ニュースレター July 2017


BACK MARCINZetland is pleased to welcome back Marcin Galas as managing director of Zetland Corporate Services Limited and Group General Manager. Marcin will be based in Hong Kong. Marcin has previously worked for Zetland in Belize and Hong Kong before a spell in Singapore with trust company ATC.
Marcin is of Polish origin although he was brought up and educated in South Africa holding bachelor’s and law degrees from the University of Witwatersrand. Marcin is also a full member of STEP – the Society of Trust and Estate Practitioners.
In other news from Hong Kong – the local fiduciary services industry is about to be regulated under an amendment to the Anti-Money Laundering Ordinance which is currently working its way through Hong Kong’s legislature. The new rules are expected to be effective by the end of 2017. Zetland Corporate Services, Zetland Trust and possibly other companies in the group will require to be licensed and to meet the record keeping and due diligence requirements as laid down in the law. Zetland welcomes the move which will mean that all of our key fiduciary operations in Belize, Singapore and Hong Kong will now be conducted on a regulated basis.

James C Sutherland


弊社では新しくMarcin GalasをZetland Corporate Services Limitedの代表取締役として迎えることになりましたためここに挨拶とさせていただきます。Marcin(マーチン)は以前にゼットランドのベリーズオフィスと香港にて勤務経験があり、その後はシンガポールにてATCというトラスト会社に勤めていました。
Marcinはポーランド出身の南アフリカ育ちで、University of Witwatersrandにて法務の学士号を習得しています。また、STEP(Society of Trust and Estate Practitioners)のメンバーとして信託の専門家でもあります。

James C Sutherland(ジェームス・C・サザーランド)

Zetland Fiduciary Group Limited Sponsored China Offshore Shenzhen Summit 2017


China Offshore Summit 2017 has been one of the Asia’s largest financial and wealth management summit since the inception of the China Offshore Summit series in 2010. It is held twice a year in Shenzhen and Shanghai respectively, attracts many professional individuals and experts from financial institutions, financial service providers, governments and investment institutions all over world.

Hosted by the “Asia Offshore Association”, China Offshore Summit has become Asia’s high-end and authority’s annual meeting since the year of 2010. All the audience invited are lawyers, accounts, trust & fiduciary service providers, wealth management professionals, corporate service providers, international financial center regulatory authorities and other relevant government or public regulatory/ legislative stakeholders and professionals from around the globe. The topics of this two-day conference would include a full day on “Wealth Management” & a full day on “Corporate Structuring”

As one of the Bronze Sponsors of the summit, Zetland Fiduciary Group Limited was invited to attend this conference, we shared our experience on offshore financial industry and discussed with the elites and professional on the related issues.

Phoebe Luo, General Manager, China Zetland Fiduciary Group Limited, was invited as one of the panelists for the panel discussion naming on “Cross-jurisdictional Asset Allocation in the Context of Today’s Complexities” and the key points would be around “What are the unique perspectives and updated demands of Asian HNW clients in terms of wealth preservation?”, ”What are some available strategies for integrating asset protection with legal tax mitigation, along with managing broader expectations or unexpected risks and opportunities in the current international context?” and “What challenges and obstacles are there when it comes to employing cross-border wealth transition” etc.

The attention of HNWIs and UHNWIs has been driven more towards global asset planning. Due to Phoebe’s more than 7 years experience in offshore trust, private foundation, she shared her own professional perspectives on wealth planning and asset protect for Chinese clients.

Established in 1987 and headquartered in Hong Kong with offices around the world, Zetland Fiduciary Group is an independent global firm offering personal service and professional advice with total confidentiality. With more than 20 years experience in providing fiduciary services, Zetland is well qualified to provide a range of specialist solutions. We offer different types of trust structures including fully managed discretionary trusts, VISTA trusts, share trusts, purpose trusts and other tailor made trust and foundation structures.
With this premium platform of China Offshore Summit series 2017, Zetland Fiduciary Group provides our solutions in the fields of offshore trust, private foundations and on so, we would closely cooperate with more professional institutions in his booming market.

For more information and any assistance, please contact Phoebe Luo from Zetland Shanghai office at shanghai@zetland.biz or +86 21 6427 2930.

