Guernsey Finance Marks A Decade In China
by Lorys Charalambous, Lowtax.net, Cyprus
27 September, 2017
The signing of cooperation deals with Chinese regulators and industry associations provided Guernsey with the foundation to develop business and build relationships with Chinese service providers and their clients, a recent conference was told.
The conference marked the opening of Guernsey's Shanghai representative office 10 years ago.
It was noted that Guernsey has signed MoUs with all of China's financial services regulators, and as many as 10 MoUs and cooperation statements have been concluded with industry bodies, representative associations, and other agencies.
Keynote speaker Keijan Chao, who is Deputy Director of the Shanghai Municipal Government Huangpu District in charge of Financial Services, said the MoUs had led to a strong bond between the two jurisdictions.
"The relationship is close and well-developed because it has been approached from a very high level in terms of government, regulator, and industry cooperation," Chao said.
Similarly, Yongjie Liu of Beijing Airport Captive Management Consulting highlighted the importance of the MoUs as he discussed establishing a captive insurance joint venture with Guernsey.
"There are only eight captive structures in China and the threshold is too high to set up a captive," he said. "Guernsey can get it done more efficiently. Guernsey is also a center of innovation, having developed the protected cell company structure in 1997 that can now be used in many sectors such as capital markets, trusts, and insurance."
Commenting on the successful event, Kate Clouston of Guernsey Finance said: "Guernsey's trusted reputation in China is yielding great results at a time when more and more Chinese advisers and clients are seeking transparency and advanced methods of financial management ... Guernsey has five decades of expertise in this area and I'm pleased to see that this is being recognized. We look forward to continuing to help financial services in China develop and also learn from our partners across the region."
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