Guernsey: Guernsey Delegation Jets Off To The Far East
Last Updated: 6 October 2008

A delegation from Guernsey is heading for Hong Kong on the first leg of a two centre Far East visit to promote the Island’s expertise in fiduciary services.

The delegation will spend a week in Hong Kong (5th-11th October) and then a week in Shanghai (11th-17th October) highlighting how Chinese institutions and high net worth individuals can benefit from using trust and corporate services provided by Guernsey.

There will be a focus on recent enhancements to Guernsey’s offering such as the extension to the range of products and services available as a result of the introduction of a new Trust Law in March and the streamlining of the Island’s company incorporation process through the simultaneous launch in July of a new Company Law and new Guernsey Company Registry.

The delegation team will be showcasing Guernsey as lead sponsor and exhibitor at the STEP Asia conference in Hong Kong, through a specific trust and company seminar in both locations and a series of meetings with key decision makers in the two centres. Guernsey’s most senior politician, Chief Minister Lyndon Trott, will join the delegation in Shanghai to lead discussions with Chinese government and regulatory officials.

"We have already made a great start in showcasing Guernsey and our expertise in financial services to both government officials and business leaders in Shanghai. I am delighted to be able to lend my personal support to this initiative as we seek to further increase awareness of the Island and particularly on this occasion how our fiduciary services offering can deliver significant benefits to Chinese institutions and high net worth individuals," said the Chief Minister.

"One of the key messages that I am taking out to the region is that Guernsey is committed to forging strong relationships in China for the long term so that we may both benefit from what each of us has to offer. This might be by way of business flows in terms of financial services but equally it may be in other trade and I am especially looking forward to visiting the Shanghai operation of the Specsavers Optical Group – a shining example of a Guernsey-headquartered success story on a global scale."

The delegation team also includes: Guernsey finance industry practitioners comprising representatives from Louvre Group, Collas Day, Butterfield, PwC, Nerine, Barclays Wealth, Sarasin, Ince&Co, Augentius and RBC; Stephen Trevor, Director of Fiduciary and Intelligence Services at the Guernsey Financial Services Commission (GFSC); Mark Whiteley, Guernsey Registrar of Companies; and Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry.

Mr Niven added: "Our substantial amount of activity in the region over the past year means that we are well placed not only to reinforce our relationships with government and regulatory officials but also show key fiduciary decision makers in the two centres how Guernsey can deliver significant benefits to Chinese institutions and high net worth individuals."

This visit follows from a delegation in March to Shanghai where a Guernsey office staffed by permanent representative Wendy Weng was officially opened. In addition, Mr Niven visited Shanghai and Beijing in June as part of the Lord Mayor of the City of London’s delegation to the region.

Off the back of these visits Guernsey has already invited and arrangements are being made for representatives of the Shanghai Stock Exchange to come to the Island later this year and in particular for them to visit the Channel Islands Stock Exchange (CISX). Also the GFSC has invited its regulatory counterparts in Shanghai to Guernsey so they can see at first hand how the Island regulates a diverse financial services industry in a small jurisdiction which has similarities to the Shanghai model. In addition, senior management of the Beijing headquartered Sunshine Insurance Group, which is one of seven insurance groups in China, have been in Guernsey to assess the viability of establishing a captive insurance company in the Island.

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