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British Isle of Man delegation in town to attract Chinese banks, business
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THE Isle of Man is in talks with Chinese banks to set up branches as part of the island’s efforts to attract Chinese businesses, officials said today.
“We have been talking with China’s five state-owned banks and several commercial ones on the feasibilities of opening branches,” said Michael Charlton, director of international business development, in Shanghai today. “The advantages include freedom in business operations in the UK and our zero corporate tax.”
The Isle of Man is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland.
Charlton said the Isle of Man has reached agreement with the China Banking Regulatory Commission to allow Chinese banks to open branches on the island.
Allan Bell, chief minister of the Isle of Man, said the government has been cooperating with Huawei Technologies Co in building the latest 4G telecommunication network.
A delegation from the island has met China’s minister of finance and financial regulators to tighten financial links between the two, Bell said.
The island seeks to tap the Chinese demands for ship registration, wealth management services and overseas listing arrangements as the wealth of Chinese individuals and enterprises grow.
The island, boasting its low tax, stepped up promotions to attract Chinese entrepreneurs since last year with Chinese enterprises expanding around the world.
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