound financial management provided in an integrated solution is vital to a client business. He said: “Leveraging the global Nexia network, our client base includes private and listed companies, PE funds, not-for-profit organisations and charities. VGD’s particular focus area is creating value and focusing on succession planning to both companies and their shareholders. With current demographic developments, Belgium expects more than 20,000 privately owned companies to be sold each year during the next ten years.” The key challenges in effective succession planning include pre-structuring, identifying potential successors and family wealth management. VGD assists clients to define and clarify their corporate strategy as many mid-cap companies, which are managed based on common sense, lack

a formalised strategy necessary to attract potential successors. The firm’s deal team accountants can also help to enhance management reporting systems to facilitate decision making, valuation and due diligence The separation of private and corporate interests is a key part of the pre-structuring process keeping a clear distance between an owner’s private interests and those of the company. Mr Vandeberg believes that potential suitors can be internal or external, with external options focusing on a strategic alliance or buy out. He said: “Given the increasing competition for human capital, the private equity industry, which provides both human and financial capital, is set to be one of the key investors in privately owned companies going forward. Our M&A specialists in marketing, accounting and banking provide both sell and buy-side advice to family businesses and private equity investors. VGD deal team has completed more than 40 transactions in five years.”

and works in the fields of audit, taxation, accounting, corporate finance and corporate services. Mr Poyiadjis says that the industry record is diJohn P. Poyiadjis verse and strong, including distribution, gas and Senior Partner +357 22 456111 oil, tourism, manufacturing, agriculture, construcjohnp@nexia.com.cy tion, food and drink, technology, cosmetics, retail www.nexia.com.cy business, and professional practices. He said: “We do specialise in the financial services sector and regulated companies, and have been involved in various IPO’s, internal audits and assurance engagements of large corporate of the sector.” Nexia Poyiadjis was founded in 1970 by John PoyThe firm had international affiliations since 1979 iadjis FCA, ATII. Over the last four decades, the when it joined the network of Spicer & Pegler firm has become established as one of Cyprus’s which was later renamed to Spicer & Oppenheim, major national firms of accountants and business when Oppenheim Appel Dixon CPA’s joined the consultants. The firm attributes this success to its network. Today the network is called Nexia Inunrivalled service and professionalism, integrity ternational. During the years Nexia Poyiadjis has and continued commitment to client success. had a lot of international exposure and cooperated The firm presently conducts its business in with top legal networks and Nexia colleagues three offices, in Nicosia, Limassol and Kakopetria to service clients and help them to reap the tax

advantages that Cyprus offers. Some of these tax advantages are:

Wouter Vandeberg Partner +32 52 45 87 42 Wouter.Vandeberg@vgd.eu www.vgddealteam.eu

VGD Belgium is a professional organisation of auditors, accountants, tax advisers and legal counselors who take a multi-disciplinary approach to their work. VGD’s specialist teams are committed to actively supporting clients with expansion, both nationally as well as internationally. The firm’s core business lies in serving private companies, mostly family owned shareholdings. These companies are active in all types of industries: production, trade and service. Many

Nexia Poyiadjis

VGD Czech Republic

Cyprus

Czech Republic

Jan Šuma partner (+420) 485 104 158 jan.suma@vgd.cz www.vgd.cz

VGD was established in 1981 in Belgium by Hugo Van Geet and Jan Derik, where it is now ranked among the biggest companies on the Belgian market. VGD’s Czech Republic arm was established in 2001, following a merger of NBG Consulting, a subsidiary of VGD Belgium providing services on the Czech market, and the Czech Company Podzimek A Šuma s.r.o., established in 1993. It specialises in services for subsidiaries of

family-owned companies. The firm wants to be a knowledge partner for its clients in the heart of Europe and help them to grow. With 185 employees, six partners, four offices and turnover of more than EUR 10 million, the firm is currently ranked by the Prague Business Journal as the sixth largest in its field in the Czech Republic. VGD also has offices in Belgium, Luxembourg, Germany, Czech Republic, Slovak Republic, Poland, Hungary and Bulgaria. VGD offers the full range of services in the fields of audit, accountancy, taxes, and processing of wages, while ensuring the best value for clients. Certain offices have specialised services created in areas such as corporate finance, transaction teams and family offices. VGD was formed as a company to support international clients with their activities in the Czech Republic and also to support Czech companies to become international. This type of work provides around 70% of the firm’s total turn-

• lowest corporation tax rate in the European union of 10% • tax exempt business profits of non-resident companies • tax exempt gains on the trading and disposal of securities • subsidiaries and dividend income (subject to applicable criteria), no withholding taxes on dividends paid • a vast network of double taxation treaties, a very favorable fund regime. Nexia Poyiadjis is completely dedicated to the success of its clients’ business. The firm will be happy to service any business requirements and earn trust and confidence.

over and is the reason why it joined Nexia International. This international focus can be demonstrated by cooperation with Nexia International members in the UK, Spain, The Netherlands, Germany, Austria, Russia, Cyprus, Italy, China, Australia and the USA.

The firm wants to be a knowledge partner for its clients in the heart of Europe and help them to grow. To meet this aim, VGD has offices in Belgium, Luxembourg, Germany, Czech Republic, Slovak Republic, Poland, Hungary and Bulgaria. 12 - 13


Fiscales Ltd

Finland

Karri Nieminen Tax Partner 00358 9 6829 670. karri.nieminen@fiscales.fi.

Fiscales Ltd offers professional and reliable expert advice on taxation, company law and M&A. It also offers comprehensive accounting related services and solutions for businesses and private individuals. Fiscales Ltd is present in Helsinki and Turku and employs nine professionals. The firm serves its international and domestic clients in Finnish, English and Swedish. The firm’s clients are mainly SMEs operating both domestically and internationally in a wide range of businesses. However, in many cases with foreign clients, the client is a listed company. Regardless of the size or branch of the client, the firm always offers a prompt and professional service with a smile. Finland is a good place to locate a business: stable, easy to access and with reasonable administrative burdens. Fiscales Ltd together with its sister companies operating in accounting can offer companies a one stop shop for all their professional needs. When you enter Finland, it is essential to be able to rely on a partner that will take proficient professional care of you. Tax partner Karri Nieminen said: “Fiscales is proud of its international contacts with the Nexia International network that operates in more than 100 countries around the world. Having a credible partner internationally gives us a clear competitive edge even with domestic clients.”

“Finland is a good place to locate a business: stable, easy to access and with reasonable administrative burdens.” “We are also happy to be able to be of service to our fellow firms around the globe when their clients are having an exposure of Finland in their operations. We ourselves are very active users of the network and benefit greatly especially from the co-operation on the European level due to the EU-legislation.”

International Business Matters | Nexia International

Nexia Tilintarkastus Oy

Finland

Sefico Group

France

Petteri Valkonen Partner 00358 500 25 1929 petteri.valkonen@nexia.fi

Yves Sonier President Director General +33 1 44 34 08 27 y.sonier@groupesefico.com

NEXIA TILINTARKASTUS OY is a firm of independent accountants doing business in five cities in Finland. In all, the entire firm is comprised of 20 specialists. Main areas of operation include audit and consultation especially concerning corporate arrangements, enterprise valuation and taxation. Besides Finnish, the firm is conversant in English, German, Swedish and Russian languages. The firm belongs to an international firm of accountants and the contacts developed through the firm give the credibility needed to service international clients. Petteri Valkonen, partner at the firm, commented: “I would say we benefit from the mere existence of the whole organisation. Our most important contacts are the firms in the countries that Finnish firms in general co-operate the most with, i.e. the Scandinavian countries, the UK, Germany and France. Potentially also Russia is interesting.” He added: “Besides audit services, our clients benefit from our local expertise and understanding of the business environment and relevant legislation. Our clients also appreciate published material giving an overview of local business conditions.” Mr Valkonen said that clients face many major issues when doing business in a foreign country, mostly to do with company law and tax issues. He notes: “We can help our clients by our own expertise and by providing reliable contacts in other areas of expertise such as law.” He suggests that Finland’s rules and regulations are flexible and transparent and easily understandable for foreign entrepreneurs. He said: “Details vary and the help of accounting and tax experts is valuable. These matters become more important as foreign firms outside the EU make enquiries.”

Sefico Group is a CPA firm founded in 1958 with its main location in Paris, France. The firm is home to four subsidiaries: one in Paris INEC (acquired in 2009), one in Lyon (acquired in 2000), one in Avignon (created in 2003) and one in Nantes (created in 2007). The group is comprised of 110 staff members of which the vast majority is located in Paris (about 95 people). The core services provided by Sefico include: accounting assistance and advice, including book-keeping, auditing and preparation of financial statements; legal and contractual audit; due diligence and financial valuation; consolidation and financial reporting; tax and social assistance; as well as accounting and financial training. According to Yves Sonier, President Director General of Sefico, the firm provides a wide range of services to clients in the field of management control, reporting and accounting outsourcing. In addition, in order to expand its international scope and capabilities for networking, the firm became a member of professional services network Nexia International. Mr. Sonier noted: “We had already been members of SC International for five years when the merger occurred between SCI and Nexia to form Nexia International in Dec 2007. Being members of Nexia allows us to be present worldwide with a wider visibility. Our business has grown internationally servicing French client that were going abroad as well as foreign clients having activities on the French territory.” Nexia International maintains a presence in more than 100 countries. Mr. Sonier commented on this geographical reach: “We primarily work with European companies, outside of the EU we work with the USA / Canada and Australia. The main benefits from working with Nexia come from the access to local technical expertise as well as special industry expertise; for instance, in 2009 we worked with our German correspondent Ebner Stoltz to do an IFRS Transition project for DEKRA Group. More recently, in 2010, we had our Tunisian (AFINCO) and Italian (GODOLI) members working on a large due diligence project for a French group with Indian investors.”

“Besides audit our clients can benefit from our local expertise and each local firm’s knowledge of the local environment and legislation. “


Ebner Stolz Mönning Bachem

Germany

Markus Emmrich Partner +49 40 37097-177 markus.emmrich@ebnerstolz.de www.ebnerstolz.de

Ebner Stolz Mönning Bachem is a German multi disciplinary practice of auditors, tax advisors, lawyers and business consultants with national coverage. In total, Ebner Stolz Mönning Bachem has 13 offices in all the main economic centres of Germany with a total of 700 partners and staff. The largest offices are located in Stuttgart, Hamburg and Cologne. According to the latest national ranking (Luenendonk) Ebner Stolz Mönning Bachem ranks eighth in the German market.

Nexia Berlin GMBH

Germany

Katrin Volkmer - owner manager Alexander Schmidt - general manager +49 30 203015 0 office@nexia-berlin.de www.nexia-berlin.de

Nexia Berlin is an independent audit and tax consultancy with three owner-managers, one general manager, 20 professionals and three other staff. The firm has an expertise in preparing and auditing annual and consolidated financial statements according to IFRS, bilateral tax optimisation and non-profit-organisations. Nexia Berlin has an expertise in the Central and Eastern European markets, preparing and

DHPG

Germany

Dr. Norbert Neu Partner +49 228 81 00 00 norbert.neu@dhpg.de www.dhpg.de

Providing individual advice for clients is the highest priority for DHPG, allowing closely led personal dialogue to establish a basis of trust for individual solutions. For more than 60 years, DHPG has sided with its clients in word and deed, it is headquartered in Bonn and has approximately 350 employees and partners working at six locations in the Rhineland area. DHPG ranks among the 15 largest consulting firms in Germany.

Ebner Stolz Mönning Bachem covers the whole range of auditing services and audits 25 quoted companies that have to report according to IFRS standards. There is a profound knowledge in this field and the firm is well known in the German market for its expertise in business valuations. The firm is also specialised in the advisory business of M&A transactions. Ebner Stolz Mönning Bachem provides all sorts of tax advisory services with specialised partners and staff in international taxation and a specialisation concerning tax advice in M&A transactions. With regard to legal counselling the services provided include company law, capital market law, mergers and acquisitions and labour law. Management consultancy services comprise corporate investment advisory, controlling and management information systems as well as advice on business restructuring. The main objective for Ebner Stolz Mönning Bachem to join Nexia International was the need

to serve its mainly mid sized family owned businesses with their international expansion. The majority of all the larger clients of Ebner Stolz Mönning Bachem have established subsidiaries in foreign jurisdictions where they require specific jurisdictional advice. The firm also tries to attract international clients with their inbound business. Ebner Stolz Mönning Bachem is clearly driven by its clients’ needs, particularly the drive to establish international businesses in Europe. Beyond this North America, the Middle East and China are the most important regions for clients. To serve its clients needs, Ebner Stolz Mönning Bachem has established close relationships with the Nexia firms present in Europe and the other regions. The main challenges international investors face when setting up a business in Germany lies certainly in the rather bureaucratic overall German legal system. Ebner Stolz Mönning Bachem can help foreign clients to overcome this.

auditing the annual and consolidated financial statements according to national and international accounting standards, while dealing with national tax and duty declarations and bilateral tax optimisation. The firm also supports clients with investment projects, including obtaining export loans, due diligence, prospectus vetting, valuations and mergers and acquisitions. Nexia Berlin joined Nexia International network because of the opportunity to benefit from specialisation, synergy, and bundling capacity effects. The firm can leverage the fact that every member firm provides a top performance and high-quality professional service at any time and that professional services are accessible worldwide through the network due to the defined international standards, guidelines and regularly conducted quality control reviews. Work done in support of preparing tax and customs declarations includes consulting ser-

vices in relation to tax collection proceedings, support for periodic tax examinations, support in the case of criminal proceedings and representing the client against local financial and tax authorities. Auditing services include annual and consolidated financial statements according to national and international accounting standards of IFRS or US-GAAP, consolidating reports of subsidiary companies of national and international company groups and adjustment to the accounting rules of the parent company. Nexia Berlin is also able to give an expert opinion useful for those investing in Eastern Europe. This includes appraisal of business, reconstruction and bankruptcy inspections, certificates of recoverability for individual items of property, conglomeration of property, and balance sheet items plus appropriateness of transfer prices, head office charges and royalty statements.

DHPG assists companies and individuals in almost all financial matters offering the complete spectrum of a state-of-the-art audit and tax advisory firm and rendering comprehensive and systematic assistance in matters of commercial law. Its employees and partners collaborate in an interdisciplinary manner, from tax advice and audit, to legal counsel thus assuring swift decisions as well as high quality consultancy results. As an owner-operated consulting firm, individual support of all of clients is DHPG’s highest priority. Each client has a DHPG partner at its disposal, generally with permanently assigned team members, meaning that they always have access to a preferred point of contact who understands their exact requirements. The basis for this is vast industry knowledge as well as the continuous expansion of versatile services in the areas of audit, tax advice and legal counsel. DHPG aims to contribute to the long-term success of businesses as well as the private ventures undertaken by clients, working with them to

develop integrated sustainable strategies. The world seems to be becoming smaller every day as business around the world make borders less of a hurdle for both firms and employees. DHPG provides audit, tax and legal experience for outbound business and applies its knowledge to firms and their staff coming into Germany from abroad. Special areas of expertise exist for international tax services such as cross border structuring, transfer pricing and tax services for expatriates. Our experts offer deep knowledge of international accounting principles such as IFRS and US-GAAP. This approach only works within a worldwide network and, because of that, DHPG joined Nexia International, nearly 40 years ago. The network helps us to support clients in more than 100 countries, with access to 20,000 staff in around 600 offices. These are people dedicated to the success of the network’s clients, meaning there is always someone available to speak with face-to-face.

14 - 15


Eurostatus Certified Auditors S.A.

