Mauritius Global Business E-Letter - PDF by AndrewIsherwood

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									                                                 Mauriittiius Glloball Busiiness E-Letttter
                                                 Maur us G oba Bus ness E-Le er
                                                                                                              May 2009

                                           MESSAGE FROM THE TOP

                                           I am delighted to bring you a new edition of our “Mauritius Global Business E-
                                           letter” under the auspices of HSBC Amanah. We are proud to be the first bank in
                                           Mauritius to introduce Islamic banking for Global Businesses.

                                           In our previous e-letter, we talked about our HSBC Smartform which, I am pleased
                                           to say, has been successfully rolled out. It has been well received by our new
                                           clients who have experienced it first hand for new account openings.

                                           More recently, we have participated in several initiatives including an Indo-Mauritius
                                           Trade and Investment seminar in Mumbai, and sponsored two conferences in China
                                           to promote Mauritius as an investment destination.

                                           We are also striving to bring you innovative solutions and enhance our existing
                                           offerings. I invite you to read more about our Speedy LC 24-hour facility, our latest
                                           upgrades to HSBCnet on-line banking, as well as our custody services for share
                                           certificates.

                                           Best regards
                                           Blair Harden


HSBC MAURITIUS 1ST TO LAUNCH ISLAMIC BANKING IN MAURITIUS

                                  HSBC Mauritius has introduced early this month
                                  Islamic banking products. With this launch, HSBC is
                                  the first bank in Mauritius to offer Shariah-compliant
                                  banking services to Global Business clients.

                                   Mauritius has the potential to carve a unique niche in
                                   the global Islamic financial market, given our range of
                                   tax treaties and the strong appetite of Middle Eastern
investors going into Africa, China and India.

Currently, Islamic banking is one of the fastest growing sectors in global finance. An
HSBC report estimated the size of the global Islamic banking market to be US$650
billion - US$750 billion annually and increasing at more than 15 per cent per annum.

Leveraging on the Group’s knowledge and global experience with HSBC Amanah, our
Islamic banking arm, HSBC Mauritius now enables customers with Shariah requirements
to open Amanah current accounts and Amanah Term Investment accounts.

ISLAMIC BANKING – THE CONCEPT

Islamic banking is an ethical and equitable mode of financial services that derives its
principles from the Shariah (Islamic law). The most distinctive element of Islamic
banking is the prohibition of ‘riba’ (interest), whether "nominal" or "excessive," simple
or compound, fixed or floating.
                                                                                               To know more about our
Commodity Murabaha, as it is generally known, is the sale of certain specified                 Amanah current account and
                                                                                               Amanah term investment
commodities, through a metal exchange, on a cost plus profit basis. If the customer
                                                                                               account please contact:
wishes to invest money with the Bank it will purchase commodities and sell them to the
Bank on a deferred basis. The Bank will repay the Contract Price over a period of time.        Hajrah Sakauloo
                                                                                               Tel: +(230) 403 0980
HSBC Amanah is the global Islamic banking division of the HSBC Group established in            hsakauloo@hsbc.co.mu
1998 and responsible for the development of Islamic banking products.
HSBC SPEEDY LC – 24 HOUR LETTER OF CREDIT                                                        FOR MORE INFO ON
                                                                                                 OUR PRODUCTS /
                                   Imagine that you need a letter of credit (LC) fast, but you   SERVICES
                                   do not have any standing credit facility with the bank.
                                   The solution is HSBC Speedy LC, which is basically a cash
                                   backed letter of credit. With this new facility, HSBC can
                                   issue your LC within 24 hours*.

                                   In addition, you can benefit from:
•   Special Trade discount voucher of USD25 for any LC opened before 15 August 2009
                                                                                                 For more info on Speedy LC,
•   Worldwide recognition and acceptance of Speedy LC, giving you added credibility              please contact:
    to trade globally
•   HSBC's global reach – our Speedy LC can be routed quickly and cost effectively               Sylvain Francois
                                                                                                 Manager Trade and Supply
    through our network of 10,000 offices in 83 countries and territories worldwide
                                                                                                 Chain
•   Easy access and convenience via HSBCnet online banking, or any HSBC office                   Tel: +(230) 403 0792/95/99
                                                                                                 sylvain.francois@hsbc.co.mu
•   PLUS! FREE Instant @dvice of receipt of your LC via e-mail
* Conditions apply and facility is subject to documentation requirements.



HSBCnet NEW FUNCTIONALITIES

To provide additional cash management capabilities,
we recently introduced 3 new functions on HSBCnet,
the Bank’s global on-line banking platform.

File Upload - this function provides users with a fast
and efficient method to transact large volumes of
instructions to the Bank.

With File Upload, companies can effectively automate their payroll or even dividend
payment instructions on-line on HSBCnet.

Automated File Delivery – this service allows customers to have customised reports               For more info on HSBCnet,
                                                                                                 please contact:
sent directly to their mailboxes at pre-defined times. For example, on the 1st of each
month you can automatically receive by email a detailed report of past transactions in
                                                                                                 David Chung
Excel format.                                                                                    Head of Global Payments and
                                                                                                 Cash Management
Online Term Deposit – this function allows customers to create new placement or issue            Tel: +(230) 403 0791
maturity instructions for existing term deposits, with a choice of currency, country and         david.chung@hsbc.co.mu
deposit periods.


