BDO adds South Korean accounting & tax firm to network

06 April 2016 Consultancy.uk

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.

BDO adds South Korean accounting & tax firm to network

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.”

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Newcastle consulting firm opens Baghdad office

05 April 2019 Consultancy.uk

A Newcastle-based consultancy has announced it will open its first office in Iraq. The news comes despite warnings that the area remains “high risk” for businesses.

16 years after the start of Operation Iraqi Freedom, the nation remains a shadow of its former self. The continued chaos wrought by the Iraq War – which eventually played a role in the rise to prominence of Daesh, further destabilising the region – means that even now, the nation’s capital is deemed to have the lowest quality of living in the world. According to a recent survey from Mercer, Baghdad ranked last overall – immediately below Bangui of the Central African Republic and Damascus in Syria – despite the other two being determined as the worst cities on the planet for personal safety.

However, as with the wider Middle East, the oil-rich state presents a lucrative destination to businesses willing to take the risk. To that end, a Newcastle recruitment consultancy has announced the opening of its first presence in Iraq’s capital city. Samuel Knight has taken the decision to open its Baghdad locale in order to grow its business in the Middle East.

Newcastle consulting firm opens Baghdad office

While businesses remain wary of the region, Samuel Knight specialises in recruiting talent in the energy and rail sectors, and in a release it said the new office would continue to focus on these areas. It will also allow the firm to make sure it abides by local compliance laws. The new location will be headed up by Haider Kadhim, Samuel Knight’s Iraq country manager, who will work as the first point of contact for clients and candidates. Representatives from the Department of Trade Industry are expected to attend a launch event for the office, which will be held this month.

Commenting on the new office,  a spokesperson for Samuel Knight said, “We probably don’t see it as a risk, but more of an opportunity, as we operate in the Middle East extensively already. We have contacts in place in the country location and with the consultants we have. We felt it was a great opportunity to expand into a country we are already doing work in. It means we have an on-the-ground team to help our clients. From our perspective, it is that we are looking to expand into new territories, but we are also supporting countries that are starting to redevelop after years of warfare.”

Steve Rawlingson, CEO at Samuel Knight, said, “Our aggressive five-year growth plan is manifesting at  an impressive rate, taking the company to exciting new territories. The team is working diligently to surpass expectations set out in the plan, and to ensure Samuel Knight is cemented as the leading global energy and rail recruitment specialist. Our Baghdad office will give us a distinctive edge over our competition and allow for more exciting business opportunities. Once the office becomes more established and client acquisition develops, we will certainly be adding more consultants and manpower in the city.”