Chinese accountants open office in UK capital

Chinese accountants Reanda International opened a new office in North London’s suburban Colindale area on Tuesday with the aim of better serving growing China-UK trade and investment.

The company is ranked 20th in the world listings of accountancy networks by revenue.

Reanda International employs about 70 staff in the United Kingdom, where it offers accounting, auditing, tax, consultancy, and other services.

Before the opening of the Colindale office, Reanda’s UK team was based at a smaller office in Golders Green. Next week, Reanda UK will open another office, in the Moorgate area of Central London, which will be aimed at serving clients in the technology, financial, and investment sectors.

“Our international expansion follows the steps of our client companies, especially in the Belt and Road countries where Chinese investment is particularly prominent,” said Huang Jinhui, chairman of Reanda International. “We enjoy the unique advantage of having both a deep understanding of Chinese business culture and also local expertise in each international market we are present in.”

Jin Xu, minister counselor at China’s UK embassy, said he expects Reanda’s services to find a large market in the UK, where around 500 Chinese companies have already established a presence.

Reanda’s history goes back to 1993, when State-owned Reanda Certified Public Accounts was established in Beijing.

Reanda Certified Public Accounts was privatized in 1999. To grow overseas, Reanda launched the Reanda International network in 2009. The network has since grown to include 31 member accounting companies in China and overseas.

When joining Reanda International, each member firm adopts the Reanda name in order to enjoy the network’s identity and brand image. They pay a licensing fee to the network, which uses the fees to promote the brand and manage the quality of services in member firms.

Reanda International established a UK presence in 2016, when the British accountancy firm Grunberg& Co joined its network. Grunberg& Co was established in 1990.

“Joining the Reanda network helps us to become more international, and capitalize on opportunities provided by Chinese companies expanding into the UK,” said Robert Bean, managing partner of Reanda UK.

Reanda International’s other member companies are in markets including Italy, Portugal, Cyprus, Germany, Australia, India, Kazakhstan, and Madagascar. The network hopes to expand to include 40 member companies by 2019.

Globally, Reanda International network’s member companies employ almost 4,000 people. The network generated more than 1.2 billion yuan ($190 million) of revenue in 2017.