global
ISSUE 18GROWINGAPPETITE

GLOBAL TOURISM
BOUNCES BACKSOLID FOUNDATIONSREAL ESTATE IN ASIA PACIFICHEALTHY BALANCINGFINANCIAL HYGIENE DURING TOUGH TIMESREACHING OUTVITAL TIPS FOR CROSS BORDER MOVESThe networkfor doingbusiness

2 UHY GLOBAL July 2024

WORD OF WELCOME

IN THIS ISSUE
COVER STORY4FEATURE
New horizons for
Asian real estate

8

SERVICEFEATURE
Helping clients
into new markets

9

GLOBAL NEWS18

FEATURE
Tourism trends
after the pandemic

22

COGS &WHEELS
Effective
communication

24

FEATURE
Choosing
to expand into
overseas markets

10

PERSPECTIVESBrushing up on
financial hygiene

27

SERVINGCLIENTS,SERVINGCOMMUNITIES14CLIENT
STORY
Property businesslaunches in Spain

16

PERSONALPROFILE
Meet Barbara
Je,drzejek

28
29

UHY
SERVICESGLOBALUHY MEMBERS’
DIRECTORY

WORD OFWELCOME
Welcome to issue 18 of UHY
Global, our twice-yearly businessmagazine for organisations with aninternational outlook. Our goal is toprovide insights into key businesschallenges and opportunities
around the world, put into context
by UHY’s expert accounting, tax
and consultancy professionals.
Although some countries continue
to struggle with the hardshipsof post-pandemic cost-of-living
impacts, for many in 2024 thestory is becoming one of economic
resilience. The International
Monetary Fund’s World Economic
Outlook (April) predicted steady
growth of around 3% this year
and next, with inflation falling.
Despite continuing conflict andpolitical uncertainties, there arereasons to be optimistic. As a
global network we see increasinglevels of activity and confidence
from our client base, as businesses
begin to look again at new markets
and growth opportunities.
In this issue of UHY Global we
look at both sides of the coin.
For companies struggling in
subdued economies, adopting
the principles of financial hygiene
makes a lot of sense at this time,and our expert panel looks atsome of the basics that prudent
financial operators should follow.
Meanwhile, many businesses
feel ready to push new boundaries
and explore international expansion.
In our feature Cross-Border Moves,
we ask some of our member firm
specialists for their thoughts andadvice on how to proceed, as
successful cross-border business
requires careful research andplanning and a lot of local
knowledge. In our service feature
we list some of the typicalinternationalisation services that
UHY member firms across the
network can provide.
Further evidence of uneveneconomic recovery comes fromtwo sectors in particular whichhave historically been strong
indicators of economic health. In
Tourism Takes Off, we consider
the resurgence of leisure travel
which is remarkable given theindustry’s widespread decimation
during Covid; and in Building
Resilience, the usually reliable realestate sector comes under the
spotlight, where pandemic, supply
chain, energy and interest rate
shocks since 2020 have resulted
in unpredictability. We look at
three markets in Asia-Pacific with
contrasting fortunes for investors,
landlords and homeowners.
Back in Europe, I am delighted
to feature one of our real estate
success stories. Cordia is aninternational property
development business and 2024
winners of a prestigious award forbest luxury sustainable apartment
living, for their new property in
Costa Del Sol. Supported by ourmember firm in Spain, UHY Fay &Co, their story is a fine exampleof how our professionals help
clients to achieve their goals. We
value every client relationshipand I thank Cordia for letting
our readers see a little of whatmakes this one special.
I wish you all much success forthe rest of 2024 and beyond.
UHY International will elect a new
Chairman in October for a threeyear tenure, and I finish my own
with a great sense of optimism
for our clients, our member
firms and the UHY network.
Subarna Banerjee
Chairman, UHY International

ALL AROUND THE WORLDUHY GLOBAL July 2024 3

PICTURE THISFOR OVER 100 YEARS, MOVIES HAVE CONNECTED AND INSPIRED PEOPLE ALL AROUND
THE WORLD. TODAY THEY ARE BIG BUSINESS, BUT HAVE NEVER LOST THE POWER TO
CAPTURE HEARTS AND MINDS REGARDLESS OF COUNTRY, LANGUAGE OR CULTURE.

A common misconception is that it all
started with Hollywood. Although film
as an industry arguably began there, theinvention of moving picture techniques
was flourishing in Europe toward theend of the 19th century, and especiallyin France where brothers Auguste andLouis Lumière are credited with the firstprivate and public projection of ‘movies’in 1895. They can also be consideredas pioneers of global distribution, eventhen, as they toured an exhibition of
their short moving pictures to countries
as diverse as Belgium, India, GreatBritain, Canada, the US and Argentina.

Background image - Freepik

CROSSING BARRIERS AND BORDERS
Perhaps the brothers foresaw theworldwide appeal of movies. Over
more than a century of filmmaking, theindustry is alive and well everywhereas technology and globalisation haveenabled storytelling across languages
and cultures, contributing to greater
mutual understanding and appreciation.
Movies have a unique power to bringpeople together in a shared experience
connecting us at a human and emotional
level, exploring universal themes likelove or loss, through sympathetic
characters and narratives. Film adds
sound and vision to storytelling, andas well as entertainment can also offer
new perceptions and thinking.
Today, online distribution – streaming– enables the magic of film for millions

of people around the world. In an
age of economic uncertainty andgeopolitical tension, the industry
can both report and comment,
but also provide uplifting cinema
and television. The most-streamed
product in 2023 was the final seasonof Apple TV’s series Ted Lasso, atale of compassion and kindness.
THE MOVIE BUSINESSThe industry of film is massive: global
revenues from box-office receipts
alone in 2023 exceeded USD 33
billion and peaked in 2019 preCovid at USD 42 billion. Financing,producing and distributing films is achallenging operation, with studios
juggling creative, commercial andlogistical goals to remain competitiveand relevant to a global audience.
It is a world of talent, technicians
and technologies, of low budget
independents and big bucks blockbusters,
but the economics are consistent – makeprofit through revenue exceeding costs.
Box-office sales, streaming subscriptions,licensing and merchandising are key
income streams, while casting is theprimary cost for large scale productions.
Add in story development costs andcopyright, crew salaries for pre and postproduction, shooting, location and staging,marketing and promotional spend – it is
a complex mix where budgeting, projectand cost control are paramount.
Behind the scenes, a wide range of
specialists help to keep projects runningas smoothly as possible. Professional
advisors support everything from on-set
wellness, to contracts, intellectual
property (IP) and financial services.
In Spain, for example, UHY member firm
UHY Fay & Co. advises and represents
developers, producers, distributors, studios,
digital companies, start-ups, and a wide
variety of content creation companies.
“We support clients with IP, planning,accounting, financing, contracts andlicensing for channels and platforms,
in all kinds of projects from featurefilms and documentaries to animationand live action,” says marketing
director Matilde Marín. “We havein-depth knowledge of the European
and foreign entertainment industries
and provide expert advice oninternational co-production andco-financing operations.”

Photo by SSPL/Getty Images

Movies are products of theirtime. They are a perfectlens for recording history as
well as making it, so it is no
surprise that the influence andsuccess of film and filmmaking
has spread across the world,reflecting the increasing
globalisation of society driven
by technological advanceand human experience.

AN EXCITING FUTURE
Movie fans and moviemakers alike havemuch to look forward to, as post-Covid
film production makes a rapid recovery,
and new revenue and output records
are predicted in the years ahead.
Technological advances will continue tomake the impossible seem possible, justas moving pictures, sound, colour, 3D
and digital effects have done. As new
generations of talented writers, actors anddirectors make their mark, we can enjoy
more stories together, all around the world.
There seems little doubt that our appetite
for a thrilling, heartfelt or thoughtprovoking movie is as strong as ever. n

4 UHY GLOBAL July 2024

FEATURE – BUILDING RESILIENCE

BUILDING
RESILIENCECOMMERCIAL AND RESIDENTIAL REAL ESTATE MARKETSIN ASIA-PACIFIC ARE RESPONDING TO ECONOMIC
UNCERTAINTY AND EMERGING OPPORTUNITIES.

At the end of January, theInternational Monetary
Fund (IMF) revised its 2024
forecast for economic growthin Asia upwards to 4.5%, wellahead of both the Eurozone(0.9%) and the US (2.1%).
Asia is on track to contribute
two thirds of global growth in2024, just as it did in 2023.
While GDP growth in the region is still
below the pre-pandemic average, theseencouraging figures increase the chanceof a soft landing for Asian economies after
the disruption of the post-Covid period.
That said, the IMF admits that its forecast
is susceptible to significant downsiderisk. One of the most notable threats togrowth is the continuing challenges toproperty markets in some parts of theregion, especially China. In the world’s
second largest economy, the bankruptcy
and eventual liquidation of major property
developer Evergrande sparked a realestate crisis that still reverberates.
But the picture in the region is far from
uniform. Beyond China, the real estate
sectors of a number of Asia-Pacific nations
are also struggling with post-pandemic
fallout, while others paint a considerably
more positive picture. We take a look at
the prospects for the region’s investors,
developers and landlords through thelens of three important markets.
OPTIMISM AND CHALLENGE
Japan’s commercial property market
suffered in the immediate aftermath ofthe pandemic from an oversupply of officespace. Many large corporations decided todownsize office footprints as they waited
to see how home and hybrid-working
trends would pan out in the longer term.
The good news is that demand is now
rising again, especially in the Tokyo
metropolitan area. New office blocks areplanned or in development. This could
lead to older or more basic offices being
phased out or repurposed to meet otherdemands, such as residential lettings.
Other commercial sectors are also
performing positively. “Hotels are
performing well; there is a continued
expansion of foreign luxury hotels,” says
Morito Saito, chief operating officer anddirector at UHY Business Advisory LLC,
part of UHY Tokyo & Co, the network’s
member firm in Japan. “Due to theweakening Japanese yen and Japan’s
affordability in terms of prices worldwide,

FEATURE – BUILDING RESILIENCEUHY GLOBAL July 2024 5

The good news is thatdemand is now risingagain, especially in theTokyo metropolitan area.

iStock.com/StockByM

there has been a sharp increase in tourists
seeking authentic Japanese experiences.”
Warehouses offer another optimistic note.
New laws have recently been introduced
that reduce the hours truck drivers areallowed to work. That, alongside thegrowing demand for home deliveries, hasboosted warehouse construction acrossthe country, as logistics businesses set
up facilities closer to target markets.
As far as residential property goes, luxury
condominiums are in high demand. “Thesale prices of apartments on the top
three floors of the brand new Azabudai
Hills in Minato Ward, Tokyo, recently
reached the highest ever recorded, andthey have already sold out,” says Morito.
But below the top end, the residential
market in Japan is not without challenges.

In contrast with much of the rest of theworld, the Bank of Japan has pursued
a negative interest rate policy. Theselow rates, coupled with an inflow offoreign investor capital, have createdan affordability crisis in major Japanesecities and especially Tokyo. The average
price of apartments in the 23 wards ofTokyo has exceeded JPY 100 million (USD650k), putting home ownership out ofreach for a growing number of people.
This could persuade the central bankto impose higher interest rates in 2024,
but these increases are likely to beminimal. “With many people in Japanon variable rate mortgages, the bankwill not want to risk a sharp increase in
non-performing loans, so we anticipate
the continuation of a low interest
rate environment,” says Morito.

