Read our latest client update
February 7, 2022
February 7, 2022
February 2, 2022
Immigration partner Kelvin Tanner, from law firm Charles Russell Speechlys (a member of Expatland’s London E-Team of global mobility specialists) answers key questions about moving to the UK.
To get international assistance in relocating from London, contact Kreston partner Ian Miles.
Charles Russell Speechlys is a leading law firm headquartered in London with UK regional offices and international offices in Hong Kong, Dubai, Bahrain, Qatar, Geneva, Zurich, Luxembourg and Paris. We combine specialist business law and private wealth advice internationally and our award-winning Immigration team assists clients with every aspect of their UK immigration journey, from initial discussions about the best visa type for them through to extension, permanent residence and citizenship applications.
As immigration lawyers, we’re often asked about more than just the technical requirements of a particular UK visa. Relocating abroad is a major decision and one which requires careful consideration and planning. UK Immigration is complex and the rules and processes created by the UK government change constantly.
In this article, we run through the 10 of the most common questions our clients ask when they are looking to move to the UK.
The UK has a broad range of visa categories, all with specific eligibility requirements. The best type of visa will depend on what you are trying to achieve. Key factors to consider include: whether or not you wish to work or establish a company in the UK, what level of funds you have available, whether a partner and/or dependant children will be relocating with you, how much time you plan to spend in the UK and whether your ultimate goal is permanent residence or British citizenship.
Many individuals who are relocating to the UK for work, for example, will do so via the Skilled Worker visa route. This allows the individual to work in a specific skilled role and to change employers, but it does require a job offer and sponsorship from a licensed UK business. It can also provide a path to permanent residence in the UK after a period of 5 years.
High net worth individuals often make use of the UK’s Tier 1 Investor visa route, which is available to those that have at least £2 million available to invest into corporate bonds and equities of qualifying UK registered companies. The advantage of this route is that it offers the visa holder complete flexibility as to whether they work, engage in business, study or simply spend time living in the UK. It also provides a path to permanent residence.
We would always recommend that you take legal advice tailored to your specific needs and goals, so you can trust that you’re on the right immigration path from the outset.
A very common scenario we see is a senior executive based overseas being transferred to their employer’s UK office, either permanently or for a specific time-limited secondment. Usually, their employer’s UK entity will provide sponsorship under either the Skilled Worker or Intra-Company Transfer visa route.
Both these visa types, and indeed almost all UK visa routes, allow for a main applicant to bring a partner and/or children under 18 with them as dependants. Partners must be a spouse, civil partner or an unmarried partner who has lived with the main applicant for at least 2 years prior to the visa application. Evidence of relationship is required for both a partner and children’s applications and the family must intend to live together throughout their time in the UK. Dependant visas are generally granted for the same period as the main applicant.
It is not usually possible to bring your parents, siblings or adult children to the UK unless you hold permanent residence or British citizenship and subject to meeting a very high threshold under the Adult Dependant Relative route.
The answer to this is usually ‘Yes’ but it will depend on the type of visa they have. Most dependant partner visas allow the holder to work in the UK with very little restriction. If your partner is looking to work in the UK then this is something to factor in at the outset, along with consideration of what sort of work they plan to do, to make sure their proposed visa will facilitate it.
Children who have dependant visas can attend any sort of school in the UK, including free state schools and independent fee-paying schools, without needing prior sponsorship from the school.
Licensed independent schools can sponsor children for a Child Student visa, which is not reliant on any visa their parents may have. It may be possible in those circumstances for one parent to apply for a Parent of a Child Student visa to join their child in the UK, subject to specific eligibility criteria and provided the child is under 12 years of age.
Licensed UK colleges and universities can sponsor students aged 16 and over to study specific courses in the UK on a standalone Student visa. Sponsored students may be able to bring their own partner and/or dependant children with them, depending on the level of the course.
Again, this will depend on what type of visa you have. The Skilled Worker visa does allow an individual to change employers but they will require sponsorship from the new employer. It is also possible to change to a different role with the same employer, provided the new role falls within the same occupation classification or new sponsorship can be issued. Other visa types, such as the Tier 1 Investor visa, Global Talent visa or UK Ancestry visa, do not have any restriction on the type of work you can do or who you can work for. On the flip side, others such as the Innovator visa, have much more stringent rules.
