EXPERT INSIGHTS

By: Simon FilmerDeputy Group Managing Director, OIL China has experienced extraordinary growth over the last 20 years, becoming the second largest economy in the world – with some metrics granting China number one status ahead of the United States.  While the Chinese economy has undoubtedly slowed in the last two years, it still proceeds at levels that would be the envy of many Western nations.  Under the leadership of Xi Jinping, China is adopting a new growth model, one that involves opening up further to the rest of the world.  This model encourages private investment, with a greater focus on...

EXPERT INSIGHTS 2020

By John Swann John has worked in the corporate services industry for over 30 years, and has been at Jordans since 1986, in which time he has run Jordans operations in Gibraltar and the BVI. Now based in the UK, John has responsibility for overall business development, with a focus on Asia, and specifically China. International business in Asia and particularly in China has for many years been synonymous with offshore services. The BVI, Cayman Islands and Samoa are household names and along with Hong Kong are major routes for inbound and outbound investment. These international financial centres have their...

EXPERT INSIGHTS 2020

By Dr. Lee Chih-Jen The fifth report on the Competitiveness Index (Xinhua-Dow Jones IFCD Index) was released in 2014, four years after the first was jointly released by Xinhua Press and Chicago Merchandise Exchange Group (CME). This index reflects the competitiveness of 45 cities around the world as international financial centers. The latest report revealed that Shanghai ranked fifth (from sixth in 2013, side-by-side with Hong Kong), competing with cities like New York and London, which were ranked first and second in previous years. The report points out that Hong Kong is still among the highest-ranking cities in certain categories,...

EXPERT INSIGHTS 2020

By Dan Mitchell and Brian Garst  The international financial sector faces a perilous future. Major challenges loom over an uncertain global economy, while a decidedly negative political climate poses an existential threat to the offshore financial community. With each passing year, thanks to demographic changes and poorly designed fiscal policies, politicians from high-tax nations will be increasingly fixated on halting the migration of jobs and investment to lower-tax jurisdictions. Individuals and jurisdictions that benefit from free international capital flows must act now if they wish to weather the coming storm. A Bleak Onshore Economic Outlook Decades of irresponsible spending have...

EXPERT INSIGHTS 2020

Given the recent problems American trading companies are having in establishing bank accounts in Hong Kong, viable alternatives need to be found. These issues, which are directly related to the American IRS carrying out extensive investigations in Hong Kong concerning breaches of the new FATCA regulations, have made banks in the territory wary of setting up any new personal or even company bank accounts. Other, smaller account holders have been asked to find ‘alternative’ banking arrangements, which is hardly conducive to assisting SMEs. In fact, Hong Kong has been coming under increasing spotlight for a number of years. The territory...

EXPERT INSIGHTS 2020

By Michael Liu Evident pressures have driven high net-worth individuals in China to transfer from "underground" to offshore trusts. Like many industries, after the economic crisis in 2008, the offshore finance industry faced new challenges, namely the pressure caused by the decline of traditional corporate business and the increasing regulations imposed by the economic giants against the offshore finance industry. These pressures appear to have come from two different sources, but there is only one underlying cause; lack of money. The decline of corporate business arises from a lack of private money and the tough line set against offshore finance...

EXPERT INSIGHTS 2020

By Mark Lea.  Many articles provide information on a particular new law or on what a particular country offers. Such an article really deals with what the writer, or those he represents, wish the reader to know and use. Hopefully this article looks through the spectacles of the reader, who is the Chinese resident business man. The pertinent questions are what this reader wants and needs and what solutions there may be to assist him.The Wishes And Needs of The Client:Many clients have different requirements from others. Even if they have the same requirements, their circumstances may be different. However,...

EXPERT INSIGHTS 2020

Introduction.  In 2007 the BVI Financial Services (Exemptions) Amendment Regulations (the “Regulations”) established the British Virgin Islands as a modern and sophisticated jurisdiction in which to incorporate private trust companies (“PTC”). As most countries in Asia practice civil law, the idea of transferring your wealth to a third party is considered unfavourable. However there has been a significant increase in the past couple of years. According to the BVI Financial Services Commission Statistical Bulletin (Q1 2014, Vol. 34, March 2014), the BVI had 1,032 active PTCs. This was an increase of more than 83 per cent from the figures one...

EXPERT INSIGHTS 2020