Latin Department Since 2006
Year Anniversary
Consultancy ● Advisory ● Support
CWCC Certified Public Accountants
Mr. Thomas Wong
WONG Wa Sun Thomas CWCC Certified Public Accountants Partner Latin Department Founder
Qualifications Fellow Member Hong Kong Institute of Certified Public Accountants Certified Public Accountant (Practising) Hong Kong Institute of Certified Public Accountants Fellow Member CPA Australia Fellow Member Chartered Institute of Management Accountants
Honors Member – (since December 2014) Invest Guangzhou Expert Panel Investment Promotion Ambassador – (since May 2014) Invest HK, the Government of the Hong Kong Special Administrative Region Director – (since 2014) Spanish Chamber of Commerce in Hong Kong Vice Chairman – (Since 2012) Americas Committee of Hong Kong General Chamber of Commerce Divisional Councilor – (since 2012) Greater China Divisional Council, CPA Australia Director – (since 2003) Hong Kong Chiu Chow Chamber of Commerce
CWCC Certified Public Accountants
Mr. Thomas Wong My first trip to Latin America took place in December 2010. I joint a high-level business delegation to Chile and Brazil, led by Mr. John Tsang, the Financial Secretary of the Hong Kong Special Administrative Region Government. I can still remember the excitement when I first stepped on the soil of Latin America, a place where I have put much faith and belief since 2006 when I first set up the Latin Department. The trip ended with wonderful memories as well as many exciting projects between Latin America and Hong Kong, such as the comprehensive double taxation agreement (DTA) between Hong Kong and Mexico signed on 18 June 2012 and subsequently the Free Trade Agreement between Hong Kong and Chile signed on 7 September 2012. Today, as we continue to explore business opportunities in Latin American markets, we have found ourselves in a new landscape – China and The Community of Latin American and Caribbean (CELAC) States joining much stronger force together in international affairs, trade and investment, energy and infrastructure, education and cultural exchange as well as many other possible areas. And so what is the role of Hong Kong and also what role can my Latin Department play in this context ? For me, I will stick to the magic formula – bringing Latin companies to set up their operation in Hong Kong and then subsequently bring them to China. Hong Kong is the Gateway to China. Chinese and Latin American small and medium enterprises are encouraged to participate in the global industrial chain. The cooperation in education will surely enhance the promotion of the Latin and Chinese culture, which will encourage mutual understanding and facilitate doing business together. How do we see and act upon these opportunities is a different story. Doing business with Latin America is no less challenging than when I started 9 years ago. But through persistence and mutual trust, we are able to make lots of friends – friends that toil on to close business deals thousands of miles away from home, friends that make significant decisions and believe in small acts to change our societies. Over the past 9 years, we have reached out to people in Latin America and those involved in the Latin business.
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We have connected ourselves to many organizations in different sectors and we are fortunate enough to become part of the growth of commercial ties between China, Hong Kong and Latin America. The news about China and Latin America working closer together is compelling, so much so that we have determined to set our target higher for 2015. I have embraced a vibrant team of young professionals from Mexico, Brazil, Colombia, Chile, Spain and Italy, with two new players joining us recently - Luz Martinez (from Mexico, graduated from La Salle University) and Julio Escamez (from Chile, graduated from Universidad del Desarrollo).
Today our Latin Department is a team of 12 players (with one staff stationing in Barcelona, Spain). These young people have overcome the furthest distance to learn and serve their Latin community in a foreign land. For some, it is their very first time to step on the soil of China, just as excited as I was in December 2010. We have challenges every day but with strength and resolve we continue to soldier on.
Mr. THOMAS WONG Founder, Latin Department CWCC Certified Public Accountants
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CWCC Certified Public Accountants
CWCC Latin Department Who we are and what we do
CWCC is a CPA (Certified Public Accountants) firm established in Hong Kong in 1986. We are also one of the first foreign CPA firms to establish a mainland office in 1994. Today, we have a network of offices in China wholly owned by CWCC including Shenzhen, Guangzhou, Shanghai, Beijing, Nanchang and Macau. Guided by the international ethics standards, our firm offers reliable and objective advice on establishing business in Hong Kong and China, helping clients with governance, risk and compliance management. Our services include accounting, auditing, taxation and corporate secretarial services in Hong Kong and China. Spain, involving the private and public sectors to enhance the economic opportunities. Latin Department In view of the increasing trade between Spain, Latin America and China, we set up a Latin American and Spanish Business Advisory Department (Latin Department) in 2006 exclusively for Spanish speaking clients. We have a sophisticated team of advisors from China, Hong Kong, Latin America and Spain. Progressively, we have been part of the compelling growth of economic and diplomatic relations among China, Hong Kong, Latin America and Spain, involving the private and public sectors to create more economic opportunities. Given our pioneering experience in facilitating foreign direct investment from the Spanish speaking world to China and Hong Kong, we have established extensive links with the Chinese business community, which recognizes CWCC as the primary platform for connecting to Latin America and Spain.
