Thursday, June 5, 2014 - More than 300 Chinese leading financial intermediaries, international trust companies, bankers, lawyers, and corporate service providers learned more about the Virgin Islands’ financial services sector at the recently concluded China Offshore Summit in Beijing, China. The two-day summit was held from May 28 to 29.
During the Summit, BVI House Asia delivered the presentation ‘BVI 2.0 – Taking it to the Next Level’. The Director of BVI House Asia, Ms. Elise Donovan focused on the use of BVI business companies in China across the past 25 years to today’s expanded role in facilitating cross-border transactions in China’s increasingly sophisticated financial and economic markets.
“Through more than 30 years’ experience and learning about Chinese business and culture, the BVI intimately understands the demands and needs of the market. The BVI has been tried – and it works, it has been tested and has passed with flying colours, and is proven as the jurisdiction that provides the best advantages for Chinese business,” Ms. Donovan said.
“BVI’s success in the Chinese market was not simply luck, but also a combination of providence and hard work,” remarked Ms. Donovan.
She added, “BVI 2.0 is recharged and ready to be the conduit to take Chinese business to the next level.”
According to the United Nations Conference on Trade and Development’s World Investment Report 2013, investment in offshore financial centres remains at historically high levels, accounting for an increasing share of foreign direct investment (FDI) flows at about six percent.
The Director of BVI House Asia stated, “According to the report, globally, the BVI remains a top five centre for inward investment flows and a top ten for outward investment flows.”
Particularly, the BVI continues to play a significant role in China’s outward and inward FDI flows, acting as a conduit of capital from East and West, assisting Chinese companies to gain access to Western capital or technology through foreign listings and acquisitions.
Also presenting at the Summit was Harney Westwood & Riegels’ Asia Managing Partner Jonathan Culshaw who spoke on the topic ‘Same same… but Different, Differences between BVI and Cayman Companies‘.
Mr. Culshaw pointed out the strengths and advantages of both jurisdictions, such as their flexibility in structuring purposes, neutrality, creditor-friendliness, business-friendliness, and legal and professional competence in the China/Asia market.
Of the two jurisdictions he noted, “the BVI is better value for money.”
The BVI was a silver sponsor of the event which facilitated more than 150 visitors to the BVI booth to ask questions and gather information.
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