Asian Wealth Solutions Forum 2019 - Exclusive Insights - Edmund Leow

Edmund Leow of Dentons

Nov 13, 2019

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1. What is the impact of the new Economic Substance regime on clients, on structures, on the IFCs?

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1. What is the impact of the new Economic Substance regime on clients, on structures, on the IFCs?

The biggest impact that we have seen so far is that clients are re-looking at first, how they put sub-stance in their offshore entities. And secondly, if they are not able to put substance in their offshore entities, then they’re starting to look at whether they need to shift out from the offshore jurisdictions and shift to onshore jurisdictions such as Singapore, Hong Kong, and so on. So, I mean, we're seeing a lot of work on that. It's driven by, obviously, the OECD trends, but clearly it has a global impact.

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