Tuesday 1st November 2022
RSM, the leading provider of professional services to the middle market, has appointed a new Member Firm in Japan, Shiodome Partners, to meet an increased demand for tax, accounting and legal services in the region.
The appointment of the Firm, which will rebrand as RSM Shiodome Partners, comes as Japan’s government announces that the country’s economy grew at an annualised real rate of 3.5% between April and June 2022 with growth likely to continue into 2023 as further anti-COVID-19 measures are lifted.
Bringing over 14 years’ experience of domestic and global trade, as well as extensive knowledge of the local market, Shiodome Partners is headquartered in Tokyo in the central business district in the Ginza and Shiodome area. It also has an office located in Okinawa, a Japanese prefecture comprising more than 150 islands in the East China Sea.
Shiodome Partners has also established a China Desk consisting of several professionals fluent in Chinese to meet the growing demand for support from businesses expanding into China and Chinese businesses expanding into Japan.
The addition of Shiodome will strengthen RSM’s well-established presence in Japan which includes RSM Seiwa, RSM Japan Tax Co. and Tokyo Kyodo Accounting Office, which have been delivering a comprehensive suite of expert audit, tax and consulting services for decades.
Established in 2008 by the company’s group CEO, Kengo Maekawa, Shiodome Partners has experienced exceptional growth by meeting clients’ unique challenges in the local and international business landscape. It has achieved this by developing tailored accountancy and legal solutions and leveraging the power of technology, such as, Cloud applications, SaaS solutions, and ERP (Enterprise Resource Planning) systems, to deliver additional value to clients.
Global CEO of RSM International, Jean Stephens, commented: “It is an honour to welcome Shiodome Partners to our highly connected global organisation. We have followed the company’s success for many years and the synergies between the Firm and our own Network are clear - including an unrivalled focus on quality, global growth, forward-thinking and seamless solutions, and innovation.”
To further promote inward foreign direct investment in Japan and stimulate growth in the Japanese economy, the Japanese government has created a strategy now adopted by the Council for Promotion of Foreign Direct Investment in Japan. The strategy aims to double the inward foreign direct investment stocks to 80 trillion yen ($54.5 trillion) by 2030 and reach 12% of GDP.
Ms Stephens continued, “There are vast opportunities for growth in Japan driven by the government’s appetite for globalisation, whilst international crises present new challenges. The accelerated pace of change coupled with a volatile geopolitical landscape, means our clients require agility, quality and trust in order to build resilience and continue their success. Bolstered by Shiodome Partners, the RSM professionals in Japan can continue to support businesses and individuals achieve this success.”
President and Group CEO, Kengo Maekawa, said: “RSM has built a reputation for not only understanding client needs, but identifying opportunities for them to embrace change and drive growth through digital-first, data-driven and sustainable solutions. This forward-looking approach includes a sound understanding of how technology can revolutionise a business, enhancing the level of services, experience and value delivered to clients. At Shiodome Partners, our professionals are at the cutting edge of digital solutions to increase efficiency and quality, which we will now take forward in collaboration with RSM globally.
“We have grown our overseas expansion consulting offering over time, and as Japanese companies continue to expand in the Asia market, we are now well positioned to meet their needs as we work closely with RSM’s existing operations across Asia – including China, India, Singapore, Vietnam and the Philippines. We look forward to harnessing the power of the global RSM Network to deliver a differentiated service.”
Shiodome Partners has been operating internationally since 2012 and has particular expertise in the manufacturing and fast-moving consumer goods (FMCG) sectors. In addition, the Firm supports private equity firms and high net worth individuals with their financial services needs through a strong private client services offering.
Regional Leader for Asia Pacific at RSM, Jason Yau, added: “Shiodome Partners and RSM are an excellent fit, and we are delighted to welcome the energetic and talented team led by Kengo Maekawa to RSM. Alongside our existing three Firms, Shiodome will play a key role in progressing our growth strategy in the Asia Pacific region as demand for expert advice, quality financial services and technology continues to grow.
“Japan remains a desirable location for the world’s wealthiest individuals and families. According to reports, Japan’s wealthiest saw a 48 percent increase in their combined net worth during the pandemic. Globally, private wealth has increased to $58 trillion (60 trillion euros) in the last three years, however the war in Ukraine, rising inflation and slow COVID-recovery is expected to curtail this growth.
“It is more important than ever that high net worth individuals have experienced advisers on their side to help them navigate these headwinds. Shiodome Partners have acquired a wealth of experience in private client services as well as global business, perfectly positioning the RSM team to support clients operating in Japan and those looking to invest into the region.”