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Venezuela-based firm transitions to the network and immediately takes the MGI prefix in unique collaboration with existing member firms

9th December 2021

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We’re thrilled to welcome MGI Peñaloza & Asociados, our newest Venezuela-based firm transitioning from CPAAI to the MGI Worldwide global network, and in a unique situation as they adopt the MGI prefix straight away!

It’s standard practice for new member firms to wait three years before being permitted to take the MGI prefix but in a first-time-ever situation, the two existing local firms saw the opportunities that collaboration could bring and felt it was better for all of them to unite and build a stronger MGI national brand straight away.

Based in Caracas, Venezuela, and with more than 25 years of experience in the Latin American Region, MGI Peñaloza & Asociados brings a wide variety of resources and quality services to its clients, both national and international, helping them achieve high levels of efficiency and productivity for their businesses.

Celebrating the collaborative spirit shown by our firms in Venezuela

The other two Venezuela-based firms, MGI P&P Asociados and MGI Briner Asociados, saw the positives of allowing MGI Peñaloza to take the MGI prefix immediately:

  • MGI in Venezuela will now have three firms covering 4 cities
  • There will be a total of 10 partners throughout the country with complementary profiles and experience
  • The firms will be able to offer an integrated service offering

Our other firms shared their excitement at these new opportunities, Ricardo Ruiz from MGI P&P Asociados explains:

“This is a great show of openness and integration, discarding the 3-year wait to join together under the same umbrella and work unified in the positioning of the brand.”

There are many opportunities in Venezuela and many clients, internationally, may be interested in products from Venezuela. Many are looking to sell abroad, and the national market is limited.

Gustin Viloria from MGI Briner, Maracaibo elaborated on the power of collaborating.

“We are a very active bloc, with drive and desire to move forward in what is a very complex situation in Venezuela, making the most of the business opportunities that little by little are emerging.”

What makes MGI Peñaloza & Asociados different?

MGI Peñaloza & Asociados offers a personalised service aimed at taking care of, analysing, and detecting their clients’ weaknesses. The firm is passionate about solving clients’ problems and broadening their horizons by seeking their expansion and helping them to be globally competitive. MGI Peñaloza & Asociados offers a range of advisory services including:

  • Audit
  • Tax advisory
  • Consulting services
  • Outsourcing and business processes
  • Technological risks

The firm’s clients include national pharmaceutical laboratories, manufacturing, financial services, sports, food, statistical companies, data management and sampling, pharmaceutical projects in Peru and Costa Rica, and clients within the cocoa industry – a very important industry in Venezuela with exports going regularly to Europe and the USA.

What motivated MGI Peñaloza & Asociados to join MGI Worldwide?

The firm has been a member of CPAAI since 1996 and in that time has had a lot of support from colleagues when it comes to international inquiries and quotes for proposals. The firm understands the process and opportunities brought about by the merger and aims to take full advantage – our key partner at the firm, Henry Peñaloza, shared why the firm was keen to transition from CPAAI to MGI Worldwide and take the MGI prefix as soon as possible.

“If this is the way we are going, then it is best to take the step now without wasting time. It is very important that the Latin American firms see themselves as one, as part of the same body, moving in the same direction, and that the client sees us as a team.”

Above all, MGI Peñaloza & Asociados values the prestige they achieve locally by being a member of an international organisation: it gives th efirm ad added dimension and allows them to compete with the BIG firms. Henry confirms:

“We are confident in the value that MGI Worldwide membership will add to our firm. Being members of a global network allows us to project ourselves as a large firm, expanding our horizons and those of our clients, and opening a range of new opportunities.”

You can find out more about MGI Peñaloza & Asociados at the firm’s website or on their firm profile page.

About the Latin America region

Continuing the incredible momentum experienced across Latin America, MGI Peñaloza & Asociados joins more than half of all former CPAAI members in the Latin America region that have begun or completed their transition to the MGI Worldwide network. The Region is very much dedicated to working as a group for the benefit of all by portraying a strong regional presence to enhance their local reputation. 

Are you considering joining the MGI Worldwide network?

Enhanced brand value and reputation, extensive marketing and communications support, valuable connections and excellent networking opportunities – these are just a few of the benefits that membership to our global accounting network brings to our many existing firms. If you are interested in benefitting too, click here to read more about how you can join and start benefitting instantly.

MGI Worldwide with CPAAI, is a top 20 ranked global accounting network and association with almost 10,000 professionals, accountants and tax experts in some 460 locations in over 100 countries around the world.

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