Guernsey strengthens ties with China

Guernsey Finance has visited China to strengthen industry relationships in both Shanghai and Beijing.

Peter Niven, Chief Executive of Guernsey Finance and Deputy Fiona Le Poidevin, visited the Island’s representative office (established in Shanghai in 2007) and held meetings with several Chinese banks, the China Banking Regulatory Commission (CBRC), the Shanghai Stock Exchange (SSE), the China Trustee Association and the Shanghai Bar Association.

Further meetings were held with law firm Ogier and fund administrator International Administration Group (IAG), two companies which established a presence in the city this year.

“We have made real progress in increasing awareness of the Guernsey brand and this is now being assisted by the growing number of firms with a base in the Island who are establishing operations in the Far East and in particular, China.

It was very useful to visit the offices of Ogier and IAG in Shanghai as a way to better understand their businesses and also to be able to offer any assistance we can provide in dealing with governmental or other officials,” said Niven.

At the end of 2010, Guernsey signed a Tax Information Exchange Agreement (TIEA) with the Chinese central government tax authorities and a Memorandum of Understanding (MoU) with the Shanghai Financial Services Office (SFSO).

Guernsey Finance highlighted the meeting with the Chinese banking regulator, CBRC, as another step on the road to it signing a Memorandum of Understanding (MoU) with the Island’s financial services regulator, the Guernsey Financial Services Commission (GFSC).

It is expected that Vice-Chairman Wang Zhaoxing will visit Guernsey later this year to sign the agreement.

“We have now met CBRC on several occasions and we had yet further encouraging discussions towards signing a MoU. In fact, we were told that Vice Chairman Wang specifically wants to visit Guernsey to complete the signing of the agreement and we are hopeful that he can find the time so that this can be completed by the end of the year. This will be an extremely positive step for Guernsey firms doing business in China and highlights the strengthening relationships between the two jurisdictions,” confirmed Niven.

Later this year, a Guernsey Finance delegation will be visiting Singapore and Hong Kong.

This tour will include promoting the fact that earlier this year Guernsey companies were given the green light to list on the Hong Kong Stock Exchange (HKEx) as well as give support to local firms such as Ogier, IAG, Nerine and Louvre who have established offices in Hong Kong and Collas Crill which has opened up in Singapore.

http://www.guernseyfinance.com