Ministry of Tourism Updates
Bahamas Director of Tourism for Asia speaks at China Offshore Summit
Jun 17, 2015 - 12:00:17 PM


Don Cornish, Director of Bahamas Tourism for the Asian Market, spoke at the China Offshore Summit Investment Conference 2015 which was hosted May 27 – 28, 2015 at the Grand Hyatt Hotel in Shenzhen, China.

The Bahamas Ministry of Financial Services & Investments and Bahamas Financial Services Board was a key sponsor of the event. The Bahamas was represented by Don Cornish, Director of Tourism for Asia, based at the Bahamas Embassy in Beijing, China.            

Mr Cornish was listed as a panelist and also a speaker on May 28th. His topic was “The Bahamas Advantage” – A perfect Jurisdiction in which to Travel, Relocate, Invest.”

The presentation focused on the “12 Advantages” of investing in the Bahamas as outlined by the Ministry of Financial Services, namely:- 1. Strategic location, 2. Wealth and Asset Management Options, 3. Physical Resources, 4. Human Capital, 5. Taxation, 6. Investment Policy and Incentives, 7. Political and Economic Stability, 8. Regulation, 9. Public-Private Sector Partnership, 10 Permanent Residency Opportunities, 11. Work Permits and Immigration,  12. Lifestyle
Based on general feedback, the presentation was well received.
Mr Cornish also spent time at the Bahamas’ booth interacting with conference participants during day two of the event.

The China Offshore Summit has been designed exclusively by China Offshore & local practitioners to educate Chinese financial intermediaries on the effective use of tax planning and asset management tools available in low-tax jurisdictions. With an average of over 500 attendees per event, the China Offshore Summit provides a premium platform for information exchange, business development and much-needed education for Chinese intermediaries in this burgeoning market.

Since the inception of the China Offshore Summit series in 2010, China's HNWI, investment groups and corporations have developed an ever increasing need for sophisticated international wealth, tax and asset planning services. This demand, coupled with growing pressure from local and international taxation authorities for transparency has created a massive gap in traditional offshore planning by local practitioners.

By October 2014, China had reached annual non-financial ODI levels of USD 81.88 billion, 17.8% increase from last year and over 2.38 million identified HNWI. These figures accentuate both the opportunity and the challenge present for local and international practitioners to deliver reliable "Offshore" solutions to their mainland clients.

Shenzhen is one of the fastest developing cities in the world and one of the most economically developed cities in China. In a little more than 30 years, the city's GDP has grown at an average annual speed of 25%, and exceeded 230 billion USD in 2013. Its aggregate economic output continues to rank 4th among medium and large Chinese cities, with per capita GDP exceeding 20,000 USD.

Shenzhen has built a new industry structure based on hi-tech and advanced manufacturing which is underpinned by the modern services industry. At the same time, the city is committed to governmental structure based on the rule of law. It has the exclusive legislative power advantage as Special Administrative Region (SAR), as well as a fair, transparent and relaxed development environment.

According to the economic ratings of the Brookings Institution in the US, Shenzhen is ranked among the top 30 by aggregate economic output, whereas a Report of the McKinsey Global Institute pointed out that the number of corporate headquarters in Shenzhen is ranked 17th among 370 cities in emerging countries. In 2013, the International Cooperation Center of NDRC released a Research Report on the Opening-up Index of Chinese Cities, which ranked Shenzhen on top of a number of well-performing cities. By various indicators including trade activities, investment activities, flows of elements, personnel exchange, information flow, innovation capability and technology exchange, Shenzhen has taken an obvious lead over other cities.

(Source: InvestShenzhen)


 

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