First BVI Africa Trade Mission to be Held in November 2018

BVI Premier and Minister of finance, Dr Orlando Smith, will be leading BVI Africa Trade Mission which will take place for two weeks from November 5 to 16 of 2018, and will include South Africa, Kenya and Nigeria as the largest business centres in the region. The BVI has a considerable stock of direct investments on the continent, and it is expected that the visit will enhance and deepen business relationships between BVI and African countries.

Dr Smith will be the head of the delegation which includes BVI Finance team and the Africa Expert Network (AXN), BVI Finance’s consultants for the mission. The mission itself is similar to the Asia Trade Mission and consists of high-level meetings with government officials and private sector meetings. 

The BVI mission will also hold three mini conferences in Cape Town, Nairobi and Lagos, which will provide an opportunity for the delegation to promote the products and services of the BVI jurisdiction, such as private equity and venture capital offerings, investment funds and trusts, as well as time proven BVI business companies and recently unveiled micro business company.

BVI Premier on a Mission to Asia to Promote BVI Financial Services

From June 2 to 17, BVI Premier and Minister of Finance Orlando Smith was leading a delegation to a number of cities in Asia, to host mini-conferences to promote traditional and new business and financial services products of the British Virgin Islands. During his visit, he had meetings with main government and industry professionals in the Asian region.

During one of the conferences held on June 12, among the topics discussed there were BVI Advantage, the opening of Bank of Asia in BVI, new BVI products such as Micro Business Companies Act, Limited Partnership Act. This conference was attended by more than 100 practitioners from BVI and China private sector. 

The Premier commented on other meetings held: “I am pleased that we have also had productive meetings with the Ministry of Foreign Affairs, Ministry of Commerce and the China Friendship Association, all of whom welcomed the several developments in the BVI that will further the economic relationship between BVI and China.”

BVI Finance Presented at Africa Financial Services Investment Conference

BVI Finance, which is responsible for marketing and promoting financial services industry of the jurisdiction, showcased BVI unique propositions for Africa at the Africa Financial Services Investment Conference (AFSIC) which was held in London on 3-5 May.

This year, BVI Finance was the gold sponsor of the Conference which is a leading investment event focused in Africa's financial services sector. BVI team comprised six members of BVI Finance who engaged with stakeholders from across the continent and positioned the BVI as a leading jurisdiction for chanelling investment in and from Africa. 

Interim executive director at BVI Finance, Lorna Smith, made a presentation during a panel session entitled "The BVI Advantage" where highlighted BVI advantages as a leading partner for the region, emphasized the quality of professionals working in the BVI international financial sector, and capital flows that already exist between the BVI and Africa.

In her comments on the conference Smith said:"AFSIC was a major success for BVI Finance. We educated many influential stakeholders about the BVI and its unique advantages and made some excellent connections which will put us in good stead for the future.”

BVI Finance Announced New Marketing and Business Strategy

BVI Finance updated its marketing and business development strategy for 2017 to 2020, and local financial services industry was informed of the BVI Finance's plans to develop the sector.

The BVI Finance Strategy update provided an insight on the marketing and business development initiatives, and the progress of BVI Finance in transition to BVI Finance Limited. 

Among officials which presented at the event devoted to the strategy update, there were interim executive director of BVI Finance Lorna Smith, permanent secretary in the Premier Office and chair of the BVI Finance interim board, Brodrick Penn, and BVI Finance's head of business development, Gary Hales who defined the main strategic aims of the organisation, and its key deliverables.

BVI Asian Trade Mission: Agreement with Chinese economic area and BVI Roadshow

The strategic cooperation agreement between the BVI government and the Administration Commission of the Tianjin Binhai New Area Central Business District (CBD) was signed, as a result of the BVI Asian Trade Mission led by premier and minister of finance Dr Orlando Smith. Tianjin Binhai New Area is one of special economic zones of China, established in 2010. The BVI and the Tianjin Binhai New Area are planning to develop long-term cooperation and mutually support each other's development strategies, systems of management and operation as long-term strategic partners.

