UK Minister for Overseas Territories Visited the BVI House Asia

The UK Member of Parliament and Under Secretary of State for Foreign and Commonwealth Affairs Hon. Mark Simmonds visited the BVI House Asia, Hong Kong, with a fact-finding trip. Mr Simmonds confirmed his support for the BVI, and stated that the financial services industry was a ‘fundamental pillar for the future of the BVI’. 

During his visit, Mr. Simmonds received presentations from Director of BVI House Asia Ms. Elise Donovan, Deputy Managing Director of the BVI FSC, Mr. Kenneth Baker, as well as presentations from some other members of the BVI financial services industry in Asia, which gave an overview of how BVI companies are used across the region. According to the Premier’s Office, the presentations outlined the advantages of doing business in the BVI, the flexibility of its corporate structures, legal system, and strong BVI legal expertise. 

The BVI practitioners told the UK Minister for Overseas Territories that the BVI was still the most important jurisdiction in the Asian market, and they were pleased that the BVI Government had established BVI House Asia to provide support for their work in Asia. They also stated that taxation was not a primary reason for using BVI corporate structures, and the most important reasons for use currently and in future are asset protection, wealth management, funds management, investment holdings and trading.