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Bermuda Concludes Marketing Push In China

Thursday, April 26, 2012

Business Bermuda, the promotional agency for the territory's financial services industry, has concluded a week-long business development and relationship-building trip in Shanghai and Beijing mirroring the decisions of other small, low-tax, financial centres targeting the region as a new source of financial services growth.

The Bermuda delegation was led by Cheryl Packwood, Business Bermuda CEO. Also in attendance was Wayne Furbert, Bermuda's Minister for Business Development and Tourism, Christopher Buchan, Director of Business Development for the Ministry of Business Development & Tourism, and the Managing Directors of two Bermuda companies, Emerging Asset Management and Apex Fund Services.

The delegation conducted a series of meetings with Chinese government officials and business leaders during the visit, between April 14-20 including with: the Chamber of International Commerce, Shanghai; Standard Chartered Bank; the Shanghai Foreign Investment Development Board; the Shanghai Stock Exchange; and the Chinese Ministry of Finance and Commerce.

In addition, the delegation hosted a reception in Shanghai, which was attended by more than 60 Chinese business executives and government officials.

Packwood and Furbert also participated in the Chinese Enterprises Outbound Investment Conference (CEOIC) in Beijing, which is an annual conference organized by the China Council for the Promotion of International Trade (CCPIT). The CCPIT invited Bermuda to be a part of the conference through contacts made during Business Bermuda’s marketing tour in Hong Kong last year. This year, the conference was attended by more than 1,200 delegates representing Chinese business interests, investors, and government entities with a focus on identifying international investment opportunities for China around the globe.

Business Bermuda was given an exclusive opportunity to participate in a panel discussion entitled, Invest in the Caribbean and Latin America, and presented several significant development projects in Bermuda in the Overseas Investment Project and Business Matching Seminar during the conference. Business Bermuda reported that speeches presented by Packwood and Furbert drew significant attention from members of the Chinese media and potential investors alike, further evidencing interest in Bermuda as a favoured domicile for Chinese business.

Business Bermuda also signed a memorandum of understanding with the CCPIT, signed by Packwood and Jia Huai, Deputy Director of the Economic Information Department of the CCPIT at the CEOIC Conference with the aim of expanding Bermuda’s trade relationship with China through exchanging information, participation in hosting and attending events, and facilitating official delegation visits to each country.

In both Shanghai and Beijing, Business Bermuda held press briefings for Chinese journalists to provide information about Bermuda and its international business community. This has resulted in media coverage in Chinese language media outlets and, so far, 23 syndicated news outlets with a readership of approximately 50 million people.

Commenting on the China meeting schedule and events in Shanghai and Beijing, Packwood said: “This has been an incredible opportunity to develop relationships and build our understanding of China and the Chinese understanding of Bermuda. The Chinese market is very impressive and the business development opportunities are immense, but it will take time to generate meaningful, mutually-beneficial business relationships.”

“We are very pleased to have been able to further develop our ties with CCPIT. Over a year ago, we met with CCPIT in Hong Kong and through our continued dialogue over the past year, we were able to develop an understanding and secure an exclusive opportunity to participate in the CEOIC in Beijing. We are hopeful that we extend that same courtesy and have invited representatives of CCPIT to join us in Bermuda and to further our business ties.”

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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