There continues to be a high demand for BVI products and services from Asia. Products suited to High Net Worth Individuals such as VISTA (Virgin Islands Special Trust Act) which is ideal for the needs of Chinese and Private Trust Companies (PTC's) continue to be highly sought after. Additionally and perhaps most importantly clients want their work done in real time rather than having to wait for 12 hours or more.
BVI House Asia which is what the office will be called will also be used as a means of investment promotion. One of the BVI's flagship hotel properties is owned by a Hong Kong family and another owns hundreds of acres to be used for another hotel development.
BVI House Asia will also be used to promote educational and cultural exchanges as well as tourism.
Q: What role will BVI's Hong Kong office play to serve the needs of the Asian clients? Is BVI taking Chinese mainland clients one of your most important clients?
A: Aside from the points previously made including responding in real time to the needs of clients, the Office which is located in Hong Kong is intended to serve the entire Asia Pacific region. It will therefore support industry practitioners and service providers with a nexus to the BVI in continuing to stay on the competitive edge and to increase market share.
The Financial Services Commission will be represented at BVI House Asia and will issue regular advisories as well as time sensitive information to Asian clients. These will be issued in Mandarin or Cantonese when necessary. Other collateral material will be issued by the International Financial Centre.
Q: What do you expect to achieve when Hong Kong office is established and what significance do you think the Hong Kong office is?
A: We expect to continue to provide support to the industry on matters that will help them to grow their business and add value to the services they provide. As you are aware at the heart of most structures created in this part of the world there are several BVI companies involved. Furthermore, the BVI is able to list on the Hong Kong Stock Exchange and most other stock exchanges. Establishing an office in Hong Kong that serves the region raises the profile of the BVI as a jurisdiction even higher.
As a result of establishing the office we also hope to deepen the relationship with mainland China in a number of areas outside of financial services. However it's important to note that the BVI was the first non - independent jurisdiction to sign a Tax Information Exchange Agreement with China and that it did so in 2009.
The fact that we have established an Office in the region which is twelve hours ahead of the BVI not only makes the BVI more responsive but more accountable at all times to its clients. Sharing information, educating users of BVI products on how to maximize their use and networking are important facets of continued growth, which is one of the jurisdiction's primary goals.
It's also important to note that ten years ago the BVI set up a similar facility in London known as BVI House London. It continues to be very effective.
