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It is no overstatement to say that the Covid-19 global pandemic is unprecedented in modern times. Sadly, it has finally reached our shores with the first confirmed imported cases of COVID-19 in the BVI and the curfew changing the way we go about our daily lives.
But while it is understandable to be unsettled by the ongoing situation, there is also plenty of evidence to suggest we are well equipped to overcome this latest challenge. Here in the BVI we pride ourselves on our resilience, and the way we bounced back from previous adversities such as the global financial crisis and Hurricane Irma gives us every confidence we can show the same strength and spirit this time round.
The Premier used his recent address to reassure the nation – and our wider global audience - that the BVI remains very much still open for business and continuity plans are being seamlessly implemented. A new Financial Services Bill recognising the current exceptional circumstances has been passed and can be called into action to reduce the impact of any disruption to our industry.
We must show adaptability and innovation in the coming weeks and months. The BVI has always been forward looking in this respect and this approach will stand us in good stead.
Our financial services industry has the built-in infrastructure to allow people to do BVI business from anywhere in the world and to do so via the most advanced technologies. We promise to maintain core services – such as the Virtual Integrated Registry and Regulatory General Information Network (VIRRGIN) and the High Court registry – and are able to stay securely and safely connected to the rest of the world during this period; meaning most requirements business may have of us can be met.
In addition, as a global finance centre, the breadth and depth of our relationships mean we are well diversified and we will continue to work with key stakeholders across Asia, Africa, Europe and Latin America.
Martin Luther King Jr once said “whatever affects one directly, affects all indirectly” and this sentiment rings especially true today. During this period of isolation, it is more important than ever that we keep our friends, colleagues, contacts and professional partners closer than ever and work together for the greater good.
Stay at home and stay safe, but remember that the BVI’s global business remains very much open for business and will be doing everything it can to support you during these turbulent times.
Elise Donovan is CEO of BVI Finance
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BUSINESS INSIGHT: BVI MEANS BUSINESS | APRIL 2020
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The articles in this edition of Business Insight show the level to which innovation is at the heart of the BVI offer and, importantly, how this will stand us in good stead in the challenging months to come. To read the Business Insight, click the image below.
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CONYERS ADVISES AQUAVENTURE ON ITS US$1.1 BILLION ACQUISITION BY CULLIGAN
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Conyers has successfully advised its long-standing client AquaVenture Holdings Limited (NYSE: WAAS), a leading provider of sustainable Water-as-a-Service® solutions listed on the New York Stock Exchange, on its US$1.1 billion acquisition by Culligan, a global consumer water services company. Culligan acquired AquaVenture for US$27.10 per share in an all-cash deal that is one of the largest takeovers of a publicly-listed BVI company by transaction value. This merger was made all the more remarkable given it was carried out as the BVI underwent 24/7 curfew in a bid to quell COVID-19 – a true testament to the efficiency of the BVI Registry of Corporate Affairs and all those involved.
Culligan offers state-of-the-art water filtration and treatment products including water softeners, drinking water systems, whole-house systems and solutions for businesses, through a network of over 900 franchise dealers in 90 countries. AquaVenture Holdings is composed of Quench, a provider of filtered water systems and related services, and Seven Seas Water, a multinational provider of desalination and wastewater treatment solutions. Conyers advised on AquaVenture’s IPO on the New York Stock Exchange in 2016. AquaVenture joins Culligan’s water service and solutions platform as a privately held company.
Counsel Audrey Robertson (who advised AquaVenture on its IPO in 2016) and Associate Marcus Hallan of Conyers’ BVI office advised on the matter, working alongside Goodwin Proctor, the onshore counsel.
To read the article, click here.
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SAVE THE DATE - BVI FINANCE BREAKFAST FORUM PRESENTS: CRISIS MANAGEMENT - LIQUIDITY AND OTHER CHALLENGES
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BANK OF ASIA DONATED THOUSANDS OF PROTECTIVE SUPPLIES TO BVI TO FIGHT COVID-19
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Over 10,000 pieces of protective gear including medical masks, gowns, gloves, glasses, and temperature measurers have been donated by Chairman of Bank of Asia, Mr. Carson Wen, to the BVI community. The intention is to aid in the detection and prevention of the spread of COVID-19.
At Dr. D. Orlando Smith Hospital, Minister of Health and Social Development, the Hon Carvin Malone said, "As we move towards this Covid-19 epidemic, we would like to thank Bank of Asia for their kind donations of personal protective supplies. Thank you on behalf of the people of the Virgin Islands, to whom these will be distributed to, including all of the front-line persons."
Mr. Wen said, "the COVID-19 pandemic is now a global crisis. While I hope that the coronavirus will not impact the BVI any further, it is important to be well prepared to protect the territory. We pledge our support to ensure the safety of lives should there be an outbreak. I applaud the Government on its hard work and vigilance in this regard."
