British Virgin Islands Business News

The analysis of the latest events in BVI and worldwide, affecting BVI business environment; facts and statistics on BVI International Business Companies involved in global business activities.

Wednesday, September 26, 2007

London Presentation Organized by the BVI International Finance Centre in October

The BVI International Finance Centre will send the delegation to London in October. It's task will be to undertake a series of presentations informing executives involved in the trusts and corporate business sector on the development of BVI trusts and corporate business industries, their regulatory environment and current offshore finance trends and opportunities. Members of the delegation will be Christopher McKenzie (Walkers BVI), Kenneth Morgan (Rawlinson & Hunter, BVI), Peter Larder (AMS Group), and Helene Lewis (Simonette Lewis).

On October 2, evening presentation will be hosted for London-based executives in the trusts; on October 3, there will be presentation for corporate business industries. Speakers from both Public and Private sectors will provide information on the growth of the BVI trusts and corporate business industries, their regulatory environment and current trends and opportunities in offshore finance. BVI IFC will also arrange a series of meetings with London's leading private banks and corporate law firms.

Established in 2002 as a result of the Government's commitment to support the financial services industry, the BVI IFC has played an exceptionally important role in the promotion and marketing of the BVI as a leading financial centre. The main task of the IFC is to make sure that the BVI retains the balance in having a sound regulatory framework, an entrepreneurial business community and BVI government. IFC is not involved in financial regulation, which is the sole responsibility of the BVI Financial Services Commission, also established in 2002.

In June 2007, the BVI IFC revealed new records that showed that in 2006 65,284 Business Companies were registered in BVI, - a 12% increase as compared with 2005, and a new record for annual BVI company registrations set by the offshore centre. In total, at December 31, 2006 there were nearly 775,000 of both types of BVI companies – International Business Companies and BVI Business Companies.

Also, in 2006 the BVI became the 3rd largest offshore centre for captive insurance business, with 57 new captive insurers registered, and total amount of captives being over 400. There were more than 282 new investment businesses in 2006, and the total amount for that sector was about 2,600 active mutual and hedge funds in the beginning of 2007. This year, further growth is expected.

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