En Voyage - Issue #8

More documents

Recommendations

Info

Reliable, secure and trusted. Your data, our insight. Sure International brings together industry experts in cloud services and data hosting solutions, including Mimecast, VMware, eVault and Zerto. This ensures your business has an effective and seamless multi-vendor solution for all your business needs, from disaster recovery to enterprise email management to harnessing the power of cloud computing. All solutions are delivered from our own PCI DSS and ISO 27001 accredited facilities and linked to our global network offering unsurpassed private connectivity on and off-island. Trust our experts with the security of your business data. Contact us at business@sure.com international.sure.com 100 <strong>En</strong> <strong>Voyage</strong> | Aurigny’s Magazine
A LITTLE CLARITY BY JAMES ORRICK, MANAGING DIRECTOR OF PEA GUERNSEY When Arthur Miller wrote of the Salem witch trials in The Crucible he was applying a dramatic metaphor to the communist witch hunt that was taking place in America during the 1950s. I have always admired Miller for tackling the uncomfortable through his work. Make no mistake: I do not profess to be of his literary standing by any stretch. However, I want to draw from his courage to confront a populist topic head on. My subject matter is slightly different to Miller’s. I am writing to clarify what takes place in Guernsey’s investment funds industry to counter some of the current misperceptions. Experience tells me that Guernsey is a well-established financial services jurisdiction and I want to share this to help shed some clarity on this topic. So, where to begin? Guernsey plays an important part on the world stage by facilitating the investment of funds drawn from around the world into European financial markets. The return to the investors is subject to tax in their home country and the business activity generated by the investment in Europe is taxed in the jurisdiction where that activity takes place. Globalisation for the investment funds sector sees funds that run through Guernsey invest in a wide range of projects that include delivering sustainability, innovation and important infrastructure to developed and developing countries. Advances in healthcare, renewable energy, technology and infrastructure are made possible because of the international flow of investment. Guernsey’s financial services professionals offer appealing expertise in these areas and beyond. No financial services jurisdiction, whether on-shore or offshore, has shown itself to be immune from scandal. Take Global Laundromat and Amazon as just two operations to have hit the headlines for alleged money laundering and tax avoidance onshore. Indeed, these are global issues which need to be tackled unilaterally, collectively and collaboratively. So, what are the drivers for investors and fund managers in the investment funds space to choose Guernsey? Let’s start with what’s not on the list: 1. Tax is not on the list of incentives. As I’ve explained the businesses that the fund invests in and the investors themselves are taxed where they are based. Any workflow through Guernsey will not add an additional tax requirement however neither does it remove those that exist. 2. Neither does fund business come here to hide. Regulation shapes every aspect of how we work. All investment vehicles are subject to regulatory oversight in Guernsey through the Guernsey Finance Services Commission. This uniform approach is not the case for many onshore countries. Guernsey has embraced global regulation like FATCA and the OECD’s Common Reporting Standard and is fully compliant. At PEA our experience indicates the following three drivers for choosing Guernsey as a good place to structure funds: 1. The scope of investment. Offshore funds are made distinct from onshore funds through the eclectic range of investors and investments from a variety of different countries. This scope is something that is complicated for an onshore fund to achieve. It’s easier to facilitate a multi-jurisdiction investor base via one independent location. 