Greece

Saffery Champness

Guernsey

Mr. Stylianos Xydias Managing Partner +30 210 9008400 estatus@eurostatus-nexia.gr www.eurostatus-nexia.gr

Helen Green Client Liaison Director +44 (0)1481 721374 Helen.Green@saffery.gg www.saffery.gg

Nexia Eurostatus Certified Auditors S.A. was established in 1999 in Athens, Greece, by a team of seven experienced and qualified accountants who are members of the Greek Institute of Certified Public Accountants of Greece (SOEL) and the Association of Chartered Certified Accountants (ACCA). The firm is currently led by Mr. Stylianos Xydias and, alongside affiliate firm Euroaccounting Ltd, employs more than 60 professionals. Nexia-Eurostatus S.A. focuses on Audit & Assurance, Forensic Accounting and Corporate Financial Services, whereas the affiliate firm focuses on Tax, Accounting, Payroll, and Corporate Secretariat services. Nexia-Eurostatus partner Mr. Stylianos Xydias told Corporate INTL: “We are located in the centre of Athens and provide services to all clients based in Athens, and all over Greece.” In order to increase Nexia-Eurostatus S.A.’s global status and scope for client referrals, the firm joined professional services network Nexia International in 2003. Of the network affiliation, Mr. Xydias noted: “We made the decision to join Nexia because we wanted to participate in an international network of accountants with sufficient geographical coverage and with members with adequate expertise that would enable us and our clients to have access to global capabilities.” In addition, the firm’s active participation at the network – at regional and international meetings – has provided its partners and staff with improved access to technical resources and publications in the fields of IFRS, audit and international taxation, along with constructive exchange of knowledge and expertise among the members. Mr. Xydias added: “Our local clients rely on us provide them through the Nexia network with high quality services for their business in other European countries, Turkey and China. Moreover, for international clients doing business in Greece is itself a challenge, due to a tightly regulated business environment, continuously changing tax and employment legislations, the bureaucratic public sector, and also the language barrier – since Greek is the only official language. Our deep knowledge of local legislation, our understanding of the business needs of a multinational company operating in Greece, as well as our high professional standards in Audit and Accounting guarantee that excellent service will be provided at a competitive fee.”

Saffery Champness is an award winning top twenty firm of English chartered accountants with a history of some 150 years and offices across the UK, in Guernsey and Geneva. In Guernsey, the firm has been providing fiduciary (trust and company administration) services to international clients for more than thirty years and today it has a team of more than 100 staff, managed by directors each with an average of more than twenty years relevant experience. Saffery Champness is one of the largest independent fiduciaries in Guernsey; independent in that it is neither owned nor controlled by a bank or investment manager. The firm is licensed, regulated and insured as a professional fiduciary and acts as professional trustees using in house trust companies, personally or by combination of the two. A full range of administration, accounting and tax compliance services are offered from Guernsey and Geneva, with tax planning provided by the mainland UK offices as required. In terms of asset classes, the firm is not restricted like many of its competitors and will give full consideration to all proposals. Saffery Champness manages family offices and private trust companies for a number of significant international families, looking after all aspects of their financial affairs, and has extensive experience in managing the affairs of clients who are in the public eye. Helen Green, director at the firm, says that the decision to join Nexia International was made in order to expand international client services and with a view to providing services to other Nexia members. She said: “Our membership has provided a valuable networking and information exchange opportunity with directors regularly attending Nexia events. Aside from the briefings, our membership gives clients ready access to professionals in the relevant jurisdictions and we know that we can rely upon fellow Nexia members to provide professional advice and support and someone to call for in-country guidance.” Guernsey is still a centre of excellence for clients seeking professional multijurisdictional administration and structuring and Helen Green is pleased to welcome enquiries from all Nexia members wishing to access services from Saffery Champness.

International Business Matters | Nexia International

ABT Hungária Tanácsadó Kft

Hungary

Jozsef Lang Partner 36 1 430-3400 jozsef.lang@abt.hu www.abt.hu

The ABT group companies are all qualified service organisations which provide a variety of services including tax-consulting, auditing and accounting. One of ABT’s core strengths is to communicate with clients and the authorities, to work out the relevant basis for decisions in close co-operation, to illustrate the possible solutions and then to implement what is finally decided. Closeness to the client and the reliability of high-quality service characterise ABT’S relationships with those they serve. They act as chartered tax experts, chartered trust experts, chartered auditors, lawyers and certified specialist in finance and accounting. At the firm’s three business locations in Adliswil (CH), Cham (CH) and Budapest (HU), clients can benefit from regional closeness, specialist knowhow and personal advice. Nevertheless all three locations offer the full range of services offered by the ABT Group. ABT’s tax advisers have been working with structuring and maintaining the taxes of local and international businesses. The firm has constant training programs to ensure that colleagues are proficient and up-to-date. In 2005 the ABT group was admitted into the NEXIA International organization. Partner Jozsef Lang commented: “NEXIA provides a significant international partnership and a well prepared base of knowledge for ABT Hungary. NEXIA International also has a particular benefit in the cooperation it has in Europe, especially in the German-speaking regions, like Germany, Austria, and Switzerland.” Areas of Expertise Tax planning and optimisation; International tax advisory in cooperation with Nexia member offices; Tax evaluation – looking at tax liabilities of previous year; Representation in tax authority proceedings, preparing observation reports, other observations, appeals based on the decisions of the tax authorities; Compliance; VAT registration of foreign companies and full-scope tax management; Preparing personal income tax returns and social security contribution returns of foreign private individuals.

“One of ABT’s core strengths is to communicate with clients and the authorities, to work out the relevant basis for decisions in close co-operation, to illustrate the possible solutions and then to implement what is finally decided. ”


VGD Ferencz & Partner

Hungary

Gyongyi Ferencz Audit Partner 0036 1 225 7575 Gyongyi.Ferencz@vgd.hu www.vgd.eu

VGD Ferencz & Partner is a Hungarian member of the VGD audit and consultancy group in Belgium, Germany, Luxembourg, Poland, the Czech Republic, Slovakia, Romania, Bulgaria and Hungary. VGD Ferencz & Partner focusing on enterprises and corporations, as well as high net worth private individuals and their respective activities both in Hungary and abroad. The firm advises

Studio Maurizio Godoli

Italy

Luciano Leonello Godoli Partner 0039 051 232450 lgodoli@studiogodoli.it www.studiogodoli.it

Studio Maurizio Godoli was founded in 1969 in Bologna and in 1989 opened a second branch in Milan due to a merger of a Milan’s professional and in 2004 opened a branch in Rome to care the relation with Government and Public Institutions. The firm main core business is in company law, corporate tax and international tax planning, tax contentious, corporate finance, debt turnaround and management control, buyer and

Langtry International Limited

Jersey

Mark Pesco Managing Director +44 1534 714519 mark.pesco@ifgint.com

Langtry International Limited is part of the International Division of IFG Group PLC and specialises in the establishment and ongoing management and administration of Companies, Trusts, Limited and General Partnerships, Limited Liability Companies (LLCs) and Foundations in a variety of jurisdictions. These types of structures are often established for the purposes of the mitigation and neutralisation of tax and for the protection and preserva-

clients – wherever possible - in their own language in German, English, Italian or Hungarian. VGD Ferencz & Partner is an international audit and consultancy firm with teams of highly qualified and internationally trained auditors, tax consultants and accountants, giving clients outstanding care and advice. The company is therefore in a position to give tailor-made solutions to the problems and questions of its clients’ wide-ranging needs and requirements. According to audit partner Gyongyi Ferencz, the firm joined Nexia to be able to provide clients with high quality service because Nexia International is one of the longest-established independent networks in the world. She added: “Throughout the world our company has direct and speedy access via Nexia to highly qualified auditors and tax consultants. The co-operating companies of the Nexia are at our client’s disposal concerning cross border taxation and accounting issues. In this way our

seller due diligence. It is currently composed of 20 chartered accountants and 4 business lawyers. Partner Luciano Leonello Godoli said: “The firm decided in 2007 to join Nexia, to assist clients operating on European markets and support them in tax planning and foreign subsidiaries incorporations, to have an international professional updating and finally to assist international corporations’ subsidiaries and branches operating in Italy.” He added: “Our main connections are with German, French, Belgian, Indian inbound, Tunisia, Turkey, India and Spain outbound. There are various benefits clients gain from working with Nexia International firms.” Regarding the recession, Mr. Godoli commented: “Obviously the economic downturn has had a strong impact on Italian business activity. Some manufacturing factories registered 50% revenue decreases, but only 25% of the firms are in a downturn phase.”

tion of wealth within a secure environment. Examples of the types of clients using these structures include AIM listed companies, trading, financing and employment/consultancy services, global employment companies, remuneration planning, ESOPS, EBTs, intellectual property in Ireland and Cyprus (as well as Jersey and Isle of Man), yacht holding, aircraft registration and holding, holding companies in Ireland and Cyprus, Jersey expert funds, investment and property holding, private trust companies, family office services and leisure industry administration. Each client is allocated a dedicated Client Service Manager and Director who is familiar with the relevant structure and who will be available on an ongoing basis to service client requirements. Most clients are initially introduced by professional contacts in some of the world’s major legal and accounting firms many of which are Nexia member firms. Jersey is known globally as a centre of excellence for trust and company administration, fund man-

clients can be properly and professionally advised on any matters arising across the World.” Ms. Ferencz said Hungary has become a very popular target country for foreign investment in the past 20 years: “Nexia network members are safe to make referrals in the knowledge that the service will be provided by professional experts. Investors have to face several special rules in Hungary, so VGD assists its clients doing business with all of the important and useful knowledge on the Hungarian market.”

“Nexia network members are safe to make referrals in the knowledge that the service will be provided by professional experts.” He added “The main business we developed in 2008 is from a Private Equity Fund from Belgium that is going to invest strongly in Italy to built solar panels while Indian groups are engaged in due diligence and negotiations with Italian business in turnaround phase.” Mr. Godoli anticipates that there will be significant investment in emerging markets in order to improve the business having a technology plus compared with other local companies. Also, emerging markets’ companies are on the window for company acquisitions that can be bought for good prices.

“Our main connections are with German, French, Belgian, Indian inbound, Tunisia, Turkey, India and Spain outbound. There are various benefits clients gain from working with Nexia International firms.” agement and international banking services. The local taxation regime is user-friendly and relatively simple, whilst the legal system is largely modelled on UK law. Financial institutions are regulated by the Jersey Financial Services Commission and Jersey is a stable and highly regulated environment which is close to the United Kingdom and mainland Europe and Jersey is now considered to be one of the premier offshore locations world-wide. Nexia International provides Langtry’s clients with cross jurisdictional services to meet their ever increasing international needs. It also assists the firm in providing numerous services through access to 500 offices in more than 100 countries including a comprehensive range of accounting, consultancy and tax advisory services. Being part of Nexia International has also helped Langtry directors to exchange ideas regularly at regional meetings as well as at the annual tax conference and annual general meeting. 16 - 17


Nexia BT

Malta

Karl Cini Partner +356 21637778 info@nexiabt.com www.nexiabt.com

Malta has today gained international recognition as a brand denoting excellence in the financial services industry. With attributes based on cost, tax and human resources effectiveness, it provides financial services operators with an EUcompliant, yet flexible domicile. This, together with a can-do attitude and swift responsiveness by a professional workforce, has fostered a culture of getting things done. Nexia BT is an independent firm of Certified Public Accountants, established in 1992, with offices located within a prominent business centre in Malta. The firm’s client base ranges from local and foreign owner-managed businesses to medium-sized listed companies. Meanwhile, its services include audit, corporate finance, tax advisory, investment and financial advice, business services, HR consultancy, secretarial, legal advice on shipping, yachting, business aviation, funds and remote gaming and international support. According to partner Karl Cini, the decision to join Nexia International was taken following “push-pull factors” that affected Nexia BT. Mr. Cini noted: “On the one hand, our clients were growing and some needed international support. On the other hand, the growth in the interest in Malta’s financial services coupled with our expertise provided a good opportunity to service international clients who showed interest in using Malta as their base of operations. As an example, while all Maltese companies are taxable at a corporate level, the operation of a full imputation system of tax refunds to shareholders provides the possibility of an effective low/nil Maltese tax burden for shareholders receiving distributions of profits from such activities from Maltese companies.” Because of geographical proximity, the firm works most closely with European firms with whom its partners have collaborated on a number of projects, especially in the shipping and yachting sector. “However, our client base also includes other non European nationalities,” said Mr. Cini. He added: “When a client decides to start operating internationally, the biggest issues would normally be related to structuring the operations to achieve maximum tax efficiency, as well as on-the-ground assistance where such operations would require physical presence in foreign jurisdictions and compliance issues. Our clients would normally be assisted in all these areas thanks to our and Nexia International’s members firms’ assistance in those particular jurisdictions.” International Business Matters | Nexia International

Benady Cohen & Co

Gibraltar

Moe Cohen Director 00350 200 74854 mcohen@benadycohen.com www.benadycohen.com

Established in 1992, Benady Cohen & Co is a leading firm of Chartered Accountants and Business Advisors in Gibraltar, an international financial centre situated within the European Union. It is a boutique firm that is growing rapidly, with 11 staff at present. The directors, Moe Cohen and Mark Benady, were previously a partner in Deloitte and Senior Manager in KPMG, respectively. Their other staff also come from ‘Big Four’ firms of accountants. Benady Cohen & Co provides a full range of services including audit and assurance, tax compliance, due diligence and forensic accounting, fund administration, and advice for individual and corporate clients, and a host of other advisory and business services. The firm offers only the highest quality service. Its range of clients has grown over the years, mainly as a result of its fine reputation and recommendations from existing satisfied clients. Director Moe Cohen commented: “We decided to join Nexia in 2007 so that we could better serve our international clients, and also as a means of inbound and outbound referral business.” “We have mainly worked with firms in the UK, Israel, Canada, Switzerland, as well as with other large international firms.” “By joining Nexia our clients have and will benefit from the technical and specialist support available in the network. We have already won new business with insurance companies as a result of this.” “We already work with other members of Nexia for a client with an international business and we look forward to many more transactions and clients. We believe that by having the support of over 100 Nexia office worldwide available to us we can do this more efficiently and effectively when required.” Mr. Cohen remarked that clients want professional services with opportunities to add commercial value. In addition, the firm provides Fund Administration Services for the fast growing Fund Industry in Gibraltar. Mr. Cohen added: “Despite the economic crisis, Gibraltar thankfully is growing. Fiscal and regulatory advantages together with attractive personal tax incentives continue to make Gibraltar attractive to quality international businesses.”

FSV Accountants and Adviseurs

Holland

Kjeld Verhoeven Partner +31 344 617 774 K.Verhoeven@fsv.nl

FSV Accountants + Adviseurs (FSV) is a medium sized accountants firm in the Netherlands that was founded more then 30 years ago. What started as a firm with 10 employees and two partners in one office, grew organically to 120 employees and nine partners divided across four offices today. Currently our offices are based in Amsterdam, Tiel, Waalwijk en Zaltbommel but expansion to new places is in progress. In the early years the focus was primarily on local markets but nowadays FSV has clients throughout the whole of the Netherlands. The main focus of the firm is audit, accounting, tax advisory and payroll services. FSV also provides legal services, especially for the mid-size market, FSV is able to provide a one-stop-shop model for their clients. For the audit practice FSV is licensed by the AFM, the Dutch financial markets oversight board. FSV is also one of the few Dutch firms that is registered with the PCAOB. FSV has a wide variety of clients, from individuals and local businesses to large internationally operating businesses. It was for these international clients that the firm joined the international network NEXIA International. Kjeld Verhoeven, partner at FSV, said: “This international network enables us to help our clients with an international focus by referring them to professional firms abroad to expand their businesses anywhere in the world. The partners of FSV that deal with international clients (Michel Girbes, Bas Opmeer and Kjeld Verhoeven) are also involved in committees and expert groups to increase the quality of our own work and that of other network members. During the last five years the transfer of management and client portfolios from the founders of FSV to the new and younger partners has been finalised. With potential new partners among our staff we are able to grow and expand our business in the future.

FSV has a wide variety of clients, from individuals and local businesses to large internationally operating businesses.


The Centre of Tax Expertise and Audit

Russia

Nexia CIS

Russia

Natalia Chepik Partner +7 812-4309781 office@tax-expert.ru www.tax-expert.ru

Svetlana Romanova Managing Partner +7 495 785-94-76 info@nexia-cis.com www.nexia-cis.com

The Centre of Tax Expertise and Audit is a St. Petersburg-based firm established in August 2001. Currently, the firm has more than 60 highly-qualified specialists offering a large range of services within diverse areas of practice including Corporate Law, Tax Law, Audit, Bookkeeping and Accounting (Outsourcing), Dispute Resolution, Mediation and Arbitration as well as Marketing Consulting. The majority of the firm’s clients are major companies based both in St. Petersburg and the North-West region of Russia. The companies are involved in construction, real estate, complex fuel and energy, the transportation industry, the manufacturing industry, commercial business and tourism. In order to increase its global scope and improve its access to resources and advanced technologies, the firm is an independent member of Nexia International. Natalia Chepik, partner at The Centre of Tax Expertise and Audit, commented: “Becoming a member of the network was planned well in advance, in order to improve our image, expand our client bases, and use advanced technologies in consulting and audit. At present, we do not have many international clients; however, after joining Nexia International, the number of potential clients has increased. Nexia International has a significant global presence, and we have recently been working with Kazakhconsulting Ltd. in Kazakhstan. Moreover, our firm has counterparts in Germany, Finland, Sweden and Denmark.” Ms. Chepik added that common issues that the firm’s clients now face when importing/exporting are passing of title and double taxation (DTT Relief). She noted: “Our Legal Department is committed to offering our clients the best service in such matters. “Unfortunately the global economic downturn did have an impact on client aspirations and the amount of international business. Several construction companies had to suspend their operation. However, we feel that we should stay business-orientated and focused on our clients` needs in order to survive the crisis.”

