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Jersey Captures More Asia Business

Monday, November 8, 2010

Establishing a permanent presence in Hong Kong last year has helped Jersey’s finance industry grow banking and corporate listings business significantly and is opening up a number of new opportunities, according to figures published by Jersey Finance, the promotional agency for the island’s financial services industry.

The proportion of bank deposits held in Jersey coming from the Far East has nearly doubled over the past year to now account for 6% of the total value, whilst more than 25% of the 60 Chinese companies listed on the Alternative Investment Market (AIM) in London are incorporated in Jersey.

Commenting on the figures, Zhaoan Li, Jersey Finance’s Head of Greater China Business Development, said:

“Although Jersey Finance only opened its representative office in Hong Kong in October last year, we are already seeing evidence of just how important establishing and maintaining a presence in the region is. This is real progress and real business growth for Jersey and is the result of the commitment that Jersey has made to building meaningful relationships with China and Hong Kong.”

Publication of the figures coincides with an official visit by a delegation led by Jersey Finance Chairman, Jonathan White to Beijing, Shanghai and Hong Kong, to continue to build relationships with intermediaries within the financial services sector in the region.

In addition to this visit, Jersey Finance is one sponsor of ‘STEP Asia 2010’, which attracts over 300 key people within the private wealth management industry and where the focus will be on the relationship between International Finance Centres and developing nations, issues of confidentiality, information exchange and the preoccupations of the G20.

Li continued:

“Whilst the effort that Jersey has so far put in to developing relationships with China and Hong Kong has certainly paid dividends in terms of the growth in bank deposits and corporate listings work, I believe the positive reputation Jersey has established in such a key international market gives us a strong footing on which we can now explore new opportunities.”

“During our current visit we will be speaking to finance professionals in Beijing, Shanghai and Hong Kong about the benefits of using Jersey structures like the Foundation and Private Discretionary Trust for private client work. We also believe there is scope to build specialist funds business and we will be highlighting the full range of Jersey funds structures and expertise in, for example, private equity during the visit.”

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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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