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Substantial Hong Kong Delegation Visits DIFC

by Lorys Charalambous, Lowtax.net, Cyprus
12 December, 2014

The Dubai Financial Services Authority (DFSA), the regulator of the Dubai International Financial Center (DIFC), hosted a delegation of 35 Government representatives and business leaders from Hong Kong on December 10, 2014.

The delegation, which was led by John Tsang, Financial Secretary of the Government of the Hong Kong Special Administrative Region, was welcomed by Essa Kazim, Governor of the DIFC, and Saeb Eigner, Chairman of the DFSA, along with officials from the DIFC Authority and DFSA Boards and prominent members of the United Arab Emirates (UAE) Government and business community.

Welcoming the delegation, Eigner said: "The DFSA has learned much from the highly successful development of Hong Kong as a global financial center in a rapidly growing region of the world."

He said that the DIFC is working to strengthen its ties with Hong Kong and China. "Asia is a region we know well, and we are working on a number of initiatives between Hong Kong and China and Dubai to further develop this important relationship," he said.

Following the signing of regulatory agreements between the DFSA and the relevant Chinese regulators and the accompanying increased regulatory co-operation, the four leading Chinese banks have become well-established in the DIFC with rapidly growing business, it was noted.

The recent listing in the DIFC as well as in Hong Kong of the Hong Kong Government's first sukuk issue established the basis for further co-operation in the field of Islamic finance. The USD1bn sukuk, the first-AAA rated Government sukuk, was some five times oversubscribed.

The DIFC offers a number of perks to firms established in the center, including zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, and no exchange controls.

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