Kreston

A global association of independent accountants and business advisors

Kreston 1

5/11/07 14:33:32

CorporateUK

Cohesion, Credibility and Creativity a foreword by Jon Lisby, Executive Director Direct: +44 (0) 1245 449 264 Mobile: +44 (0) 7850 660 983 Email: jon@kreston.com web: www.kreston.com

E

conomic globalisation is sometimes discussed as if international trade is a recent phenomenon but the importing and exporting of goods and services of course dates back to the world’s earliest and ancient civilisations.

What is so very different now is the seemingly relentless

•

Management of exchange rate movements

and unprecedented explosion in the value and volume of

•

Multinational corporate and employment law

international trade – the past 5 years alone has seen growth

•

Identification of available government grants and incentives

of over 60% in the value of international trade.

•

Outsourcing of accounting, payroll, company secretarial and other functions

The drivers behind the increase can be expressed quite simply - imports are sucked in from the natural pursuit of

A selection drawn from this menu of professional services is present in all multinational business structures and it is

superior quality and lower cost and - exports flow from the

therefore little wonder that entering the international arena for the first time can certainly appear a most daunting if

ambition to grow business and develop new and profitable

not terrifying prospect for many companies.

markets.

This mushrooming of cross border business brings ever

This is where Kreston’s global team of accountants and business advisors truly comes to the fore and provides the focused support that clients need. Our members, though independent firms, are accustomed to working closely to-

increasing demands for the highest quality professional

gether on client assignments to deliver seamless and integrated international solutions. Together Kreston International

advice across the complete range of international support

member firms deliver Cohesion, Credibility and Creativity to add value to all transactions and ensure success.

services:-

Our firms work together on client projects utilising a single private global web portal to ensure efficiency and highest level of security for communication and document handling.

• •

Cross border acquisitions and due diligence for

Our first-hand knowledge of local regulations and customs provides an invaluable competitive advantage in the

both purchaser and vendor

global market place – coupled with the strength of local reputations and the access we can provide to quality local

Tax efficient structuring – both corporate and for

contacts and other professionals worldwide. We are Connected to give Global Reach with Local care.

employee

By choosing a Kreston firm, clients eliminate the learning curve and reduce the risk when entering new markets.

•

Global indirect taxes and customs duties

Clients maintain control through one-to-one contact to ensure continuity of service provision and personal attention

•

Choice of entity in each location – branch or

at all times.

subsidiary •

Transfer pricing regulations governing the price

Together we bring the highest calibre of professionals across international borders coupled with significant partner/director involvement and a

at which goods and services be charged within a • •

multinational group

•

Commitment to delivering staff continuity on all assignments.

International fund raising, initial public offerings,

•

Creative, focused, flexible and realistic approach to problem solving.

venture capital, private equity

•

Respected and credible reputation in both international and local markets

Compliance with International Financial Reporting

•

Prompt and responsive approach to problem solving

Standards

•

Refreshing, enthusiastic and consultative style.

•

Design and review of internal control systems to limit risk exposure

Our service is well tried and tested. Founded in 1971, we were ranked as the16th largest accounting association in the

•

International business planning, strategy, budgets

world at the start of 2007 with 500 offices, a resource of 15,000 professionals and support staff in over 80 countries

and forecasts

and aggregate fee revenues of US$1.3bn. We anticipate our growth this year will exceed 20% which, together with the

Statutory audit and attest services under US or

quality of our clients we serve, is a testimony to the benefit and value our services deliver.

•

International Auditing Standards •

Global technology and software selection services

•

Selection of trade partners and establishing international joint venture agreements

Kreston 2

We have excellent representation in all the major capitals in the world. Our strength in the key markets is perhaps most apparent in North America, where the Kreston firms offer over 6,000 staff in over 150 offices.

This cohesive and global capability is available to serve business worldwide.

5/11/07 15:46:08

CorporateUK

Kreston in the UK

In association with:

James & Cowper Nick Rogers 0118 955 1030 nrogers@jamescowper.co.uk

I

n today’s economic climate, with rapidly developing new markets, improved communications, and greater international mobility, businesses operate on an increasingly global scale. Successful global organisations choose to use the services of accountants and advisors in each individual country, to take advantage of their local expertise and contacts.

Over the past five years the UK has established itself as the dealmaking centre of the

Jonathan Williams 0117 9100250 JWilliams@bishopfleming.co.uk

Reeves+Neylan Andrew Griggs chartered accountants +business advisers

020 7407 7604 andrew.griggs@reeves-neylan.com

become the norm for the UK mid-market.

