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10 YEARS LATER, BVI STILL RANKS #1 OFFSHORE JURISDICTION IN VISTRA 2030
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Report Indicates Industry Leaders Value BVI Stability, Expertise and Flexibility
After 10 years, the British Virgin Islands (BVI) still ranks as the number one offshore jurisdiction, according to the VISTRA 2030 report, maintaining its ranking since the first study which was launched in 2010.
VISTRA 2030 – Unlocking opportunity for the decade ahead, highlights key trends in the global financial services industry, with insight on offshore financial centres like the BVI. Of 17 jurisdictions listed, the BVI ranks fifth in perceived importance and outranks other offshore jurisdictions. Singapore, a midshore jurisdiction, ranks number one overall.
According to VISTRA 2030, the British Virgin Islands’ most valued attributes are its stability, expertise, flexibility and ability to offer global reach, which the report states accounts for the BVI’s “enduring stickiness”.
The report states that the BVI and some other offshore jurisdictions continue to “add significant value for clients, so it is no surprise that they are defying the doubters who have predicted their demise”.
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Click on the image above to view the VISTRA 2030 executive summary
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“Clients value the BVI’s modern and flexible legal structure too. It facilitates the formation of cross-border entities and guarantees strong shareholder protections that promote co-investing - protections that are not always available in other jurisdictions.”
The report also named the BVI as a neutral intermediary where clients can “swiftly set up new BVI structures that are globally recognised and accepted for international business”. This trend is especially significant to clients from emerging markets which may find it easier to use intermediary structures.
It was noted that these types of structures enable economic stability and offer monetary benefits, such as is the case in Asia, where 75 percent of Hong Kong’s Seng Index “consists of companies with direct linkages to the BVI”.
One legal head of a corporate services firm opined that the offshore centres that continue to thrive are the Crown Dependencies and Overseas Territories are “expert in serving specialist needs and can provide more flexibility than the bigger financial centres”.
While respondents expect a shift towards midshore and onshore centres, the report states: “the decline of offshore has consistently been overstated over the past decade”. It also credits the BVI as being “extremely resilient” and remains “near the top of the global rankings ever since the study began.”
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DR ROBERT MATHAVIOUS TO RECEIVE HONOUR FOR HIS SERVICES TO BVI
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Dr Robert Mathavious is the Territory’s newest recipient of the Order of the British Empire (OBE) in the Queen’s 2020 Birthday Honours for his contributions to financial services.
Dr Mathavious has served the British Virgin Islands for nearly 40 years across the finance and volunteer sectors.
He is widely known as the chief architect behind BVI’s financial services sector, a sector which now contributes more than 60% to the Territory’s GDP. He was a key advocator for the establishment of the Financial Service Commission - which he served as Managing Director of since its inception – and also held multiple positions in the public service over the past 40 years.
Click here to read more.
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Image of Dr. Robert Mathavious
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WHAT MAKES THE BVI AN ATTRACTIVE JURISDICTION?
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Simon Hiemstra of Tovel Investments Ltd., who has over 20 years of experience in funds, says the BVI is probably the best amongst international finance centers of the world.
Mr. Hiemstra was speaking as a guest on the latest episode of BVI Business Insight. He was joined by his colleague and founder of Tovel, Mr. Walter Reich.
Discussions focus on the attributes that make BVI an attractive jurisdiction which Mr. Reich opined, is the ease of doing business, British law, the Arbitration Centre, competent lawyers, cost-effective services and a Government that is very willing and flexible “to put out products that the industry requires of them”.
The Tovel founder also said BVI has the infrastructure to achieve the requirements for regulated activities, such as Economic Substance.
Episode five also covers the Private Investment Fund Regime, Approved and Incubator Funds and VIRRGIN, the Virtual Integrated Registry and Regulatory General Information Network.
To watch the full episode, connect with BVI Finance on LinkedIn and YouTube, and visit us online at www.bvifinance.vg.
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BVI FINANCE LAUNCHES "MIND YOUR BUSINESS" CAMPAIGN
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“Financial services is everybody’s business. So come on, mind your business, and let’s not keep this to ourselves.”
That’s the tagline for “Mind Your Business”, a campaign launched by BVI Finance to promote the benefits of the financial services industry to the BVI.
The visual campaign began on October 12 with a two-minute commercial that highlights financial services as a major economic pillar for the Virgin Islands that contributes $290-million to the economy.
The commercial also shows various statistics including 60-percent of Government revenues generated from fees paid by financial services. Notably, 27-percent of the national workforce is employed in the financial services industry. In addition, over 65-percent are BVIslanders and Belongers.
Also important to note is that more than 2200 people are directly employed in financial services, while the industry indirectly supports an additional 3,000 jobs.
Follow the “Mind Your Business” campaign by connecting with @BVIFinance on LinkedIn, YouTube and Facebook. Please also visit www.bvifinance.vg.
BVI Finance is the voice of the Virgin Islands’ financial services industry.
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ENFORCING SECURITY OVER SHARES IN THE A BVI COMPANY
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When taking security over shares in a BVI company it is common to take security by way of an equitable mortgage and/or a charge over the shares. This guide examines the enforcement rights available to a mortgagee (being the recipient of the security) under an equitable share mortgage.
Click here to read more.
