FRIDAY 04 DECEMBER, 2020

H O M E

A B O U T

EVENTS

BVI GLOBAL IMPACT

BVI LOVE MEANS SYNERGY FOR FINANCIAL SERVICES AND TOURISM INDUSTRIES:

BVI FINANCE CEO AND TOURISM DIRECTOR AFFIRM COMMITMENT TO WORKING TOGETHER TO ENSURE BOTH INDUSTRIES THRIVE

Elise Donovan, Chief Executive Officer at BVI Finance

Clive McCoy, Director of Tourism at BVI Tourist Board

BVI Finance Chief Executive Officer Ms. Elise Donovan and Director of Tourism Mr. Clive McCoy affirmed their commitment to BVI LOVE, and collaboration to ensure the further development of the Territory's top two economic pillars, financial services and tourism.

The discussion with the two industry bosses took place at this week's BVI Finance Breakfast Forum titled: Defenders of the Economy, BVILOVE, and the future of the Financial Services and Tourism Industries.

Ms. Donovan asserted that everyone in the financial services industry is a brand ambassador for tourism, as all clients are potential visitors. As such, the CEO said this is why collaboration is important, to be able to sell a complete package when visitors come.

To that end, Mr. McCoy emphasised that tourism is everybody's business, adding, "Our synergies will help us educate the populace, and ensure we are more effective overall...we are working together for a clean and beautiful BVI. All of us are a part of this tourism matrix."

State of the Industries

Referencing the 2030 VISTRA Report, CEO Donovan said that BVI is still the number one offshore international finance centre, amidst projections that offshore centres would have declined by now.

Ms. Donovan said that because the industry has had to rely more heavily on technology, BVI Finance brought the telecommunications providers together earlier this year, to communicate industry needs while clarifying any issues that may hinder service.

According to the CEO, the pandemic has caused BVI Finance to curtail international travel to conferences and other special stakeholder meetings, but noted that the increase of teleconferences, webinars and other digital meeting services helped the industry recalibrate and use digital services to get our messages across to larger, wider audiences around the globe.

Ms. Donovan said, "BVI will continue going in spite of the challenges. The BVI Financial Services industry will remain resilient and strong."

Mr. McCoy commented that the opportunity was not missed to prepare stakeholders even during the border closure. The BVI Tourist Board and H. Lavity Stoutt Community College signed a Memorandum of Understanding that would facilitate training in the hospitality sector, in preparation for the reopening of the borders.

On the international scene, Mr. McCoy said that the BVITB continues to communicate with a network of travel agents and recently hosted a webinar of 73 media outlets to talk about the reopening, and the related processes.

The tourism director also shared that the BVI Tourist Board's Staycation campaign was very successful and received much praise from proprietors. He said that many visitors have been eagerly awaiting for the BVI to reopen its borders and has a great expectation for loyal guests to return.

"BVI has one of the highest return rates of any country in the Caribbean," said Mr. McCoy, explaining that it is oftentimes generational; with the return of children and grandchildren of loyal guests.

The Reopening of the BVI's Borders on December 1

While highlighting that one in three jobs are directly related to the tourism industry, Mr. McCoy said, "BVI is very anxious for the tourism industry to restart. I'm very excited for the borders to reopen."

Commenting on the progress so far, Mr. McCoy said things have gone well, with a few kinks that need to be ironed out, and said that his team is working to ensure things go as smoothly as possible.

CEO Donovan assured that the financial services industry continued throughout the pandemic and was not greatly affected by the closure of the borders.

"Financial services have not missed a beat," Ms. Donovan said.

The CEO stated that while business continued, people in the industry have been looking forward to business and family travel without the long quarantine periods. She also said, "People will now have more access to the markets that they do business in, and access to clients."

To watch the entire forum, like and follow BVI Finance's Facebook Page click here. BVI Finance is the voice of the industry, responsible for marketing and promoting the BVI's international business and finance centre.

INDUSTRY DEFEATS DEFENDING CHAMPIONS HLSCC AT BVI FINANCE FINANCIAL SERVICES WEEK DEBATE 2020

The representatives for the BVI financial services industry defeated defending champions, H. Lavity Stoutt Community College (HLSCC), in debating the moot: BVI's Status as a British Overseas Territory (BOT) has a positive impact on the BVI's Financial Services. True or False?

The Great Debate: HLSCC vs. The Industry, held on November 30, was part of the 2020 Financial Services Week activities.

The industry team comprising Laura Astrid Wigglesworth of Appleby, Christian Hidalgo of Collas Crill and Melissa Thomas of Harneys, argued that the BVI's status as a BOT has none, or adversely a significantly negative impact on the BVI's financial services. The industry players said the UK's imposition of policy shows that the UK's and BVI's interests are not aligned.

Also, the team argued the BVI is attractive as an international finance centre because of its sound administration, privacy, tax neutrality, effective legal systems, political stability and public order; which means it stands on its own reputation as a global player, independent of its association with the UK.

Nicklous Kanhai, Jefferina Morrison, and Jordan Dawson made up the HLSCC team, who argued that BVI's status as a BOT helped the industry thrive due to BVI's solid legal framework based on UK's common law system; UK's commitment to defending the financial services industry of the territories to help them maintain their economic viability; and implementation of sanctions that allows for the easier implementation of policies and regulations.

The debate judges included Mavis Small Abednego, Adeniki Sicard and Dr. Derry Hodge. The moderator was StacyAnn Shaw Goodridge.

To watch the Great Debate, visit the BVI Finance on Facebook page here.