Medical supplies have become very difficult to source as the export has been banned by many countries facing the spread of Covid-19 domestically. Bank of Asia has worked hard to find these materials of donation. The shipments arrived in the BVI on 27 March and were delivered to the Health Emergency Operation Center (HEOC), in coordination with the Government of the Virgin Islands.
To read the article, click here.
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TOP TIPS FOR WORKING UNDER CURFEW
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Nick Bishop shares how the Trident Team of 90 plus members instituted a phased approach to continue business during the coronavirus crisis.
After Hurricane Irma in 2017, Trident Trust undertook a complete review of its operations and as a result has been able to successfully deploy a revised approach to its Business Continuity Plan (BCP) over the last few weeks in anticipation of the situation we are currently operating in.
Recommendations:
- Ensure the BCP is clear and has stages for escalation depending upon the situation on the ground: so, whilst Level 1‘s focus may be on being fully prepared, Level 4 is office closure and full remote working. Staged escalation will also provide a wider timeframe to deal with unforeseen issues resulting from remote working.
- Have a clear incident management structure. As part of the BC Plan we have a gold, silver and bronze incident management structure with the Gold Team being the directors and key decision makers, the Silver Team being the Heads of Department and the Bronze Team being convened according to the incident. We also have an all staff group. Communication channels such as Microsoft Teams and WhatsApp have proven to be highly effective.
- Analyse the trends in other jurisdictions and try to anticipate and plan for how the local situation will unfold. Foresight and strong leadership minimise uncertainty.
- Utilise the resources, expertise and knowledge of your global colleagues; this is a global situation and a coordinated approach is key.
- Communicate constantly with the staff, keep everyone informed of the facts, how the business intends to react and what is needed from the staff in order to make the plan work.
- Constantly test your working from home policy to see which services you can continue to perform; which services are reliant on third parties and those which cannot be performed at all. Communicate this clearly to clients.
- Invest in your infrastructure to create a secure encrypted network, resilient remote data centre location and an email platform with collaborative tools to allow remote working for staff.
- Create a flexible working day to allow for multiple family members working at different times. For some, finding adequate time and space to work may require working outside of normal business hours.
- Plan your return to work procedure and communicate this to your team to ensure a smooth resumption of secure onsite working. Consider whether remote access and other BCP measures may need to be disabled and deactivated and how this will be done systematically.
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GOLD LEAF WELCOMES JACQUELINE DALEY TO ITS TEAM
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Gold Leaf is pleased to announce Jacqueline Daley, Attorney-at-Law and corporate governance and economic substance expert, has joined as a consultant.
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Jacqueline has over 20 years’ experience practicing in the BVI as a leading Corporate and Commercial lawyer and prior to joining Gold Leaf, she was a partner of the BVI’s largest and oldest law firm and was head of their BVI Corporate and Commercial team and head of their Trademarks practice.
Jacqueline is recognized as a corporate governance expert and in addition to routinely guiding clients through complex corporate law issues, she has contributed the BVI chapter of the Corporate Governance and Directors Duties Global Guide for Thompson Reuters Practical Law and has authored several articles related to these topics. Jacqueline brings to Gold Leaf her comprehensive knowledge of the BVI’s economic substance rules and best practices and combines this with her corporate governance knowledge to offer clients practical and pragmatic advice and solutions
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CARPHA ANNOUNCE DISSEMINATION PROCESS OF COVID-19 TEST RESULTS
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The Caribbean Public Health Agency (CARPHA) is notifying the public that COVID-19 results are immediately sent to the Chief Medical Officers at the Ministries of Health, who are responsible for the dissemination.
An official Press Release issued by the agency states that the agency’s Medical Microbiology Laboratory is the regional reference laboratory which tests suspected COVID-19 cases for 18 of its Member States inclusive of the British Virgin Islands.
According to CARPHA’s official release, “Samples can only be sent to CARPHA from the designated national public health laboratory in a country. Once samples are received, CARPHA will produce the results within 24 to 48 hours.
To read the full article, click here
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Weekend Reading Suggestions
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REMARKS BY PREMIER & MINISTER OF FINANCE - BVI INTRA-REGIONAL COMMERCE AND TRADE SYMPOSIUM (VIRTUAL)
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"We are going Green and we are going SMART, and therefore if you are in those areas of business, the BVI is a market you will want to pay attention to."
To read the full article, click here
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WORLD FINANCE: VOICE OF THE MARKET - MANAGING THE COMPLEXITIES OF GLOBAL TRADE
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VIDEO CONFERENCING ETIQUETTE: 10 TIPS FOR A SUCCESSFUL VIDEO CONFERENCE
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Video conferencing has become an essential component of the modern business world and helps improve the connectedness of remote team members.
If you aren't completely familiar with the additional expectations placed upon you when you're a part of a business video conference, that's okay. We're here to help you learn the dos and don'ts of video conferencing. Take the following information into consideration so you don't find yourself committing a major faux pas at the next big meeting. Or, share this with a coworker to help them out the next time they're making one of these mistakes.
To read the full article, click here
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UPCOMING EVENTS
April
BVI Finance Breakfast Forum
Webinar | 15 April
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