Showing posts with label BVI and China. Show all posts
Showing posts with label BVI and China. Show all posts
Friday, September 13, 2013
'BVI House Asia' Opened in Hong Kong
The jurisdiction of the British Virgin Islands has launched Hong Kong office, which will have the functions of representing BVI in mainland China and the entire Asia Pacific region. The official opening of “BVI House Asia” was hosted by the British Consul General to Hong Kong and Macau Caroline Wilson, and took place on September 5 at the British Consulate. The event was attended by up to 100 HK professionals, as well as by leading financial services practitioners and representatives of several governments, including Hong Kong, the United States, European Union, Switzerland and Ireland.
BVI House Asia will facilitate a smooth interface between the industry in Asia and the BVI; it will allow responding to enquiries of a social, political or economic nature from the region, and promoting China’s and HK investments into the BVI economy. Other functions of the BVI office in Hong Kong will be to provide quick access for certain information services to users of BVI business companies, and to develop the relationship of the BVI with mainland China not only in financial areas but also in the spheres of education and culture.
Through the BVI Financial Services Commission (BVI FSC), BVI House will help strengthen ties with regional government authorities. In the next few months, the Commission will also provide resources for the House, including staff, which currently includes of the interim director and a chief operating officer Heather Tang.
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Wednesday, December 12, 2012
BVI Remains the Second Top Country for HK Inward and Outward DI
Hong Kong’s Census and Statistics Department has issued the statistics of direct investments in country’s economy for the year 2011, where reported the increase of both inward and outward direct investments in Hong Kong economy by the end of 2011.
According to the published statistics, Mainland China remained the largest source and destination of HK direct investments. As the source of investments, at the end of the year Mainland China accounted for 36.3%, being the largest share of the total stock. The Mainland was also the most important destination for Hong Kong’s outward direct investments, with 42.1% share of the total stock by the end of 2011.
British Virgin Islands was the second largest source of Hong Kong direct investments, with more than prominent share of 31.1%. As a destination of outward investment, the BVI was in the second place with 41.8% - again, very close to the leader of the statistics of HK investments, Mainland China.
In 2011, the stock of HK’s inward DI increased marginally by 0.9% from the year 2010, and achieved market value of almost HKD8.38 trillion. The total stock of Hong Kong’s outward DI increased by 8.3% from the previous year and reached market value of HKD7.95 trillion, with a ratio to GDP of 411%.
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Wednesday, December 30, 2009
BVI Territory Signs TIEA wil Ireland and China
December 7. The British Virgin Islands signed tax information exchange agreement with Ireland. The TIEA is based on a model agreement developed by the OECD, and will allow the British Virgin Islands to send requests to the Revenue Commissioners to obtain and provide information needed in the course of its tax investigations. Also, after this document is signed, the Revenue Commissioners from Ireland may request information from their counterpart in the British Virgin Islands.
The information relevant to Ireland's tax investigation issues in most cases would concern the bank accounts or the beneficial ownership of companies or trusts.
Another TIEA was concluded between the BVI and China, signed by BVI Premier and Minister of Finance, Ralph O’Neal and Chinese Deputy Commissioner of the State Administration of Taxation, Qian Guanlin.
In his statement after signing the agreements, O'Neal remarked that they were a significant milestone in relations between the Governments of the British Virgin Islands, China and Ireland, and expressed the commitment to examine other areas of mutual co-operation and benefit.
Previous TIEA was concluded by the BVI with the Kingdom of Netherlands in September 2009. With signing of these two agreements, total number of tax exchange agreements signed by the BVI Territory reached 17.
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The information relevant to Ireland's tax investigation issues in most cases would concern the bank accounts or the beneficial ownership of companies or trusts.
Another TIEA was concluded between the BVI and China, signed by BVI Premier and Minister of Finance, Ralph O’Neal and Chinese Deputy Commissioner of the State Administration of Taxation, Qian Guanlin.
In his statement after signing the agreements, O'Neal remarked that they were a significant milestone in relations between the Governments of the British Virgin Islands, China and Ireland, and expressed the commitment to examine other areas of mutual co-operation and benefit.
Previous TIEA was concluded by the BVI with the Kingdom of Netherlands in September 2009. With signing of these two agreements, total number of tax exchange agreements signed by the BVI Territory reached 17.
Article any source
Saturday, February 28, 2009
BVI Among Top Investors According to Chinese FDI Statistics in 2008
The Ministry of Commerce of China said that the growth of foreign direct investment (FDI) into the Chinese economy fell for the third month of 2009. For the whole year 2008, FDI however grew 23.58 percent and made $92.4 billion (compared to 13.59 percent to $74.8 billion of actually used FDI in 2007), due to the intense growth in the first three quarters of the year.
According to the data reported by the Ministry of Commerce, the major source of FDI for China in year 2008 was Hong Kong, which provided the country with $41 billion for a 48 percent annual increase. The second big FDI source was British Virgin Islands, which invested $15.95 billion. However, the percentage of funds invested by the BVI is just 3.62 - that is less than in 2007, reflecting the general trend.
