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By Wang Han Qi. Four years after coming into existence, Hong Kong's nascent market for renminbi-denominated bonds - a core plank in China's drive to internationalize its currency - has burst into life. The so-called dim sum bond market, named after the bite-size delicacies served in Hong Kong tea houses, has already seen more deals this year than in the whole of 2010.  Unilever, the European consumer group, and BYD, the Chinese carmaker backed by Warren Buffet, are among the issuers that have raised RMB funds in Hong Kong market through dim sum bonds since January. While the sums involved...

EXPERT INSIGHTS 2020

Executive Summary:Sugar (well it has to come from somewhere) remains the dominant crop and accounts for one third of exports. Export-oriented domestic manufacturers and service providers get favored treatment. The government has tried hard to create a manufacturing sector with a range of investment incentives, free trade zones and a Freeport. Garment manufacture has been a particular success, and a financial services sector including a stock exchange has also developed. The government is enthusiastic about e-commerce and has built a 'Cyber City'. There is a flat tax rate of 15% in almost all areas. Mauritius has signed more than 40...

JURISDICTION 2014

The great turn around for the goliath of international wealth management, UBS, continues to gather steam after its crisis ridden three-year period from the end of 2007 through to today. The Swiss giant reported its 2010 annual performance on March 15,2011 and, while serious creases in the business still exist to be ironed out, the bank current leadership has moved a long way to fulfilling their survive and reinvigorate mandate. The company wealth management business is now split in two Wealth Management and Swiss Bank and Wealth Management Americas. The former had total income of CHF7.4billion (US$8 billion) and expenses...

EXPERT INSIGHTS 2020

What is unique in your jurisdiction and why Chinese investors should form companies there? Mauritius has all the right ingredients to make it the International Financial Centre par excellence. Chinese investors investing either into or via Mauritius can benefit from the economic, political/ legal and fiscal advantages that the Country has to offer. These advantages can be summarized as follows: Availability of professional services Strategic time zone (only 4 hours behind Asia) Strong and well diversified economy Well-developed communications infrastructure (including regular direct flights from/ to China) Political stability Modern legislation ultimate court of appeal is the Privy Council in...

CORPORATE & FIDUCIARY JURISDICTION 2014

Steven Hao of Wisemove Tax Agency looks at individual income tax-related risks ontransferring individual equities held offshore by Chinese residents. Since China adopted its new enterprise Income tax law in 2008, taxation authorities have been increasingly focusing on supervision of taxable activities arising from the disposing of equities indomestic enterprises either via direct transfers or indirect transfers through intermediary "conduit companies.  Taxation authorities have so far mostly paid attention to overseas non-resident enterprises, while there has been little supervision of transfers of equities in overseas-incorporated enterprises owned by Chinese residents. That could change shortly though, Chinese taxation authorities have already...

EXPERT INSIGHTS 2020

Nigel Morris-Cotterill, Head of The Anti Money Laundering Network, on the nuances of offshore confidentiality laws. In a previous article, (Offshore and "offshore" - Asia Outbound, Autumn 2010) we looked at how money laundering is defined, how it relates to predicate offenses and how, by linking offenses and laws in two countries, prosecutors may apply for the extradition of a banker or provider of professional services from one jurisdiction to another, not as a conspirator or an accomplice but as a principal in the offense of money laundering. In this article, we will look at one of the reasons the...

EXPERT INSIGHTS 2020

The island's success story is gaining attention. Mauritius has around 30,000 global business company registrations and the number is growing. The success of the island has attracted internationa llaw firm Bedell Cristin, to set up office, as well as public acknowledgement from Joseph Stiglitz. The island's foreign direct investment is expected to increase by 8%, with inflows reaching up to US$430million this year, according to Parakash Maunthrooa, chief executive officer ofthe Mauritius Board of Investment. The island is also a key stop overfor inter-emerging market trade and investment. "[There are] around 699 global funds targeting promising emerging countries including massive investment...

CORPORATE & FIDUCIARY OVERVIEW - EXECUTIVE SUMMARY 2014

Michael Wong and Jonathan Tjia from KPMG discuss PRC tax considerations for China outbound investment In the current economic environment, tax considerations are becoming increasingly important in the assessment of potential investment opportunities. It is with this in mind that organizations and investors around the world look to design appropriate holding, financing and operating structures to take advantage of tax concessions, incentives and agreements to legitimately minimize the overall effective tax rate on their global earnings. This article focuses on some of the key PRC tax regulations that need to be considered to ensure that you reap the benefits of any offshore structuring,...

EXPERT INSIGHTS 2020