Contact: Delphine de la Kethulle
Deloitte
+32 2 600 60 53

Deloitte, the most important business service provider in Belgium, announces the creation of a new Foreign Country Desk for China. Created as an answer to increasing market needs, the Deloitte Chinese Desk is bundling the unique know-how of a multidisciplinary service firm, the extensive expertise gained through multiple client assignments and the service capabilities of a worldwide network. The Chinese Desk will fortify the service offering to companies considering cross-border investments and operations between Belgium and China.

 

Having become the world’s factory and the most important destination for foreign investment, China’s economy has literally boomed. Not only is China the preferred location for procuring goods, but its domestic market has achieved critical mass, driving global companies to increasingly target Chinese consumers. Deloitte was the first foreign professional services organization to operate in China, opening an office in Shanghai in 1917 and employs currently over 3,500 professionals in locations such as Beijing, Dalian, Guangzhou, Hong Kong, Macau, Nanjing, Shanghai, Shenzhen, Suzhou and Tianjin. Deloitte will invest 150 Mio $ in China over the next five years to boost its practice to absolute multiples of its current size.

 

On the other hand the unique location of Belgium within Europe makes it worth to consider Belgium as an investment place for Chinese companies. More and more Chinese companies will take the opportunity to establish or expand their business in Belgium. Belgium has announced or implemented a number of key tax measures to position itself as “host” country such as the abolition of capital taxes, the notional interest deduction, its excellent treaty network, the “relaxed” holding regime and, last but not least, a new “client-centric” Ruling Commission providing potential investors fiscal assurance.

 

The objectives of Deloitte’s Chinese Desk are twofold. On a short-term, become the preferred service provider for Belgian and European companies investing in China through an upgraded understanding of the clients needs and the smoothened communication between clients and professionals, both on a national basis and an international basis. On a longer term promote and facilitate Chinese investments into Europe, with Belgium as a central point of entry into Europe, as well as becoming the preferred service provider for outbound China and inbound European investments. Indeed, the question no longer is whether and when the Chinese investments will come, the issue is how and where.

 

The Chinese Desk is headed by Marc Bafort, who has built up considerable experience in the field of international tax matters. The Chinese Desk groups the expertise of professionals in corporate taxes, customs, human capital, individual taxation and assurance. Whereas the know-how and resources are currently available, but dispersed over the practice, the Chinese Desk will provide focus and the appropriate resources to assure a unique service level. The Chinese Desk will include native Chinese professionals with the relevant professional background helping to close the – frequently underestimated – language and culture gap. The Chinese Desk will house 8 experts by September 2005.

 

Deloitte Belgium operates Foreign Country Desks for amongst others the US, Japan and Germany.