Guernsey is continuing to successfully develop its business connections with the Chinese market.
Speaking at an event organised by Guernsey Finance, Charles Scott, from Alternative Risk Management, and Wendy Weng, Guernsey Finance’s Shanghai representative, suggested their work around captives in the region had been successful and there was a positive outlook moving forward.
Scott has made progress introducing captives to the Chinese market over the past few years having made some 15 trips to the region in a two-and-a-half year period working with Chinese contacts.
He established a joint venture with Chinese captive group Beijing Airport Captive Management Consulting last year to promote captive structures and is now closing in on more deals.
Scott said he was excited by the opportunities China offered.
He commented: “Captives are virtually unheard of, virgin territory, and I know of no other domicile marketing captives to China corporates.”
“I believe there is a huge opportunity and I would absolutely urge my colleagues in the industry to come over, do the hard yards, and you will see the rewards.”
Weng visits Chinese first and second-tier cities every month and meets with local government, intermediaries, institutions and professionals to promote Guernsey and its services.
She highlighted the support of the Chinese government’s support of Guernsey’s promotion of captive insurance in the country, which has also had an educational element.
Weng added that she was heartened by the increase in both the number of Guernsey firms moving into China or Asia and the number of visits made to the area by Guernsey practitioners, and urged local firms to “work as a team” to get the best value out of the market.
Guernsey has made strides in China in recent years, including signing a Memoranda of Understanding with Chinese authorities–an essential for making progress in business in the country–and several business wins for Guernsey firms in the country.
Additionally, two Chinese families have relocated to the island due to business connections with Guernsey Finance in the past 12 months. Kate Clouston, deputy chief executive at Guernsey Finance, said the island “uniquely positioned” to serve the Chinese market’s needs.
She continued: “Through risk management tools in the insurance sector, long-term asset protection with the fiduciary sector, or using an international investment fund distribution platform.”
“Guernsey and Chinese companies can grow internationally together.”