Showing posts with label BVI and Hong Kong. Show all posts
Showing posts with label BVI and Hong Kong. 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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Thursday, August 1, 2013
BVI Dominates by Volume of New Offshore Company Incorporations
According to a report from Appleby Global, one of the world’s largest providers of offshore legal, fiduciary and administration services. the British Virgin Islands jurisdiction “continues to dominate” by the volume of new offshore company registrations, with a six-fold lead over the Cayman Islands, which is the nearest comparator of the BVI.
The Group’s latest On the Register Report is devoted to the analysis of company incorporations in the British Virgin Islands, Cayman Islands, Bermuda, the Crown Dependencies, Mauritius and Seychelles, and how activity in these offshore jurisdictions compares to financial centres such as the UK and Hong Kong.
Appleby stated in the release that the number of new offshore company registrations decreased both in the BVI and the Cayman Islands in the second half of 2012, with a 12% drop to 29,225 new company registrations in the British Virgin Islands, and 13% drop to 4,176 new registrations in the Cayman Islands. Appleby reported an overall decrease of 3.6% in company incorporation activity in the major offshore markets in the second half of 2012, indicating the impact of uncertain global economic conditions on the majority of the offshore markets.
By words of Farah Ballands, the partner and global head of fiduciary & administration services at Appleby, “There are signs that 2013 will be a watershed year in terms of seeing a universal return to pre-2009 activity levels across the offshore jurisdictions.”
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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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Tuesday, February 1, 2011
New Lawyers Join Harney's Hong Kong Office
The British Virgin Islands-based offshore law firm Harneys Corporate Services Limited, providing administration services to the BVI corporations, has increased the number of lawyers in its HK office, as a part of ongoing expansion of its Asian practice.
The hire of the three new lawyers brought to eight the number of lawyers in the firm's Hong Kong office. Cheng Cheng Tan joined the BVI firm from Rahmat Lim & Partners, where she was a partner. Her spheres are banking and finance as well as corporate and commercial law, with a focus on securities listings, joint ventures and cross-border mergers and acquisitions. Kane Guo, who joined Harneys from another leading international offshore law firm, specializes in M&A, FDI and banking. Kane's practice areas include corporate and commercial, investment funds and private equity. The third lawyer, Zhao Feifei, practices banking and finance, corporate and commercial law.
The head of Harneys' Hong Kong office, Paul Law, welcomed the new hires to the office, saying that the new lawyers “will add both onshore and offshore experience and regional perspectives to the team.”
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The hire of the three new lawyers brought to eight the number of lawyers in the firm's Hong Kong office. Cheng Cheng Tan joined the BVI firm from Rahmat Lim & Partners, where she was a partner. Her spheres are banking and finance as well as corporate and commercial law, with a focus on securities listings, joint ventures and cross-border mergers and acquisitions. Kane Guo, who joined Harneys from another leading international offshore law firm, specializes in M&A, FDI and banking. Kane's practice areas include corporate and commercial, investment funds and private equity. The third lawyer, Zhao Feifei, practices banking and finance, corporate and commercial law.
The head of Harneys' Hong Kong office, Paul Law, welcomed the new hires to the office, saying that the new lawyers “will add both onshore and offshore experience and regional perspectives to the team.”
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Friday, December 10, 2010
BVI among Top Investors in Hong Kong Economy
According to the official data on Foreign Direct Investments by the end of 2009, published by Hong Kong Census and Statistics Department on December 9, 2010, the stock of the city's inward direct investment increased by 14.8 percent from the previous year, and made HK$7,262.1 billion (US$934 billion) at market value.
The major immediate investment source was mainland China, which accounted for the largest share at the end of 2009, at 36.4 percent. The second major source of investment were the British Virgin Islands, with 32.4 percent of total stock of HK FDI at the end of 2009. The Netherlands, with 6.8 percent, were the third.
According to the Hong Kong Statistics Department, Foreign Direct Investment in HK economy, especially that of mainland's China, covers wide range of economic activities, including investment, holding, real estate, professional and business services, import/export, wholesale and retail trades; transportation, storage, postal and courier services.
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The major immediate investment source was mainland China, which accounted for the largest share at the end of 2009, at 36.4 percent. The second major source of investment were the British Virgin Islands, with 32.4 percent of total stock of HK FDI at the end of 2009. The Netherlands, with 6.8 percent, were the third.
According to the Hong Kong Statistics Department, Foreign Direct Investment in HK economy, especially that of mainland's China, covers wide range of economic activities, including investment, holding, real estate, professional and business services, import/export, wholesale and retail trades; transportation, storage, postal and courier services.
