The opening of the India chapter is significant as it marks the coming together of competitors and comes in the wake of leading nations like the US and Britain making tax laws more stringent, forcing many to approach lawyers and tax consultants.
The Foreign Account Tax Compliance Act (FATCA) requires Americans, including those living outside the US, to yearly report their non-US financial accounts to financial crime enforcement authorities.
STEP, which specialises in private trusts, wealth management and succession planning, is a global organisation promoting standards for wealth services like estate planning, STEP Worldwide Chairman Edward Buckland said, adding that it brings lawyers, tax experts and estate and trust practitioners onto a common platform.
The development comes at a time when estate and private wealth management business is on the upswing.
A formal launch of STEP India is slated for January.