Appleby has become the first offshore legal group licensed to provide offshore legal advice in Mainland China, where it has had a Shanghai base since 2012.
To date, the leading offshore fiduciary and legal advisory group, which has an office in the Isle of Man, has been delivering fiduciary services only from Shanghai. However the formal announcement of a legal practice certificate opens up further opportunities in China for the group and the Isle of Man.
Sean Dowling, Managing Partner of Appleby (Isle of Man) LLC explained: ‘The granting of a legal practice certificate for our Shanghai office comes at an ideal time as we continue to work with the Isle of Man Government to develop business links between China and the Island. There have been a number of successful delegations to and from both nations seeking further business links, most recently the visit led by Chief Minister Allan Bell in March which I was delighted to be part of.’
‘With access to the European VAT network and zero percent corporate tax rates, the Island is in a perfect position to offer unique services to Chinese individuals and businesses, especially those looking to trade in to Europe.’
He continued, ‘For Appleby this is an exciting development which will allow us to not only grow our business, but to also enhance the first class service we offer our international clients from the Isle of Man and the eleven other offices from which we operate.’
The news has also been welcomed by Isle of Man Government.
Isle of Man Government Director of Financial Services John Spellman said: ‘The Isle of Man is an international business centre with a world class financial and professional services sector and offers a compelling proposition to help Chinese businesses expand and prosper. This announcement by Appleby Isle of Man is welcomed as it reinforces our commitment to raise the profile of the Isle of Man in China as a positive, well regulated and reliable partner jurisdiction with whom to do business.’
Appleby Partner Malcolm Moller will lead the development of Appleby’s offering in China, supported in Shanghai by Associate Kate Li and Fiduciary Head of Business Development in China Scott Reid, as well as the firm’s Greater China team which includes more than 15 Partners and fee-earners based in Hong Kong.
Appleby Chairman, Frances Woo, added: ‘Being awarded a licence to offer clients based in China offshore legal advice from our Shanghai office is a key milestone in our strategic plan. China is of course a thriving market and one that we understand deeply since we have been advising clients on their Chinese inbound and outbound transactions from Hong Kong for almost 25 years. Being able to practise from within China will catapult our strategy for Asia and China forward, and we are very excited about this prospect.’
Category: Finance & Business