Nexia CIS was founded in 2006 and received its initial Nexia membership from Pacioli Audit Company. Pacioli had established business contacts with Nexia members in France in 1995, and in 1996 Nexia International suggested that Pacioli should become a Nexia member. According to Nexia CIS managing partner Svetlana Romanova, this affiliation has assisted the firm’s clients in negotiating risks and performing in a dynamic and challenging business environment. “We began providing expanded services to international clients,” added Ms. Romanova. Nexia CIS operates from 24 offices throughout the territory of the Russian Federation, providing accounting, appraisal and consulting services, audit of financial statements under IFRS, expertise of tariffs and prices, as well as training and professional development of specialists in financial and economic matters.

“Unfortunately the global economic downturn did have an impact on client aspirations and the amount of international business”

“Today’s economic challenges are forcing our clients to rethink the way they do business” In addition, the firm cooperates with Nexia members in the UK, Canada, Cyprus, France, Holland, Germany, Czech Republic, China, Mongolia, Sweden and Turkey. “Working closely within our global framework, our national teams bring local knowledge and experience, critical to effective and value added compliance,” commented Ms. Romanova. “Today’s economic challenges are forcing our clients to rethink the way they do business, including a closer look at how they manage their compliance obligations on a worldwide basis.” In regards to these new challenges, Ms. Romanova cited rapid globalisation, new developments in tax law, changes in accounting standards and increased demands from revenue authorities for greater transparency and cooperation as among those factors increasing the burden on clients’ tax and finance departments. “Yet, at the same time, our clients are expected to provide more and better reporting and compliance in an ever shorter time frame,” she said. “We help them find more consistent, more efficient and more cost-effective ways to meet their compliance obligations. There is an ever-changing and challenging business and regulatory environment in Russia. For this reason, we aim to improve our clients’ compliance processes, technologies and risk management, as well as meet their global compliance obligations at the same time as freeing-up their tax team to focus on better support of their business.”

Nexia Stockholm

Sweden

Per-Åke Bois +46 8 562 561 40 perake.bois@nexia.se Anders Lundgren + 46 8 562 561 22 anders.lundgren@nexia.se

Founded in 1997, Nexia Revision Stockholm has established a solid reputation in supplying clients with the best service and expertise with an unrivalled personal commitment. Located in the centre of Stockholm City, Nexia Revision Stockholm consists of approximately 20 people providing services in audit, tax and advisory to small and medium sized entities as well as a number of listed companies. By leveraging the extensive and diverse industry experience possessed by Nexia Revision’s staff, sound and tailored advice is offered to clients, enabling them to make informed and efficient decisions. In addition to statutory audits, clients are also offered accounting, business advisory and tax consulting services. Expertise in high quality due diligence, valuations, financial reporting and IT Audits are also services that are provided. With experience and commitment Nexia Stockholm has a unique position of offering consistent advice and support to their clients throughout the year. Partners at the firm, Per-Åke Bois and Anders Lundgren commented: “Forming part of Nexia International provides the firm, and therefore its clients, with direct access to highly skilled professionals capable of delivering quality services around the globe. When working with us, you are guaranteed to be provided with the same level of service, value and personal commitment in any of our offices.” “By maintaining a close dialogue with our colleagues throughout Nexia International, we are able to offer our international clients various publications, such as the Nexia International Tax Guide. Members of our staff have had experience working around the world, ensuring that they always remain informed of key international business practices.” When establishing a business in a new country it is highly important to be correctly informed and knowledgeable about the local rules and regulations that apply within different service areas. Nexia Stockholm has all the tools to enable the client to navigate through all of these problematic areas to assist them in attaining the final goal; a profitable business venture.

“In addition to statutory audits, clients are also offered qualified advisory within business administration and tax as well as accounting.” 18 - 19


NEXIA Spain - The Spanish Desk Xavier Echeverría I Noci Laudis Consultor, SLP xe@nexiaspanishdesk.com

Pablo Gómez-Acebo Temes De Andrés y Artíñano, SLP pga@nexiaspanishdesk.com

Nexia Spanish Desk is an initiative launched by three of the Spanish member firms of Nexia International providing a range of comprehensive services in audit, consulting and tax and legal advisory. The firms involved are Laudis Consultor SLP (www.laudis.com), a tax and legal professional firm based in Barcelona, De Andrés y Artíñano SLP (www.daya.es), a tax and legal professional firm based in Madrid, and Lavinia Auditoria Consultoria SLP (www.laviniaudit.com), an audit and consulting firm based in Barcelona, with offices in Logroño, Madrid, Mérida and Valencia. This initiative continues with a trend that started back in 1989 when one of the founder members of Nexia Spanish Desk decided to join SCI International (an international network of independent professional firms that merged with Nexia International in 2006). Within Nexia Spanish Desk there are more than 125 highly skilled professionals and staff provide the best quality service for local and international clients. Communication with our clients may be made in several languages including Spanish, English, French, Italian and German. We offer a wide range of professional services, all of which help its clients to create value, develop their corporate culture and sharpen their competitive edge. Quality is a key strategy for the desk. Our areas of expertise include tax planning and litigation, helping Spanish and foreign clients with Spanish assets to understand the tax system in the country and oppose any unjust rulings on Spanish courts. The DESK also has an expertise in corporate law, contracts, labour law and administrative law, helping clients to put contracts together for employees, or for sales. Restructuring, capital markets, mergers and acquisitions and banking are also big areas of expertise for Nexia Spanish Desk and they are able to call upon the expertise of other members around the world to help clients to secure finance for cross-border operations. An extensive audit team within the desk is available to assess client financial statements, risk management systems and internal controls, to ensure clients are complying with international standards such as IFRS or Sarbanes-Oxley and Spanish and European legislation. Forensic accounting, due diligence and business valuations are part of the research led services that we can offer to our clientele as well as financial advisory services and consultancy for business looking to make acquisitions or preparing a case against a competitor, customer or supplier. The desk also offers a series of fairly basic services such as bookkeeping, accountancy, filing of tax returns and payroll services.

Jaume Pigem i Jutglar Lavinia Auditoria Consultoria, SLP jp@nexiaspanishdesk.com

Overseas companies that wish to establish their business in Spain should bear in mind that Spanish legislative competences are shared by the State and 17 autonomous regions and two independent cities, accordingly, it is not always enough to analyse national law but also regional and local specialities. Nexia Spanish Desk is set to offer any potential international client a reliable partner in Spain, ready to provide all the audit, business consultancy, tax and legal advice that they may need.

“The desk offers a wide range of professional services, all of which help its clients to create value, develop their corporate culture.” One of the main reasons why members of Nexia Spanish Desk joined the network was to offer clients access to the same high quality standard professional services they receive locally on a worldwide basis. Accordingly, clients of Nexia International may find in Nexia Spanish Desk the same quality of advice they receive in their origin country from local Nexia firm members. Quality is the strategy. The network enables the desk to provide global connections to the best advice suited to client needs, because, when dealing with international business opportunities, clients demand a reliable local professional firm to work with, from start up, through to ongoing day-to-day activities and special planning operations. Nexia International has enabled us to combine the knowledge of local laws and cultures with a global approach and find business opportunities in a difficult global environment of economics. We see this as a challenging opportunity to help clients with new risks and opportunities on a daily basis. Thanks to the network our clients have quick access to updated professional advice in every country where there is a member, a quick response to questions is highly appreciated by clients and it is obviously difficult to achieve such benchmarking without the high standards of quality and professional capabilities and skills provided by Nexia International. In addition, clients also have the possibility to participate in expert forums where they can have direct contact with skilled individuals they need for their business.


ReviTrust Group

Switzerland and Liechtenstein

Roger Beggiato Partner +41 81 750 68 68 Claudio Boller Partner +41 44 283 88 88 info@revitrust.com www.revitrust.com

ReviTrust Group has at four different locations six operating group entities in Switzerland and Liechtenstein and employs nearly 100 people. The group is a member of the Swiss Institute of Certified Accountants and Tax Consultants and holds the ISO 9001 certification. Partners Claudio Boller and Roger Beggiato commented: “As our home market is very international and geographically small compared to neighboring countries, doing business cross-border is our daily

AS CPA & Auditing Co.

Turkey

Tugrul Ozsut Chairman +90 212 225 68 78 (pbx)    nexia@nexiaturkey.com.tr www.nexiaturkey.com.tr

AS CPA and Auditing Co is a professional auditing and consultancy company serving the leading firms in Turkey by giving independent auditing, financial advisory, full certification, corporate finance, turnaround management, internal auditing, management consultancy, tax dispute and outsourcing services. The firm executes its services with 10 offices

Nexia Ukraine

Ukraine

Andriy Kostyuk & Roman Bilyk Partners +38 032 298-97-97 ak@pso.com.ua www.dk.ua / www.pso.com.ua

Nexia Ukraine According to partner Roman Bilyk, the group offers vast experience within the professional services field, as well as offering a complex approach to client assistance, while the firm’s full range of professional services rendered allows it to realise its potential fully and effectively. “To this end, more than 100 experts from various fields work for our company,” said Mr Bilyk. He added: “Our offices are located in Lviv and Kyiv; nonetheless, the geography of our activities is

business. We serve many international audit clients and of course we perform high quality audits and other assurance work under International Standards.” Based on numerous projects led in the past, the firm has established a close cooperation with the relevant authorities and can thus also support its clients with their requests for VISA and/or work permits and provide any assistance to expatriates before and after relocation. Claudio Boller and Roger Beggiato said professionally advising groups and individuals on cross-border issues, however, is only possible with a network of trusted partners: “Being a member of Nexia International allows us to examine crossborder issues from every relevant perspective and to create a pool of professionals delivering solutions unavailable from organizations traditionally solely serving their national market.” ReviTrust Group offers the following professional services to its clients: Audit and Advisory Services; Corporate and Individual Tax Services;

country-wide with more than 170 partners and staff. The Head Office is located in İstanbul and branches are located in important industrial cities of Turkey like Adana, Ankara, Bursa, Denizli and İzmir. Moreover the Moscow Office of AS CPA has been active since 1994, more than 30 specialist staff giving financial consultancy, auditing ,accounting and legal services for leading Turkish Companies operating in Russian Federation. AS CPA and Auditing Co was established by respected and experienced professionals and became a member of Nexia International, as of 1 May 2007. Chairman, Tugrul Ozsut, said the main reason for its membership of Nexia is to provide high quality and prestigious services to clients through a well known international auditing firm, drawing on the knowledge and experience of an international network of professional audit firms. He said: “We feel that

much wider and spans the whole of Ukraine.” Mr Bilyk also commented: “We are proud that companies – leaders in industries such as agriculture, gas and coal industry, woodworking, electric power supply, construction, water supply industries, wholesale and retail trade, hotel business, and investments – are among our clients. These include companies with both Ukrainian and foreign capital, and the services we provide including audit, accounting, tax and legal advisory, business advisory services, evaluation, transaction services as well as IT services.” The firm is a member of professional services network Nexia International, in order to expand and develop its global span and affiliations. Mr Bilyk noted: “Many of our present and potential clients attract or plan to attract financing from international institutions. Accordingly, our participation in Nexia International allows us to provide our services throughout the financial centres worldwide as well as benefit from the local expertise of our Nexia partners.”

Accounting and Controlling; Legal Services; Investment and Real Estate Advisory. Specialist services are offered as a one stop shop to foreign groups setting-up a (regional) headquarter, trading, IP, R&D, or holding company in Switzerland. Services offered to these clients include: • Advice on the tax efficient integration of the Swiss activities into the group’s international structure and supply chain as well as the negotiation of tax rulings for a beneficial taxation in Switzerland; • Legal set-up of the Swiss company or branch and preparation of all agreements required for commencing business operations in Switzerland; • Tax planning and compliance for expatriates; • Accounting and/or payroll services; Auditing and audit related assurance services (if possible under independence rules).

Nexia is a great platform for this purpose and gaining benefit of referrals, technical support, advice on industries and local legislations between network firms.”

Areas Of Practice: Audit : Independent, İnternal, Turnover Audit. Tax: Full Certification, Tax Disputes, Advisory Corporate Finance: Merger And Acquisition (M&A) Consultancy , Due Dilligence, Company Valuation, Risk Management, Project Financing Management Consulting: ChangeManagement, Investment Portfolio Management & Strategic Business Development, Customer Relationship Management.

Nexia International has a presence in more than 100 other countries. When asked which regions Nexia Ukraine tends to coordinate referrals with, Mr Bilyk explained: “Especially interesting is the cooperation with Nexia partners from Great Britain, Germany, Switzerland, the Netherlands, Poland, Russia and Cyprus. At the moment we cooperate with partners from Great Britain, Poland and Cyprus. In particular, we profit from experience exchange with a Russian partner. He added: “Meanwhile, the primary benefit we receive through our affiliation with Nexia is the opportunity to use and offer to our clients the experience accumulated by the network members. At present, the biggest challenges for our clients at the international level are the high investment risks; meanwhile, the biggest challenges for the foreign companies in Ukraine are unpredictable legislation and corruption.” 20 - 21


Jones Peters

UK -Belfast

Ken Jones Partner 02840 625427 ken.jones@jonespeters.co.uk www.jonespeters.co.uk/

The two founding partners left PMM (now KPMG) in October 1981 to establish Jones Peters. They started the practise with one secretary and no clients. Nearly 30 years on and the firm has developed into a practice with four partners, 36 staff, two offices and an impressive client base. Furthermore, the firm has a reputation for providing a quality and cost effective service to a wide range of clients throughout Northern Ireland, the Republic of Ireland mainland Britain and beyond. Partner Ken Jones commented: “Throughout the last two decades our primary objective has been the provision of a reputable high quality service to our clients. As our clients have grown, so have we and much of our new client development is a direct result of referrals from existing clients – a commendation that we are proud of.” Jones Peters offers a comprehensive and wide range of services and expertise including : accounting, auditing, business support, company secretarial, corporate finance, managing wealth, all aspects of taxation and specialist services such as executive recruitment, financial services/investment, forensic accounting/litigation support, major tax investigations and financial investigation and reporting. Mr. Jones said being a member of Nexia International has enabled the firm and its clients to benefit from the experiences and expertise of Nexia’s associates: “No-one knows all the answers but being a member of Nexia International helps us to ensure that we can deal with any issue that might arise. Our major clients want to expand and export more out of Northern Ireland therefore contacts in other geographical locations throughout the world gives them confidence in our ability to assist.”

“Throughout the last two decades our primary objective has been the provision of a reputable high quality service to our clients. As our clients have grown, so have we and much of our new client development is a direct result of referrals from existing clients – a commendation that we are proud of.” International Business Matters | Nexia International

Saffery Champness Corporate Finance

UK

Charles Simpson Partner +44 (0) 20 7841 4176 charles.simpson@saffery.com www.saffery.com

Saffery Champness is a UK mid-market firm with nine offices in the UK as well as offices in Guernsey and Geneva, providing a full range of financial advisory services. The firm’s Corporate Finance division is largely London based, but maintains an international reach. In order to increase its international scope and expertise, the firm is a member of the professional services network Nexia International. When asked how this network affiliation has assisted clients, Saffery Champness partner Charles Simpson noted: “Originally, we were founder members of SC International, which merged with Nexia in December 2007. The new enlarged group gives us a reach outside the UK and enables us to meet clients’ needs both in the UK as well as in many other jurisdictions.” Nexia International has a presence in more than 100 countries, and according to Mr. Simpson, the strongest overseas links tend to be with North America, Northern Europe and Australia. “However,” he said, “there has been considerable growth in contact with India, China and South Africa in recent years, and there has been a regular flow of opportunities and ideas between ourselves and J.H. Cohn and L.J Soldinger in the US, as well as Ebner Stolz in Germany, for example.” Among the other benefits clients gain from working with Nexia International, Mr. Simpson listed technical updates, expert forums and advice on other areas of business as being some of the most notable benefits. He elaborated: “English is the common language of Nexia, which substantially aids communication around the world, and the international group has high quality control standards. In addition, technical guides such as an International Tax Handbook are published through Nexia, further enabling member firms to broaden their technical offerings in order to assist clients in their own country.” Mr. Simpson added that while tumult in the debt markets has made deals difficult to do, and equity investors have tended to focus on their domestic markets, there remains a good level of international cooperation. “Operating as an international group has enabled us to win international clients,” he said. “There is also collaboration on more general marketing efforts – we recently teamed up with Smith and Williamson and our Romanian associate, Consulting R. Group, to present a seminar in Bucharest on the European M&A market.”

