Beijing,11 December 2019 – TMF Group, a leading provider of international business administration services, has acquired Ecovis R&G Consulting Ltd. (‘Ecovis Beijing’) in a deal that adds significant strength to its cross-border investments proposition – particularly for those flowing between China and Germany.
The acquisition, which is now completed, is part of a strategic push by TMF Group to continue to grow its footprint in China and will see Ecovis Beijing’s 40-plus team of professionals join forces with its existing teams in its offices in Beijing and Tianjin.
Ecovis Beijing, has built an enviable track record in providing tax and compliance services for small and medium sized companies (SMEs) with operations in both China and Germany since it was founded in 2012.
Thun Lee, Head of TMF Group in China, said: “TMF Group has been expanding its services portfolio in China for several years now, and this forms another exciting chapter in that story.
“Our focus on growth is driven by the fact that we remain bullish about the Chinese economy and the potential it offers for foreign investors,” he added. “The Ecovis team has great experience in supporting the ‘Mittelstand’ pool of SME businesses known for being the key drivers behind the German economy – which makes this acquisition a pertinent part of our growth strategy.
“Germany is one of the largest investors in China and having our new colleagues onboard helps strengthen our position as a key player in supporting the growing number of cross-border investment opportunities that pass through that China-German economic corridor.”
Richard Hoffmann, Partner and Co-Founder at Ecovis Beijing says: “There was a natural affinity already in place, which makes this deal such a good fit for us”.
Grace Shi, the other Partner and Co-Founder of Ecovis Beijing stated additionally: “TMF Group is unrivalled when it comes to geographic scope and range of administration services needed to successfully set up and operate around the world. We look forward to playing our part in building that proposition, working with our new colleagues and continuing to support German, European and other international businesses with their investments in China, and vice versa.”
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TMF Group is the leading provider of administrative support services for international business expansion. With some 7,800 experts – in-house, on the ground in over 80 locations – and is the only company worldwide to provide the combination of fiduciary, company secretarial, accounting and tax and HR and payroll services essential to the success of businesses investing, operating and expanding across multiple jurisdictions. We know how to unlock access to some of the world’s most attractive markets – no matter how complex – swiftly, safely and efficiently. That’s why over 60% of the Fortune Global 500 and FTSE 100 and almost half of the top 300 private equity firms use us. We make a complex world simple. www.tmf-group.com
Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 7,500 people operating in over 75 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice. https://www.ecovis.com/en/