HSBC Subsidiary Chooses DIFC HQ Over Jersey
by Lorys Charalambous, Lowtax.net, Cyprus
22 September, 2015
HSBC Bank Middle East Limited (HBME), an indirect wholly owned subsidiary of HSBC Holdings plc, has announced that it intends to transfer its place of incorporation and head office from Jersey to the Dubai International Financial Centre.
Following the re-location, HBME will be lead-regulated by the Dubai Financial Services Authority. This re-location, which is expected to complete during 2016, will have no impact on any of HBME's local regulatory relationships in the Middle East and North Africa (MENA) region, nor on its business in the countries in which it operates.
The re-location is subject to regulatory and all other applicable approvals.
The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.
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