This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
 

Guernsey Fiduciary Firm Establishes Shanghai Office

Tuesday, January 8, 2013

Guernsey-headquartered Richmond Fiduciary Group has established its own representative office in China, in the Jing’an District of Shanghai.

Alan Chick, Chairman of Richmond said the representative office, which is to be led by Jing Zhang, is the next step in enhancing the Guernsey firm’s reputation in the Chinese marketplace.

“We decided 12 months ago that we needed a representative office so we are delighted to see it come to fruition. It gives us credibility with the people we have been meeting over the years and now that the office is opened we have seen a far greater interest in what we are doing,” he said.

“Having Zhang on the ground enables us to meet with other people who are offering complementary services, such as immigration and educational services to high-net-worth families, and therefore allows us to expand our own network and effectively have other people recommending our services," Chick added. "Having a constant presence in Shanghai also enables us to meet others in an existing business or social network at short notice to talk about mutual opportunities, which is far more convenient and productive than trying to set up meetings during our next visit, when the opportunity may have been lost."

Guernsey Finance - the promotional agency for the island’s finance industry internationally - opened a representative office in Shanghai at the end of 2007. Since then, Richmond utilized its services to build relationships in China before branching out to develop his own network of contacts across the country. In November this year, Richmond received a licence from the local authorities to establish its own representative office in Shanghai.

Fiona Le Poidevin, Chief Executive of Guernsey Finance, commented: “It is extremely pleasing to hear that a Guernsey firm such as Richmond has established an office in Shanghai. Alan has been very proactive in making the most of the opportunities which Guernsey Finance has to offer and also driving forward independently to take his work in China to the next level. Having the local presence in Shanghai will not only benefit Richmond but also help to reinforce our message that Guernsey is an ideal jurisdiction to provide asset protection, succession planning and wealth planning services to Chinese high net worth individuals and families.”

The company now employs more than 30 staff worldwide, including Hao Wang, Senior Partner of RayYin & Partners, who is retained by Richmond as a consultant to explain the nuances of international trust laws to Chinese individuals and professionals. Richmond hopes to be able to announce the appointment of a similarly qualified consultant in Shanghai in the coming weeks. With offices in Beijing and Shenzhen, Wang has already presented on behalf of Richmond to the clients of one of the China’s leading trust companies and spoken on behalf of the business at the Wealth Management and Private Banking Conference in Shanghai.

Explaining the importance of this relationship, Chick observed: “It was initially difficult to explain the discretionary trust concept to professionals in the region as they were more familiar with other trust models, particularly from Caribbean jurisdictions, where the trustees simply let the clients run the underlying companies. However, this type of structure has come under the spotlight of the China tax authorities, who are effectively saying that if the Chinese client runs an offshore company personally, then it will be taxed in exactly the same way as a Chinese resident company. It means there has been a growing interest in the traditional Guernsey offering, so having Wang explaining the concept to them on the ground in China has been extremely beneficial.”

Mailing List

Click here to manage your mailing list preferences, or view our privacy statement.


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




Latest News

Canadian Budget Focuses On 'Tax Fairness'
23/3/2017
The tax measures contained Canadian Finance Minister Bill Morneau's second Budget are focused on closing loopholes, cracking down on tax evasion, and improving tax reliefs for the "middle class."

Jersey Regulator Issues AML/CTF Funds Guidance
16/3/2017
Jersey's financial services regulator, the Jersey Financial Services Commission, has issued new anti-money laundering and countering the financing of terrorism guidance for Funds and Fund Operators.

More Tax Hikes For UK Taxpayers In 2017 Budget
9/3/2017
The UK Budget, released on March 9, 2017, featured tax measures to, among other things, hike taxes on self-employed workers, further close avenues for legal avoidance, and defer mandatory digital tax reporting until April 2019.

ACOSS Submits Recommendations For Australian Budget
2/3/2017
The Australian Council of Social Services has urged that the Government abolish ineffective tax concessions, introduce a sugary drinks tax, and scrap its company tax proposals.

MEPs Call For Wider Access To Beneficial Ownership Data
1/3/2017
EU citizens would be able to view information in registers of beneficial ownership without having to demonstrate a "legitimate interest," under proposed amendments the Anti-Money Laundering Directive.

New Zealand Tax Changes Enter Into Force
28/2/2017
A Bill including provisions to simplify New Zealand's tax processes, reduce compliance costs for smaller businesses, and tighten foreign trust disclosure rules received Royal Assent on February 21.

Guernsey Introduces Client Asset Handling Rules
22/2/2017
Guernsey's financial services regulator, the Guernsey Financial Services Commission, said it intends to introduce rules governing the holding and administration of client assets in 2017.

Australian Accountants Urge Tax Burden Shift
14/2/2017
Australia desperately needs large scale tax reform and should aim to rebalance its tax mix, the Institute of Public Accountants has argued.

IRS Issues Final Regulations On REIT Spin-Offs
24/1/2017
On January 18, the US Internal Revenue Service issued its final regulations regarding the measures included in the Protecting Americans from Tax Hikes Act to restrict the tax-free spin-offs involving publicly traded real estate investment trusts (REITs).

Bermuda, EU To Collaborate On Insurance, Pensions Oversight
17/1/2017
The European Insurance and Occupational Pensions Authority and the Bermuda Monetary Authority have newly signed a memorandum of understanding.

Hong Kong Consults On Beneficial Ownership Plans
13/1/2017
Hong Kong's Financial Services and the Treasury Bureau has launched public consultations on legislative proposals to increase the transparency of corporate beneficial ownership in the city, and to enhance its regulatory regime for combating money laundering and terrorist financing.

Hong Kong Reports On Incorporations In 2016
12/1/2017
There was an increase in local company incorporations in Hong Kong in 2016, although incorporations by foreign companies experienced a dip, according to the territory's Companies Registry.

Guernsey Regulator Outlines 2017 Funds Strategy
2/1/2017
Guernsey's financial services regulator, the Guernsey Financial Services Commission, has outlined its funds sector strategy for 2017.

Canada Waives Income, Activities Reporting For Labor Org's
21/12/2016
Canada's Revenue Minister has announced that certain reporting requirements on labor organizations and labor trusts will be waived.

South African Tax Bills Approved By Parliament
19/12/2016
South Africa's Ministry of Finance has published the 2016 Taxation Laws Amendment Bill, which has received parliamentary approval and gives effect to the tax changes announced in the Budget in February this year, together with legislation confirming the final details of. the Special Voluntary Disclosure Program.