BVI News

VI not a safe haven for shell companies — BVI Finance boss

CEO of BVI Finance, Elise Donovan.

Chief Executive Officer of BVI Finance Else Donovan has sought to dispel the common notion that the Virgin Islands is a safe haven for shell companies to operate.

In a recent press meeting, Donovan said this was one of the main reasons behind the launch of the BVI 360 series. She said there is a misconception of what the BVI is as a jurisdiction and what happens within its financial services sector.

In that breath, she explained it was the responsibility of BVI Finance to provide accurate information and to highlight the value the territory provides to the local and global economy.

“We are doing legitimate business, high-value businesses and high-value transactions. We are doing big business and we are not just doing shell companies. We are doing important business that facilitates globalisation as a concept. In one of the articles we just put out, there is a question on the World Economic Forum about the future of globalisation and in that article, we point out that globalisation in itself has taken countries out of abject poverty,” Donovan explained.

“If you look at a country like China, 30 years ago they were considered a poor country and now China is the second largest economy. IMF and the World Bank have said in terms of purchasing power parity, they were the world’s largest economy. But when you see how a country like China has opened up, they had to open up and become the world’s manufacturers. Most of the things manufactured in China. They open up and for that, they need corporate structures to do cross-border trade activities and that is where you have international financial centres and the companies we provide specialise in providing those cross-border structures that facilitate them doing business across the globe,” the BVI Finances CEO continued.

She said China represents a significant percentage of BVI business – 35 percent based on the last Capital Economics Report. She added that the report indicated the Chinese businesses include Hong Kong and Macau.

“There has been a symbiotic relationship between BVI and China. So, we have seen the growth of China and it is going outward and with the use of BVI structures and they actually favour the BVI as a jurisdiction of choice for their outward growth and investments,” Donovan said.

She said things like these give confidence that anybody doing business with China has confidence in the English-speaking common law that is utilised in the territory.

“The legal certainty that we provide in this jurisdiction, it is very creditor friendly, so if anything happens to the company the first thing it is going to provide is for the creditors and that is what the BVI structure provides. It is flexible, it’s cost-effective. It’s the ease of doing business,” Donovan explained.

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12 Comments

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  1. Resident says:

    Panama papers, oleavine and the head coach says otherwise

    Like 22
    Dislike 11
  2. Anonymous says:

    “She said China represents a significant percentage of BVI business – 35 percent based on the last Capital Economics Report”

    What Ms Donovan, is saying is that Communist Chinese Party, CCP, COMMUNIST CHINESE PARTY represents 35% of BVI business, bases on the LAST Capital Economics Report, which was done one what date?

    CCP is dangerous and the BVI is bragging about their significant %of business here. CCP threatened to shoot Nancy Pelosi, the USA Speaker of the House’s air plane out of the sky today, if the plane tries to land in Taiwan.

    Wow, war could break out between USA and China any minute and we are so fine with at least 35% of our business coming from Communist Chinese Party, depending upon how old that report was!

    This is very big bad news for the BVI. CCP money is dirty money.
    Perhaps we will be using Chinese currency shortly.

    Like 4
    Dislike 3
  3. Love BVI says:

    That has to be the funniest article I’ve raver read.
    She still thinks companies register in BVI because belongers are good at spread sheets .

    It reminds me of a case in grand Bahamas in the 70s a man found in canal wrapped in chains and an anchor with a bag on his head and the local judge ruled he died on natural causes

    Like 4
    Dislike 2
  4. Please ... says:

    Why you guys always dwelling on the negative? The good ole US of A will take good care of Head Coach and Ms. “O”. Let’s focus on this country now and how we can uplift, upgrade and foster a better economy. Head Coach is now a thing of the past. We know he will try to play relevant but trust me…he is a “thing” of the past. He is now written in the books of history as the ….”you know what….. If he gets free or not… he will be written in history as ..” you know what….

    Like 4
    Dislike 1
  5. Still struggling says:

    to convince the international business world that BVI is an open trustworthy jurisdiction for the global economy? This voice of the BVI financial services industry should collaborate with the BVITB in an attempt to redeem the BVI’s tarnished reputation in the world’s competitive economy. They should probably accelerate their damage control propaganda before the former premier’s drug trafficking trial begins next year.

    Like 2
    Dislike 2
  6. @Anonymous says:

    the ccp has bigger worries than pelosi, they are trying to control a real estate crisis that could crash their economy

  7. ??? says:

    And yours has got to be the funniest comment I have read in a long time. Where does it mention spread sheets as a register? And what does a dead man 50 years ago have to do with anything?

    If you read the article at all, you clearly did not understand what is in it.

    Like 1
    Dislike 1
  8. rastarite says:

    The BVI is open to China biz so they can avoid restrictions, sanctions and tariffs. Mmmm, the BVI enriching themselves at the expense of world security.

    Like 2
    Dislike 2
  9. SMH! says:

    If nepotism was a person. Not particularly bright or current events go over your head. Then these are the people who will deny you jobs. Either way BVI is reaping what it sowed. Good Luck!

    Like 1
    Dislike 1
  10. Outta here says:

    I am very sad to say after 10 years of funding developments and businesses we have decided unanimously to leave the BVI. It’s not the corruption, that goes on everywhere, it’s not being wanted or respected. I signed the papers today, there will be no more. We will go where we are truly wanted.

    Like 1
    Dislike 1
  11. @outta here says:

    Not being wanted or respected?? Explain. Did people not bow down to your wonderfulness? Was there a bit of saviour complex going on?? Was there no red carpet??
    Was it BVIslanders you were investing in? Did your investments help the BVI or yourself?
    The BVI looks after its own. Everyone else is lucky to be here unless you are such a high spending individual who can influence Govt. The first rule of being an outsider is understanding you always will be. Make peace with it and make friends and life that will not worry about it. This is a long time not from here person who just enjoys and lives the BVI.

  12. @@outta here says:

    You have so much to learn. We were here to help develop and create. We never want, expect people to bow down. We want to live in harmony, enthusiasm and love. It’s the likes of your writing that proves my decision.

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