NEWS

Photo By: CCB China Construction Bank has been granted a licence by British regulators to expand into the UK’s business banking market in an attempt to cement the City as a hub for Asian financial companies. The branch licence, the second to be awarded to a Chinese bank in less than six months, will provide the lender with greater freedom to offer wholesale banking services in the UK. The move comes after the Industrial and Commercial Bank of China, the country’s largest lender by assets, was awarded a banking licence in September last year. Chaoyong Gong, head of strategic development...

NEWS 2020

Photo By: Shanghai FTZ The Shanghai District of Pudong announced at the Shanghai International Hedge Fund Summit that it will set up an ‘offshore-finance pilot zone’ to carry out cross border wealth management. This statement is backed by a recent decision from the State Council Executive Committee to expand certain Shanghai FTZ features to all of Pudong. Details are still being worked out, but the Director of the Pudong Financial Services Bureau Private Fund Industry Development Office revealed that the intention is to accommodate 20 to 30 of the top international asset managers in the pilot zone. On Dec 8,...

NEWS 2020

Photo By: Over Hong Kong Due to its geographical proximity to the mainland, modern and (until now) friendly banking system and transparent legal regime, Hong Kong has long served as a popular gateway into China for foreign businesses. Americans in particular have favored the former British colony, which retains its widespread use of the English language and Western business ideals, as a launching pad for their operations into mainland China. However, since the Foreign Account Tax Compliance Act (FATCA) came into effect in early July, many Hong Kong based banks have been refusing to open new accounts for, and even...

NEWS 2020

Photo by: Bloomgerg The mainland has stepped up its participation in the G20's fight against international tax avoidance by passing a law cracking down on the indirect sale of assets outside the country to avoid paying taxes. The law would affect investment companies, analysts said, adding it would also have a significant impact on Hong Kong, a major hub for cross-border deals involving the mainland. To strengthen global cooperation against tax avoidance, a law on tax on gains from the indirect sale of assets by offshore companies took effect last Tuesday (Feb. 3rd.), the State Administration of Taxation said on...

NEWS 2020

Photo By: Jersey Finance Jersey-based financial institutions are now able to register with local authorities in preparation for the submission of the first reports under the US Foreign Account Tax Compliance Act (FATCA). FATCA requires financial institutions outside the US to report information on financial accounts held by their US customers to the Internal Revenue Service (IRS). Jersey has concluded an intergovernmental agreement with the US to enable financial institutions to submit data to a central authority in Jersey, which will then share that data with the Internal Revenue Service. A test platform has been available to local financial institutions...

NEWS 2020

Photo By: LSE The number of Jersey-incorporated companies listed on stock exchanges globally increased by 13 percent during 2014 to 110, and these companies' total market capitalization rose 62 percent to GBP269bn (USD408.68bn), according to new statistics from Jersey Finance. Of these 110 listed companies, 57 are quoted on the London Stock Exchange's (LSE's) Alternative Investment Market (AIM), with Jersey being home to the largest number of AIM-listed companies outside the UK. Just under one-fifth of Chinese companies listed on AIM are now incorporated in Jersey. 38 companies are listed on the LSE Main Market and one on the Specialist...

NEWS 2020

Photo By: Cayman Islands The Cayman Islands Department for International Tax Cooperation has launched an Automatic Exchange of Information portal that allows Cayman’s financial institutions to register and report customer data under the U.S. Foreign Account Tax Compliance Act.  FATCA is a U.S. tax-reporting initiative that forces financial institutions and certain nonfinancial entities worldwide to report bank accounts and ownership interests of U.S. taxpayers or face a 30 percent withholding tax on transactions with the United States.   In December 2013, Cayman signed a FATCA Model 1 intergovernmental agreement with the U.S. which stipulates that entities in Cayman report this information...

NEWS 2020

Photo By: Vistra Vistra, a leading global independent provider of trust, fiduciary, corporate and fund administration services, recently announced the acquisition of Fiduciary Management Limited (“FML”), an independent trust company business based in Jersey. Since its establishment in 1996, FML has maintained its focus as a high quality provider of trust and corporate services to high net worth private clients and international companies, with an emphasis on a personal, professional and flexible service. Paul Le Marquand and Lynda Vautier, the principals of FML, supported by their team of professionals, will join Vistra and play a key role in the management...

NEWS 2020