Guernsey's signing of numerous Memoranda of Understanding (MoUs) with Chinese regulators and other industry bodies has provided a foundation for Guernsey to develop business with Chinese service providers and clients, according to Guernsey Finance.
At an event marking 10 years of Guernsey's presence in Shanghai, China-based panelists presented evidence of the importance of MoUs in facilitating business with the island.
Since the opening of the representative office, Guernsey has signed MoUs with all of China's financial services regulators and as many as 10 MoUs and cooperation statements with industry bodies, representative associations and other agencies.
Keynote speaker Keijan Chao, deputy director of Shanghai Municipal Government Huangpu District in charge of financial services, suggested the MoUs have led to a strong bond between the two jurisdictions.
“The relationship is close and well-developed because it has been approached from a very high level in terms of government, regulator and industry cooperation,” said Chao.
Yongjie Liu of Beijing Airport Captive Management Consulting (BACMC) also praised the MoUs as he discussed establishing a captive insurance joint venture with Guernsey.
Liu said: “There are only eight captive structures in China and the threshold is too high to set up a captive. Guernsey can get it done more efficiently. Guernsey is also a centre of innovation, having developed the PCC structure in 1997 that can now be used in many sectors such as capital markets, trusts and insurance.”
The event attracted more than 200 delegates and Guernsey Finance China representative Wendy Weng was presented with a certificate to recognise her 10 years with the promotional agency.
Connie Lee of corporate services provider Dunhuang Wealth fully endorsed Guernsey’s history of political stability, and referred to Guernsey’s legal system as ‘practically perfect’. Lee’s company is currently in discussions with Guernsey-based Concept Group about providing additional private client services.
Michael Yang of Jiaxing Diyang Textile Company said that it easier to do business in Guernsey and he is in the process of relocating the hub of his business to the island.
Guernsey Finance, MoU, Captives, Guernsey, China