Abu Dhabi, Chinese Tax-Free Zones Agree Partnership
by Lorys Charalambous, Lowtax.net, Cyprus
06 July, 2017
Abu Dhabi Global Market, the low-tax international financial center, has announced it is partnering with the Authority of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone to support China's One Belt One Road economic ambition.
The Belt and Road initiative is a Chinese-led strategy to bind the economies and cultures of more than 60 countries by land and sea. The aim is that by 2050 the Belt and Road region will account for 80 percent of global GDP growth, and three billion more people will be advanced into the middle class.
The partnership between ADGM and the Qianhai Authority was formalized in a Memorandum of Understanding in which the parties agreed to enhance their investment cooperation, and to support each other to strengthen their respective financial and FinTech markets. In particular, both authorities agreed to leverage each other's expertise to establish an investment platform that attracts and supports businesses and enterprises of Qianhai, Hong Kong, and Abu Dhabi.
The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone is an economic zone located in Shenzen. Its aim is to advance and facilitate innovation in key industry sectors including finance, modern logistics, information, and technology for mainland China and Hong Kong.
ADGM is an international financial center located in the capital city of the United Arab Emirates. It opened for business on October 21, 2015, and offers a range of attractive benefits to firms, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. ADGM permits 100 percent foreign ownership.
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