Jersey’s links with India and the Gulf Cooperation Council (GCC) nations will be strengthened this month through the signing of a Tax Information Exchange Agreement (TIEA) with India, the engagement of dedicated Jersey Finance representatives in Mumbai and Delhi and the opening of an official Jersey Finance representative office in Abu Dhabi.
A Jersey delegation consisting of States of Jersey Ministers, the Director-General of the Jersey Financial Services Commission and representatives of Jersey’s finance industry arrived in India on 13th March for a five day visit designed to highlight and promote the new Jersey Finance representation in Mumbai and Delhi and which will culminate in the signing of the TIEA on 18th March.
The signing of the TIEA is an important step in facilitating business flows between Jersey and India and demonstrates Jersey’s commitment to operating within the highest international standards. The move will take the total number of similar agreements Jersey has signed to 21, including agreements with countries such as the USA, UK, France, Germany and China.
Following that, the Jersey delegation 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 Treasury 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.
During the visits, Jersey delegates will also meet with a range of government and regulatory officials and business leaders. In India, Jersey delegates will emphasise Jersey’s strength as a centre for corporate banking, funds and wealth management work, and go on to explain the expertise Jersey has in corporate structuring, including the benefits of Jersey’s recently introduced Cross Border Mergers Law. Meanwhile, meetings in Abu Dhabi will focus 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.
Geoff Cook, chief executive of Jersey Finance, commented:
“Both the GCC and India are key finance and business centres that we have been visiting for some years and we are delighted that we are now to have representation in both locations. This is a natural extensions of Jersey’s growing links with these regions, will complement our existing representative office in Hong Kong, and are a reflection of our commitment to growing our finance industry’s presence in international markets in the coming years.”
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.”