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Photo By Zap Photos By Courtesy of LowTax.net The first half of 2013 saw an increase in new offshore company registrations compared to the same period of last year, according to Appleby, a provider of offshore legal, fiduciary and administration services.From January to June of 2013 there were 38,416 new incorporations, according to Appleby's On the Register report.The local registers of most offshore jurisdictions have swelled since the end of 2012, despite a slight drop in new registrations in the offshore region as a whole compared with the previous six-month period, since the number of firms de-registering has declined. The...

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Photo by Courtesy of CNBC By Courtesy of Dhara Ranasinghe The Singapore Exchange and Hong Kong Exchanges and Clearing on Wednesday (Dec. 4) signed a deal to co-operate on a number of areas that include promoting the internationalization of the Chinese yuan. The move reflects the growing importance of the Chinese currency, also known as the renminbi, in international trade and finance. In a statement, the two exchanges said the co-operation would also focus on collaborating on technology development and regulatory issues.Charles Li, CEO of the Hong Kong Exchanges and Clearing (HKEx), and Singapore Exchange CEO Magnus Becker signed a memorandum of...

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Photo: Zap Photos By Oxford Tax Solutions According to statistics released recently by UNCTAD (United Nations Conference on Trade and Development), the British Virgin Islands received more foreign investment last year than India and Brazil combined.In 2013, the Caribbean territory, home to close to 27,000 people, recorded USD 92bn in foreign direct investment. The figure ranks fourth highest in the world, with the United States topping the list with (USD 159bn), China (USD127bn) and Russia (USD94bn). Brazil and India had foreign direct investment of USD63bn and USD28bn, respectively. The British Virgin Islands FDI in 2013 is a representation of a...

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Photo: Rosanne Wong By Courtesy of ICS News The year of 2013 saw China push forward several regulatory updates. These updates boosted investor confidence in the country, and enticed more foreign investors to put their money in this increasingly sophisticated industry. Securities Investment Funds A series of regulations were issued after the Securities Investment Fund Law of the People Republic of China was passed and implemented. Amongst these changes, were: Privately-placed securities investment funds are now under the supervision of the China Securities Regulatory Commission (CSRC). In addition to funds management companies, qualified securities companies, insurance asset management companies and...

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Photo: By XPhotos By Courtesy of ICS Over the last few years, Hong Kong has become the new epicenter for new offshore businesses in the Asia Pacific region. This growth looks set to continue after Financial Secretary John Tsang’s Chun-Wah suggested in February that the tax exempt status for offshore businesses should be expanded to include private equity firms.In the same announcement, Tsang indicated that fund products could also be structured more flexibly in future, which may mean that it will become easier for other entities to be reclassified and thus qualify for offshore status. As an offshore financial centre,...

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Photo: Zap Photos By InvestHK Invest Hong Kong (InvestHK) today (January 28) announced that the Department assisted 337 overseas and Mainland companies to set up or expand in Hong Kong in 2013. This number represents an all-time high and an almost 7 per cent year-on-year increase. The Director-General of Investment Promotion, Mr Simon Galpin was delighted to see the increase in completed projects. "2013 was another record year for InvestHK in terms of completed projects. The positive results showed that Hong Kong continues to attract overseas and Mainland investors because of its enduring advantages and new business opportunities," Mr Galpin said....

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Photo: By Philips Wong By Courtesy of Ulrika Lomas Liechtenstein's Foreign Affairs Office Director, Martin Frick, and China's Consular General in Zurich, Liang Jianquan, have recently signed in Vaduz a Tax Information Exchange Agreement (TIEA) between the two countries.According to the Liechtenstein Government, the accord is in accordance with the OECD's international standard and provides for information exchange upon request. The treaty is "very similar" to other TIEAs that Liechtenstein has negotiated, most of which are now in force. Under the terms of the deal, the information exchanged between the tax authorities is to remain confidential. Furthermore, the TIEA between...

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Photo: By FATCA By Courtesy of Taxnew On March 25, Hong Kong and the United States signed a tax information exchange agreement (TIEA), which will provide the necessary basis for Hong Kong to enter into an intergovernmental agreement (IGA) to adhere to the United States Foreign Account Tax Compliance Act (FATCA). Hong Kong's Secretary for Financial Services and the Treasury, Professor K C Chan, and the Consul-General of the US to Hong Kong and Macau, Clifford A Hart, signed the TIEA, which is the first such agreement signed by Hong Kong after the legal framework for entering into TIEAs on...

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