Smith & Williamson

UK

Jeremy Boadle Group Finance Director +44 (0)20 7131 4308 jeremy.boadle@smith.williamson.co.uk www.smith.williamson.co.uk

Smith & Williamson is a leading independent provider of investment management, accountancy, tax, corporate and financial advisory services to private clients, corporates, professional practices and non-profit organisations. With 10 offices in the UK and Ireland, 1,500 people and an international capability in over 100 countries, the firm’s aim is to provide an innovative global service, assisted in part by its affiliation with professional services network Nexia International. Group Finance Director, Jeremy Boadle, has extensive experience in the professional practices and financial services sectors, focusing on investment management, corporate finance and broking and dealing businesses, and has over 25 years’ experience as lead adviser including working on a number of major mergers in recent years. Mr. Boadle is also a member of the board of Nexia. He noted: “International work has become increasingly important to us and we see our Nexia membership as an excellent bridge to international markets. Working with other Nexia members, we have collaborated on various projects in recent years, including AIM listings and the provision of cross-border tax advice.” Mr. Boadle added that despite the continuing challenging economic environment, he feels it is important to respond to opportunities as they arise. He said: “The current economic climate encourages entrepreneurialism and fuels interest in international expansion and investment. Furthermore, as a result of increasingly transient workforces, international benefits are regularly sought, both by employers and by employees and we advise UK-based businesses, non-UK parents and companies with dual-residency who often also need advice with corporate and indirect taxation and transfer pricing.” Smith & Williamson has developed close working relationships with a number of Nexia members, throughout Europe and the US, and also in South America and the Far East. In 2008, the group strengthened its European presence through a merger with Oliver Freaney & Co in Dublin. In January 2009, Smith & Williamson acquired a significant interest in Nexia TS, a top ten consulting and accountancy firm in Singapore. “Depth and breadth of expertise and strong cultural matches across member firms have not only helped us win significant clients, but have also encouraged staff secondments,” said Mr. Boadle. “This is something which graduates, experienced staff and clients have welcomed.”


The US is in uncertain territory at the moment as it recovers from one of the worst economic periods in its history. The country must get used to a liberalised government with an agenda that includes increasing regulation and state intervention in possibly the freest market on the face of the earth. Despite these uncertainties the US economy could grow at 3% this year thanks to a phenomenon known as the Bullwhip Effect which involves an exaggerated correction following the severe cuts made by US businesses at the height of the recession. Larry Chastang, partner at Larson Allen and North American Chairman of Nexia International, says that some US economic commentators are anticipating 5% growth in GDP during the first quarter of 2010. Many companies cut down inventories, and personnel, too dramatically during the recession, which is an overreaction to what they believed was coming. Chastang said: “These dramatic cuts were made out of fear and, in the end, things weren’t as bad as they originally feared. Now it’s time to retool, restock and build up inventories again, meaning this period of growth may be a bubble that then falls back to 2%.” He believes that the weak dollar and a drop in real estate and equity prices in the US has helped to post a big For Sale sign across the country, meaning there is significant interest from foreign buyers for US businesses and assets.

NEXIA

North, Central and South America

He said: “Investors from the Middle East are coming here which is something we haven’t seen since 2001. We are used to American investors going out and purchasing foreign assets, and now people are coming in and picking up American assets. Americans are not averse to foreign ownership when investors are opening new factories and reopening factories that had closed. This helps everyone in the community.” A recent survey, involving Nexia International member firms in the US, found that, for the most part, firms were holding their revenues fairly stable and profits were either down slightly or up slightly. During the last five to seven years US firms have experienced double digit growth in profits and income, as a result, 2009 was a humbling year. Chasteng noted: “Most member firms throughout the region were stable and maintained their situation. One of the more interesting effects we saw was that we were picking up business from the Big Four clients who were looking for a more cost effective solution.” The downturn has also demonstrated how countries across the Americas have been working together to boost their economies. Many of the South American countries have highly developed transfer pricing systems and will exchange information in order to reduce tax leakage. There are also some surprising figures on trade in the region. Mr Chastang says that Nexia International’s position in Florida creates a heavy involvement in Central American, South American and Caribbean trade with the US. He said: “We are heavily involved in sitting down with our clients that work on a global basis, to talk around transfer pricing. Mexico has a very highly advanced transfer pricing regime as has Brazil and Argentina. More countries are getting on to the band wagon and looking at making sure there is minimum tax leakage. Smaller countries, such as Bolivia and Ecuador, are not quite as advanced but are very keen to progress.” He added: “The US is currently the fourth largest trading partner with Cuba, ahead of Spain. The reason is that Cuba buys almost all its food stuffs from America, given the difficulty it has feeding itself.”

Profiled firms

Argentina

Argentina

Nexia Villas Rodil Auditores E Consultores

Brazil

Bernhoeft Auditores Independentes Ltda

Brazil

Davidson & Company LLP

Canada

Perreault Wolman Grzywacz & Co

Canada

Zeifmans LLP

Canada

Montes & Associados Gossler S.C. Auditores and Consultants

Columbia Mexico

Gish SEIDEN LLP

US - California

Louie & Wong LLP

US - California

Larson Allen LLP

US - Florida

Miller Cooper & Co Ltd

US - Illinois

J.H Cohn LLP

US - New York

Maloney + Novotny LLC

US - Ohio

MaloneBailey LLP

US - Texas

Whitley Penn LLP

US - Texas

The Wolf Group PC

US - Washington

22 - 23


Argentina Horacio Brihet Partner Brihet & Asociados 5411 4343 6099 hbrihet@brihetyasociados.com

Atilio Gonzalez Partner Kine Consulting (5411) 4137 6330 agonzalez@grupokine.com

Nexia International’s presence in Argentina started when Estudio Giordano & Asociados joined the network in 1992. Today there is an umbrella composed by eight firms covering 100% of Argentinean territory with a team of 120 people and a turnover of more than US$2 million. The Argentinian firms are Estudio Giordano & Asociados, Brihet & Asociados, Kine Consulting, Mladineo & Asociados, Palumbo, Nieto & Asociados, Héctor P. Nervi & Asociados and Chiarotti Consulting y Estudio Dell´Acqua – López as well as Abelovich, Polano & Asociados and Piccardo & Cía. who joined Nexia following the merger with SC International in 2007 and decided to remain independent from the umbrella. The Argentinian firms have broadened the traditional scope of accounting, audit and tax advisory services into new realms of professional services such as business services, which includes due diligence work, corporate services including HR administration services and accounting services and transaction services for M&A activity or IPOs. The group also has management consulting and IT advisory capabilities. The umbrella firms train their people to apply the methodologies of other professional service areas such as mathematical modelling and project management. Joining Nexia International Horacio Brihet, from Brihet & Associados, points to several major and important factors that influenced his decision to join Nexia International. He said: “Globalisation makes it necessary to look beyond your own borders at the rest of the world. Nobody can define precisely when it started, but it is here and it is a very tangible force every where providing the possibility of doing international transactions for everybody no matter the size of the business.” Mr Brihet also believes that membership of the network provides professionalism in service delivery. He said: “We are knowledge workers who sell trust. Even though there are multiple sources for trust, we can say that it is gained through strong commitment with clients, candid responses to tough issues and expertise in the technical aspects of the job. We were able to provide the commitment and the candid responses, but to say we had all the knowledge available in our arena would be plain foolishness. So we supplement our inner strengths with the expertise and specialisation that an international network can provide.” Most of the benefits derived from Nexia International involve having a single point of entry to international business. In this way the firm can offer clients a trusted professional services partner with a presence all over the world. Mr Brihet said: “As an example of this, one of our clients wanted to start up an operation in Spain, he told us about this and we introduced him to a Nexia member firm in Spain. The result was highly attractive to our client because he has gained first hand experience about the details of doing business in Spain.” International Business Matters | Nexia International

Jorge Mladineo Mladineo & Associados (5411) 4322 7227 jmladineo@mladineo.com.ar

Graciela Vallés Estudio Giordano & Asociados (5411) 4381 0416 gvalles@ega-nexia.com

Advantage client The internationalisation of operations, plus the adoption of world class methodologies and techniques, allows Nexia Argentina members to take a fresh approach to business, which becomes a must for clients. Mr Brihet believes that the world is increasingly seen as a single market in which everyone is competing. He said: “Since all the world is almost a single market, it means that any firm can become a competitor, no matter where it is physically located. In that moment they had faced the challenge to change but also the challenge of paying for the cost of change (both tangible and intangible) within reasonable levels. That’s where Nexia International has provided a very convenient option because of its global reach, wide expertise and, last but not least, dedicated local action.” He added: “Every week we confirm that joining Nexia International was the right decision because international clients also act locally and they want to have a world class service coupled with flexibility and speed of execution, and in this battleground we beat the big firms. Besides that, international clients are becoming more comfortable working with our international network because it has the same benefits as a global company (common practices and methodology, single quality control approach, and single negotiation) without the costs typically associated with a global company (high price, low partner visibility and low speed).” Coordinating with fellow members Argentinian firms are able to find real solutions for clients by coordinating closely with fellow members. Sometimes it is a response to a request for help from a client or, at other times, it is the result of studying a client’s needs and coming up with a suggestion. Mr Brihet said: “We study client needs and, depending on industry and / or issue, we review the Nexia website to find a suitable partner to solve the client problem. An example of this was the post-merger integration of Telmex Group Argentina. In this case we were competing against big consulting firms and we won the deal by reinforcing our blend of local and international experience, by referring to our relationship with Larson Allen LLP in the USA. Another example was an opportunity detected by Smith & Williamson in the UK, who alerted us about a potential client. This client had been looking for support for an M&A operation impacting on the UK and Argentina. The client had visited several professional service firms and had finally chosen Nexia International to support them in the deal. After three years, and several projects, we are continuing to support Andes Energia plc in their international and local affairs.”

“We study client needs and, depending on industry and / or issue, we review the Nexia website to find a suitable partner to solve the client problem. An example of this was the post-merger integration of Telmex Group Argentina.”


Nexia Villas Rodil Auditores E Consultores

Brazil

Bernhoeft Auditores Independentes Ltda.

Brazil

Davidson & Company LLP

Canada

Ricardo Rodil Partner +55 11 3078 7071 rodil@nexia.com.br www.nexia.com.br

Luciano J. Bezerra Partner +55 (81) 2126-1400 lb@bernhoeft.com.br www.bernhoeft.com.br

Bill Davidson Partner 001 604-687-0947 billd@Davidson-Co.com www.davidson-co.com

Nexia Villas Rodil Auditores e Consultores (NVR) was founded in May 1996 by four former partners of a larger audit firm. The main target was to run an audit and consulting activity with a relevant proportion of experienced professionals, in order to be more effective at both identifying and addressing audit risks and to have a true business approach. According to partner Ricardo Rodil, that philosophy has remained untouched up to present times, and has significantly influenced the kind of business the firm specialises in, as well as the clients it represents. Mr. Rodil said: “The headcount at the firm is 42 people, four being partners. Also, owing to the recent admission of a partner specialised in VAT, we are now a full service audit and consulting firm, while our consulting arm is associated with an investment bank and asset manager, currently managing more than US$1 billion in assets. This allows NVR to offer a wide range of services including auditing and assurance, business valuation, tax compliance and advisory, M&A and negotiation support as well as back office outsourcing.”

Bernhoeft was established in 1996 in Brazil and is a full service accounting firm that offers adequate solutions to meet the needs of companies of various sizes and different business segments. Services include accounting consulting services, tax consulting, labor calculations, export accounting and auditing. In auditing the firm has services such as contract auditing, periodic internal audit advisory, spot internal audit advisory, internal audit cosourcing, internal audit outsourcing, financial statement and due diligence. Bernhoeft Accountants has its headquarters in Recife and units in Salvador, Natal, Rio de Janeiro and São Paulo in addition to operations in Aracaju, Vitória and Macaé. The head office in Recife is undergoing expansion from 450 to 950 square metres and the initiative is intended to cater for the increase in the portfolio of clients. The firm currently has a team of eight partners and 165 staff in our offices. To provide their clients more value, Bernhoeft searched the market for international companies and networks that offered to share experience and expertise, contributing to the quality of the service for their clients wherever in the world they do business. Nexia International was chosen because of its high professional standards and specialities that met with Bernhoeft principles. As a member of a global network Bernhoeft has more access to the International Reporting Standards (IFRS), which is a significant challenge for clients. Despite the impact of the economic crisis, holding back investment levels, all Bernhoeft offices have been experiencing growth. Brazil is a country that has been continued to grow, and a place that many international companies are investing in. Bernhoeft can deliver access to detailed knowledge of local regulations, cultures and customs for those international investors. A local expertise is the distinctive features that ensure independence, confidentiality and excellence to Bernhoeft.

Davidson & Company LLP is comprised of more than 95 dynamic individuals, speaking a multitude of languages, taking a proactive approach towards ensuring the needs of its clients. Located in beautiful Vancouver, British Columbia Canada the firm offers it all, in a variety of areas, but specialize in public companies, audits and taxation. Davidson & Company LLP is the 5th largest public company auditor in Canada, and second largest in Western Canada. The firm is the only Nexia presence in Western Canada and the door way to the Asia Pacific. Indeed, the firm provides services in South Africa, Europe, Russia, India, Central and South America, Indonesia, Australia and China where it has a large client base. Partner Bill Davidson commented: “The benefit gained from the association is unlike anything else. Most notably a recently acquired client has a balance sheet of approximately US$360,000,000 and revenues of approximately US$600,000,000 with 29 subsidiaries located around the world. The saying – Local Expertise – Global Connections – speaks volumes to our current clients, and is a major factor in gaining new clientele. People look to us because we have that mid size firm approach, but have Partner’s personal involvement, yet we are internationally supported in experience and expertise.”

“NVR is in a privileged position to help our local clients going international, as well as serving international clients in Brazil.” NVR’s main operation is based in São Paulo, with a smaller office located in Rio de Janeiro. In order to increase geographical coverage, the firm collaborates with member firms for the Nexia International network in Belo Horizonte and Recife. Mr. Rodil explained: “At the time NVR was formed, a clear trend of globalisation swept the world and international accounting principles (IFRS) and auditing standards (IFACs) began to be required by an increasing number of jurisdictions. Therefore, NVR is in a privileged position to help our local clients going international, as well as serving international clients in Brazil.” He continued: “Of the main issues corporations face when going international, tax legislation is probably the one that leads to the most dangerous pitfalls. That is why we have coined a golden rule: ‘do not try to replicate abroad your domestic business model’. We encourage foreign investors to discuss all the aspects of their plans with someone that is knowledgeable with the planned location environment. By doing this, investors will spare many headaches, as well as a considerable amount of resources.”

“Despite the impact of the economic crisis, holding back investment levels, all Bernhoeft offices have been experiencing growth.”

“The main issues faced by our clients in foreign jurisdiction are the legal framework in which to conduct business, understanding the local business ethics and the tax issues.” He added: “The main issues faced by our clients in foreign jurisdiction are the legal framework in which to conduct business, understanding the local business ethics and the tax issues. Our affiliates have worked with and given us valuable information to advise our clients appropriately and have been instrumental in saving our clients time and money.” Regarding the economic downturn, Mr. Davidson said times have been a strain on all aspects of the business, but with the support of great people and the support of the firm’s affiliations, greater opportunities will certainly arise soon. He said, “We are proud to be a member of Nexia International and we tell our clients we have been there, done that, and business is great and we’re looking for more!” 24 - 25


Perreault, Wolman, Grzywacz & Co.

