Island could become hub for India business
Thursday 13th December 2012, 11:00AM GMT.
GUERNSEY is ‘on the radar’ for funds and fiduciary business in India, Guernsey Finance has claimed following a visit to the country.
The promotional agency believes that the island can become a hub for Indian business in Europe and the West and said that ‘significant opportunities’ are beginning to emerge for Guernsey in India.
Chief executive Fiona Le Poidevin, pictured, last week led a local industry delegation to Mumbai.
‘We had a very busy and productive week,’ she said.
‘It was encouraging to see that India has Guernsey on its radar and that there is a keen interest in what we have to offer in both the investment funds and fiduciary sectors, particularly in terms of fund structuring and wealth management services.’
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MEANING MORE AND MORE PEOPLE ARRIVING IN A ALREADY OVERCROWDED ISLAND, MEANING MORE MONEY TO SERVICE THE ISLAND, MEANING MORE BUILDING OF HOUSES THAT LOCAL PEOPLE CANT AFFORD. GREAT NEWS
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‘Dhobi Wallah’s’ Inc. Indian Washeteria. What next…Chinese Laundry Co.? Clutching at straws.
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I had an excellent curry just last week – now that’s the kind of Indian business we need more of!
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Bella
I think you will find that that the clue is in the word “hub”.
It means that whilst the front offices will be here in Guernsey the work will be fowarded onto cheap third world accountants based around the globe.
This means that the work load will not increase the strain on our infrastructure but also not contribute to employment opportunities for locals.
It just means that fees will be received by the entity here and absorbed into profits that will be taxed under Zero-10.
Very, very little benefit to the island in general.
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SAINTS BAY. WOULD YOU LIKE TO BET ON THAT, WHATEVER BUSINESS THAT HAS COME IN TO GSY HAS HAD SO CALLED EXPERTS MOVE IN
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Perhaps we could offer banking facilities for the multi-millions the UK hands out to this space programme country along with its £20.2 billion arms budget?
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“Insanity: doing the same thing over and over again and expecting different results.”
Albert Einstein
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So what, guernsey call centres to answer the phones of the indian call centres that operate for uk banks??
Anyway, I thought bradford was the indian hub? look at how well that worked out
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Bella
To a degree I agree with you but mostly likely a couple of individuals flying in from time to time to oversee work placed with other entities already here.
See my other post re Kevin Stewart’s new “capture”.
Besides, I would expect the message brought back from India in nothing other than a puffed up justification for going and reports of some very polite Indians smiling and nodding.
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Some real ignorance in most of these posts.
Setting up trust structures and funds for Indian clients does not mean ANY immigration. They will be looked after by existing fiduciary and fund businesses here. It is merely extra clients for them to look after, just from a new msrket. You know – new markets which are vital because the old markets are drying up.
Anybody thinking that we are looking at immigration of Indians here to deal with the business is way off the mark.
Bradford has a massive Pakistani community, not Indians. That’s why its full of Muslims, not Hindus and Sikhs. Very different. The Indian “centres” in the UK are primarily Leicester and Wembley/North London, although there are also significant clusters in Glasgow, Birmingham and Manchester. I work a lot with wealthy international families of Indian origin, with branches of the families on just about every continent. They have an immensely strong work ethic, very loyal family units and are ideal clients for Guernsey.
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I love the use of words like “could”. Suggesting that India now has Guernsey on its radar because they went there in person is poppycock, just how many people did they really meet that they hadn’t already contacted by email before their jolly little trip. Just how much money did the taxpayer have to shell out for their travel and accomodation I wonder. Did they travel in first class or did they sit on the roof I wonder. We will never know I am sure. Bye bye more taxpayers money…
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Mike
Your post spot on.
Chris M
Could indeed – again, spot on.
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I think what we need from the Press when they report these so-called successes is more detail on the tangible benefits to Guernsey. For example, will it bring new jobs to the island, will it generate new income for the States coffers?
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Herbert Roth
It will bring in more business for local fiduciary businesses, fund admin businesses, banks, law firms and accounting firms, all of which generate income tax for Guernsey. In good times,it will create new jobs for Guernsey. In bad times like now, it will prevent redundancies, which is still an Income Tax benefit to the island.
We absolutely have to diversify where we get our business from. India is exactly where we should be aiming, along with China, Russia, Brazil and Africa. Without letting down our compliance guard, of course.
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