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Guernsey Sees Far East Promise

Thursday, October 4, 2012

Recognition of Guernsey’s expertise as a finance centre continues to build in the Far East, according to Fiona Le Poidevin, Chief Executive of Guernsey Finance, the promotional agency for the island’s finance industry internationally.

Le Poidevin was commenting following a week-long trip to Hong Kong during which she met with Guernsey-based businesses with Hong Kong offices, including Louvre Group, Mourant Ozannes, Newhaven Trust and Ogier Fiduciary Services, and attended the three-day SuperReturn Asia conference, billed as Asia's leading private equity funds event.

“It is extremely pleasing to see the progress that these firms are making in the Far East. They are helping Guernsey to build strong relationships with Asia and laying the foundations for future business growth between the regions. It was very useful to visit their offices as a way to better understand their businesses,” said Le Poidevin.

“In addition, I met with the Hong Kong office of the London Stock Exchange. Guernsey is well known to them for our position as the non-UK listings leader in terms of the number of Guernsey companies listed across the London markets, so meeting with their officials was extremely beneficial,” she added.

At SuperReturn Asia, Le Poidevin was joined on the Guernsey stand by Julian Carey, Managing Director of Guernsey-based IAG’s Hong Kong office, and Paul Christopher, who relocated from Guernsey to Hong Kong last year to oversee the establishment of Mourant Ozannes’ Asian office as Managing Partner.

“The conference was excellent. We have made many new contacts and it was pleasing to see that Guernsey is now not only known by many in Asia as a financial centre but also as a domicile for funds. We still have a lot of work to do in terms of raising the profile further in Asia but this is another step along the way,” she said.

Guernsey has made steady progress in establishing its reputation for financial services in Asia in recent years since the establishment of a representative office in Shanghai in 2007. In 2010, Guernsey signed a Tax Information Exchange Agreement (TIEA) with the Chinese central government tax authorities and a Memorandum of Understanding (MoU) for exchange and cooperation with the Shanghai Financial Services Office. Last year, the island received approval for companies incorporated in Guernsey to list on the Hong Kong Stock Exchange (HKEx) and Guernsey’s financial services regulator, the Guernsey Financial Services Commission (GFSC), sign a statement of cooperation with the China Banking Regulatory Commission (CBRC).

A Guernsey delegation, led by Le Poidevin, will be returning to the Far East to attend STEP Asia in Hong Kong on October 16-17, 2012, as well as hold meetings in both Shanghai and Beijing.

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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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