ISSUE #07 of "Offshore Business Magazine" has been launched. The fastest growing financial and professional magazine for the offshore industry.
The magazine accentuates the positive aspects of international deal making, and provides the industry with news and in deep articles.
The following are all important motivations for using offshore jurisdictions: minimization of tax, protection and enhancement of assets, risk management,
cost reduction, confidentiality, avoidance of bureaucracy and excessive regulation.
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Offshore Business Magazine
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#07 - In this issue:
SEYCHELLES MUTUAL FUNDS
An act providing for the regulation of mutual funds was passed in 1997. The regulations made under this Act provide for a modern regulatory system aimed at
attracting international mutual funds promoters from around the world. A fund which may be in the form of an investment company or unit trust enjoys complete
exemption from taxes and can take advantage of an emerging network of tax treaties. New legislation and regulations thereof now allows for the licensing of
Mutual Funds administrators and funds by the Central Bank of Seychelles. Funds may be established either as investment companies or unit trusts. In the case
of investment companies, a wide choice of vehicles are available. All funds must have a registered office and a licensed administrator in Seychelles. Full
story on page.14
OFFSHORE INVESTMENT AND BANKING BECOMES MORE ATTRACTIVE IN UNCERTAIN ECONOMY
"Nearly anyone has the opportunity to benefit financially from the higher returns being offered by offshore investment opportunities these days.” Said global
banking specialist Ron Z. Mendelson of Xplorer Offshore Services. Full story on page.16
MAURITIUS PROTECTED CELL COMPANY (PCC)
A GBC 1 may be structured as a PCC. The PCC is a special legal structure made up of cellular and non-cellular assets. It provides legal segregation of assets
attributable to each cell of the company whether owned by individuals or body corporate. The PCC offers a wide range of applications namely insurance
(general, long term, reinsurance, captive) and collective investment schemes. Full story on page.16
SPEEDY ADOPTION OF NEW REGULATORY REGIME KEY TO IRELAND ENHANCING ITS POSITION AS A MAJOR INTERNATIONAL REINSURANCE CENTRE
Ireland’s “light touch” supervision of reinsurance businesses is out of step with best international practice, but the rapid implementation of a new EU
regulatory regime will send a strong signal that we want to remain as a major centre for the reinsurance sector. Ambrose Loughlin, Partner in McCann
FitzGerald’s Banking & Financial Services Department comments that the EU Reinsurance Directive will increase capital costs for reinsurance companies, but
such businesses based in Ireland will benefit from plans by the authorities here to transpose the Directive into Irish law well ahead of the 2007 deadline.
Full story on page.18
INVESTMENT FUNDS - LISTING ON THE CAYMAN ISLANDS STOCK EXCHNAGE
The Cayman Islands Stock Exchange (the “CSX”) commenced operations in July 1997 and currently lists more than 1,000 issues with aggregate capitalisation in
excess of US$80bn, including investment funds, specialist debt and derivative warrants. Investment funds represent some 85% of all listings and this
memorandum highlights the principal features that have attracted so many fund operators to the CSX. Full story on page.20
CAPTIVE INSURANCE BASICS - WHAT IS A CAPTIVE, AND WHY DO YOU WANT ONE?