Without international capabilities, these

Clive Owen & Co. LLP

world. This was driven initially by the higher

local advisers risked losing the companies

Angus Allan

end of the market but the ability to acquire

they had helped grow as they could no lon-

01325 349 700

overseas has been extended to the mid

ger meet the demands of their clients. Nick

angus.allan@cliveowen.com

market as costs fall and international borders

Rogers of James Cowper said that through

are broken down. Through membership of

Kreston membership, his firm can now meet

Kreston, mid market advisers in the UK have

these demands with confidence:

been able to offer their clients this service

“Our membership of Kreston enables us

Peters Elworthy & Moore

and rival the Big 4 in terms of geographical

to provide the same international capabili-

Chris Walklett

spread and expertise.

ties as larger firms and we have found that

01223 728258

clients with international requirements

cwalklett@pem.co.uk

Rivalling the larger firms

and aspirations have been impressed by

The corporate advisory landscape in the UK

the ‘seamlessness’ of the Kreston group in

has traditionally been dominated by large

practice. Our ability to work with overseas

professional services firms. However, over the

members of Kreston has been key in recent

Rabjohns

past decade local advisers have been making

work proposals.

David Cornelius

inroads into the market share traditionally

Kreston 3

Bishop Fleming

“With regards to internal referrals

held by larger players. Trained at the large

from within the group, we have found

firms, these advisers have all the expertise on

that in particular with regards to inward

might expect, but can offer advice at a lower

investment, firms coming into the UK are

cost, and on a more personal, partner-led

no longer ‘handcuffed’ into using large

level.

01905 732100 dc@rabjohns.co.uk

international advisers by their parent

Russell Brennan Keane

At the same time, and through no coinci-

companies and instead have the freedom

Chris Ball

dence, the UK mid-market has become more

to select local accountancy firms who can

+353 9064 80607

corporate savvy and bold in its corporate

provide them a more cost effective and

cball@rbk.ie

strategies. Today, as globalisation takes hold,

personal service. As a result the number

geographical boundaries have been decon-

of overseas subsidiaries in our client base

structed and cross-border acquisitions have

continues to grow.”

5/11/07 15:46:22

CorporateUK

“

Jonathan Williams, corporate finance

Recently we had the opportunity to tender to provide accountancy and business advisory services to a large group. Key to our success in winning the work was that a Kreston member in India advised a key shareholder in the group.

The group continues to expand and we have used Kreston firms in Australia, The US and Sweden to provide associated tax and due diligence services. . .

“

Nick Rogers of James Cowper

Kreston 4

covering 75 countries with 500 offices

partner, at Bishop Fleming, added: “Kreston

drawing on over 15,000 members of staff.

membership enables us to provide the

Its international spread not only allows

same geographic coverage and range of

member firms clients to rapidly access

services but as an alternative, lower cost

local knowledge across the globe but it

more personalised service specifically to

allows members to trade knowledge and

medium sized and owner managed busi-

ideas with other firms.

ness clients.

This summer David Fawcus, partner at

“Membership gives us national spread;

James Cowper, was the keynote speaker at

if, for example, a client wanted some work

the Kreston Asia Pacific Conference where

done at the other end of the UK, it might

he spoke about the advantages of the AIM

make sense to refer that exercise to the

market over other stock market listings.

local member. Equally on the tax and audit

Speakers also included representatives

side, the international membership gives

from the Chinese Institute and Govern-

significant value when advising clients

ment.

operating in, moving to, or coming out of other jurisdictions.”

The ability to offer international advice

By clubbing together member firms can expand also their offering in terms of the depth of specialism that they can

on a local level is a great bonus when

offer. Lake Falconer of PEM Corporate

pitching for new work. Andrew Griggs,

Finance LLP explained: “As we are based in

Corporate Finance partner at Reeves +

Cambridge, we are frequently mandated

Neylan LLP, which joined the group in

to seek purchasers for technology busi-

1985, said: “A great advantage of being

nesses and other businesses that appeal to

part of Kreston is that when we are pitch-

overseas buyers. The strength of Kreston’s

ing to a client on a job that covers more

association and particularly in North

than our region, we can quote and deliver

America is helpful in reaching overseas

it all, we do not have to say ‘we are too

businesses.

small to do all’.

“Because we meet regularly, we know

“Membership of Kreston gives us the ability to provide international input, espe-

each other and can refer a client overseas

cially re tax, to our clients. Many of those

or elsewhere in the UK safe in the knowl-

in the technology sector naturally look to

edge they will get the same standard of

export markets early in their development

service that we give them.”

and so it is important to be able to help them succeed.