2. Investors in funds favour the opportunity that exists here to spread their financial risk across the multiplicity of investment options that are available to them. 3. Investors take comfort that they are dealing with a reputable centre that is well run. With a 50-year track record, industry-leading regulation and a multiplicity of advisors on hand to administer and provide advisory support, Guernsey offers a close-knit and experienced infrastructure. New funds continue to launch in Guernsey and there continues to be an increase in the migration of structures to Guernsey that seek a better regulated environment which their investors expect. Guernsey has a continued commitment to meeting EU standards on matters of tax transparency and economic substance and, in the past, has voluntarily submitted its tax regime for evaluation by the EU and was found to be fully compliant with EU rules. Transparency, openness and global compliance are among the key features of our industry. Long may this be the case. After all, these are the features that our clients have come to expect. Private Equity Administrators Limited is regulated by the Guernsey Financial Services Commission and licensed under both The Protection of Investors (Bailiwick of Guernsey) Law, 1987 and The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000. www.peadm.com 101
Page 1 and 2:
FREE TO TAKE AWAY Aurigny’s leisu
Page 3:
TRAVELLING - IT LEAVES YOU SPEECHLE
Page 6 and 7:
En Voyage #MyAurigny SEND US YOUR S
Page 8 and 9:
1968 Founded 15 MILLION Aurigny car
Page 10 and 11:
En Voyage 1968 SERVING THE BAILIWIC
Page 12 and 13:
En Voyage AURIGNY NEWS STAFF PROUD
Page 14 and 15:
En Voyage YOUNG CHEF THROUGH TO REG
Page 16 and 17:
En Voyage AURIGNY BEHIND THE SCENES
Page 19 and 20:
Officially Guernsey’s Speedtest
Page 21 and 22:
LILY JAMES AND MICHIEL HUISMAN © 2
Page 23 and 24:
EXPERIENCE - LIVING OFF THE LAND 10
Page 25 and 26:
LA COUPÉE, SARK - SARK.CO.UK IMAGE
Page 27 and 28:
www.closajaonsark.com Tel 01481 832
Page 29 and 30:
La Sablonnerie, Sark La Sablonnerie
Page 31 and 32:
WHAT’S ON ELSEWHERE? 23-25 March
Page 33 and 34:
DAY 1 3PM - MARITIME MEMORIES Head
Page 35 and 36:
WIN A LUXURY TRIP TO GUERNSEY COMPE
Page 37 and 38:
THRIVING ISLAND The Dandelion Found
Page 39 and 40:
Small Island, Big Events Alderney L
Page 41 and 42:
IMAGE COURTESY OF HIPCHIPS Not read
Page 43 and 44:
41
Page 45 and 46:
LONDON> CONNECTING SPONSORED BY THE
Page 47 and 48:
TITANIC BELFAST NAAS FARMERS MARKET
Page 49 and 50:
GO IT ALONE Forget collective decis
Page 51 and 52: A WARMING WINTER IN THE HEART OF GU
Page 53 and 54: GUERNSEY’S FAVOURITE SUPERSTORE F
Page 55 and 56: Book flights to Manchester from Gue
Page 57 and 58: LEFT-RIGHT LEGO DISCOVERY CENTRE VI
Page 59 and 60: SKI HOLIDAYS AURIGNY SKI GUERNSEY >
Page 61 and 62: BASTILLE CABLE CAR GRENOBLE IMAGE
Page 63 and 64: GUERNSEY’S ONLY FIVE STAR HOTEL B
Page 65 and 66: IMAGE COURTESY OF BOOMTOWN 2017 FRI
Page 67 and 68: FULL OF THE JOYS WITH AN ABUNDANCE
Page 69 and 70: FOR BREAKFAST OR BRUNCH… THE CORN
Page 71 and 72: FREE ROOM UPGRADE £30 DINING CREDI
Page 73 and 74: Reviews TRIPADVISOR.COM ‘Best Chi
Page 75 and 76: LONDON RESTAURANT PICKS GUERNSEY RE
Page 77 and 78: IS A GREEN SMOOTHIE A GOOD IDEA? BY
Page 79 and 80: BUSINESS NEWS 78 NEWS BULLETIN The
Page 81 and 82: JASON HYLAND, KARINA DE CARTERET, S
Page 83 and 84: 81 12538 ABN Treasury Advert 200x28
Page 85 and 86: DOFF YOUR CAP The States of Guernse
Page 87 and 88: Accent on excellence Babbé is a le
Page 89 and 90: This sentiment was echoed by James
Page 91: Business FACES OF BUSINESS SARAH WI
Page 94 and 95: Business ASPECTS OF FINANCIAL CONSO
Page 96 and 97: Business DIGITAL INNOVATION TO SUPP
Page 98 and 99: Down to Earth yet above the crowds
Page 100 and 101: Before you start dreaming of your r
Page 104 and 105: New home? New motor? New business v
Page 106 and 107: Your Channel Islands employment tea
Page 108 and 109: Business Brother and sister team Ja
Page 110 and 111: Financial planning made for you The
Page 112 and 113: Business HIGH-FLYING APPOINTMENTS O
Page 114 and 115: Business C5 ALLIANCE STRENGTHENS PR
Page 117 and 118: Dreams are the start of great ideas
Page 119 and 120: Sport ISLAND WAVES It is usually al
Page 121 and 122: JOSEPH GAUDION JAKE WARR Guernsey i
Page 123 and 124: LION LEAVES THE PRIDE Guernsey Foot
Page 125 and 126: FOOTBALL GUERNSEY FC HOME GAMES Foo
Page 127 and 128: LOCALS PHOTOGRAPH THE ISLAND THEY L
Page 129 and 130: CASTLE CORNET WHERE OUR HERITAGE CO
Page 131 and 132: PUZZLES SUDOKU MEDIUM Each of the n
Page 133 and 134: In-Flight NEW GENUINE GUERNSEY IN-F
Page 135 and 136: Duty-Free BAR DRINKS Echo Falls £4
show all

En Voyage - Issue #8

Create successful ePaper yourself

Delete template?

Save as template?