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Luxembourg Chinese Services Group Co-Leader Luxembourg The European hub for China Table of contents Foreword: Why Luxembourg for China? 3 Luxembourg at a glance 4 Opportunities between China and Luxembourg 8 Deloitte Luxembourg - your trusted advisor 22 Acknowledgement 26 Contacts 28 2 Foreword: Why Luxembourg for China? Luxembourg Grand Duchy has an old saying In recent years, Luxembourg has progressively gained “Small is beautiful”. recognition as a key hub for cross-border renminbi business in the eurozone: it is the leading European Although Luxembourg is one of the world's smallest centre for renminbi payments, deposits and loans, sovereign states, it has been successful in attracting renminbi investment funds, and the listing mainland China-based investors, banks, multinational of Dim Sum bonds. corporations, state-owned enterprises, sovereign wealth funds and high net worth individuals seeking to Six large Chinese banks have chosen to establish their establish or expand their business in Europe through a European headquarters in Luxembourg and thereby multi-advantageous platform. We will describe some of selected Luxembourg as a hub for their European the many advantages in this brochure. operations. Leveraging the European Passport, these banks are able to serve the entire EU from Luxembourg, Luxembourg is the perfect gateway for Chinese taking advantage of its business and Chinese-friendly outbound activities, irrespective of their regulatory regulatory and governmental environment. profile. It is the world's second-largest fund centre (after the United States), the global leader in cross-border fund Going forward, we expect Luxembourg and China to distribution, and a long-established fund domicile continue to strengthen their relationships, to the mutual for investment flows into and out of China. benefit of their respective economies. Yves Knel Partner Luxembourg Chinese Services Group Co-Leader Luxembourg - The European hub for China 3 Luxembourg at a glance Charts and numbers Demographic data Density: 207.7 inhabitants/km2 Literacy rate: 99% Human development index (UNDP 2012 report): th 0.875; ranked 26 Geographical data 2 Surface area: 2,586 km Currency: euro 4 Luxembourg city, the country’s capital Population (1 January 2013): and largest city, is the seat of several 537,039 EU institutions and agencies including the European Commission, European Parliament, European Investment Bank, and European Court of Auditors Luxembourg is a parliamentary democracy under a constitutional monarchy ruled by a Grand Duke Centre for international RMB business in the eurozone Luxembourg is also the largest A well-developed economy, RMB securities settlement centre with a very high GDP per capita and the leading listing place for RMB-denominated bonds in Europe Trilingual country with the use and Leading European RMB fund centre recognition of German, French and Luxembourgish as official languages. General fluency ofEnglish Largest RMB loan portfolios, deposits and trade finance volume in Europe A founding member of the major multilateral cooperation organisations (e.g. the European Union, United Luxembourg is the European Nations, NATO, OECD and Benelux) headquarters for major Chinese banks Luxembourg - The European hub for China 5 Environment • Neutral and safe Talent • Legal framework supporting social • International education systems and environmental sustainability • University • Local initiatives for environmental • Highly skilled workforce protection and sustainable development • Multilingual and multicultural • Several research and innovation programmes Infrastructure Culture Regulations • State-of-the-art connectivity • A diverse and multilingual culture • Professional secrecy law infrastructure • Large cultural offering • Strong personal data protection rules • Data centres, business continuity • Business-oriented legal and regulatory and ICT services environment • Research centres • Simple and straightforward administrative process European Tax Institutions • Attractive tax model supporting investment and service delivery • Many European institutions are • Competitive level of taxation located in Luxembourg (e.g. European for individuals and corporates Investment Bank, European Commission, • Predictable tax environment Court of Justice of the European Union, • Incentives for local investments European Court of Auditors) • IP regulation Location Political • Central position in Europe • Minimal and pragmatic bureaucracy • Major capitals accessible within 2 hours • A pro-business government • Access to a market of 500 million consumers supporting innovative technologies • European logistics hub and companies 6 Business-friendly environment Luxembourg has always been an ideal foreign trade and investment hub. Its government, regulatory