This morning Azure Group hosted a two hour information session for partners from 22 leading accounting firms visiting from China. The opportunity arose from our growing exposure in the Chinese market and our growing reputation as tax experts in this region. In the last year, Australia is said to be the largest overall recipient of Chinese foreign investment, and this is likely to continue.
Hence, there is no better time to be building strong relationships with our Chinese counterparts and to explore business opportunities between the two countries. With such complex compliance structures in Australia, the visiting delegates wanted to be educated on the risks and restrictions of doing business in Australia, and they turned to Azure Group for our expertise in this space.
Our Managing Director, Michael Derin (with the aid of a translator) explored a number of different issues the Chinese delegates would need to consider when advising clients who wish to do business in Australia. Some of these issues include:
- The various tax obligations in Australia
- The difference between federal, state and local requirements
- The various government bodies requiring timely reporting – such as the ATO, ASIC etc
- The requirement of a Resident Director and the common concerns around this
Each delegate received a Chinese version of our booklet ‘Setting up a Business in Australia’ (which you can download in English here). The booklet details the step by step process for setting up operations in Australia and is a useful tool for any international business looking to expand to Australian shores.
Overall, the presentation was a wonderful opportunity for Azure Group to continue building our network in China and being able to position our services as a valuable resource for local firms with high net worth clients looking for investment opportunities, or looking to set up a business in Australia. Our Virtual CFO services and Resident Director services are very relevant tools these firms can engage with right away to build traction.With the new Business Innovation and Investment visa attracting more Chinese locals to our shores, we have no doubt that Azure Group and our team in China is in a strong position to offer strategic solutions and expert tax advice.
Michael Derin will be visiting Shanghai in April to present at AustCham’s seminar called ‘Money Sense’. Michael has been invited to speak on tax tips for Australian expatriates living in China. For more information on this event please visit the AustCham website.
For more information on our China business please visit www.azuregroupchina.com.au
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