中国オフショアサミット2017年(China Offshore Summit 2017)は2010年に始まって以来、アジアにおける最大規模の金融と資産管理サミットとなりました。同サミットは年に2回、深圳と上海にて開催され、銀行、金融サービス、政府や投資業界からの様々なプロフェッショナル達が世界から参加します。

このサミットは「アジア・オフショア・アソシエーション(Asia Offshore Association)」によって開催され、オーディエンスは弁護士、会計士、信託会社、資産管理マネージャー、コーポレートサービス業者、国際金融センターからの規制当局員、政府関係者などです。今回の2日間に渡るトピックは「ウェルスマネージメント(Wealth Management)」つまり資産運用について、そして「コーポレートストラクチャリングCorporate Structuring」が主でした。


弊社上海オフィス代表のPhoebe Luoがパネラーとして参加、「今日の複雑化した社会における多国間にまたがる資産保持のあり方について」について議論をしました。キーポイントは2つ、一つは「現在のグローバル化された社会において、節税可能な資産保全の方法について、顧客からの要求が拡大する中での対応、また予期せぬリスクまたは今後の機会について」、もう一つは「クロスボーダーで資産を移転する際に向き合うチャレンジと障害について」でした。



弊社では中国に上海と北京オフィスを構え、中国にお住まいのお客様へのサービス及び、中国に進出されたいたへのサポートを提供しています。お問い合わせは日本語で intray@zetland.biz まで。

Tokyo to Promote National Strategic Special Zone to Foreign Enterprises in 2017


Foreign financial enterprises are expected to play important roles including the following:

– To provide stable asset formation for the Japanese resident (citizens of Tokyo)
– To become an leader of supplying funds to replace the existing financial system
– To become an leader of FinTech as a new business etc….

Tokyo Metropolitan Government and Financial Services Agency intend to attract at least forty foreign financial enterprises (asset management enterprises, FinTech enterprises, etc.) within four years starting in 2017

◎ Program to attract foreign financial enterprises:
  1. Provide consulting services for market research, business plan formation, and for preparation for license registration etc.
  2. Support matching foreign FinTech enterprises with excellent advanced technologies with Japanese financial institutions.
  3. Activate promotion in diversified ways through the joint initiatives between the public and private sectors.
  4. Review inheritance taxes related to high-degree foreign earners residing in Japan.
◎ Program to support establishment of entities & Program to support high-degree foreign earners residing in Japan for their living environment in Japan
  1. Tokyo Metropolitan Government and Financial Services Agency tie-up and provide one-stop support center for foreign enterprises who want to setup business in Japan. Such foreign enterprises can apply for subsidy to cover fees to pay support consultation fee.
  2. Prepare English texts for Japanese finance-related laws, ordinances, regulations and manuals describing filing proceedings for registration as a financial instrument business operator.
  3. Promote to accept foreign domestic helpers.
  4. Ease the requirements for acquisition of resident eligibility, requirements for hiring domestic helpers and bringing their parents from their home countries.
  5. Improve the medical services for foreign residents by hiring more foreign doctors.
  6. Attract international schools to the area near Tokyo station and to Toranomon area
One-Stop Service provided by TradeTax International Tax & Accounting
  • A member of the Tokyo Chamber of Commerce and Industry
  • Management improvement aid arm certified by the Small and Medium Enterprise Agency
Acquire subsidy for establishment of foreign financial entities

Acquire financial instrument business operator license, support M&A of an existing enterprise having financial instruments business operator license

Support visa acquisition, accounting, tax practice, legal practice and labor affairs

Plan the best tax scheme for handling financial instruments


This article was contributed by Trade Tax International Tax & Accounting in Tokyo, Japan. Zetland works with professional firms around the world. If any inquries regarding setting up your business in Japan please contact TradeTax International Tax & Account (info@japan-jil.com) or contract Zetland (intray@zetland.biz).

