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Sunday
May022010

Offshore Banking Seeks Further Afield Offshore Business

I’ve been following the repercussions of the recent UK and EU clampdowns on offshore investments lately and decided to take a closer look at how this will affect businesses in tax haven locations. I recently wrote here of how HMRC are cracking down on disclosure of offshore investments - that article looked at how the new legislation and policies are affecting mainland UK investors.

But what about the businesses that are run in tax haven areas? With investors being put off by tougher legislation and possible mandatory disclosures on investments being made by local financial institutions, the numbers of investors is starting to decline.  It’s not only the investors being hurt by the downturn. It’s the companies and areas they invest in that are also being affected.

At the same time as the global economic downturn, we’re starting to see some strong powerhouses develop from the Far East. China and India are probably the best known but several other Far East countries are also pushing through the economic downturn at breakneck speed. It’s these areas that I’ve seen several Channel Islands business approaches head to for new business. Apparently it’s not just a fly by night idea either.

I’ve been following quite a number of reports about the economic downturn in Europe and the possible EU mandating of taxable income disclosures forcing businesses in the Channel Islands to look further afield. One report speaks of the changes to recruitment on the Channel Islands - now looking for recruits with Asian language skills.

At the rate of economic growth from Asia, it’s likely that this will become the norm rather than the exception. If you’re business is looking to expand to or seek investment from offshore tax areas, get in contact with one of our specialist advisors who will be happy to run through some options that best suit your business.

 



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