Guernsey Urged To Work Hard For Asian Business As It Opens Hong Kong Office

Farva Kaukab

2 March 2016

A luminary of the funds industry has welcomed the opening of a Hong Kong office by the agency promoting Guernsey and warned that rival international financial centres are battling for Asian business.

Guernsey Finance will be holding its Hong Kong office launch today. A seasoned investment funds expert who spent five years working in the Far East applauds the move.

Julian Carey, who was appointed to the newly created role of head of client services at Orangefield Legis just under two months ago, urged Guernsey’s financial services industry to push for success in Asia.

Carey said Guernsey will be particularly attractive to fund managers who want to access the UK and European markets via the jurisdiction's fund structures, according to a statement issued yesterday.

“Both are targeted by funds investing from the UK and Europe into the Far East and also have Far Eastern managers who want to access the UK and European markets via Guernsey fund structures,” he said.

Carey called upon fund administrators, law firms and international tax practitioners to ensure that the initiative will work, saying that it was vital that the Far East fund managers and other intermediaries actually see practitioners visiting Hong Kong and the region.

He warned, however, that the island needed to be competitive as other IFCs are seeking to win Asian business.

“Competitors such as Luxembourg, the Bahamas and Jersey are putting together very impressive roadshows and presentations in the region involving both regulators and practitioners so we need to make Guernsey’s presence felt,” he said.

He mentioned that the use of tax neutral jurisdictions by Asian investors is tried and tested.

The office will provide direct regulatory guidance on Guernsey-specific ventures in addition to being a promotional platform to its counterpart in Shanghai.

In December 2015, Guernsey signed an agreement with the Shanghai Family Office Union to work on building business links in China in exchange for helping Chinese firms understand international regulatory and compliance standards and procedures.

Three months earlier, a Chinese issuer, a company called China Cinda Finance (2014) II, was listed for the first time on the Channel Islands Securities Exchange.