On 13 Dec 2019, Fidinam was invited to speak at a joint-seminar on cross-border investment and estate planning with Jin Mao law Firm in Shanghai.
The seminar focused on the UAE as a Chinese-friendly gateway for Chinese SME expanding into Middle East and Africa. Uny Chan, Manager of Swiss/China desk, highlighted the market potential brought by Expo 2020 as well as what a young population in the broader region would mean to gadget exporters in China.
The seminar concluded with some examples on how the lump sum taxation regime in Switzerland and resident non-domiciled regime in Italy could benefit globe-trotting Chinese entrepreneurs.
Liu Dong denoted the relationship between Fidinam and Jin Mao Law Firm in his welcome address. “We are delighted to welcome Fidinam to our new office today,” said the Principal and CIETAC arbitrator, “ever since the visit by its Chairman Massimo Pedrazzini in June, we are committed to building a solid partnership with a Swiss tax advisory boutique whose history stretches 60 years back”.
“European companies have learnt a hard lesson when they expand in China without adequate local advice,” said Alessandro Pedrinoni, CEO Asia Pacific of Fidinam. “As the investment trend reverses, we believe Fidinam can be a solid partner of Chinese corporates and individuals as they embark on a phase of expansion in Europe and beyond.”
According to Credit Suisse’s Wealth Report (Oct 2019), Mainland China now boasts approximately 4,447,000 individuals with wealth above USD 1M, exceeding that of Japan and Canada combined and forecasted to grow further in the next decade. A European Commission report issued in March this year states that a third of the bloc’s assets are foreign-owned, of which 9.5% had their ownership based in Mainland China, Hong Kong SAR or Macao SAR.