ScanAsia Consulting Ltd was founded in 1989 by Mr Staffan Lofgren to assist small and medium-sized European and US companies in the areas of Accounting, Financial Management and China/Hong Kong establishment.

Today, we have offices in Hong Kong, Shanghai and Beijing and we undertake up to 50 assignments at any given time, offering highly personalized services.

Most of our assignments are referred to us by existing clients, law firms, banks and Chambers of Commerce.

Our Services
Generally speaking, we are the alternative to employing a Chief Financial Officer, placing someone from head office in your HK/China operation or hiring one of the large international firms to assist you.

Considering the costs involved in any of the above scenarios, our solution is less expensive and we believe that our combined knowledge of Chinese, International and European accounting and financial control procedures is difficult to match.

We also handle the accounting and administration for several overseas owned Hong Kong companies that do not want the accounting and administration inhouse.

Here are a few examples of the services we provide to our clients:

Equity Partnership
Over the years, ScanAsia has entered into Equity Partnerships with clients who considered such form of cooperation more economical and efficient than a consultant/principal relationship, especially if the client does not have extensive China knowledge and limited management resources for the China establishment.

ScanAsia would then act as the administrative and financial local manager.

Sometimes this Partnership agreement comes with a call option for the client to buy back the shares after certain goals have been reached.

Financial Due Diligence
When a client acquires a Chinese operation or, more commonly, the assets and goodwill of a Chinese operation, ScanAsia analyzes and presents the financial data in a way that enables the buyer to make an informed decision about the acquisition price, payment structure, management strategy etc.

We have also carried out internal Due Diligences on ongoing operations in which the management suspects fraud or mismanagement by local managers.

Start-up and Implementation
When starting up a Representative Office, Joint Venture or Wholly Foreign Owned Enterprise, ScanAsia builds the Financial Department by:

• Selecting the Chinese accounting software
• Proposing the Chart of Accounts and report formats
• Assisting in employing suitable accountants and auditors
• Transforming Chinese accounting standard (in characters) to English, Hong Kong or your own standards
• Recruiting and training of your local accountants

Financial Control
When the accounting and reporting system is up and running, ScanAsia takes up the function of Financial Controller or CFO, thus limiting the in-house number of employees in the Financial Department to a few accountants and cashiers.

For Chinese operations, our Beijing or Shanghai staff will translate your Chinese accounts into English standard, carry out basic financial control functions and eliminate errors on a monthly basis. The financial statements are then sent to Hong Kong for final analysis and transformation into your own reporting format, if required.

Our services also include China/Hong Kong tax planning, audit preparation, cost breakdowns for budget work and general advising.

Please feel free to contact our Managing Director, Mr Staffan Lofgren, on staffan@scanasia.com to discuss your specific situation without any obligation.