Captive Insurance is a significant component of the financial industry of many offshore jurisdictions. Captive insurance companies are receiving increased
attention as insurance and finance industries turn to new alternatives for risk financing. Although captives are a relatively mature risk solution, many
businessmen have little understanding of how they operate or the knowledge necessary to evaluate the benefits for a particular situation. Even those who have
looked into them previously may not be aware of all the factors that affect the decision about whether or not to establish a captive. This article will
explore those factors, and provide a new perspective on evaluating this risk management solution. Full story on page.23
HONG KONG - MR JOSEPH YAM PROPOSES STRATEGY FOR MAINTENANCE OF THE STATUS OF HONG KONG AS AN INTERNATIONAL FINANCIAL CENTRE
In a speech titled “A financial development strategy for Hong Kong” delivered at the Pan-Pearl River Delta Financial Services Forum today (Thursday), Mr
Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, proposed a five-pronged financial development strategy for the maintenance of the status of
Hong Kong as an international financial centre: Full story on page.27
LABUAN IOFC RECORDS ANOTHER YEAR OF STRONG PERFORMANCE
Labuan International Offshore Financial Centre (IOFC), put up another strong performance last year, with expansion in all sectors, Bank Negara Malaysia (BNM)
Governor Tan Sri Dr Zeti Akhtar Aziz said. It recorded total income of RM18.5 million for the year ended Dec 31, 2005 compared with RM17.7 million in 2004
and a surplus of RM3.3 million versus RM3.8 million previously, she said when releasing the Labuan Offshore Financial Services Authority (LOFSA)'s 2005
Annual Report at a press conference here, Friday. Full story on page.29
NEW LAWS FOR COLLECTIVE INVESTMENT FUNDS IN DIFC
Legislation to regulate the managed funds industry within the DIFC has been enacted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai.The
Collective Investment Law 2006 was sponsored by the Dubai Financial Services Authority which has also issued detailed Collective Investment Rules. This Law
sets out the framework for regulating funds and permits the operation of various types and categories of collective investment funds in the DIFC including
property funds, Islamic funds, hedge funds, fund of funds and private equity funds. Full story on page.30
BAKER & MCKENZIE EXPANDS TRANSFER PRICING TEAM WITH THREE NEW SENIOR ADVISERS
Baker & McKenzie LLP announced that a team of three senior transfer pricing advisers have joined the Firm's Transfer Pricing Practice. Stephanie Pantelidaki,
Martin Zetter and Andrew Boyle have joined the Firm's London office alongside Richard Fletcher, the recently appointed Head of UK Transfer Pricing. Full
story on page.36
MOURANT NAMED CHANNEL ISLANDS FUND ADMINISTRATOR OF THE YEAR
Mourant has been named ‘Channel Islands Fund Administrator of the Year’ at the International Custody and Fund Administration awards in London. Mourant
becomes the inaugural winner of the award which was introduced for the first time at this year’s ceremony. The event took place at the Grosvenor House Hotel,
Park Lane on 22 February. Full story on page.37
FORTIS ACQUIRES HEDGE FUNDS SERVICES (BVI)LTD, BVI’S LEADING FUND ADMINISTRATOR
Fortis Merchant Banking announced that its fund servicing arm, Fortis Prime Fund Solutions, has acquired Hedge Funds Services (HFS), the largest fund
administrator in the British Virgin Islands (BVI). HFS is BVI’s largest independent full-service fund administrator. At the end of 2005 it had approximately
EUR 2 billion in Assets under Administration in 104 funds from 53 different fund managers, 90% of which are based in the US. These funds represent a variety
of investment strategies, including long/short equities, convertible arbitrage, event-driven and funds-of-funds Full story on page.38
CAYMAN CAPTIVE INSURANCE SECTOR CONTINUES GROWTHT
Cayman's captive insurance sector continued to grow in 2005, with 733 Cayman-licensed captives active at 31 December. This represents a six percent increase
from December 2004 when 693 captives were active. Captives are entities licensed to write non-domestic insurance business. During 2005, the Cayman Islands
Monetary Authority licensed 59 new captives, while 19 were cancelled. Full story on page.41
NEW CORPORATE ADMINISTRATION CERTIFICATION PROGRAMME TO SUPPORT BRITISH VIRGIN ISLANDS FINANCIAL SERVICES
The British Virgin Islands branch (‘Group’) of the UK Institute of Chartered Secretaries and Administrators (ICSA) announces the launch of the first ever
on-island certification programme for corporate administration. The programme, working with the Financial Services Institute at H. Lavity Stoutt Community
College (HLSCC), will offer both current and prospective ISCA members a course of lectures and examinations initially in the certificate areas of Offshore
Business Environment and Trust and Company Principles. Full story on page.43
OZANNES - FIRST GUERNSEY LAW FIRM TO OPEN IN JERSEY
One of the Island’s oldest established practices, has today announced that it will be opening a legal practice in Jersey and will be the first Guernsey law
firm to do so. The office, which will open in the autumn, will be headed by new partner and Jersey Advocate, Marcus Stone, who brings to the practice
extensive experience in commercial work. Full story on page.45