STRUGGLING RECOVERY
In contrast to Japan, the commercial
property market in Hong Kong is undersignificant strain. At time of writing,interest rates remain at 5.75%, and thecountry is only fitfully emerging from a
protracted economic slump. Rents aredown as the sector faces historicallyhigh vacancy rates - approaching
10% in some prime locations. As inother major office markets, there issomething of a ‘flight to prime’ ascompanies look for more sustainable
and flexible premises at lower cost, whilesecond tier blocks are left vacant.
“As the rent is not able to cover interest
and mortgage payments in many cases,
some landlords are being forced todispose of commercial properties at alower value,” says Robert Kong, managing
director of Tai Kong CPA Limited, a UHY

iStock.com/pixdeluxe

member firm in Hong Kong. “The valueof commercial property is expected tofall over the next year or so, and weonly expect a recovery when the vacancy
rate comes down to more reasonablelevels, which means around 3%.”
The residential property market is also
at a low point, though that may bechanging. For a decade, the government
has attempted to cool the overheatedresidential sector using measures like
Special Stamp Duty (SSD). A charge
on buyers, SSD was a reaction to therampant property speculation of the2010s, which saw many local residents
priced out of the market. The loan-tovalue mortgage ratio was also reduced,
meaning buyers had to find larger down
payments for property purchases.
These measures worked, but createdtheir own issues. Property sales fell andhome prices tumbled. However, recently
high interest rates have continued tokeep home ownership out of the reachof many residents. The combinationof high rates and oversupply have also
created profitability issues for landlords
and developers who are left with theexpense of maintaining and financing
properties they cannot sell. In addition,
property development struggles toattract investors when mortgage rates
remain higher than rental yields.
But there is a light at the end of thetunnel. In February, the government
cancelled SSD and eased mortgage
lending restrictions, as it seeks tospark life in the once unstoppable realestate sector. These measures should

I think prices will
fall, though they
won’t collapse.

stimulate residential property sales
and encourage developers, although
the impacts may take time to properly
feed through because lending rates
remain high. “It looks like interest
rates in the US might take a year or
two to come down from the current
high level and the Hong Kong rate istightly linked to the US,” Robert says.
MIXED FORTUNESThe Australian real estate market is a taleof two sectors. Commercial property is
still struggling with the after-effects of theCovid pandemic. The residential sector,
by contrast, has bounced back reasonably
well, despite high lending rates.
Retail property was hit hard by Covid
lockdowns and continues to struggle,
with soaring high street vacancy rates inmany towns and cities. Landlords are alsofinding office space difficult to fill, thanks
in part to the popularity of working fromhome. With skilled employees in short
supply, flexible working has become abargaining chip for office workers as
they either move between employers
or threaten to look for new positions.
“Office space is difficult to occupy
and tricky to sell,” says Selwyn Cohen,

founding partner of Cohen Fasciani,
an associate member of UHY Haines
Norton group, servicing the Melbourne
metropolitan area. “I think prices will fall,though they won’t collapse. Certainly
there are some major office developmentsthat may take a long time to fill.”
A knock-on effect of home and hybridworking is the closure of coffee shops
and lunch venues in the central business
districts of cities like Melbourne, adding
to retail vacancy rates. If there’s a brightspot on the commercial property side
it’s in the warehouse sector, where
small local warehouses – often built
to fulfil home delivery orders – arebeing constructed in high numbers.
UHY IN ASIA-PACIFICAs real estate gains momentum, UHY’s
global network of advisors can help
developers and landlords by providingthem with regulatory and property
tax information and focused financial
advice. The network’s large footprint in
Asia-Pacific means UHY member firms
can gauge the appetite of investors
across the region, and monitor changing
regulations and evolving fiscal policy.
Our professionals on the ground canoffer clarity on the opportunities andchallenges that real estate presents
in Asia-Pacific’s major markets.
Download our global guide to current
real estate regulation where you willfind detailed country input from ourmember firms in Australia, Hong Kong,
Indonesia, Japan, Philippines, Singapore,
Taiwan and Vietnam. UHY is also
represented in China, Republic of Korea,
Malaysia, New Zealand and Thailand.
Visit www.uhy.com and search
for real estate guide.

FEATURE – BUILDING RESILIENCEUHY GLOBAL July 2024 7

High interest
rates haveHigh interest rates have impacted
both commercial and residential
sectors, but a significant shortageof housing in major cities means
residential prices remain stable. This isencouraging residential development.

impacted bothcommercial

and residential
sectors.

“In the mid-market, values are strong,”says Selwyn. “For houses between
AUD 1.5 million (USD 1 million) and
AUD 3 million (USD 2 million), prices
are holding up very well indeed.
Historically, these prices have increased
at 7% per annum on average in major
cities, and I see this continuing after
a short period of slowdown due to
Covid and interest rate rises.”
A challenge for the residential market is therising price of materials, which is adding to
the struggles of many building firms. Anda cloud on the horizon for both residential
and commercial property markets is thegrowing burden of Land Taxes – levies onowners of real estate based on the value ofland. The government has increased Land
Tax significantly, and other measures havediscouraged the previously plentiful influxof foreign capital into the Australian realestate market. One positive note for theconstruction trade, though, is infrastructure
spending, as state governments invest in
long-term energy and transport projects.
THE RIGHT DIRECTION
Taken together, these markets present
a mixed picture of real estate health in
Asia-Pacific. Property was hit hard by
Covid, and post-pandemic disruption
remains. Nevertheless, there are signs
that the region could be reaching aturning point, as rates fall, economies
expand and confidence slowly returns.

UHY Contributors:
Selwyn Cohen,
Cohen Fasciani, Australia
Robert Kong,
Tai Kong CPA Limited, Hong Kong
Morito Saito,
UHY Business Advisory LLC, Japan

iStock.com/nazar_ab

Some real estate sectors in theregion are already performing well.
Many more are just starting to glimpse
the possibility of better times ahead.
It may take time before Asia-Pacificproperty markets approach theirpre-Covid highs, but they are starting
to move in the right direction. n

SERVICE FEATURE – INTERNATIONALISATIONHOME AND AWAY
UHY’S MISSION IS TO HELP CLIENTS ACHIEVE THEIR GOALS LOCALLY AND ACROSSBORDERS. THE UHY GLOBAL NETWORK OF MEMBER FIRMS HAS THE REACH,
THE COHESION AND THE EXPERIENCE TO DO IT.

In the International
Accounting Bulletin’s World
Survey 2024, UHY moved
up to 19th place in the topranked global accountancy
networks, measured byfee income. It is a position
we hold with pride, andan endorsement of ourinternational capability. We
also believe that the strong
bonds which exist between
our member firms are at
the heart of this success,because these relationships
enable effective cross-borderclient engagements.
Whether you are a business looking to
expand your international footprint, or
taking the first steps into markets outside
your own country, UHY member firms areready to help, because we understandwhat it means to navigate and operate
in a global marketplace. Whatever yourpreferred route to growth – merger,
acquisition or the opening of operations
in a new market – we can guide you
through the steps you need to take.
STRATEGY AND PLANNING
We believe the more research andplanning a business does, the more likely

it is to achieve a successful outcome, or
identify barriers and issues early enoughto act on. We are well placed to help you
plan effectively. UHY member firms knoweach other well and having critical local
knowledge of your target jurisdiction is
priceless. Local UHY colleagues can also
assist in establishing contacts, organising
meetings and providing input on how theculture of doing business in their country
might differ from what you are used to –it is as important to respect local customs
and understand how things work, as it is
to comply with local laws and regulations.
In developing an internationalisation
strategy, our experienced partners can
assist with research, risk and opportunity
analysis, market competition and all thelegal, commercial and non-commercial
factors that could impact your operations,for good or for bad. Identifying financing
options could also be a requirement, or
co-ordinating with public and government
institutions that promote international
expansion. For mergers or acquisitions, ourcorporate finance specialists around the
network will be able to advise and establish
targets, conduct due diligence on yourbehalf, negotiate the deal and draw up
the necessary contractual documentation.
INTERNATIONAL TAXInternationalisation comes with manytax challenges. Workforce mobility or
expatriate management, for example,

iStock.com/Rawpixel

8 UHY GLOBAL July 2024

require expertise in different tax andlabour laws, definitions of citizenship,
residency and non-residency, keeping
relocating staff happy and managing
payroll. Corporate, domestic andforeign income tax require businesses
to navigate complex issues oftransparency, country-by-country
reporting, profit repatriation, foreign
tax credit systems or internal trading
compliance and transfer pricing.
It is easy to see why tax can become abarrier to international growth or ambition.
This is why having a joined-up global teamof trusted tax professionals to call on is so
important. UHY member firms will work
together to ensure the best tax outcomesfor your business and your workforce. n
INTERNATIONALISATIONSERVICES CHECKLISTUHY member firms can advise clientsin almost 100 countries. Typical services
for cross-border expansion include:• Strategic plan
• Market research and assessment• Identify competitors and targets• Risk and opportunities analysis• Economic and legal advice• Financial study• Coordination with government bodies• Negotiation process• Employment requirements• International tax considerations• Accounting and auditing requirements

GLOBAL NEWSUHY GLOBAL July 2024 9

THE FUTURE IS NOT FIXEDThe World Economic Forum’s 2024
Global Risks Report, now in its 19th
year, examines the melting pot ofplanetary and societal tensions which
present the greatest risks to ourglobal order over a two year and aten year timeframe. In the short term,
misinformation and disinformation rank
first for most severe risks and over the
longer term it is extreme weather.
A deteriorating global outlook is the least
surprising of the report’s findings, and key
narratives conclude that environmental
risks could reach the point of no return;societal polarisation with technology
risks going unchecked will put ‘truth’
under pressure; there will be growing
economic pressure on low and middleincome people; geopolitical tensions andtechnology will drive new security risks;and divisive ideology and geoeconomics
will disrupt future governance.
But the report is also a call to action
because, as it concludes, there are still
opportunities to ‘significantly reduce’
the impacts of global risk. Localised
investment and regulatory strategies,
prioritising research and development,
and public and private sector participation
to broaden beneficial impacts will all
help. Individual, corporate and national
efforts collectively could reach a criticalmass which would make a difference.
Cross-border collaboration remains
critical, and a challenge in a fragmenting
world. However, the future is not fixed,
says report managing director Saadia
Zahidi, and there is 'room for hope'.

different futures

is conceivable overthe next decade.

Although this drives
uncertainty inthe short term,
it also allows

room for hope.

GOLDENFIRSTSIFRS 18: MORE FINANCIAL
TRANSPARENCY

The 2024 Summer Olympic Games andParalympic Games take place from July to
September in France. Paris is the principal
host city and is claiming a number of‘firsts’. Not least among these is an exactly
equal number of male and female athletes.
Women first competed in the Games in1900 – fittingly, also held in Paris – but of
997 athletes then, only 22 were female. Thistime, Paris will welcome more than 5,000.

The International AccountingStandards Board (IASB) has
completed its project to improve theclarity of financial statements, withthe announcement of a new standard
IFRS 18 Presentation and Disclosurein Financial Statements, focusing
on information presented about
financial performance in the P&L.
IFRS 18 will become effective from
1 January 2027, which broadlymeans year-ends of 31 December
2027 for accounting. This will impact
audits undertaken in 2028, althoughcompanies will be allowed to apply
IFRS 18 before these dates.

iStock.com/marchmeena29

The Opening Ceremony promises to be‘like no other’. It will be held in the city, notthe stadium, allowing many spectators tobe there for free. The Seine will transport
10,500 athletes through Paris in a paradeof boats, and the celebrations begin on 26
July. The Games run until 11 August, andare followed by the Paralympics taking place
between 28 August and 11 September.

Shutterstock.com/Svet foto

A multiplicity of

The key changes relate to howfinancial information is reported interms of disclosure and presentationin the Income Statement. To achieve
better consistency, there will bethree defined categories (operating,financing and investing) to remove
the potential for multiple variationsof where items are posted and how,for example, operating profit andprofit before tax are calculated.
There are also stronger rules arounddisclosure of ‘management-defined
performance measures’ (previously,
non-GAAP measures), and aroundaggregation and disaggregation, toimprove clarity and transparency.

10 UHY GLOBAL July 2024

PERSPECTIVES – FINANCIAL HYGIENE TO BEAT THE DOWNTURNFINANCIAL HYGIENE TO
BEAT THE DOWNTURNWITH ECONOMIC ACTIVITY SUBDUED, IT MAY BE PRUDENT FOR
COMPANIES TO APPLY ‘FINANCIAL HYGIENE’ STRATEGIES. WE ASKED
UHY PROFESSIONALS FROM ADVANCED ECONOMIES AROUND THE
WORLD TO DISCUSS WHAT THIS MEANS AND WHY IT MATTERS.

Resilient operations

iStock.com/AlonzoDesign

have financial hygieneat their core.

PERSPECTIVES – FINANCIAL HYGIENE TO BEAT THE DOWNTURNThe April 2024
International Monetary
Fund (IMF) forecast talks ofa ‘steady but slow’ global
economic recovery thatwould largely be driven
by growth in emerging
markets. Its prediction foradvanced economies was anunderwhelming 1.7% growthin 2024 and 1.8% in 2025.

The pandemic may be starting to feellike a fading bad dream, but its
economic impacts are still readily
apparent. Around the world, central
banks reacted to the soaring inflationof the post-Covid era with interest rate
jumps, and borrowing costs remain
well above pre-pandemic levels inmany countries. Added to that, theworld is experiencing a new era ofgeopolitical tension, ramping up thesense of economic uncertainty.
Against this background, and after
several years of disruption, businesses
in many sectors continue to struggle.
To survive, they need to dig deep into
stores of resilience, and exercise iron
financial discipline. According to ourexperts, the businesses that endure ina subdued economy are often thosethat maximise cash flow while cutting
costs and putting plans in place to grasp
opportunities as soon as conditions
improve. In other words, their operations
have ‘financial hygiene’ at their core.
UNSTEADY ECONOMIC RECOVERY
Many advanced economies are
struggling with stubborn core inflationand interest rates that remain well
above pre-crisis levels. But different
countries face different challenges, andsome are emerging from the post-Covid
downturn more quickly than others.
“The New Zealand economy slipped
into recession in the December 2023
quarter with a per capita contractionof -0.7%,” says Sungesh Singh,
managing director of member firm
UHY Haines Norton (Auckland) Limited.
“Very weak or negative economic
growth is expected to continue
throughout 2024 and into 2025.”

