Appleby, the world’s largest provider of offshore legal, fiduciary and administration services, is set to expand into mainland China with the opening of a new representative office in Shanghai. The new office, due to open on 2nd April 2012, will deliver fully integrated fiduciary and administration services and operate in tandem with the firm’s Hong Kong office, which has serviced Appleby’s local and international clients in Asia for over 20 years.
Appleby’s Managing Partner for Jersey, David Benest 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 over two decades of experience of operating in Asia. It is a well trodden path for us. This tells us that the key to being successful in China lies in winning confidence and building solid relationships with our clients there. Having a physical presence near these clients is key to the next stage of our development. We are skilled at navigating the business environment in China, and recognise the need to take an intelligent and sophisticated approach to expanding our operations into the PRC.
"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 there.”
Farah Ballands, Global Head of Fiduciary and Administration Services at Appleby said: “This is a really exciting move for us. By 2025 Shanghai is predicted to be one of the largest world financial centres. Having a presence here will not only allow us to expand our business but it means we will be able to continue to offer a first class service to our existing clients, many of whom are interested in China as a fast growth, dynamic centre.”
Appleby’s Hong Kong Office Managing Partner, Frances Woo, commented “Having a base in Shanghai will add significantly to our existing services offered out of Hong Kong. The Appleby team in Hong Kong already plays a vital role in developing existing relationships in China as well as forging new local and international relationships. Being on the ground will definitely enhance this programme for us.”