The Luxembourg-Asia Pacific Desk A blend of strengths to provide dynamic solutions www.allenovery.com
2 The Luxembourg-Asia Pacific Desk 2016 Connecting Luxembourg and Asia Pacific Luxembourg is one of the most important gateways to Europe and has unique features to position itself credibly as a privileged platform within the continent to attract Asian investment. Bringing our combined Asia Pacific and Luxembourg expertise on-site will create a perfect match between client expectations and the provision of seamless legal services. Marc Feider, Senior Partner, Allen & Overy Luxembourg Over recent years, we have seen a shift in the economic balance of power from the Western world to the East and the rise of new global powerhouses, especially China, has been an increasingly important feature of the past two decades. As Asia s economic influence is rising both inbound and outbound, exchanges between the Western world and the East are growing rapidly. Asian-based investors themselves have become major investors in other markets around the world with a sharp increase in their outbound investments. Foreign direct investments inflows are now splitting evenly between developed and developing economies. As the rebalancing of economic power continues, we further witness investors focusing their attention on cross-border activity and developing a more global mindset. Through its creative and flexible legal, tax and regulatory framework, Luxembourg has become one of the best-positioned jurisdictions to capture the increased investment between Asia and Europe. The wide range of Luxembourg investment vehicles and company structures offers investors the solutions their businesses need for global development. Therefore, it comes as no surprise that many financial institutions, including numerous global and nine Asian banks, asset managers and international corporates, have established a presence in Luxembourg. Luxembourg is the strategic choice to take advantage of the increasing economic ties between Asia and Europe. Allen & Overy LLP 2016
3 Why Luxembourg? An open window to the world economy Measuring the importance of the Grand Duchy of Luxembourg by its size of 2,586 square kilometres or by its population of about half a million people would not do justice to its political and, even more so, its economic importance globally. Luxembourg is a founding member of the European Union and hosts the head offices of some of the most influential European Union institutions, such as the European Court of Justice and the European Investment Bank. Luxembourg has developed into one of the most prominent and visible financial centres worldwide over the last 50 years. Luxembourg has achieved worldwide recognition as a strategic holding jurisdiction for investors from all over the world. A contributing factor for this is an attractive tax regime within the European Union combined with a large double tax treaty network. There are currently over 72 tax treaties in force (including Hong Kong and China) and more than 20 tax treaties are in the course of negotiation or ratification. This has allowed Luxembourg to capture successfully a significant share of Asian direct investments in Europe. As the largest centre for cross-border funds and the second-largest fund domiciliation centre in the world, Luxembourg attracts fund managers from all over the world. Increasingly, Asian asset managers are setting up Luxembourg investment vehicles and Luxembourg UCITS are widely distributed across Asia. In addition, the Luxembourg Stock Exchange (the LuxSE) has an outstanding reputation among capital markets and finance professionals for its attractiveness. As of September 2015, over 800 securities originating in Asian countries (including Austalia & New Zeeland) were listed on LuxSE. It is the most prominent wealth management centre in the Eurozone and boasts a buoyant insurance and private banking sector. Luxembourg is also the ideal location to create and develop corporate or intellectual property structures thanks to, among other things, its attractive tax regime. Most Innovative Law Firm in Europe FT Innovative Lawyers Awards 2007, 2011, 2012 & 2014 International Law Firm of the Year IFLR Europe Awards 2015 www.allenovery.com
4 The Luxembourg-Asia Pacific Desk 2016 What makes Luxembourg unique? Safe yet user-friendly business environment Flexible legal and tax framework At the forefront of implementation of relevant corporate and capital-market-related EU directives More than 72 double tax treaties Political and economic stability Central location in Western Europe Founding member of the European Union and the eurozone Fully developed infrastructure of financial services and support functions Highly educated workforce and multilingual culture Predictability of tax and regulatory planning (tax ruling practice, grandfather rules) Tradition of customised and pragmatic financial regulation Market-leading fund centre Allen & Overy LLP 2016