At a BVI road show event, which followed as part of the BVI Asian Trade Mission, the BVI Premier was speaking on the theme: “Pursuing Global Success with BVI as Your International Partner of Choice”. Also, the presentation was delivered by Conyers Dill & Pearman Partner themed “The Belt and Road Initiative: How the BVI Facilitates the Investment Opportunities”. Deputy group managing director made a presentation named “The BVI: At the Cutting Edge of Incorporation”. Managing director from AMS Financial Services presented “The BVI: Balancing Client Confidentiality with International Compliance”. 

The panel discussion on the event was moderated by Permanent Secretary of Premier's Office, Brodrick Penn, and named “The BVI Advantage in the Capital Markets”, followed by the presentation “The BVI Advantage in Litigation”. The roadshow was closed by a panel titled “The Enduring Competitiveness of the BVI”.

First Days of BVI Asian Trade Mission in Hong Kong and China

BVI Premier and minister of finance Dr Orlando Smith said in his speech during the BVI Asian Trade Mission in Hong Kong that the Asia Pacific Region is a fundamental market for the British Virgin Islands. In the first days of the two week event which will make stops in HK and four cities of China, Premier headed the delegation in a number of meetings, which started with discussions with executives of Top Search International Holdings, a multi-disciplinary services group working in the spheres of insurance, asset management and banking. They discussed developments in the global and BVI financial services industry.

Among other visits, the BVI delegation had a meeting with executives of the Bank of Asia BVI Limited, to get an update information on the launch of the bank which is anticipated both by HK and BVI practitioners. 

On the first day the BVI Premier hosted a luncheon with financial services practitioners in Hong Kong, representing various sectors of economy. During the meeting Smith was speaking about the strong partnership between BVI, HK and China, about BVI advantages ad developments in the BVI financial services sector, including beneficial ownership.

On the second day of the BVI Asian Trade Mission, BVI delegation led by the Premier met with senior members of the marketing and international departments of the China National Tourism Administration; also, BVI Finance hosted the first of a series of roadshows, themed “Strategies for Global Success - BVI: The International Partner of Choice.”

New Public-Private Organization Launched in BVI Financial Services

The new entity is to be launched in the beginning of 2017, which will take over from the existing BVI Finance the functions of supporting financial services promotion and business development in the British Virgin Islands. BVI Finance Limited is a new public/private initiative and part of government programme that has the purpose to strengthen the financial services industry.

BVI Finance Limited will have a fundamentally new corporate structure, and will be more flexible and autonomous as the marketing and promotional tool of the financial services industry. It will be responsible for promoting financial services as an industry to customers, intermediaries and regulators abroad, and for developing new business opportunities. The objectives of the new organization include co-ordinating efforts of all main private sector stakeholders within financial services.

Workshop on BVI Financial Services Held for Teachers

According to the Ministry of Education of the British Virgin Islands, a training workshop was organized for teachers of secondary schools. The five-day exercise, which was held from March 23 until March 27, had the purpose to educate business teachers on the financial services industry in the jurisdiction, and provide them information to share with students. The training was facilitated by Director of the Financial Services Institute.

Managing Director of LGS and Associates, Mrs Lorna Smith praised the teachers for their willingness to learn about financial services. Also, Minister for Education and Culture of the British Virgin Islands urged them to use information from the workshop to ensure that students are ready to start their careers in the financial services sector.

BVI Premier Speaks on the Development of Financial Services Industry

The Premier and Minister for Finance of the British Virgin Islands Orlando Smith had discussed the future of the BVI as a financial centre with business leaders. He said that the BVI government has the aim to strengthen the position of the territory as a leading offshore financial centre that adheres to international standards, and to set the BVI apart from its competitors by developing innovative new offerings.

The Premier and Minister for Finance noted that the BVI, which once had unique position in the world of financial services, now has a community of competitors in this niche, as well as in tourism sector. He said that the territory must “rise to the challenges of keeping the twin pillars of economy not only sturdy but resilient.” By words of the Premier, the BVI should review its business models, and to improve or increase the products offered, because what once was an “extraordinary idea,” has now become “the new normal.”

Orlando Smith pointed to changing international standards on tax transparency and information exchange. He stressed that the BVI government must increase its efforts to inform the international community on all the steps taken by the jurisdiction to adopt leading international standards and improve co-operation with tax authorities of other countries. Also, he said that particularly close attention should be focused on the “correctly themed marketing of our tourism and financial services products, and currently efforts are fully underway to rebrand the BVI product."

