Jersey Establishes Shanghai Presence
by Jason Gorringe, Lowtax.net, London
01 July, 2014
Through a new partnership with the China-Britain Business Council, Jersey is to appoint a project manager, Garry Zhao, to promote the island's financial services activities in Greater China.
Zhao is to be appointed through the CBBC's Launchpad scheme, which enables foreign entities to appoint a Chinese representative without having to register a company in China. Jersey said the Launchpad arrangement provides Jersey Finance with a permanent platform for business development activity in mainland China, helping to widen its network of professional services and financial institution contacts, improve awareness of Jersey among institutional investors, and strengthen governmental and regulatory links.
This activity builds on a recent governmental visit to China in April, during which a Memorandum of Understanding (MoU) was signed by the Jersey Financial Services Commission and the China Securities Regulatory Commission. The MoU allows Jersey-domiciled funds to participate in the Qualified Foreign Institutional Investor and Qualified Domestic Institutional Investor programs.
In August, Jersey Finance will take on Yumei Zhang, a Chinese national, who will move from the Louvre Group – a Guernsey headquartered fiduciary and fund services provider – as Head of Business Development, Greater China. Zhang will be based in Hong Kong.
Richard Corrigan, Deputy CEO of Jersey Finance, said: "I am delighted that, through the CBBC, Jersey Finance has established a presence in Shanghai, a city that is really asserting its position as mainland China's financial and commercial hub."
"These moves are a real statement of intent for Jersey in this market, and I am sure that both appointments will be invaluable in supporting our continued business development strategy in Greater China, one of our key target markets."
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