During the pandemic many people found themselves stuck or choosing to locate themselves outside of their home country. This led to an increase in enquiries from employers and individuals as to the permissibility of remote working. The general position in most countries is that whilst some remote work such as checking and sending emails may be permitted whilst someone is visiting, this should be incidental to the main purpose of their visit. If someone intends to work remotely from a country in which they have no existing right to work, this will usually constitute productive work and require a work visa. This is certainly true of the UK.
It is important that employers have a policy on remote working as in addition to raising potential immigration issues, there can be tax and employment law implications. If you have any concerns about this then you may wish to seek specialist legal advice.
Most of the most commonly used visa types, including Skilled Worker, can lead to permanent residence in the UK if certain eligibility criteria are met. Most require the completion of a continuous 5 year residence period in the UK, during which absences should not exceed 180 days in any 12 month period. There is also an English language requirement to be met and you must pass the Life in the UK test. Dependant partners and children can also apply if they meet the requirements. Note that the Intra-Company Transfer route doesn’t currently lead to settlement in the UK but applicants can switch into the Skilled Worker route if they are looking to stay long-term.
You can apply for British citizenship, known as ‘naturalisation’, once you have held permanent residence in the UK for at least 12 months. There are character and residence requirements which must be met. If your application is approved you will be presented with a Certificate of Naturalisation at a citizenship ceremony and can then use the certificate to apply for a British passport. Note that if you are the partner of a British citizen you may be able to naturalise sooner.
As free movement to the UK has now ended, European nationals who are not currently living in the UK will usually need to apply for a UK visa and the same eligibility criteria will apply as for any other nationality. Although if you have a European family member who was living in the UK before 31 December 2020 it may be possible for you to apply to join them under the EU Settlement Scheme, whether you yourself are also a European national or not. This is a complicated area and we would recommend you take specialist legal advice if you think you may be eligible for the settlement scheme.
The answer to this is probably always going to be ‘Yes’!. Depending on your circumstances it may well be sensible to seek pre-arrival UK tax advice, especially if you may be transferring significant assets here or receiving a substantial income. If you are looking to purchase property in the UK then we would recommend consulting a UK property lawyer. Senior executives or those with complex employment contracts may also benefit from UK employment law advice before relocating. Likewise, entrepreneurs or those looking to establish or build businesses in the UK would be wise to seek advice from specialist corporate and commercial lawyers.
We hope the above has been useful in answering some questions you may have. If you would like to discuss any of the above further or need advice not covered by this article we would be pleased to hear from you by emailing me here.
Kelvin Tanner
Partner
January 25, 2022
Javier Sabate, Tax & Audit Partner at Kreston FLS, Mexico, writes about upcoming changes to Mexican VAT law.
The new 2022 Revenue Law in Mexico is on track to being approved, only awaiting the Senate´s decision. This initiative under which the Mexican government estimates that it will be attaining just over $7 billion pesos, of which $3.9 billion will allegedly come directly from tax collections.
The Mexican authorities observe the following fiscal and tax matters in this Initiative:
The Initiative presented seeks to reform, add and repeal various provisions of the Income Tax Law (LISR*), the Value Added Tax Law (VATL), the Production and Services Tax Law, the Federal Law on New Car Tax, the Tax Code of the Federation and other ordinances, presented last September 8, 2021 by the Mexican President before its Congress.
The VAT changes contained in this proposed economic package for 2022 are:
As we witness the legitimate interest and effort of the Mexican authorities in continuing to facilitate the understanding and accessibility of tax payments and reporting to the general tax paying population, these efforts continue in many cases to inadvertently increase legal responsibility and administrative burden for all Taxpayers.
For these upcoming years, we strongly encourage businesses that supply goods or services to or within Mexico to pay special attention to their corporate governance, organizational structures and reporting. This will be vital in order to adequately navigate the increasing requirements for greater transparency and more accountability in the Mexican and LATAM economies.