To boost the ties of the BVI territory with emerging markets, particularly Asian, the BVI government plans to establish a representative office in Hong Kong.

BVI Executives Discuss Cuts in Funding of Financial Services Sector

The Executive Director of the International Finance Centre (IFC) Sherri Ortiz, in her speech before the Standing Finance Committee, stated that, while being responsible for promotion and development of the financial services industry, they are not able to get the funding, and this can disturb the growth of the financial services sector of the BVI economy. The IFC Director said that, because of the significant cut in the IFC budget, the Commission cannot develop any programmes, especially taking into account the extremely competitive environment.

Also, Territorial Member Hon. Vernon Malone expressed his concerns about cutting the budget for the marketing of the financial and tourism sectors - the two pillars of country's economy.

The committee was asked to look at the marketing for financial services and tourism and ensure sufficient funding to keep the jurisdiction competitive.

Financial Secretary Neil Smith said that, while they spoke about the financial constraints of the BVI territory in order to promote financial services and tourism, they must also increase efforts to maintain their position in these areas, because competition is very high and for other jurisdictions these are also the most important sectors of economy.

BVI Confirms Its Ranking Among Top Global Financial Centres

British Virgin Islands confirmed its presence in the list of the top 30 countries in the Global Financial Centres Index (GFCI), published by the City of London on September 25. The index is updated every six months, and it is the fourth time when it is published, based on fourteen factors of competitiveness grouped into five key areas – people, business environment, market access, infrastructure and general competitiveness. BVI was first time included in the list in March 2008, ranked in the 27th place among 69 leading international finance centres. The press release published by the BVI FSC on October 10, reaffirms BVI status as top global financial centre in the fourth GFCI, based on nearly 24,000 assessments from business professionals worldwide.

Since March, individual rating of the BVI has increased, going up from 574 in March to 584 in the September report, and showing the improved overall perception of the BVI. Now the jurisdiction ranks 29th among 59 centres.

It is noted in the press release by the FSC that this version goes into less detail than the last index published half a year ago, that placed BVI among the most stable offshore jurisdictions like Hong Kong, Zurich and the Isle of Man. The report cites published by the City of London stress the importance of the regulatory environment which includes taxation as the most important factor in the competitiveness of offshore centres.

Robert Mathavious, MD/CEO of the BVI FSC, said that “in these challenging times, it is good to know that practitioners across the world continue to view the BVI as a leading global finance centre.” By his words, he is also proud that the BVI FSC was “the first ever regulator to be accepted as an ordinary member of the International Organization of Securities Commissions (IOSCO).”

Robert Mathavious Speaking on the BVI Regulatory Environment During his Visit to the Middle East

On May 22, the Financial Services Commission has published on its site the speeches of BVI FSC managing director and CEO Robert Mathavious when he presented the Regulatory Environment in the British Virgin Islands during his visits to Dubai and Qatar, to the business communities of these countries. The presentations had the purpose to deepen their understanding of BVI's approach to the regulation, and of the benefits this approach brings for offshore jurisdiction's customers.

The presentation included information on the BVI Financial Services Commission in the role of independent regulator, on the FSC's approach to the regulation, and on the other related items. Robert Mathavious specially pointed out that the BVI FSC is not any kind of governmental institution, but an independent regulatory body, the duties of which cover insurance, banking, trustee business, company management and mutual funds sectors, as well as administration of companies registration, limited partnerships and intellectual property, and any kinds of non-banking financial intermediary services.

The head of the Commission named the three building blocks in the regulation approach – pragmatism, consultation and investment. The main objectives within the FSC and within the financial industry in the BVI mentioned by Robert Mathavious were the effective and appropriate training and development of staff and the recognition of the importance of professional qualifications. Programmes and procedures to counter money laundering and terrorism financing were also among the Commission's priorities.

Another item touched upon in the presentation is the good reputation of the British Virgin Islands, which is achieved by the jurisdiction's active engagement in all international initiatives, and by “active and balanced response to meeting international concerns”.

