BVI eyes Africa as financial services expand, says Premier
Premier Dr D Orlando Smith. (BVI News photo)
The British Virgin Islands is seeking to expand its financial services sector to a new continent.
Premier Dr D Orlando Smith, who is Minister of Finance, made that disclosure this week.
“A BVI business company can be formed as easily and efficiently in Asia as in Europe or Latin America, and now BVI practitioners are turning their sights to Africa, a continent that represents a great new opportunity for our jurisdiction,” the Premier said.
“No financial jurisdiction is more global than the BVI, which has the largest network of practitioners on the planet,” he added.
His statement comes amid the UK’s ‘public registers’ threat, which has left the territory scrambling to keep its financial services sector sustainable.
The Premier along with a local delegation is currently on a two-week Asia tour to promote the BVI’s financial services and explore new business opportunities.
During his latest update on the progress of the tour, the Premier illustrated how the BVI will ‘lead from the front’ where international corporate structuring for cross-border transactions and investing worldwide are concerned.
BVI/Asia partnerships are attractive
In the meantime, the Premier said there are several benefits to the BVI/Asia business dealings.
“Asian companies investing in international markets want the flexibility and the legal and commercial certainty that BVI structures provide. Rising affluent classes throughout Asia want trust funds, private wealth management, and related services in which the BVI has proven expertise,” he said.
Moving forward, the territory is looking at taking on new initiatives in fintech and digital banking as well as implementing innovative measures that support microbusinesses, Dr Smith added.
According to the Premier, these innovations will be to streamline global trade, investment, wealth creation, and preservation.
To top it off, he added, doing business in the territory provides benefits for the continued development of businesses and economies in Asia and around the world with good customer service.
BVI is advanced
Meanwhile, Premier Smith said the territory has surpassed other jurisdictions in its innovation in corporate structuring.
Some of the areas mentioned include updates to limited partnership provisions that expand the use of restricted partnerships beyond investment funds, into areas such as venture capital investments, management buyouts, project finance transactions, and real estate development.
He further said: “MBC — a new BVI incorporation vehicle for micro businesses that combine technology with the law in a unique way — is extremely beneficial to this sector, and BVI’s new digital bank; Bank of Asia.”
The Premier also said the territory is leading as ‘a centre of excellence’ for dispute resolution and a home to a well-regarded Commercial Court.
“Underpinning the BVI’s expertise in this area is the Commercial Division of the Eastern Caribbean Supreme Court, which has as the final court of appeal – the London Privy Council,” he noted.
The local government leader said the Commercial Court brings confidence, stability, and transparency to all BVI legal proceedings, which is complemented by a state-of-the-art International Arbitration Centre providing the best alternate means of dispute resolution.
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But leave it to some people they will tell you there’s nothing good about the BVI or happening in the BVI.
I thought the boss and his team were in China this week? Strange that he is issuing statements about Africa. Is he going to stop there on his way home?
A economic, cultural and heritage expansion decades overdue. It is about time we look to other trading and economic partners other than the Europeans. We have now lived to see their true “historic” colors.
Africa, despite its rape and underdevelopment by the European, is still a growing, mighty economic powerhouse to be reckon with into the future.
That is why the Asian and Chinese forces have been courting it for decades now, sometimes at great an exploitation as their EU counterparts, regrettably.
Still some dear to say the leader is “sleep.” Quiet dog does bite hard. Sleeping giant carries big eyes!
Europe ceased to be the major market for BVI Financial products a long while ago. Asia is now the main market.
Africa is hardly a matching market as the whole of the Continent of Africa produces about one tenth of what Asia does.
Where is robert big mac??? Why is he so quiet??
He is under the weather. Pray for him. Europeans want his job.
Continue your fight for your beloved country Doc, May the forces continue to be with you.
You look well and less stressed than when you took leave for this current sojurn.
Africa would make a great financial partner for the “No Direction Party” as they are mostly corrupt and enslave the poor whilst the few prosper and live well….plenty of opportunities for more kick backs and dodgy accounting – Happy Days…..
