Building the Asia Pacific Gateway Economy: The Role of Vancouver-based Professional Services Firms

Transcription

1 1 of 5 Building the Asia Pacific Gateway Economy: The Role of Vancouver-based Professional Services Firms The Asia Pacific Foundation of Canada has recently completed a survey of the Asiarelated businesses of accounting and legal firms in Vancouver. The purpose of the survey was to determine the role that Vancouver-based business intermediaries play in trans- Pacific trade and investment, and the prospects for growth in this kind of activity. The survey included top-tier firms with a national presence as well as those with a large Vancouver presence. Of the 19 firms asked to participate, 15 submitted responses. The summary findings are presented below. 1. Does your firm have a designated Asia practice, or individuals who specialize in Asia-related activities within the Vancouver office ( the Vancouver Asia practice )? Accounting and Law Firms with Designated Asia Practices 93% : 93% : 7% If, please indicate the areas in which the Vancouver Asia practice is involved. Response 7% Georgraphic Distribution of Asia Practices 100% 90% 80% 70% Percentage 60% 50% 40% 30% 20% 10% 0% China Hong Kong Japan S. Korea Taiwan India Australia / S. Pacific SE Asia Other

2 2 of 5 2. Please indicate other Canadian cities in which your firm offers specific Asia-related services. (based on aggregate responses) Other Canadian Cities in which Firms Offer Asia-related Services Toronto 67% Calgary 47% Montreal 40% Ottawa 13% Other 7% 3. Please describe the nature of your firm s Asia-related activities. To service clients living in Vancouver / BC 100% To service clients who are based in Asia 93% To facilitate business deals in Canada 100% To facilitate business deals in Asia 87% To facilitate business deals in other parts of the world 27% 4. How many professionals (or fulltime equivalents) work in your Vancouver Asia practice? (based on aggregate responses) Last 10 years: 33% have gone from zero to at least two individuals (or full-time equivalents). Last 5 years: Increase in the number of Asia specialists in half of the accounting firms (by 300% or more); six law firms have expanded their Asia practices by at least double. Growth of Vancouver-based Asia Practices in Last 10 Years Growth 73% growth 27%

3 3 of 5 5. Top 5 areas in which your company provides business or professional services related to Asia. Results are listed by type of firm, and listed in order of frequency among respondents. Accounting Audit, due diligence Tax compliance (incl. crossborder) IPOs Transaction advisory, M&A Tax planning and advisory Legal Top 5 Most Common Services Provided by Law Firms with Respect to Asia-related Business Real estate Mergers & Acquisitions 64% 82% Real estate M&A Securities / IPOs Immigration Corporate / commercial Litigation Mining and energy Intellectual property / patents / technology Customs or other trade-related Tax advisory (incl. cross-border) Joint ventures / FDI Financial institution services Transportation certification Govt relations / regulatory Securities and IPOs Immigration Corporate / commercial 55% 36% 36% Percent of Affirmative Response

4 4 of 5 6. In what areas does the Vancouver office provide national leadership for your firm s Asia-related activities? Please list the areas / sources of competitive advantage for Vancouver leadership. (Results are summarized in order of frequency) Areas of recognized leadership Industry / sector expertise e.g. mining, media, infrastructure) Finance: securities, M&A, IPOs Sources of competitive advantage Expertise of specialists; language and cultural skills Growing relationships with China clients, strong Asia networks China practice, transactions Firm name as a brand Line of service expertise Government relations, regulatory affairs Professionals recognized as leaders in specific fields or industries BC s proximity to Asia; BC as a gateway to Asia Real estate BC s economic boom FDI to and from Asia Intellectual property 7. In which of the following areas do you anticipate growth in your firm s Vancouver Asia practice group in the next five years? Category in which growth is anticipated % of respondents Value of overall business generated 100% Size/scope of business deals 87% Number of professionals 80%

5 5 of 5 8. What are your primary sources of information and contacts for Asia-related business opportunities? Methods of Accessing Asia-related Business Opportunities Personal contacts 93% Business trips to Asia 73% Intra-firm referrals Referrals from Asian affiliates 53% 60% Business associations Other 33% 40% Visiting delegations from Asia 13% Percent of Affirmative Responses Other: includes existing clients, referrals from outside professionals, industry events/conferences, and targeted clients. Business associations: includes HKCBA, CCBC, relationships with third-party Asian firms, and relations with Asian government officials. 9. Asia Strategy and Gateway Initiatives Does your firm have a formal strategy for its Asia activities? Do the federal and/or provincial government s Pacific Gateway initiatives relate to this strategy? 87% 7% Percent of Respondents with Asia Strategy 13% 87%