Spain has avoided recession and can
expect modest growth in the next two
years, according to Joseph Fay, managing
partner at Spanish member firm UHY Fay& Co. “Even though GDP growth in Spain
has been revised upward (from 1.5%
to 2.1% for 2024), it is expected thatthe economy will be weighed down by
certain factors, the first being the impact
of interest rate hikes during 2023, whichtake a long time to filter through.”“Ireland is likely to recover to someextent from a difficult 2023,” says Alan
Farrelly, managing director of UHY
member firm UHY Farrelly Dawe White
Limited. “Irish inflation would seem tobe under control and expected to run
at 2.2% in 2024. Our economic growthis expected at 2%, bouncing back fromnegative growth in 2023 of 1.9%.”

Ensuring adequate
liquidity to cover

expenses and manage
financial obligations
is crucial.

The US has proved one of the mostresilient of all developed economies,
with growth forecasts of 2.4% for2024 as a whole. But here too,significant challenges remain.
“Economic progress in 2024 and beyond
is challenging to forecast and is heavily
dependent on how the world navigates
the various economic, geopolitical andsocial conflicts it faces,” says Howard
Foote, managing partner for US member
firm UHY LLP's New York office.
“Interest rates and inflation are themost significant concerns. The situationis among the most challenging thatbusinesses and individuals have had
to navigate in recent times.”
FINANCIAL WELLBEING
Against this background, businesses haveto continue to create or sell products,
provide services and make enough

UHY GLOBAL July 2024 11

money to pay staff, suppliers and bills.
They also need to be in a position tospring into action when opportunities
arise. This can be difficult in a tougheconomic climate, but it seems part of thesolution is to practise financial hygiene.
“Financial hygiene is the series ofpractices and behaviours that individuals,
businesses, organisations and evengovernments need to adopt to maintainhealthy financial wellbeing,” says
Howard. “It involves tasks such as
budgeting, saving, investing wisely
and managing debt responsibly.”
Sungesh agrees, adding: “It is the policies,
processes and habits of an organisationthat ensure that a business maintains
its finances in a healthy manner. For
example, it includes efficient record
keeping, cashflow management andaccurate forecasting and budgeting.”
In short, financial hygiene ensuresbusinesses have the money they needto operate effectively, both today andin the future, without piling on debt
they might find hard to service. “The
more they exercise financial disciplineand hygiene, the more resilientcompanies will be while economic
activity is subdued,” says Joseph.
“Yes, for our clients it is the same,”says Alan. “Financial hygiene as we see
it is good business management,
including keeping proper books andrecords that allow management tomake informed decisions.”
AREAS OF FOCUS
Within the broad area of financial hygiene,
there are certain factors organisations need
to focus on to promote resilience.
Maintaining cashflow is essential, andbusinesses need to keep tight control ofincomings and outgoings. This is especiallytrue during an economic downturn,when inflows tend to reduce. When that
happens, savings may need to be made.
“Ensuring adequate liquidity to cover
expenses and manage financial obligations
is crucial,” says Howard. “This is amulti-step process but is vital in helping
businesses ensure they are as resilient asthey need to be. Certain best practices

12 UHY GLOBAL July 2024

Developing

strategic plans toadapt to changing
market conditions
and identify newopportunities ispart of financial
hygiene too.

include forecasting cashflow on a regularbasis, invoicing promptly and managing
receivables to make sure you are receiving
payments when they are due.”Sungesh adds: “Maintaining cash
reserves can keep core businessintact during a slowdown. Up to datemanagement accounts can alert owners

PERSPECTIVES – FINANCIAL HYGIENE TO BEAT THE DOWNTURN

to declining profitability very quickly,
allowing them to take action before
the situation becomes irreversible. Also,
companies need to keep a close eye
on overdue debtors and be particularly
careful about extending credit.”can provide the data businesses need
to become leaner and fitter,” says
Sungesh. “That might mean cutting
staff numbers, renegotiating third party
contracts or minimising other overheads,
to maintain sufficient profitability.”

Alan agrees that current and reliablebusiness information is key to resilienceduring times of economic uncertainty.
“Managers need to remain calmand fully understand the underlying
cashflow trends of the business,”he says. “Strong financial controls
allow for good decision making.”

Cost cutting is often necessary but must
be done in a way that maintains anorganisation’s ability to conduct corebusiness. Spending, when that becomes
possible, must be used to create efficiency.

Larger companies tend to be quite
sophisticated in these areas, but small
firms often less so. “Smaller companies
tend to lack a culture of monitoring
cashflow, budgeting, and managing
debt,” says Joseph. “It is importantthey develop that culture at a time likenow, when keeping the core businessafloat becomes more challenging.”
THE IMPORTANCE OF PLANNING
Financial hygiene factors tend tocomplement each other. Whenorganisations have a firm grasp of
cashflow, they are better able to takethe action needed to promote resilience.
“Forecasting with realistic revenue
projections that reflect the slowdown“Businesses need to make sure thatthey are spending money in a waythat will boost revenue, improve
performance or lower costs elsewherein their organisation,” says Howard.
“For me, other great cost management
strategies should include having
a clear budget, negotiating with
suppliers for more favourable terms
and embracing technology to help
streamline daily operations.”
Business planning should not become avictim of wider economic circumstances:organisations need to be able to grasp
opportunities when they arise. But having
complete and up to date information on
cashflow, budgets and potential areas
for cost cutting gives companies a clear
idea of the options available to them.
“Developing strategic plans to adapt
to changing market conditions andiStock.com/tdub303

PERSPECTIVES – FINANCIAL HYGIENE TO BEAT THE DOWNTURNUHY GLOBAL July 2024 13

iStock.com/LumiNola

identifying new opportunities is part offinancial hygiene too,” says Howard.
VALUABLE PARTNERS
Keeping on top of financial hygiene
factors can be hard work, especially whenbusinesses are fighting hard for every
sale or new account. But professional
services firms are perfectly placed to help.
“In Spain, we can help our clientssignificantly by assisting them in thedevelopment and implementation ofsystems to prepare and monitor cashflow,
and assist with budgeting and debt
management,” says Joseph. “Sometimes,
these things require changes in habits
and culture that are difficult to achieve
without a close relationship of trust,and that’s exactly what we provide.”
Howard agrees that third-party
professionals can maximise financial
hygiene and help firms create realresilience, even in tough moments.
“We can assist clients in weathering
economic storms and other uncharted
disruptions through our bench strength ofexperienced professionals. We understandthe factors that impact stakeholders themost, sorting through the mass of dataand information available to provide
significant insights into sector and global
trends. We address financial hygiene
from an experienced perspective.”
Alan agrees. “The skillsets we havemean our advisors can be proactive,
assisting clients with real time
information using technologies thatenhance reporting. This allows for more
informed decision making. Using AIled technologies has helped our firm
remain at the cutting edge of providing
key information to our clients.”

Maintaining cash

reserves can keepcore businessintact duringa slowdown.

Sungesh makes an important final point- that implementing financial hygiene
measures is essential for all businesses,
and not just those struggling throughthe current downturn. “It is important toimplement these measures when times
are good as well so that the informationand processes can be promptly used toshore up the stability of the business
when there is a slowdown,” he says.
Not all businesses will be in a position toinvest in new technology or plan in detailfor an unknowable future, but they canfocus on cashflow and create accurate
and timely financial forecasts. While these
activities may sound mundane, they are
the bedrock of resilience during periodsof subdued economic activity. As our
professionals have said, UHY member firms
worldwide are on hand to help businesses
implement financial hygiene and ensurestability until economies improve. n
UHY Contributors:
Alan Farrelly,
UHY Farrelly Dawe White Ltd., Ireland
Joseph Fay,
UHY Fay & Co., Spain
Howard Foote, UHY LLP, US
Sungesh Singh,
UHY Haines Norton (Auckland) Ltd.,New Zealand14 UHY GLOBAL July 2024

SPAIN MEANSHOME FOR CORDIA

MULTINATIONAL PROPERTY DEVELOPER CORDIA HAS LAUNCHED A SUCCESSFULSPANISH OPERATION, WITH HELP FROM MEMBER FIRM UHY FAY & CO.

C

ordia Spain is a relatively
new addition to Cordia's
international operations.
Cordia is a member of the
Futureal Group, one of theleading international real estatedevelopers and investors inCentral and Eastern Europe,
engaged in residential, office
and retail projects, large-scale
mixed-use urban renewal
and commercial property
investments. Spain - which
represents the firm’s first foray
into Southern Europe - joins
Hungary, Poland, Romania andthe UK as key markets for thecompany, which focuses on
mid-to-high end residential sales.
The Spanish operation has launchedwith the extraordinary Jade Tower, asustainable development in the heartof the popular city of Fuengirola. Jade
Tower features 116 luxury apartments
and penthouses alongside a privatespa, an indoor heated pool, a gym, acinema room, a gastro bar, a fitness
studio and an outdoor swimming pool.
The property was recently awarded ‘Best
Luxury Sustainable Apartment Living
in Costa del Sol’ in the international
Luxury Lifestyle Awards 2024.
Cordia will continue to expand its
presence in Spain with two further
projects, located in Mijas andMarbella. The first phase of Mijas
will comprise 80 luxury homes,
and will be launched this year.
CHALLENGE OF COMPLIANCE
Like the rest of the Cordia group, Cordia
Spain operates in a testing regulatoryenvironment. Property development
is bound by strict rules and Cordia’s
international footprint necessitates

the management of complex financial
structures and differing complianceregimes. When the business moved
into Spain, it needed professional
support that would help it navigate
these fiscal and regulatory challenges.
“Given the complexity of managing aninternational holding, it was essential for
us to find a firm with extensive experienceand a proven track record in handling
multifaceted financial structures andcompliance requirements across different
jurisdictions,” says Isabel Garceso,
Chief Accountant for Cordia Spain.

We needed focused
attention andcustomised

solutions and

UHY Fay & Co

showed they coulddeliver them.

The choice was not a straightforward one.
The wider Cordia group had worked witha ‘Big Four’ accountancy firm in othercountries, and the Spanish operationconsidered several competitors before
deciding on UHY Fay & Co, UHY’s member
firm in the country. Cordia Spain chose
UHY Fay & Co because of the firm’s deep
understanding of international finance,
its comprehensive service offerings, andits ability to provide tailored solutions
that meet the company’s specific needs.
“Their expertise in navigating thecomplexities of an international
holding, combined with their

exceptional client service, made them
the ideal partner for us,” says Isabel.
“We needed focused attention andcustomised solutions and UHY Fay &Co showed they could deliver them.”
CUSTOMER SERVICE
Today, UHY Fay & Co provides arange of services to Cordia Spain,
including comprehensive fiscal, audit,
accounting, business advisory andtransfer pricing support. The UHY
Fay & Co engagement team is led
by Joseph Fay and Manuel Reina.
Cordia's team acknowledges that theirrequirements are not simple,emphasising the complexity of thegroup’s international holdings. But
UHY Fay & Co’s ability to tailor solutions
to meet diverse needs has proved
especially valuable. Proficiency in fiscal,
accounting and transfer pricing areas has
been instrumental in ensuring Cordia's
compliance with international regulations.
Isabel's team also commends thecompany’s client service focus. “Alongside
their technical expertise, one of themost important factors for us has been
their approach, which is based on clear
communication and quick response times.
Their ability to provide straightforward,transparent communication has
been crucial for us in understanding
complex financial matters.”
COMMUNICATIONThe results of that approach are easy tosee. Cordia's finance team reports thatthe fluid and efficient communication
process with Joseph and his team has
greatly improved the company’s daily
operations. It has facilitated quicker
decision-making and more effective
collaboration across Cordia’s internalteams. Quite simply, the relationshipbetween Cordia Spain and UHY Fay & Co
has made doing business in Spain easier.
“The communication has been

UHY GLOBAL July 2024 15

CLIENT STORYUHY IN THE REAL ESTATE SECTOR
From local building companies
to international consultancy anddevelopment groups, member firms
across the UHY network have extensive
experience in offering tailored services
to the construction industry supply
chain and real estate sector. Services
include tax and corporate services,maximising capital allowances oncommercial property, advising on themost efficient corporate structure, project
finance advice and deal structuring,and transfers of going concerns.

exceptional,” Isabel adds. “UHY Fay& Co’s ability to convey complex
information clearly and respond promptly
to our inquiries has been instrumental
in our decision-making process.”
Ultimately, this combination of technicalexpertise - especially in the context
of multinational operations - clear
communications and coherent advice has
allowed Cordia Spain to create a stableand growing business that prioritises
national and international compliance.
That can only be good for the company
and for the residential property sector
on the Costa del Sol - and perhaps
further afield in future. Thanks to its
choice of accounting partner, one ofEurope’s premier property developers
has established a home on the Spanish
Riviera, with more high quality andsustainable projects in the pipeline. n

A TEAM EFFORT. Mauricio Mesa Gómez, Country
Director Spain and Romania, shows off the firm'saward for Jade Tower, flanked by the Cordia team.

© Jade Tower by Cordia

16 UHY GLOBAL July 2024

PERSONAL PROFILE

Barbara and her husband
Dariusz skiing in Folgarida, Italy

IN HER ELEMENTWHETHER SHE IS EMBRACING NATURE ORROBOTICS AUTOMATION OR BUSINESS EFFICIENCY –BARBARA JE¸ DRZEJEK HAS THE WORLD AT HER FEET.