A truly international group

“We have significant experience of the

Kreston International is the 16th largest

technology sector. Fellow member James

accounting associations in the world

Cowper has a similar position in Oxford/

5/11/07 15:46:35

CorporateUK

the common values of the group and be of

and resources are a plus in servicing the

a similar size with similar clients. “Kreston is

sector. We have recently established PEM

a group of medium sized English speaking

Technology - a multi disciplinary group to

accountants,” said Andrew Griggs.

service the sector. This was launched at the Cambridge Enterprise Conference which

with similar issues to our own and they will

we sponsored.”

be structured themselves in a similar fash-

Chris Ball, Corporate Finance Director

ion. It feels like having similar offices with

at Irish member Russell Brennan Keane,

like-minded people across the world. All

which joined the associaton in 2003, said

members are vetted before joining which

that it had assisted the firms Irish clients in

ensures an excellent quality is maintained.”

their international expansion: “Our clients

Nick Rogers of James Cowper added:

continue to challenge us with innovative

“Kreston are very selective about which

ideas both at home and abroad.

firms they invite to be members, ensuring

“We are able to use the global knowl-

that there is continuity across the group

edge bank of Kreston members to share

in terms of quality of expertise and service

their experience of such issues. It also allows

culture. This was very important to us as

us to provide quality foreign specialist advice

we wanted to feel confident that if we

in a structured environment whereby we

referred our clients to other firms within

can maintain our sole as trusted advisor. We

the group they would continue to receive

can discuss opportunities with clients in

the same levels of professionalism and

confidence knowing that international ex-

expertise that they did from us.”

perienced advisors are available from other member firms we can fully trust.

“Our firm brings an energetic team of

Dealmaking is as much about personal relations as it is about hard negotiation.

According to David Cornelius of Worcester-

professionals to the Kreston group, and an

based business and tax advisers Rabjohns,

ability to provide an insight into the current

this is a significant benefit of being part of

trends, markets and business acumen of an

Kreston International:

increasingly pro-active and acquisitive Irish business community.

“Our specialist teams provide support

“The emphasis within Kreston is on getting to know fellow members so you can trust your recommendations – that is much

to an increasing number of foreign owned

more important than just having a name in

companies who have realised the potential

a book. The geographic split of the UK firms

within the Irish marketplace.”

allows us to co-operate within the UK.”

Strict selection policy Kreston does not accept any firm that comes along. Each member must share

Kreston 5

“The firms worldwide will have clients

“

Rabjohns led a consortium of six of the UK Kreston firms in a tender to advise a National Government Office in their financial assessment of funds applicants. It would have been an impossible assignment for one firm on its own to have attempted. The tender demonstrated the experience, quality and resources that are available to Kreston. In the face of competition from the big four and top 20 firms, the Kreston tender was successful.

“

the Thames Corridor – our joint expertise

David Cornelius of Rabjohns

5/11/07 15:46:48

CorporateUK

Sponsored firms France E-Compta Bruno Padovani bruno.padovani@expert-padovani.com

+ 33 491139401

Jersey Rajesh David 01534 755000 rajesh.david@centuriontrust.com

Isle of Man Rosemary Wright 01624 677100 rosemary@bwgroupltd.com

USA CBIZ & Mayer Hoffman McCann P.C. (MHM) +1 (610) 862-2300 sreibstein@cbiz.com

USA California Altus Economics Ross Newman rnewman@altusecon.com 0014 082934421

USA Connecticut Kostin Ruffkess & Co Richard Kretz rkretz@kostin.com 0018 604424373

Puerto Rico Torres Llompart Sanchez Ruiz LLP

Frank Sanchez-Ruiz fsanchez@tlsr.com 0017 877584620

Dott R Diddi Italy Dott R Diddi Dott Roberto Diddi rodiddi@tin.it 0039 58688212

Kreston 6

Uruguay JP Damiani Juan Pedro Damiani info@jpdamiani.com 0059 829161225

South Africa Dave Rich +27 21 683 4834 dave@mdacc.co.za

5/11/07 15:47:00

CorporateUK

Sponsored firms The Netherlands Van Duyn Theo Van Duijn theo.van.duijn@vanduyn.nl 0031 713644848

Poland BPG Polska Pawel Brejzek pawel.brejzek@bpg.pl 0048 224582300

Liechtenstein Wanger Group Markus Wanger markus.wanger@wanger.net 00423 2375252

China Edmond Chan Chan and Chan ec@chanandchan.com +852 25261311

Indonesia Eddy Prakarsa Eddy Simon kap-epps@cbn.net.id 0062 215900918

Austria ECA Gerhard Pichler office@eca.at

Kreston 7

Turkey Sura YMM Cagri Gurses cagri.gurses@sura.com.tr 00902164612929

Australia Kreston Dormers Tony Dormer advice@krestondormers.com.au +612 9874 8038

