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Following a recent visit to China by an Isle of Man delegation
consisting of representatives of Government and the private sector,
the Isle of Man Government is confident that the Isle of Man can
continue to attract Chinese business and expand the working
relationship between the two countries.
With the Tax Information Exchange Agreement between the Isle of
Man and China coming into force from the beginning of 2012, the
purpose of the trip was to demonstrate to Chinese businesses the
benefit they could obtain through utilising the Isle of Man as an
international business centre.
Tim Craine, the Business Development Agency Director for the
Isle of Man Government's Department of Economic Development
commented:
"it was encouraging that our propositions received such
widespread interest and that there is a real interest in learning
more about the Isle of Man and how we can add value to Chinese
businesses in a number of key areas"
The Isle of Man has already established itself as a leading
offshore jurisdiction to access London's capital markets, and
is already home to a number of Chinese operating companies listed
on the AIM market. The Isle of Man has also been accepted as an
approved jurisdiction for the Hong Kong Stock Exchange, making it
the ideal location for joint listed companies.
China is the world's biggest exporting economy and Europe
imports over €200 billion worth of goods from China every
year. The Isle of Man is in an excellent position to offer a unique
service to Chinese businesses, boasting both a zero corporate tax
rate and access to the European VAT network, Chinese businesses can
employ Isle of Man companies as the perfect hub for trading with
Europe. The Island also offers a streamlined Entry Processing Unit
(EPU) under which the Isle of Man will be able to provide an
electronic "single point of entry" for all customs and
excise imports, no matter where, in the EU, the goods arrive.
As a leading jurisdiction for international wealth planning, and
with the recent introduction of Foundations to the Isle of
Man's wealth planning armoury, the Isle of Man can also offer
great benefits for the growing number of high net worth individuals
in China. This increasing demand from China for international tax
planning solutions was demonstrated by the record attendances shown
at the Society of Trust and Estate Practitioners conference held in
Singapore in November 2011, attended by Annemarie
Hughes, director and head of DQ's Trust and Private
Client Department.
Annemarie Hughes commented:
"These are exciting times for the Isle of Man. Our growing
relationship with China has opened the door to a vast number of
potential new clients. DQ already boasts a number of Chinese
clients, including the largest Chinese operating AIM listed company
in the Isle of Man, and we look forward to offering our services to
Chinese clients in the future, to help them take advantage of the
great benefits the Isle of Man can offer."
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The Foundations Law 2012 came into force on 8 January 2013 and the Guernsey Registry has been accepting applications for registration since 9 January 2013.
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