THE BVI CONTINUES TO INNOVATE WITH ITS NEW PRIVATE INVESTMEMT FUND (PIF) REGIME

Simon Gray, Head, Business Development and Marketing at BVI Finance

Jeffrey Kirk, Managing Partner at Appleby BVI

By Simon Gray and Jeffrey Kirk Ever innovative and commercially minded, the British Virgin Islands (BVI) has recently introduced a new regulatory regime for private equity, venture capital and other closed-ended funds adding to its already well established, cost effective and popular stable of incubator funds and approved funds.

The BVI's well-established incubator funds have become much sought after in the world of hedge funds and digital funds. In this article, Jeffrey Kirk and Simon Gray discuss some of the core elements of this exciting new regime and the opportunities it provides for the BVI.

The new legislation creates a new category of fund which is required to make a filing with the BVI Financial Services Commission (the Commission), and which will receive recognition by the Commission provided it meets certain criteria. Known as a private investment fund (PIF), this is defined as a company, limited partnership, unit trust or any other body which collects and pools investor funds and issues proportionate fund interests computed according to the net asset value of the fund.

Until now only mutual funds have been regulated. In addition to having the above same two characteristics they also allow their investors to cash out (redeem) their investments at any time. However, PIFs do not allow investors to come and go and instead they are locked in until the fund is able to sell its investments. Hence their attraction to the world of private equity and venture capital investing.

WINNERS OF BVI FINANCE/ZBVI MORNING QUIZ

The winners of the BVI Finance/ZBVI Morning Quiz received their prizes on Friday 4^th December. BVI Finance's CEO Elise Donovan presented first place winner, Teshae Baptiste with an iPhone 12, while second place winner Loren Baptiste received a MacBook Air. The third place winner Elyon Jones won an iPad Air.

CAREY OLSEN BVI CONVERTED TO LIMITED PARTNERSHIP

On 30 November 2020 Carey Olsen BVI converted to a limited partnership, having registered under the Limited Partnership Act, 2017 (the "Law") with the name Carey Olsen (BVI) L.P. ("CO BVI L.P.").

CO BVI L.P. holds a trade licence issued by the Government of the British Virgin Islands and, as such, is permitted to provide legal services in and from the British Virgin Islands.

CO BVI L.P. has the benefit of all existing client contracts entered into by Carey Olsen BVI prior to 30 November 2020, including the right to payment of fees and disbursements. All invoices will now be issued in the name of CO BVI L.P.

Following registration and in accordance with the Law, the partners of CO BVI L.P. will have limited liability and, generally, are not liable for CO BVI L.P.'s debts or losses.

The terms of business have been amended and updated on their website. Any client of Carey Olsen BVI receiving legal services following 30 November 2020 is doing so as a client of CO BVI L.P. and, save to the extent otherwise agreed, is deemed to have accepted the amended terms of business.

HARNEYS NAMED IN GRR 100 LIST OF TOP LAW FIRMS 

Another client who worked with Harneys as part of a bondholder group, which Harneys helped in an enforcement action against a PRC-based business's offshore assets in the BVI and Hong Kong, reported that the firm was extremely effective at proposing a viable strategy and executing it quickly, while keeping stakeholders informed and engaged at all times. The client further noted that the enforcement action provided leverage for the bondholders in later restructuring talks.

Global head of the Harneys Litigation, Insolvency and Restructuring group, Phillip Kite, commented: We are delighted to be named in GRR's top 100 list, which demonstrates the continuing strength and reputation of our global team. Our lawyers go the extra mile to deliver an outstanding service to our clients.

Offshore litigation, insolvency and asset recovery are one of the firm's core areas of specialisation, with teams spanning the British Virgin Islands, the Cayman Islands, Cyprus, Hong Kong, London, Luxembourg, Shanghai and Singapore. The firm provides their clients with clear, timely and innovative solutions in complex multi-jurisdictional disputes.

 

BVI RUGBY AND BVI CROSSFIT FUNDRAISER

BVI Finance is a strong supporter and sponsor of the BVI Rugby Union Club. BVI Rugby and BVI CrossFit jointly held a fundraising day at the beach at Brandywine Bay last Sunday 22 November to raise funds for Kenrick  Jimmy Thomas. Jimmy is 23 years old and is a senior player in the BVI men's national 15s and 7s rugby sides and he is also a very keen proponent of CrossFit.

During a regular medical check-up on 7^th of March 2020, Jimmy was diagnosed as having a hole in his heart (Atrial Septal Defect (ASD)). This very serious heart condition is one that presented at birth but was only diagnosed at that doctor's consultation. BVI NHI will cover part of Jimmy's medical bills but not all costs and an additional $20,000 is required in order to cover all the costs of the operation, transportation, accommodation, and other related expenses. Jimmy's heart operation is scheduled for late January 2020 in a hospital in Puerto Rico.

Tom Wilson of CrossFit and the BVI Rugby Union Club Committee agreed to work together to raise the funds needed by Jimmy. A GoFundMe platform was created by Tom and through various fundraising activities CrossFit members and BVI Rugby players, Strollers (retired rugby players and supporters) have been raising funds for Jimmy's operation and related costs.

On Sunday at Brandywine Bay, hundreds of people gathered to support BVI Rugby Club and BVI CrossFit in raising funds for Jimmy. A series of beach rugby tournaments including touch and tackle rugby, for all ages, sizes and skill levels was held on an inflatable beach rugby pitch. Simultaneously, a CrossFit competition was held on the beach for everybody to participate in CrossFit exercises. It was a wonderful event and uplifting to see kids and adults enjoying themselves whilst involved in healthy physical activity, all for the purpose of helping one of their own rugby and CrossFit teammates.

As a result of these fundraising efforts and particularly Sunday's event, they are now close to raising the required $20,000.

If you are able to donate, please click here to visit the GoFundMe platform.

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UPCOMING EVENTS

Financial Services Week

Events | 4 - 5 Dec|

BVI Finance

Road Town, Tortola, BVI

www.bvifinance.vg

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