5/11/07 15:47:14

CorporateUK

Kreston International

Directory Argentina

Liechtenstein

Australia

Lithuania

Austria

Luxembourg

Belgium

Malaysia

Bolivia

Malta

Brazil

Mauritius

Canada

Mexico

Channel Islands

New Zeland

Chilie

Norway

China

Oman

Colombia

Pakistan

Croatia

Peru

Cyprus

Philippines

Czech Republic

Poland

Denmark

Portugal

Dominican Republic

Puerto Rico

Dubai

Romania

Ecuador

Russia

Egypt

Saudi Arabia

Estonia

Singapore

Finland

Slovakia

France

Solvenia

Germany

South Africa

Ghana

Spain

Greece

Sri Lanka

Guatemala

Sweden

Hong Kong

Switzerland

Hungary

Taiwan

India

The Netherlands

Indonesia

Tunisia

Ireland

Turkey

Isle of Man

Ukraine

Israel

United Kingdom

Italy

United States

Japan

Uruguay

Jordan

Venezuela

Korea

Vietnam

Kuwait

For a full list of Kreston members, please see www.kreston.com

Latvia Lebanon

Kreston 8

Australia

Austria

Tony Dormer +612 9874 8038 advice@krestondormers.com.au

Gerhard Pichler +43 6452 4141 www.eca.at / office@eca.at

Kreston Dormers Accountants and Business Advisers Pty Ltd and Kreston Dormer Technology Services Pty Ltd joined Kreston International in July 2002 after attending a regional conference in China.

We see the key strengths of Kreston over other groups being based on a number of factors. Firstly the group boasts a strong and committed team at Head Office, all of whom are dedicated to driving maximum value for our customers within tight budget constraints.

The membership is reasonably priced ensuring business development investment is retained and concentrated at a regional level rather than Head Office. This is paramount as we believe our major opportunities are focused within the Asia Pacific region rather than globally.

Whilst we have had no prior involvement with other accounting associations, we have found the comradeship and opportunity draw on complimentary skill sets to be outstanding.

Finally, we have always believed that a global brand would add greater value to our business here in Australia. This has been reinforced and experienced in real terms since re-branding as Kreston Dormers with the level of international referrals increasing significantly.

Based in Sydney, we are a multi-discipline business advisory firm that has divisions in business advisory and strategic development, taxation and compliance, IT and ERP services, law and financial planning.

In the Asia Pacific region, we are able to provide our customers with a comprehensive range of services with an international accounting association on hand to support this. In addition, our external network of Business Advisers is extremely strong and experienced in all facets of business.

We see our core strength in being able to offer a more innovative and knowledgeable team of business advisers who have the capability to leverage global resources when required. Our focus is on helping our customers improve the performance and profitability of their businesses coupled with keeping taxation costs to a minimum.

We go beyond offering taxation advice and financial reporting by providing our customers with measurable and effective business outcome solutions to facilitate growth moving forward.

Any challenges faced by a start up within Australia can be navigated by appointing an appropriately qualified, professional adviser in all the disciplines including human resources, law, real estate, strategic development and accounting.

Trading opportunities within Australia are outstanding and in our view considered robust compared to other economies.

Our proximity to the Asia Pacific region combined with the free trade arrangements with ASEAN countries provides a gained advantage over other developed economies from a logistics and lifestyle point of view.

More and more, the Australian Government creates opportunities for qualified individuals and Corporates to conduct business in our country for the mutual positioning for economic expansion. The Government fosters innovation, and provides export orientated industries with generous grants for all Australian resident individuals and Corporations. We are indeed the lucky country!

ECA was founded as an Austrian tax consultant network in 1989. In the meantime 19 tax consultant offices with 35 partners and 370 employees have joined this national network. In 2006 ECA made a total turnover of about USD 27 million and thus belongs to the ten biggest networks of Austria.

With its 27 locations altogether, ECA is represented in every region in Austria. It offers the whole spectrum of consultation concerning economic, tax and commercial law matters as well as the complete field of accountancy (“full services” and “onestop-shopping”). After the successful creation of a national network we started looking for an international connection.

Due to the size of our national network we could choose from the numerous international groups the one that fitted ECA best. One reason for this choice was the fact that Kreston was an English/French/German foundation and our most important interest was Europe. At the same time, Kreston is strongly represented on each continent, and thus our desire of a worldwide connection in view of the increasing globalisation could be fulfilled.

However, what is the use of a global association if the interpersonal relations do not work? Having attended more than 30 international Kreston conferences so far, personal relationships have been built up and well-established.

