Financial Services Achievements take

 the BVI to the Pinnacle

The economy of the BVI is no  doubt very sound. In fact, although the territory is  one of the smallest in the Caribbean, its financial status is far ahead of other dependent territories as well as countries which rid themselves from Britain.

The territory's income comes mainly from its offshore financial services, tourism, and the marine industry, but it is the financial sector which has not only placed the BVI on the world map, but attracts hundreds of thousands of investors who use the territory's services to boost their businesses and at the same time put revenue in the coffers of this British Territory.

Robert Mathavious, the Chief Executive Officer of the Financial Services Commission is one of the leading driving forces of the offshore industry not only in the region but the world over, and he has played an important role in bringing the BVI to the pinnacle of tax haven jurisdictions. Moreover, Mr. Mathavious is continuing his good work spreading the wings of the Financial Service Commission (FSC), and the BVI International Finance Centre (IFC) to all  parts of the world with road shows in London in 2003, New York in February 2004, Hong Kong in May 2004, Singapore also in May 2004, Miami in November 2004,  Zurich and Geneva Switzerland in April 2004 and not to mention the last two shows in Shanghai and Hong Kong, and the recent trip to Australia.

This month's road show in Asia was the first time for the BVI to hold a workshop for mainland China. Speaking at that workshop, Finance Minister, Ronnie Skelton told the 200 delegates of the strong relationship the BVI government has with the private sector and his comments were substantiated by a high powered delegation from the BVI including top flight accountants and attorneys. We also understand that arrangements are underway to have a road show in Dubai, and another in London, and steps are taken to have one in India.

The IFC Executive Officer, Mrs. Lorna Smith is also playing an important role in promoting the IFC. She, along with other senior officials of the institution and the Minister of Finance, Ronnie Skelton, has been promoting the BVI jurisdiction and we must say that the team work has borne fruits since there are now more than 670,000 International Business Companies registered in the territory since the passage of the IBC Act 21 years ago.

So far for the year 2005 more than 61,000 companies have been registered in the BVI and last year there were more than 60,000 new companies incorporated. The record number for any one year was in 2000 when 64,000 IBCs were registered. This is in vast contrast with the 253 incorporated in 1984. Chief Operations Officer of the BVI Financial Centre, Humphrey Leue said that "the strength and continued dominance of the BVI as a corporate domicile is unquestionable.” He is correct because it is known throughout the financial world that the BVI is regarded by specialized professionals as one of the world's best tax havens because of its strict and complete confidentiality that is protected by law, its integrity, the political stability, the common law jurisdiction, the fact that English is the first language of residents, competitive pricing, the reality that there is complete tax exemption from local levies, and very importantly there is no exchange control, and to add to these the U.S. dollar is the legal currency of the territory.

The BVI officials make full use of modern technology and persons can reserve names of companies through the internet and moreso can incorporate IBCs on line as well.  International Investment Liberty Enterprise Inc, which is one of the largest financial investment institutions, has listed the BVI as one of its top ten tax havens. We are indeed grateful for this and we salute officials of the Ministry of Finance, FSC and IFC for a job well done. Continue the good work.

Guest editorial by Oscar Ramjeet