Canada

Mark Strohl CA, - Partner +1514-731-7987 ext 17 mark.strohl@pwgca.com Willie Grzywacz CA, - Partner +1514-731-7987 ext 16 william.grzywacz@pwgca.com

For over 50 years, Perreault, Wolman, Grzywacz & Co. has provided a high calibre of business services via a full-service accounting and management staff of 45, specialising in the needs of small-to-medium sized enterprises and owner managed businesses. The firm is renowned for its ability to provide unparalleled expert finance to its clientele via comprehensive experience in

Zeifmans LLP

Canada

Laurence W. Zeifman, CA Partner 001 416-256-4000 LWZ@Zeifmans.ca

Zeifmans LLP is comprised of 11 partners and principles with a total staff of approximately 100. From its office, in Toronto, Canada, the firm provides accounting, audit and tax services, as well as corporate recovery, insolvency, restructuring and turnaround; and general management consulting services. The firm recently marked its fiftieth anniversary, having been founded in 1959. Referring to Nexia International, Partner Laurence W. Zeifman said: “Our clients have opera-

Montes & Associados

Columbia

Jose Roberto Montes Marin Socio - Gerente 8814664 gerencia@nexiamya.com.co

Nexia Colombia has two offices in the country with a headquarters in Bogotá city and another serving Western Colombia The firm carries out audit and consultancy work for about 75 clients located in different sectors of the economy. The firm has an interdisciplinary team, composed of 59 professionals, properly enabled to respond to the specific needs of the organisation and supported by an administrative and logistic and technical resources’ staff, representing an important difference in International Business Matters | Nexia International

auditing, consulting and financial management. Mark Strohl, partner at the firm, commented: “We take pleasure in working with you to make your business grow. We will help you find ways to improve your business, and to generate value for your hard-earned dollars. “As companies develop, they require financing to support business operations and fund new projects. Perreault, Wolman, Grzywacz & Co. acts as a CFO to provide the financial expertise required in the modern business world.” He added: “We connect you with a variety of intermediaries including chartered banks, trust companies, consumer finance companies, insurance companies, mortgage companies and stockbrokers to help to finance your business. We also advise on banking matters and help clients to establish the most suitable capital structures for their firms.” According to Mr. Strohl, companies require

comprehensive financial information in order to make sound decisions, especially during a recession. This requires a systematic approach of managing company finances and strategy. He noted: “Perreault, Wolman, Grzywacz & Co. works with companies to quantify management objectives, set achievable targets and review performance in meeting these objectives. We help design financial controls and reporting systems in order to monitor company progress. Our detailed analysis of your company revenues and expenses helps you to determine how to operate more efficiently in areas of practice including Auditing, Mergers and Acquisitions, Banking and Finance, Tax Planning, Succession and Estate Planning as well as Strategic and Financial Planning and Control.”

tions around the globe. The markets where we most utilize our fellow Nexia members are the US, Europe, the Far East, Southern Africa and Israel. We have worked extensively with JH Cohn, Larson Allen, Ebner Stolz, Saffrey Champness, Strauss Lazer and of course our fellow members in Nexia Canada.” He added: “Our goal in being members of an international network is to allow us to provide services to international clients, and to facilitate client growth internationally. Membership in Nexia, with its wide international network and high-quality member firms, fulfils that goal. We help our clients by servicing them where they operate and providing contacts in markets they wish to expand to. It allows us to service clients with international operations.” Zeifmans LLP coordinates with other members for the benefit of clients every day. Mr. Zeifman said such coordination allows the firm to attract and retain work that would otherwise go to larger competitors.

He said Canadian companies – and Zeifmans’ clients in particular – have weathered the downturn well: “However, some have found that some of their foreign operations have suffered in the downturn, and some have even closed up shop in some of those markets to some degree. Others have seen opportunity in the downturn to expand certain international operations.” Mr. Zeifman called Toronto an international city, with excellent financial and transportation facilities. Furthermore, he said the regulatory and income tax environment is relatively favourable. Its labour market is expensive relative to most international centres, and its low-tech manufacturing base is depleting as a result. However, its high-tech and financial services sectors more than make up, resulting in a most promising economic outlook for the city.

comparison to other firms in Colombia. Montes & Associados was established 20 years ago and, since its beginnings, clients have generally been familiar, regional companies. Work was characterised by developing a close relationship with clients and delivering timely professional advice. This meant an ability to positively influence and strengthen a client`s development. The necessity to become a well recognised organization on an international level moved the company to look for the acceptance and support of the NEXIA network. This enabled the firm to offer extended services and experience with global scope. The tie-up with Nexia has led to increased levels of capacity allowed the firm to position itself in different specialised areas, giving access to new possibilities in the field of state contracting. The firm has developed a presence, in a direct or indirect fashion, with corporations at a national level and is regularly meeting the most demanding requirements of auditing, account-

ing and consultancy. The firm has received ISO 9001 quality certification related to Nexia International requirements. Nexia International’s position as a top 10 audit and consultancy firm means that clients can feel secure when they know they can count on professionals who are known beyond their own region. Montes & Associados also gives support to foreign companies, managed by other Nexia members that have operations in Colombia. This may include dealing with physical inventories, verifying fiscal operations or acting as auditors of those operations. The scope of Nexia International has been very important as a presence in South America, giving support to its members firms. Members have shared the experience of executed works in relation to audit projects and also sharing techniques through continuous education in seminars.


Gossler, S.C. Auditors and Consultants

Mexico

Héctor J. García Martínez Partner +52 (81) 8347 0072 hgarcia@gossler.com.mx

Gossler, S.C. Auditors and Consultants is a Mexican professional public accounting firm established in 1947 to set out tax strategies providing companies with peace and mind and corporate security. With 23 offices throughout the country, Gossler operates as a meeting point for more than 900 personnel among technical, administrative, managers and partners rendering comprehensive services to more than 2,800 clients. Through the firm’s national network of research and development, its partners offer solutions with an appropriate service for evolution of companies, providing comprehensive solutions in areas Audit, Tax, Consulting and Administrative. At present, Mexican companies of both domestic and foreign capital increasingly carry out international business transactions. These transactions carried out with either related parties or transnational companies generate multiple contractual obligations and rights, as well as the need to meet tax obligations. According to Héctor J. García Martínez, partner at the firm, companies should observe and comply with matters of: transfer pricing; treaties to avoid double taxation; permanent establishment rules; tax crediting on income tax paid abroad; compliance with REFIPRES (preferential tax regimes, attention to international area requirements issued by tax authorities); as well as accounting of Mexican subsidiaries abroad. Mr. Martínez added: “At Gossler, we feel truly committed to our clients and this allows us to meet your international tax needs – by offering you studies and specialised planning in this subject matter. Mindful of this, we have structured a series of concrete, effective solutions through tax strategies, which enable us to meet your needs in connection with international taxes and provide your company with a secure, stable platform.” Mexico has become a strategic country for establishing European and Asian companies, as well as companies from the Americas. Mindful of this situation and as part of the firm’s comprehensive services, Gossler forms part of Nexia International, a worldwide group of independent accounting and consulting firms. Mr. Martínez said: “This strategic alliance allows us to have presence in more than 100 countries and have more than 20,000 professionals in public accountancy, specialists in accounting, financial, tax, legal and administrative aspects in order to offer various options and global solutions to our clients.”

Gish SEIDEN LLP

USA-California

Maureen O’Gara-Adford Managing Partner (818) 854-6100 ext.224 mogara@gishseiden.com

Gish SEIDEN, LLP is a major local CPA firm offering tax, accounting, auditing and consulting services to small and medium size businesses, their owners and high net-worth individuals in the Southern California Area. The firm has clients with operations that span across the US and internationally. Gish SEIDEN has 25 employees including its four partners. Gish SEIDEN was a long time member of SC International which merged with Nexia. Managing Partner Maureen O’Gara-Adford said: “The international and national firms have helped our clients that have operations abroad as well as provide our staff knowledge in specific tax and audit areas.” She also said international firms have been a great resource for clients to reach out to and for the firm to gain knowledge about their economy and specific tax and audit laws. Benefits offered to Gish SEIDEN through Nexia international membership are extended, in particular, to its clients with operations in the UK. In addition Gish SEIDEN works with other firms, including JH Cohn, Saffery Champness, Friedman Cohen Taubman & Company, Maloney Bailey, O’Conner & Drew, Miller, Cooper & Co., Smith & Williamson. Mrs. O’Gara-Adford cited various benefits clients can gain from working with Nexia International firms. They include insights into the local economy and connections to other business partners such as banks and real estate professionals. Regarding the big issues clients typically face when doing business on an international basis, Mrs. O’Gara-Adford said Gish SEIDEN is able to assist them with local contacts for legal, banking, insurance, and employment resources. The US and California in particular have many layers of tax compliance issues that need to be addressed. Mrs. O’Gara-Adford said understanding the complexity of the system is highly important.

“The international and national firms have helped our clients that have operations abroad as well as provide our staffknowledge in specific tax and audit areas.”

Louie & Wong LLP

USA- California

Art Louie Managing Partner +1 (415) 981 9999 alouie@louiewongcpa.com

Louie & Wong LLP is a certified public accounting firm located in San Francisco, California, U.S.A. The firm provides audit, tax, financial advisory and consulting services to clients from a diverse range of industries and helps clients to meet the challenges and opportunities of both the domestic and global marketplace. The team at Louie & Wong LLP is comprised of professionals with substantial years of public and corporate accounting experience, providing services to businesses in product-based industries such as technology, biotech, manufacturing, distribution, import/export, real estate development and construction. In addition, the firm provides its expertise to the professional services industry including architectural and engineering firms, law firms, specialty consulting firms and not-for-profit organizations involved in medical research and public and social benefits. Despite the recent global financial downturn, clients continue to evaluate global expansion as one avenue of growth. Access to information and knowledge to evaluate such a strategy is critical to their success. Louie & Wong’s affiliation with Nexia International provides the firm with a broader resource base and expertise from members across the globe. As clients expand their business beyond the firm’s traditional geographical boundaries, Louie & Wong is able to strategically respond to challenges, including navigating the complex regulatory and taxing regime they are often facing. Art Louie, managing partner at Louie & Wong, said: “We have established working relationships with numerous member firms in foreign tax jurisdictions regarding taxability of various transactions and understanding of the general tax structure in these countries. We have also provided assistance to other Nexia International member firms who are seeking guidance in complying with U.S. filing requirements on behalf of their clients.” One of the most important considerations for overseas companies wishing to enter the U.S. market, especially in an area such as San Francisco, is to be aware of the multiple layering of regulatory agencies that a business will become associated with. In addition to the Federal and State tax agencies, a business entering the local San Francisco market needs to identify the City and County taxing and licensing authorities that it will be reporting to depending on the nature of their business. Louie & Wong’s expertise allows the firm to offer tailor-made solutions to any client’s needs and requirements. 26 - 27


Larson Allen LLP

USA - Florida

Larry Chastang Principal +1 407-802-1200 lchastang@larsonallen.com www.larsonallen.com

LarsonAllen joined Nexia International after its acquisition of the Chastang, Ferrell Sims & Eiserman firm in November 2006. Larry Chastang had been involved in Nexia International since its founding and brought LarsonAllen a significant international services practice. LarsonAllen clients have benefited from the experience and knowledge of this international services team and Nexia International’s network. The need for international expertise has

Miller, Cooper & Co., Ltd.

USA - Illinois

Peter F. Cieslak Partner +1 847 205-5000 pcieslak@millercooper.com www.millercooper.com

Miller, Cooper & Co., Ltd. is one of Chicago’s premier independent firms of certified public accountants and business consultants. The firm has more than 190 professionals practising in accounting services, tax services, due diligence, forensic accounting and litigation support to highlight a few areas of expertise. Founded in 1919, the firm has grown steadily over the years and is currently regarded as the tenth largest accounting firm in the Chicago area.

J.H Cohn LLP

USA - New York

Chuck Ludmer International Liaison +1 212 297 0400 cludmer@jhcohn.com www.jhcohn.com

The world, and the way it does business, has changed dramatically since J.H. Cohn was founded in 1919. In today’s fast-moving business environment, organisations need to think and act across national boundaries, working just as fluidly with a company around the world as they do with one around the corner. The global economic downturn has increased this International Business Matters | Nexia International

increased as domestic clients seek new markets abroad to compensate for the economic downturn in this country. LarsonAllen’s relationship with Nexia International allows them to react to our clients’ needs very quickly. Currently LarsonAllen has clients working in more than 60 countries. Every day, LarsonAllen consultants interact with professionals in Nexia International offices around the world. They participate in Nexia International conferences to learn the business practices of other countries. They also have the opportunity to meet with the professionals they have been working with remotely. This greatly enhances LarsonAllen’s ability to deliver extremely high quality international services to clients. Principal Larry Chastang commented: “The global economic downturn has had an impact on client aspirations. The dollar’s drop in value combined with the value of U.S. real estate around the country has produced a significant rise in interest by overseas investors. The United

States is still a very safe, secure, and attractive market and we have seen a dramatic increase in the number of overseas investors buying residential and commercial real as well as operating companies.” “The biggest issues facing organizations doing international business today are typically taxes, movement of capital and personnel, availability of credit, and understanding the local rules, and regulations. LarsonAllen helps clients through these challenges and helps them develop a business model that makes the venture profitable.” Founded in 1953, LarsonAllen provides assurance, accounting, tax, consulting, and advisory services to organizations and individuals worldwide. With approximately 1,400 people and more than 25 locations across the United States, clients are provided with deep industry specialization and highquality business resources.

According to Miller, Cooper & Co. partner Peter F. Cieslak, many companies and institutions have benefited from the strategic commitment that Miller, Cooper & Co. has made to leading industries in Chicago. Mr. Cieslak noted: “Among the key practice groups we have selected for major long-term investment are manufacturing, distribution, real estate, construction, nonprofits, local government, financial services, healthcare, service firms and retail. Miller Cooper also offers a variety of services including information technology consulting, M&A support, employee benefits consulting and business valuation services.” Among other local firms, Miller Cooper’s affiliation with Nexia International, a worldwide network of independent auditors, business advisers and consultants, has provided the firm with a unique advantage in its ability to provide international and national resources. Nexia’s expanding international and national footprint in the US allows Miller Cooper to offer clients local expertise alongside a wide range of unique

services through its membership within the network. In particular, during the firm’s first year with Nexia, Miller Cooper clients have received a rapid upsurge of expertise from advisers in Europe, Canada and Mexico. Mr. Cieslak added: “Through our partnership with Nexia International, we have been able to provide practical solutions to problems presented by the ever-expanding global marketplace. Just as important – we have been able to refer clients to Nexia firms on both a national and international basis. This is an important service for our clients especially for specific compliance, financial reporting and tax issues that arise. “Finally, another way in which Nexia has been a valuable addition to our firm’s resources is through the network’s conferences, which have proven to be a valuable resource for updating our skills and knowledge of foreign tax and accounting issues.”

necessity for organisations both large and small to seek cross-border opportunities that give them access to new markets through international trade. The J.H. Cohn International Services Group has enabled hundreds of entities to move people, capital, and know-how across borders in a tax efficient and strategic manner. J.H. Cohn is currently the 14th largest independent accounting firm in the United States and the largest headquartered in the New York metro area, uniquely qualified to provide the necessary support to both private and publicly traded companies. The firm maintains its headquarters and operate where 60% of the world’s capital is traded, giving clients unparalleled access to the capital markets, private equity firms, and investment banks they need to know, while offering a full range of accounting, taxation and management consulting services—including assurance, IFRS reporting, transfer pricing studies, complex tax issues, corporate finance, insolvency & reorganisation, corporate governance, forensic ac-

counting, and merger and acquisition support. Membership of Nexia International provides clients seeking international opportunity with the necessary resources to help them compete more effectively in global markets and provides J.H Cohn, as their service provider, with a quality local presence in every corner of the world, thereby creating a solid, strategic synergy anywhere those clients do business. Membership also enables the firm to maintain its founding culture—built on the principles of respect, trust, excellence in technical competency, sound business counsel, and a sincere commitment to relationships. J.H. Cohn has 160 Partners, over 1,000 professionals, and is located in 10 offices throughout New York, New Jersey, Connecticut, and Southern California. For more information about J.H. Cohn and the value it can bring to your business, please contact Chuck Ludmer, International Liaison, at 212297-0400 or visit us online at www.jhcohn.com .


