ICS Trust (Asia) Limited - August Newsletter

US Delays Pending Safeguard Decisions On Six Textile And Clothing Items From China

The US Inter-agency Committee for the Implementation of Textile Agreement (CITA) announced its decision to further extend until 31 August 2005 to determine its pending safeguard decisions on six categories of textile and clothing items. Read more...

China's Leading Technology Company To Buy Out British Communication Giant

Speculation increases that China's Huawei Technologies will buy out the struggling British communications company, Marconi Corp Plc. This demonstrates a growing appetite for Chinese firms to buy their way into the international arena. Read more...

No Set Date to Adjust Float of RMB Exchange Rate

Since the RMB's modest revaluation in July, it was announced that the exchange rate would not float by a large margin in an attempt to ward off speculation. It is believed that the Yuan still has room for further appreciation. Nevertheless, the Central Bank of China has announced that it will adjust the float range of its currency exchange rate when the time is right, and that will be determined by market conditions, economic and financial circumstances. Read more...

RMB Revaluation Is Good News To Mainlanders

According to the Country's top think tank, the Development Research Centre of the State Council, the revaluation will lead to a price drop in the auto and housing sectors. Read more...

NORTH AMERICA / EUROPE

IRS Raises Caribbean "Phishing" Scam Warning

The IRS issued a warning about fictitious IRS correspondence and forms targeted at tricking individuals to disclose their personal and financial data. Read more...

Russia to introduce Tax Amnesty in 2006

The Russian Government is advancing its plans to introduce a tax amnesty, in an effort to encourage previously undeclared funds to return to Russia. Read more...

OFFSHORE

EU Savings Tax Directive Is Flawed

The EU Savings Tax Directive which was aimed to promote a "level playing field" among all participating member states has been found to have yet another flaw. Jurisdictions including Hong Kong, Singapore and the US came out as the major winners as new business have been coming their way because of this fiasco! Read more...

ICS TRUST - NEWS UPDATES

Services

Launch of China Country Information Guide

This document offers information on the general business environment in China including the tax system, the types of companies and their main characteristics and requirements.

Also, be on the lookout for the new ICS TRUST corporate brochure, a printed "Business Asia: China" newsletter and a new, easy to follow practical guide to establishing business in China. All of these documents are due for launch in September 2005.

For a copy of the China Country Information Guide, or to reserve your copy of coming materials, please contact Ms. Keri Wong at keri@icstrust.com.

New Faces At ICS TRUST

Shaun S. K. Tang (Mr.)
Chief Accountant
Joined 18 July 2005

Shaun joins ICS TRUST as Chief Accountant to head our in-house accounting team. Shaun had been a practising Accountant in Canada for 10 years, and had worked for the Canada Revenue Agency. Shaun has run his own accounting practice in Canada. Shaun holds LL.B., ACIS, and CMA qualifications.

Karen K. Y. Fung (Ms.)
Senior Company Secretarial Assistant
Joined 11 August 2005

Karen joins ICS TRUST as Senior Company Secretarial Assistant to offer her expertise to our Company Secretarial Department. She has over 15 years of experience in the Legal and Company Secretarial fields. Karen is a student member of the HKICS. Besides company secretarial work, she has experience in Chinese notarial documents and trademark applications.

Esther K. Y. Cheung (Ms.)
Company Secretarial Assistant
Joined 8 August 2005

Esther joins ICS TRUST as Company Secretarial Assistant to offer support to the Company Secretarial team. Esther graduated from Hong Kong Baptist University with a major in China Business Studies. She has experience in incorporation and maintenance of corporate vehicles in the PRC, including Beijing, Shanghai, Shenzhen, Guangzhou and Zhengzhou.

About ICS TRUST

Since 1980, ICS TRUST has been the market leader in helping entrepreneurs and successful, privately-owned businesses establish and grow their operations in Asia.

For more than 25 years, Hong Kong-based ICS TRUST has been the gateway to China and Asia for businesses from around the world. We understand that our clients want to capitalize on the lucrative opportunities in the China marketplace, but the process is complex and often confusing. With ICS TRUST's team of corporate, legal, financial, accounting, banking and trading experts working together, we are able to provide customized, strategic business counsel to you in order to minimize the risk and maximize the success of your investment in Asia.

Services Provided by ICS TRUST
Corporate Services Integrated Financial Solutions China Structuring Services Asian Trade & Commercial Solutions High Net Worth Client Services		China Business Advice & Structuring Establishing Business in Asia Direct Import Program

For more information, please contact our Marketing Manager, Daniel Booth.

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ICS TRUST (ASIA) LIMITED
8th Floor, Henley Building 5 Queen's Road, Central Hong Kong		Tel: (852) 2854-4544 Fax: (852) 2543-5555 or 2543-4080 Email: ics@icstrust.com Web: www.icstrust.com