The acquisition expands the company’s presence in China, with the addition of offices in Shanghai and Beijing, adding to those already established in Guangzhou through the company’s acquisition of a trust and corporate service business there in November 2010.
Cynosure is a specialist corporate services provider focused on the establishment of Wholly Foreign Owned Enterprises (WFOEs) in China.
It was established six years ago and has clients in Western Europe, the US, Australia and Asia. The company currently employs 20 staff and the founders, Thun Lee and Katty Xu, will remain in senior managerial roles.
A WFOE will typically take between two to five months to set-up, as the process is both complex and requires extensive approvals by the PRC Government and local authorities. Once established, Cynosure provides other business services such as accounting, payroll, company secretarial support and the preparation and lodging of government returns.
Vistra chief executive Martin Crawford said: “Cynosure’s skill set complements Vistra’s activity locally in China but also importantly across
Europe. We are anticipating growth via business referrals from our European and Asian intermediary networks as well as from Cynosure’s relationships with their existing clients.”