ROADTOWN Tortola BVI, November 19th, 2013 - The British Virgin Islands (BVI) is the “Louis Vuitton” of the global financial services industry, according to Martin Crawford, Chief Executive of Offshore Incorporations Ltd (OIL), an industry leader in global incorporations. Mr. Crawford, referring to the BVI's status as the leading offshore financial services jurisdiction for China-based investors, entrepreneurs and wealth segments, made the statement at the recently concluded China Offshore Summit in Shanghai.
Mr. Crawford's presentation, titled Planning for the Future through an Attractive Jurisdiction, outlined the reasons why the BVI is the most complete jurisdiction for the evolving needs of Chinese investors. These, he said, included opportunities for non tax-driven structures such as asset protection, wealth management, funds management, investment holdings, trading, special purpose vehicles, and listing vehicles for IPOs. "Brand BVI", he summarised, equaled ‘experience’ and ‘confidence’ on which Chinese investors could rely.
As an example, he cited the fact that 60 percent of the multi-million dollar Chinese-owned properties in London were bought through BVI companies. China Economic Review reports that London is the third most popular city for Chinese buyers, who are now the world's biggest buyers of prime real estate.
The Summit, held at the Ritz-Carlton in Shanghai from 6-7 November, was attended by more than 350 Chinese wealth planners, bankers, lawyers, offshore professionals, representatives from trust companies and corporate service providers. These top financial intermediaries discussed the reasons behind the new and rapid expansion of Chinese outbound investments and strategies for diversification outside China. They also discussed the many opportunities and key challenges surrounding China's future growth, and the development of investment, trade and wealth management sectors."
Mr. Crawford's presentation was one of several made during the Summit on behalf of the BVI International Finance Centre (BVI IFC), the event's platinum sponsor.
Christopher McKenzie of local BVI law firm O'Neal Webster promoted BVI trusts structures on a panel discussion titled Strategies for Family Business Succession, while Janice Skelton of Newhaven Corporate Services emphasised the benefits of the BVI on a panel on Selecting Jurisdictions for Chinese Private Wealth Management. Barry Mitchell and Charlie Sparrow of law firm Maples and Calder presented on the benefits of BVI Trusts for Asian IPOs.
The highlight of the second day was a two-hour special feature on the BVI, which combined presentations and panel discussions under the theme BVI: The Complete Offshore Solution. The Director of the new BVI House Asia, Lorna Smith, gave an update on BVI House Asia and the work it had been doing since it was established in Hong Kong earlier this year.
Among others, Mr McKenzie of O'Neal Webster presented on A Leader in Trust Innovation - Significant Recent Changes to VISTA and the BVI's Other Trust and Estate Legislation. This presentation was followed by a panel on the practical applications of BVI trusts moderated by Simon Filmer of OIL and included panelists Helene Anne Lewis of local BVI law firm SimonetteLewis, Jonathan Bailey of Sertus Incorporation Ltd and Michael Shue of Vistra.
Judy Lee of law firm Appleby presented On the Rise: Chinese Investments Structures via BVI Companies, which was followed by a panel moderated by Mr. Filmer discussing BVI Investment Structures. Panelists included Michael Gagie of law firm Maples and Calder, Richard Hall of law firm Conyers Dill & Pearman and Richard MacNee of The ILS Group.
Discussing the event, Executive Director of the BVI IFC, Elise Donovan, said: "The BVI's overall performance at the Summit was stellar, a reflection of the calibre of professionals that conduct BVI business with Asian clients and around the globe.”
"The BVI presentations and the BVI booth generated quite a lot of interest," she added.
While in Asia, Ms. Donovan also participated in panel discussions in four major cities: Hong Kong, Shanghai, Taipei and Singapore. In these, she talked about the industry market research report done by OIL, Offshore 2020 Perception and Reality - Forces Driving the Offshore Industry.
The report concludes that the BVI was still the leader in the Asia market, but that, overall, offshore financial services jurisdictions were suffering from a perception problem which needs to be addressed.
In the panel discussions, Donovan emphasised that the BVI was tried-and-tested in the Asian market and continues to be responsive to its clients through innovation in its products, services and legislation. The opening of BVI House Asia in Hong Kong, she said, was evidence of just such a move, designed to ensure that the BVI is even more responsive to the needs of its Asian clients.
Ms Donovan also represented the BVI at the Society of Trust and Estate Practitioners (STEP) Asia Conference in Singapore 13-14 November and had various meetings in several Asian countries with practitioners doing BVI business in the region.
Ms Donovan also joined BVI House Asia representatives on an official visit to the Shenzhen province in China. Both officials discussed forging a stronger relationship between Shenzhen and the BVI. Ms Donovan will become the Director of BVI House Asia in January. She said she hopes to "build on the tremendous and impressive work" that Ms. Smith has been doing in setting up BVI's House Asia for the last six months.
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