May 2, 2014 -- United Kingdom (UK) Member of Parliament and Under Secretary of State for Foreign and Commonwealth Affairs, the Honourable Mark Simmonds has pledged his support for the British Virgin Islands (BVI) and its financial services industry during a fact-finding trip to BVI House Asia in Hong Kong on Friday May 2.
Mr. Simmonds received a presentation from Ms. Elise Donovan Director of BVI House Asia; Deputy Managing Director of the BVI Financial Services Commission, Mr. Kenneth Baker; and several members from the BVI’s financial services industry based in the region. The presentation gave an overview of how BVI companies are used across the Asia region, which Mr. Simmonds said was ‘extremely helpful and informative’.
Mr. Simmonds went on to pledge the UK Government’s support for the BVI and its financial services industry, adding that the UK Government recognised that the financial services industry was a ‘fundamental pillar for the future of the BVI’.
Commenting on the meeting, Ms. Elise Donovan said: “I thank Minister Simmonds for taking the time to consider the many important services the BVI provides to Asian and international businesses and individuals across the region. From wealth preservation to providing a safe and secure hub for large global transactions, the BVI has become the go-to destination for finance and business throughout Asia.
“I was greatly encouraged by Minister Simmonds’ continued support for the BVI and particularly for the future of our financial services industry.”
The presentation outlined the advantages of doing business through the BVI, such as the flexibility of its corporate structures, its robust legal system, strong BVI legal expertise and other professional services available in the Asian time zone. It also alluded to the BVI’s dedicated and efficient Commercial Court, in addition to its trust infrastructure.
The practitioners also talked about the type of high-end transactions involving BVI Business Companies, including private wealth trusts, equity, debt, insolvency and dispute resolution, funds, IPOs, corporate, assets, resources, asset back securities, real estate, shipping and aircraft.
One of the core messages conveyed to the UK delegation was that, contrary to public perception, tax was not a primary driver for using BVI corporate structures. Greater demand for the use of BVI companies came from asset protection, wealth management, funds management, investment holdings and trading. The group emphasized that according to market research, the use of offshore structures for tax planning was actually on the decline while other uses were increasing.
The BVI practitioners told the Minister 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.
Mr. Simmonds’ delegation included: HM Consul General for Hong Kong and Macao, Ms. Caroline Wilson; Mr. Alex Partridge, Assistant Private Secretary to Mr. Simmonds; and Mr. Patrick Turner, Senior Economic Advisor, British Consulate-General Hong Kong
The BVI practitioners in attendance included: CEO of Sertus Incorporations David Bruce; Executive Director of NewHaven, Allan Collins; CEO of OIL Vistra Group, Martin Crawford; Head of Asian Business and Managing Partner (HK) of Harneys, Jonathan Culshaw; Global Head of BVI Law at Maples and Calder, Michael Gagie; and Managing Partner of Walkers (HK), Andy Randall.
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