Mr. Kuldeep Singh Buttar, Chairman of “Buttar & Associates” is one of the most successful businessman in Indian Diaspora. Here he shares with Saanjh Vicharan Di magazine on how he have progressed in being awarded by International banks like HSBC as their banking partner and more …
SVD: Mr. Buttar, first of all, let us from SVD congratulate your company on being awarded by HSBC again. If I am not wrong your company has been awarded consecutively. Kindly let our readers know more about this award?
First of all, thank you. HSBC Business Advisor Award is for those firms that introduces HSBC as the banking partner since HSBC has an excellent online banking and customer service, therefore we advise clients to opt for HSBC. Therefore HSBC acknowledges us as their Business Advisor and been awarding us since 2008. It is indeed a great accomplishment to be the first Indian firm to be awarded.
SVD: It is well said that “It is always difficult to maintain business than to initiate”. So what do you do to maintain your position in this business line?
It is indeed difficult to maintain the business with the growing competition in our market. There are quite a lot of competitors in the market but the reason we are still here is because of our one-stop service from company formation to HK Visa (immigration services) to Accounting, Tax Advisor and Project Financing. We make sure our client is satisfied by the services we provide under one roof and we are mostly referred to different clients, most clients come for the first time and refer us to others as well. We have clients who come back to us as they can’t find the same service as ours and I am proud of this due to the superb manpower available in my company. I am proud of my team who is my backbone.
SVD: Recently we came to know that you are stepping into new business line, i.e. Project Financing Consultancy; can we ask why this choice of line?
With the growing needs of our clients, we never say NO to our clients for whatever business needs that they have. So, my son Romit Singh Buttar is handling the new business line. We would like to offer one-stop service to clients therefore we proposed to provide Project Financing Consultancy as well. We have clients who would like to take advantage of their credibility with their bankers and for the growth of their business, we stepping into the new business line. We have joined hands with partners in the UK and India to provide such service so our clients don’t have to knock on other doors, through this we get to keep our clients and their loyalty toward us.
SVD: What are the major challenges in the financing business?
Financing business requires a lot of background vetting, assessment of the current business as well as the clients’ credibility. We have associates that do the KYC (Know Your Client) and it is difficult to provide a matching investor as it takes time for both parties to agree therefore it makes it more challenging and fulfilling when the deal is done.
SVD: Besides Project Financing, what else does your company have in mind, as it has covered almost all kinds of business needs for its clients?
We definitely would like to bring in more services; we have a couple of more services in mind but we have to keep it under wraps before we can introduce it.But I can tell you that we are looking into property investment as a long term and integral part of developing our firm.
SVD: What kind of projects are you looking into investing?
We are looking into investing in newly developed residential properties and hoping to gain a fair share in the property business as well. We are also looking at commercial properties which would offer high return to our investments.
SVD: That sounds like there’s a lot more your firm wants to achieve. As you haveanother firm for HK Visas, please suggest the proper way to settle in Hong Kong as there are many big fishes that are bringing the youth from India on wrong entries or wrong methods?
If anyone needs to settle in Hong Kong, there are genuine ways like investing in Hong Kong, open one’s own office, be employed by a local company. All these visa applications and procedures must be followed. Those wrongfully bringing youth to Hong Kong are only doing so for the money, but in the end it is the youth that suffers. There is no point choosing short-cuts in life, one day all this would come running back to you. For well-educated youth, Government has introduced Quality Migrant Scheme where their education and experience counts towards the merits of the application.
SVD: As this is closing time of business year, any tips for the companies for taxations?
It would be great if everyone would come to me for their taxation but on a serious note, all companies should make sure they file their taxes on time and correctly, they should NOT listen to bogus accountants. They should make sure they are keeping their records up-to-date and have filed all items correctly.
SVD: Leaving professional life aside, you are with the SSSC sports club, apart from the sports what other are you involved in promoting Punjabi/Indian Culture? As last year SSSC brought a successful houseful l comedy show”Naughty Baba in Town”? Any plans this year for such kind of amusements?
We would like to bring in more shows like ‘Naughty Baba’ and the Club is in talks with some organizers and hopefully we would bring in something new this year too.
We come from a culturally rich religion but nowadays those values are lost and I hope we are able to promote our religion as one rather than standing against each other.
SVD: At last, what suggestions do you have for the younger generation?
The younger generation should invest in properties in time, due to the low interest rates; the 95% mortgages can be easily obtained and should be invested before marriage so to ensure better homes for their family.
The current generation should realize life should be cherished and not thrown away with addictions like alcohol, smoke or drugs.
Don’t be afraid to take risks. You might be on a steady job now, but it is always not enough, make changes to your daily routine, do it now before you are burdened with responsibilities! Chinese is a must if you want to achieve much more in Hong Kong than just your regular job as it provides more opportunities to develop in Hong Kong and also to venture into China.