RSM appoints a new member firm in Japan to meet increased tax demands in the region

RSM, the leading provider of audit, tax, and consulting services to the middle market, has appointed a new member firm in Japan, Shiodome Partners, to meet the increased demand for tax, accounting, and legal services in the region.

The appointment of the firm, which would rebrand as RSM Shiodome Partners, acts as Japan’s government announces that the country’s economy expanded at an annualized real rate of 3.5% between April and June 2022 with growth expected to continue into 2023 as anti-Covid-19 measures are lifted.

‘‘one-stop’’ service to clients

Bringing over 14 years of experience in internal and external trade, as well as extensive knowledge of the regional market, Shiodome Partners provides a true ‘‘one-stop’’ service to clients. The firm is headquartered in Tokyo in the central business district in the Ginza and the Shiodome region. It also holds an office located in Okinawa, a Japanese prefecture containing over 150 islands in the East China Sea.

Shiodome Partners has also instituted a ‘‘China Desk’’ involving several professionals eloquent in Chinese to meet the increasing demand for support from businesses expanding into China and Chinese businesses spreading out into Japan.

Reinforces RSM’s presence in Japan

The addition of Shiodome will reinforce RSM’s well-recognized presence in Japan which comprises RSM Sejwa, RSM Japan Tax Co., and Tokyo Kyodo Accounting Office, which have been delivering a wide-ranging suite of expert audit, tax, and consulting services for decades.

Remarkable progression

Founded in 2008 by the company’s group CEO, Kengo Maekawa, Shiodome Partners has experienced remarkable progression by meeting clients’ unique challenges in the regional and global corporate environment. It has achieved this by creating 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 added value to clients.

Jean Stephens, the Global CEO of RSM International stated:

It is an honour to welcome Shiodome Partners to their highly associated global organization.

To further promote inward foreign direct investment in Japan and stimulate development in the Japanese economy, the government has created a strategy now adopted by the ‘‘Council for Promotion of Foreign Direct Investment’’ in Japan. The strategy intends to double up the inward foreign direct investment stocks to 80 trillion yen ($54.5 trillion) by 2030 and achieve a GDP of 12%.

There are vast opportunities for growth in Japan led by the government’s appetite for globalisation, whilst international predicaments represent new challenges. The fast-tracked pace of transformation coupled with a volatile geopolitical environment, implies their clients entail agility, quality, and trust to build resilience and maintain their victory. Reinforced by Shiodome Partners, the RSM professionals in Japan can continue to assist businesses and individuals achieve this accomplishment, Stephens added.

President and Group CEO, Kengo Maekawa of Shiodome Partners said:

RSM has built a reputation for not only understanding client requirements but identifying opportunities for them to incorporate transformation and drive growth through digital-first, data-driven, and sustainable solutions.

This forward-looking approach comprises a perfect insight into how technology can revolutionize a business, enriching the level of services, experience, and value delivered to clients. At Shiodome Partners, their professionals are at the state-of-the-art digital solutions to increase efficiency and quality, which the company will now take steps forward in collaboration with RSM internationally, Maekawa stated.

RSM has grown its overseas expansion consulting offering over time, and as Japanese companies continue to expand in the Asia market, it is now well positioned to meet their needs as it works closely with RSM’s existing operations across Asia – comprising China, Singapore, India, Vietnam, and the Philippines. We look forward to harnessing the power of the global RSM Network to deliver a differentiated service, he said.

Shiodome Partners has been operating worldwide since 2012 and has distinct expertise in the manufacturing and fast-moving consumer goods (FMCG) segments. In addition, the firm supports private equity firms and high-net-worth individuals with their financial services requirements through a robust private client service offering.

Regional Leader for Asia Pacific at RSM, Jason Yau, added: 

Shiodome Partners and RSM are an exceptional fit, and it is delighted to welcome the energetic and talented team managed by Kengo Maekawa to RSM. Alongside its existing three Firms, Shiodome will perform a key role in advancing its growth strategy in the Asia Pacific region as demand for specialist assistance, quality financial services, and technology continues to grow.

Japan continues a desirable location for the world’s wealthiest people and families. According to reports, Japan’s wealthiest noted a 48 percent increase in their combined net worth during the pandemic. Worldwide, private wealth has soared to $58 trillion (60 trillion euros) in the last three years, nevertheless, the war in Ukraine, rising inflation, and slow Covid-recovery is anticipated to curtail this expansion.

It is more significant than ever that high net-worth individuals have experienced advisers on their side to assist them to navigate these headwinds. Shiodome Partners have acquired a wealth of experience in private client services as well as a global enterprise, positioning the RSM team to support clients operating in Japan and those considering investing in the region.