Wednesday, September 10 – This year marks the 30th anniversary of the enactment of the International Business Companies Act (IBC) 1984, an influential and powerful piece of legislation fuelling the territory’s dominance as an international finance centre, and placing the BVI at the forefront of the global financial services market.
In celebration of the anniversary, the Government of the Virgin Islands, through the BVI International Finance Centre (BVI IFC), is hosting a series of commemorative events from September 17 to 25, under the theme “The IBC Act 1984…Ahead of Its Time”.
These events will include: an IBC Commemorative Exhibit; a GIS Special Feature Television Programme; along with radio public service announcements, all designed to educate the public on the history of the financial services industry, the IBC Act and its importance to the territory.
In reflecting on the milestone, Premier and Minister of Investment and Finance, Dr. the Honourable D. Orlando Smith OBE stated, “The BVI continues to be the jurisdiction of choice and we remain one of the most successful international financial centres. As a well regulated and progressive economic jurisdiction, it is this Government’s aim to keeping moving strategically forward in our efforts to improve and diversify our financial services product offerings, which are based on the strong foundation, built 30 years ago.”
Drafted by the “Gang of Five” – the then BVI Attorney General Lewis Hunte; Paul Butler of US based Shearman and Sterling law firm; along with Richard Peters, Michael Riegels and Neville Westwood of Harney, Westwood and Riegels - the IBC Act was considered to be “ahead of its time”.
Acting Executive Director of the BVI IFC, Ms. Sylvia Moses stated, “The Act has had a profound impact on the global financial landscape. It was eventually repealed and replaced by the BVI Business Companies Act 2004 which has further positioned the BVI as a well-regulated, successful international jurisdiction of choice.”
The public is invited to stay tuned to the local media to learn more about the history of the financial services industry and the IBC Act, 1984.
The BVI International Finance Centre is solely responsible for marketing and promoting the BVI financial services which are carried out by a professional pool of individuals both locally and internationally.
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Industry partners that sponsored the celebration events include The BVI Financial Services Commission, Abbleby (BVI), Harneys, Association or Registered Agents BVI (ARA), Newhaven BVI, Tricore Group, Ogier Legal, Intershore, Rawlinson & Hunter and Maples.