Guernsey Delegation Sets Out To Raise Profile In Asia

by Robert Lee, Tax-News.com, London

19 October 2009

A delegation of officials and business leaders from Guernsey has arrived in Singapore, its first destination on a three-center trip to raise the Island’s profile across Asia. The delegation will also meet with representatives from Hong Kong before concluding with an official visit to Shanghai.

Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, said: “We have made great strides during the last couple of years to increase awareness of the Guernsey brand in the rapidly growing Asian market. Wendy Weng and our representative office in Shanghai have been instrumental in that process but it is vital that we show our commitment to the region and continue to raise our profile.”

The Guernsey delegation in Asia includes the Chief Minister, Lyndon Trott; Chief Executive of Guernsey Finance, Peter Niven; Jonathan Hooley, Chairman of the Channel Islands Stock Exchange (CISX) and External Affairs Adviser to the States of Guernsey; Mark Whiteley, Guernsey Registrar of Companies; as well as some of the Island’s leading finance industry practitioners.

“I am extremely pleased that we are taking such a strong delegation of officials and finance industry representatives from Guernsey," said Niven. "This has enabled us to put together a comprehensive itinerary where we will meet with government, stock exchange and regulatory officials, as well as practitioners in each of the centers. It is through cementing these relationships that we will build on the progress we have already made in developing business flows for Guernsey in the future.”

During the course of the delegation’s visit to Singapore, Guernsey will be a lead sponsor and exhibitor at STEP Asia. Jonathan Hooley will speak on "the new global framework for wealth structuring" as well as participating in a panel session that looks at the contribution "offshore" centers make to higher tax jurisdictions. Paul Hodgson, from Butterfield Trust in Guernsey, will speak on "Foundations and Trusts: How to decide which to use," while Niven will chair a debate provocatively titled "Gordon Brown and Nicolas Sarkozy are right – tax havens really are finished."

The delegation from Guernsey will visit Hong Kong on October 23-24. The itinerary for this visit includes a half-day conference showcasing why the Island’s expertise in offshore investment funds makes it an ideal gateway for Asia to access European capital markets. The Guernsey team will also meet with the Hong Kong Stock Exchange and the Hong Kong Investment Fund Association.

The Chief Minister will be a keynote speaker at the opening of the 6th China International Finance Forum in Shanghai on October 24-25, highlighting to delegates that Guernsey is a leading international finance center which meets the highest standards of transparency and regulation.

The visit also includes the official opening of the new Guernsey representative office, scheduled for October 26, which will be attended by Dr Fang Xinghai, Director General, Shanghai Municipal Financial Services Office. There will be a half-day conference showcasing why the Island is ideally positioned to provide offshore investment fund and wealth management solutions to the Chinese market on October 27. In addition, there are meetings with the Shanghai Stock Exchange, the China Securities Regulatory Commission, the British Consulate, and local industry practitioners.

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