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April 30, 2008

MSI expands its reach into emerging markets

By Nicholas Moody

MSI expands its reach into emerging markets

MSI Legal & Accounting Network Worldwide (MSI) has announced the addition of two new member firms. Consultas Denetim in Turkey and Cabinet Seddik in Morocco will be the network’s exclusive accounting representatives in the respective countries.

MSI chief executive James Mendelssohn said both firms had a proactive and entrepreneurial approach with an increasingly international focus.

It is the first time a Moroccan firm has joined MSI. Morocco is an increasingly attractive destination for foreign investors, having reformed its tax and legal system in recent years, as well as agreeing a free trade agreement with the US in 2004, said Cabinet Seddik managing partner Rachid Seddik Seghir.

The 20-staff firm was founded in 1996 and provides a wide spectrum of audit, accounting and consulting services to SME and larger, multinational companies. About 40 percent of Cabinet Seddik clients come from Europe. It has four partners and 14 other fee earners. The firm reported fee income of $600,000 during the most recent financial year, which is expected to grow to $720,000 for the 2007 financial year.

Mendelssohn said the ability to deal with international clients was one of the strong points of the new Turkish appointment. Istanbul-based Consultas Denetim was appointed following the resignation of Ozdemir certified financial consultants, MSI’s previous Turkish member firm, which has recently become Deloitte’s Istanbul office.

Consultas Denetim is a three-partner firm. Its fee income has increased by 75 percent every year since it launched four years ago and its income is expected to reach $350,000 in the 2007 financial year. Since 2003 the firm has grown its client base to 60 companies, half of which are foreign entities. It provides clients such as National Bank of Kuwait with a range of audit and business consulting, accounting, tax and payroll services.

Mendelssohn said MSI is seeking a range of criteria in firms wishing to join its network. “We are looking for a high-quality mid-sized firm, with a breadth of service that can handle enquiries from overseas, with good English language capability, there’s a range of criteria – Consultas Denetim were very enthusiastic and ticked all the boxes,” he said.

Nicholas Moody

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