Financial Times Report highlights the success of the pre-eminent offshore jurisdiction.
London, Thursday 15th March - A report, published last week by the Financial Times, has given a glowing assessment of the financial services industry in the British Virgin Islands and states that the jurisdiction has become synonymous with successful offshore business.
The report, which appeared as a four-page supplement on 9th March, highlighted the jurisdiction’s sound corporate infrastructure as one of the principal reasons for the success in attracting business from global emerging markets, and Asia in particular.
"From international joint-ventures looking for a neutral but legally secure home to smaller businesses eyeing the benefits of flexible structures and low tax, the BVI is frequently the first point of call, so much so in fact that in Asia the BVI brand has become synonymous with the very idea of an offshore company." The report goes on to say that "BVI vehicles account for about 45 per cent of inward investment into China, and are so popular that they are usually referred to in Asia simply as BVIs".
The report cites "the enactment of some of the most flexible offshore legislation in the world; implementation of a carefully-calibrated set of regulations; laws based on the English legal system; and a level of political stability that partly stems from the BVI remaining under the British flag" as key to the jurisdictions continued success.
It also recognises the presence of an impressive array of specialist offshore lawyers, accountants and trust company administrators as key in "the BVI’s transformation into the world’s pre-eminent centre for offshore company incorporations, with more than 750,000 of them to date."
Humphry Leue, Chief Operations Officer at the BVI International Finance Centre, said "We are delighted with the in-depth and objective coverage of the report. It is very satisfying and encouraging to see that the hard work and dedication by all stakeholders in the BVI financial services industry to build a world-class international financial centre has been recognised by a leading and respected publication such as the Financial Times."
For further information contact:
Humphry Leue
BVI International Finance Centre
Tel. +1 284 494 1509
hleue@gov.vg
Claire Barry / Andy Field
Financial Dynamics
Tel. + 44 (0) 207 269
7122 / 241
andy.field@fd.com