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Celebrating 25
Years of Success!
ICS TRUST would like to thank you You have been an essential part of our business. |
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U.S. Treasury
Secretary, John Snow, visited China in October with a list of U.S.
priorities for China. The newly evolved strategy adopted by the U.S.
Treasury puts less emphasis on the heated discussion of the yuan exchange
rate, and focuses on the liberalization of the country's financial
markets.
Snow’s shopping list
includes a call for easier access to Chinese banking, investment, and
other financial services for U.S. firms. Snow also asked for fewer
restrictions on operations of U.S. banks, insurance and securities firms
in China and for the scope of services securities firms can offer to be
expanded.
During the week long
delegation to China, Snow pushed for currency reforms, suggesting that it
would boost domestic demand in China and at the same time, help cut
America’s trade deficit, creating a win-win situation for both
countries.
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TRADE HONG KONG
Double
Taxation Treaty Between Belgium and Hong Kong is a
Gem!
A Belgian diamond manufacturer, Inter Gems-Claes (IGC), has recently set up its regional head quarters in Hong Kong, boasting the Double Taxation Treaty as one of the main catalyst to drive it’s operation here. The strategic position of its Hong Kong office is also an important step for them to explore the emerging China market. Read more... Canadian
Leather Manufacturer Chooses Hong Kong as Asian Regional
Headquarters
Seeing
the boom of the denim apparel industry in China and throughout Asia,
Canadian leather label maker, Landes
Canada Inc. has
chosen Hong Kong’s excellent location to build its regional base and
to overlook all aspects of its business in Asia. Read more...
CEPA III Offers New Business Opportunities in Hong KongChina and Hong Kong have reached agreement on the third phase of the Closer Economic Partnership Arrangement (CEPA). Agreement on the Rule Of Origin on a total of 1,369 products has been reached in the third phase of the agreement. A further 23 liberalization measures on the trade of services spreading across 10 areas will take effect on 1 January 2006. One of the main intentions of CEPA III is to enhance the flow of trade and investment between the two places. Read more...CHINA
Processing of Patents in Shenzhen will Take One-Tenth of the Time China’s State Intellectual Property Office plans to establish a new service centre in Shenzhen to process patent applications filed in Shenzhen. A process that used to be dealt with in Beijing and Guangzhou may take only one tenth of the time in Shenzhen. Read more... Chinese
Textile Talks with the U.S. Remains Static
Although the EU has agreed to a temporary limit on Chinese textile import growth, China’s negotiation in the textile dispute with the U.S. remains stagnant. China claims that the breakdown of the latest round of talk is due to too few incentives from the U.S. side for China’s highly competitive textile industry. Read more... U.S.
Treasury Secretary Presses China to Reform the Financial
Sector
Three months after the Chinese Yuan is unpegged with the U.S. dollar, developed countries still believes that the Yuan is undervalued giving it an “unfair?competitive advantage. The U.S. Treasury Secretary paid a visit recently to China with a list of U.S. priorities for China to reform its financial sector. Read more... NORTH
AMERICA/ EUROPE
Oil
Price Surge Shoots Up U.S. Inflation
Energy
supply shortage in the aftermath of Hurricane Katrina was blamed in
part for the rising inflation in the U.S. Yet the Federal Reserve is
unlikely to raise interest rates quickly to control inflation. U.S.
businesses are bearing the impact of rising costs. Read more...
OFFSHORE
Nauru
is Removed from Money Laundering Blacklist
In
compliance with the Financial Action Task Force’s (FATF)
recommendations, Nauru has abolished its 400 shell banks
consequently removing it’s name from the FATF’s list of
Non-Cooperative Countries and Territories (NCCTs). Read more...
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TAX NORTH AMERICA /
EUROPE
U.S. Congressman Proposes Legislation to Shut the Door on Offshore Tax Shelters In the U.S. a bill was filed in mid-September aiming to put a stop on the use of offshore corporate tax shelters. According US Congressman, Richard E. Neal, his bill is expected to bring in an additional USD5 billion in tax revenue. Read more... Up
to 90% of UK Investors?Reclaimable Returns are Lost to Foreign
Authorities
Under
Double Taxation Treaty Agreements between governments, some of the
tax of dividends on foreign shares can be reclaimed. Due to the
laborious procedures and lack of in-depth knowledge of the various
tax regimes, UK investors fail to reclaim or fill in the proper
forms correctly within the specified time frame. Read
more...
OFFSHORE Uncertainties
on Bermuda’s Independence Worries Investors
Lingering
discussions over Bermuda’s independence from the U.K. has pushed
international firms to do business in alternative jurisdictions. The
BIBA
survey concluded that a major concern for
international businesses is the changes to the legal and taxation
regimes in post-independence Bermuda. Read
more...
EU
Savings Tax Directive Shows No Impact on Guernsey
Recent banking statistics from Guernsey Finance showed positive signs that bank deposit levels held in Guernsey increased by ?.2 billion from last fiscal year. Speculation on impacts of the EU Savings Tax Directive on offshore balance was unfounded in Guernsey. Read more... |
"Your business is her business" read the headline of an interview with Ms. Elizabeth Thomson, President of ICS TRUST. The piece, written by Ms. Anna Healy Fenton, a prominent reporter from the South China Morning Post, Hong Kong's most read English paper, appeared last Saturday, 22 October 2005. The article goes into how ICS TRUST started out in Hong Kong and what were the secrets of Ms. Thomson's successful 25-year-old business.
For a copy of the article, please email Keri Wong, Assistant Marketing Manager at: keri@icstrust.com
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.
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Services Provided by ICS
TRUST | ||
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Services Integrated Financial Solutions China Structuring Services Asian Trade & Commercial Solutions High Net Worth Client Services |
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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 |
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Tel: (852)
2854-4544
Fax: (852) 2543-5555 or 2543-4080 Email: ics@icstrust.com Web: www.icstrust.com |
Disclaimer: These notes, although considered to contain correct information, are for general information only and should not be considered as legal or tax advice. No responsibility is assumed by ICS Trust (Asia) Limited or its affiliates for any person acting on the information contained herein.
(c) Copyright 2005, ICS Trust (Asia) Limited