health care, oil and gas, and service industries, as well as not for profits and employee benefit plans. In order to increase its international exposure, the firm joined professional services network Nexia International in 2000. Maloney shareholder Peter J. Chudyk commented: “We have been very pleased with the breadth of the organisation and the care and response that member firms provide to our clients. Nexia has been extremely valuable to our clients who set up and conduct operations outside of the United States.” Mr. Chudyk added: “Our clients have operations throughout the world. We use member firms in such places as Mexico, Canada, China, India, Singapore, Russia, France, Israel, Germany, the UK, Denmark, Brazil, and many other countries. The member firms have been invaluable in helping our clients structure their operations to minimise tax, assist in banking relationships and meet the country’s various statutory requirements. The Nexia member firms have assisted our clients in staying current regarding tax and regulatory changes that affect them. For clients

new to the country, member firms can help make introductions to attorneys, insurance firms as well as compliance service firms.” When asked how Maloney + Novotny LLC’s workload has been affected by the turbulence of the economic recession, Mr. Chudyk explained: “The current economic slowdown has in some cases decreased the international expansion plans for some of our clients, while for others, it has increased their activity. This is especially true for those clients doing business in India, Russia and Brazil.” He added that there has been growing activity for those interested in expanding their markets in emerging, or growing, countries. The most significant issues that clients face in doing outbound business is in understanding the culture and rules of the jurisdictions they enter, he said. He added: “Meanwhile, the biggest pitfall overseas firms face in doing business in the US is in understanding and complying with US law and regulations.”

trading on the United States’ stock exchanges. As a result, the firm audits more small SEC clients than any firm in the world and its clients are currently in Wesley Middleton 25 states (USA) and eight countries. MaloneBailey Managing Partner +1 713.343.4200 also ranks in the top 10 firms serving this market in wmiddleton@malonebailey.com both China and Canada. www.malonebailey.com MaloneBailey’s tax department provides a comprehensive service offering with a team renowned for its expertise of complex tax issues. Since 2008, the firm’s tax department has more than doubled in size. The firm services clients in the following industries: Oil & Gas, Mining, Biotech & Health Supplements, · United States – audits of small public companies Software Development & Services, Manufacturing, and registered broker dealers; tax services Construction, Wholesaling, Retailing, Services and · China – audits of small and mid-sized companies Development Stage. MaloneBailey’s global reach trading on United States’ stock exchanges includes a strong presence in China where it audits MaloneBailey, LLP, founded in 1982 and with of- small and mid-sized companies trading on United fices in New York and Houston, is a full service ac- States’ stock exchanges. counting firm delivering small and middle-market According to managing partner Wesley Middleprivate and public company audit and tax services. ton, MaloneBailey infuses advanced-technology With a staff of approximately 75, MaloneBailey into its methodology for delivering competent and specialises in audits of small public companies cost-competitive small public company audits. Mr.

Middleton commented: “The firm is a pioneer in remote auditing strategies and has gone ‘virtual’ with 100% paperless audits. This, combined with flexible work programs, an emphasis on training and the utilisation of state-of-the art techniques and software tools, has enabled MaloneBailey to attract and retain top talent.” Mr. Middleton added that current challenges in the international auditing community include the impending convergence of International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (GAAP) to a single set of standards. MaloneBailey anticipates this challenge, which is expected to occur within the next decade, and as a market leader, possesses the skills to navigate the differences. He noted: “As MaloneBailey continues to expand its international footprint, the importance of global connections and resources increase as well. Nexia International compliments our services in that it offers in-depth knowledge of local regulations, customs and culture to our clients abroad.”

Maloney + Novotny LLC

USA – Ohio

Peter J. Chudyk Shareholder +1 216-363-0100 pchudyk@maloneynovotny.com www.maloneynovotny.com

Maloney + Novotny LLC is full service CPA firm providing audit, assurance, tax and business planning, preparation and consulting services. With 120 personnel across three offices located throughout Ohio, the firm’s specialties include international tax planning and consulting, estate planning, due diligence and consulting for mergers and acquisitions, and Sarbanes-Oxley advisory services as well as various assurance services. In particular, the firm services the manufacturing, distribution, real estate,

MaloneBailey, LLP

USA – Texas

Whitley Penn LLP

USA -Texas

Felix J. Lozano, III Partner +1 214 393 9300 felix.lozano@wpcpa.com www.wpcpa.com

Established in 1983, Whitley Penn LLP has become one of Texas’ most distinguished accounting firms by providing exceptional service that reaches far beyond traditional accounting. The firm’s service offerings include assurance & advisory (audit services), tax preparation & consulting, forensic, litigation & valuation, financial services and consulting, Steady growth during the last 27 years reflects

a unique ability for hiring the highest caliber professionals with talent and integrity and an ability to stay one step ahead of the issues facing clients in an ever-changing business landscape. Whitley Penn has two Dallas/Fort Worth area offices, 22 partners, and approximately 175 total personnel. For the past eight years Whitley Penn has been named in the “Best of the Best” listing of the top 25 accounting firms in the country by INSIDE Public Accounting Report, the national monthly publication that reports on the accounting industry. Compiled on an annual basis, the “Best of the Best” listing is the only independent report focusing on management of operations for America’s national, regional, and local accounting firms. Whitley Penn’s accounting & audit, consulting, tax and valuation advisers have experience in industries such as aerospace & defence, agriculture, brokerage firms, communications,

distribution, employee benefit plans, entertainment & media, healthcare, hospitality, manufacturing, precious metals, oil & gas, pensions, physician practice management, professional services, real estate, retail, software, technology and telecommunications. The firm’s affiliation with Nexia International allows the offices in Texas (Dallas/Fort Worth area) to serve as a bridge to both the east and west coast of the United States but also as a launching pad for clients with international operations abroad and a landing site for international clients with domestic operations in the States. Strategically located in the centre of the United States, Whitley Penn’s advisers are never more than than four hours from either coast and, because of technology, they are never more than a phone call or satellite feed away from their clients.

28 - 29


USA - Washington

Leonard S. Wolf, CPA Principal +01 (703) 502-9500 l.wolf@thewolfgroup.com www.thewolfgroup.com

The Wolf Group, PC (TWG) is a top notch, boutique firm specializing in serving the taxation and investment management needs of a select international/expatriate clientele. The firm comprises 26 professionals and clients include high net worth individuals, international organisations, and multinational corporations. The firm focuses all of its resources on its specialty niche involving international/multinational organizations and expatriate individuals.

Asia Pacific

Principal Leonard S Wolf, CPA commented: “We joined Nexia primarily to provide the global platform from which we serve our international and expatriate clients. In order to provide highly competent international tax consulting services, a Firm must be able to address both home and host country issues. Partnering with our Nexia associates enables us to do that. Because almost all of our practice involves international work, we benefit from Nexia’s geographic reach to every corner of the globe, from Western Europe to Asia to Africa.” He cited access to competent professionals in the countries in which clients have economic interests as the most valuable of Nexia’s offerings. Mr. Wolf said TWG has experienced substantially accelerated growth over the last 2 ½ years in its tax practice: “While our investment management practice was adversely affected by the dramatic stock market decline associated with the downturn, we retained virtually all of our investment management clients and regained

NEXIA

The Wolf Group, PC

considerable revenue base with the market recovery in 2009.” He added: “We continue to win business and better serve clients though our association with Nexia. We regularly compete with the Big 4 and second tier firms (MUCH bigger than us) for our clients and often win, and always better serve our clients.” “Our clients often want assistance on how to organize in a host country and how to manage their expatriate population in a cost effective manner. Taxation is huge and often their greatest concern and of greatest financial impact. We make complex laws and Treaty provisions understandable to our clients so they can make smart decisions with confidence.”

“TWG has experienced substantially accelerated growth over the last 2 ½ years in its tax practice:”

Profiled firms Nexia China

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Chaturvedi & Shah

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SKP Group

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GYOSEI & CO

Japan

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Nexia TS Public Accounting Corporation

Singapore

EDEC Group Trans-Asia & Co

International Business Matters | Nexia International

China

Nexia Australia

Tahiti Taiwan


NEXIA

Foreign Investment in China on the Rise Henry Tan Chairman (65) 6536 5466 henrytan@nexiats.com.sg

China’s economy has remained strong despite the global economic crisis. The overall GDP reached 8% for 2009 and foreign investment is expected to be on the rise. The last quarter of 2009, compared to the corresponding period of 2008, registered a 10% increase in the number of newly approved foreign invested companies who contributed to a more than 30% increase in the amount of realised foreign direct investment for that same period. With the foreign investment climate improving in China, Nexia China members are also witnessing an increase in business from foreign clients. Nexia TS Shanghai, has seen a significant increase in the number of overseas clients using its set-up services since November 2009 as compared to the corresponding period of 2008. The firm is currently assisting in setting up four representative offices, one joint venture for a printing company, and two wholly-foreign owned trading companies dealing in lighting products and home furnishings respectively. In addition, several clients are seeking tax advice pertaining to the relocation of expatriate management personnel who have been posted to China to oversee the expansion of their Chinese business. Referrals from overseas Nexia members constitute an important revenue stream. A significant amount of set-up business originates from referrals by member firms in the West. The list of referrals includes: • A shoe manufacturer setting up a representative office, which was referred by a Nexia USA member. • A lighting products company setting up a represen-

Nexia China

China

Henry Tan Chairman (65) 6536 5466 henrytan@nexiats.com.sg

Nexia China consists of four Nexia member firms with presence in close to 15 major cities such as Shanghai, Beijing, Guangzhou, Zhejiang, Shenzhen, Fujian and others. With Nexia TS (Shanghai) Co. Ltd as the secretariat of Nexia China, the more than 1500 partners and employees of Nexia China are able to provide services ranging from accounting, audit, tax, business consulting to IPO services for local and international firms.

tative office, referred by a Nexia USA member. • An electronics engineering company setting up a representative office, referred by a Nexia USA member. • A home furnishings company setting up a trading company, referred by a Nexia Germany member.

Clients often enquire about the types of business allowed or encouraged in China. In fact, most business types are encouraged, as foreign investment plays an important role for the Chinese economy. Government authorities have issued guidance on three general categories of foreign invested businesses; as follows: • Encouraged businesses comprise the bulk of business types, especially focusing on those engaged in high technology manufacturing, environmental protection, and infrastructure development. In some cases, there may be tax benefits offered. • Restricted businesses such as certain media, printing, mining, consulting, finance and real estate will only allow foreign investment in joint ventures with Chinese partners, and the Chinese partner must hold the majority of share in the company. • Prohibited businesses are not open to foreign investment and include certain mining, media, and manufacturing sectors. In particular, manufacturing activities that employ large quantities of energy or natural resources or are over pollutive are highly discouraged.

The firm has assisted many clients set up their businesses in China as representative offices, wholly foreign owned enterprises and joint ventures, and offers them the ongoing accounting and advisory services as they continue their business in China. “Through our Nexia member firms in the United States, Germany and other European countries, Nexia China has received many referrals, mainly for assisting mid-sized international companies that may otherwise engage one of the Big Four accounting firms for their business consulting or accounting needs.” Henry Tan, Chairman Nexia China. “International companies planning to start business in China engage the services of Nexia China not only because of our expertise and understanding of China’s ever changing rules and regulations, but also due to our association with other Nexia member firms abroad. Nexia China, together with the client’s home country Nexia member firm, is able to provide the same

level of comprehensive and international services that our larger competitors can offer.” Henry Tan, Chairman Nexia China. Nexia China member firms keep abreast of the latest policy developments and the local business environment. Nexia China can assist to resolve issues that may arise for businesses. Nexia China member firms are Nexia TS (Shanghai) Ltd, Nexia HDDY CPA (Shanghai) Co., Ltd., Beijing Yong Tuo CPA Co., Ltd, Zhonglei CPA Co., Ltd and Guangzhou Xing Zhong Nan CPA Co., Ltd.

“International companies planning to start business in China engage the services of Nexia China not only because of our expertise and understanding of China’s ever changing rules and regulations, but also due to our association with other Nexia member firms abroad.” 30 - 31


Nexia Australia Ian Stone Nexia Court & Co Sydney + 61 2 9251 4600 istone@nexiacourt.com.au

Ord Nexia Perth +61 8 9321 3514 dcrawte@ordnexia.com.au

Nexia ASR Melbourne +61 3 9608 0100 pgrant@nexiaasr.com.au

Michael Bannon Duesburys Nexia Canberra +61 8 8177 5799 michael.bannon@dnexia.com.au

Pilot Partners Brisbane +61 7 3023 1300 bmcdonald@pilotpartners.com.au

Nelson Wheeler Nexia Adelaide +61 2 6279 5400 r.ashby@nwnexia.com.au

Nexia Australia comprises seven independently owned chartered accounting firms located in Sydney, Melbourne, Brisbane, Perth, Adelaide, Canberra and Newcastle. All of the Nexia firms offer the full range of accounting, audit, tax and financial services to all entities from sole traders to publicly listed companies. But there is something special about our network of firms. Nexia Australia takes pride in being responsive to its clients’ needs and supplying advice that takes into account the full range of commercial and personal circumstances that affect financial decisions. A Partner is especially assigned to every task and remains in regular contact with clients. Work is not delegated to inexperienced staff or outsourced to other firms or other countries. In typical Australian fashion, the group strives to be the best and be leaders in innovative methods when advising clients. Those clients benefit from efficiencies and the passion of group professionals to extract efficiencies from their businesses to generate maximum profit. The audit expertise of Nexia Australia is world class. The group has implemented systems well in advance of standards governing accounting firms in Europe, Asia and Australia. Audit practices are ahead of industry standards to give confidence

Fan, Chan & Co.

Hong Kong

Vickie Fan Partner +852 25724377 vickiefan@fanchan.com

FAN, CHAN & CO. CERTIFIED PUBLIC ACCOUNTANTS

Fan, Chan & Co. was established in 1976, with its head office located in Hong Kong, and two branch offices in Shenzhen and Shanghai, China. Currently, the firm is home to four partners and some 60 additional staff. Vickie Fan, partner at the firm, commented: “Our Hong Kong office provides auditing, taxation, accounting, company secretarial, outsourcing (i.e.) payroll as well as other expert services, such as due diligence reviews, to more than 800 clients.” International Business Matters | Nexia International

to clients that they are complying with the law and to help avoid unnecessary embarrassments in respect of any entity’s financial accounts. Nexia Australia audit partners regularly meet the audit partners from other offices around the world to ensure consistency in audit quality. The group’s tax expertise is highly regarded with many partners being former senior members of the Australian Taxation Office. Those professionals know why tax laws exist and understand their purpose. This knowledge proves invaluable when advising clients on future, current and past transactions and business structures. There are also specialist practice areas such as the interpretation of double tax agreements that Australia has entered into with other countries and the application of laws in relation to company tax, goods and services tax, capital gains tax, fringe benefits tax and payroll tax. All seven Nexia Australia firms have particularly strong business services practices which, not only prepare financial accounts and tax returns for clients but which are intimately involved in the conduct of client businesses. The group’s view is that it cannot understand client businesses without visiting the client at their business and having regular meetings with them. Some of the Nexia Australia firms are leaders

Ms. Fan added that the firm’s clients consist of multinational companies investing in China, subsidiaries of overseas listed companies, nongovernmental charitable organisations, substantial property and investment holding companies, and manufacturers with production facilities in China as well as cross border trading companies. “Our China offices provide comprehensive range of corporate services,” she added, “including IFRS audit, accounting, taxation and consultancy. Having established business networks with local government agencies, import and export agents and solicitors, we are capable of providing solutions for clients doing business in China.” In addition, the firm is a member of professional services Nexia International. Ms. Fan commented: “Our partners and staff, as well as our clients, welcome the network affiliation because of Nexia’s global recognition. In serving our international clients, we can benefit from wider international coverage as well as the peer support of Nexia International.”

