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Asian International Financial Centres: Identifying Opportunities and Overcoming Challenges in the Age of Tax Transparency
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Taipei, 31 March 2016 – Labuan International Business and Financial Centre (Labuan IBFC), Asia Pacific’s midshore international business and financial centre, in collaboration with the Portcullis Group and Fusang Family Office presented on “Asian International Financial Centres and their role in wealth management” in Taipei today.
 
Wealth management remains a key offering of the financial sector, as Asian wealth continues to grow notwithstanding the current challenging economic environment. A key success factor for financial centres and advisors is being able to structure wealth management solutions in a more transparent manner while ensuring the interest of the clients are protected.
 
Jointly held with the Portcullis Group, the largest independent trust, fund and family office service provider in Asia, and Fusang Family Office, the event was organised by Taiwan Academy of Banking and Finance. Portcullis has serviced clients for more than 30 years, providing professional expertise in wealth management and is present in Labuan IBFC via Baxian Trust, a licensed trust company authorised to provide trustee and corporate services in the jurisdiction.
 
The event attended by close to 80 delegates, featured a presentation by David Chong, Founder and President of Portcullis Group, which focussed on Asian financial centres, primarily in areas of the legal and tax framework, especially in respect of transparency.
 
Danial Mah Abdullah, CEO of Labuan IBFC in his opening remarks said “We chose to conduct this presentation in Taiwan as it is a key market for Asian financial centres, including Labuan IBFC especially as Taiwan's economy continues to show resilience and growth, even in these current challenging times”. He added that this resilience is clearly a testimony to the fundamental strength of the economy.
 
Chong in his presentation said “Labuan IBFC’s extensive range of solutions in wealth management coupled with a tax neutral environment and its strategic location in the heart of Asia Pacific provides an ideal domicile for Taiwanese based clients”.
 
He added that Labuan IBFC, with a 25-year track record, is also the only jurisdiction in Asia that offers private client foundations and special purpose trusts, through which high net worth individuals and families are able to structure their business succession plans.
 
In fact, Labuan IBFC foundations are increasingly used as wealth preservation solutions. The number of foundations being established in Labuan IBFC has shown strong growth over the past years with 75% of them originating from Asia.
 
Currently, Labuan IBFC is home to companies and licensed entities originating from Taiwan, such as banks and reinsurance broker.
 
For more information on:
Labuan IBFC, please refer to http://www.labuanibfc.com/events.html
Portcullis Group, please refer to www.portcullis.co
Fusang Family Office, please refer to www.fusang.co

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MEDIA CONTACTS:
Farah Jaafar Crossby
pressteam@libfc.com
Tel: +603 2773 8977
Mobile: +6012-326 1216
Audrey Liew
audrey@libfc.com
Tel: +603 2773 8975 
Mobile: +6012-913 8979

ABOUT LABUAN IBFC
 
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
 
Labuan International Business and Financial Centre (Labuan IBFC) offers global investors the benefits of a leading international financial centre with access to Malaysia’s network of over 70 double taxation treaties. As a leading midshore jurisdiction, investors enjoy the benefits of Labuan’s efficient fiscal framework and market-friendly business environment, supported by professional service providers specialising in all aspects of insurance, takaful, international tax, trust and law.
 
Located off the North West coast of Borneo, Labuan IBFC is a leading jurisdiction for conventional and Islamic financial services.
 
Please visit:www.labuanibfc.com

ABOUT PORTCULLIS GROUP
  
The Portcullis Group is the largest independent trust, fund and family office service provider in Asia. With a rich history of servicing clients for more than 30 years, we have a wide range of professional expertise and experience essential to running a large wealth management office successfully. Our international network gives us the reach and ability to provide a multitude of services in a variety of regulated jurisdictions, bringing advantages in terms of cost, convenience and efficiency. We offer trustee, foundation, fund administration services and corporate services to high net worth individuals, family offices, philanthropists, private banks, investment managers and advisers through our team of lawyers, accountants, fiduciaries as well as trust, company and fund administrators.

At the Portcullis Group, our mission is to provide each of our clients with expert, tailored and cost-effective services of the highest standards with complete dedication and commitment. We strive to do so with the highest levels of integrity and transparency in our dealings with clients as well as regulators.
 
Please visit:www.portcullis.co

ABOUT FUSANG FAMILY OFFICE
 
Fusang Family Office is set up by David Chong.

Fusang Family Office is able to work with clients throughout the entire process of setting up and running a family office: from the drafting of a family constitution, to the creation of private trust companies and enhanced-tier funds.

As an Asian Family Office, Fusang understands the challenges families face and will work with them to ensure that their wealth can be preserved across generations.
 
Please visit:www.fusang.co
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