By Anas Almasri
Guernsey International Administration Group (IAG) has launched a joint service platform with Shanghai based Exceedor, allowing it to offer onshore RMB-denominated private equity fund administration services in China.
The Guernsey group currently has $17 billion of assets under management, and has now strengthened its China presence after the set up of its Hong Kong office at the end of last year. Companies incorporated in Guernsey are from this year onwards allowed to be listed on the Hong Kong Stock Exchange (HKEx), which is sure to even further expand the island Asia related business. Managing director of IAG Hong Kong office, Julian Carey, commented on the company new Shanghai operations saying e already administer many of the traditional fund structures for private equity, real estate and other alternative assets. Now we have extended our services to include RMB denominated funds domiciled in China, effectively providing a one stop shop for clients with both onshore and offshore structures investing in China. /p>
Exceedor has been in the corporate and financial services business for over 20 years providing both onshore and offshore financial and accounting services in China and abroad. The company top management held very positive views about the joint efforts with the Guernsey group. orking with IAG provides us with a wonderful opportunity to combine our specialist skill sets to service the investment community in China said Exceedor founder Ms Yu Qi, as reported by IAG wire news team. The Chinese company co-owner, Ms Joicy Ma, illustrated the breadth of Exceedor expertise in tax and regulatory reporting, as well as financial statements preparation according to the Chinese GAAP. On the benefits of working closely with the Guernsey based fund administration service provider, she added AG brings an important international dimension to our business along with many years expertise in fund administration and specialist IT systems relating to private equity fund administration. /p>
As with other offshore financial centers the island promotes its financial and business services through a promotional agency, theirs is known as Guernsey Finance. Its specific objective is to introduce the country financial industry to the global investment community. It had established a Shanghai office in 2007, so as to increase Guernsey China exposure and benefit from Asia booming economies.
On a governmental level, the final quarter of last year saw Guernsey chief minister Lyndon Trott sign a Tax Information Exchange Agreement (TIEA) with the Chinese central government tax authorities. He also inked a Memorandum of Understanding (MoU) with the Shanghai Financial Services Office. More recently, the Guernsey government signed its 11th TIEA with a G20 member, Argentina, which is also its first such agreement with a South American country. It now holds TIEAs with 26 different countries. Its latest noteworthy tax agreement signing was with the Cayman Islands.
