Beijing eases way for Hong Kong accountants
Change in rules will allow partners in HK to set up shop in Guangdong, says industry chief
Hundreds of senior accountants in Hong Kong can set up business in Guangdong after Beijing's relaxation of rules last week that makes it easier for them to become partners in the province's accounting firms.
According to PricewaterhouseCoopers partner and the new president of the Hong Kong Institute of Certified Public Accountants, Dennis Ho Chiu-ping, the latest round of Closer Economic Partnership Arrangement announced on Thursday lays down that Hong Kong accountants with three years of experience in local companies can become partners of Guangdong-based accounting firms if they pass the mainland's accounting qualification examination.
"This would pave the way for accountants here to join Guangdong firms as partners, or set up new offices there with mainland partners," Ho said.
Previously, accountants were required to have three years of experience in mainland firms to become partners there, which effectively barred senior Hong Kong accountants from aspiring for such roles.
"If someone has been a partner in Hong Kong, which is the senior-most role in an accounting firm, it would be impossible for them to work in any junior capacity on the mainland for three years" Ho said.
With Beijing now removing the mainland experience as a criterion, there is no bar anymore for senior accountants to become partners in Guangdong companies.