“Kreston bestows upon ECA the feeling and assurance that Austrian companies can rely on the well-founded consultation of a Kreston partner when dealing with international business at any time.”

Kreston bestows upon ECA the feeling and assurance that Austrian companies can rely on the well-founded consultation of a Kreston partner when dealing with international business at any time.

On the other hand every client of a Kreston partner can feel certain that he is well catered for in his business activities in Austria by ECA. The consultation is of high professional quality and absolutely reliable.

Via website www.eca.at everyone can easily establish contact with the ECA general secretary or directly with the respective ECA partner.

According to the latest OECD survey Austria is part of the most attractive location for enterprises throughout the world. In addition to the beauty of the country, the reasons for Austria’s desirability are a favourable, low tax rate for enterprises, the well educated employees, the social security as well as a business friendly administration.

Our ECA partners will always endeavour to attend to all requirements of interneational companies in Austria. We are looking forward to hearing from you!

5/11/07 15:47:25

CorporateUK

China

France

Isle of Man

Edmond Chan +852 25261311 ec@chanandchan.com

Bruno Padovani + 33 491139401 bruno.padovani@expert-padovani.com

Rosemary Wright +44 1624 677 100 rosemary@bwgroupltd.com

Chan and Chan joined Kreston International in March 2001. We had applied membership of another group at the same time when we approached Kreston but we were attracted to Kreston’s extensive membership coverage.

Most foreign acquirers into China will not be familiar with Chinese. Speaking the language is essential to doing business in China and we can assist foreign clients in overcoming the language barrier.

In addition, the laws and regulation within China are difficult for some foreign acquirers to understand. This challenge can be navigated well with a good professional firm to assist.

Chan and Chan is a Certified Public Accountants Firm established in Hong Kong. We provide a full range of services on a scale that afford our clients a high degree of individual attention from the partners who take a close and personal touch in their clients’ activities.

We are committed to meeting deadlines, responding quickly to clients’ queries, providing high quality services and solutions to clients’ problems, and providing specialised and tailored services through our international network.

“The laws and regulation within China are difficult for some foreign acquirers to understand. This challenge can be navigated well with a good professional firm to assist.“ We have expertise across a wide range of services from trust and asset protection to audits. We can assist our clients and those of our members in compiling their statuatory audits under the Companies Ordinance of Hong Kong.

In addition we have provided assistance and advice on the establishment of new companies in Hong Kong, mainland China and several overseas jurisdictions, such as British Virgin Islands, Panama, Nuie, Bahamas and Seychelles.

Kreston International currently has nine member firms in the People’s Republic of China such as Beijing, Shanghai, Nanjing, Taiyuan, Hangzhou, Chongqing, Changsha, Nanning and Dongguan. We also have alliance firms in Shenzhen, Guangzhou, Wuhan, Ningbo, Fuzhou, Nanning and Xiamen.

Through this global association, we provide our clients with comprehensive services on oversea taxation, accounting and management consultancy

Kreston 9

We joined Kreston International five years ago in 2002.

At this time our young firm had already experienced tremendous growth in each of our core business lines but we felt it was difficult to build continuous internal growth and to value our international skillbase.

Our firm heard of Kreston while working on an international project in Bordeaux. People always spoke very highly of the quality of Kreston members and about the value of membership. We organised a meeting in Marseilles and we rapidly realised the true meaning of the Kreston motto ‘people do business with people they know, like and trust’ while attending our first Kreston World conference in Scottsdale only a few days after !

Our firm is located in Marseilles where we represent the Kreston network. One of our strengths is our ability to provide other members with reactive and reliable ‘on the spot’ answers to specific cases. Our firm is also able to provide highly qualified professionals on international cross boarder projects such as due diligences.

The French culture traditionally splits companies and markets between small and large players while Kreston would be viewed as a middle tier market player. This approach is a somewhat too simplified and we prefer looking at companies and at our specific market from a quality orientated perspective rather than a quantity or volume one.

“We rapidly realised the true meaning of the Kreston motto ‘people do business with people they know, like and trust’“ All our clients (no matter the size of the French business) benefit from the ‘best of both worlds :‘ Small teams of dedicated high calibre professionals. Our team also includes cross-professional (partners such as bankers / lawyers etc…).

As a result there is a close connection between the client and our team and a perfect response to the actual needs!

Entering a new market is always an interesting challenge.

For France the language could be seen as a barrier. So could be some aspects of French business or social law, not forgetting taxation and accounting specific rules.

France has also the reputation of being a country where administration of affairs is a burden, where employing people is costly and complicated and where taxation is high, for both businesses and entrepreneurs.