In his speech, Robert Mathavious referred to the last months event that confirmed the status of the BVI as a leading and competitive global finance centre – the inclusion of the offshore jurisdiction in the Global Financial Centres Index published by the City of London. This index is based upon 19,000 assessments from business professionals worldwide, and the BVI was placed in the 27th place among 69 financial centres, just behind Gibraltar, the Cayman Islands and Dubai.

BVI Delegation Undertakes Acquaintance Visit to the Gulf Region

A delegation from the BVI FSC and territory's autonomous financial regulatory agency met Qatar Financial Centre Authority, QFC Regulatory Authority and Qatar Financial Centre to talk on BVI's regulations, private wealth management and corporate activities. During its visit to Doha in April 2 and 3, the British Virgin Islands delegation met with QFC director-general Stuart Pearce and a senior executive of QIA, and held a seminar on ‘Opportunities for Growth in Financial Services’ in BVI.

This was the first visit of a group from the BVI to the Gulf region, and the delegation was keen to catch the experience of Qatar's development as one of the leading financial centres in the Middle East, and to share its own experience of an established offshore financial centre.

The delegation was leaded by Robert Mathavious, managing director and CEO of BVI FSC, and by Lorna Smith, executive director of International Finance Centre; both of them expressed optimism concerning long-term relationship between the financial systems of Qatar and BVI. Lorna Smith said that since Qatar was home to many luxury yachts, their owners would have the opportunity to get their vessels registered in BVI, after the jurisdiction will receive the Category 1 status for shipping. Smith also said that high net worth individuals in Qatar could seek BVI's expertise in wealth management and tax planning among other portfolios. In her words, BVI is also the fourth largest domicile for captive insurance, and there are a number of opportunities for tax management.

Robert Mathavious also welcomed the recent ranking of the BVI on the 27th place in the list of London's Global Financial Centres Index. It was also placed among the world's “most stable” financial centres.

As part of a fact-finding mission to the Gulf, a delegation of Government and private sector officials from the BVI visited Dubai on March 30 – April 1, the BVI Seminar was held on 31 March 2008 at the Burj Al Arab. The focus of discussion was corporate and investment business and trusts and estate planning.

BVI IFC Hosts Roadshow in London

This month, the BVI International Finance Centre hosted a roadshow in the city of London to demonstrate its commitment to what is widely recognised as the world's financial capital. The BVI IFC has informed about its plans to visit London, Dubai and Qatar and some regions of Asia, in February 2007, when CEO of BVI IFC Mr.Humphry Leue reported about selecting the roadshow destinations and other marketing initiatives in 2007.

Hosting roadshows in different parts of the world is one of the ways how the BVI territory is popularized by the BVI IFC, and the Financial Services Commission. The event in London that lasted for three days, followed the London Presentation organized by the BVI International Finance Centre in October; this time, it included a series of business development meetings with senior figures at London's leading private banks and law firms. Also, the BVI side organized evening receptions during which more than a hundred delegates were briefly informed on the new developments and opportunities in the BVI's Trust and Corporate business sectors.

Delegates were addressed by the Deputy Premier of the BVI, The Hon. Dancia Penn OBE, the Executive Director of the BVI International Finance Centre Lorna Smith, and the Deputy Managing Director of Regulation at the Financial Services Commission, Kenneth Baker. Some of the BVI's leading financial services practitioners also made their presentations. On the whole, the roadshow delegates were provided with an update on the regulatory environment, legislation, and current trends in trust and corporate business.

Sherri Ortiz, Chief Operating Operator of the BVI IFC, has concluded, - "We were pleased that the Roadshow attracted such interest and delegate feedback suggests that the bond between the BVI and the London financial community will continue to strengthen in the months and years ahead."

Hon. Ralph O'Neal Speaks About Financial Situation in the BVI Tourist Board

Hon. Ralph O’Neal, the new premier of the British Virgin Islands, which also holds responsibility for tourism, has temporarily banned traveling overseas by employees of the BVI Tourist Board. The purpose of this measure is to prevent further depletion of the statutory body's financial situation.

