Director of BVI House Asia, Ms. Elise Donovan has advised companies of the advantages of utilising BVI Business Companies as ideal vehicles for cross-border trade.
Ms. Elise Donovan, in remarks at a ‘Belt and Road’ conference in Hong Kong on May 12, stated that for close to 30 years, BVI Business Companies have been the vehicle of choice for successful Chinese firms trading across the world.
The Belt and Road initiative is a visionary strategy of the Chinese government to bind economic and cultural ties among countries along the Silk Road Economic Belt and the 21st Century Maritime Silk Road. The initiative provides enormous opportunities for a wide range of businesses – from small, medium-sized enterprises to multinational corporations.
Ms. Donovan said, “BVI Business Companies are among major businesses listed on the London, New York and Hong Kong stock exchanges. Major, well-respected companies worldwide use BVI Business Companies to manage their cross-border activities.”
The Director also stated that BVI Business Companies play an important role in international investment flows, which is evident from the data on foreign direct investment. According to the 2017 edition of the Vistra 2020 report launched in late April, the BVI remains the top offshore jurisdiction worldwide.
Ms. Donovan credited the Territory’s attributes, a legal system based on English common law, internationally compliant regulations and tax neutrality; for making it an especially attractive jurisdiction to channel outbound Chinese investment along the modern Silk Road Economic Belt and 21st Century Maritime Silk Road.
The Director said she appreciated the conference theme of “A Conduit for Capital, Connectivity, and Cooperation”, as it perfectly resonated with what the BVI has been successfully endeavouring to be for more than 30 years.
“As a result, the BVI stands ready to support companies that continue to reach out to Belt and Road markets,” she added.
The Belt and Road conference was attended by more than 650 business leaders, and organised by the Law Society of Hong Kong as a forum in which to discuss the opportunities arising from the ‘Belt and Road’ initiative.
The Government of the Virgin Islands has affirmed its commitment to strengthening international relationships, in positioning the Territory for the future.