We don’t think this reputation is truly deserved. In fact, although basic rates of taxes and social contributions are relatively high (even if it’s only half of the equation, state services and public infrastructures for instance being the other half ), a lot of favourable regimes have been created by successive governments to improve France competitiveness. It’s just a matter of knowing them….

BW Group joined Kreston International in November 2006 as a specialist member. One of the first memberships of its kind issued by the Kreston Group to allow members with elite services to join the predominately accountancy focused group.

BW Group was attracted not only to the fact that the group were one of the largest in the UK but also their growth and expansion plans reflected the strategic plans for BW Group.

As a company we are keen to build relationships within a network of professionals. This ensures that we not only receive the correct advice at the right time for our multi jurisdictional clients, but it also gives members the opportunity to tap into the wealth of specialist tax and offshore administration experience that BW Group brings to the group. We are unique within the group as a specialist member for our range of services.

BW Group brings to Kreston International a breadth of experience and the ability to provide advice to clients regardless of jurisdiction. This is primarily because of the number of members both in the UK and Overseas, which allows us access to specialist services whenever we require them. The speed of delivery from Kreston Group members also means that we can provide a quick and professional turnaround service to our clients.

“The Isle of Man is one of the most successful economies in Europe, now in its 22nd year of unbroken growth, with unemployment below 1.5%, average economic growth of more than 5% per year in real terms over the last five years and Government revenues increasing over the same period by £100 million.”

BW Group has a tremendous amount of experience in providing polished and efficient administration services. We believe that one of our key strengths is out administration and the ability to deal with enquiries in an experienced and timely manner. Our team are always available at the end of a telephone or on email and tend to deal with clients enquiries from fruition to completion - a service, which is lacking in many businesses today.

The Isle of Man is one of the most successful economies in Europe, now in its 22nd year of unbroken growth, with unemployment below 1.5%, average economic growth of more than 5% per year in real terms over the last five years and Government revenues increasing over the same period by £100 million. The Island’s national income per head is over 20% above the average for the 15 leading EU economies making it an attractive place to do business.

5/11/07 15:47:36

CorporateUK

Italy

Jersey

Puerto Rico

Dott R Diddi +390586882122 rodiddi@tin.it

Rajesh David +44 (0) 1534 755000 rajesh.david@centuriontrust.com

Frank Sánchez Ruiz, CPA, CMA, CIA, CGFM +1 (787) 758-4620 fsanchez@tlsr.com

Dott R Diddi We joined Kreston International over 10 years ago. Accounting and consulting was becoming increasingly international and we knew that we had to extend our global reach to deliver for our clients. Kreston offered a great spread of accounting, auditing and other services and the chance to be present all over the world with extensive Kreston contacts.

We offer more than 20 years of experience in accounting and auditing in Italy, one of the most important and interesting country in the world. My team are well prepared to answer any questions from both our clients and those of other Kreston International members.

Italy has a large foreign trade, facilitated by its sizable commercial shipping fleet. The leading exports are textiles and wearing apparel, metals, machinery, motor vehicles, and chemicals; the main imports are machinery, transport equipment, chemicals, food and food products, and minerals (especially petroleum). Tourism is a major source of foreign exchange. The chief trade partners are Germany, France, the United States, and Great Britain.

“We offer more than 20 years of experience in accounting and auditing in Italy, one of the most important and interesting countries in the world.

My team are well prepared to answer any questions from both our clients and those of other Kreston International members. ” Italy has good relationship with all the countries in the world.

In particular there are some sectors that are very well organised and highly attractive to foreign investment. For example: - real estate; - freight forward; - marble; - high tecnology; - dress; - tourism linked with high level of agriculture;

Kreston 10

The Centurion Trust Group is a long established member of Kreston. We joined the association in 1983 and have actively participated in enabling its growth and expansion. We serve an international client base with significant assets under administration. Whilst we are fiduciary responsibilities are regulated as a group, we have remained independent of investment managers and bankers, in avoiding conflicts of interests to the benefit of our clients. We therefore required the ability to assist clients on a global basis without forgoing our independence and stewardship. Kreston has offered us this ability. As an association we have found Kreston to be a professional, resourceful and efficient.

Regulated entities within the group offer a multi-disciplinary team of accountants, tax specialists, estate practitioners, lawyers and corporate financiers. In an industry where an organization’s greatest asset remains its human capital, our attrition levels are amongst the lowest. It also remains the most important factor in retaining our high net worth client base.

Both within offshore private client services and trading operations we have established a secure and cost-efficient platform. Since 1973, we have specialized in managing International Trading Companies, cross border payroll solutions, Family offices and asset protection structures.