For as long as Barbara
Je¸ drzejek can remember
she has been fascinated withmaths, analytics and themechanics of business.

Today, as managing partner and Group
CFO at UHY ECA Group, Poland – oneof the fastest growing member firms in
the network – Barbara uses her expertiseto look for new ways to help her clients’businesses prosper. Being aware thattechnology is the future for accountancy
and business, Barbara extended her
education and experience in this area. The
list of her educational achievements isalmost as long as her career, and includes
an MBA in Robotics Process Automationand study of business intelligence systems.
Barbara practisingyoga by the Baltic Sea“New technologies help improve theefficiency of our accountancy operation,bringing value to our clients.”
Barbara grew up an only child in Mikołów,a small but pretty town in industrial Silesiawith a market square, botanical garden
and beautiful architecture. A relaxed andhappy child, Barbara thrived at schooland her leadership skills were honed
at a young age when she was elected
as class president at both primary andsecondary schools. She loved spendingtime with friends and family, trips to themountains, going to rock concerts andwatching speedway with her father. Her
mother showed her the beauty of natureand taught her how important it is to be
independent – especially as a woman.
Though diligent with her studies Barbara
was aware of dynamic economic andpolitical upheaval unfolding in her country
as it rejected communism and began
to embrace a free market economy.
“Growing up at a time of limited resources
and civil rights restrictions taught me
to value freedom of choice, as well as
the opportunity to travel and exchange
knowledge among countries.”

This was the genesis of Poland’stransformation into one of the mostsuccessful economies in Eastern Europeof which Barbara is very proud. “It isa very forward-thinking and attractive
country for potential investors. Visitors
often remark how good the food is, it
is easy to get around and we value theconservation of natural areas. Hospitality
is very important to the Polish nation.”In the early years of the free market
Barbara was determined to make the bestof opportunities around her. She studied
finance and banking at the University of
Katowice, specialising in accountancy.
TRAVEL AND TRANSFORMATION
Her course took her to Germany for asemester at the University of Applied
Sciences in Brandenburg, a move thatwas to birth the international mindset
that is so prized in global business – andat UHY. “It was life-changing for me,”says Barbara. “I could experience themore project-oriented education system,
I built lasting friendships and learned theimportance of a basic knowledge of othernations’ histories to understand theirperspectives. It opened me up to the idea

UHY GLOBAL July 2024 17

ESG is now pivotal to UHY ECA Group’s
service offering. “I feel very positive about
the critical role our profession can playin quality ESG reporting,” says Barbara.

Barbara in Gdansk withher sons Mikolaj and Janekof international cooperation and sharing
experience in multinational teams.”
Opportunities blossomed as soon as
Barbara graduated and she worked as anexternal auditor from 2001-2009, including
four years with one of the Big Four firmsin Katowice. Then, change beckoned.
“In 2009, I decided to experience being acertified accountant in business. I joined
a newly created shared service centre of
the world’s biggest steel producer, where
I was responsible for providing accounting
and reporting services to German andSpanish clients as well as for business
transformation projects and implementing
a continuous improvement culture.”
During this time Barbara’s interest in
business efficiency deepened and she
obtained a Lean Six Sigma Black Belt. “It
was useful to manage transformation
projects in a multinational environment
and interact with colleagues andclients from different countries.”
In 2014 Barbara became an ACCA
(Association of Chartered Certified
Accountants) member, which helped her
extend her knowledge as a certified auditor
in the international context, as well as therole of qualified accountant in business.
JOINING POLAND’S FINEST
In 2017, Barbara decided to return toconsulting and was invited to join UHY
ECA Group, Poland by managing partner
Barbara as a student in
Brandenburg, Germany

Roman Seredyn‘ ski, now also a UHY
International Board member who
Barbara describes as her mentor. Now
as managing partner, responsible for
non-audit services within UHY ECA Group,
Barbara defines her role as ‘creating amodern, client-oriented business process
outsourcing practice, as well as tax
and legal advisors’. She also sits on the
management board of UHY ECA Group.

I feel very positive
about the criticalrole our profession

can play in quality
ESG reporting.

Besides embracing automation, Barbara
pursues her ambitions for UHY ECAGroup via her belief in internationalism,
not just for client business but for thewider good. “In the world of the global
economy, the pandemic, military conflicts
and environmental crises, it has become
vital to look at local business from awider, macroeconomic perspective,
to follow global economic, social andenvironmental trends to evaluate theimpact on our clients’ business.”
SUSTAINABILITY AND DIVERSITY
Being part of a network like UHY helps
to accelerate this more global approach,especially in the complex area of
responsible business. “New ESG reporting
requirements demand newly-skilled
finance professionals, trusted advisors
who are equipped to support clients withnew regulations and understanding thechanges that their businesses might need.”

Sitting on an otherwise all-male groupmanagement team Barbara says she isoften asked how she copes being theonly woman. A model of diplomacy,
Barbara replies: “I say that all are
strong personalities, full of energy andideas. I really like working with themand spending time with them also
during less formal events. We evenwent to a match to see Chelsea play in
London! They are great colleagues.”
Believing that women could be wider
represented generally in the corporate
world especially as leaders, Barbaranames several skills that women canbring to the table. “Perhaps women may
be more open to looking for consensus
and common goals. Woman can contributewith empathy and patience, to reachagreement in smaller steps. We understanddifferent points of view and consider
them in decision taking processes.”
Friendship, knowledge sharing andprofessional development opportunities
are other benefits that Barbara values
in UHY. “Building relationships among
partners from different countries
has been incredibly important forme. We are like a family.”
FAMILY AND COMMUNITY
Away from work, her own family is equallyimportant to Barbara. She is married
to Dariusz, a computer science andelectronics teacher at a technical school:“He is very easygoing and makes melaugh.” They have two sons Mikołaj, 19,
and Janek who is nine. They have an old
Siberian cat Jenny and hamster Karmelek.
Barbara is close to her cousins, and theyoften get together for days out. She stays
fit with yoga and Nordic walking in theregion’s beautiful mountains as well as
enjoying skiing, cycling and ice-skating.
Aside from her parents, Barbara names
double Nobel prize winner Maria
Skłodowska-Curie (Marie Curie) as a rolemodel. “A Polish woman with dreams
who worked hard to contribute to thedevelopment of science at a time when
women didn’t even have the vote. She is
my inspiration in tough moments.” n18 UHY GLOBAL July 2024

TOURISM TAKES OFF
THE TOURIST INDUSTRY WAS ONE OF THE MOST BADLY AFFECTEDBY COVID, BUT ITS REBOUND HAS BEEN ONE OF THE STRONGEST.
TODAY, THE SECTOR IS LOOKING TOWARDS A MORESUSTAINABLE AND RESILIENT FUTURE.

FEATURE – TOURISM TAKES OFF

UHY GLOBAL July 2024 19Tourist hotspots around the world are buzzing with activity.
As the Northern Hemisphere vacation season gets into fullswing, hotels are full and beach bars hum with the sound of
happy holidaymakers. Europe, the world’s most visited region,
reached 94% of pre-pandemic tourism arrivals in 2023, according
to the most recent United Nations World Tourism Barometer. Most
regions expect to reach or exceed 2019 levels in the 2024 season.
What a difference a few years make.
In 2020 and 2021, in the midst of thepandemic, even seasoned industry
professionals wondered if the sector
would ever truly recover. International
travel had shuddered to a standstill
almost overnight. Bars, restaurants andhotels closed their doors and nobody
knew when they would open again.

International

travel didn’t dry up
completely, or atleast not everywhere.
Croatia benefited

from its location.

“The pandemic hit the Vietnamese
tourism industry harder than anythingelse in its 60 years of existence,” says
Thanh Nguyen, a partner at UHY Auditing
and Consulting Company Limited, UHY’s
member firm in Vietnam. “The local
tourism industry effectively froze.”To put that into figures, there were
80% fewer international arrivals
into Vietnam in 2020 than 2019.
Tourism revenue fell by nearly 60%.
It was a similar story around the world.
Tourism contributed around 8.2% of
Costa Rica’s national GDP in 2019,
and a fraction of that in 2020. Hoteloccupancy rates plummeted, and manybusinesses faced severe financial strain.

iStock.com/leonid_tit

In Croatia, “our tourism andhospitality clients were put in the most

unenviable position,” says Krešimir
Budiša, partner at at UHY member
firm UHY HB EKONOM d.o.o.
THE PATH TO RECOVERYWith the pandemic posing an existential
threat to the sector, governments andtourist authorities scrambled to comeup with a survival plan. As borders werepartly or fully closed, everybody’s first
instinct was to try to encourage moredomestic travel, with mixed results.
“Statistics show that during the 2020
season, the number of domestic tourists
also fell by a third, so unfortunatelyinternal tourism didn’t make up forthe decline in international visitors
because Croatia only has a small
population,” says Krešimir.
In Costa Rica, too, there was an effort
to encourage domestic tourism tocompensate for the lack of international
visitors. “The Costa Rican Tourism
Board (ICT) launched campaigns toencourage Costa Ricans to explore theircountry,” says Goretti Ponciano, leadmanager at UHY Pérez & Co., UHY’s
experts in Central America. “While thishelped, it did not fully compensate forthe loss from international visitors.”
International travel didn’t dry up
completely, or at least not everywhere.
Croatia benefited from its location,
close to the major markets of central
and southern Europe. When the first
lockdown was eased, visitors from
Germany, Austria or Italy could drive
there by car, stay in one of many
self-catering apartments, and enjoy thenearest thing to a Covid-safe vacation.
That may have saved many businesses.
In 2020, the number of overnightstays in Croatia was 45% of the figure
in 2019. That is an alarming fall, but
not perhaps the worst outcome given
the unique circumstances of Covid.

20 UHY GLOBAL July 2024

The Vietnamese
government

supported theindustry at thattime with deferred
tax payments.

SUPPORT KICKS IN
Nevertheless, in 2020 the tourism
sector was on its knees. In nearly
every destination, the industry was indanger of falling apart. Governments
stepped in to prevent the complete
collapse of an industry that would bevital to post-pandemic recovery.
“The Vietnamese government supported
the industry at that time with deferred
tax payments, a reduction of the VAT
rate, a 30% reduction of corporate
income tax liability, reduced interest on
loans and reduced electricity bills, toname just some of the measures,” says
Thanh. “It kept a lot of businesses goingthat might otherwise have failed.”
The details change from country tocountry, but everywhere government
support was essential. Help with employee
salaries, loan repayment holidays and areduction and deferment of taxes werecommon. “In Costa Rica, the government
also funded campaigns to promote
domestic and international tourism once
travel restrictions eased,” says Goretti.
Many of these support measures ended in
2021 and early 2022, as borders reopened
and tourist numbers started to recover.
After two years of pandemic, many
people were ready for a holiday. Evenso, the speed and extent of the sector’srecovery has taken many by surprise.

iStock.com/golero

SPENDING PANDEMIC SAVINGSAs Covid waned, locked-down consumers
craved experience and adventure andmany had the money to act. Savings
accumulated during months of Covid
inactivity were spent on holidays. The
2022 holiday season surpassed many
expectations, and 2023 was, in manycases, a year of almost complete
recovery, at least in terms of numbers.

million international travellers, three
and a half times higher than the figure
for the previous year and aroundiStock.com/izikMd
four million more than expected.

“After a bad 2020, Croatian tourism andhospitality began to grow again in 2021,
and 2022 was especially successful,”says Krešimir. “In 2023, the numberof tourists and overnight stays were
better than in 2019, which itself wasconsidered an extraordinary year.”

LEARNING LESSONS
All this points to a sector in full recovery
mode, but it has not all been plain
sailing since 2022. Croatia’s introductionof the Euro in 2023, alongside a more
inflationary environment, saw a dip in
profits for many tourism-dependent
businesses, despite high tourist numbers.

As its tourist industry began to rebuild,
Vietnam benefited from a series of
positive press articles, including being
named as one of CNN Travel’s best
destinations to visit in 2021. By 2023,
the country was welcoming 12.6

It was a similar story in Costa Rica.
“As of 2023, Costa Rica has seen asignificant rebound in international
tourism,” says Goretti. “The numbers
are nearing pre-pandemic levels.”

