Dezan Shira & Associates
About the Company
Dezan Shira & Associates caters to small and medium enterprises (SMEs) and subsidiaries of listed companies from the United States and Europe looking to invest or operate in Asia. Headquartered in Hong Kong, it now spans 28 offices across China, ASEAN countries, India, and Russia, with liaison offices in the U.S. and Europe.
The firm is unique for its deep regional expertise, offering tailored services in law, tax compliance, and financial advisory, helping businesses navigate Asia's complex markets. With a focus on delivering actionable advice, the firm has built a reputation as a trusted partner for thousands of businesses worldwide.
In addition to consulting, the firm has an extensive online presence through its "Asia Briefing" publications, which attract 8 million readers globally. These platforms act as both a resource and a marketing tool, reinforcing the company's thought leadership in its field.
Idea Behind Company
Chris's vision for Dezan Shira & Associates arose from his observations of China's untapped potential in the early 1990s, despite its then-limited development. He believed in China’s growth prospects when others dismissed it as too risky. This foresight motivated him to take the leap and relocate to China.
Initially, Chris struggled to gain traction, supporting himself through side gigs such as teaching English and DJing. His first breakthrough came when he handled trademark registration for a popular bar owner, earning referrals from the expat community. This experience underscored the importance of finding strategic clients who can act as advocates.
Chris also prioritized learning about the market and embraced hard work to outpace competitors. Celebrating failures with his team became a cornerstone of their culture, transforming setbacks into learning opportunities that drove continuous improvement.
Creating the Company
Building a service-based company required Chris to develop expertise in law and tax regulations through self-study, library research, and networking with established lawyers. Despite not being a qualified China lawyer, his foundational knowledge helped establish credibility with early clients.
Over time, Dezan Shira expanded its capabilities by hiring skilled local professionals, including lawyers and accountants, to deliver high-quality services. Equity-sharing arrangements fostered employee loyalty, leading to long-term staff retention and a shared vision for growth.
Chris also implemented creative marketing tactics, such as guerrilla campaigns using stickers placed in high-visibility areas frequented by expatriates. These low-cost strategies quickly boosted the firm's visibility and brand recognition among its target audience.
Launching the Business
The firm’s marketing efforts began with a grassroots approach. Chris created "China Briefing," a pamphlet offering practical advice on topics like setting up a business or understanding taxes. Distributed at hotels and business centers, the pamphlet generated significant interest and inquiries.
As the firm grew, "China Briefing" evolved into a full-fledged publication and later an online platform. This innovation not only solved the firm’s marketing challenges but also became a separate, profitable venture that amplified its brand reach.
Financially, the business relied entirely on reinvested revenue, with Chris forgoing a salary for seven years. This self-reliant model ensured complete ownership and operational independence, allowing the firm to remain agile and focused on long-term goals.
Earnings
Today, Dezan Shira & Associates earns $40 million annually, with a diversified revenue stream that balances one-off legal projects with recurring accounting services. This mix provides stability even during economic downturns, such as those caused by Covid-19.
The firm’s prudent financial strategy includes maintaining reserves equivalent to four months of operating costs, ensuring resilience against unforeseen challenges. Innovations like in-house software solutions have also contributed to revenue growth and efficiency.
Dezan Shira values its team, fostering a culture of respect, learning, and equity. By retaining talent and adapting to evolving markets, the firm remains a leader in Asia's consulting landscape. Future growth plans include expansion into emerging regions like Africa, where economic opportunities are on the rise.
