Jersey Finance, the body responsible for promoting Jersey’s finance industry, has said that the delay in signing a Tax Information Exchange Agreement (TIEA) with India will not have an impact on business flows between Jersey and India or planned future growth.
Responding to news of the delayed signing, Jersey Finance CEO, Geoff Cook, said: “TIEA’s take a number of months to prepare and so it is understandable that on this occasion the formal signing could not be completed to coincide with our visit to India marking the introduction of permanent Jersey Finance representative in the country. We have every confidence that the agreement will soon be in place and when it is, the platform for growing business between Jersey and India will be strengthened further.”
Jersey Finance is in India with a delegation that includes Deputy Chief Minister, Senator Philip Ozouf, Assistant Chief Minister, Senator Freddie Cohen, and a number of senior representatives from finance firms based in Jersey. Mr Cook added: “The commercial elements of the visit have been a great success and we have built on the strong links that already exist between Jersey and India as well as making a great many new contacts. With our permanent representatives now in place, the future growth opportunities for business flows between Jersey and India are strong.”
The delegation will leave India today for the next phase of the market development visit, where they will travel to the UAE to mark the opening of Jersey Finance’s representative office in Abu Dhabi on Sunday 20th March with a reception at the British Embassy, hosted by the British Ambassador Dominic Jermey OBE and officiated by HE Sheikha Lubna bint Khalid bin Sultan Al Qasimi, Minister for Foreign Trade and a member of the Abu Dhabi royal family, and Jersey’s Deputy Chief Minister, Senator Philip Ozouf.
Jersey Finance representation in both India and the GCC will support the promotion of Jersey as an international finance centre in these important regions and act as a hub for Jersey Finance to communicate the breadth and depth of financial services and expertise available through Jersey. Sean Costello, Head of Jersey Finance’s Business Development in the GCC and India will be supported by Business Development Representatives Kapil Dua, based in Delhi, and Jyoti Tathgur, based in Mumbai.
In India, Jersey delegates have been working to emphasise Jersey’s strength as a centre for corporate banking, funds and wealth management work, and to explain the expertise Jersey has in corporate structuring, including the benefits of Jersey’s recently introduced Cross Border Mergers Law.
In Abu Dhabi the focus will be on Jersey’s expanding range of Islamic financial services, including Islamic asset management and fund domiciliation, Special Purpose Vehicles (SPVs), Sukuk structures and Islamic private wealth management.
Sean Costello, Jersey Finance’s Head of Business Development for the GCC and India, added:
“We are now seeing growing interest from GCC nations and India in the wider capabilities of Jersey’s finance industry. In the GCC, for example, there is greater appreciation that Jersey’s flexible legislation can be a natural choice for Islamic asset and wealth management, whilst in India, as well as seeing persistent interest in Jersey’s funds expertise, that is now extending to corporate and listings work – there are currently, for instance, 86 Jersey companies listed on worldwide exchanges with a market capitalisation of £16 billion. These are the kinds of messages we will be looking to communicate through our expanded global representation of Jersey’s finance industry.”
For further information, please contact Mike Sunier or Adam Riddell at Crystal Public Relations on tel. +44 (0) 1534 618613 or e-mail firstname.lastname@example.org
Notes to editors:
Jersey is a self governing British Crown Dependency, located near the English Channel. Its largest industry is financial services, with over 25% of the population employed in the sector. 2011 also marks the 50th anniversary of Jersey’s modern financial services industry and is being marked by a programme of celebration in Jersey and in key markets globally.
Jersey, which provides a tax neutral environment, has earned a reputation as a leading, well regulated financial services centre by:
- being one of the first international finance centres to be placed on the OECD ‘white list’ as having implemented internationally agreed tax standards
- being invited by the French Chair of the OECD Peer Review Group to be Vice Chair, alongside Japan, Singapore and India, with a view to assessing how jurisdictions implement international standards of transparency and exchange of information
- receiving a favourable British Crown Dependencies Review, conducted by the UK government
- being rated as the top ‘offshore jurisdiction’ in the most recent Global Financial Centres Index
- being rated as one of the best international finance centres globally by the IMF (September 2009), along with the UK and US
- being the first offshore centre to become a full signatory to the IOSCO Multilateral Treaty
- aligning itself fully with the highest standards of the 3rd EU Anti-Money Laundering Directive