Wednesday, March 16, 2011
Jersey’s links with India and the Gulf Cooperation Council (GCC) nations will be strengthened from this month through the official launch of Jersey Finance’s representative offices in Abu Dhabi and Mumbai, and the signing of a Tax Information Exchange Agreement (TIEA) with India.
A Jersey delegation consisting of States of Jersey Ministers, the Director-General of the Jersey Financial Services Commission and representatives of Jersey’s finance industry were due to travel to India for the launch on March 15 of Jersey Finance’s representative office in Mumbai.
The group will then head to Delhi to sign the TIEA with India on March 18, a move that will take the total number of similar agreements Jersey has signed to 21.
Following that, the Jersey delegation will travel to the UAE to mark the opening of Jersey Finance’s representative office in Abu Dhabi on March 20 with a reception at the British Embassy, hosted by the British Ambassador Dominic Jeremy, to be officiated by Sheikha Lubna bint Khalid bin Sultan Al Qasimi, the Minister for Foreign Trade and a member of the Abu Dhabi royal family, and Jersey’s Treasury Minister, Philip Ozouf.
The two new offices will support the promotion of Jersey as an international finance centre in India and the GCC region and act as a hub for Jersey Finance to communicate the breadth and depth of its financial services.
During the visits, Jersey delegates will also meet with a range of government and regulatory officials and business leaders. In India, Jersey delegates will emphasize Jersey’s strength as a centre for corporate banking, funds and wealth management work, and go on to explain the expertise Jersey has in corporate structuring, including the benefits of Jersey’s recently introduced Cross Border Mergers Law. Meanwhile, meetings in Abu Dhabi will focus on Jersey’s expanding range of Islamic financial services, including Islamic asset management and fund domiciliation, Special Purpose Vehicles (SPVs), Sukuk structures and Islamic private wealth management.
Geoff Cook, Chief Executive of Jersey Finance, commented: “Both the GCC and India are key finance and business centres that we have been visiting for some years and we are delighted that we are now to have permanent representation in both locations. This is a natural extension of Jersey’s growing links with these regions, which will complement our existing representative office in Hong Kong. The office openings are a reflection of our commitment to grow our finance industry’s presence in international markets in the coming years.”
Sean Costello, Jersey Finance’s Head of Business Development for the GCC and India, added: “We are now seeing growing interest from GCC nations and India in the wider capabilities of Jersey’s finance industry. In the GCC, for example, there is greater appreciation that Jersey’s flexible legislation can be a natural choice for Islamic asset and wealth management, whilst in India, as well as seeing persistent interest in Jersey’s funds expertise - that is now extending to corporate and listings work - there are currently, for instance, 86 Jersey companies listed on worldwide exchanges with a market capitalisation of GBP16bn. These are the kinds of messages we will be looking to communicate through our expanded global representative office network.”