Appleby is poised to unveil its Shanghai representative office on April 2, making it the second offshore firm with a presence in China’s financial hub. This development comes close on the heels of Ogier making inroads into Shanghai last year.
The new office will be Appleby’s first foray into mainland China, while being its 12th globally. The Shanghai office, equipped with a small team, will deliver fiduciary and administration services in China, and work closely with the firm’s Hong Kong office to provide legal advisory in the key offshore jurisdictions.
The China window will augment Appleby’s Hong Kong branch which was set up in 1990, and cater to many offshore-incorporated PRC companies listed at bourses in Hong Kong and New York. It will also service the growing administration and advisory needs of offshore trusts that have become increasingly popular in Greater China with the rise of high net worth individuals.
Appleby’s Shanghai office will be headed by Scott Reid, who is the head of the firm’s Business Development and Corporate Services (Hong Kong).
Speaking on the development, Appleby's Global Group managing partner, Michael O'Connell said: “We feel there is a genuine need for these services in the PRC, given the economic environment there. Should it become appropriate to do so, we will of course consider offering our clients a broader range of services from there.”
Meanwhile, Appleby's Hong Kong office managing partner, Frances Woo, emphasised the need to establish a physical presence in Shanghai to support the firm’s existing clients, and forge new relationships.
“The China market continues to grow and our broad offering of the key eight offshore jurisdictions will differentiate us and appeal, together with our depth of understanding of China,” said Woo.
In addition to the popularity of the Cayman Islands, the British Virgin Islands and Bermuda, she said Mauritius and Seychelles have also been of great interest for Chinese businesses looking to invest in India, Africa and Southeast Asia.
“Mauritius and Seychelles have a broad network of double tax treaties in India, major African countries and Indonesia, which will be of advantage to Chinese businesses,” explained Woo. She added that her firm will be the only offshore firm in China which will offer direct access to these jurisdictions. ALB
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