・新たなビジネスの担い手としてのFinTech 等 


  1. 市場調査、ビジネスプラン策定、ライセンス登録準備などの無償コンサルティング
  2. 海外のFintech企業の優れた先端技術と国内金融機関等のニーズとのマッチング支援
  3. 官民連携による様々なプロモーション活動
  4. 日本駐在の高度外国人材に関係する相続税の見直し 等
  1. 進出計画のある外国企業に対し、東京都の金融ワンストップ支援サービスの一環の金融相談窓口と、金融庁における相談窓口とが連携して一元的に回答・管理、また、各相談費用については、「金融系外国企業拠点設立補助金」の利用が可能
  2. 日本の金融関係法令・規則、金融商品取引業者としての登録申請手続き等の解説書を英語にて作成
  3. 外国人材による家事支援外国人受入事業の活用促進
  4. 駐在高度金融人材に対する在留資格取得要件、家事使用人・親の帯同要件等の緩和
  5. 外国人医師による滞在外国人に対する医療提供体制の改善
  6. 東京駅前、虎の門エリアへのインターナショナルスクール誘致 等
  • 東京商工会議所会員
  • 中小企業庁認定経営革新等支援機関

金融商品取引業許可取得 あるいは 既存許可業者のM&A


金融商品等 Tax Planning


本記事は、東京を拠点とする税理士事務所、Trade Tax国際税務・会計事務所より寄稿いただいたものです。お問い合わせは直接Trade Tax国際税務・会計事務所(http://www.japan-jil.com/ )へいただくか、弊社 intray@zetland.biz までご連絡ください。

Labuan International Business and Financial Centre (Labuan IBFC), a jurisdiction for wealth management solutions

image001Over the last 25 years, Labuan IBFC has developed and strengthened its position as a leading business and financial centre in Asia Pacific, striking the ideal balance between client confidentiality and compliance with international best standards and practices.

Labuan Financial Services Authority (“Labuan FSA”), the regulator of Labuan IBFC, has enforcing a modern and internationally-recognised legal framework with simple and attractive tax system to this jurisdiction.

Its business-friendly environment allows Labuan IBFC offers a plethora of wealth creation and preservation structures in conventional and Islamic forms. These comprehensive private wealth management vehicles range from common law trusts to civil law foundations.

What are Labuan Foundations?

A Labuan Foundation is governed by the Labuan Foundations Act 2010. The foundation structure is a corporate body with a separate legal entity, established to manage its own property for any lawful purpose, be it for charitable or non-charitable purposes.


It provides a strong statutory firewall that protects the foundation with clarity in its functioning. As a separate legal entity itself, the foundation is distinct from its founder, officers, and council.


The features of the foundation provides a channel for wealth planning and inheritance management protected within a tax-efficient legal entity. There is no minimum initial asset required for its establishment and the foundation can exist for a fixed or perpetual duration.

Types of Trust in Labuan IBFC

There are three general types of trust structures commonly offers by Labuan IBFC as below:

Charitable Trust
A charitable trust may be created for a wide variety of philanthropic purposes including relief and eradication of poverty, advancement of education, promotion of art, science and religion, advancement of human rights and fundamental freedom.

Purpose Trust
A purpose trust has no beneficiaries, instead it exists for the advancement of a charitable or non-charitable purpose of some kind. It may also be set up for a specific purpose or objective or a person.

Special Trust
The Labuan Special trust is ideal for succession planning. It enables a trust of company shares to be established under which the shares can be retained indefinitely and the management of the company may be carried out by its directors without any powers of intervention by the trustee.

This form of trust is ideal for succession or dynastic planning as well as for matrimonial settlements.


Labuan Private Trust Company

A Labuan Private Trust Company, is also a separate legal entity and is established via the Labuan Financial Services and Securities Act 2010 (LFSSA) and registered with the Labuan FSA. The trust company is permitted to provide all trust company services accorded to LFSSA.

High net worth individuals would find Labuan IBFC a well-regulated yet business-friendly location for a wide range of private wealth management vehicles.

In addition, the availability of Private Trust Companies will appeal to individuals and families who wish to retain control of the management of assets and businesses, including the flexibility to be involved in the day-to-day administration of those assets. 

Malaysian and non-Malaysian residents who own international as well as Malaysian properties may inject them into the trust or a foundation; however where Malaysian properties are involved, prior approval from Labuan FSA is required.

In summary, both Labuan Foundation and Labuan Trust allow the founder/settlor to retain sufficient control over the affairs of the entities without compromising the validity of the foundation. They are given flexibility on the formation of the board of directors or council, comprising of family members or trusted advisors of the family. This allows both wealth management structures to be privy to the requisite knowledge of the family affairs, as well as better understand the needs of the intended beneficiaries.

A family office can also be established via the Labuan Private Trust Company or Labuan foundation, attributing to the uniqueness of Labuan IBFC being a jurisdiction that can offer a flexible yet well-regulated and cost-efficient environment.