Perhaps most worryingly, the lingering
cost of living crisis in some countries
threatens to sour the positive postpandemic mood. “The global increasein the cost of living and economic

FEATURE – TOURISM TAKES OFF

downturns in key source markets
like the US and Europe might affectdisposable incomes and international
travel budgets, potentially impacting
tourism in Costa Rica,” says Goretti.
The global tourist industry, like somany others, is hoping inflation has
peaked around the world and that
central banks in key economies will
start reducing interest rates this year.
Whether that happens or not depends ona number of factors outside of anyone’s
control, but after the shock of Covid,
the tourism sector is determined toplay its part in ensuring a more resilient
future. Many tourist destinations reacted
to the problems of the pandemic withnew strategies and updated visions
for a more sustainable industry.
“Our geographic position and climate
make these industries obvious ones tofocus on and develop,” says Krešimir.
“In December 2022 the Croatianparliament passed the Strategy on theDevelopment of Sustainable Tourism, an
initiative that will continue until 2030.
Our focus for the future of tourism in
Croatia will be quality and sustainability
over quantity, as well as year-round andmore regionally balanced tourism.”
In Vietnam, too, the foundations arebeing laid for a more resilient industry.
Tourism chiefs are keen to explore thepotential of travellers from the Indian
subcontinent, as well as strengthening
Vietnam’s appeal in more traditional
markets of the US and Europe. Here, too,
the government has published a vision
for the industry which emphasises thebenefits of depth rather than width.

UHY GLOBAL July 2024 21

generation of responsible travellers.
“The government and private sector are
likely to continue investing in tourism as a
key component of the economy, focusing
on sustainable tourism to differentiate
from other destinations,” says Goretti.

taxation and audit, and also help
them develop new areas of businessby advising on funding and potential
growth avenues,” says Krešimir. “Since
financial statements are part of obligatory
documentation when applying forloans or other investments, we canhelp our clients to make their financial
statements more appealing to investors.”

In Costa Rica,

An experienced global partner can also
assist with strategic planning and act asa business advisor. “We help businesses
understand market trends, adapt tochanging tourist preferences and plan for
long-term sustainability,” says Goretti.
“We can also advise on the integrationof new technologies to improve customer
experience and operational efficiency.”

the emphasis willcontinue to be on
the promotion ofsustainable tourism.

PROFESSIONAL SERVICES SUPPORT
While the tourism sector has rebounded
well from the pandemic, there are clearlychallenges ahead. The transition to
net zero is one, alongside geopoliticaltensions and economic uncertainty.
Reassuringly, professional services firms
are on hand to support the industry
as it moves towards more efficient,sustainable and resilient operations.
“We support our tourism clients withtraditional services like accounting,

The country will also benefit from theconstruction of Long Thanh Airport
near Ho Chi Minh City, a new domestic
and international flight hub serving
100 million passengers annually.
The first of four phases will open
next year, with the airport expected
to be fully operational by 2035.
In Costa Rica, the emphasis will continue
to be on the promotion of sustainable
tourism. The country was already known
for its lush landscapes, biodiversity and awell-developed eco-tourism sector. This
chimes with the preferences of a new

iStock.com/dmodlin01

That breadth of services will be crucial
to tourism businesses as the sector
sails into new and uncharted waters.
Tourism has bounced back from Covid,
and the beach fronts and boardwalks
are buzzing once more. But if Covid
taught us anything, it is that the future
is unknowable, and resilience is thefirst cornerstone of success. n
UHY Contributors:
Thanh Nguyen, UHY Auditing andConsulting Co., Vietnam
Goretti Ponciano, UHY Pérez & Co., Costa Rica
Krešimir Budiša, UHY HB
EKONOM d.o.o., Croatia

22 UHY GLOBAL July 2024

COGS AND WHEELSGLOBALLY ENGAGING

During the global Covid lockdown,businesses largely succeeded incommunicating with staff and clients inremote working situations. Accelerating
their adoption of technology played a
big part, and this has been followed
by a better informed approach tocommunicating, engaging and delivering
services. Keeping people safe and well,
happy in their work, and reachingout to customers to understandand support their needs, has neverchanged. The pandemic merely gave theimportance of it a new perspective.
SCALE
Rhys Madoc, UHY
International’s CEO,has overseen the
network’s growthand success forover 11 years.
“Our world has
endured unparalleled trials recently
but when challenges are met headon and rolled into new thinking, theiroutcomes can really surprise us,” hesays. “With exceptional support from

communication enables
engagement, innovationand collaboration,

to grow our businessand serve clients.

Internal communications is one of these,
and Rhys supports a strategic approach.
With member firms now representing the
network in nearly 100 countries, and withover 9,700 professionals advising andsupporting clients in audit, accounting, tax
and business consultancy, the challenges
are wide and varied. “For me, effective
communication can be measured in
how it enables engagement, innovationand collaboration, to grow our businessand serve clients,” says Rhys. “We arealways looking at better ways to achievethis. Our existing support programmes,
our current technologies and processes,
are constantly under review.”
Rhys and his team, with support fromthe Board, have developed an effective
infrastructure to communicate with andsupport member firms.

Network relationships are primarily
conducted in business English, theinternational communication standard,
while acknowledging the pragmatismof compatible cultural or linguistic
backgrounds – UHY’s Ibero-Americas
group meetings, for instance, are held
primarily in Spanish. Every member
firm nominates a fluent English speakeras their International Contact Partner(ICP) facilitating communications
and acting as the first contact
point for potential new clients.
“Everything we do is at scale,” says
Rhys, “so our processes and systems,
as well as our communications,have to work seamlessly across our
network. Having the ICPs as principal
contacts is valuable, but we must also
work directly with other groups.”
UHY news and views on international
issues are designed to appeal across the
network, but may also be highly targeted.
“Our biannual global network review
goes out to nearly 3,000 English-speaking
subscribers in our member firms, keeping
them up to date with what is happening
across our international network. This
covers topics like growth, brand, quality
and people. It is important to keep our
professionals motivated and aware ofinternational trends and opportunities, aswell as supporting them in their domestic
business. An international mindset is
not only for managing partners.”
At the same time, network
communications can be very specific.
“Promoting audit news to auditors
and tax initiatives to tax partners, forexample, means we must slice our global
database in a number of ways. The wholemix must be effective,” says Rhys.
RELATIONSHIPS
Exceptional communication has tobe dynamic too. Since the network
was created, in 1985, UHY hasflourished on its core principle ofworking together – a foundation thathas resulted in thriving cross-bordermember firm partnerships and numerous
enduring, high quality relationships
between firms and their clients.

iStock.com/imaginimaIn our regular Cogs andthe UHY Board and real commitment
from my executive office team, we
Wheels feature we lookare enjoying a renewed appetite forat how a successful global
open dialogue that is feeding into
accountancy network can
exciting developmental routes forward.
tackle the challenges of
There are so many positives aboutcommunications with, andbelonging to our network right now.”
between, its independent
member firms around the world– and why doing it well is vitalfor outstanding client service.
Effective

iStock.com/andreswd

UHY GLOBAL July 2024 23“Our culture of integrity, respect,friendship and hard work underpins
everything we achieve at UHY,”
says Rhys. “There is a lot we can beproud of: engaging with our firms,
keeping them up to date, supportingthem to meet changing international
accounting standards, equipping themto collaborate on future products andservices, and putting on events where
they can meet, learn, share and develop
a deeper appreciation of each other’s
skills and experience. Our network can,with confidence, offer multinationalor aspiring national clients a joined-up
service experience which works acrossborders. As our member firms like tosay: we know each other well.”Rhys also knows how important it
is to listen. “A proper relationshipwith colleagues and clients is about
conversation, not one-way messaging,”
he says. “We take every opportunity tofind out what makes our members tick,what they need from an international
network, and the everyday issues
and challenges they face. I knowthat they will be listening in exactly
the same way to their people, andtheir clients. Collaborative working,to grow opportunities and solve
problems is the root of innovation.”
PROGRAMMESThe annual UHY events programme isa good example of working together
and a core enabler of the network’s
success, providing platforms for ICPs
and other key member firm leadersand professionals to come together to
network and do business. Three regional
meetings focus on member firms in
EMEA (Europe, Middle East and Africa),
the Americas and Asia-Pacific, though allof them are open to everyone. As wellas consolidating existing friendships andmaking new ones, participants will learn,share and discuss business initiatives,client needs and industry trends. An
annual conference held in Octoberbrings the whole network together witha global agenda and includes the UHY
annual general meeting. Presentations
from each meeting are available after
the event for anyone unable to attend.

A proper relationshipwith colleagues andclients is about

conversation, notone-way messaging.

Online training is also popular among
member firms. “I have seen ourinternational webinars programme gofrom strength to strength,” says Rhys.
“Our voluntary training working group
comprises member firm representatives
who identify and propose the mostvaluable international content for a
12-month programme. This covers
technical updates, practice management
and soft skills for leadership and businessdevelopment. Member firm staff fromaround the world can participate
live, or download a recording.”
There are many more communication
initiatives. A flagship future leaders event,the UHY Forum, held in Spain, has run
for over 20 years and UHY’s current
chairman, and many of today’s managing
partners around the network, are alumni.
Young professionals – rising stars – fromacross the network experience UHY’s
international dimension at the Forum,and participate in high-intensity learning
delivered by global business educators.
Knowledge sharing, the communication of

network news and information, a network
events calendar and a comprehensive
document library – as well as a secure
membership administration function –are all currently accessed through UHY’s
international intranet, UHY Exchange.
“The intranet has evolved during my time
here,” says Rhys. “What our member firms
use now is much better than the older
file-sharing system, but we now needto harness the benefits of today’s newtechnologies to fully meet our members’
needs. An upgraded intranet will allow
member firms to access information on
the move and collaborate in realtime, so
we are looking at speed, content, easeof use, interactivity. This will be a major
boost for our internal communications.”
A SHARED FUTURE
A real benefit of great internal
communications is its potential to create
excitement and community, especiallyaround business change and success.
Having a company vision or a set ofvalues, means nothing unless everyone
is ‘on board’. The same is true of anorganisation’s brand – there is nothing
more powerful than everyone being
an ambassador for it. An international
network has to know what it stands
for in the hearts and minds of its
communities. Critically, it must also
understand its potential for adding
impetus to member firms’ own brands– many of them longstanding andeffective in their own local markets.
“You have to stay relevant to youraudience,” says Rhys. “We operate
in a fast-changing world. Business isdone differently now, the nature of theworkforce is shifting, and technology has
opened up countless new possibilities forworking together which is one of UHY’s
core strengths. With valuable input andinsight from our own stakeholders, wehave been reviewing our network brandto bring UHY’s unique offer right up todate, and internal communications to
our key stakeholders has already begun.
The appeal to clients of choosing a UHY
member firm for their international
business will be stronger than ever, andall our member firms will be ready tochampion the global benefits.” nFEATURE – CROSS-BORDER MOVES

24 UHY GLOBAL July 2024

CROSS-BORDER MOVESINTERNATIONAL EXPANSION IS BACK ON THE AGENDA AS ECONOMIESRECOVER, SO ACCESSING IN-DEPTH LOCAL KNOWLEDGE IS MORE
IMPORTANT THAN EVER FOR AMBITIOUS BUSINESSES.

N

ew research1 from banking
group Santander findsthat growing numbers ofbusinesses in several major
economies are looking to
expand internationally.

According to the survey, almost a third(28%) of UK businesses are consideringinternational expansion in the next three
years, with even higher percentages in
the US (56%), Spain (39%) and Poland(38%) saying the same thing. In its
commentary, the bank says the UK figureis the highest level in the last two years.
This adds to research2 from financial
infrastructure platform Stripe in 2023,
which found that 66% of businesses
across nine economies were gearing
up to move into new international
markets in the next two years.
After Covid lockdowns and the disruptionof the post-pandemic period, businesses
appear to be expanding their horizons
again. They want to cross borders andfind new customers, and are doing sowith an appetite that speaks of both
optimism and anxiety. The instinct to growis clearly positive, and the determination

Businesses areoften notprepared enoughto face thechallenges ofinternationalisation.

to move into new markets might also
signal a desire to spread risk after theuncertainties of the Covid years.
Whatever the motivation, large
numbers of companies in a range ofsectors are looking to set up operations
in new countries and continents.
That certainly creates opportunity
but also – for the unwary – risk.
Expanding internationally is not always
straightforward and requires a keen
understanding of local regulations,culture and ways of conducting business.
“Key challenges when businesses
expand across borders include culturaldifferences, which can affect everythingfrom negotiation styles to management
practices,” says Emmanuel Gayte, partner
at French UHY member firm UHY GVA.
“Unfamiliar regulations also pose amajor hurdle, requiring companies tonavigate a new legal landscape.”
DOING YOUR HOMEWORK
Many businesses choose to expand
into a particular country based on theirresearch into market conditions. They
will consider the appetite for theirproduct or service in that country and any
underlying economic trends that might
boost or reduce that appetite in future.
“It is essential to have a clear perspective
on market access, market control,market influence, market risk and market
investment before strategising foroverseas expansion,” says James Mathew,
CEO and managing partner at UHY James
Chartered Accountants, UHY’s member
firm in the UAE. “Businesses must spend
time collecting market insights that canshape their investment and operational
decisions in the new country.”
But too often, this is where their research
efforts stop. Market research is certainly
essential, but it is not the only homeworkcompanies need to be doing before
considering cross-border expansion.
“Many times, medium and large
businesses are not preparedenough to face the challenges ofinternationalisation,” says Roberto
Macho, managing partner at UHY Macho& Asociados, UHY’s member firm inArgentina, and a UHY Board director. “Itis too easy for them to believe they know
things they do not actually know. That inturn threatens the success of the venture
at many levels – from tax efficiencies
and HR management to gaining thenecessary licences to operate.”
Emmanuel agrees: “Companies
often expect the process to mirror
their domestic experiences, which
can lead to misaligned strategies andunexpected operational hurdles.”TAX, TALENT AND TECHNOLOGY
Understanding the tax landscapeof a new market can be a daunting
challenge. Tax laws can differ notjust in rates, but in rules aroundwhat constitutes taxable income anddeductions, and how companies cantake advantage of tax benefits.