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IT WOULD BE HARSH TO JUDGE FUND MANAGER PERFORMANCE THIS YEAR
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Image of Philip Graham, Partner, Harneys (BVI)
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Here is a way to start an article like no other; what a fantastic year 2020 has been. The obituary of the hedge fund industry has been written many times, but for some, it was written in indelible ink in 2008 following the financial crisis. Commentators blamed the industry for its part in the global collapse, notwithstanding the fact that a huge majority of fund vehicles during that time were actually victims themselves. Ignoring the huge layer of red tape that subsequently encased the industry, this wasn’t actually the largest cause for concern.
The bigger problem was that once the S&P settled down, its solid and consistent performance led to a benchmark that the industry simply couldn’t match. Many funds struggled to provide the exceptional returns they were once capable of and with new products like exchange-traded funds combining performance with a lower risk profile and lower fees, the glitz and glamour of AW Jones’ product had truly been eroded. However, the inflow of investment remained, and while the lack of true performance caused general resentment, a shock to the global financial system might cause the passive investment models to fail and suddenly the two and 20 would look like money well spent. So the script for 2020 couldn’t have been better written by Hollywood, although probably would have had a little more Dwayne Johnson. The flash crash in March could have lead to the industry flourishing from that point forward.
Click here to read more.
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THE AVIATION LAW REVIEW, EDITION 8
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As the British Virgin Islands is an overseas territory of the United Kingdom, registration of aircraft in the British Virgin Islands is governed by a UK statute, the Air Navigation (Overseas Territories) Order 2013. Air Safety Support International, a wholly owned subsidiary company of the UK Civil Aviation Authority, acts as the oversight regulatory body for the United Kingdom’s overseas territories in relation to aviation matters.
Air Safety Support International has powers under the UK Air Navigation (Overseas Territories) Order 2013. In addition, the BVI Airports Authority (the Authority), a statutory organisation of the government of the British Virgin Islands, was incorporated in 2005 to oversee the effective and efficient operation of all airports in the British Virgin Islands. The objectives of the Authority include, inter alia:
Click here to read more.
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Image of Audrey M. Robertson, Counsel, Conyers (BVI)
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Image of Shondrea Turnbull, Human Resources Manager, ATU General Trust (BVI) Limited
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Shondrea Turnbull, Human Resources Manager of ATU General Trust (BVI) Limited, has published her first book, “The Power of 30: Transforming the Mind, Body, and Soul 30 Minutes at a Time.”
Mrs. Turnbull, who has worked with ATU Trust since 2016, launched the “Power of 30” this month as a self-help guide to empower readers who want to achieve balance in their family, professional, fitness and spiritual life. The core components of Power of 30 is 10 minutes of movement, 10 minutes of a bible study or devotion and 10 minutes of quiet and peace.
Click here to read more.
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REBOOTING INTERNATIONAL BUSINESS
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In this interview, Carolina Lacerda, the MD of CORPAG, a firm with a strong Latin American pedigree, discusses what makes the BVI ideal for business opportunities and how and why its approach to corporate structuring and innovation has made it so popular globally.
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ECONOMIC SUBSTANCE IN THE BVI- SEEKING COMPLIANCE AND EMBRACING
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This episode discusses the BVI’s response to the EU’s Economic Substance requirements, explores opportunities and how the industry works closely with both regulator and regulated to ensure understanding and compliance. The discussion also covers its “whitelisting” meaning compliance with the regulations.
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WHAT YOU NEED KNOW ABOUT BOSSs
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In April 2016, in response to observations made by the UK government, an agreement was reached with Britain’s Overseas Territories (OTs) for the creation of registers of the significant beneficial owners of certain companies. These registers are “private”, in that they are only accessible to UK law enforcement and tax authorities and not to the general public. The British Virgin Islands (BVI) Beneficial Ownership Secure Search System®, BOSSs® - a searchable portal where the verified beneficial ownership information on BVI companies is held, accessed and, where appropriate, shared with competent authorities, including in the United Kingdom - was the result of this agreement. Successive UK Governments have taken the view that this was sufficient despite the UK itself introducing Public Registers of Beneficial Ownership in 2016.
Successive UK Governments have taken the view that this was sufficient despite the UK itself introducing Public Registers of Beneficial Ownership in 2016.
Here’s all you need to know about BOSSs.
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COMPLIANCE MANAGER /MLRO
Role Summary
The successful applicant will be responsible for the compliance and risk function of the BVI office, with dual reporting lines into the local Managing Director and Regional Director of Compliance & Risk. The person will ensure full compliance with all applicable local regulations as well as group internal standards. This will include continued development and maintenance of adequate policies, procedures, systems and controls to support, monitor and manage AML and regulatory obligations of the office, including induction and periodic training of staff in relation to compliance and risk.
Click here to read more.
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IMPLEMENTATION COORDINATOR
Role Summary
The successful applicant will serve as a technical for the AML/CFT Implementation unit with responsibility for ensuring progress at each phase of implementation and review of the recommendations emanating from the Virgin Islands’National Risk Assessment (NRA) in preparation for the 2018 Caribbean Financial Action Task Force’s Mutual Evaluation.
Click here to read more.
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Click on the image above to enlarge.
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UPCOMING EVENTS
OCTOBER
BVI Finance Breakfast Forum
Webinar | 21 Oct | 10:00 a.m.
Saint Ursula's Day
Holiday | 23 Oct |
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