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March 2017
Insight
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Direct from Asia Pacific's Leading Midshore Business and Financial Centre.
Labuan IBFC’s unique qualities offer sound wealth management options for the growing HNWIs in China
Many Asia’s richest, including the owner of Alibaba Group, is among the ultra-net-worth-individuals (UNWIs) who uses wealth management solutions such as family offices to manage their wealth. 
 
According to reports, about eight times as many high-net-worth individuals (HNWIs) are in China as in Hong Kong. Just in China alone, the number of HNWIs stands at around 890,000 people.
 
The number has increased over the years over the years and the country is a major contributor to the increase of the number of HNWIs in the Asia Pacific region, recording a 60% rise compared to five years ago.
 
With this growing base of HNWIs, Chinese HNWIs are increasingly looking for wealth management solutions to help them manage their wealth efficiently and to preserve their fortunes for future generations.
 
Family succession planning and its issues
 
There is a glaring dissimilarity when it comes to the level of awareness towards family succession planning between the East and the West. In Western countries, family succession planning is a common practice.
 
However, in general, the awareness on wealth preservation and succession is relatively low among Asian families, particularly the Chinese, albeit the trend in using professional...
The OECD today announced that Malaysia has joined the “Inclusive Framework on BEPS,” which is a group of countries that have pledged to implement measures aimed at preventing tax avoidance designed by OECD and G20 countries in the 2015 base erosion profit shifting (BEPS) project.

Anthony Egerton, Principal Officer at Huntington Underwriting, said Asian markets show great potential for captive insurance but only a handful of domiciles have attracted the business.

Financial institutions can no longer avoid making decisions and implementing the processes, reporting structures, systems and training they need to do to implement and protect themselves under today’s new global regime.​
Q1 has almost come to an end and it has been a relatively busy start to the year. 
 
Our business development team has been conducting high impact briefings in Malaysia, Singapore and Dubai, allowing us to share the benefits of our specific verticals and horizontals, and how they may be applied as a practical business solutions. I am happy to say the feedback on the sessions has been encouraging.
 
We had a positive turnout at our Masterclass in Singapore in collaboration with the Association of Labuan Trust Companies.
 
I am glad to share that new business potentials were forged, to the benefit of our trust and corporate service providers. We thank the association for their support and commitment.
 
Watch out for our very own Asian Captive Conference happening on 16 and 17 August, and I am sure you would have received a 'Save the Date' note.
More details on that front in the months to come!
 
Additionally, Labuan IBFC Inc will be at the Inter-Pacific Bar Association Conference 2017 in Auckland next month.
 
While there, we will be hosting an event, and if you happened to be at the conference, do drop by or please email events@libfc.com for an invitation.
 
Meanwhile, we hope you enjoy our article on wealth management solutions for the rising Chinese affluent.
 
 
Danial Mah Abdullah
CEO, Labuan IBFC
Time: 8.30 AM - 12.00 PM
Venue: Sasana Kijang, Kuala Lumpur, Malaysia

Time: 9.00 AM - 12.30 PM
Venue: SKYCITY Auckland Convention Centre, New Zealand

Time: 8.00 AM - 6.00 PM
Venue: SKYCITY Auckland Convention Centre, New Zealand

Time: 2.00 PM - 5.30 PM
Venue: Hilton, Singapore​
A joint investigation by CBC/Radio-Canada and the Toronto Star has found tax advisers around the world are touting shell companies in Canada as a way to help mask a client's assets and business dealings​.

The World Bank Group and the Islamic Development Bank published the first Global Report on Islamic Finance, which details the prospects for the global Islamic finance industry and its potential to help reduce worldwide income inequality, enhance sharing prosperity, and achieve the Sustainable Development Goals.
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