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Abu Dhabi Free Zone Officials Visit China

by Lorys Charalambous, Tax-News.com, Cyprus

02 March 2016

Officials from the Abu Dhabi Global Market (ADGM), a free zone in the United Arab Emirates, and the Abu Dhabi Exchange recently visited Shanghai, China, to meet with representatives of key Chinese financial authorities and institutions.

During the trip, 22 senior members of the Asset Management Association of China met with the ADGM/ADX team to learn about the ADGM's regulatory platform. The team also toured the Shanghai Pilot Free Trade Zone, and met with representatives from the ICBC Private Bank, the Shanghai Stock Exchange, CFA China, and other institutions to discuss global financial developments and possible collaborations.

The ADGM first sent a delegation to China in 2015. During that trip ADGM officials visited Beijing and Shanghai and concluded meetings with representatives of key regulators including the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the financial communities in both cities.

The ADGM became fully operational in October 2015, opening its doors to local and global enterprises and institutions. The free zone has been steadily increasing its profile among foreign jurisdictions, establishing collaborations with regulatory partners and widening its global footprint. Most recently it concluded a Memorandum of Understanding (MoU) with the Jersey Financial Services Commission.

To date, the ADGM's Financial Services Regulatory Authority (FSRA) is recognized as a member of the International Organisation of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS), and the Basel Consultative Group of the Basel Committee on Banking Supervision.

The ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.

TAGS: United Arab Emirates | Insurance | tax | tax incentives | export duty | international financial centres (IFC) | corporation tax | China | Jersey | tax breaks | import duty | International Organisation | trade | individual income tax | free trade zone | Banking

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