Vistra Continues Expansion in Mainland ChinaBy Vistra Group, PRNE
Tuesday, December 6, 2011
HONG KONG, December 7, 2011 -
Vistra has today announced the acquisition of Cynosure, a specialist corporate services provider focused on the establishment of Wholly Foreign Owned Enterprises (WFOEs) in China. WFOEs are generally used by foreign companies wishing to set up businesses in mainland China and this acquisition will broaden the range of services Vistra can offer.
The acquisition leads to an expansion of Vistra’s presence in China with offices in Shanghai and Beijing in addition to the existing operation already established in Guangzhou. Cynosure was established 6 years ago and has clients in Western Europe, the USA, Australia and Asia. The company currently employs 20 staff and the company founders, Thun LEE and Katty XU, will both remain in senior managerial roles.
Typically a WFOE set-up can take from 2 to 5 months, as the process is both complex and requires extensive approvals by the PRC Government and local authorities. Once established, Cynosure can provide other business services such as accounting, payroll, company secretarial support and the preparation and lodging of government returns.
Commenting on the acquisition, Thun LEE said, “We are looking forward to becoming part of one of Asia’s fastest growing fiduciary and corporate services groups and our existing clients will have the opportunity to benefit greatly from the broad range of services that Vistra can offer.”
Vistra Chief Executive Martin Crawford adds, “Cynosure’s skill set complements Vistra’s activity locally in China but also importantly across Europe. We are anticipating growth via business referrals from our European and Asian intermediary networks as well as from Cynosure’s relationships with their existing clients.
For details of Vistra services in China, please visit www.vistra.com
About Vistra Group
Vistra is a leading independent provider of trust, fiduciary, corporate and fund services delivering personal and tailored solutions to international corporations, institutional investors and high net worth individuals from around the world.
Our clients can benefit from a multi-jurisdictional and personal approach, delivered by a team of professionals with an in-depth understanding of the often complex needs of every client. Our services include company formation and management, fund formation and administration, trustee services, family office, marine and aviation and accounting services.
Today Vistra employs around 350 employees in 20 offices covering 18 jurisdictions, with each of our offices providing the full range of trust, corporate and estate planning solutions.
Today, Vistra is a unique player in the trust and fiduciary industry, boasting the most balanced geographic reach globally while always guaranteeing the personal and tailored service that our clients deserve.
Together, we bring to life the Vistra ethos of “crossing borders, creating solutions”.
For further information please visit www.vistra.com
Guy Stephenson/Jennifer Duffy
Tags: Asia, December 7, Hong Kong, Vistra Group