Remarks by BVI Finance Chairman Nicolas Bishop at the Beyond Globalisation Conference
Welcome to our guests, Premier and Panel Members.
The commissioning of this report by the Board of Directors for BVI Finance was driven by the desire to ensure the international business community was able to access current and comprehensive information about the role the BVI plays in the global economy. Those facts show why the use of BVI structures remains both relevant and popular in the current environment. The BVI is home to a globally respected and unique international business centre. No matter where you go on marketing trips, globally, the BVI is an instantly recognised name for the incorporation of companies.
It was important for us as directors to ensure we had a highly accurate picture of the current state of the financial services industry that would then benefit all those who are globally involved with the BVI.
We turned to Pragmatix, given their independent knowledge in the BVI, to work on this assignment because of its important nature and the amount of effort that was required to pull this together, given the number of companies and regulated service providers across financial services who are involved in our industry. I would like to express my thanks on behalf of the board to them for this thorough and helpful piece of work, which we hope will be of use to the industry and our clients.
The key objectives for the report were:
Keep It Focused
• The role and value of the BVI in the International Financial Community as a centre for finance and structuring
• The strength of the local economy with regard to the employment of the sector and the value added to GDP.
• Adherence to international standards and working with the OECD, UK, EU
Clearly Identify Data
• Foreign Direct Investment - 13th largest source of outward flows globally
• Holding of Assets $1.4 trillion
• 44% of the users are from China, 20% from Latam
Practical Reasons for a BVI company
• The majority of entities are used for cross-border structuring of transactions.
• Respected common law framework with access to the British legal system and the right of appeal to the judicial committee of the privy council
• Private Wealth Management, hold and manage assets for HNW mainly for succession planning.
In conclusion, given the uncertain future, we can all see with the geopolitics that is in play today, there will still be the need for expert, neutral and innovative centres like the BVI to support cross-border trade and investment.