iStock.com/pixelfit
Graphic by starline on Freepix

FEATURE – CROSS-BORDER MOVES

Confusion in this area can lead toregulatory non-compliance and thepossibility of fines or reputational
damage. But perhaps more commonly,
it can result in reduced tax efficiency,
and companies actually paying morein tax than they need to. Businesses
looking to employ local staff will needto quickly familiarise themselves with
relevant tax and employment laws, hiring
conventions and union relationships.
Beyond tax, there are a host of factors
businesses need to be familiar with
before moving into foreign markets.
“Think about evolving customer
expectations, which may be different in
new markets,” says James. “Also, thedigital landscape of the new market will

require the business to keep pace, andoften with advanced technology needs;
for example 5G, blockchain, the cloud,and the Internet of Things (IoT).”
On top of it all, there is a question ofculture. Quite simply, business happens
in different ways in different countries.
Negotiation and deal making havetheir own national nuances. Public
and religious holidays are observed incontrasting ways. The rituals that surround
all aspects of life, including business,have their own unique national flavours.
“The number one challenge manycross-border businesses face is theinterface of business and culture,” says
Roberto. “Without local knowledge,

26 UHY GLOBAL July 2024

these are uncharted worlds thatwill be difficult to navigate.”
BENEFITS OUTWEIGH CHALLENGES
None of this should put off any businessfrom looking to expand internationally.
There may be challenges, but they areheavily outweighed by the benefits ofexpansion and diversification – or they
are if companies are prepared to invest
in creating a sound business case for thecountry in question. But where to start?
“Firstly, I would recommend
stakeholders invest in conducting
quality feasibility studies that provide
nuanced projections and perspectives
on the project,” says James.
“For example, if a manufacturingbusiness has expansion plans in the
UAE, it is imperative that all aspects
pertaining to the business – location,
licence, bank financing requirements,
supply chain needs and tax structuring– are well researched before kickstarting
operations. The second essential aspectthat businesses exploring expansion
opportunities must consider is gaining
a detailed overview of the options forlegal structuring of the business entity.”
Initial research is often best conductedin conjunction with a local partner. Thatway it should highlight more obvious
considerations around local regulatory
challenges and tax treatments, alongside
those peculiarities of the businessenvironment that only someone working
in the country would understand.
“There is a common misconception that
the French regulatory environment isexcessively complex and bureaucratic,”
says Emmanuel. “While France does haveits unique set of regulations, particularly
in areas such as labour laws andtaxation, these are not necessarily more
complicated than those in other countries.
They are just different and rooted in
France’s social and economic context.”
As well as established laws andconventions, the business landscapein each country is shaped by current
economic circumstances. The economic
climate, including projections ofwhat it might look like in one, twoor five years’ time, are an essential
part of any preparatory research.

iStock.com/12963734“As Argentina is still a high inflation
country, the understanding of how
to operate in such an environmentis critical for the success of any
business,” says Roberto. “The logic
behind business decisions differs
dramatically between standard inflationand high inflation environments.”

It is imperativethat all aspects

are well researched

before kickstarting
operations.

Local knowledge should reach beyond
the capital or dominant city. Too often,
businesses base important decisions on
the behaviour of potential consumers
or clients in one large metropolitanarea, without realising that preferences
and trends can vary significantly in
different regions of the same country.
LOCAL PARTNER, GLOBAL REACH
Choosing a cross-border destination is
one thing, but operating there is another.
Organisations rely on local accountancy,
tax and business advisory partners when
they move into a new market, but it isimportant to choose that partner wisely.
UHY is considered the professional
services provider of choice for many
multinational businesses not only becauseof the professionalism and expertise of its
member firms in almost 100 countries,

but also because those firms operateas part of the unified global network.
“UHY provides a blend of internationalreach and local expertise,” says
Emmanuel. “All UHY members have thesame approach whether with local orinternational clients: the desire to build
long term and value added relationships.”
UHY helps clients at both ends of across-border chain. An initial contact with
the UHY member firm in a company’s
country of origin can quickly lead to
introductions to UHY business specialists intarget jurisdictions. Information on client
requirements and challenges flow smoothly
between network partners. The continual
communication between UHY firms
ensures a joined-up, holistic approach.
Roberto adds: “As a network of firms
around the world, UHY is a valuable
resource for clients who want toexpand their business internationally.
We offer centres of excellence designed
to help clients navigate the challenges
of internationalisation, and experts
with valuable domestic insight in eachbusiness centre. With local contacts andglobal reach, we can provide our clientswith a level of service that will help
them to achieve their objectives.” nSources:¹Santander press release April 2024
on International Expansion²Stripe press release August 2023
on Global Digital Trade
UHY Contributors:
Emmanuel Gayte, UHY GVA, France
Roberto Macho,
UHY Macho & Asociados, Argentina
James Mathew,
UHY James Chartered Accountants, UAE

SERVING CLIENTS, SERVING COMMUNITIESUHY GLOBAL July 2024 27

EMPOWERING WOMEN
When UHY LLP donated USD 40,000 via
its independent nonprofit UHY Cares tofund an annual scholarship for women
it was also an opportunity to honour of
one of its longest-serving employees.
Part of Capital District Women’s
Employment and Resource Centre, thefund supports financially insecure women
who have had their education interrupted.
Marilyn A. Pendergast joined UHY’s
Albany office in 1966, became partner in
1971. She led UHY’s audit and assurance’s
education, not-for-profit and government
clients, won several awards and served oncommittees and public accounting bodies.
“Marilyn is a true pioneer,” said managing
partner of Capital Region, Howard
Foote. “Her impact is felt throughout
UHY and broader communities,
and we are extremely pleased tomake this donation in celebrationof such a well-respected figure.”“As a student I was told ‘girls can’t be
CPAs’ but I couldn’t see why not,” says
Marilyn, pictured below second fromleft. “Despite greater representation
than ever, our profession is still missingout on female talent. I am thrilledthat this fund will help address that.
I am honoured to be recognised aspart of this fantastic initiative.”

20 GOLDEN YEARSOne of UHY’s most successful member
firms in Central America, UHY Pérez & Co
in Guatemala, recently celebrated its 20th
anniversary in style. The firm, foundedby René Pérez, is managed by Omar andBryan Pérez whose team provide audit, tax
and business services in Guatemala City.

Managing partner Omar Pérez, pictured
below left with colleagues, said: “Wecelebrate not only past successes but also
an even more promising future, where
we will continue to serve the region withdetermination, quality and pride.”

The firm first opened its doors in 2003
with a team of just two. Since then it has
grown to 83 in Guatemala, with sisterfirms in Honduras, El Salvador, Nicaragua
and Costa Rica.
The celebration, attended by 120
guests, included the recognition of
long-serving colleagues.

BUBBLES AND COCONUTS
Coconut is a vital commodity in thePhilippines, so events to support farmers in
the industry involve the whole community.
The Bubble Run for Coconut Farmers washosted by the Franklin Baker Companyof the Philippines in San Pablo alongsideorganisers Team Tanaw Runners. Amongthe sponsors were UHY M.L.Aguirre &Co., CPAs and the Babylon2k team,many of whom also took part.
“We were so proud to be a part of thisevent,” says Gerry Francisco, senior
corporate manager. “The race wasthrilling, followed by a slippery bubble
party at the finish. The races raised anamazing PHP 124,495 (USD 2,156)
which will have a very positive impact
on these hardworking farmers.”

Eduardo Vincent (left), and Enrique
Santos from the Madrid teamLEADINGTHE FIELD
As one of Spain’s leading accountancy
businesses, UHY Fay & Co havedemonstrated their winning
credentials in multiple ways for overfour decades. Pictured above are
two runners from the member firm’s
Madrid office that took part in thelatest La Carrera de las Empresas,
a 6-10k run through the capital forbusinesses and their employees.
UHY Fay & Co have also been ranked
as one of the best Spanish firms inforensic investigation and financial
litigation by business services andratings company Leaders League.
“Teamwork is everything at UHY
Fay & Co and both of these eventsshow that is how we work best,”
says Matilde Marín, senior brand andmarketing manager. “The run was
all about having fun and fostering a
sense of camaraderie. We are also soproud of the ranking of Best Litigation
Support and Forensics/Complex
Investigation Firm in Spain. It’s animportant example of our commitment
to a growing part of our offer.”

UHY SERVICES

28 UHY GLOBAL July 2024

SERVING CLIENTS TODAY AND TOMORROW
Our clients appreciate how UHY’s cultureof working together can make a significant
difference to seamless international
engagements. We deliver because ourmember firms know each other well, wemeet and connect regularly, and we share
current thinking, specialist skills, andindustry knowledge across the world.
We also share a common set of standards:
not only the international quality standards
demanded of our profession, but also thevalues by which every UHY member firmholds itself accountable to its clients,
including integrity, innovation andinternational thinking.
UHY member firms offer thefollowing services:
CORPORATE SERVICES
Note: Not all of the services described in this publication
are provided by every UHY member firm. The provisionof some services may be restricted in some areas
depending on local legislation.

• AUDIT & ASSURANCE, including: statutory
audit, internal reviews, compilation andreview of financial statements, including
compliance with International Financial
Reporting Standards (IFRS), special purpose
and international audits.
• BUSINESS ADVISORY & ACCOUNTING,
including: accounting and bookkeeping,outsourcing, business plans and independent
business reviews, business valuations,financial planning and control, reviewing
management reporting systems, company
formations and company secretarial services
including appropriate commercial andtax-efficient structures for international
expansion and cross-border ventures, trusts
and foundations, pension funds, charitableand philanthropic structures, interim financeand management, payroll administration,
employee benefits and business systems.
• CORPORATE FINANCE, including:strategic business advisory services,business valuations, due diligence,transactional services (acquisitions, mergers,
disposals, MBOs, IPOs) across all industry
sectors and geographies, restructuring,exit strategies and startups.

• CORPORATE GOVERNANCE & RISKMANAGEMENT, including: corporate
governance, risk management andconsulting including Sarbanes-Oxley
compliance services.
• CORPORATE RECOVERY & INSOLVENCY,
including: debt collection, corporate
turnaround, asset protection or repossession,or implementing good management
practices, refinancing, valuations, debt
management, insolvency planning,
personal liability protection.

• MANAGEMENT CONSULTING& SOLUTIONS, including:internationalisation of businesses,
human resources and recruitment
services, information technology
and software solutions.
PRIVATE CLIENT SERVICES
Key services include: wealth management forindividuals and families, income tax and capitalgains tax planning, international tax planningfor expatriates and migrants, non-domicile• CORPORATE TAX, including: direct
taxation and indirect taxation, internationaltax such as tax-efficient structures forinternational expansion and cross-borderventures, transnational group structuring,
VAT returns and advice, tax consultancy
and transfer pricing.

status, trust services and management,• FORENSIC ACCOUNTING & LITIGATIONSUPPORT, including: litigation support,
valuations, economic damages, fraud
evaluations, criminal proceedings andmoney laundering issues.

Reporting Standards (IFRS), and complianceinheritance planning.
OUR COMMITMENT TO QUALITY
UHY’s membership of the Forum of Firms,*
our commitment to International Financial
with ethical obligations set out by theInternational Federation of Accountants in its
global standard, Code of Ethics for Professional
Accountants, represents our aim to provide
clients with consistent, seamless, professional• FUND SERVICES, including: fundestablishment and administration.
• INTERNATIONALISATION, including:business contact introductions, local
regulatory requirements and businessetiquette, local business tax environment,
business structuring and compliance,
personal taxation, recruitment andlabour law consultancy, transfer pricing,customs and other fiscal areas.
• LEGAL, including: tax law,labour law, etc.

and timely cross-border services.
We set quality goals and expectations for our
independent member firms to meet, in areas
such as client service efficiency and relationshipmanagement, professional work standards,
depth and breadth of products, services andgeographical coverage.
* The Forum of Firms is an association of international
networks of accounting firms. The Forum’s goal isto promote consistent and high quality standards ofcross-border financial reporting and auditing
practices worldwide.

SERVICES TO MEET NEW CHALLENGES
ESG
Environmental, Social and Governance(ESG) is fast becoming a parameter bywhich the sustainability and longer term
success of businesses may be reviewed.

GLOBAL MOBILITY
There are many potential fiscal andcompliance challenges in the seemingly
straightforward employment of people
outside their country of origin.

CYBERSECURITY
The failure of corporate cybersecurity
ranks among the top global risks,
as hackers and technologies havebecome more sophisticated.

