Jersey’s strengthened its ties with India with the official engagement of Jersey Finance’s representatives in Mumbai last week. 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 were present at the announcement of Jersey Finance’s representatives with Professor Roy Rohatgi, Founder – Director, Foundation of International Taxation who graced the occasion as Chief Guest.
Jersey, with its 50 year old finance industry, has consistently been recognised as a mature and well regulated jurisdiction by respected bodies including the IMF, OECD and the UK Government, and has proven on numerous occasions that it meets or exceeds all of the relevant international standards for financial stability and transparency expected from the world’s leading financial centres. In addition, Jersey is fully compliant with the 3rd EU Anti-Money Laundering Directive and committed to all guidelines aimed at countering the financing of terrorism.
The representatives will support the promotion of Jersey as an international finance centre in India and act as a hub for Jersey Finance to communicate the breadth and depth of its financial services. Both representatives will be overseen by Sean Costello, Head of Jersey Finance’s Business Development in the GCC and India.
Jersey will be signing the TIEA shortly with India, a move that will take the total number of similar agreements Jersey has signed to 21, with countries such as the USA, UK, France, Germany and China. During the visits, Jersey delegates also met with a range of government and regulatory officials and business leaders. Jersey delegates emphasized Jersey’s strength as a centre for corporate banking, funds and wealth management work, and explained the expertise Jersey has in corporate structuring, including the benefits of Jersey’s recently introduced Cross Border Mergers Law.
Geoff Cook, chief executive of Jersey Finance, commented:
“India is a key finance and business centre that we have been visiting for some years and we are delighted that we are now to have permanent representation in India. This is a natural extensions of Jersey’s growing links with these region, 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 India, we are 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 capitalization of £16 billion. These are the kinds of messages we will be looking to communicate through our expanded global representative office network.”