CWCC Certified Public Accountants
CWCC Latin Department
Hong Kong
Latin America Europe
China
Services in China and Hong Kong Business Advisory - Analysis of investment and operation scenarios - Evaluation of internal accounting system - Evaluation of operational procedures - Technical Advice on financial accounting Company Formation - Hong Kong Incorporation - China Incorporation - Offshore Companies Corporate Secretarial - Company Secretary - Provision of Registered Office - Trade Mark and Patent Application - Investment Visas and Working Permits - Dissolution, Insolvency and Liquidation
Business Process Outsourcing - Accounting Services - Payroll and Payment services - Recruitment of Local Staff in Hong Kong and China Audit and Assurance Services
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- Annual statutory financial statement audit - Capital verification - Net assets value verification audit - Foreign owner’s equity review - IFRS adjustments - International reporting to group auditor - Financial due diligence
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CWCC Certified Public Accountants
Advisory Setting Up Operations
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How to protect your intellectual property? What kind of company should you set up? How to select and recruit your staff?
CWCC Certified Public Accountants
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Consulting in Entrances Models
What type of structure is appropriate for your project? What is the right place for your project in China? When and how much should you invest?
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Support and Compliance
How to optimize the operational cost of your project? What is your tax liability?
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CWCC Certified Public Accountants
CWCC Certified Public Accountants
Why Hong Kong?
One Country. Two Systems Since the handover in 1997, Hong Kong has been adopting the policy of ‘One Country, Two Systems’. Hong Kong remains the authority of administration, legislation and judiciary and enjoys a high degree of autonomy.
Stable and Liberal Under this policy, the city is politically very stable. While the capital movement is free, Hong Kong does not levy import duties or tariffs, unlike Mainland China. Hong Kong retains the British Common Law tradition and maintains its own currency and civil liberties, such as freedom of speech, freedom of religion and freedom of press.
Free Economy
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As a global financial and foreign trade centre, Hong Kong is the world’s 9th largest trading economy and the 11th largest exporter of commercial services. As the world’s freest economy, Hong Kong is the third largest source of foreign direct investment (FDI) in Asia, after Japan and the Chinese mainland. On the other hand, Hong Kong is a highly attractive market for foreign direct investment.
A Conduit for Doing Business with Asia
Acting as a regional centre, Hong Kong is a popular venue for hosting regional headquarters or representative offices for multinational companies to manage their businesses in the Asia Pacific. In 2013, there were 3,835 regional headquarters and regional offices in Hong Kong, 80% of which were responsible for business in the Chinese mainland, confirming the role of Hong Kong as a conduit for doing business with the mainland. While Hong Kong is the third largest foreign exchange market in Asia and the fifth largest in the world, the stock market of Hong Kong is equally promising, ranked the second largest in Asia and the sixth largest in the world in terms of market capitalization.
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CWCC Certified Public Accountants
Why China? China Power Being a prominent political and economic power that plays a vital role in international affairs, China is the world’s second largest economy by nominal GDP and by purchasing power parity. As the world’s fastest growing major economy, China enjoyed growth rates of over 10% in the past 30 years. Being the largest manufacturing economy, China is also the largest exporter and the second largest importer of goods in the world. China is the top producer of steel, coal, cement, fertilizers and TV sets while it is ranked first in the output of grain, meat, cotton, fruits, electricity, cloth and chemical fibers in the world. China’s accession to the World Trade Organization (WTO) in 2001 was one of the most important steps towards reshaping the global economic landscape of the 21st century. Continued economic growth will definitely create enormous opportunities for other countries.
What Hong Kong offers to China As far as the close and inseparable relations between Hong Kong and the Chinese mainland are concerned, Hong Kong is so far the most important entrepot of her motherland. In 2013, 62% of re-exports were of Chinese origin and 55% were destined for the Chinese mainland. Hong Kong is the second largest trading partner of Chinese mainland after the United States, accounting for almost 10% of its total trade in 2013. While Hong Kong is the largest foreign investment source of the Chinese mainland, the Chinese mainland is the Hong Kong’s largest source of external investment. The stock of Hong Kong’s inward investment from the Chinese mainland amounted to US$457 billion at market value, 37% of the total at the end of 2012.
CWCC Certified Public Accountants
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CWCC Certified Public Accountants
CONNEXO
Our newsletter
We want to go beyond
In 2014, CWCC Latin Department launched the Spanish e-newsletter called CONNEXO, aiming to provide insights into the Chinese market and raising mutual awareness between our communities in China/Hong Kong and Latin America/Spain. With the monthly e-newsletter we target our customers and prospects in general. The publication of our Spanish e-newsletter is seen as an important marketing tool for the Latin Department, the main aim of which is to offer solid and captivating content, vivid glimpses into our achievements, offerings and intentions. Moreover, the main objective is to build relationships and maintain regular contact with customers and business partners. Developing the Spanish enewsletter programme will capture the attention of the Latin and European market among Hong Kong and China. Publishing a Spanish e-newsletter gives us the opportunity to increase awareness among clients and prospects, provide them with a better understanding of our company and services as well as of how our Latin Department can help in their endeavours to expand their business operations into Hong Kong and/or China.