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Tuesday, September 14, 2010
Harneys' HK Office Head to Lead Maples and Calder's BVI Practice in Hong Kong
The head of Hong Kong office of Harney Westwood & Riegels Michael Gagie was laterally hired by an offshore legal firm Maples and Calder, to co-lead the firm's British Virgin Islands practice in Asia. On 1 September, Mr. Gagie started work in his new post in Hong Kong office of Maples and Calder, along with Barry Mitchell. Both lawyers were living and working in BVI for some time before moving to Asia.
Since 2003, when Mr. Gagie joined Harneys, he regularly advised on listings of BVI corporations on international stock markets, including NASDAQ and AIM Market in London. By words of joint managing partner of Maples and Calder in Hong Kong Christine Chang, his arrival “could not have come at a better time as the market prepares for the BVI listings of BVI-incorporated companies on the Hong Kong Stock Exchange”.
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Since 2003, when Mr. Gagie joined Harneys, he regularly advised on listings of BVI corporations on international stock markets, including NASDAQ and AIM Market in London. By words of joint managing partner of Maples and Calder in Hong Kong Christine Chang, his arrival “could not have come at a better time as the market prepares for the BVI listings of BVI-incorporated companies on the Hong Kong Stock Exchange”.
Article any source
Monday, June 30, 2008
BVI participates in FATF Meeting in London
Last week, an important meeting of the Financial Action Task Force (FATF) took place in London, - for the first time since the Caribbean Financial Action Task Force (CFATF) received the status of the associate member of the FATF in February 2008. During this plenary, FATF reported on the new steps taken to protect the international financial system from abuse. Among them – the reaffirmation of its February 2008 public statement on money laundering and terrorist financing risks posed by Uzbekistan, Iran, Pakistan, Turkmenistan, Sao Tome and Principe and the northern part of Cyprus. The organization also discussed and adopted four mutual evaluation reports, assessing compliance with its 40 recommendations in Hong Kong, Qatar, the UAE and the Russian Federation.
Solicitor General of the British Virgin Islands, Jo-Ann Williams-Roberts, took part in this week-long plenary meeting, and the BVI was among the 5 member countries of 30 which were allowed to join the CFATF Secretariat at the meeting.
BVI Attorney General Kanthleen Quartey noted that a closer relationship between the FATF and its Caribbean counterparts would greatly benefit the CFATF, bringing issues and perspectives of the region directly to the centre stage.
The aim of the FATF which was established in 1989 is to prevent criminals from using the international financial systems. The CFATF was formed three years later as an organization of more than 30 Caribbean region states, which have united their efforts to implement common countermeasures to criminal money laundering.
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Solicitor General of the British Virgin Islands, Jo-Ann Williams-Roberts, took part in this week-long plenary meeting, and the BVI was among the 5 member countries of 30 which were allowed to join the CFATF Secretariat at the meeting.
BVI Attorney General Kanthleen Quartey noted that a closer relationship between the FATF and its Caribbean counterparts would greatly benefit the CFATF, bringing issues and perspectives of the region directly to the centre stage.
The aim of the FATF which was established in 1989 is to prevent criminals from using the international financial systems. The CFATF was formed three years later as an organization of more than 30 Caribbean region states, which have united their efforts to implement common countermeasures to criminal money laundering.
Article any source
Friday, December 14, 2007
BVI - the top outward direct investment destination and the 2nd largest inward direct investment source in Hong Kong economy for 2006
Yesterday, the Census and Statistics Department of the Hong Kong Special Administrative Region (HKSAR) government provided the following information regarding investments in the jurisdiction:
According to official figures released on December 13, 2007, at the end of 2006, the stock of Hong Kong's inward direct investment (DI) rose significantly by 42.3% from a year earlier to $740.9 billion at market value.
The Census and Statistics Department indicated that the substantial increase can to a great extent be explained by the large gain in market values of some listed prominent Hong Kong resident companies upon the surge in their share prices as well as an increase of direct investment inflow to these Hong Kong affiliates.
In accordance with the analysis of immediate source of investment, the 2nd largest investor territory at end-2006 was the British Virgin Islands, which took up 33.8% of the total stock of inward DI. So, one of the most popular offshore jurisdictions was 2nd only to China, which stood at 35.1% and reflected the importance of its investment in Hong Kong.
The BVI was followed by the Netherlands, Bermuda and the US accounting for 6.8%, 6.1% and 4.8% of the total stock of inward direct investment at end-2006 respectively.
