ICS TRUST - Bringing Businesses to Asia, Since 1980

Celebrating 25 Years of Success!

ICS TRUST would like to thank you
for your continuous support over the years.

You have been an essential part of our business.

UK Businesses are Thrilled About Hong Kong Advantages

"Wait and see, is no longer the right strategy for China.?according to Mr. Peter Woo, the Chairman of the Hong Kong Trade Development Council (TDC), speaking to an audience of 400 at this year’s TDC flagship dinner in London, around which a four day Roadshow was organized.

Hong Kong and Europe have always enjoyed strong business ties, in particular the U.K. In 2005, the U.K. ranks No. 3 as a foreign country in setting up both regional headquarters and regional offices in Hong Kong behind just the U.S. and Japan. Now, with the many new opportunities opening up in China, Hong Kong plays an increasingly significant role as the platform of trade between the Europe and China.

ICS TRUST‘s Mr. Karl Wu, Commercial Services Manager, joined the massive Roadshow which took place between the 3^rd and 7^th of November. The group of delegates, which included government officials and professional services providers from Hong Kong and China, visited five cities in Europe, including London, Manchester, Leeds, Dublin, and Hamburg. The interest in Hong Kong and China was overwhelming, with over 1,000 European companies registered to attend the inaugural Roadshow.

The keynote speaker at the conference, Hong Kong Chief Executive, the Hon. Mr. Donald Tsang, emphasised the role of the Pearl River Delta Region as the ?/FONT>Factory of the World? while Hong Kong provides the critical financial infrastructure to support China’s growth.

The level of interest displayed by the European attendees indicates the essential role that Hong Kong has to play for them, in expanding investment in China’s inland. Moreover, attendees were excited to hear about the rapid growth in the region, which represented many new opportunities for them.

TRADE

HONG KONG

Hong Kong Acts As Test-bed for Chinese Financial Reforms

China opens up further business opportunities to Hong Kong companies by allowing Hong Kong banks to expand Yuan-denominated business in deposit, exchange, and remittance services. As China retains tight control of the exchange of the Yuan against foreign currencies, Hong Kong’s world-class financial markets can still act as the test-bed for China’s gradual financial reforms. Read more...

Leading Global Container Shipping Company Chooses Hong Kong to Enhance its Regional Development

Hong Kong’s strategic location offers excellent connections for businesses to develop regional networks. Israeli Zim Integrated Shipping Services, the 13^th largest container shipping company in the world, has selected Hong Kong as a regional base to develop and grow its business across the region. Read more...

CHINA

Intense Chinese Textile Dispute with the U.S. Ended with Bi-lateral Agreement

On 8 November 2005, officials from China and the U.S. finally signed a comprehensive bi-lateral agreement on textile and clothing trade in London. The two parties agreed on quotas from 1 January 2006 to 31 December 2008 with a progressive annual growth rate on 34 product categories. The U.S. agreed to allow prompt entry to all embargoed merchandise with the sole exception of socks. Read more...

Economic and Trade Co-Operation Dominates President Hu’s European Trip

Chinese President, Hu Jintao, paid state visits to Britain, Germany, and Spain to expand mutually beneficial cooperation with European countries. Lucrative commercial deals dominated the President’s agenda and multi-billion dollar business deals were signed to expand business ties between China and the three European countries. Read more...

Progress in China’s War on IPR

According to Zhang Zhigang, director of China’s Office for the National Working Group on IP Protection under the State Council, China has taken strong measures and made significant progress in intellectual property protection in recent years. Read more...

NORTH AMERICA/ EUROPE

U.K. Government Proposes Company Law Reform Bill

On 2 November 2005, the U.K. government published a Company Law Reform Bill. The liability of auditors will be capped, investors will gain powers to make company directors more accountable, and the establishment of SMEs will become easier. The Bill will be debated in the U.K. Parliament before it is expected to become law in mid-2006. Read more...

OFFSHORE

Seychelles Government Initiates Non-Bank Regulatory Authority

In order to enhance greater transparency in financial transactions, the Seychelles government is planning to launch the Non-Bank Financial Services Authority (NBFSA). The new authoritative body will govern financial transactions of the insurance and mutual fund sectors, and the stock exchange. Read more...

TAX

HONG KONG

Hong Kong Abolishes Estate Duty

With effect from 11 February 2006, the Hong Kong government will abolish estate duty in order to facilitate further development of Hong Kong as an important asset management center. This long-term strategic investment aims to increase Hong Kong’s competitiveness as an international financial center. Read more...

NORTH AMERICA / EUROPE

IRS Requires Paypal To Disclose User Information

In an effort to crackdown on tax evasion through offshore bank accounts, the IRD is demanding Paypal, the online payment service of the Internet auction website eBay, to disclose records of some US residents who use Paypal service through offshore bank accounts. Read more...

Hong Kong is Expected to Benefit from the European Savings Tax Directive

The European Savings Tax Directive, which came into effect on 1 July 2005, is aimed at cracking down on tax evasion in offshore jurisdictions by EU citizens. It is expected that the directive could result in EUR 1 trillion flowing out of Luxembourg and Switzerland alone. Wealthy investors have already begun shifting assets around to cash in on sophisticated Asian financial centers like Hong Kong where the directive does not impact. Read more...

OFFSHORE

Macau Government to Launch New Anti-Money Laundering Bill

The US has welcomed Macau’s new anti-money laundering bill following controversy over allegations that the Macau based bank, Banco Delta Asia, had been involved in money laundering in North Korea. Read more...

OECS Member States Met in Anguilla to Discuss Tax Reform

The nine member countries of the Organisation of Eastern Caribbean States (OECS) met in Anguilla in early November to discuss compliance with global trade rules as well as tax reforms to maintain the stability of individual member states?fiscal performance. Read more...

The Bahamas is Removed from the FATF Monitoring List

The Bahamas has been removed from the Financial Action Task Force’s (FATF) monitoring list on 15 October 2005 as a country with weak anti-money laundering or terrorist financing laws. Read more...

ICS TRUST - NEWS UPDATES

New Faces At ICS TRUST

Priscilla Sy (Ms.)
Receptionist
Joined 24th October 2005

Priscilla joins us with over 7 years experience in reception, customer service, and office administration with various hotels and organizations. She is fluent in English, Tagalog, Cantonese, and Mandarin.

Vivian Wong (Ms.)
Shipping Clerk

Joined 3rd November 2005

Vivian has 4 years clerical experience in shipping order, schedules, documents, and invoicing experience for clients including Dow Chemical, Wal-Mart, Toys "R" Us, K-Mart, Target, AAFES, LNT, and Fred Meyer. She was educated in Australia and the US.

Peggy Wong (Ms.)
Assistant Accountant, Inhouse Accounting

Joined 8th November 2005

Peggy is an Australian CPA with 4 years solid accounting experience in Australia and Hong Kong. Graduating from Queensland University of Technology in Australia and majoring in Accountancy, Peggy brings with her experience in accounts payable, financial accounting, tax returns, reporting, and budgeting from Tee Tey & Co. Pty Ltd. in Australia, Air New Zealand, and Spotless Plastics in Hong Kong.

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

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.