Tricor describes itself as a “leading business expansion specialist” in Asia – and it has certainly learned from its own experience. Since its launch 21 years ago the company now has 47 offices in 21 countries and territories, in Asia and beyond, including its Hong Kong headquarters.
The Hong Kong team, led by CEO Joe Wan, is one of Tricor Group’s key business units and the company now serves more than 10,000 clients including more than 50% of listed companies in Hong Kong.
Companies that provide business expansion services need to have the right balance of global knowledge and local expertise in a wide range of areas including tax and compliance, HR and payroll, and digital governance – to serve clients from small businesses to global corporates across diverse industries.
Wan explained that Tricor Group’s core values have always encouraged maintaining a start-up mindset with an emphasis on agility and flexibility, while also treating the work environment with genuine care.
“These values guide how we do business, help us stay at the forefront of the industry, remain client-focused, and continue to improve,” Wan said.
He explained that the professional services industry has a low barrier of entry, making it accessible for newcomers to join. This, combined with the presence of many industry veterans as well, means that competition is fierce and success is far from guaranteed.
A myriad of other factors also contributes to the complexities of the professional services sector.
“Evolving clients’ demands, changing employee expectations, rapid technological developments, and ever-updating regulations all create challenges for the industry,” Wan said.
However, he added, these challenges also bring about opportunities. For example, changing client demands, along with the Covid-19 pandemic, has caused many companies to re-think their business models in recent times. This has resulted in an increased demand for technology-based professional services as companies look for ways to lighten the load on their operational and compliance burdens.
For Tricor, this meant that staff members must constantly stay on their toes and adapt to the variety of opportunities that are emerging as the business environment evolves.
For Tricor’s clients who are expanding overseas, there is a huge amount to consider, as Wan explained.
“A key challenge for many businesses is being unfamiliar with new markets,” he said. As companies grow and scale up in size, they often look to new pastures for their expansion. However, “differences in geography, economics, demographics, politics and culture may not be the same as expected.”
One of the most important steps is for business owners and investors to understand these nuances before entering new markets.
Complexities in the regulatory landscape can be another hurdle, as there are often stark differences in legal and tax systems and currencies, which may complicate procedures for setting up a new business division in a different jurisdiction.
Consulting with Tricor can provide companies with the advice and knowledge needed for expanding their business horizons and making the right decisions.
This was also one of the reasons why Tricor chose Hong Kong as the location for its headquarters, as the city is “known for its status as an international, financial, trade and aviation hub,” Wan said.
“The easy access to capital and all-around financial services, world-class infrastructure, sophisticated legal system, and a strong pool of talent are all key advantages of Hong Kong as a city for business expansion.”
This led Tricor to join HKGCC, as the Chamber is one of the oldest and most broadly representative associations for companies in Hong Kong. Aligned with the Chamber’s mission to advocate for the business community, Tricor hopes to contribute its professional knowledge and insights to help policymakers improve the business environment in Hong Kong to ensure the city’s continuing growth and development.
The Covid-19 pandemic and the resulting social-distancing measures have meant that many of Tricor’s clients have had to adapt their business models and ways of working. In particular, the pandemic has accelerated the shift to digital and virtual solutions, as employers tried to continue smooth operations with their staff often not able to come to the office.
To help with this, in May 2020, Tricor launched its own award-winning all-in-one hybrid meeting solution, SPOT. By combining live streaming, online attendance, e-voting and real-time Q&A functions, SPOT enables meetings to be held securely online. It can handle large numbers of attendees too, allowing over 10,000 participants to join at the same time for conferences, board meetings or training sessions.
Looking to the future, Tricor anticipates the digital transformation trend will continue to accelerate, and the company aims to remain agile to ensure its clients stay informed amid a constantly evolving global business landscape.
Company : Tricor Services Ltd
HKGCC Membership No.：HKT0550
Established：2002
Website：www.tricorglobal.com