CWCC Certified Public Accountants
CONNEXO
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Grandes negocios de 2014, oportunidades en 2015 (parte 2) Por Thomas Wong, Socio CWCC
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La Entrevista de la Década
A medida que el Departamento Latino se acerca a su primera década de vida, Connexo realiza una serie de entrevistas a los personajes más interesantes de la relación China-América Latina.
Este año no será un año más para los que hacen negocios entre Asia y América Latina.
"Aquí está la frontera del desarrollo", entrevista a Germán Muñoz Díaz -Presidente de la Cámara Mexicana de Comercio en China
Ya entró en vigor el acuerdo de doble imposición entre Hong Kong y España, junto con el acuerdo de libre comercio con Chile. Durante este año se espera que se complete el capítulo de inversiones en el país sudamericano.
Connexo: ¿Qué rol tienes y cómo ves a China en su historia reciente? Germán Muñoz Díaz: "Mi nombre es Germán Muñoz Díaz, presidente de la Cámara Mexicana de Comercio en China. Hong Kong hace parte de China, y aunque a veces se nos puede olvidar es una de las ventanas más formidables que tiene China para potenciar toda su proceso de expansión, de crecimiento económico y cultural.Hasta ahora llevo cuatro años en Hong Kong, junto con mi mujer de origen francés y mi hijo de quince años; y después de haber vivido en ocho diferentes países por períodos de años, Hong Kong y China se presenta como una de las experiencias más gratificantes a nivel humano y profesional. Aquí aun puedo percibir el sentimiento de vértigo al encuentro de una cultura tan diferente y al mismo tiempo tan afín."
Las garantías para las inversiones hongkonesas en Chile creará negocios en todos los sectores, con capitales Chinos y asiáticos radicados en Hong Kong. Esta será una oportunidad de incalculable valor para potenciales receptores de capital y también para proveedores de estas nuevas empresas. Como siempre sucede, aquel esté más cerca de los centros de decisión gozará de ventajas. A esto se suma la globalización del renminbi como moneda de intercambio. Hong Kong tiene una ventaja incomparable para negociar esta moneda, al tiempo que el dólar de Hong Kong está atado al dólar estadounidense.
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Guangzhou, servicios a inversores a un paso de Hong Kong
Por Delilah Li, CWCC
C: ¿Cuál es el mayor concepto errado que tienen los latinoamericanos acerca de China
En China las palabras claves para el éxito son: paciencia y persistencia Por Daniela Gracia
GUANGZHOU, MEJOR CIUDAD CHINA SEGUN FORBES Para la publicación estadounidense la infraestructura y los recursos humanos son las fuerzas de la ciudad. Shenzhen, otra ciudad cercana y base para Tencent y Huawei obtuvo el segundo lugar.
9 NUEVA LEY DE INVERSIÓN EXTRANJERA EN CHINA El Ministerio de Comercio llama a propuestas del público ante una nueva ley que cambiará el acceso de inversores internacionales al mercado del gigante asiático. Detalles en comunicado oficial del Ministerio. INVEST GUANGZHOU CONVOCA EXPERTOS EN LATINOAMÉRICA Thomas Wong, cabeza del Departamento Latino de CWCC, se unió al Panel de Expertos de Invest Guangzhou
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CWCC Certified Public Accountants
OUR MISSION
To be the undisputed top-of-mind service provider both in Hong Kong and China for Latin American and Spanish companies
CWCC Certified Public Accountants
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Anniversary OUR MISSION
To engage and inspire more business partners globally
CWCC Certified Public Accountants
OUR MISSION
To ignite the emotional attachment with our clients
CWCC Certified Public Accountants
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Anniversary OUR MISSION
To promote the social awareness, ethical recruitment and cultural understanding between Latin America, Spain, Italy, Hong Kong and China
CWCC Certified Public Accountants
OUR MISSION
To create innovative and sustainable growth platforms for the Latin Department and CWCC
CWCC Certified Public Accountants
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Anniversary OUR MISSION
To deliver integrity and commitment to ethical professional practice
CWCC Certified Public Accountants
CWCC Certified Public Accountants
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CWCC Certified Public Accountants
CWCC Certified Public Accountants
Discover how to capitalize on the opportunites and control the risk Invest successfully in China We help you run and grow your business
Mr. Thomas Wong Partner CWCC - Main Office - Hong Kong Suites 1201 – 4, 12/F, Tower 2, The Gateway, 25-27 Canton Road Tsim Sha Tsui, Kowloon. Tel: + 852 2956 3333 E-mail: ld@cwcccpa.com www.cwcclatindepartment.com Hong Kong Shenzhen Shanghai Beijing Guangzhou Nanchang Macau
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