Diversity of the BVIs Financial Services
Road Town, Tortola, October 6, 2015 - BVI Finance recently completed a round of events in Monaco, Chile and the United States which showcased the Territory’s diverse offerings in the financial services industry.
As the industry becomes even more competitive, Executive Director of BVI Finance, Julien Johnson says the department’s marketing and engagement efforts over the next year will be to strategically showcase the variety of services the Territory offers to international practitioners and high net worth end users. “As the industry evolves and grows with new services and offerings, such as our Category 1 shipping registry, captive insurance and new funds products, we want to strategically showcase these products in markets that are both growing and those that have been well established to position the Territory as the foremost option for offshore business.”
Monaco Yacht Show (MYS) - Monaco
One such marketing opportunity came at the recently held Monaco Yacht Show, held from September 23 to September 26 in Port Hercules, Monaco. Celebrating its 25th year, the event is the luxury yachting industry’s premier showcase. The BVI delegation included both public and private sectors partners that was comprised of the Virgin Islands Shipping Registry (VISR), BVI Finance, BVI Customs Department, BVI Tourist Board, and professionals from Hudson Trust, SHRM, Nerine Trust, Intertrust, Nautical BVI, YCCS and Shore Side Services.
Johnson said participation in the show afforded the BVI the opportunity to market and promote the jurisdiction as a place to register vessels, a destination for sailing and also a jurisdiction that can service their wealth management needs. “At the Monaco Yacht Show 500 of the world’s leading luxury yachting companies including super-yacht builders, yacht designers, luxury manufacturers and the largest brokerage houses along with over 15,000 professionals participate in the four-day event. For the BVI, a significant benefit at such an event is to have the opportunity to engage the major players in the luxury yachting industry and to let them know that the BVI is very much interested in their business and is a viable option for yacht registration.”
Visiting the BVI Booth at the show was His Serene Highness Prince Albert II of Monaco who had the opportunity to learn firsthand about the Territory’s offerings as well as taste the Territory’s signature cocktail, a Painkiller, with members of the BVI delegation.
With the Territory’s Category 1 registry, the Virgin Islands Shipping Registry now offers registration for any size and type of vessel without restrictions. The BVI team had some 40 meet and greet sessions with key players in the yachting industry including brokers, yacht builders, ship yards and lawyers to give those individuals an opportunity to learn more about the Territory’s offerings in ship registration.
The BVI delegation to the Monaco Yacht Show included, Ronald Donovan and Gerard Kenny of the Virgin Islands Shipping Registry; Julien Johnson of BVI Finance; Mareth Isles from BVI Customs; and Philippe Mugnier and Romney Penn of The BVI Tourist Board. They were supported by a host of private sector attendees including; Jonathan Bailey of Nerine Trust Company (BVI) Limited, Cornel Baptiste of Hudson Trust BVI, Sabinah Clement of Intertrust Corporate Services (BVI) Limited, Dario Cruciani and AlessandroGala of YCCS Marina VG, Frances David of Shore Side Yacht Services Ltd, , Jeremiah Frett of Nautical BVI, Jessica Fry of Storm Consulting,Ronan Kuczaj and Liliya Semenyuk of SHRM Trustees (BVI) Limited, and Chris Smith of Coldwell Banker.
Chilean Risk Management Summit - Chile, SA
On September 29 and 30, BVI Finance was represented by Alicia Green and Alvarro Becerra of TEAM BVI Latam and Managing Director of Amicorp Chile office at the Chilean Risk Management Summit. The conference is an invitation only summit for risk management professionals seeking reinsurance and new investment opportunities. Targeting the most southern nations in Latin America, the conference was an opportunity to introduce the BVI to that growing market.
At the summit, Becerra got the exclusive opportunity to present the topic of Embracing Innovation in Captive Insurance and Investment Strategies. Becerra provided an overview of captive insurers and demonstrated how reinsurance or self-insurance value can mitigate risk and affect a profitable business. The most popular risks discussed were related to workers compensation and property/infrastructural damages for things such as earthquakes, floods, mining and engineering industries. Localising the presentation, Becerra educated conference attendees on a typical process to include the affects on and relationships with Chilean laws. He further explained the benefits of international reinsurers including ease of engaging with offshore jurisdictions such as the BVI.
Speaking on the diversity of the Territory’s capacity to service international clients, Green said “We utilised our TEAM BVI participants who hold a wealth of knowledge and carry the expertise in the technicalities of the subject matter to engage directly with potential clients on behalf of the jurisdiction. Speaking in Spanish, the native language of conference attendees, Becerra discussed our two new funds products that were specifically suited for startup investments, the Approved Manager and Incubator Fund. Since the captive concept is fairly new to the Chilean community, it was a good time for us to participate, demonstrate access and options for those seeking to engage with offshore domiciles for risk mitigation and investment.“
Green stated that an added advantage to the Territory’s presence was the ability to have the Amicorp local representatives on the delegation to assist and engage in round table discussions in Spanish with potential clients. The forum provided an ideal platform to demonstrate the Territory’s capacity for financial services in wealth structuring, investment and risk financing. The alignment with TEAM BVI membership in the region provided additional advantages for relationship building with this market.
TEAM BVI is an initiative from BVI Finance that started in 2009 that gathers experts in the BVI financial services industry to be spokespersons and advisors on matters relating to the industry.
Hedge Funds Americas Forum - New York, USA
Showcasing our jurisdiction’s funds products, on October 1 in New York City, New York, the Territory participated in the Hedge Funds Americas Forum. This event provided participants the opportunity to meet over 150 pensions schemes, family offices, foundations and endowments. It is the Americas largest and most specialised hedge fund event.
TEAM BVI Members, Marie-Claire Fudge from Mourante Ozannes and Oliver Bell from Harneys, had the opportunity to present the Territory’s funds products and how those facilities can be used for startup investments. The two took attendees through the process of developing Incubator and Approved Funds and also demonstrated cost savings of utilising BVI facilities in comparison to other well-known competitors.
During the presentation, Fudge and Bell also spoke of the high quality of BVI financial services professionals and the jurisdiction’s continued ability to demonstrate best practices in the industry with its innovative approach to developing attractive facilities for clients.
The Hedge Funds Americas Forum gathers the brightest minds in the inter-American investor and hedge fund communities to explore evolving alternatives of the investment landscape, share experiences, engage in constructive debate and work toward optimising returns and aligning interests for investors and managers across the Americas.
Johnson reinforced the need for the Territory to continue to remain visible at events such as the Monaco Yacht Show and other international conferences to market the BVI diverse offerings. He added that as the industry evolves so will BVI Finance to ensure that the BVI remains relatable and is adapting to the needs of both current and potential clients.