Friday, February 17, 2006

Promotion of jurisdiction and preventing BVI IBC abuse

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One must not underestimate these new functions:

1) the promotion of understanding of BVI financial system, policies, products (including International Business Companies) is very important both for jurisdiction itself and it is by no means less important for customers.

  • If you have clear understanding of the rules in accordance with which your International Business instrument works, you can most efficiently use the provided possibilities as well as soberly evaluate the situations in which it is better to choose another offshore jurisdiction or another offshore product.

2) British Virgin Islands Financial Service Commission commitment to play its part in the fight against cross border white-collar crime while safeguarding the privacy and confidentiality of legitimate business transactions is also very beneficial both for jurisdiction and for the customer.

  • If illegal business cannot be established in the BVI, it means that there is a very small probability that the British Virgin Islands will get into a tough spot and, consequently, will be included into the blacklists of different international organizations. If the reputation of the British Virgin Islands as the jurisdiction and of International Business Company as legal offshore instrument is being saved, the owners of legal business are not forced every couple of years to look for a new jurisdiction where to domicile their business to keep the reputation and stability. Everyone who at least once had the situation when the offshore country of registration of International Business Company had to be changed into another one may know that redomicilation is very costly – both directly and indirectly.

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