January 10, 2022
Many organisations have seen major disruption and slow down over the last 12-24 months due to the global pandemic, some have rapidly adjusted to digital platforms and others have thrived due to the business they have and marketplace need.
What is clear, however, is that doing business internationally, and extending your global footprint is not just a major growth strategy for many clients across the world, it is also becoming essential and pragmatic business practice.
As a business making your first foray into new geographic territories, you may well need help to set up the right business operation for you. Each country is different and navigating regulations, financing and finding staff to employ can be daunting.
Of course, the most important thing is to begin trading as soon as is possible, so finding business partners, franchisees or deciding the right way to begin trading or making the right first move is key. Kreston firms across the world help our clients do this every day.
As an experienced overseas operator, having been successful in one region or territory but now keen to expand into new locations, markets or regions, you need to make the right decisions around office or warehouse location, hiring local employees or getting key senior management into position. Kreston firms know their markets inside out – we have partnerships across the globe. If you need someone to help you navigate the local market, be put in touch with banking or legal advisers, or need help with efficient tax structuring, contact your local firm or contact us.
January 6, 2022
Our global mobility partners, Expatland, are hosting a webinar on relocating to Canada on 19th January 2022 at 9am (Toronto time).
The panel of experts, including Spence Walker from Kreston GTA in Canada, will discuss everything you need to consider, whether you are an individual or a company seeking to move employees to Canada.
Join the webinar by registering on the Expatland website here.
December 21, 2021
Prix import is one of the largest food importers and distributors of food and non-food products in Gabon. Prix-Import’s strategy is to become the driving force behind agri-food distribution in Gabon, by offering a wide range of food and non-food products for all tastes and budgets.
The group operates on a wholesale and retail basis. The retail business is run via their eight “Prix Import” stores, and the wholesale side of the business operates as a central purchasing entity, supplying more than 500 corporate food retailer and wholesale customers, primarily from the Carrefour brand portfolio.
Kreston member firm, Exco Africa FEAG has worked with Prix Import since 1993, supporting their plans and ambitions to grow their business. Recently they assisted in raising finance for expansion. Led by Claude Hurtaux , Exco Afrique FEAG has supported Prix import in setting up the bond loan arrangements in order to enable Prix Import to achieve the development of their projects.
“Exco Afrique FEAG is a very trustworthy firm that is knowledgeable and has advised us for many years on all tax and accounting services, from the revision of the accounts to the establishment and presentation of the annual accounts, as well as providing tax consulting advice. Claude Hurtaux provides attentive and wise counsel in all aspects.”
Jean-Christophe JAUNEAU
November 17, 2021

The latest newsletter from member firm Kreston Menon brings us their perspective on the much anticipated Expo 2020 Dubai. Kreston Menon also hosted their own auspicious event, the UAE-Israel Business Meet 2021 – A Hybrid Event. 26 delegates from the Israel Director’s Union joined the Kreston Menon team to share insights on the Israeli-UAE alliance. Read these stories and more about the UAE tax landscape in their newsletter here.
November 3, 2021
Covid has created a new wave of people embracing the opportunity to work from anywhere. “Digital nomad” was an expression first used in the late 90s, during the dot-com boom as the technology community took advantage of developments in technology, using nothing but an internet connection and a laptop or mobile phone to set up an office anywhere.
This flexibility has created opportunities for people who do all their work via a computer, as well as some challenges; from complying with local employment laws to international tax obligations. There is also the perception that digital nomads are entrepreneurs, running their microbusinesses anywhere in the world, but businesses have also enabled employees to be able to work from anywhere. Having a robust global mobility strategy, including understanding your tax obligations, is key to a smooth transition.
Be aware of your residence status, which is defined by the Statutory Residence Test.
The employee may need to report their departure to HMRC on a P85 “Leaving the UK” form or a UK tax return.
If you are a UK tax resident and UK “domiciled”, you will pay tax on all your income, but may be able to claim a Foreign Tax Credit for overseas income which is also taxed in another jurisdiction.
If you are a UK tax resident non-UK domiciled, you could complete a UK self-assessment tax return. If you elect to be taxed on the remittance basis, any overseas income will not be taxable in the UK unless it is remitted to the UK.