CLOUD ACCOUNTING
Businesses have been accelerating
their adoption of new technology,
and most prominent has been
cloud accounting.

THE NETWORK FOR DOING BUSINESS – DIRECTORY

UHY GLOBAL July 2024 29

GLOBAL MEMBERS DIRECTORY
THE NETWORK FOR DOING BUSINESS• A global network of auditing,accounting, tax and consulting firms• Over 9,700 professionals across 334
business centres in nearly 100 countries• Commercially focused services forclients with international business interests• Comprehensive resources and capabilities
In the International Accounting Bulletin World Survey
2024, UHY International ranks 19th largest accountancy
network by fee income.

BOLIVIA
Berthin Assurance Group S.R.L
Contact: Marcia Berthin
Email: MBerthin@uhyberthin.com
Website: www.berthinamengual.com
Also in: Chochabamba, Santa CruzBOSNIA AND HERZEGOVINAUHY Revident d.o.o., Mostar
Contact: Matko Knezevic
Email: matko.knezevic@uhy-ba.com
Website: www.uhy-ba.com
Also in: Grude, Sarajevo

AFGHANISTANUHY Shafiq Umar Daraz & Co Chartered
Accountants, Kabul
Contact: Muhammad Shafiq
Email: mshafiq@uhy-af.com
Website: www.uhy-af.com

BRAZILUHY Bendoraytes & Cia – Auditores Independentes*,São Paulo
Contact: Franklin Bendoraytes
Email: franklin.bendoraytes@uhy-br.com
Website: www.uhy-br.com
Also in: Rio de Janeiro

ALBANIAUHY Elite sh.p.k, Tirana
Contact: Artan Xhiani
Email: info@uhy-elite.com
Website: www.uhy-elite.com

CANADAUHY Victor LLP, Montreal
Contact: Ken Shemie
Email: kshemie@uhyvictor.com
Website: www.uhyvictor.com

ANGOLA
UHY A Paredes e Associados-Angola
Auditores e Consultores, S.A., Luanda
Contact: Armando Paredes
Email: aparedes@uhyangola.com
Website: www.uhyangola.com

UHY Forbes Andersen LLP, Toronto
Contact: Paul Andersen
Email: paul@fa.ca
Website: www.forbesandersen.com
Also in: Milton

ARGENTINA
UHY Macho & Asociados,* Buenos Aires
Contact: Roberto Macho
Email: rmacho@uhy-macho.com
Website: www.uhy-macho.com
Also in: Santa Fe, TucumánCHILE
UHY Guiñazú & Asociados SpA.,* Santiago
Contact: Ximena Guiñazú.
Email: xguinazu@uhy-cl.com
Website: www.guinazuasociados.cl

AUSTRALIAUHY Haines Norton
Contact: Michael Coughtrey
Email: mcoughtrey@uhyhnsyd.com.au
Website: www.uhyhn.com
Offices in: Adelaide, Brisbane*, Busselton, Dunsborough,Gladstone, Melbourne, Perth, Sydney*

CHINA
ZhongHua Certified Public Accountants LLP,*
ShanghaiContact: Liqian Sun
Email: info@zhonghuacpa.com
Website: www.zhonghuacpa.com
Also in: Anhui, Beijing, Guangdong, Hangzhou, Henan,
Jiangsu, Shenzhen, Sichuan, Yunnan

AUSTRIAUHY-Tax Wirtschaftstreuhand GmbH, Linz
Contact: Stephan Schlager
Email: office@uhy.at
Website: www.uhy.at
Also in: Horn, Salzburg, Vienna, Villach
AZERBAIJAN
UHY Audit LLC, Baku
Contact: Tabriz Mirzayev
Email: office@uhy-az.com
Website: www.uhy-az.com
BAHRAINUHY El Sayed El Ayouty & Co,
Certified Public Accountants, Bahrain
Contact: Mohamed Alshayeb
Email: info@uhy-elayouty.com
Website: www.uhy-elayouty.com
BANGLADESHUHY Syful Shamsul Alam & Co, Dhaka
Contact: Syful Islam
Email: syful@ssacbd.com
Website: www.ssacbd.com
Also in: Chittagong
BELGIUM
UHY-CDP Partners, Brussels
Contact: Chantal Bollen
Email: c.bollen@cdp-partners.be
Website: www.cdp-partners.be
Also in: Liège

COLOMBIAUHY Consultores S.A.S., Bogotà
Contact: Diego Charry
Email: diego.charry@uhy-co.com
Website: www.uhy-co.com
COSTA RICA
UHY Auditores y Consultores, S.A., San José
Contact: Omar Pérez Rosales
Email: operez@uhy-cr.com
Website: www.uhy-cr.com

CZECH REPUBLIC
AUDITOR, spol. s r.o., Prague
Contact: Georg Stöger
Email: georg.stoeger@auditor.eu
Website: www.auditor.eu
Also in: Brno, Pelhrimov
DOMINICAN REPUBLICUHY Calderon Gonzalez & Asociados,
Santo Domingo
Contact: Arabellis Calderón González
Email: arabellis.calderon@uhy.com.do
Website: www.uhy.com.do
ECUADORUHY Assurance & Services Cia. Ltda., Quito
Contact: Freddy Cevallos Bustamante
Email: f.cevallos@uhyecuador.ec
Website: www.uhyecuador.ec
EGYPT
UHY United For Auditing, Tax, Advisory& Financial Services, Cairo
Contact: Ahmed Hegazy
Email: info@uhy-united.com
Website: www.uhy-egypt.com
UHY Waled Mounir and Muhammad
Arafa, Alexandria
Contact: Waled Mounir
Email: info@uhy-eg-alex.com
Website: www.uhy-egypt.com
EL SALVADORUHY Asesores Y Consultores, S.A De CV., San
SalvadorContact: Bryan Pérez
Email: bperez@uhy-sv.com
Website: www.uhy-sv.com
FRANCEUHY GVA,* Paris
Contact: Emmanuel Gayte
Email: emmanuel.gayte@uhygva.com
Website: www.uhygva.com
Also in: Lille, Lyon, Marseille, Montpellier, Saint-Denis De
La Réunion, Toulouse
GEORGIAUHY LLC, Tbilisi
Contact: Guka Ubiria
Email: gubiria@uhy-ge.com
Website: www.uhy.ge
GERMANYUHY Deutschland AG*
Wirtschaftsprüfungsgesellschaft
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de
Website: www.uhy-deutschland.de
Clostermann & Jasper Partnerschaft mbB, Bremen
Contact: Tobias Stuber
Email: info@clostermann-jasper.de
Website: www.clostermann-jasper.de
Also in: Hamburg

CROATIAUHY HB EKONOM d.o.o., Split
Contact: Helena Budiša
Email: split@uhy.hr
Website: www.uhyincroatia.com

Dr. Langenmayr GmbH
Wirtschaftsprüfungsgesellschaft, MunichContact: Edmund Weigert
Email: munich@uhy-deutschland.de
Website: www.dr-langenmayr.de

UHY RUDAN d.o.o., Zagreb
Contact: Vedrana Mileti ćEmail: info@uhy.rudan.hr
Website: www.uhyincroatia.com

UHY Lauer & Dr. Peters KG*, Berlin
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de
Website: www.uhy-berlin.deAlso in: Rostock

CYPRUSUHY Antonis Kassapis Limited, Nicosia
Contact: Antonis Kassapis
Email: uhy@uhy.com.cy
Website: www.uhy.com.cy

UHY Wahlen & Mannsky, Frankfurt
Contact: Stephanie Mannsky
Email: stephanie.mannsky@uhy-ffm.com
Website: www.uhy-wahlen.deAlso in: Cologne

THE NETWORK FOR DOING BUSINESS – DIRECTORY

30 UHY GLOBAL July 2024

GHANA
UHY Voscon Chartered Accountants, Accra
Contact: Henry Djangmah
Email: info@uhyvoscon-gh.com
Website: www.uhyvoscon-gh.com
UHY Godwinson (Chartered Accountants), Accra
Contact: Godwin Azasu
Email: info@uhygodwinson-gh.com
Website: www.uhygodwinson-gh.com
GREECEUHY Axon Group
Contact: Chris Antonopoulos
Email: cantonopoulos@axon-group.eu
Website: www.axonaudit.gr
GUATEMALAUHY Pérez & Co,* Guatemala City
Contact: Omar Pérez Rosales
Email: operez@uhy-perez.com
Website: www.uhy-perez.com
HONDURASUHY Auditores y Consultores, S.A., Tegucigalpa
Contact: Omar Pérez Rosales
Email: operez@uhy-hn.com
Website: www.uhy-hn.com
HONG KONG
Tai Kong CPA Limited,* Hong Kong
Contact: Robert Kong
Email: robertkong@tkcpa.com.hk
Website: www.tkcpa.com.hk
UHY-Advisory and Secretarial Knowledge Limited
Contact: Allan Kong
Email: allankong@uhy-ask.com
Website: www.uhy-ask.com
UHY Prime HK CPA Limited, Hong Kong
Contact: Michael Tsang
Email: michaeltsang@uhy-hk.com
Website: www.uhy-hk.com

ITALY
UHY Audinet Srl, RomeContact: Andrea D’Amico
Email: a.damico@uhyaudinet.com
Website: www.uhyaudinet.com
Also in: Florence, Padua
UHY Associati S.t.p.r.l. (Tax & Accounting),
Milan
Contact: Sabino Dente
Email: associati@uhyassociati.com
Website: www.uhyassociati.com
Also in: Monza, Legnano
FiderConsult Srl (Tax & Accounting), Florence
Contact: Simone Biagiotti
Email: s.biagiotti@uhyitaly.com
Website: www.uhyitaly.com
Also in: Milan, RomeJAPANUHY Tokyo & Co., Tokyo
Contact: Nobuyuki Hara
Email: info@uhy-tokyo.or.jp
Website: www.uhy-tokyo.or.jp
Also in: Nagoya
JORDANUHY Arab Auditors, Amman
Contact: Nabil Haddad
Email: nih@arabauditors.jo
Website: www.arabauditors.jo
KENYA
UHY Kenya, Nairobi
Contact: Daniel Kabiru
Email: dkabiru@uhy-ke.com
Website: www.uhy-ke.com
KOREA, REPUBLIC OF
Dah-Yul Accounting Corporation, Seoul
Contact: Justin Chun
Email: j.chun@uhy.co.kr
Website: www.uhy.co.kr
Also in: Guro, Seoul

HUNGARY
Bergmann Accounting & Auditing, Budapest
Contact: László Hegedus
Email: laszlo.hegedus@bergmann.hu
Website: www.bergmann.hu
Also in: Kecskemét, Szeged

KUWAIT
UHY Pillars Advisory, Kuwait City
Contact: Wael Arafa
Email: wael@uhypillars.com
Website: www.uhypillars.com

INDIA
Chandabhoy & Jassoobhoy, Mumbai
Contact: Sunil Hansraj
Email: sunil@cnj.in
Website: www.cnj.in

LEBANON
UHY Andy Bryan, Beirut
Contact: Elie Abboud
Email: beirut@uhy-lb.com
Website: www.uhy-lb.com

Lodha & Co,* Kolkata
Contact: R.P. Singh
Email: rpsingh@lodhaco.com
Website: www.lodhaco.com
Also in: Chennai, Hyderabad, Jaipur, Mumbai, New Delhi

LUXEMBOURG
UHY Finova S.àr.l., Luxembourg
Contact: Josephine Lucarella
Email: j.lucarella@finova.lu
Website: www.uhyfinova.lu

INDONESIAKAP Hananta Budianto & Rekan, Jakarta
Contact: Venancia Wijono
Email: venancia@hananta.com
Website: www.hananta.com
Also in: Semarang, Surabaya

MALAYSIA
UHY Malaysia,* Kuala Lumpur
Contact: Datuk Alvin TeeEmail: uhy-kl@uhy-my.com
Website: www.uhy.com.my
Also in: Johor Bahru, Labuan, Penang

IRELANDUHY Farrelly Dawe White Limited, Dundalk
Contact: Alan Farrelly
Email: alanfarrelly@fdw.ie
Website: www.fdw.ie
Also in: Balbriggan, Dublin, NewryMALTA
UHY Pace, Galea Musù & Co, Lija
Contact: David Pace
Email: djpace@uhymalta.com
Website: www.uhymalta.com\

ISLE OF MAN
UHY Crossleys LLC, Ballasalla
Contact: Andrew Pennington
Email: apennington@crossleys.com
Website: www.crossleys.com
ISRAELUHY Shtainmetz Aminoach & Co.,* Tel Aviv
Contact: Kobi Shtainmetz
Email: k@cpa.co.il
Website: www.cpa.co.il

MAURITIUS
UHY & Co., Moka
Contact: Dominique Samouilhan
Email: dsamouilhan@uhy.co.mu
Website: www.uhy.co.mu
MEXICOUHY Glassman Esquivel y Cía S.C.,* Mexico City
Contact: Oscar Gutiérrez Esquivel
Email: oge@uhy-mx.com
Website: www.uhy-mx.com
Also in: Monterrey, Querétaro, Villahermosa

