Asian firms face growing offshore compliance risks

Niaz Khan is an executive director of DMS Offshore Investment Services, where he leads all aspects of client service delivery, across multiple product lines for Hong Kong and Asian clients. Co-authoring the piece is Kevin Phillip, director of DMS Offshore Investment Services.
Imagine a scenario in which a Hong Kong-based hedge fund manager establishes and appoints an offshore management company to provide investment management services for its fund. On one hand, the fund’s structure ensures a clear operational base. But at another level, key governance procedures are often neglected. These tasks include maintaining a certain number of offshore directors, opening and maintaining a bank account, holding regular board meetings in the offshore jurisdiction, and keeping a balance of non-onshore directors.
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