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GLOBAL BUSINESS: HONG KONG 2047 - PLC OR PRC?
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Perhaps for the first time in it's unique and vaunted history as an elite international finance and trading centre, 2020 brought into sharp focus some core fundamental questions over Hong Kong's long term future Dealing with a global pandemic seemed to be a less existential threat or discussion point than reflecting on a period of pro-democracy protests and the new National Security Law (Security Law) introduced by China on 1 July 2020.
Hong Kong's envious position in world trade had long been the subject of inevitable but tacit-only questioning over what would happen in 2047. However, the new Security Law, which resulted in international rebukes and placeholder sanctions, put all questions and deliberations out in the open.
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POSITIONING BVI FOR ASIA'S POST-PANDEMIC RECOVERY
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In the midst of the ongoing COVID-19 pandemic and resulting global economic downturn, the British Virgin Islands’ (BVI’s) financial services industry continues to thrive, retaining its global position as a leading International Financial Centre (IFC). With the exception of an initial downturn between March and May (2020), the financial services sector posted strong third and fourth quarter growth figures in transactional activity. By the close of 2020, BVI firms acted on over US$5 billion of global transactions, from Initial Public Offerings (IPOs) to complex debt restructurings, and revenue and incorporation numbers were only slightly below those of 2019. This positive growth trend has continued into the first quarter of 2021 with strong expectations that 2020’s numbers will be exceeded by the close of the year.
Click here to read more.
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THE BRITISH VIRGIN ISLANDS -
WELL POISED TO USHER IN A NEW ERA OF GLOBAL GROWTH
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The British Virgin Islands (BVI) continues to reinforce and enhance its position as one of the world's most respected global financial centres and a hub for cross border investment and trade. Despite facing some of its toughest challenges in recent years, the BVI has maintained its policy of international collaboration to ensure it meets the highest global standards. Its prominence has been recognised and further validated by the numerous accolades received from independent bodies.
During 2020, BVI firms acted on over $5 billion of global transactions, from initial Public Offerings (IPOs) to complex debt restructurings with revenue and incorporation numbers only slightly below those of 2019. Growth has accelerated in the quarter of 2021, with strong expectations that 2020's numbers will be exceeded by the close of this year.
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BVI ARA COLLABORATES WITH LBC ON VOLUNTARY LIQUIDATIONS SESSION
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On May 26th, 2021, the BVI Association of Registered Agents (BVI ARA) in partnership with Little Bay Consulting hosted a training on Voluntary Liquidations for BVI Business Companies.
With an audience of more than 75 participants, the training was focused on topics such as procedure for the liquidation of a solvent non-licensed company, responsibilities, and duties of an appointed liquidator (liquidator’s checklist), Balance Sheet and P&L statements, KYC responsibilities and economic substance submissions.
BVI ARA would like to thank Sharon Mungall and Helen Janes for their contributions and inputs on this interesting topic and to all our ARA members that were able to join us.
Click here to view training presentation.
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BVI BUSINESS INSIGHT TALKS - THE BVI AND PANAMA
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The BVI and Panama’s corporate relationship was explored by an expert panel of practitioners on one of the latest episodes of BVI Business Insight.
Why does the BVI and Panama have a strong bond? According to Gian Castillero, partner at Arias Fabrega & Fabrega, it began in the 1980’s, when the BVI started to promote its corporate services to the international community.
“The BVI was well established, well known with a great reputation, and brought a lot of new technology and other efficiencies that created a fantastic combination which benefited both jurisdictions,” said Mr. Castillero.
Maria de Lourdes Marengo, partner at Patton Moreno & Asvat (BVI) Ltd. explained that although the relationship began during a very difficult time for Panama, the BVI “presented a fantastic option for clients” who enjoy both jurisdictions’ corporate structures.
Ms. Marengo’s colleague, Michele Hibbert, Executive Director of Patton Moreno & Asvat said that the BVI is attractive to Panama not only because of its flexibility, but also the compatibility of both the BVI’s and Panama’s financial services products, which is “what our clients are looking for”.
Click here to read more.
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THE BRITISH VIRGIN ISLANDS FINANCIAL SERVICES COMMISSION APPOINTS NEW MEMBERS TO THE BOARD OF COMMISSIONERS
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The British Virgin Islands Financial Services Commission (the "Commission") announces six new Commissioners to its Board. The new members of the Board of Commissioners were appointed by Cabinet effective 14 December 2020 as required by Section 5(2) of the Financial Services Commission Act, 2001 (the "Act").
The newly appointed Commissioners and their appointment terms are:
- Mrs Kharid Fraser, Deputy Chair (2020-2023)
- Ms Joanna Boyd (2020–2022)
- Mr Paul Carty (2020–2023)
- Mr Melvin Stoutt (2020–2023)
- Mr Ramnarine Mungroo, External Commissioner (2020-2023); and
- Mr William Gilmore, External Commissioner (2020–2023)
Mr Robin Gaul will continue to serve as the Board's Chairman, and the Commission's new Managing Director/CEO Kenneth Baker will serve as a Board member.
Click here to read more.
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International Co-operation Unit - Open Positions
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BVI Finance invites you to download the free BVI Now app - the insider’s guide to the BVI. It contains contact details for all BVI Finance members. Click here for more details and app download.
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UPCOMING EVENTS
A round table discussion on the potential impact of a Global Minimum Corporate Tax rate on International Finance Centres (IFCs)
| 29th June 2021 |
BVI Finance Summer Klatsch
| 1st July 2021 |
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