For dual-residents, the relevant Double Taxation Agreement should be considered to determine where you are a treaty resident.
As an employer, you can continue to pay employees from the UK payroll, considering the individual’s residency.
Identify any PAYE adjustments that need to be made, including;
If you are granted “permanent establishment” (PE) in the foreign territory, tax advice should be taken in that country, usually resulting in profit being taxed locally.
Seek local advice on complying with tax in the overseas territory, checking whether as an employer you need to register locally, operate a payroll to withhold tax and social security?
Considering the timing of when to become a resident or non-resident can maximise opportunities.
If you are a digital nomad or employ staff you are looking to move overseas and need help with international tax, contact us here. As members of the Expatland Global Network, we can also provide you or your staff with support for your next relocation.
August 2, 2021
The International Accounting Bulletin’s (IAB) latest piece delves into our network’s perceptions of technology and its role in the future of accounting.
Read the full article here.
July 29, 2021
Below is the International Accounting Bulletin’s latest piece on the G7 initiative that discusses the post-pandemic options for developing countries in relation to tax, and how they may oppose it.
July 22nd 2021
Ganesh Ramaswamy, Kreston Global Tax Group, Asia Pacific Regional Director
Economists and tax experts in developing countries are of the considered opinion that a global minimum tax rate would take away a tool that developing countries use to push policies that suit them.
Particularly against the backdrop of the pandemic, IMF and World Bank data suggest that developing countries with less ability to offer mega stimulus packages may experience a longer economic hangover than developed nations. Developing countries have been implementing tax cuts since the 1960s as a way of attracting overseas investments and generating more economic activities and employment opportunities. This advantage would no longer be there for developing countries with the advent of minimum floor rate tax.
However, developing countries know very well that tax competition brings more harm than the perceived benefits. Tax cuts come at the cost of public spending on infrastructure, education and health. Serious overseas investors keen to expand business in developing countries would primarily look at infrastructure, lower cost, justice delivery and quality of workforce rather than the tax code of the investee country. To provide these requirements to investors, tax revenues are a must for developing countries. In this context, it’s likely that most developing countries will get behind the G7 deal in due course.
July 27, 2021
HMRC recently published its long-awaited ‘Cryptoassets manual’ signalling that the wait-and-see era might be over when it comes to accounting for Bitcoin and other such cryptocurrencies.
When cryptocurrencies such as Bitcoin emerged more than a decade ago, they presented a challenge to global tax authorities – how could this new form of intangible asset be taxed, and investor liability established?
In fact, the challenge seemed so great that many, including the UK tax authority, HMRC, almost seemed to be ignoring the issue. In March 2021, however, it updated the official documentation on this subject.
It refers to cryptoassets, of which cryptocurrencies are a subset. HMRC is clear that it does not regard cryptoassets as currency, or as a form of money, but rather ‘similar in nature to a trade in shares [or] securities’.
The revisions to the manual underline that the important question in deciding on a tax treatment is whether cryptoasset activities amount to a trade. In other words, is investing in and trading cryptoassets a substantial business in its own right?
If an individual is deemed to be trading, HMRC says, receipts and expenses will feed into the calculation of trading profit. Income tax will apply rather than capital gains tax. In the case of companies, cryptoasset profits will be treated as part of trading profits rather than as a chargeable gain.
The changes to the guidance are not yet backed by law in the UK, and there is still no international accounting standard covering cryptoassets.
The IFRS Interpretations Committee last considered cryptoassets and cryptocurrencies in 2019 when it concluded that:
“IAS 2 Inventories applies to cryptocurrencies when they are held for sale in the ordinary course of business. If IAS 2 is not applicable, an entity applies IAS 38 to holdings of cryptocurrencies.”
IAS 2 defines ‘inventories’ as assets held for sale in the ordinary course of business, in the process of production for sale or as materials or supplies to be consumed in the production or delivery of services. IAS 38 refers to ‘intangible assets’ which it defines as any “identifiable non-monetary asset without physical substance”.
