Coop Far East

Project overview

Coop Far East wanted to transfer all its operations from Mainland of China to Hong Kong and partnered with Hawksford to ensure this was done seamlessly with no interruption to accounting, payroll, company secretarial and other essential functions.

Client objective

Originally based in Shanghai, Coop Far East underwent a series of operational and managerial changes and subsequently decided to relocate its entire business activities to Hong Kong as it was felt that the jurisdiction would provide operational advantages.

While straightforward in theory, the process was complex in reality as it involved winding down operations entirely in Mainland of China and, in parallel, setting up operations in Hong Kong in a way that would ensure no business interruption. 

The Hong Kong side involved establishing an entity, opening an office, transferring key employees and hiring new staff, and structuring all necessary financial and administrative activities. It was critical for Coop Far East that they worked with a partner who could manage this transition in the most seamless manner possible.

Our solution

Hawksford was already working with Coop Far East in Shanghai, so it was a natural fit for us to oversee the transfer to Hong Kong as we were already familiar with their administrative operations as well as rules and regulations in the new jurisdiction.

A comprehensively staged approach meant we were able to establish the appropriate entity in Hong Kong, open a bank account, file the articles of association, set budgets and arrange visas. Once this was in place, the transfer began in earnest. 

Naturally there was a point at which both operations were effectively running, which required diligent handling from an accounting and admin perspective. 

After completion of this initial transfer phase, we started to provide monthly accounting, payroll, treasury/payment and corporate services, ensuring compliance with local obligations as well as liaising with and reporting to the company’s HQ in Italy.

Client benefits

• By externalising its finance and administrative department, Coop Far East gained immediate in-depth expertise on Hong Kong, as well as other Asia-Pacific markets
• The company saved on internal costs and ensured business continuity by removing risks related to internal staff turnover
• Flexible service provision means we can step in on an ad hoc basis when there is an additional requirement
• Our multilingual team helps ease communications between Coop Far East's Hong Kong and Italian operations

Services provided

• Entity formation and administration
• Account opening and cash management
• Company secretarial
• Compliance
• Tax
• Transaction management
• Accounting
• HR and payroll
• Office services
• Immigration and visa services

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