The level of foreign direct investments from Japan rose 1.76 percent and made $3.65 billion in 2008, followed by South Korea with $3.14 billion (14.76 percent), and the US with $2.94 billion – the rise of 12.54 percent.
The industries which received most of all FDI were banking, insurance and securities, which drew $38.1 billion, or 24.23 percent more than in 2007. Actually, in the past decade China has been one of the biggest FDI recipients, but some experts guess that the global financial crisis could change this trend. For example, Mei Xinyu, a senior researcher with the Ministry of Commerce, said he was not optimistic about this year FDI level. Some experts even say that FDI could fall by 5-10 percent in the first half of the year, but positive turn is also expected – in the second half of 2008.
Article any source
According to the data reported by the Ministry of Commerce, the major source of FDI for China in year 2008 was Hong Kong, which provided the country with $41 billion for a 48 percent annual increase. The second big FDI source was British Virgin Islands, which invested $15.95 billion. However, the percentage of funds invested by the BVI is just 3.62 - that is less than in 2007, reflecting the general trend.
The level of foreign direct investments from Japan rose 1.76 percent and made $3.65 billion in 2008, followed by South Korea with $3.14 billion (14.76 percent), and the US with $2.94 billion – the rise of 12.54 percent.
The industries which received most of all FDI were banking, insurance and securities, which drew $38.1 billion, or 24.23 percent more than in 2007. Actually, in the past decade China has been one of the biggest FDI recipients, but some experts guess that the global financial crisis could change this trend. For example, Mei Xinyu, a senior researcher with the Ministry of Commerce, said he was not optimistic about this year FDI level. Some experts even say that FDI could fall by 5-10 percent in the first half of the year, but positive turn is also expected – in the second half of 2008.
Article any source
Tuesday, June 17, 2008
PRC Remains Most Attractive Destination of FDI, BVI Ranks 2nd Among FDI sources
The Ministry of Commerce of China published figures for actual FDI inflows into the country's economy, totaling $42.78 billion from January to May 2008 – this is a 54.97% increase from the previous year. Only in May, FDI stood at $7.76 billion, that is 37.94 % higher than in the previous year.
According to the information published by the Ministry of Commerce, about 11,915 new overseas-funded enterprises were established in the first five months of this year, that is down 20.95% from the previous year, and in May there were 2,425 new enterprises – down 10.94%.
The top three leading countries in the five months of the year 2008 by the amount of FDI are the same as in the statistical bulletin for the first quarter of the year 2008 – Hong Kong, British Virgin Islands (in the second place), and Singapore.
By the results of this statistical bulletin, as well as according to the Ernst & Young latest survey among business leaders, China is still in the first place among the countries most attractive for foreign direct investments. This survey reflected more equal distribution of global investments across the world, and 41% of respondents still ranked China as the most attractive investment destination, followed by India and Russia. However, China still draws less than 8% of global volume of FDI inflows, according to the information published by the United Nations Commission for Trade and Development.
Article any source
According to the information published by the Ministry of Commerce, about 11,915 new overseas-funded enterprises were established in the first five months of this year, that is down 20.95% from the previous year, and in May there were 2,425 new enterprises – down 10.94%.
The top three leading countries in the five months of the year 2008 by the amount of FDI are the same as in the statistical bulletin for the first quarter of the year 2008 – Hong Kong, British Virgin Islands (in the second place), and Singapore.
By the results of this statistical bulletin, as well as according to the Ernst & Young latest survey among business leaders, China is still in the first place among the countries most attractive for foreign direct investments. This survey reflected more equal distribution of global investments across the world, and 41% of respondents still ranked China as the most attractive investment destination, followed by India and Russia. However, China still draws less than 8% of global volume of FDI inflows, according to the information published by the United Nations Commission for Trade and Development.
Article any source
Tuesday, April 22, 2008
Chinese FDI for Q1 2008 to Increase by 61.26%, BVI being the Second FDI Source
The Ministry of Commerce of China has published FDI statistics for the first three months of the year 2008. The reported foreign direct investment inflow into the country's economy in this period continued to increase and made US$27.414 bln – up 61.26% from the same period of the previous year.
Among the top three sources of FDI inflow in the country's economy in the first three months of the year 2008 there were British Virgin Islands, Hong Kong and Singapore, BVI again being the second in the list of top investors.
Only in March 2008, FDI stood at US$9.286 bln – that is up 39.6% compared to the previous year. According to the ministry's statistics, there were 6,949 new foreign-funded enterprises in the first three months of 2008, that is down 25.5% from a year earlier.
Article any source
Among the top three sources of FDI inflow in the country's economy in the first three months of the year 2008 there were British Virgin Islands, Hong Kong and Singapore, BVI again being the second in the list of top investors.
Only in March 2008, FDI stood at US$9.286 bln – that is up 39.6% compared to the previous year. According to the ministry's statistics, there were 6,949 new foreign-funded enterprises in the first three months of 2008, that is down 25.5% from a year earlier.