authorities and business community understand the need for pro-business policies that facilitate trade and investment. As a result, one of Europe's most business-friendly environments is available to Chinese investors, thanks to these advantages: • A geographical location at the heart of Western • Favourable regulatory regimes and legal Europe, between Germany, Belgium and France— frameworks—a business-friendly regulatory and legal major EU cities such as Frankfurt, London and Paris framework has been established to facilitate are just an hour or so away by plane (or two hours cross-border trade by train) • Easy access to political leaders and • 40% of the EU’s wealth is concentrated in a 500 km decision-makers—rapid approval processes area around Luxembourg (70% if extended and Luxembourg’s ‘business-first’ mindset ensure to 700 km)—Luxembourg provides access to over businesses have easy and privileged access to 500 million consumers with high purchasing power the country’s leaders and decision-makers. Regular networking events are organised by and • Consistency and stability—Luxembourg has one in cooperation with the government, enabling leaders of the most stable governments and economies and investors to informally meet with officials who in the world, providing assurance that pro-business are always on the lookout for ways to facilitate policies will remain a top development priority entrepreneurship within the framework established • Minimal bureaucracy—Luxembourg’s regulatory by the EU environment is all about ‘business not bureaucracy’. • Luxembourg offers an attractive and tax neutral Processes are streamlined and the administrative environment for Chinese investors burden is kept to a minimum. It takes no more than a few days to set up a legal entity, with low • Luxembourg has a safe environment with a high capital requirements and low processing fees, and quality of life, in a multicultural and multilingual tax administration/filing procedures are simple and setting straightforward. Unsurprisingly, Luxembourg ranks first in Europe and third worldwide in the International Chamber of Commerce’s “Open Market Index 2013” Luxembourg - The European hub for China 7 Opportunities between China and Luxembourg Luxembourg, a favourite hub in Europe for Chinese banking The growth of Asian trade and investments in the EU In addition, China Construction Bank (CCB), which has given rise to trade finance and corporate loan ranks in the world's top five listed banks by market opportunities. More specifically, strong economic growth capitalisation, set up both a branch and a subsidiary in China means that the country's banks are looking in Luxembourg in October 2013. Three additional for alternative investment opportunities and to diversify banks—Agricultural Bank of China (ABC), China sources of income by entering EU markets. Merchants Bank (CMB) and Bank of Communications (BoCom)—have been granted a banking licence Luxembourg is keen to diversify its economy by tapping by the CSSF (Commission de Surveillance du Secteur into this need for Chinese banks to enter the EU single Financier) and Luxembourg Ministry of Finance, market. It already hosts the European headquarters of and are planning to launch operations in the first six two of China's largest banks: Bank of China (BoC) and months of 2015. Industrial and Commercial Bank of China (ICBC). Structure selection Flexibility study Business plan & market entry strategy & operating model outline 1 • Selection of the most 2 3 appropriate financial • Define the • Detail product/services structure market entry • Finilise the business plan • Identification of key • Outline the • Outline the Internal opportunities to set up business plan business in Luxembourg governance • Market Opportunity • Start preliminary Assessment report contact with CSSF License application Detailed design Implementation & Target Operating Model 4 • Production of the 5 6 • Once the structure application file • Outline and strcture the is defined, the focus including policies key components such as: shifts on real such as AML, Compliance and AML implementation Risk Management, framework, Third party systems of each aspect IT Security, etc. providers, procedures handbook, • Facility shortlist accounting configuration map, IT infrastructure,etc. Additional 7 EU Branch set up • Production of application file for branch(es) • Full implementation of branch(es) 8 What can we do for you? As more and more financial institutions seek produce a series of documents (e.g. business plan and to establish a footprint in Luxembourg, we have developed scenario analysis, description of policies, outline a unique service offering that combines all of Deloitte of the internal governance model) to be submitted Luxembourg’s capabilities. Our
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