1. Industry research suggests that China will soon rank first in the world as a source of clients. Have you experienced an increase in demand for your company incorporation services from this region?
Yes, we have increasing numbers of Chinese clients using UK companies and partnerships for investment and trading purposes in the UK, and within the broader EU market place.
2. What is the single most important advantage your jurisdiction provides for Chinese clients?
The UK is an important gateway for Chinese clients into the UK and to Europe in general. Of the EU member countries, the UK is the fastest and least expensive in which to incorporate, and has one of the most favorable tax regimes designed to encourage foreign investment. A key advantage is that the UK is not offshore and is wholly integrated into the European Union.
3. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures?
We predict that Chinese investors will require more sophisticated arrangements to manage complex cross border trading and personal estate planning objectives. There will be an increased need for bespoke arrangements and the use of jurisdictions with sophisticated financial, corporate and trust infrastructures and precedents. Such tailored services will inevitably be more expensive, but this is a cost that Chinese clients will be prepared to bear for successful planning.
4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent?
Transparency is playing an increasingly relevant role in global trade and investment and it will become difficult to work with jurisdictions that do not meet with international standards. Gravitation towards compliant offshore centers is therefore inevitable.
5. Opening a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is this the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?
The UK has never been black listed or specifically singled out as being high risk by banks. The efficiency of the bank account opening process depends on the perceived risk associated with the activities of the company and the credentials of the directors and owners of the company. In typical circumstances, bank accounts can be opened in 7-14 days.
Source: Jordans Trust