Forsythes Newcastle +61 2 49262699 mmatthews@forsythes.com.au

in providing litigation support to other law and accounting firms in relation to a wide range of laws including commercial, family and tax laws. Partners are called to court to be expert witnesses or to present specialist reports, this work requires an in depth understanding of the relevant laws but also an understanding of the rules of evidence and of court practice. Nexia Australia is also able to provide company liquidation, administration and bankruptcy services. These services extend to assisting businesses recover from economic downturns, refinancing debt and improving operational efficiencies. The seven firms have a total of 60 partners and 330 staff located in premium offices in the CBD of Australia’s capital cities. Clients benefit from staff following a carefully planned and comprehensive professional development regime to ensure that all clients obtain the most up-to-date service and advice. Nexia Australia takes its work and its clients seriously, underlining the reputation in Australia as a network of firms which are passionate about excelling for clients and giving them a level of personal service not available in some larger accounting firms. The group is always pleased to prepare an obligation free quote for a wide range of services.

Of Nexia, which maintains a presence in more than 100 countries worldwide, Ms. Fan explained: “We work with members within our Asia Pacific region, as well as other regions of Europe and North America. Over the years, we have built up mutual trust with many members and are subsequently looking forward to a great deal of future collaboration. As part of the network, our clients can certainly gain from the advice given by other members through localised expertise worldwide.” When asked how the global economic downturn had an impact on client aspirations as well as the amount of international business, Ms. Fan noted that “volumes of international business have been negatively impacted as clients’ business have dropped, and there have been more competitive fees offered in the CPA market. However, Hong Kong is still consistently chosen by investors because of its simple tax system, sophisticated legal system, and because it is effective as a gateway to China.”


Nexia Charles Mar Fan & Co.

Hong Kong

Brenda Chan Partner (852) 2520 0333 brenda@charles-marfan.com

Nexia Charles Mar Fan & Co. was established in 1948 and has developed an outstanding reputation in the Hong Kong business community and within the accounting profession. Its success has been based on the provision of quality and personal services. Nexia Charles Mar Fan & Co. is staffed by highly experienced personnel who have an in depth working knowledge of local business and accounting practices combined with extensive knowledge of doing international business. The firm has three partners and more than 70 staff, with the majority of its professional staff university graduates majored in accounting and business related studies, with more than 50% professionally qualified. The firm’s services include auditing, accounting, taxation compliance, corporate secretarial services, consultancy, investigation and special reviews plus internal control reviews and assessments.

The cooperation with other members extends to support on audit and taxation matters outside Hong Kong and participation in group audits. The firm’s standards are well respected and accepted by the business community including major financial institutions and government regulatory authorities. Work done includes various investigations, internal control reviews and financial reviews for bankers, the Hong Kong Stock Exchange Limited, Securities Future Commission and the Hong Kong Insurance Authority. It has also assisted those clients in listing their shares on the Hong Kong Stock Exchange. Nexia Charles Mar Fan & Co decided to join Nexia International primarily because of the fact that its clients were already expanding into other countries. Brenda Chan, partner at the firm, said: “Our clients were already expanding into other countries and we wanted to keep the relationship with them by continuing to service them. We also needed technical resources and supports in other countries to service our clients and to show the marketplace that we have access to global capabilities and help, thus building our credibility.” Nexia Charles Mar Fan already has significant working relationships with Nexia members in other jurisdictions, including Nexia TS in Singapore, Smith & Williamson in the UK, J.H Cohn in the USA and Gyosei & Co in Japan. The cooperation with other members extends to support on audit and taxation matters outside Hong Kong and participation in group audits.

Chaturvedi & Shah

India

SKP GROUP

India

Rajesh Chaturvedi Managing Partner +91 22 30218500 rajesh@chaturvedi-and-shah.com www.chaturvedi-and-shah.com

Saumil Shah Vice President, Business Initiatives +91 22 66178000 saumil.shah@skpgroup.com

Chaturvedi & Shah is one of the largest India-based firms of chartered accountants and leading financial advisers, maintaining a strong national presence through its head office in Mumbai. The firm has made spectacular progress over the years and has more than 500 corporates as clients, which are leaders in their respective fields. It is to the credit of the firm since inception that its retention ratio of a client is almost 100%. In addition, it is the first chartered accountant firm to complete a significant aviation deal in the region. Rajesh Chaturvedi, managing partner at the firm, commented: “At Chaturvedi & Shah, we understand our clients’ constraints and work to offer a smooth, hassle-free business environment. Our services are rendered keeping in mind accessibility and ease. The firm specialises in audit and assurance services, corporate taxation and international taxation, and is a recommended firm for litigation support.” Mr. Chaturvedi also noted that Nexia International, being the tenth largest network of accounting firms internationally, has been a tremendous source of assistance for the firm in expanding its global affiliations. He noted: “Nexia International is invaluable in helping us to strengthen our services. Presently, we have coordinated with firms based in the US, the UK, Germany and Singapore, including prestigious names such as Smith & Williamson, Saffery Champness, ESMB Ebner Stolz Monning Bachem, Larson Allen and Harzem & Partner KG.” Mr. Chaturvedi added: “Being an international network of firms, we feel that our clients can obtain expert advice on any issue related to their business.“ Finally, when asked how Chaturvedi & Shah’s workload had been impacted by the global recession, Mr. Chaturvedi commented: “The global crisis initially affected India through its financial markets, trade flows and exchange rates. However, due to aggressive countercyclical measures taken by the government of India, the impact of the global crisis was drastically reduced and India is again on growth trajectory. While many barriers to foreign investment have been removed, there still remain formidable challenges for a foreign investor doing business in the country. Understanding and preparing for these challenges is the key to success in India, and we at Chaturvedi & Shah have a thorough understanding of the practice and the manner in which the work can be expedited.”

SKP has more than 400 team members distributed across five offices in India and is listed among the leading tax firms in India by International Tax Review’s - World Tax 2009 and 2010. The group provides a wide range of services including business setups, joint ventures & acquisitions, assurance & tax, transfer pricing, F&A outsourcing, accounting, pay roll and company secretarial services. The group has expertise in the area of business setups with a client base of more than 300 across 36 different countries, many from the North American and European regions. Within the area of assurance & tax the firm is servicing some of the largest players in the banking & financial services industry (BFSI), foreign multinational and listed companies and large Indian corporates. It has also created a niche in providing accounting, tax and transaction processing services on an outsourced basis to Indian and overseas companies in particular from the UK. SKP Group joined Nexia International because of the benefits it provides in branding, plus the acquisition and sharing of knowledge, access to member firms and their clientele. This has been particularly useful because, in the past, SKP’s clients setting up outside India have benefited from the association with Nexia International, for example the UK, USA, Singapore, Germany and France. Other benefits include technical updates and a timely delivery of quality service as followed by Nexia International members worldwide. The global economic downturn has affected SKP business, since several prospective international clients have adopted a more cautious approach towards investing in a foreign country, some of whom have temporarily stalled their plans of setting up in India. Despite this, SKP Group has gained significant business from outbound clients, who are faced with the challenge of understanding the regulatory, tax and legal procedures of a foreign country. SKP’s association with Nexia International has helped to provide clients with a cultural interface as well as localised expertise to help them overcome the hurdles of setting up in a foreign country, such as financial due diligence and tax planning.

“The group provides a wide range of services including business setups, joint ventures & acquisitions.” 32 - 33


GYOSEI & CO.

Japan

Masafumi Sawada Managing Partner +81-3-5211-7878 www.gyosei-grp.or.jp

GYOSEI & CO., established in 1990, will assist its clients by providing the most powerful business solution. The firm is located right across several destinations in Japan and comprises 29 partners in total. Services provided include: Audit services; J-SOX consulting; IFRS consulting; IPO support services; Management services; Business reorganization consulting; Corporate recovery consulting The firm can also offer clients other supports and services including Valuation of unlisted shares; Due diligence; Accounting review; Risk management advisory services. GYOSEI & CO. is forward-thinking and global in its approach. The firm said that through the Nexia network, it can deliver a wide range of issues including cross-border mergers and acquisitions, corporate finance, international taxation and audit.

Audit services: GYOSEI & CO. is committed to the quality, efficiency and integrity of its audits. IFRSs support: GYOSEI & CO. provides consulting services in transition from local GAAP to IFRS by experienced IFRS specialists. IPO support: GYOSEI & CO. has precise knowledge and solid experience; it knows the Japanese stock market and will deliver the most adequate advice for a company that wishes to go public. Management services: GYOSEI & CO. can give advice on how to bring out a company’s latent faculty using innovative technologies. Business reorganization consulting: GYOSEI & CO.’s professionals can provide support to clients based on the most updated knowledge and experience on business issues such as equity swap, acquisition, merger and corporate split and also issues on business restructuring. Corporate recovery consulting: GYOSEI & CO. has the knowledge and experience to support your company’s recovery.

International Business Matters | Nexia International

Nexia Baker & Arenson

Mauritius

Swaraj Ochit Senior Partner (230) 207 0600 sochit@nexia.intnet.mu www.nexiamauritius.com

Nexia Baker & Arenson is an independent firm, established in 2001, offering a comprehensive range of financial services. The firm, based in Mauritius, has four partners and a workforce of more than 40 staff. It is able to respond effectively to clients from a large variety of industrial sectors across a range of expert areas. Services offered include accounting, audit, payroll, taxation consulting, business and development consulting, insolvency and corporate secretarial work. The firm supports business initiatives from the conception phase and accompanies them up to their realisation while ensuring cutting-edge services in business operations. Nexia Baker & Arenson joined the Nexia International network because is able to provide a top quality service to its clients with international needs. Swaraj Ochit, senior partner at the firm, says that international clients can always rely on them for advice on a wide range of issues including cross-border mergers and acquisitions, corporate finance, international taxation and audit. He said: “Nexia is different from other networks as our members firms remain independent and most of our Members have exclusive representation in their national markets.”

“At Nexia Baker & Arenson, we support our clients in finding the right solutions to face the uncertain financial environment and in building towards sustainable long term business growth. Through Quality Control Reviews, which are performed regularly, we ensure that the high standards of our services are maintained all throughout our work. We also act as a focal point whereby we bring latest ideas to our clients”, he added. Nexia Baker & Arenson has a consulting arm that advises clients in various areas including business transformation, expatriate services and property consulting. The firm is able to advise clients in various areas including raising capital with banks, finding investors for a venture and using estate agents to find the proper office infrastructure or development land for a business venture. The expatriate team assists foreign nationals in a new venture and handles application for occupation permits, permanent residence, residence permits under the retired scheme and naturalisation requests among others.

Nexia TS Public Accounting Corporation

Singapore

Henry Tan Managing Director, Corporate Advisory (65) 6536 5466. henrytan@nexiats.com.sg

Nexia TS Public Accounting Corporation (“Nexia TS”) was established in 1993 by two experienced certified public accountants – Mr Henry Tan and Mr Sitoh Yih Pin. After working as managers for one of the international accounting firms, they saw a vision and an opportunity to establish their own organisation. Nexia TS has grown and is now a reputable mid-tier accounting firm with some 90 partners and staff. Offering a wide range of professional services in assurance, taxation advisory, corporate recovery, internal audit and business consulting, Nexia TS serves medium to large private companies, listed businesses and multinational corporations. Continuous commitment to quality services has contributed to the growth of clientele with businesses in diverse industries ranging from retail, manufacturing, electronics, oil & gas, marine and construction.

““Being an independent member firm of Nexia International offers us the connectivity and expertise to serve clients with international needs” Today, Nexia TS has an established track record in listing work, having assisted close to 20 companies in their Initial Public Offerings (IPOs). In 2009, it was involved in the listing of 5 companies on the Singapore Exchange out of the approximately 23 IPOs or reverse takeovers for that year. In a recent study conducted by the Business Times on accounting firms auditing companies listed on the Singapore Exchange, Nexia TS was ranked within the top 10 accounting firms in Singapore. Also, Nexia TS is among the first accounting firms in Singapore to be accredited by the Institute of Chartered Accountants in Australia. “Being an independent member firm of Nexia International offers us the connectivity and expertise to serve clients with international needs and hence expand our service capabilities. In a number of our listed company assignments, we have benefitted from the cooperation of Nexia firms especially those in the Asia Pacific region. The ability to work cross border with member firms has allowed us to service our clients in their expanding business and we have grown significantly partly attributed to being in the Nexia network. Our direct association with Smith & Williamson, the United Kingdom Nexia member, has been instrumental in the development of our internal expertise and resource in many areas.” Henry Tan, Managing Director.


EDEC Group

Tahiti

Veronique Morin Expert-comptable 689 43 86 00 veronique.morin@edec-compta.com

EDEC Group was established in 1990 in Tahiti, a French territory in the middle of the Pacific Ocean surrounded by Anglophone nations, thereby setting it at a nevralgic Pacific Rim center, a strategic economic, commercial and cultural crossroad between the USA, Australia, New Zealand and Asia, EDEC’s founding vision and priority has been to provide the highest possible quality financial advice, accounting and auditing services. EDEC’s founding partners pooled their previous experiences in France and Australia while

Trans-Asia & Co.

Taiwan

Mandy Chen, CPA & MBA Principal partner +886-2-87737050 service@tacpa.com.tw

Trans-Asia & Co., CPAs was founded in 1986 by Dr. Michael Kuo to serve the medium and small size business companies, which totalled more than 95% of companies in Taiwan, for the CPA professional in Taiwan is under a regulated environment of government for half century, it leads to the public companies move toward to the big 4 member CPA firms.

working for world renowned international audit firms. The partners had four years experience serving the Tahitian private sector as financial directors in prominent holding groups and decided to put together an expert team embodying their high standards. In 1997 EDEC went a step farther than any of its local competitors by opening the first and only professional office on the island of Raiatea, the second administrative centre of French Polynesia. The firm has built up its client base to include local government owned companies, non-profit organizations, local natural resource export industries (fishing, pearl culturing, and tourism) in addition to insurance activities. EDEC joined NEXIA International essentially to provide an ever increasing quality service. The Partners recognized a growing need to be able to offer larger clients attached to foreign international head offices, an internationally recognized continuity in accounting, auditing services, cross border specific expertise and counsel.

Veronique Morin, founding partner said “A significant part of our clients’ business is turned toward foreign exchange and trade, USA, Japan, China, Southeast Asia, Australia, New Zealand, New Caledonia and European Union markets. Through the NEXIA International member network we are able to rapidly access reliable, pertinent information and experience on complex technical points relative to any world marketplace and also provide expertise to other NI members in regards to Polynesia and the Pacific region”. She added “Our commitment is to provide high quality accounting and auditing services to international clients investing in Polynesia, advice relative to the tax incentives available and guiding investors through the administrative authorisations procedures, French Polynesian regulations, local taxation and reporting requirements.”. In June 2010 Polynesia will be connected by an underwater high speed internet cable to Hawaii, New Caledonia and Australia, thus heralding in a new era in communications, economic and fiscal opportunities.

At present, the firm has 8 partners in total, with an average of more than 20 years experience to conduct services in all over the big cities, including Taipei, Kaohsiung, Taichung and Tainan. To better prepare for the liberalization trend of Taiwan, the firm has emphasized more on consulting services to assist nonnationals to run their business in Taiwan. Now, the firm’s main clients of foreign activities are from Europe, and the firm anticipates to expand its services through the “Nexia International” network. Partner Dr. Michael Kuo said: “We perform only for faithfully professional services in auditing, accounting, taxation and the related. In addition, we provide sincere consultancy from beginning to daily operation activities in bookkeeping, attention

direction and problem solving to our clients.” In accordance with Taiwan’s Regulations, CPA Services include the following: • Bookkeeping and services • Accounting system design, financial analysis, liquidation, asset appraisal. • Auditing Services: finance statement auditing for public or for financial purpose, investment capital verification and income tax auditing and filing. • Secretary Services: foreigner investment and residence application, company registration and liquidation, & offshore company. • Taxation & Litigation: income tax return for business and individual, income tax litigations and appeals. • Consulting Services: financial and taxation planning, taxation consultancy.

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Middle East & Africa

Profiled firms Adel Saad & Co

Kuwait

Graham Carr

Malawi

Agbo Abel & Co

Nigeria

Usamah Tabbarah & Co

Saudi Arabia

Nexia HBLT

South Africa

Nexia Levitt Kirson

South Africa

SAB&T

South Africa

Sajjad Haider Group

International Business Matters | Nexia International

Egypt

Nazar & Partners

United Arab Emirates


Adel Saad & Co.