Because cryptoassets and currencies are not treated as legal tender in any territory, and certainly not by the United Nations or other global bodies, they do not meet the strict IFRS definition of cash, as set out in IAS 32:
Regardless of references such as the above that might apply to cryptocurrencies, the fact remains that, to date, there is no specific accounting standard covering cryptoassets.
As the status of this new type of asset becomes clearer in coming months and years, and as more tax authorities follow HMRC’s lead in determining local policy, we can surely expect to see more concrete global reporting standards emerge.
Contact us for more information or to talk about how your business accounts for cryptoassets.
July 14, 2021
This prestigious consulting firm focuses on implementing strategic change for its clients that results in lasting customer-centric growth. Its clients include HSBC, JP Morgan, Deutsche Bank, eBay, AstraZeneca and Samsung among many other high-profile businesses.
Since it was founded in 2001, Blackdot has helped enterprises globally solve complex customer challenges, improve operational efficiency, and transform how they go‑to-market.
In 2011, the firm was looking to expand its services out of Australia to other parts of the world, starting with North America and Europe. Its management team met with Sydney-based Kreston Stanley Williamson (KrestonSW) and
explained that they were seeking advisers who could not only deal with the basics but help them through the tax complexities involved with international growth and ensure they remained tax-efficient and compliant.

We worked with them to define and document the service relationships between their proposed offices in various
countries. As part of this, we introduced them to Kreston US member CBIZ, James Cowper Kreston in the UK and Ardent Business Advisory in Singapore.
The co-ordinated approach between all the parties meant Blackdot received a seamless global service, and we are delighted that their overseas businesses have enjoyed strong growth in recent years.
Blackdot’s CEO Marty Nicholas said: “We had ambitious plans to grow internationally and were guided every step
of the way by our Kreston partners. Our international expansion has been a great success and we, of course,
continue to work closely with Kreston Global during the next stage of our journey.”
“We’ve enjoyed a long-term and successful relationship with Blackdot over the years which has led to a deep understanding of the business and its aims. We were very pleased to introduce them to the Kreston Global network which proved so valuable.”
Darren O’Malley
Head of the Taxation division at Kreston Stanley Williamson
July 7, 2021
Private businesses are often the engine powering the world’s economies; their ability to be able to freely trade and move their goods and services internationally ensures employment, tax revenues, entrepreneurship and innovation.
As independent owner-managed businesses ourselves, Kreston is made up of firms that instinctively understand the commitment and passion that drive the owners and directors of these businesses, their quest for better practices, synergies and talent to make that happen.
Whether you are seeking efficiencies across your international finance operations, better management information, outsourced accounting and payroll services from anywhere in the world, access to capital for growth and expansion, or simply an experienced financial guide who knows their market, country or sector inside out and can steer you through new regulation, Kreston can help.
Complex international businesses often need real insight around international goods movements, transfer pricing and VAT, access to R&D grants, or how to structure international subsidiaries. Kreston’s global Tax experts work closely together to be able to quickly respond to your requirements across boundaries, markets and countries.
Increasingly clients are also calling on us for internal audit and risk management advice, and more recently the huge challenges being faced with ensuring cybersecurity, as we grow our technology consulting and implementation services.
Many businesses are not able or financially ready to carry inhouse costs for financial and accounting, payroll or HR support services, as they focus on their core business. This is where our Kreston network can help you with managing your outsourcing needs while you focus on getting your business up and running.
July 2, 2021
Conductix-Wampfler is a world leader in the design and manufacture of efficient energy and data transmission systems for all types of mobile equipment and machinery. They work with some of the world’s largest material handling, automation and mass transit customers.
They have a presence in more than 50 countries and needed a timesaving and streamlined tax compliance system to help its global business to fulfil the local accounting and tax requirements. The management team knew they needed professional support and advice to achieve this and called their contacts at Kreston Bansbach.
We analysed the scope of their international network to identify the precise range of services that would best suit their business – we looked at everything from tax advice to bookkeeping. We then put together an expert team to deliver everything they needed. A key member of this team was the senior manager in charge – he needed the international experience and gravitas to ensure the new financial system delivered globally.

Thomas Schlisske, Kreston Bansbach senior manager and team lead for Conductix-Wampfler, explained their role:
“We delivered a new system that was aimed at consolidating and rationalising their existing procedures including the involvement of professional advisors.”
