Less than two months after it opened its first-ever office in Sweden – in what it said was its first step towards entering the Nordic market – the Vistra Group has announced its expansion into Indonesia, through the acquisition of a Jakarta-based company that provides market entry and other related services to foreign-owned investors operating in the Southeast Asian country.
In a statement, the Hong Kong-based corporate services, trust, fiduciary and fund administration services provider said it acquired Global Expandia, which was founded in 2014 and which, according to Vistra, has “built a reputation as a one-stop solution for foreign companies making direct investments into Indonesia” by “offering a comprehensive service portfolio across company formation, tax compliance, accounting, bookkeeping, payroll and work permits”.
Global Expandia founders Miguel Latorre and Elsye Yaw will join Vistra, with Latorre becoming managing director of Vistra’s newly-created international expansion division in Indonesia.
Global Expandia currently employs 17, Vistra said.
Comprised of thousands of islands, with a population of around 260.6 million people, Indonesia is known for having Southeast Asia’s largest economy, and for this reason is considered an attractive market for multi-national businesses looking to expand.
Vincent Bremmer, group managing director of international expansion at Vistra, said the fact that Indonesia has recently emerged “as one of the leading jurisdictions in Asia for international companies to expand into” was in fact one of the reasons Vistra regarded it as “a key market”.
“The acquisition of Global Expandia will not only grow our network, but will also prove beneficial for our existing businesses in Singapore, Hong Kong and China, where we have clients already operating within Indonesia, or with plans to do so,” Bremmer, pictured above left, added.