Local firms urged to work as a team to win business in China
GUERNSEY firms are winning business in China.
The news comes after promotional agency Guernsey Finance gave an on-island update on China, with the audience of more than 100 hearing about developments in the Far East.
The event heard from the agency’s Shanghai representative Wendy Weng and Hong Kong representative Dorothy Kwok.
HSBC London-based director of China and RMB internationalisation Sue Anne Tay gave an oversight into Chinese investment strategy and the country’s Belt and Road initiative.
Guernsey-based insurance manager Charles Scott from Alternative Risk Management, who has made significant business progress in the country, also spoke at the event.
Mr Scott, who last year established a joint venture to promote captive structures and management services with Chinese captive group Beijing Airport Captive Management Consulting, said he was closing in on more deals – having spent two-and-a-half years working in the country, making some 15 trips to China.
‘Personally I am very excited about the opportunities in China. Captives are virtually unheard of, it is 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.’
Mr Scott said the Guernsey Financial Services Commission had been ‘very supportive’ of enabling Chinese business in the island, with sometimes additional due diligence issues created.
Ms Weng said that the Chinese government had been supportive of Guernsey’s promotion of captive insurance in the country, which has also had an educational element.
She added that she was heartened to see more Guernsey firms moving into China or Asia and more visits being made by Guernsey practitioners to the region. She urged local firms to ‘work as a team’ in getting best value from the market.
Ms Weng visits first and second-tier cities every month, meeting local government, intermediaries, institutions and professionals to promote Guernsey and its services. Guernsey hosts at least one event a year in mainland China.
Guernsey Finance has been in China since 2007 and employed its first Hong Kong representative in 2016.
Progress in China has included the signing of 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. Two Chinese families have also relocated to Guernsey following business connections with Guernsey Finance in the past 12 months.
‘We are absolutely thrilled to see such great support from Guernsey’s finance industry. The hard work we all put in now will yield great dividends in the future and Guernsey Finance is very happy to support any of our members interested in exploring this market,’ said Kate Clouston, deputy chief executive at Guernsey Finance.