APPLEBY is planning to expand into mainland China with the opening of a new representative office in Shanghai.
The new office, which is due to open on April 2, will operate in tandem with the firm's Hong Kong office which has serviced Appleby's local and international clients in Asia for more than 20 years.
Sean Dowling, managing partner of Appleby Isle of Man, said: "China has been a significant market of interest to the Isle of Man for some time.
"With access to the European VAT network and zero per cent corporate tax rates the Island is in a perfect position to offer unique services to Chinese individuals and businesses.
"As a group Appleby is unique in its ability to provide fiduciary services through our dedicated experts in the key offshore jurisdictions. Expanding this reach with a physical presence in mainland China will allow us to not only grow our business but to also enhance the first class service we offer our existing clients many of whom are interested in China as a fast growth, dynamic centre."
A tax information exchange agreement between the Isle of Man and China is due to come into effect on April 6 and according to Appleby the Island's relationship with the world's biggest exporter "has never been more important".
Michael O'Connell, Appleby's global group managing partner, said: "As a business we feel that mainland China presents significant opportunities for us and for our clients. We already have a solid base in Hong Kong and we are keen to build on this.
"We have chosen Shanghai because it is the commercial and financial centre of mainland China. We already have a track record in other major international financial centres and we feel that having a presence in Shanghai makes commercial sense.
"Our strategy is to focus on offering fiduciary and administration services from this base. 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 here."
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