5 The Luxembourg-Asia Pacific Desk As a firm, around 70% of our work is on cross-border mandates. We excel in supporting our clients with their international expansion by relying on both our unequalled footprint and the expertise of our highly qualified lawyers in each local jurisdiction. To assist our clients globally, we have established a Luxembourg-Asia Pacific Desk in our Hong Kong office. The Luxembourg-Asia Pacific Desk advises Asian clients in their time zone on Luxembourg legal matters and assists them directly from Asia to expand their business operations into the Europe market through Luxembourg structures. The Luxembourg-Asia Pacific Desk also works closely together with our Luxembourg office and our network of eleven offices across Asia Pacific. We also have a long track record in advising international companies looking to position themselves in Asia Pacific. By bringing together resources from our Luxembourg office in Asia with local capability, we can assist clients in pursuing inbound or outbound expansion in or out of Asia through our unmatched cross-border expertise and seamless legal services. The Luxembourg-Asia Pacific desk enables us to deliver to our clients in Asia real- time advice during Asian business hours on Luxembourg legal, tax and regulatory questions while working hand-in-hand with our local team. This integrated approach allows us to create synergies and to work in a timely and cost-sensitive manner. Allen & Overy is involved in some of the largest and most complex cross-border transactions that require in-depth knowledge of various markets. Chambers Asia www.allenovery.com
6 The Luxembourg-Asia Pacific Desk 2016 Allen & Overy is involved in some of the largest and most complex cross-border transactions that require in-depth knowledge of various markets. Chambers Asia Allen & Overy LLP 2016
7 What we can do for you In Luxembourg Financial institutions & investors We have a long track record in advising financial services companies, retail and investment banks, asset managers, sovereign wealth funds and insurance companies. Our core expertise covers: structuring and advising asset managers and institutional investors on investment vehicles such as UCITS, Part II funds, Specialised Investment Funds (SIFs) and Investment Companies in Risk Capital (SICARs) following a wide range of investment strategies (real estate, hedge, private equity, infrastructure and sovereign wealth funds) structuring securitisation vehicles and Eurobonds listing on the Luxembourg Stock Exchange Corporates We are the legal partner of choice for some of the world s most sophisticated local players, international corporates, multinational corporations and Sovereign wealth funds. Our core expertise covers: corporate tax planning for European investments through Luxembourg structures M&A/joint ventures/equity investments public and private company incorporations in the form of Luxembourg holding companies (SOPARFIs) managing IP rights through a Luxembourg tax-efficient holding company structure dealing with compliance, migrations and general corporate, commercial and contract law matters In Asia Pacific Financial institutions & investors Our APAC regulatory group numbers more than 50 lawyers and advises on the establishment and ongoing operation of a wide range of, and investment in, investment funds including: real estate funds hedge funds regulated and structured funds private equity funds infrastructure funds sovereign wealth funds We also have extensive experience in advising on local and cross-border regulatory issues, and restructuring and dispute resolution issues. We have a significant and growing record in providing user-friendly assistance in relation to: derivatives and structured financing raising funds via the equity capital markets Corporates We advise on a range of legal issues in relation to outbound investment, including: M&A/joint ventures/equity investments and other commercial arrangements antitrust and competition issues projects, asset financing and real estate financing cross-border arbitration and dispute matters www.allenovery.com
8 The Luxembourg-Asia Pacific Desk 2016 Allen & Overy LLP 2016