Addressing the territory's community, Premier O'Neal suggested that the BVI TB needs tighter fiscal management. He said: “There is no doubt, my dear people, that the financial situation with the Tourist Board is grim and in order to prevent the situation becoming worse I had to put a ban on traveling of the employees until I could get a clear picture of the whole situation, I am aware that some things are already paid for especially in the American and European markets and once proper representation is made I am prepared to allow that.”

Further he explained that the BVI Tourist Board, which was very important function of advertising and promoting these islands as a tourist paradise, in the year 2006 was instructed to spend $1,696,891 from their operating budget in capital works, such as the Queen Elizabeth Park, Gun Creek Project phase one, Architectural and management fees. Up to June 2007, the Tourist Board spent the amount of $730,222. These amounts were to be refunded by the Central Government.

It should be said that in the last years, a lot of work was done for popularization of the British Virgin Islands not only as business centre but also as the centre of tourism. It is not a secret that BVI economy depends to a large extent on touristic and financial services sectors, and expenses on marketing may be quite large.

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.

Robert Mathavious – Chief Executive Officer of the BVI FSC and Important Driving Force of Financial Services Industry in the British Virgin Islands

In the previous blog I provided more detailed information about Honourable Dr Orlando Smith – the acting Chief Minister of the British Virgin Islands and the leader of the BVI Constitutional Negotiation Team which has successfully finished the constitutional talks a month ago. I also mentioned that he will be one of the speakers on the BVI IFC-organized seminar for Dubai's business and financial community. Another key person to talk on the seminar will be Robert Mathavious, who is in the position of the BVI regulator and CEO of the BVI Financial Services Commission. If you have read my previous posts, you could have noticed that Mr. Robert Mathavious is mentioned in many posts telling about the success of BVI offshore industry, new developments in this sphere, and the work of BVI Financial Services Comission.
Now I would like to devote separate post to brief information about Robert Mathavious – one of the most enthusiastic and business-minded developers of BVI offshore industry.

Mr. Robert Mathavious was appointed as the first Managing Director and Chief Executive Officer of the Financial Services Commission in 2002, upon its establishment. Before this, he worked 25 years in the public service with the Government of the British Virgin Islands. His professional qualifications include: Masters of Business Administration, Bachelor of Science (Economics).

Maybe exactly MBA education, together with his personal qualities, as well as the fact that the most part of his worklife he has spent within BVI government, has made him the person we see now – business-minded and highly enthusiastic driving force for BVI offshore industry. He is one of the key persons that comes to mind when we remember re-organization of BVI offshore industry that was made in early 2000. Even when offshore industry all over the world experienced very hard pressure, Robert Mathavious was optimistic and believed in the future of BVI financial services industry. “How we live in the future therefore depends on how much effort we make today to take on the odds in the globalized economy; the future can be bright if we continue to work together to our mutual advantage,” he said.

Even at the time when offshore industry future was quite vague, he believed that BVI could remain on the top of reputable offshore jurisdictions through close collaboration between the BVI government, industry practitioners and the FSC, by applying the international standards in the regulation and supervising spheres, and having zero tolerance to anything not compatible with being a well respected and well regulated jurisdiction. I think that many corporate agents remember his quote when emphasizing that corporate agents should not let BVI down by associations with dubious business "You should know who you're going to bed with … if not, you run the risk that they're not fit and proper people."

Today as the Managing Director and Chief Executive Officer of the BVI Financial Services Comission, Mr. Robert Mathavious is responsible for the administration and operation of the Financial Services Commission. His duties and responsibilities include the regulation of the BVI's financial industry, the development of new service and products enhancing the attractiveness of the BVI as a centre for legitimate cross border financial services.

BVI to Host Seminar and Meet Financial community in Dubai

In April, the British Virgin Islands International Finance Centre is to host a seminar for Dubai's business and financial community. The BVI seminar is called “The British Virgin Islands, Opportunities for Growth in Financial Services”.

Delegates to visit the seminar will have a possibility to get informed on the growth of BVI's offshore industry and get acquainted with the opportunities of working with this diversified financial services industry that includes corporate domiciliation, investment business, captive insurance and trusts and estate planning.

Such speakers having much weight in the British Virgin Islands' government and financial community as Chief Minister, Honourable Dr. D. Orlando Smith and the BVI regulator and CEO of the BVI Financial Services Commission, Robert Mathavious will address the interested audience.

