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Photo by: Getty The British Virgin Islands Financial Services Implementation Unit (FSIU), "intended to reinvigorate the territory's financial services industry," is now fully staffed and operational. The establishment of the unit was among the recommendations outlined by international consulting firm McKinsey and Company, which was commissioned to develop a strategic plan to support the future development of the domestic financial services industry. The FSIU has been tasked with driving the implementation of the other nine recommendations of the McKinsey-led consultancy, which include revamping the international finance center, enhancing customer service at the Financial Services Commission, attracting value-added services, reforming immigration...

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Photo by: Getty During her recent visit to Australia, Hong Kong's Chief Secretary for Administration, Carrie Lam, urged the completion of both a free trade agreement (FTA) and a double taxation agreement (DTA) between Hong Kong and Australia.  During remarks in Sydney on September 18, Lam noted that, "last year, Hong Kong-Australia bilateral trade in goods and services was worth more than AUD8.5bn (USD6.1bn). That's up 5.4 percent over the previous year. The increase was contributed largely by a nine percent increase in Australian merchandise exports to Hong Kong." Lam welcomed the fact that "Australia, just three months ago, signed...

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Photo by: Getty Hong Kong's Secretary for Commerce and Economic Development Gregory So and the Mexican Secretary for Economy Ildefonso Guajardo have announced that Hong Kong and Mexico will launch negotiations on an investment promotion and protection agreement (IPPA).  Following a meeting in Mexico City on August 26, the two governments are now to make preparations for formal negotiations, which are expected to commence in 2016. It was said the IPPA negotiations will send a positive signal to the business communities of the two places and help strengthen investor confidence and expand two-way investment flows. Strengthening investment ties between Hong...

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Photo by: Cinda China Cinda Finance (2014) II Limited has been listed on the Channel Islands Securities Exchange, the first such listing with an ultimate parent company domiciled in China. China Cinda Asset Management Co. Ltd, the issuer's ultimate parent, was incorporated in Beijing, China, in 1999 and listed on the Hong Kong Stock Exchange (HKEx) in 2013. The CISE listing comprises three series of notes with an aggregate principal amount of USD500m, which have been issued by China Cinda Finance (2014) II Limited. The notes were sold to investors such as life insurance companies, securities firms, and asset managers....

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Photo by: OverHongKong Hong Kong's Government has announced that it will refine its legislative proposals for implementing the international standard on the automatic exchange of financial account information in tax matters (AEOI). In September 2014, Hong Kong told the Organization for Economic Cooperation and Development (OECD), which developed the Common Reporting Standard (CRS), that it supports its new standard on AEOI and will commence the first information exchanges by the end of 2018. The commitment was premised with the condition that Hong Kong could put in place the necessary domestic legislation by 2017. To take that commitment forward, the Government...

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Photo by: Getty The British Virgin Islands stands to benefit from substantial financial services business from Chinese individuals and firms, attendees at the Business BVI ASIA 2015 Annual Regional Conference were told. Qian Liu, Director of Economics Unit, The Economist Group, Beijing, said: "The BVI is sitting on a sweet spot with the rise of China." "First, outbound direct investment from China has increased 35 percent since 2005," she said. "Chinese companies investing in international markets want the certainty that BVI structures, backed by BVI courts and English common law, provide, rather than relying on the courts of countries in...

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Photo by Labuan IBFC The Labuan International Business and Finance Centre can complement Hong Kong's position as the gateway to China by providing investors with effective legal and tax structures says Danial Mah Abdullah, the Labuan IBFC's Chief Executive Officer. The Labuan IBFC held the final leg of its ASEAN roadshow in Hong Kong on October 20 to mark the financial center's 25th anniversary. Abdullah said: "Labuan IBFC has its strengths in terms of its proximity to strategic Asian markets and sound regulatory framework, with simple as well as competitive tax system. With our balanced supervisory and regulatory framework, coupled...

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Photo by: RAK FTZ A Chinese delegation recently visited the Ras Al Khaimah Investment Authority (RAKIA), a free zone operator in the United Arab Emirates, to discuss strengthening business ties between Chinese investors and RAKIA. Representatives of RAKIA briefed the visiting delegation on the business advantages and facilities available at RAKIA's Industrial Parks. The benefits include exemption from corporate and individual income tax, and 100 percent repatriation of profits. RAKIA noted that 500,000 Chinese people live in the UAE and 60 Chinese companies operate out of RAKIA's industrial parks. Established in 2000, Ras Al Khaimah Free Trade Zone (RAK FTZ)...

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