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Photo by: Vaduz By Courtesy of Lowtax.netThe government of Liechtenstein announced that on July 8, 2014, it amended its company law to offer a protected cell company (PCC) structure.The PCC structure allows a company to limit its exposure to legal and financial risks by separating its assets and liabilities into different classes of shares Liechtenstein's adoption of the PCC structure will allow it to compete more effectively with other financial centers that already have the structure in place, such as Ireland, Luxembourg, Jersey, Guernsey, and Bermuda.The use of the PCC structure in Liechtenstein will be limited to certain non-profit or...

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UK Wanderer By Jersey FinanceThrough a new partnership with the China-Britain Business Council, Jersey is to appoint a project manager, Garry Zhao, to promote the island's financial services activities in Greater China. Zhao is to be appointed through the CBBC's Launchpad scheme, which enables foreign entities to appoint a Chinese representative without having to register a company in China. Jersey said the Launchpad arrangement provides Jersey Finance with a permanent platform for business development activity in mainland China, helping to widen its network of professional services and financial institution contacts, improve awareness of Jersey among institutional investors, and strengthen governmental...

NEWS 2020

Photo By: The BVI Wiki By Courtesy of Amanda Banks The Government of the British Virgin Islands (BVI) has tasked a private sector consultancy to expand and diversify the islands' financial service industry and look at ways to strengthen the territory's reputation. The Government has engaged the services of global management consultants McKinsey & Company to chart a new direction for the industry, the Government said on August 13, 2014. A team from the firm, comprising experts in financial regulation, asset management, and wealth planning, will undertake a nine-week consultation ending in mid-November. They will seek feedback from several committees...

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Photo by: Xinhua By Ministry of foreign Affairs of the PRC The Chinese ambassador to the UK, Liu Xiaoming, visited Jersey in mid August to attend a series of meetings with senior officials and representatives from the financial services industry to explore opportunities for mutual cooperation. Xiaoming was welcomed by Jersey's Chief Minister, Ian Gorst. During his visit he attended meetings with the Minister for External Relations, Philip Bailhache, the Minister for Economic Development, Alan Maclean, and representatives from the financial services industry. Speaking ahead of the visit, Gorst said: "It will be a pleasure to be able to introduce...

NEWS 2020

Photo By: UK Wanderer By Courtesy of Onshore.cz Jersey Foundations have continued to grow in popularity since they were introduced five years ago, with almost as many Foundations registered in the first six months of this year as were registered in all of 2013.Jersey has registered 264 Foundations, more than four times the total number of Foundations in the other Crown Dependencies combined. July marked the fifth anniversary of the Jersey Foundation, while the Isle of Man and Guernsey introduced their respective foundation forms in 2012 and 2013, respectively.Jersey has established itself as a dominant player in the foundation industry...

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Photo By: The Government of Hong Kong By The Government of Hong Kong The Secretary for Financial Services and the Treasury, Professor K C Chan, today (July 8) signed in Hong Kong an agreement with Korea for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on behalf of the Hong Kong Special Administrative Region Government. The Consul-General of the Republic of Korea in Hong Kong, Mr. Cho Yong-chun, signed on behalf of his government. This is the 30th comprehensive agreement for the avoidance of double taxation (CDTA) that Hong Kong has...

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Photo By: Over Hong Kong By Courtesy of Lowtax.net On August 22, in Paris, Hong Kong signed tax information exchange agreements (TIEAs) with six Nordic jurisdictions – namely, Denmark, the Faroes, Greenland, Iceland, Norway and Sweden.Welcoming the agreements, Hong Kong’s Secretary for Financial Services and the Treasury, Professor K C Chan, said that the signing of the TIEAs demonstrated the city’s continued commitment to fulfill its international obligations on promoting tax transparency, along with its efforts to expand its network of comprehensive double taxation agreements (CDTAs) with its trading and investment partners. “Since the legal framework for entering into TIEAs...

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Photo by: FT By Financial Times The British Virgin Islands has long attracted Chinese companies looking to incorporate offshore but the Caribbean haven is facing pressure in Hong Kong from a global push to tackle money laundering.HSBC and Standard Chartered, two international banks with a significant Hong Kong presence, have made it very difficult for BVI companies to open bank accounts in the Chinese territory over the past two years, according to lawyers involved in setting up companies in the offshore financial centre. “You are seeing stronger compliance and the banks themselves are being more risk-averse so they are making...

NEWS 2020