Wednesday, 7 December, 2011

Vistra continues expansion in mainland China.

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 further information, please contact Martin Crawford or call on +852 2521 2515

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