The Bansbach team also aimed to deliver operational benefits to the business as a whole. Being able to put together a global team of experts that matched the international spread of Conductix-Wampfler was one of the main reasons for the project’s success and delivered practical results.
Kreston Bansbach understands that communication is essential to the success of any global project which is why the Kreston network is extremely well-placed to be able to deliver successful client projects. We know how to set up efficient reporting systems including tax so all the relevant information is shared with our clients. This means all local accounting and tax needs for Conductix-Wampfler’s offices were identified and addressed. And they continue to operate effectively thanks to continuous monitoring.
“The Kreston worldwide team really worked well together to help us create a tailored reporting and tax filing process for our finance team worldwide.”
Sven Wolfsperger
CFO of Conductix-Wampfler
Our client, Favorite Gifts, is a successful international company. They trade with several companies (like Van Helden Relatiegeschenken, EuroGifts and Giving Europe) within Europe. They are known as a “no-nonsense” company for promotional products.
Founded as a family business in 1965, it has expanded to become one of Europe’s largest companies in the sector. Its core business is advising on and supplying a vast range of promotional gifts, from colour-changing umbrellas to eco-friendly travel cups.
They import supplies from all over the world which arrive for processing at its centres in the Netherlands and Poland, before being distributed to clients across Europe. This means that dealing successfully with varying tax rules and legislative requirements is very important to the growth of the business.

Dutch accounting firm Kreston Van Herwijnen (KVH) has connected Van Helden to Kreston firms in Spain, Germany, Italy and Poland to advise on all their local legal requirements. The firms involved are Kreston Bansbach, Kreston Iberaudit, Kreston GV and BPG Poland, and they deal with issues ranging from complying with transfer pricing obligations and national VAT legislation, to setting up local branches.
Our ongoing relationship with Van Helden is helping them evolve, expand and adapt their international trading.
Cor van Gessel, Kreston Van Herwijnen, commented: “It has been a privilege getting ‘under the skin’ of the business and getting to know their people well during our long-term partnership. We continue to learn from them so we can help their business grow and be always ready for new challenges and opportunities.”
Michiel Warners, Chief Financial Officer at Van Helden, said:
“For us, the most important aspect is that we can work with people we trust as we need to share sensitive information. I can reach out to the Kreston Van Herwijnen team anytime and know I will get an answer that counts.”

TP-Link is a global provider of reliable networking and wi-fi devices and accessories, distributing to more than 170 countries and serving billions of people worldwide. Its products include ‘smart’ bulbs, plugs and cameras for people’s homes and cloud solutions, routers and high-speed wired and wireless networking for businesses.
TP-Link UK’s group auditor is Kreston Reeves, led by Peter Manser. During 2020, the company carried out a restructure. This meant that TP-Link NL needed a group audit to reflect the new corporate structure and Kreston Reeves referred the company to Van Herwijnen Kreston (VHK). After a short proposal process, TP-Link NL appointed VHK as its group auditor. They are also advising on income tax assessment, general tax matters and our Dutch firm Bentacera is assisting in transfer pricing support and documentation.

This successful outcome demonstrates the strength and reach of the Kreston Global network. It also shows how the network can help smooth the changes many companies have to make following the UK’s departure from the EU.
Olivier Walravens, from Van Herwijnen Kreston, said:
“We were pleased to be able to help TP-Link change its group audit process so effectively and efficiently. Sharing and transferring the necessary data and documents was straightforward as Kreston firms are part of the same, secure system.”
Chris Sun, International Accountant at TP-Link NL, said:
“We’re very grateful to Kreston for making this major change so ‘smart’. It was achieved in good time and they took care of everything for us. Using firms within the Kreston network has undoubtedly saved the company time and money.”
Otafuku Foods Co. Ltd was founded in 1922 in Japan. It mainly provides liquid, solid and semi-solid seasoning products such as sauces and vinegars for condiment manufacturers and other food companies. It has developed into one of the largest seasoning products manufacturers in Japan and continues to grow in North America.