Article any source
Wednesday, November 28, 2007
BVI Premier Hon. Ralph T. O'Neal Speaking on Offshore and Financial Matters in his Yesterday's Presentation
In his speech on November 27, 2007, the Premier Hon. Ralph T. O'Neal addressed the territory with a report on the main achievements for the first 90 days of work in the office, and on the First Meeting with the UK Government.
In the part of the presentation that concerned the Financial Services Industry, the Premier talked about meeting of the Cabinet and the Financial Services Commission, to discuss their annual report for 2006 and their work plans for 2008.
In the course of discussions, it was decided that the Commission would meet informally with the House of Assembly, in order to discuss with its members the matters related to the financial services industry. Also, it was proposed that a seminar would be held sometime next year for members of the House of Assembly and Permanent Secretaries and senior officials, in order “to get more people in the Territory to understand and appreciate what the financial services industry means to the Territory.”
The Premier very positively evaluated the familiarization visit of a Chinese delegation from the Ministry of Commerce (MOFCOM) of the People's Republic of China that took place on November 8-10. During several meetings with key officials, the Chinese delegation discussed several issues concerning company registration and establishment, exposure of the information of registered companies, Administration of Foreign Exchange and taxes, and co-operation with international and finanacial regulatory institutions.
Today, the Premier leaves the Territory, to attend the ninth annual Meeting of the Heads of Government of the United Kingdom Caribbean Dependent Territories. Among the questions to be discussed at the Conference there are: UK's action plans for combating international corruption, constitutional modernization, OECD harmful tax initiatives, European Union Savings Tax directive, etc. Among other matters discussed there will be the National Audit Office report on the management of risk in the overseas territories.
Premier Hon. Ralph T. O'Neal also has been invited by the House of Commons Foreign Relations Committee to give evidence regarding the Territory, and he expects to have a one to one talk with the Under Secretary of State, Mrs. Meg Munn.
The Premier is planning to hold discussions on the complete purchase and development of the Virgin Gorda airport, - the project that was started in 2002 . He will also visit the famous BVI House, to hold there some of his meetings with the private sector.
Article any source
In the part of the presentation that concerned the Financial Services Industry, the Premier talked about meeting of the Cabinet and the Financial Services Commission, to discuss their annual report for 2006 and their work plans for 2008.
In the course of discussions, it was decided that the Commission would meet informally with the House of Assembly, in order to discuss with its members the matters related to the financial services industry. Also, it was proposed that a seminar would be held sometime next year for members of the House of Assembly and Permanent Secretaries and senior officials, in order “to get more people in the Territory to understand and appreciate what the financial services industry means to the Territory.”
The Premier very positively evaluated the familiarization visit of a Chinese delegation from the Ministry of Commerce (MOFCOM) of the People's Republic of China that took place on November 8-10. During several meetings with key officials, the Chinese delegation discussed several issues concerning company registration and establishment, exposure of the information of registered companies, Administration of Foreign Exchange and taxes, and co-operation with international and finanacial regulatory institutions.
Today, the Premier leaves the Territory, to attend the ninth annual Meeting of the Heads of Government of the United Kingdom Caribbean Dependent Territories. Among the questions to be discussed at the Conference there are: UK's action plans for combating international corruption, constitutional modernization, OECD harmful tax initiatives, European Union Savings Tax directive, etc. Among other matters discussed there will be the National Audit Office report on the management of risk in the overseas territories.
Premier Hon. Ralph T. O'Neal also has been invited by the House of Commons Foreign Relations Committee to give evidence regarding the Territory, and he expects to have a one to one talk with the Under Secretary of State, Mrs. Meg Munn.
The Premier is planning to hold discussions on the complete purchase and development of the Virgin Gorda airport, - the project that was started in 2002 . He will also visit the famous BVI House, to hold there some of his meetings with the private sector.
Article any source
Monday, November 26, 2007
BVI Premier hosts 10 member delegation from the China Ministry of Commerce
Premier of the British Virgin Islands, Honourable Ralph T. O'Neal, hosted a 10 member delegation from the Ministry of Commerce (MOFCOM) of the People's Republic of China headed by its Vice Minister Madam Ma Xiuhong. It was the familiarisation visit of Chinese delegation to the territory, and its members held meetings with Governor David Pearey, the Premier, Mr Robert Mathavious, Managing Director of the Financial Services Commission, the Director of the International Affairs Secretariat Mrs. Lorna Smith and members of the private sector.
The visit included a day trip of the delegation to Virgin Gorda and a lunch hosted by the Premier O'Neal. In his speech, the Premier said that it is important to build on the relationship between the two countries since the British Virgin Islands play an important role in the economy of China.
Before visiting the Territory, the delegation of China also made visits to the Cayman Islands and United States Virgin Islands.
Article any source
The visit included a day trip of the delegation to Virgin Gorda and a lunch hosted by the Premier O'Neal. In his speech, the Premier said that it is important to build on the relationship between the two countries since the British Virgin Islands play an important role in the economy of China.
Before visiting the Territory, the delegation of China also made visits to the Cayman Islands and United States Virgin Islands.
Article any source
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