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Island hopes to lure Chinese business
By Wang Yanlin |
April 19, 2013, Friday
|
Online Edition
Online Edition
THE Isle of Man, a self-governing island located adjacent to the United Kingdom, expects to provide Chinese businesses "an opportunity to retain greater share of margin" of doing business in Europe, its Minister for Economic Development John Shimmin said in Shanghai today.
Leading a government and business delegation to China, Shimmin visited Beijing and Guangzhou in the past week, with Shanghai a final stop in his visit.
Little known by Chinese businesses, the Isle of Man is an international offshore financial center which has free trade access for goods sold into the UK and the European Union.
Due to zero corporate tax and relatively low value-added tax in the island, the Isle of Man can offer Chinese companies, especially exporters, a greater margin of profit for their businesses in Europe, Shimmin said.
"Our economy expanded 4 percent last year even in the Western recession. The pursue of more cooperation with China is to make two successful economies more successful," said Shimmin.
For Chinese companies that have listing plans involving the UK or EU, the Isle of Man also provides value-added services because it is already a favored location for obtaining UK listings, Shimmin added.
Leading a government and business delegation to China, Shimmin visited Beijing and Guangzhou in the past week, with Shanghai a final stop in his visit.
Little known by Chinese businesses, the Isle of Man is an international offshore financial center which has free trade access for goods sold into the UK and the European Union.
Due to zero corporate tax and relatively low value-added tax in the island, the Isle of Man can offer Chinese companies, especially exporters, a greater margin of profit for their businesses in Europe, Shimmin said.
"Our economy expanded 4 percent last year even in the Western recession. The pursue of more cooperation with China is to make two successful economies more successful," said Shimmin.
For Chinese companies that have listing plans involving the UK or EU, the Isle of Man also provides value-added services because it is already a favored location for obtaining UK listings, Shimmin added.
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