Stock and Flow of Inward Direct Investment (DI) of Hong Kong at Market Value by Major Investor Country/Territory, 2005 - 2006
As regards outward direct investments, the Census and Statistics Department of the HKSAR said that, at the end of 2006, the stock of the country's outward DI increased by 44.1% from a year earlier to $675.8 billion at market value.
According to the analysis of immediate destination of investment, the British Virgin Islands remained the most popular tax haven economy for indirect channeling of DI funds as at end-2006 it accounted for 46.9% of the total stock of outward DI of Hong Kong.
Stock and Flow of Outward Direct Investment (DI) of Hong Kong at Market Value by Major Recipient Country or Territory, 2005-2006
Article any source
According to official figures released on December 13, 2007, at the end of 2006, the stock of Hong Kong's inward direct investment (DI) rose significantly by 42.3% from a year earlier to $740.9 billion at market value.
The Census and Statistics Department indicated that the substantial increase can to a great extent be explained by the large gain in market values of some listed prominent Hong Kong resident companies upon the surge in their share prices as well as an increase of direct investment inflow to these Hong Kong affiliates.
In accordance with the analysis of immediate source of investment, the 2nd largest investor territory at end-2006 was the British Virgin Islands, which took up 33.8% of the total stock of inward DI. So, one of the most popular offshore jurisdictions was 2nd only to China, which stood at 35.1% and reflected the importance of its investment in Hong Kong.
The BVI was followed by the Netherlands, Bermuda and the US accounting for 6.8%, 6.1% and 4.8% of the total stock of inward direct investment at end-2006 respectively.
Stock and Flow of Inward Direct Investment (DI) of Hong Kong at Market Value by Major Investor Country/Territory, 2005 - 2006
HK$ billion
| Major investor country/territory | Stock of Inward DI | at end of year | DI Inflow | during the year |
| 2005 | 2006 | 2005 | 2006 | |
| Mainland of China | 1,271.9 | 2,024.3 | 72.9 | 108.7 |
| British Virgin Islands | 1,270.7 | 1,950.6 | 47.0 | 78.8 |
| Netherlands | 327.1 | 390.9 | 17.0 | 28.1 |
| Bermuda | 271.5 | 350.1 | 36.0 | 23.8 |
| USA | 205.8 | 277.9 | -29.7 | 51.3 |
| Japan | 131.7 | 151.4 | 14.1 | 18.0 |
| United Kingdom | 88.5 | 105.6 | 13.7 | 15.4 |
| Cayman Islands | 66.7 | 101.3 | 12.0 | 18.4 |
| Singapore | 84.3 | 85.2 | 11.0 | 8.1 |
| Taiwan | 30.0 | 33.7 | 3.5 | 8.7 |
| Others | 308.0 | 300.9 | 64.0 | -9.4 |
| Total | 4,056.3 | 5,771.9 | 261.5 | 350.0 |
As regards outward direct investments, the Census and Statistics Department of the HKSAR said that, at the end of 2006, the stock of the country's outward DI increased by 44.1% from a year earlier to $675.8 billion at market value.
According to the analysis of immediate destination of investment, the British Virgin Islands remained the most popular tax haven economy for indirect channeling of DI funds as at end-2006 it accounted for 46.9% of the total stock of outward DI of Hong Kong.
Stock and Flow of Outward Direct Investment (DI) of Hong Kong at Market Value by Major Recipient Country or Territory, 2005-2006
HK$ billion
| Major investor country/territory | Stock of outward DI | at end of year | DI outflow | during the year |
| 2005 | 2006 | 2005 | 2006 | |
| British Virgin Islands | 1,609.3 | 2,467.6 | 18.1 | 78.0 |
| Mainland of China | 1,477.4 | 2,117.2 | 130.3 | 166.6 |
| Bermuda | 126.1 | 137.8 | 12.5 | -5.0 |
| United Kingdom | 59.6 | 62.1 | 4.9 | -0.2 |
| Japan | 29.7 | 60.8 | -9.2 | 34.7 |
| Cayman Islands | 25.1 | 41.1 | 14.8 | 7.9 |
| India | 6.7 | 37.1 | 0.8 | 28.9 |
| Thailand | 23.0 | 34.7 | 2.6 | 6.4 |
| Singapore | 40.0 | 33.1 | 6.0 | 2.1 |
| USA | 26.3 | 29.1 | 0.9 | 3.1 |
| Others | 230.7 | 243.8 | 29.8 | 26.8 |
| Total | 3,653.9 | 5,264.5 | 211.5 | 349.4 |
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