9 Allen & Overy in Luxembourg Our Luxembourg office advises clients on all types of banking, capital markets, competition, corporate, intellectual property, insurance law, investment and pension funds, labour law, real estate and tax matters. Beyond technical expertise, our clients appreciate our commercially astute approach and the way we find practical solutions to their problems. Over the past 25 years of our presence in Luxembourg and 15 years as part of Allen & Overy, we have been closely involved in legal developments in the Grand Duchy, either by guiding our clients through pioneering transactions or by advising the government institutions on certain legislation. Benelux Law Firm of the Year FT Mergermarket M&A Awards 2007, 2008, 2009, 2010, 2012, 2013, 2014 & 2015 KEY FACTS 276% of organic growth since the merger with Allen & Overy in 2000 90+ lawyers in Luxembourg 16 nationalities in the office 7 additional jurisdictions in which our lawyers are qualified 3,000 hours of pro bono work a year Luxembourg Law Firm of the Year IFLR Europe Awards 2007, 2009 & 2010 www.allenovery.com
10 The Luxembourg-Asia Pacific Desk 2016 Luxembourg-Asia Pacific Desk a gateway between Asia and Europe ASIA PACIFIC OFFICES 1 BANGKOK 2 BEIJING 3 HANOI 4 HO CHI MINH CITY 5 HONG KONG 6 JAKARTA * 7 PERTH 8 SEOUL 9 SHANGHAI SINGAPORE SYDNEY TOKYO * ASSOCIATED OFFICE USD18bn CHINESE OVERSEAS DIRECT INVESTMENT TO EUROPE Luxembourg Favourable tax structures in Luxembourg to help Asian clients enter the European market Allen & Overy LLP 2016
11 Asia Pacific 2 8 We assist fund managers in setting up cross-border funds and in distributing them throughout Asia and the EU 9 5 3 4 6 7 www.allenovery.com
12 The Luxembourg-Asia Pacific Desk 2016 Allen & Overy in Asia Pacific Allen & Overy LLP has been actively advising Chinese clients in relation to their outbound investments. Legal 500 2011 An international powerhouse with teams operating across its farreaching network of offices in Asia. They are extremely knowledgeable regarding legal issues and always give accurate advice. A strong regional platform in Asia Pacific We have been in Asia Pacific for over 25 years and have a full service network of offices in Bangkok, Beijing, Ho Chi Minh City, Hanoi, Hong Kong, Jakarta (associated), Perth, Seoul, Shanghai, Singapore, Sydney and Tokyo. We have over 380 lawyers in Asia Pacific and our depth at both partner and associate level means that we can cost-effectively resource any transaction in the region regardless of the scale or corporate service required. Our Asia outbound practice We have been actively advising Asian clients on their going global projects and have a strong track record of partnering with Asian corporates and financial institutions, assisting with their outbound investments and related financings. Our Greater China practice With over 140 lawyers in Greater China, Allen & Overy s practice offers comprehensive legal services both in the China and the Luxembourg markets. Our lawyers have a robust understanding and extensive experience of the many practical and legal issues that our clients face in their business outside China. KEY FACTS 380+ lawyers in Asia Pacific 140+ lawyers in Greater China 25+ years on the ground in China Chambers & Partners 2014 Allen & Overy LLP 2016
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14 The Luxembourg-Asia Pacific Desk 2016 Our team Emmanuel Lamaud Senior Associate, in charge of Luxembourg-Asia Pacific desk Shaohui Zhang Counsel, Head of Luxembourg-China desk Tel +352 44 44 5 5405 emmanuel.lamaud@allenovery.com Tel +352 44 44 55 666 shaohui.zhang@allenovery.com Marc Feider Senior & Corporate Partner Luxembourg Tel +352 44 44 5 5415 marc.feider@allenovery.com Patrick Mischo Tax Partner Luxembourg Tel +352 44 44 5 5459 patrick.mischo@allenovery.com Victor Ho Corporate Partner Beijing/Shanghai Tel +86 10 6535 4381 +86 21 2036 7008 victor.ho@allenovery.com Ji Zou Investment Funds Partner Shanghai Tel +86 21 2036 7088 ji.zou@allenovery.com Jean-Christian Six Investment Funds Partner Luxembourg Tel +352 44 44 5 5727 jean-christian.six@allenovery.com Yvonne Ho Banking Partner Beijing Tel +86 10 6535 4327 yvonne.ho@allenovery.com Jane Jiang Banking Partner Beijing Tel +86 10 6535 4318 jane.jiang@allenovery.com Jason Denisenko Corporate & Investment Funds Partner Sydney Tel +61 9373 7809 jason.denisenko@allenovery.com Allen & Overy LLP 2016
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GLOBAL PRESENCE Allen & Overy is an international legal practice with approximately 5,000 people, including some 527 partners, working in 45 offices worldwide. Allen & Overy LLP or an affiliated undertaking has an office in each of: Abu Dhabi Amsterdam Bucharest (associated office) Budapest Ho Chi Minh City Hong Kong Moscow Munich Seoul Shanghai Antwerp Casablanca Istanbul New York Singapore Bangkok Barcelona Doha Dubai Jakarta (associated office) Johannesburg Paris Perth Sydney Tokyo Beijing Düsseldorf London Prague Toronto Belfast Bratislava Frankfurt Hamburg Luxembourg Madrid Riyadh (associated office) Rome Warsaw Washington, D.C. Brussels Hanoi Milan São Paulo Yangon Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP s affiliated undertakings. Allen & Overy LLP 2016 I CA1509065 www.allenovery.com