Africa isn’t what you see on TV, grow up and get out there.
oh look how many African countries make the most corrupt countries in the world top 10!!! I rest my case….
1. Somalia
2. South Sudan
3. Syria
4. Afghanistan
5. Yemen/Sudan
6. North Korea/Equatorial Guinea/Guinea Bissau/ Libya
7. Iraq/Venezuela
8. Angola/Turkmenistan
9. Eritrea/Chad
10. DRC/Congo/Cambodia/Tajikistan
European nations were among the highest ranked on the Corruption Perceptions Index, occupying four out of the top five slots.
From the same article
In this the age of information, knowledge literally at our fingertips,it is sad to know that ignorance is so prevalent.
I approve your message. The No Direction Party has no vision. They are enticed by corruption, fake opportunities, unaccountability and fooling off people. STOOOP IT!!!
Not to sure…..be prepared for the need to be even more vigilant. Corruption is rife on the continent and any cases involving BVI companies would be very problematic.
The media has done well to brainwash you people. On a whole Africa is no more corrupt than any other large country/continent, it’s just the misconceptions being put out there that cause you guys to parrot nonsense. Africa isn’t what you see on the feed the kids commercials, there are cities and booming businesses in Africa as well. What if the media only showed the city streets, hoods, projects, trailer parks, homeless and beggars in America?
There is major corruption in the major economies of Africa this is not hyperbole. There are problems in SA as well as Nigeria etc……FACTS!
And we don’t have these same problems in South America, United States, Europe etc.?
We have the SAME problems RIGHT HERE in The BVI!
Fake news @Mehh – your comments are naive, ill informed and laughable – everybody knows that Africa is one of the most messed up, corrupt land in the world fact! a marriage made in heaven for the BVI I think after all the inept governments we’ve had and the rich ministers….look how they are fighting already to take over – shameful really yet they say its because of their “passion and integrity and desire to do the right thing for the country” what utter B…l S…t !
You need to speak with people in the various African countries and go and see the widespread. Deprivation compared to mineral and oil wealth. It’s a basket case still and that’s quoting even from prominent leaders. It. Doesn’t mean other countries don’t have issues. What it is important to see though is the potential, the entrepreneurship and industry of so many there. They. Don’t need charity as much as they need uncorrupted trade and the lack of governmental looting, and in that way unsurprisingly it’s similar to the Caribbean but with more resources at play.
I beg to differ, corruption is rife world wide and every where, especially in those countries who are quick to point the “you are” finger.
There are a lot of Nigerian princess who have millions they want to share maybe they will give us some!!
All off a sudden the Toms remember Afryka. Go bury your head in the sand somewhere.
I would venture to say that this international connect must have been in the pipeline for sometime. Long before Irmaria.
You dont just book your passage and get to meet and sit and have serious discussion with officials ,and business people just so.
The logistics of this trip and itinerary is extensive and mind boggling.
Forget about the wealthy princes..
Many billionaires and millionaires, all self made entrepeneurs. Many women in this mix too.
Its good to look at new markets but it is good to look realistically. The GDP , that is the economic output, of the whole of the African continent is about the same as that of France. Less than that of the UK.
No doubt more lavish expensive trips are being hastily planned before the NDP get booted out…the trouble is whilst we know they are totally incompetent who will replace them there is a frightening void of any talented, driven leaders apart from the usual well connected pretenders!
I am with Willock and Andrew Fahie
The Europeans left us disenfranchised after slavery…. while their countries were thriving… choose your words because it’s not their fault fully
Good healthy discussion to those who contributed so thereto.
For the others, prejudice against the Mother land of all human kind suggest a mind that is a blank slate, unread and dull.
Good that we are looking at diversifying
The premier is certainly working hard on this venture.Is it for some too little too late .? Just wondering.
A leader whose name is on the FBI’s list of “person of interest” would be cataclysmic for the VI.