MONGOLIA
Growth Finance Audit LLC, Ulaanbaatar
Contact: Gantuul Taivanbaatar
Email: gantuul@growthfinance.mn
Website: www.growthfinance.mn
MOROCCOUHY Ben Mokhtar & Co, TangierContact: Mohamed Ben Mokhtar
Email: contact@uhy-benmokhtar.com
Website: www.uhy-benmokhtar.com
UHY Maroc Decisionnel, Casablanca
Contact: Hassan Darbane
Email: h.darbane@maroc-decisionnel.com
Website: www.maroc-decisionnel.com
MOZAMBIQUE
UHY Auditores e Contabilistas Certificados,
Limitada, Maputo
Contact: Carlos Sitoe
Email: director.geral@uhy-mz.com
Website: www.uhy-mz.com
NEPAL
UHY Suvod Associates Chartered Accountants,
Kathmandu
Contact: Akash Suman
Email: akash@suvodassociates.com.np
Website: www.suvodassociates.com.np
Also in: Itahari
NETHERLANDSUHY Netherlands, Amsterdam
Contact: Bas Pijnaker
Email: Pijnaker@govers.nl
Website: www.uhynetherlands.com
Govers Accountants/Consultants,* Eindhoven
Contact: Bas Pijnaker
Email: Pijnaker@govers.nl
Website: www.govers.nl
TIC Advisory B.V. Leusden
Contact: Jos Raben
Email: jraben@tic-advisory.nl
Website: www.tic-advisory.nl
NEW ZEALAND
UHY Haines Norton (Auckland) Ltd,* Auckland
Contact: Sungesh Singh
Email: sungeshs@uhyhn.co.nz
Website: www.uhyhn.co.nz
Also in: Auckland CBD, Helensville, Kumeu
NICARAGUA
UHY Auditores y Consultores S.A, Managua
Contact: Bryan Pérez
Email: bperez@uhy-ni.com
Website: www.uhy-ni.com
NIGERIAUHY Maaji & Co, Lagos
Contact: Gabriel Idahosa
Email: info@uhy-ng-maaji.com
Website: www.uhy-ng-maaji.com
Also in: Abuja, Benin City, Ebutte Metta, Ejigbo, Garki,
Kaduna, Kano, Lokoja, Maiduguri, Owerri, Port Harcourt,
Wuse, Yola
NORWAY
Revisorgruppen AS, Drammen
Contact: Kirsti Armann
Email: post@rg.no
Website: www.rg.no
Also in: Akershus, Åndalsnes, Arendal, Bergen,
Førde, Kristiansand, Kvam/Norheimsund, Sarpsborg
PAKISTAN
UHY Hassan Naeem & Co, Lahore
Contact: Syed Muhammad Ali
Email: smali@uhy-hnco.com
Website: www.uhy-hnco.com
Also in: Islamabad, Karachi
PANAMAUHY Botello & Marquez, Panama City
Contact: Diógenes Botello V.
Email: dbotello@uhy-pa.com
Website: www.uhy-pa.com

THE NETWORK FOR DOING BUSINESS – DIRECTORYPERU
UHY Blancas Sandoval & Asociados, SAC,* Lima
Contact: Carlos Hugo Sandoval Zapata
Email: carlos.sandoval@uhy-bsa.com
Website: www.uhy-bsa.com
Also in: Miraflores (Lima), San Borja (Lima), Surco (Lima)
PHILIPPINESUHY M.L. Aguirre & Co. CPAs,* Makati City
Contact: Michael Aguirre
Email: ask@mlaguirre.org
Website: www.mlaguirre.org
POLANDUHY ECA Group, Warsaw
Contact: Aleksandra Sasin
Email: aleksandra.sasin@uhy-pl.com
Website: www.uhy-pl.com’
Warsaw, Wroclaw, Zabrze
Also in: Kraków, Pozna n,
PORTUGALUHY Oliveira, Branco & Associados SROC Lda, Lisbon
Contact: António Oliveira
Email: geral.lisboa@uhy-portugal.pt
Website: www.uhy-portugal.pt
Also in: Azores, Funchal, Porto
PUERTO RICOUHY Del Valle & Nieves PSC,* San Juan
Contact: Rafael Del Valle-Vega
Email: info@uhy-pr.com
Website: www.uhy-pr.com
QATAR
UHY Ammo & Co, DohaContact: Moomen Elsalawy
Email: inquiry@uhy-qa.com
Website: www.uhy-qa.com
ROMANIAUHY Audit CD S.r.l., Bucharest
Contact: Camelia Dobre
Email: camelia.dobre@uhy-ro.com
Website: www.uhy-ro.com
SAINT LUCIA
UHY Walcott and Associates, Castries
Contact: Anthony Walcott
Email: awalcott@uhy-lc.com
Website: www.uhy-lc.com
SAUDI ARABIAUHY AL MOUSA CERTIFIED PUBLICACCOUNTANTS AND CONSULTANTS, RIYADHContact: Mousa al Mousa
Email: mousa@almousacpa.com
Website: https://www.almousacpa.com/
SERBIAUHY REVIZIJA d.o.o., BelgradeContact: Jasmina Macura
Email: ekirevizija@uhy-ekirevizija.rs
Website: www.uhy-ekirevizija.rs
SEYCHELLES
UHY Premier Financial Services Limited, Mahé
Contact: Vimal Damry
Email: vimal@premier-seychelles.com
Website: www.premier-seychelles.com
SINGAPORE
UHY Lee Seng Chan & Co,* Singapore
Contact: Sen Choon Lee
Email: info@uhylsc.com.sg
Website: www.uhylsc.com.sg
SLOVAK REPUBLIC
AUDITOR SK s.r.o., Bratislava
Contact: Georg Stöger
Email: georg.stoeger@auditor.eu
Website: www.auditor.eu

UHY GLOBAL July 2024 31

SLOVENIA
UHY d.o.o., Ljubljana
Contact: Franci Žgajnar
Email: uhy@uhy.si
Website: www.uhy.si

UKRAINE
UHY Prostir Ltd, Kyiv
Contact: Oleksandr Koinov
Email: o.koinov@uhy-prostir.com
Website: www.uhy-prostor.com

SOUTH AFRICA
UHY Hellmann (SA), Johannesburg
Contact: Carlos Pedregal
Email: carlosp@uhy.co.za
Website: www.uhy.co.za

UNITED ARAB EMIRATESUHY James Chartered Accountants, Dubai
Contact: James Mathew
Email: james.mathew@uhy-ae.com
Website: www.uhy-ae.com
Also in: Abu Dhabi, Fujairah, Sharjah

SPAIN
UHY Fay & Co,* Marbella
Contact: Bernard Fay
Email: bfay@uhy-fay.com
Website: www.uhy-fay.com
Also in: Barcelona, Madrid*, Malaga,
Santa Cruz de Tenerife, Santander,
Santiago de Compostela
SRI LANKA
UHY Centra Management Associates, Colombo
Contact: Ismath Abdul Sathar Mohamed
Email: asmismath@uhycentra.com
Website: www.uhycentra.com
Also in: Kandy
SWEDEN
Revisorerna Syd, Malmö
Contact: Mattias Nilsson
Email: info@revisorernasyd.se
Website: www.revisorernasyd.se
Winthers Revisionsbyrå AB, Stockholm
Contact: Ragnar Santesson
Email: info@winthers.se
Website: www.winthers.se
SWITZERLAND
Balmer-Etienne AG, Luzern
Contact: Stefan Wigger
Email: info@balmer-etienne.ch
Website: www.balmer-etienne.ch
Also in: Stans, ZürichTAIWANUHY L&C Company, CPAs, Taipei
Contact: Lawrence Lin
Email: lawrencelin@uhy-taiwan.com.tw
Website: www.uhy-taiwan.com.tw
THAILANDUHY Yongyuth Accounting
and Son Co., Ltd., Bangkok
Contact: Panit Mokarakorn
Email: panityas@uhy-th.com
Website: www.uhy-th.com
TUNISIAUHY CNBA, Tunis
Contact: Raoudha Ben Abdelkrim
Email: r.trojet@uhy-cnba.com
Website: www.uhy-cnba.com
TURKEYUHY UZMAN Sworn in CPA andIndependent Auditing Inc., Istanbul
Contact: Şenol Çudin
Email: uzman@uhy-uzman.com.tr
Website: www.uhy-uzman.com.tr
Also in: Ankara, Istanbul, Izmir
UGANDAUHY Thakkar & Associates, Certified Public
Accountants, Kampala
Contact: Sam Thakkar
Email: sam@uhy-ug.com
Website: www.uhy-ug.com

UNITED KINGDOMUHY Hacker Young,* London
Contact: Subarna Banerjee
Email: london@uhy-uk.com
Website: www.uhy-uk.com
Also in: Abergavenny, Abingdon, Ashford, Belfast,
Birmingham*, Brighton & Hove, Bristol, Broadstairs,
Cambridge, Chester, Hungerford, Huntingdon,
Leeds, Letchworth, Manchester*, Newbury, Newport,
Nottingham, Sheffield, Sittingbourne, Swindon,
Winchester, YorkUNITED STATESUHY Advisors, Inc., Farmington Hills, Michigan
UHY LLP,* New York
Contact: Michael Mahoney
Email: mmahoney@uhy-us.com
Website: www.uhy-us.com
Also in: Albany (New York), Ames (Iowa),
Ann Arbor (Michigan), Atlanta (Georgia),
Cadillac (Michigan), Catskill (New York),
Clayton (Missouri), Columbia (Maryland),Des Moines (Iowa), Detroit (Michigan),
Dowagiac (Michigan), Farmington (Connecticut),
Farmington Hills (Michigan), Houston (Texas),
Hudson (New York), Kalamazoo (Michigan),Kansas City (Missouri), Kingston (New York),
Long Island (New York), Manchester (New Hampshire),
McLean (Virginia), Miami (Florida), Naples (Florida),
Nashville (Tennessee), New York City (New York), Orange
County (California), Port Huron (Michigan), Portsmouth(New Hampshire), Rye Brook (New York),
Salisbury (Maryland), Saratoga Springs (New York),
St Louis (Missouri), Sterling Heights (Michigan),Traverse City (Michigan), Towson (Maryland), Wayland(Massachusetts), West Hartford (Connecticut).
UHY LLP is a licensed independent CPA firm that performs
attest services through an alternative practice structurewith UHY Advisors, Inc. and its subsidiary entities. UHY
Advisors, Inc. provides tax and business consulting services
through wholly owned subsidiary entities that operate
under the name of “UHY Advisors”.
URUGUAYUHY Gubba & Asociados, Montevideo
Contact: Hugo Gubba
Email: info@uhygubba.uy
Website: www.uhygubba.uy
UZBEKISTANUHY Tashkent LLC, Tashkent
Contact: Sarvarkhon Karimov
Email: s.karimov@uhy-uz.com
Website: www.uhy-uz.com
Also in: Khorezm, Navoi
VENEZUELAUHY Servicios Legales & Tributarios, S.C., Caracas
Contact: Luis Sotillo
Email: l.sotillo@uhy-ve.com
Website: www.uhy-ve.com
Also in: Puerto Ordaz, Valencia*
VIETNAMUHY Auditing & Consulting Co. Ltd., Hanoi
Contact: Thanh Nguyen
Email: thanhnt@uhyvietnam.com.vn
Website: www.uhy.vn
Also in: Ho Chi Minh City

* UHY firms asterisked signifies that they are registered with the Public Company Accounting Oversight Board (PCAOB). They are enabled under section 102 of the US Sarbanes-Oxley Act 2002 to
prepare or issue audit reports on US public companies and their subsidiaries abroad. Under section 103 of the Act, the PCAOB has established auditing and related attestation quality control, ethics
and independence standards, and rules to be used by registered public accounting firms, in the preparation and issuance of audit reports.

LET US HELP YOU ACHIEVEFURTHER BUSINESS SUCCESS
To find out how UHY can assist yourbusiness, contact any of our member
firms. You can visit us online atwww.uhy.com to find contact details
for all of our offices, or email us at
info@uhy.com for further information.

UHY is an international network of legally independentaccounting and consultancy firms whose administrative
entity is Urbach Hacker Young International Limited,a UK company. UHY is the brand name for the UHYinternational network. Services to clients are provided
by member firms and not by Urbach Hacker Young
International Limited. Neither Urbach Hacker Young
International Limited, the UHY network, nor any
member of UHY has any liability for services provided
by other members. © 2024 UHY International Ltd.
The editorial opinions expressed in the magazine may
not necessarily be those of UHY International Ltd or its
member firms. Every effort is made to ensure accuracy
but the publishers cannot be held responsible for errors
or omissions. Currencies and US dollar equivalents
cited in UHY Global are correct at the time of writing.
Exchange rates will vary over time. No part of thismagazine may be reproduced in any form without
prior permission of UHY International Ltd. We thankall contributors. Design: Flex with UHY International.
Editorial: Flex with UHY International.
Photography supplied by UHY member firms,
their clients and from stock.

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