BDO has set up a new BDO network in South Korea, with the addition of E-Hyun Accounting Corporation and E-Hyun Tax Corporation to its global network. The former BDO Korea provider, Daejoo Accounting Corporation (DAC), has left the network. The international services division of DAC will become part of the new BDO Korea, providing continuity for its, and BDO’s, existing clients in South Korea.
E-Hyun Accounting Corporation was founded in South Korea in 2007, and operates out of Seoul. In 2008, E-Hyun Tax Corporation was founded. The combined entity provides professional services in the area of audit, tax and consulting to clients throughout the country. The firm has a range of specialties; including accounting, tax, inheritance and donation, tax planning, corporation succession planning, public and non-profit organisations, M&A and corporate restructuring. The entity has 10 partners and 5 senior advisors as well as a range of expert advisors in the firm’s strength areas.
BDO announced that, from 1 April 2016, E-Hyun Accounting Corporation and E-Hyun Tax Corporation have joined its global network. The new entity will collectively trade as BDO Korea and is BDO’s member firm in South Korea. Daejoo Accounting Corporation (DAC) was the existing BDO firm in Korea until it left the network on 31 March 2016. DAC’s international services division has been transferred from its parent company and joins the BDO network as per 1 April 2016 – its former clients continue to be served by the transferred division within BDO’s wider framework.
According to E-Hyun Managing Partner, Mr Man-Sik An, the firm is confident that it can continue to build on its past 8 years of successful growth, and, with the support of BDO’s wider international network, to achieve its ambition of being South Korea’s leading mid-tier accounting and advisory firms by 2020. He adds that: “We have 10 partners and 5 senior advisors that includes a former Chairman of PwC in Korea. Leveraging the BDO name and brand in the Korean market will enable us to develop a formidable audit practice and compete at the highest levels. This will in turn fuel the development of our tax and advisory business.”
Stephen Darley, CEO of BDO Asia Pacific, adds that he is very pleased about his meeting with Man-Sik An and his skilled partners and professionals. He adds that: “Their vision for the firm and for the profession as a whole in Korea is completely in line with BDO’s vision to be the leader for exceptional client service. Mr An has a keen interest in growing their international work as well as their national work and the breadth and depth of the firm’s client base supports this. We look forward to a new chapter for BDO in Korea and the opportunity to work with some of the largest Korean conglomerates, which are continuing to invest globally and into markets where BDO has significant presence.”