November 23, 2006. Recently, the Ministry of Commerce of China has announced that realized FDI on the territory rose in October, after the slight decline within the previous months. This was the result of the changes in legislation regarding acquisition of Chinese companies by foreign investors.
In October, FDI grew 16% to USD 5.99 billion, and 3,047 foreign-invested ventures were approved. January to October, the country attracted USD 48.58 billion in FDI (0.34% up if compared to this period of 2005). During the same period 33,068 foreign-invested enterprises were approved, down 6.32% from the previous year.
Report did not reveal contracted FDI.
From the report it is also clear that the BVI continues keeping the position of the 2nd largest foreign investor in China.
The 1st place is taken by the Special Administrative Region of China, Hong Kong.
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November 8, 2006. The BVI Legislative Council has recently passed new legislative acts that amend the existing legislation. The BVI Legislative Council passed BVI Business Companies (Amendment) Act, 2006 on September 22, 2006.
BVI Business Companies (Amendment) Act, 2006 amends the BVI Business Companies Act, 2004 (No. 16 of 2004). The act adds some miscellaneous provisions to the principal document. The submitted section of the principal Act concerns approval of forms by Commission. Also, some changes in the licence fees are made.
Also, another legislative document was passed - this is Company Management (Amendment) Act, 2006, amending the Company Management Act, 1990 (No. 8 of 1990). The provisions of this Act will come into effect on January 15, 2007. This document was passed by the BVI Legislative Council on September 22, 2006 as well.
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October 11, 2006. Offshore law firm Ogier has merged with WSmiths in the BVI. This gives Ogier access to 3 further offshore jurisdictions. The merger will come into effect from February 1, 2007.
The merger is highly important because it will form a large offshore company with 9 offices - in the BVI, Hong Kong, the Cayman Islands, Jersey, Guernsey, Ireland, London, Uruguay and New Zealand. It company will employ more than 600 staff under the brand of Ogier. The integration of services and operations has already started by the two companies.
The combined company offer its clients advice on various aspects of the BVI, Cayman Islands and Channel Islands law supporting all the financial markets, the rapidly developing Asian and Chinese markets includingly.
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June 27, 2006. The BVI is experiencing an unprecedented economic growth. Orlando Smith, BVI Chief Minister, has recently in his speech summed up the successful economic development of the British Virgin Islands as well as provided his view into the country's future.
Orlando Smith suggests that to compete and win in the global market of 2010 and beyond, the BVI has to work out and process new ways of developing other sectors of economy and to grow the country's already expanding economic base.
To make a long story short, Smith hopes on improving the BVI's tourism thinking of overhauling international tourism marketing efforts, investing in tourism facilities, encouraging new resort developments, improving service standards and amending the Hotels Aid Act. Then, he believes in financial services development as the BVI is currently the 1st in the world in terms of company registration with about 57 000 new companies set up in 2005. Also, to strengthen BVI physical infrastructure, Smith understands the necessity for improving telecommunications service, the electrical and water utilities and transportation. Besides this, BVI Chief Minister mentioned education system as one of the priorities of the British Virgin Islands.
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