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Guernsey’s position as a leading international finance centre for funds, listings and private wealth services was reinforced at the International Taxation Conference in India earlier this month.
Guernsey’s position as a leading international finance centre for funds, listings and private wealth services was reinforced at the International Taxation Conference in India earlier this month.
The three-day event in Mumbai, which was attended by more than 400 delegates, formed a key part of the visit to the country for Fiona Le Poidevin, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, who presented a session at the conference on how Indian clients can benefit from Guernsey’s financial services expertise.
Miss Le Poidevin was joined for her presentation by Raj Ganguly, Managing Director of RKG Consulting, who has been advising India-based companies and individuals on doing business and investing internationally for more than 25 years. During the presentation, Mr Ganguly shared his experience of working with Guernsey service providers.
Miss Le Poidevin said: “The conference was very well attended and provided a great opportunity to continue spreading the Guernsey message and to build on our contact base in India. It was extremely beneficial that Raj was able to provide first-hand insight into the advantages of using Guernsey. This includes our proportionate and robust regulation that is practical and sensitive to business needs, our skilled and internationally-minded workforce and the Island’s entrepreneurial rather than bureaucratic approach to doing business.
“We feel that Guernsey’s funds industry, with its considerable experience in infrastructure funds and raising capital through European markets, is well placed to assist India with the challenges it faces in its ongoing development. For example, the India Capital Growth Fund, Indus Gas, Kolar Gold, Skil Ports & Logistics and Mytrah Energy Limited are all Guernsey-incorporated entities which are currently listed on the Alternative Investment Market of the London Stock Exchange. With optimism surrounding the country’s elections coming up in 2014, we hope our track record to date will be an advantage as the Indian economy continues to build towards the future.”
Miss Le Poidevin also held a series of meetings with a number of financial services firms and business representative organisations in India.
She said: “It was a very encouraging week in Mumbai. There were clear signs that India and Guernsey can significantly build on their current relationship, particularly in terms of fund structuring and wealth management services. We appreciate that this will take time but we are committed to raising our profile in the country and building on the progress already made, as demonstrated by those investment funds listed on the LSE through Guernsey companies which invest into India, across a cross section of industries spanning energy, logistics and mining.”
The first official delegation from Guernsey visited India in 2010. Since then, regular visits have taken place in order to continue building relationships and raising the Island’s profile in the country. The Guernsey Government signed a Tax Information Exchange Agreement (TIEA) with the Indian Government in December 2011.
