Jersey Expands Presence In GCC And India

by Jason Gorringe, Tax-News.com, London

08 April 2011

Jersey has stepped up its business connections in both India and the Gulf region following recent formal visits by government- led delegations, and through the opening of a Jersey Finance office in Abu Dhabi and the appointment of permanent representatives in India.

During the formal reception at the British Embassy to mark the opening of the Abu Dhabi office, Jersey was described as a crucial addition to the financial landscape of the United Arab Emirates by Sheikha Lubna bint Khalid bin Sultan Al Qasimi, Minister for Foreign Trade in Abu Dhabi.

The British Ambassador in Abu Dhabi Dominic Jermey said that Jersey and London complemented each other as financial centres and were frequently part of the same transaction chain facilitating the deployment of mobile international capital, and said he was confident a similar relationship will evolve between Jersey and the Abu Dhabi financial centre.

Earlier, in India, where Jersey now has permanent representation in Mumbai and Delhi, the delegation worked to emphasize Jersey’s strength as a centre for corporate banking, fund and wealth management services, and highlighted Jersey’s expertise in corporate structuring, including the benefits of Jersey’s recently introduced cross-border mergers law. The delegation included ministers, the regulator and officials from Jersey Finance – the body in charge of promoting Jersey’s financial services industry - alongside a number of Jersey-based legal and finance professionals exploring business opportunities.

Sean Costello, who heads up Jersey Finance’s Business Development operations in the GCC and India, will divide his time between the two locations. He said that the investment overseas was a reflection of Jersey’s commitment to growing its finance industry’s presence in international markets in the coming years.

Geoff Cook, Chief Executive, Jersey Finance Limited, commented:

"The feedback from those who participated in the visits earlier this month has been extremely encouraging and a number of delegates are reporting positive developments from their meetings while abroad. We also know from an analysis of our bank deposits that there is a high percentage originating from non-UK and -European markets. The Middle East and the Far East together, for example, represents 18% of the total deposits. The visits in March therefore have been important in cementing existing ties in these countries, and [now] with our enhanced representation we have an even better platform from which to encourage more quality business to choose Jersey.”

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