In order to promote a Japanese food culture in China and develop the Chinese market, Otafuku Foods Co., Ltd established Otafuku Foods (Qingdao) Co., Ltd in China in 2012.
As a Japanese production enterprise, it is really critical to have standardized financial accounting processes that can accurately deal with local tax policies and regulations in China and ensure strong tax compliance. Otafuku Foods (Qingdao) Co., Ltd appointed Brighture to help them with this.

Brighture’s team consists of financial and tax consultants, senior accountants and auditors who collaborate to ensure problems are solved quickly, who understand the company’s business model and more importantly can provide solutions to help improve and enhance operations.
Over the last 9 years, Otafuku Foods and Brighture have worked closely together on the growth of their business, their markets and their customers. Brighture has also helped them to develop new ideas and additional partners to help them grow new business areas, such as high-tech providers and maternity leave outsourcing services.
“Since its establishment in 2012, Otafuku Foods (Qingdao) Co., Ltd has been consulted and guided by Brighture in accounting, taxation, auditing and other aspects of finance and taxation. With professional services, Brighture answers relevant financial and tax questions, standardizes financial accounting of enterprises, helps enterprises prevent and control financial and tax risks, and establishes a foundation for the development of enterprises, which is worthy of customers’ trust and long-term cooperation.”
Mr. Huiming Luo
GM at Otafuku Foods (Qingdao) Co., Ltd
JCHX Mining is a major service provider focusing on engineering, mine construction, underground development, contract mining, and research and development in the nonferrous, ferrous and chemical industries.
It has a registered capital of CNY 583 million, employs more than 6,000 people, and controls 30 subsidiaries, four branches and a provincial-level R&D centre. As part of its business plan, the company asked Zhonghui, a member of Kreston Global in China, to help in three main areas.

JCHX Mining wanted to improve its internal management, particularly its financial management capabilities. They also wanted a better understanding of the IPO procedure, and to improve their information-gathering on the latest local rules affecting their various overseas projects.
Discussing their needs with JCHX Mining, we helped create an effective financial management procedure and compliance framework. We also provided an audit service in the company’s IPO and the issuance of a CNY 1 billion convertible bond. For its overseas business, we helped provide training for the financial staff involved in foreign projects while giving expert tax advice regarding various investment projects.

Lu Li, audit partner at Zhonghui, commented:
“It has been very satisfying to help such an important company make major improvements. Our advice will optimise business efficiency and provide solid financial foundations, helping the company continue to flourish globally.”
“It was the right decision to engage Zhonghui as our trusted consulting company for numerous complex national and international projects. The Zhonghui team of experts really worked well together to help us create a tailored reporting and tax filing process for our finance team worldwide.”
Zhu Hongmeng,
CFO of JCHX

Balluff is an international, family-run business specialising in sensors and automation for sectors including assembly and logistics plants. It was founded 100 years ago near Stuttgart, Germany, and has since expanded into 68 countries.
Kreston Global has worked closely with Balluff for many years, helping it develop as a global player built on solid financial foundations.
We are involved in the decision-making process at all stages, advising on everything from company formations to large acquisitions. We audit the consolidated financial statements and all German subsidiaries and look after tax matters globally.
From our side, the relationship has been led by Michael Kalmbach for the last 20 years. He said: “We are really proud to have been involved in the development of Balluff – their development is a real success story. Our dedicated team contributes to their business and tax know-how to make sure we always deliver solutions that overcome obstacles, often before they arrive.”
In addition to our ongoing audit and tax consulting advice, our focus is to help Balluff grow. Our consolidated, scaleable processes have helped them implement transfer pricing solutions to make the business work efficiently across its global footprint.

Balluff is part of a growing industry where its customers are constantly seeking to increase efficiencies and reduce costs. “Kreston Bansbach are looking forward to helping Balluff do the same”, said Michael, “we are looking forward to working alongside them in their future development. Happy 100th Anniversary!”.
“Working with Kreston Bansbach for the length of time we have, means that we have a very strong working relationship, and the Bansbach team really understand our business and what we are trying to do. They are seen by us as part of our team and we trust them to help us continue to grow as a business.”
Katrin Stegmaier-Hermie CFO at Balluff