NEWS

By Baron Laudermilk According to the head of the Apline Country financial regulator, Liechtenstein banks should focus on asset management and attracting capital from wealthy Asian clients to restructure and rebuild their businesses. This has become a main initiative for many Liechtenstein banks as the European economy continues to hang in limbo as the EU determines how to rebuild the region's economy. Financial Market Authority Chief Executive Officer Mario Gassner said, o get earnings back to where they used to be we need to implement new business ideas. With classic private banking it will be difficult to attract new money....

NEWS 2020

By Leo Zhang Chinese securities regulators have approved the first batch of cross-border exchange-traded funds in both the mainland and Hong Kong, in the latest move to open the nation capital account and push forward the internationalization of the yuan. Under licensing by Hang Seng Indexes Co, China Asset Management Co, one of the key mainland fund houses, started last week to sell units in a fund that will be linked to the Hang Seng Index and listed on the Shenzhen Stock Exchange. Meanwhile, E Fund Management Co, another bellwether mainland fund company, has won the green light to issue...

NEWS 2020

By Baron Laudermilk Hong Kong passed a bill that will help small and medium sized business (SMEs) develop on July 12th, this indicates that the passage of Hong Kong new Companies Bill will open a new chapter in the development of company law in Hong Kong and strengthen Hong Kong status as a worldwide commercial and financial hub The bill was left standing by the government last January to enhance the corporate government, improve regulation, facilitate business, and modernize the law to enhance Hong Kong status as a global financial and commercial center. The evaluation of the Companies Ordinance (CO)...

NEWS 2020

By Leo Zhang Lawmakers in the British Virgin Islands have approved some minor changes in the BVI Business Companies Act to facilitate corporate registration in the first major review of the law since its passage in 2004. During a House of Assembly sitting late last month, an 84-clause amendment bill was passed to clarify several parts of the existing law and update its legal definitions, according to the BVI Beacon newspaper. The main revision is to broaden naming rules for companies registered during the Act, a move that will make the territory more attractive for enterprises looking to register; the...

NEWS 2020

By Baron Laudermilk The Cayman Islands, a British Overseas Territory located in the Western Caribbean Sea, which is known for its liberal offshore financial hub, was on the verge of implementing the country first direct tax that was supported by the Premier, McKeeva Bush. This would have serious implications to Chinese expats in The Cayman Islands. The ommunity Enhancement Levy was to include a 10% levy on expat workers income above a certain threshold, but the measure has been abandoned following major complaints from financial service professionals on the island. These people argued that the tax-free territory has historically made...

NEWS 2020

By Baron Laudermilk In a major compromise with Germany in the dispute over bilateral tax deals between the two nations, Switzerland says it now plans to allow rouped request for information based on history and behavior between the two countries.The compromise would be a major step for both countries, possibly making a way for ratification of the undeclared assets held by German residents in Switzerland banks, a place where Germany companies and individuals having been using to hide events for many years. The compromise would enable German authorities to obtain the names of a German resident who are choosing to...

NEWS 2020

By Baron Laudermilk On August 20, 2012 Hong Kong Permanent Secretary for Financial Services and the Treasury (Financial Services), Au King-chi, stressed that improving the financial ties between China and HK has been a long term policy goal for the authorities, with the co-operation and integration between HK and Guangdong as the main reason behind it. Au said that to go through the liberalization measures of China and Hong Kong Closer Economic Partnership Arrangement (CEPA), and an effort to make an significant step forward in improving financial integration between Guangdong and HK, the establishment of the first joint venture securities...

NEWS 2020

By Baron Laudermilk The RBC/Capgemni report that was just released said that the high net worth individuals (HNWI) population of Asia Pacific is more than North America HNWIs. Southeast Asia is one of the fastest growing regions of HNWIs in the world. The report estimated that the number of Asia-Pacific HNWI rose 1.6% to 3.37m in 2011- which was twice the global growth rate. However, some of the results demonstrate that the growth of HNWIs is the Asia-Pacific is disproportionate. The main difference was that areas that produced more HNWI, such as India and Hong Kong, have actually suffered serious...

NEWS 2020