“Jersey offers a progressive regulatory, legal and political framework which has aided the growth and expansion of its finance industry.”

Furthermore, our significant asset base and regulatory status affords us an enviable position in commanding competitive solutions from global financial institutions. Jersey offers a progressive regulatory, legal and political framework which has aided the growth and expansion of its finance industry. Prospective participants are actively encouraged to seek opportunities within the industry but the island seeks to maintain high standards by posing strict entry requirements in all the major segments; Banking, Law, Accountancy, Trusts, Investment Management and Corporate Finance. Coupled with regulatory and capital adequacy requirements, controls on immigration and housing are deemed to be significant challenges. To state an example, within the Trust Industry, predominant factors are meeting the tests of solvency, integrity (both of businesses and persons associated with businesses), competence, organisation and structure. Internationally recognised legal and accountancy practices allow a potential buyer to seek credible advice. Organisations such as Jersey Finance actively seek to represent the industry and to promote the International Finance Centre of the island.

Finally, to the best of our abilities, we seek to assist our fellow members.

Even though Puerto Rico is part of the United States of America it is considered a foreign country for tax purposes only. That means that foreigners and US citizens or residents need to comply with both, US and PR Internal Revenue Code Regulations. To be effective and take advantage of the different tax incentives available is of the outmost importance to prepare a proper tax planning for the entity as well as for the stockholders to reduce the tax liability and responsibilities to a minimum.

We understand that the key challenges in our region or jurisdiction is the governmental process to be authorised to do business in our country. The applicable laws and regulations are strict and the process to register is long. There are many national and international companies that are not familiar with this process. We can assist any type of business or organization to register to do business in PR, from the beginning to the end.

Also, we can put them in contact with prospect buyers and customers in PR, NY and the Dominican Republic, or any other part of the world.

“We see Kreston as a great marketing tool to reach those growing or expanding clients.”

At the time we were evaluating an international affiliation we considered Kreston size and positioning. Kreston was the best fit with our needs based on the diversity of services provided by the Kreston members and the locations of the offices around the world. We see Kreston as a great marketing tool to reach those growing or expanding clients because we can offer the alternative to provide services through the network.

Also, it is a great business opportunity for the local offices to demonstrate that they have the capability, experience and the knowledge to serve international companies.

Torres Llompart, Sánchez Ruiz LLP is a non-traditional CPA firm. Apart from providing traditional services such as auditing, accounting and taxes, we have a very strong consulting division, where we provide services such as marketing, economic and feasibility studies, business valuation services, procedures manuals and internal controls evaluation, litigation support, mergers and acquisition services, due diligence procedures, fraud investigations and special studies, etc.

Also, we have three other related companies, Intelligent Business Solutions, Inc. (Microsoft Certified Gold Partner) where we provide services such as networking, infrastructure, security, etc. and business applications solutions (Dynamics GP); Accountabilities and IT, Inc., where we provide staffing services for temps and perms, and Next evel, Inc. a sports and entertainment agency.

The services of these companies are provided nationally and internationally. We as a group, have the business advantage of been located in Puerto Rico, New York and the Dominican Republic which represent an added value for our customers and entrepreneurs interested in expanding or investing in Latin America and the United States, having the language advantage, Spanish and English.

5/11/07 15:47:56

CorporateUK

South Africa

USA

USA

Dave Rich +27 21 683 4834 dave@mdacc.co.za

CBIZ & Mayer Hoffman McCann P.C. (MHM) +1 (610) 862-2300 Saul Reibstein - sreibstein@cbiz.com

Richard Kretz rkretz@kostin.com +1 8 604424373

We joined Kreston in July 2003. We liked the fact that Kreston is an influential association of independent firms and gave us the credibility of being part of a Big 20 firm without effecting the independence, dynamism and flexibility we get from being a small firm.

Our core strength is that we are focused on owner-operated enterprises and with that focus we are able to bring specific solutions to our clients through our strong Business Consulting skills whilst delivering a professional service across all the traditional service areas. Our wide range of skills in the Auditing and Accounting fields, as well as in Taxation and Company Secretarial services.

Other services we offer include, Human Resources, Estate Planning, Personal Finance Planning, Forensic Consulting and Corporate Treasury Management. Our sister companies, MD Retail Management Consultants (RMC) and MD Financial Services (MDFS) offer services to the Retail and Hospitality Industries and Financial Services Industries respectively. Our key strengths revolve around our financial intelligence and employing of the right staff.

Our tax rules are very specific to the country. South Africa has strong rules surrounding foreign exchange control. New entrants to the market need to cater for the requirement to meet black economic empowerment targets. We are able to provide the expertise to navigate all of these issues.

