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by pltm
(PLTM) - The BVI is looking to have a foot in the African market, Premier and Finance Minister, Hon. Dr. D. Orlando Smith disclosed, as he also assured that the Territory's mission is to maintain its strong partnership with the Asian market into the future.
The BVI financial services sector suffered a major blow after the United Kingdom (UK) passed a law to impose a public register on beneficial ownership by 2020.
His office stated that the Premier, in his address to the Asian delegation, illustrated how the BVI will lead from the front in international corporate structuring for cross-border transactions and investing worldwide.
He said, “No financial jurisdiction is more global than the BVI, which has the largest network of practitioners on the planet. A BVI business company can be formed as easily and efficiently in Asia as in Europe or Latin America," he stated.
He continued, "And now BVI practitioners are turning their sights to Africa, a continent that represents a great new opportunity for our jurisdiction.”
Premier Smith added that no jurisdiction has been more innovative in corporate structuring than the BVI.
He outlined the recent advances the jurisdiction has made in the sector, which include updates to limited partnership provisions that expand the use of limited partnerships beyond investment funds into areas such as venture capital investments, management buy outs, project finance transactions and real estate development.
He added that the MBC, a new BVI incorporation vehicle for micro businesses that combine technology with law in a unique way, is extremely beneficial to this sector, and BVI’s new digital bank, Bank of Asia.
The Premier said the BVI is also a centre of excellence for dispute resolution and home to a well-regarded Commercial Court.
He said that underpinning the BVI’s expertise in this area is the Commercial Division of the Eastern Caribbean Supreme Court, which has as the final court of appeal, the London Privy Council. The Commercial Court brings confidence, stability, and transparency to all BVI legal proceedings.
"This is complemented by a state of the art International Arbitration Centre, providing the best-in-service alternate means of dispute resolution," he said.
The Premier explained why the BVI is an attractive jurisdiction to the Asian market. He said, “Asian companies investing in international markets want the flexibility and the legal and commercial certainty that BVI structures provide. Rising affluent classes throughout Asia want trust funds, private wealth management and related services in which the BVI has proven expertise.”
The Minister of Finance further stated that the BVI is looking to the future, taking new initiatives in fintech and digital banking, and implementing innovative measures that support microbusinesses. These innovations he added are aimed at streamlining global trade, investment, wealth creation and preservation.
In addition to delivering better service to its customers, the BVI also provides positive benefits for the continued development of businesses and economies in Asia and around the world.
Premier Smith is leading a delegation to five cities in Asia from June 2 to17, to continue the promotion of traditional and new business and financial services offerings, and to meet key government and industry stakeholders in the region.
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