To share knowledge and ideas on the success of Dubai regarding becoming a leading global financial centre, the delegation from the BVI will have a meeting with senior members of Dubai’s financial community.

Chief Operating Officer of the BVI International Finance Centre, Humphry Leue, said that hosting such events in strategic financial centres all over the world is important for the BVI International Finance Centre, and that the Middle East is particularly significant as the BVI recognizes the potential business opportunities in this region and can learn from it.

The BVI seminar is scheduled for April 29 to take place at the Burj Al Arab.

BVI the Third in the List of Countries Licenced by the Department of Economic Development of Dubai

The British Virgin Islands are in the top list of countries whose foreign companies and their branches during last year received licences from the Department of Economic Development of Dubai (DED).

The Department of Economic Development was established in 2002 with the purpose to organise, regulate and boost trade and industry in the Emirate of Dubai. Last year it has issued 170 licences to branches of foreign firms; that is about 20% more than the number of licences issued last year.

The maximum number of licences – 24 - was issued to the British companies, German firms were granted 13 licences. British Virgin Islands with 11 licences are the third in the top list. They are followed by Indian and American companies, with 10 and 8 licences respectively. Lebanon is in the top of the list among the Arab countries, with 6 licences issued to businesses from the country, and it is followed by Kuwait (3).

The British Virgin Islands are also among the leaders in providing offshore services in the countries of Arabian world. Recently the well-known offshore law firm Conyers Dill & Pearman has established its Middle East office in Dubai International Financial Centre to provide multi-jurisdictional offshore legal services. Company's specialists in the Middle East office will consult on the matters of corporate and commercial law, hedge funds, private equity and venture capital funds, project financings and securities.

Department of Economic Development has formulated policies and procedures to encourage foreign investments and create the right environment for international investors to do business in Dubai. Mr Ali Ibrahim, Deputy Director General for Executive Affairs of Dubai Department of Economic Development, has commented, “ The Emirate has grown by an average of 12 per cent over the last five years with enterprises in Dubai standing to benefit from the availability of local capital, an evolved financial market and a pool of skilled workforce.”

BVI IFC to Select Destinations for Road Shows and other Marketing Initiatives in 2007

Last year I mentioned the road shows to different parts of the world as one of the ways how the Territory would be popularized by the BVI International Finance Centre and BVI Financial Services Commission. We also discussed the details of BVI government road show to China that happened on February 20, 2006. This year, BVI IFC is choosing road show destinations as part of its ongoing programme to market financial services industry of the Territory.

Mr. Humphry Leue, Chief Operating Officer of the BVI IFC, noted that the Centre’s road show programme has been the trademark of marketing activities and it will continue this year. He informed the Department of Information and Public Relations on the Centre's plans to visit London, Dubai and Qatar, as well as on the possibility to return to Hong Kong and Singapore. He said, “Asia remains one of our largest and most important markets as people in the business would know”.

From my side I should add that inclusion of Dubai and Qatar in the roadshow confirms that the British Virgin Islands government is thouroughly planning to strengthen BVI positions in the rapidly developing financial services market of Arabic countries. The blog also contained information on an international offshore law firm Conyers Dill & Pearman which last summer started its operations from the Dubai International Financial Centre (DIFC), and on the BVI-based international investment firm 3iC Group launch of Dubai Growth Fund (Enmaa') Class A shares.

Mr. Leue added that IFC intends to make more focussed marketing efforts, namely to schedule smaller events to target specific groups of professionals in the financial services industry. He explained that the road show formula incorporates different products and attracts a large and diverse audience of professionals while the smaller events, planned in 2007, will target specific profesisonals in the financial services industry.

Other marketing initiatives of the Centre this year will include regular press briefings with local media, workshops and seminars with different BVI organisations, publications in the international press.

The BVI International Finance Centre was established in 2002, for supporting the financial services industry of the Territory, and currently it plays the key role in promoting and marketing the BVI as a leading financial centre. IFC is focusing merely on marketing and promotion, while regulatory functions of the local financial services industry are in the sole responsibility of the BVI Financial Services Commission.