“Experience has shown that many companies and individuals with world-class ideas and skills fail to achieve their individual wealth optimisation goals, or even fail in their endeavours, due to a lack of Financial Intelligence.”

Experience has shown that many companies and individuals with world-class ideas and skills fail to achieve their individual wealth optimisation goals, or even fail in their endeavours, due to a lack of Financial Intelligence.

Financial Intelligence is both the knowledge of the financial results of an enterprise and the financial rules and markets in which it operates and the ability to apply that knowledge to ensure that the enterprise achieves maximum advantage in its wealth creation.

At MD, we strive to ensure that we employ the right people, both directly in our organisation and through our network of partners in the financial services market, and that we remain abreast of all developments in the market through ongoing training and research to open the door to the Financial Intelligence advantage for all our clients.

With this knowledge, we are able to assist you as both your company’s and your own individual outsourced Financial Director. At MD, our core competency is to provide you with the Financial Intelligence that you can leverage across your core competencies to maximise your ultimate goal of wealth maximisation for all your stakeholders.

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CBIZ is one of the nation’s leading providers of business solutions, providing a broad range of expertise and service coverage across the United States. In addition, we are willing to utilize and coordinate the services of non-CBIZ members within the U.S. to ensure client needs are met.

Through our association with Mayer Hoffman McCann P.C. (MHM), a national independent CPA firm with over 50 years of experience, our clients may benefit from high quality audit and attest services. Together, CBIZ and MHM is the 8th largest accounting provider in the United States.

One of our greatest strengths is our extensive experience in international client service. From international tax expertise to overseas acquisitions to the coordination of services in multiple countries, our professionals are seasoned in servicing clients with international needs.

“We believe Kreston’s key strength is the common culture it shares with CBIZ and MHM: the commitment to be attentive and responsive to clients’ needs and to provide high quality, personal service.”

We were attracted to Kreston by its broad geographic membership combined with its outstanding depth of resources in the major financial centers of the world. We believe Kreston’s key strength is the common culture it shares with CBIZ and MHM: the commitment to be attentive and responsive to clients’ needs and to provide high quality, personal service.

As a national business services provider, our jurisdiction is broad and culturally diverse. Our footprint covering virtually all regions of the United States enables us to guide foreign businesspeople in working with the local markets of their choosing.

All of our inbound service requests are channeled though a single, central knowledgeable resource. That resource will then access the appropriate local resources required for each client need. Therefore, only one incoming call must be made, streamlining the process and ensuring each service need is being fulfilled by the best resource.

The accountants at Kostin, Ruffkess & Company, LLC are experienced professionals who offer accounting services well beyond the scope of traditional CPAs. In addition to providing auditing, tax planning and tax preparation, we are business advisors, offering you a wide range of advisory services including business consulting, business valuations, litigation support, succession planning, comprehensive wealth management, information technology services, estate planning and administration, and fraud investigation and prevention services.

As one of the largest business advisory and certified public accounting firms in New England, we offer a broad range of services and expertise in a number of industries including construction, real estate, not-for-profit, automotive dealerships, professional services and manufacturing. We are a growing firm, and with office locations in Farmington, CT, New London, CT and Springfield, MA, we are well situated in the Northeast region and are close to Boston, Massachusetts, Providence, Rhode Island and Hartford, Connecticut.

We are client-centric and people focused. We put our clients at the centre of how we do business. We make sure that our service to them is based on listening and responding to their unique needs with appropriate solutions. To ensure that the needs of our clients are being addressed, we have developed a tool for ourselves, which we call our Service Delivery Plan.

“ We are clientcentric and people focused. We put our clients at the centre of how we do business.”

The purpose of the Service Delivery Plan is to make sure that we provide customized and responsive service that is perfectly aligned with the needs of our clients. Our Service Delivery Plan is defined by client influence points throughout the process, and shows our commitment to working with you to lay out each phase of the engagement in the way that works best for you and your business. From the Planning and Preliminary Work Phase through the Wrap-up and Product Delivery Phases, we are meeting with you and soliciting feedback about what you want from our service to make sure that we can exceed your expectations.

We recognise that our ability to provide this type of superior service is in the skills and knowledge of our staff. We keep a people-focused perspective for our Firm because our strongest asset is our people. That’s why we insist on providing continuing education opportunities, encouraging active membership in professional associations and allowing for flex time scheduling to make sure we can hire, train, and retain the best and brightest professionals in the field.

5/11/07 15:48:06

A global association of independent accountants and business advisors

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5/11/07 14:36:45