This article is contributed by Mr Chan Jau Yuan, Manager of Group Client Coverage of Pacific Trustees Group International.

For further information, please contact Alina Moroz (alinam@zetland.biz)













目的信託(Purpose Trust)

特別信託(Special Trust)
ラブアン特別信託(Labuan Special Trust)は事業承継に理想的です。法人株を信託資産とし、無期限で信託が株を保有することや、委託者の仲介を最小限に抑え、信託資産である法人の取締役がその法人の経営を行うことが可能です。


ラブアン民間信託会社(Private Trust Company)

ラブアンでは、民間信託会社(Private Trust Company)を設立することも可能です。





本記事は、ゼットランドと協業しているマレーシアにある代理店、Pacific Trustees Group Internationalより寄稿いただいたものです。ラブアンに関するお問い合わせは弊社 intray@zetland.biz までご連絡ください。

Belize IBC’s with Special License

image001An International Business Company (IBC) is a proven corporate vehicle suitable for a wide range of international trading, investment and commercial activities. It is also the most popular type of offshore corporation commonly formed for asset protection, offshore banking and operation of businesses. According to Belize Legislation different activities can be carried out by an IBC registered in Belize once the company has procured a Special License.
The following licenses may be obtained from the International Financial Services Commission (IFSC) for activities with their minimum capital requirements listed below:

  • Trading in foreign exchange – US$500,000
  • Trading in financial and commodity-based derivative instruments and other securities (e.g. futures, options, interest rates, foreign exchange instruments, shares, stock, contracts for differences, etc.) – US$500,000
  • Payment processing services – US$75,000
  • International asset protection and management – US$25,000
  • Money transmission services US$75,000
  • Money brokering – US$75,000
  • Money Exchange – US$75,000

Although an IBC registered in Belize could apply for a special license, it is crucial that the directors, officers and shareholders of the company have proper expertise and knowledge in the business activity the entity is planning to carry out. A detailed biographical affidavit about each person’s involvement in the company in regards to their previous professional work experiences, education and qualifications as well as business plan and financial projections will need to be submitted for review and approval by the Commission.

The process is simple for setting up a company with Special license. As a licensed Registered Agent, Zetland can assist with the preparation of the corporate documents with special memorandum and articles and bank account opening required for the paid up capital to be deposited and maintained in Belize. Upon completion of the incorporation of your company, we will further guide you through the entire application process for submission to the IFSC. We also do offer other professional services such as corporate nominee director/shareholder services as well as Individual Director/Shareholder.
If interested in any of the above-mentioned licensed activities or any other financial services, we are more than delighted to be of service.

For further details on fees and information, please feel free to contact Anju Gidwani, Director of the Belize Office (anju@zetland.biz)

ベリーズオフショア法人(Belize IBC)は国際貿易、投資やその他の事業活動を行う目的で設立され利用されています。また、オフショアにおける資産運用や資産保護、オフショア銀行の口座開設にも便利です。その他、ベリーズでは各種のビジネスライセンスを提供しています。


  • 外国為替取引ライセンス(Trading in foreign exchange)– US$500,000
  • (金融、コモディティーベースのデリバティブ商品及びその他の有価証券の取引ライセンス(Trading in financial and commodity-based derivative instruments and other securities)– US$500,000
  • 支払い処理サービスライセンス(Payment processing services) – US$75,000
  • 国際資産の保護と管理ライセンス(International asset protection and management) – US$25,000
  • 送金サービスライセンス(Money transmission services)- US$75,000
  • マネーブローカーライセンス(Money brokering) – US$75,000
  • 両替ライセンス(Money Exchange) – US$75,000


ゼットランドでは、ベリーズ現地でライセンスをもつコーポレートサービス代理店としてベリーズ法人の設立及びベリーズでのこれら各種ライセンスの取得サポートを行っております。お問い合わせは日本語で intray@zetland.biz までどうぞ。

Hong Kong Tax
Profits Tax on Treatment of Electronic Commerce


Hong Kong adopts territorial source concept for taxation and only profits sourced from Hong Kong are taxable under Profits Tax. As the Inland Revenue Ordinance (“IRO”) has no specific provisions on taxation of Electronic Commerce (“E-Commence”) in Hong Kong, the Hong Kong Inland Revenue Department (“IRD”) has issued Departmental Interpretation and Practice Notes No. 39 (“DIPN 39”), a form of document issued by the IRD for information and guidance on certain tax practice and has no legal binding force, for Profits Tax on Treatment of E-Commence back in July 2001.