Egypt

Ashraf Adel Saad Founding Partner +202 2417 2045 ashraf.saad@adelsaadandco.com www.adelsaadandco.com

Adel Saad & Co., established in 1989, is one of the leading accounting firms in Egypt, with experience in diverse areas of accounting, auditing, taxation, management services and consultancy. Founding partner Mr. Ashraf Adel Saad noted: “The firm’s primary focus is on mid-sized companies, and our partners have provided comprehensive services to many Egyptian and international clients conducting work in Egypt.”

Nazar & Partners

Kuwait

Nayer Nazar Partner +965 22424661 nazarnexia@hotmail.com www.nazarnexia.com

Based in Kuwait City, State of Kuwait, Nazar & Partners has been a representative of Nexia International, the first point of contact in the world’s key financial centres, since 1994. According to partner Nayer Nazar, Nazar & Partners offers comprehensive professional services which are carried out by the firm’s highly qualified and experienced staff which com-

Graham Carr

Malawi

Dorothy Ngwira Managing Partner +265 01823288 blantyre@grahamcarrmw.com

GRAHAM CARR Certified Public Accountants

Graham Carr International is an independent firm of auditors with high standards and a rigorous approach. The firm has more than 32 years of experience in Malawi, founded by Mr. Graham Carr in February 1977 with a staff of four in a small office on St Andrew’s Street in Blantyre. It has offices in Blantyre and Lilongwe. This logistical set-up is in line with Graham Carr’s policy of staying close to the client. Graham Carr’s membership of Nexia Interna-

Mr. Ashraf Saad added: “Adel Saad & Co.’s membership within Nexia International, the network of independent auditors, business advisers and consultants, has made it possible for our clients to rely on us to provide more comprehensive services. Our membership within Nexia provides us with global connections to best serve our and our clients’ needs in terms of opportunities for referrals and conferencing.” Adel Saad & Co.’s core areas of practice comprise: conducting specific examination, audit and review procedures as defined by engagement objectives; and auditing, including matters of audit, review and compilation according to Egyptian as well as internationally accepted accounting principles The firm is also active in accounting, including advising, designing and maintaining computerised accounting systems for a number of midsized clients. The scope of such services includes: implementation of financial accounting systems

as well as cost and managerial systems; and training for clients’ staff. In addition, the firm provides comprehensive assistance in the area of management consultancy, presenting and acting on behalf of overseas clients for numerous managerial issues. Mr. Ashraf Saad noted: “The scope of our services includes cash management, treasury and banking; arranging loan facilities including preparation of studies and forecasts required; as well as preparation for client-specific forecasts and budgets. We also provide payroll services for our diverse clientele through a homemade computerised payroll system which allows for accurate calculation; time records for employee gross salaries; as well as deduction required such as payroll tax and social insurance dues.” He added: “We work to provide our clients with appropriate IT solutions using local, international accounting software programs and financial management systems.”

prises around 18 employees and two partners. Mr. Nazar commented: “We have recourse, if necessary, to resources from our international affiliation with Nexia International, which helps us to provide the necessary services that might be needed at the right time.” Nazar & Partners offers clients comprehensive assistance in areas of auditing services; reviewing income statements of foreign companies; implementing accounting systems; accounting, consulting and taxation services; companies dissolution and assignment as a court trustee; participation in arbitration cases; as well as registration of trademarks, patents and copyrights. Of the firm’s affiliation with Nexia International, Mr. Nazar commented: “We joined Nexia in 1994 in order to expand and to improve upon our international connections. Joining a reputable international network has provided the firm with more credibility, more trust, and

access to updated professional technical information. Within the network, we can help our local clients with international business and interests, as well as providing expertise and specialist services to our clients via Nexia member referrals.” He added: “The global economic downturn has some impact on local investment companies, delaying or postponing some contracts with international companies. The main challenges facing the overseas companies could be in the long procedures which take time in establishing business.” Nayer Nazar is the founder of Nazar & Partners and is, among his credits, an authorised auditor, Class A-43 Kuwait; a member of the Kuwaiti Association of Accountants and Auditors; as well as acting as a member of the Chartered Institute of Arbitrators in UK.

tional helps the firm to exchange ideas regularly at regional meetings, tax conferences, audit forums and annual general meetings. Access to a source of professional advisers in many countries around Africa and the rest of the world is a significant advantage for the firm. Graham Carr is able to make particular use of the specialised committees on audit, tax and information technology that set international professional standards for member firms, noting that Nexia’s greatest strengths is the willingness of its independent firms to share their partners’ expertise and knowledge notably in the fields of tax and International Financial Reporting Standards (IFRS). The firm’s core values involve working together with clients to enable them to fulfill their aims and objectives, upholding ethical standards, setting examples of moral responsibility and providing efficient and cost effective audit, accounting, tax and associated services Graham Carr also utilises the skills and knowledge of partners and staff and maintains

an environment where people can achieve career progression and appropriate financial rewards. There are four partners, fourteen qualified staff, thirty three trainees and thirteen support staff at Graham Carr and all trainees are at various levels of attaining ACCA qualification. The firm’s investment in a vigorous and determined training program has borne fruit in the increasing number of professionally qualified staff. Each Graham Carr assignment is headed by an engagement partner, who has the primary responsibility of delivering outstanding service on that assignment, and has the authority to fulfill this responsibility. The engagement partner is involved in every aspect of the assignment at a personal level, from the initial planning through to the final completion.

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Agbo Abel & Co

Nigeria

David Olaleye Chairman +234 9 671 3473 david@nexianigeria.com www.nexianigeria.com

Usamah Tabbarah & Co.

Saudi Arabia

Nexia HBLT

South Africa

Ali Tabbara Managing Director +9661 465 3110 atabbara@utcnexia.com www.utcnexia.com

Anton Ferreira Partner +27(0)11 421 8374 Anton@nexia-er.biz

Usamah Tabbarah & Co. (UTC) is one of Nexia’s most prestigious members, operating from 14 offices region-wide within the Middle East. Locations include Lebanon, Saudi Arabia, the UAE, the Sultanate of Oman, Qatar, as well as Kurdistan. The firm’s founder, Dr. Oussama Tabbara, DBA, CPA, provides the strategic vision and overall direction for UTC and its associated Audit and Tax practices. Meanwhile, its comprehensive Management Consulting Division – Business & Financial Advisory is coordinated by managing director Ali Tabbara, MBA, CPA; and the overall firm’s teams possess outstanding academic and professional qualifications, together with diverse and extensive industry experience. Mr. Ali Tabbara noted: “UTC is the brand under which teams of experts provide worldclass audit and continuous assurance, financial and business advisory, tax services, as well as management consulting.” UTC’s specialised services comprise: Transaction Services including Mergers & Acquisitions; Business Recovery including Restructuring and Turnaround; Due Diligence in areas of Financial, Market and Commercial; Joint Ventures/ Alliances – Deal Value advice; Financial Valuations; Corporate Strategy – Acquisitions, Risk Management and Outsourcing; and Investigations – Forensic Analysis and Solutions. Mr. Ali Tabbara added: “UTC has in-house methodologies to generate a realisable business value. Its focus is on client needs and, as always, UTC’s personnel go the extra mile to produce optimum results.” In 1991, UTC helped to pioneer the formation of the Nexia International network, and Nexia has stipulated international quality control standards and professional ethical guidelines to its members. According to Mr. Ali Tabbara, client concerns have shifted following the onset of the global economic crisis and now include issues comprising compliance with tax, corporate law and local work practices for foreign companies working in the region. He said: “UTC professionals have provided unique solutions throughout the crisis and, in particular, UTC helps clients access the Middle East market by providing insight into the business community and assisting with identifying local partners throughout the region.”

Nexia HBLT is one of the largest audit and accountancy firms on the East Rand, which is one of the industrial hubs of Gauteng, South Africa. The firm, based in Benoni, employs around 90 people and focuses on servicing audit clients. Amongst our listed clients are 1Time, the air line group and the Kairos Group. Other major clients are Fuelogic, Pasdec and Weldamax. The firm also have expertise in taxation, company secretarial and financial accounting. Major clients in these departments are Hurco SA (a subsidiary of a company listed on the NYSE) and Cosamo (a subsidiary of a major Portuguese construction group). The South African business model is very much based on the British system and, as a result, overseas companies find it relatively easy to conduct business in South Africa and are very successful in South Africa. Our success as a firm is our close contact with our clients and our dedicated team of professional staff’s ability to understand the needs of our clients. Quality is one of our key principles and we are one of the few ISO 9000 accredited accounting and auditing firms in South Africa. Nexia International has helped HBLT to deal more effectively with its listed clients, by offering access to resources in foreign jurisdictions and by giving the firm a cross border presence. Nexia HBLT has seen some of its international clients experiencing a reduction and a downturn in their markets as a result of the economic difficulties but it has not adversely affected Nexia HBLT. In fact certain clients, gained during the last year, have moved away from a Big 4 firm in order to reduce costs and find a better more economic alternative. Our growth over the recent past was above average and we are confident to keep on growing our firm in future.

Abel Onyeke Managing Partner - abel@nexianigeria.com Tolulope Fasanya Partner - tolu@nexianigeria.com

Agbo Abel & Co. is a multi-skilled and multidisciplined professional advisory firm committed to technical and professional excellence in the provision of services that are constructive, innovative, cost-effective and accord with professional standards and guidelines issued by National and International Standards Boards. Agbo Abel & Co’s mission is to be the multi disciplinary professional advisory firm of choice in Nigeria with the aim of enhancing the value of its clients, its staff and its environment. The firm’s policies and strategies revolve around its clients, its people, and its environment and focus on the translation of knowledge to value for their benefit. These include delivering quality and value-added professional services to clients, enabling them to maximise returns on their investments and/or improve effectiveness and efficiency. In rendering these services the firm aims to give the best resources to clients when needed and to develop the best relationship. The cardinal objective is not just to meet but also to surpass clients’ expectation.

The firm’s policies and strategies revolve around its clients, its people, and its environment and focus on the translation of knowledge to value for their benefit. Core services for the company are in the following areas, audit & assurance, financial advisory, consulting, tax and secretarial services. The firm’s partners have training in international audit and accountancy firms such as Deloitte and KPMG. David Olaleye is the firm’s chairman and a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation of Nigeria (CITN). He has had more than two decades of top level professional practice in Nigeria and, prior to joining the firm, he was a partner with KPMG for more than a decade and later a partner with Akintola Williams Deloitte. Mr. Olaleye’s experience is vast and cuts across all sectors of the economy, he has consistently rendered high quality services to companies, governments, and non-governmental organisations in Nigeria and abroad, with some of these including PTF, INEC, PHCN, Julius Berger Plc, Benue State Government, Plateau State Government, Kaduna State Government, Globacom ltd., Glomobile Ltd, and others.

International Business Matters | Nexia International

The South African business model is very much based on the British system and, as a result, overseas companies find it relatively easy to conduct business in South Africa


Nexia Levitt Kirson

South Africa

Claire Martin Partner 0027 11 483 4000 claire@lkg.co.za

Nexia Levitt Kirson specialises in auditing and business advisory services and is based in Johannesburg, South Africa. The firm was founded in 1912 and through various mergers evolved into the strong, dynamic and professional firm it is today. It is a mid-tier sized firm with approximately 80 staff members and 6 partners. It has been associated with international firms for over 40 years and joined

SAB&T

South Africa

Bashier Adam Director +27 12 682 8789 bashier@sab-t.co.za www.sab-t.co.za

SAB&T has offices in each of the major cities of South Africa and provides the full range of services expected from a firm of its size including accounting, auditing, tax compliance and advisory, corporate finance as well as a comprehensive management and business consulting capability. SAB&T became a member of Nexia International, primarily through the realisation that, in order to provide a premier service to its

Sajjad Haider Group

United Arab Emirates

Shahab Haider Partner +9714 2222126 ext 205 shahab@sajjadhaider.com www.sajjadhaider.com

Sajjad Haider & Co, Chartered Accountants was one of the first independent audit & assurance firms to be formed in the UAE and maintains an excellent reputation for high quality service and client satisfaction. Sajjad Haider & Associates, Management Consultants was set up to meet the growing demand for business and financial advisory services from the increasingly sophisticated commercial environment of the region. Sajjad Haider Chartered Accountants LLP was established as a registered audit and ancillary services

Nexia International approximately 15 years ago. The firm’s competitive advantage is as a result of using its mid-tier size to ensure it is sufficiently large enough to offer a wide range of skills and expertise whilst being sufficiently compact to offer personal service. Nexia Levitt Kirson assists clients in meeting the challenges posed by domestic and international ventures. Furthermore, it advises companies and individuals on diverse financial and tax rules governing local, national and international commerce. International reach has provided the firm with the ability to be consulted on expatriate tax complications. Over the years it has developed an in depth-knowledge of the intricacies of expatriate taxation.. The firm maintains its worldwide reach by providing services to countries around the globe, including Canada, France, Germany, Japan, Mauritius, Peoples Republic of China, United Kingdom,

United States of America. It prides itself in providing a wide range of expert services in various areas, including Corporate Statutory Compliance; Due Diligence Investigations; Estate Planning; Expatriate Advisory Services; Financial Accounting; Human Resources and Payroll; Liquidations; Litigation Support; Management Buy-outs; Mergers and Acquisitions; Special Audit Assignments; Statutory Audit Requirements; Taxation Compliance; and Taxation Planning. Further, the firm covers a broad range of industries including Clothing and Fashion; Construction; Engineering; Information Technology; Insurance and Retirement Funding; Manufacturing; Mining; Real Estate; Tourism; Wholesalers and Retail Distributors. Nexia Levitt Kirson is well positioned to meet the diverse needs of clients with its qualified and professional staff.

clients, the international environment must be considered. Nexia International has provided SAB&T with international reach, knowledge and expertise in every major economic destination in the world, placing it in a position to advise clients utilising local knowledge across boundaries and to facilitate client retention where clients expand beyond boundaries. The firm has been involved in a number of international assignments spanning Australia, Germany, France, the USA and United Kingdom from an inbound perspective and the USA, Mauritius, Australia, Malaysia and Namibia from an outbound perspective, referring work to other members. Bashier Adam, director of SAB&T, said: “Through Nexia International, our clients have access to all the services they would expect from our firm in South Africa, and because we recommend the other firms to them, they have confidence in the Nexia firms servicing them.

We have had a group in the telecommunications software arena expanding beyond South African borders and with the help of partners in Australia, USA and Mauritius we have managed to secure the work in all jurisdictions.” He added: “Clients have relationships with local firms and want the same level of comfort from working with our international partners. It is up to the original firm to define and facilitate the relationship between the client and the foreign partners.” The major other benefits of Nexia is retention of staff through exposing them to foreign secondments, through exchange programmes with other Nexia firms from around the globe. There is also the central aspect of quality control, which is critical to the long term sustainability of any recognised accounting firm. Nexia brings an element of uniformity to quality control through the processes and the central co-ordination functions.

provider in Dubai International Financial Centre, one of the newest and fastest growing international financial hubs of the world. The Group has recently combined, in a joint venture, its over 30 years local presence with the 30+ years experience of UK’s leading niche firm, Griffins Licensed Insolvency Practitioners, to provide financial restructuring, rescue and insolvency services. Since 1976, Sajjad Haider Group has been rendering high calibre seasoned advice and services to companies, investors and entrepreneurs, on an extensive range of accounting, audit & assurance, business & financial matters in the Arabian Gulf and internationally. With insight and expertise from our in-depth accounting and business knowledge, vast sector experience on the commercial aspects affecting businesses, and as a member of Nexia International, we provide local and international clients with bestof-breed service on matters crucial to their continued growth, success and prosperity. Our association with Nexia allows us to put, at the disposal of our clients, the comprehensive resources of some of the leading accounting and consulting firms affiliated with Nexia, in over 100 countries around the world.

Most importantly, we invest passionately in building and nurturing long-term client relationships based on trust, integrity and competence. This means that our clients benefit from working with a highly responsive team that truly understands their accounting, audit & assurance and business needs, concerns and aspirations, and helps them define, implement and fulfill successfully their goals of becoming more financially and business empowered. Specialist Areas – Audit & Assurance: Telecommunication; Insurance Business & Financial Advisory: Leisure, Hospitality & Entertainment; Timeshare; Healthcare Business Rescue and Insolvency Other Areas of Expertise – Feasibility Studies (Market Research; Business Strategy; Financial Modeling) Project Implementation Monitoring Company Formation Human Resources Consulting SME Accounting Services Corporate Governance Services 38 - 39



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