NEWS

By Phillip Morton. The majority of offshore jurisdictions experienced a decline in company incorporation activity in the second half of 2012 compared with the first half, according to legal services consultancy the Appleby Group. However, company registrations in certain jurisdictions offered signs of optimism. Despite tough economic conditions, levels of new company registration activity in one major offshore jurisdiction continued to increase, according to Appleby's latest "On the Register" report, which provides insight and data on company incorporations in offshore financial centers. Bermuda reported a 7 percent increase in activity compared to the first half of the year, according to the...

NEWS 2020

By Courtesy of People's Daily. China on Aug. 27th signed the multilateral convention on mutual administrative assistance in tax matters to boost its participation in global efforts to combat tax avoidance and evasion by cooperating with other states in the assessment and collection of taxes. Wang Jun, Administrator of the State Administration of Taxation of China, signed the convention on behalf of the Chinese government, in the presence of Angel Gurria, Secretary-General of the OECD, at the headquarters of the OECD in Paris. By signing the Convention, China became the 56th signatory to the multilateral agreement designed to facilitate international...

NEWS 2020

By Courtesy of Tax-News.com. Bank of China (Hong Kong) Limited (BOCHK) and FTSE Group (FTSE) have announced a partnership to develop a new "FTSE-BOCHK Offshore RMB Bond Index Series" (New Indices). It was said that the partnership brings together BOCHK's unique competitive position in the offshore RMB business, as well as FTSE's leading indexing expertise and global network, to provide the market with an industry-standard benchmark. It is hoped that the New Indices will "help global investors to capture better opportunities in the offshore RMB fixed income as an investable asset class." Under the partnership, BOCHK Asset Management Limited is...

NEWS 2020

By Asia Outbound. The wealth management industry is continuously looking towards new frontiers and opportunities and for those wishing to stay ahead, China represents a strategic necessity. With this unprecedented growth in the country, China has a strong demand for global expertise to help manage wealth. Asia Outbound aims to address this issue when it presents its flagship Asia Outbound Summit series 2013, this November 6th. &7th. at The Ritz-Carlton in Shanghai. Combining panel discussions, workshops and presentations, Asia Outbound Summit will reveal reasons behind the new and rapid expansion of Chinese outbound investments and strategies for diversification outside China....

NEWS 2020

By Courtesy of the Government of HKSAR. In the first quarter of 2014, the new Companies Ordinance shall come into force in Hong Kong. It was passed by the Hong Kong Legislative Council in order to enhance corporate governance, ensure better regulations, facilitate business, modernize the law and make the companies more transparent and accountable. The new Companies Ordinance consists of 921 sections and 11 schedules. Some of the major and more interesting reforms are outlined below: Restricting the appointment of corporate directors by requiring every private company to have at least one natural person to act as director. Clarifying...

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By Courtesy of Luxembourg - the Centre for International RMB Business in the Eurozone. China Construction Bank (CCB), the world's fifth largest bank by market capitalization, today (Oct. 29th.) celebrates the official opening of its European headquarters in Luxembourg. This strategic move will strengthen CCB's operations in Europe as well as Luxembourg's position as an ideal entry gate for Chinese banks into the European market. It will further underline Luxembourg's role as one of the leading renminbi centers in Europe. The premises will be inaugurated by Luxembourg's Minister of Finance, Luc Frieden and the Executive Chairman of CCB in China,...

NEWS 2020

By Courtesy of Mary Swire, Tax News. Malta's Finance Minister, Edward Scicluna, said that the country should seek to attract a Chinese financial institution since financial services in China were now operating on a global level playing field.Mr. Scicluna made the comment during the annual General Meeting of the Maltese Chinese Chamber of Commerce, held on Friday October 18, 2013, according to a government press release. "I will strive as Minister of Finance to attract Chinese financial services to Malta. Such a possibility would boost Malta's attractiveness to Chinese investment in the region, and boost the Renminbi (RMB) as an...

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Photo By Courtesy of Eltoma By Courtesy of EltomaThe mission of the Organization for Economic Co-operation and Development (OECD) is to promote policies that will improve the economic and social well-being of people around the world. The OECD has recently suggested and pressured Belize to incorporate within its Offshore Centre regulations the need for an Accounting Records (Maintenance) Act.The act is very similar to the regulations imposed by other popular jurisdictions such as BVI and Seychelles. It is well evident that the OECD will be requiring other offshore jurisdictions which have not yet internally enacted similar legislation to do so...

NEWS 2020