Guernsey is to have an official representative based permanently
Chinese national Wendy Weng will take up the post from the start
She will be working for GuernseyFinance the promotional agency
for the Islands finance industry and be based in Shanghai.
"There is intense competition to win business in emerging
markets such as China. Our experience is that jurisdictions that
only visit China once or twice a year are regarded as being here
today and gone tomorrow. That means that you can soon be forgotten,
particularly in the Far East where huge importance is placed on
long-term relationships," said Peter Niven, Chief Executive of
"Therefore not only have we spent time analysing the
opportunities and building contacts but we are now establishing a
continuing presence in China. This underlines our commitment to the
country and at the same time provides us with a platform to
directly promote Guernsey to business leaders and within
appropriate government circles so that in the future our finance
industry can benefit from increased business flows from the Chinese
The initiative is being facilitated by the China-Britain
Business Council (CBBC). It is the UKs leading organisation in
helping British companies conduct business in China. It offers
practical services to many different types of firms, whether they
are already established or just starting out in the country.
GuernseyFinance is using CBBCs Launchpad scheme. Many
non-Chinese companies want to quickly set up a base in the country
but without having the time and expense of establishing a full
representative office. However, under current regulations, foreign
companies are unable to employ Chinese staff legally, unless the
company is registered in China. Through Launchpad, a British
company can recruit an individual of their choice but whilst he or
she works on its behalf, they are employed by CBBC and operate from
one of its Chinese offices.
"Launchpad is an efficient and effective means of creating
a platform in China and we see it, as I believe so have many of the
previous users of this scheme, as the first step to establishing
our own representative office in the country," added Mr
"I would also add that we are very pleased indeed to be
appointing Wendy whose quality stands out both on paper and in
person. We welcome her to the team and have every confidence in her
ability to assist us in developing yet another success story for
Guernseys finance industry."
Mrs Weng, 28, was educated at university in Shanghai before
gaining a degree in Accounting and Finance from Lancaster
University. She has since worked as Government Affairs Executive
for Hymall-Tesco and joins from being Business Development Manager
for the regional economic development agency, One Northeast.
Work has already started and will continue in conjunction with
Wendy on developing Guernsey branding specifically for Chinese
market, including a Chinese version of the GuernseyFinance
Guernsey also continues to develop its position in other
emerging markets, with GuernseyFinance exhibiting at Private Equity
World MENA in Dubai on 19 and 20 November where on its behalf
Andrew Boyce, Partner at law firm Carey Olsen, will speak on the
competitive advantages of structuring private equity funds
Many people are baffled by trusts, the purpose of which they don't fully comprehend. Some even regard them with suspicion, as tools of of opaque tax evasion strategies of a type favoured by wealthy individuals.
We were recently instructed by a Bank in relation to a regulatory matter. The Bank had made a suspicious activity report to the Financial Investigation Unit ("FIU") due to their concerns about the potential source of funds in an account.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).