INR FAST TRACK REMITTANCE

                                              Positive news seems to be coming from India
                                              following the recent general elections outcome.
                                              The Indian stock and futures markets showed a
                                              sudden surge in investors' confidence.

Foreign Institutional Investors (FII's) investing in the Indian markets should consider
HSBC Mauritius’ Fast Track remittance value proposition for their transfer of funds in
and out of India.
                                                                                                 To know more about our
                                                                                                 INR Fast Track Remittance,
With our Fast Track service, FII's can buy Indian Rupees (INR) on T (Transaction date)           please contact:
and remit on T+1. On the other hand, FII's selling INR on T will get credit on their HSBC
Mauritius account on T day itself.                                                               Vassan Caleemootoo
                                                                                                 Head of Treasury Marketing –
In addition to providing a world class customer service, HSBC Mauritius is able to quote         Global Business
very competitive INR FOREX rates as we handle large volumes and can access liquidity             Tel: +(230) 403 8354
globally. We can also track customers' funds effectively so that they are received in            vassan.caleemootoo@hsbc.co.mu
India within required timescale.
CUSTODY SERVICES FOR SHARE CERTIFICATES                                                                                      FOR MORE INFO
HSBC Mauritius provides safe custody services for unlisted physical shares issued by
Global Business or foreign companies. Such unlisted/unquoted and overseas securities
are generally registered in the name of the depositor, its customers or their respective                                     For more info on HSBC
nominee.                                                                                                                     Custody Services, please
                                                                                                                             contact:
Our Custody services will include the receipt, local delivery and
safe-keeping of those share certificates.         Clients taking                                                             Ashish Gowreesunker
advantage of this service must open a securities account to be                                                               VP Business Development
used exclusively for the safe-keeping of the shares and to                                                                   Tel: +(230) 403 0955
generate regular portofolio reports.                                                                                         ashish.gowreesunker@hsbc.co.mu



HSBC HOSTS INDO-MAURITIUS INVESTMENT SEMINAR IN MUMBAI
                                                        HSBC hosted a seminar and panel discussion
                                                        on Indo-Mauritian Trade and Investments in
                                                        Mumbai earlier in March. The event coincided
                                                        with a roadshow to India organised by The
                                                        Mauritius Board of Investment and led by The
                                                        Vice Prime Minister, Dr Rama Sithanen.

                                           In an enlightening dialogue between the
                                           panellists, several aspects came to the
                                           forefront very strongly, such as Mauritius’
strengths in industry and trade; its close ties with India; and its investor and business-
friendly environment.

According to our colleagues at HSBC India, "The Indo-Mauritius panel has helped to
provide a better understanding of the prevailing business environment, as well as the
untapped potential of Mauritius. We believe that we can use HSBC's strong presence in
both India and Mauritius to foster better business ties between the two countries."

Dr Sithanen made an impassioned speech urging Indian businesses to take advantage of
Mauritius’ unique position and invest in the country. He highlighted the ease of starting
a business in three days and our favourable policies towards taxation, trade and labour.

HSBC India commented that the Mauritius seminar had more than twice the usual
attendance of such events, and that it spoke volumes about the interest Indian
companies had in Mauritius. The event was extensively covered in the Economic Times
of India and reported on NDTV.

PROMOTION OF MAURITIUS IN CHINA
HSBC sponsored two conferences organised in April by the
Mauritius Chinese Business Chamber in Shanghai and Xiamen
                                                                                                                             If you have comments or views
to promote Mauritius as an investment destination. The
                                                                                                                             on any of our e-letter articles,
events drew large attendance from the local business                                                                         we would be delighted to hear
community, as well as high officials in both cities.                                                                         from you. Please contact:

The conferences highlighted the advantages of Mauritius for                                                                  Monique Li Wan Po
Chinese companies investing in Africa, India and USA, and                                                                    VP Marketing-Global Business
explored the tax framework, as well as Global Business banking in Mauritius for Chinese                                      Tel: +230 403 0936
Companies.                                                                                                                   monique.liwanpo@hsbc.co.mu

Representing HSBC, Dean Lam, Manager International (Hong Kong), made a presentation
on HSBC Offshore banking in Mauritius, "It was an excellent opportunity to promote                                           Issued by:
both Mauritius as a gateway between Africa and China, and HSBC as the ideal partner to                                       HSBC Bank (Mauritius) Ltd
act as a one-stop shop for the Chinese businesses - to meet both their trade finance                                         6F, HSBC Centre
requirements and offshore banking needs."                                                                                    18 CyberCity, Ebene
                                                                                                                             Mauritius
Interest from Chinese businessmen exceeded our expectations, with around 150                                                 Tel: +(230) 403 8333
delegates attending the Shanghai conference and with nearly 100 attendees in Xiamen.                                         Fax: +(230) 403 0999
Several senior government officials were present at the conference, including Mr Gao                                         www.hsbc.co.mu
Yuchen, the former Chinese ambassador to Mauritius.
Disclaimer: While all due care has been taken in the preparation of this newsletter, HSBC does not accept responsibility for any loss suffered by any person/entity
relying on the information contained in this newsletter or arising from any shortcoming, defect or inaccuracy through inadvertence or otherwise.
The contents of this newsletter are made available for information purposes only and on the understanding that HSBC is not providing professional advice. Readers
are strongly recommended to consult their tax and legal advisers before taking any action based on this information.

								
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