Grant Thornton helps Yorkshire businesses target Chinese market
The Leeds office of Grant Thornton, together with colleagues from some of the firm’s offices in China, hosted a workshop on 13 June to give advice to Yorkshire businesses about how they can maximise their growth in the world’s largest market.
Led by Stanley Chang, Grant Thornton’s global business risk services leader who has vast experience from a wide variety of sectors within the Asia Pacific region, the workshop looked at the opportunities, the risks and the best route to market for UK businesses considering targeting China.
Together with colleagues Agnes Li, partner in Shanghai, and William Chan, tax partner in Hong Kong, the team used its collective advisory experience of more than 30 years to help prepare Yorkshire businesses to face the challenges and avoid some of the common mistakes when expanding into China.
The workshop discussed setting up in China; business structure; key tax considerations; internal control and financial reporting; supply chain management; getting cash in and out; and working with business partners.
“Despite some slowing of the Chinese economy over the last year, it still offers vast opportunities for UK businesses, but adopting the right approach from the outset is vital to success,” explains Will Oxley, practice leader for Grant Thornton’s Leeds office.
“As a global firm, we are fortunate to be able to draw on the expertise both of our international specialists here in Yorkshire and also of our colleagues in China who can share their first hand knowledge of working in China.
“The aim of the workshop is to help UK businesses to understand the potential that China offers; the problems that international companies can face; and to find the solutions which will allow them to maximise their potential for growth in the region.”