As stated in DIPN 39, the IRD applies the same basis as to conventional forms of business to E-Commerce and generally refers to the basic charge of Profits Tax under Section 14 of IRO with the following three conditions:

  1. The person concerned must carry on a trade, profession or business in Hong Kong;
  2. The profits to be charged must come from the trade, profession or business carried on by the person in Hong Kong; and
  3. The profits must be “profits arising in or derived from Hong Kong”.

In determining whether a person engaging in E-Commerce is carrying on a trade, profession or business in Hong Kong, the IRD would normally consider a totality of facts which includes the nature of any contracts concluded in the jurisdiction and the locations of the following activities performed by the person:

  • Where goods are stored and delivered by the person
  • Where services are provided
  • Where the places payments are made and received
  • Where purchases and sales are made
  • Where the bank accounts are maintained
  • Where business back-up services are provided

The mere presence of a server in Hong Kong, even if it is capable of concluding contracts, processing payments or delivering digital goods without involvement of human activities in Hong Kong, would not generally be regarded as “carrying on business in Hong Kong” by the arrangement.

Furthermore, to determine whether or not the E-Commerce profits arising in or derived from Hong Kong, the IRD looks into the locations and details of the taxpayer’s operation which produce the relevant profits to ascertain the source of such profits. The actual physical locations of business operations would weigh more than the physical locations of servicers in determining the profits source. The IRD has also stated in DIPN39 the following illustrations as a general preposition:

  1. A company which has all of its business operations in Hong Kong apart from operating a server (intelligent or otherwise) which is at its disposal and located outside Hong Kong for E-Commerce purposes will be liable to Profits Tax.
  2. A company which has all of its business operations outside Hong Kong apart from operating merely a server (intelligent or otherwise) which is at its disposal and located in Hong Kong will not be liable to Profits Tax.

Apart from the above, the IRD also follows Section 15(1) of the IRO in dealing with receipts for the use of or right to use in Hong Kong a patent, design, trademark, copyright material or secret process or formula or other property of a similar nature as deemed receipts chargeable to Profits Tax.

Should you require further details or assistance on the above, please contact Sylvester Chu at tax@zetland.biz.

香港での事業所得税は香港内で行われた経済活動および香港での貿易取引の利益のみが課税の対象となります。税務条例では、香港におけるeコマースによる税務について特に規定を設けていないため、eコマースについて税務局は「Departmental Interpretation and Practice Notes No. 39」というガイダンスを2001年に発行しました。尚、このガイダンスは法的拘束力を有しません。

eコマースのガイダンス(DIPN39)によれば、eコマースの課税方法は通常の事業に対するものと基本的に同じということになります。所得税について規定されているSection 14に習い課税され、以下の3つの条件がキーポイントとなります:

  1. 香港内で貿易、サービスの提供、事業を行っている場合において
  2. 香港内にいる人によって提供される貿易、サービス、事業において
  3. 収益が香港源泉によるものにおいて


  • 商品在庫の保管場所、及びどこへ配達したか
  • どこでサービスが提供されたか
  • どこで決済が行われ支払いを受け取ったか
  • どこで売買がされ売上の計上が行われたか
  • 銀行口座がどこにあるか
  • 実務業務はどこで行われたか



  1. 法人が全ての実務業務を香港内に行っている場合において、サーバー拠点(やそれに類似するもの)が香港外にあったとしても香港における所得税課税対象となる
  2. 法人が全ての実務業務を香港外で行っている場合において、サーバー拠点(やそれに類似するもの)が香港内にあったとしても香港における所得税課税対象とならない

上記とは別に、税務条例のSection 15(1)では、特許権、商標権、著作権などの知的財産の利用に対するロイヤルティー収入について香港で受け取る場合には、所得が課税対象となる旨を定めています。

ゼットランド・タックス・アドバイザーズはゼットランドグループの傘下で香港を拠点に会計・税務アドバイスを提供しています。お問い合わせは日本語で intray@zetland.biz までどうぞ。



ゼットランドでは香港進出を初め、シンガポール進出、中国進出などを支援しいています。詳しくは以下、出島のページ及び、お問い合わせは日本語で intray@zetland.biz まで。