December 11, 2007. The BVI-incorporated company Sherwood Investments Overseas Ltd. Has announced that it has offered to Trans World Entertainment Corp., which is operating F.Y.E., a more-than-950-store music retail chain, for USD 217 million.
Offering was made in a letter to the board of Albany, N.Y.-based Trans World by Sherwood Investments, a BVI-corporation headed by Julian Benscher, with a Windermere mailing address inside Isleworth. The BVI company, which said it owns 4.95% of Trans World shares, offered to buy the rest of the company because it thinks its properties are worth $8 a share. Meanwhile, Trans World had offered this month to buy the part of minority shareholders for $5 a share.
A message left with Trans World's CFO John Sullivan was not immediately returned.
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November 19, 2007. The UK Guardian has claimed that multinational banana companies are using tax haven jurisdictions such as the British Virgin Islands, the Cayman Islands and Bermuda in order to avoid paying tax on their profits in the UK and in other developing countries. The 3 companies controlling between themselves more than 2/3 of the worldwide banana trade - Dole, Fresh Del Monte and Chiquita - are moving offshore with a view to escape paying tax in the countries where their goods are produced and where they are are sold.
For instance, Fresh Del Monte registered in Cayman has subsidiaries in the British Virgin Islands as well as Bermuda, Gibraltar and the Dutch Antilles.
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November 7, 2007. On October 24, 2007, unaudited interim results for 6 months ended on June 30, 2007 were published by BVI-based Equator Exploration Ltd. Equator Exploration reported of some losses in the 1st half of 2007, which were mainly connected with sufferings in its operations on the Bilabri field development. As a result, the company transferred the responsibility of completing the the Bilabri field development project to its partner and operator of the block, Peak Petroleum Industries Ltd.
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October 23, 2007. A company operating in Hamburg, Beiersdorf Aktiengesellschaft has recently announced entering a share purchase agreement with a BVI-incorporated Global Source Investments Limited and Hong Kong-incorporated C-BONS Holding (International) Limited.
The agreement aimed at acquiring 85 pct of shares in Peak Victory Group Limited that owns Chinese C-BONS Hair Care, from the BVI-based Global Source Investment Ltd, for EUR 269.45 million.
The acquisition is part of implementing Beiersdorf's Consumer Business Strategy aimed to accelerate regional growth in China, which is one of 4 priority countries of Beiersdorf.
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September 7, 2007. In the beginning of October, the BVI International Finance Centre will send a delegation to London in order to make a series of presentations. The presentations update executives dealing with in the trusts and corporate business sector on the the growth of the trusts and corporate business industries in the BVI as well as their regulatory environment, current trends and opportunities in offshore finance.
The members of the delegation are Christopher McKenzie, partner of Walkers BVI, Kenneth Morgan, partner of Rawlinson & Hunter (BVI), Peter Larder, managing director of AMS Group, and Helene Lewis, partner of SimonetteLewis.
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August 28, 2007. The Listing Committee of the Bermuda Stock Exchange (BSX) has announced approving the listing of the Common Shares of RenFin II Ltd, a British Virgin Islands incorporated closed end investment fund.
The Company listing is effective from July 24, 2007. It was for the authorised share capital consisting of 4 999 900 shares of the BVI-based company. The shares are to be distributed to Qualified Investors by Renaissance Capital Investment Management Limited, that is a company organized under the laws of the BVI acting as the appointed placement agent. RenFin II Limited is registered as a closed end investment fund.
The listing of the Common Shares of RenFin II Ltd was sponsored by Reid Management Limited.
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August 9, 2007. A memorandum of understanding has been signed between Jersey and the BVI. It was signed by the Jersey Financial Services Commission (FSC) and the British Virgin Islands Financial Services Commission to enhance co-operation between the 2 regulatory bodies.
The memorandum of understanding establishes the exchange of information and investigative assistance as a basis for co-operation. It should help in protecting investors and depositors as well as promoting the integrity of financial services markets in Jersey and the BVI.
John Harris, Director General of the Jersey FSC, expressed his delight as regards concluding formal arrangements aimed at sharing regulatory information with the BVI FSC because with the Memorandum regulatory information will be exchanged in a rapid and efficient manner.
According to Robert Mathavious, Managing Director and Chief Executive Officer of the BVI FSC, Jersey and the British Virgin Islands have cooperated formally and informally on regulatory matters over many years, but the Memorandum will enable both jurisdictions to work more closely together to the benefit of both regulatory regimes.
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July 13, 2007. Several amendments to the new Business Companies Act have been announced by the British Virgin Islands Financial Services Commission (FSC). The amendments will establish new, simplified provisions to carry out the transitioning of bearer share companies to non-bearer share companies.
Initially, provisions for transitioning bearer share companies to non-bearer share companies were enacted in 2003 to be carried forward to Schedule 2 of the BVI Business Companies Act.
The existing transitional provisions require that companies fully immobilised their shares by December 31, 2010. However, the BVI FSC had taken into consideration industry concerns that compliance with the transitional arrangements would be a huge burden on the sector, as it also should be noted that recently new companies legislation and a new online companies registry were introduced. So, it would be inconvenient to the directors and owners of former IBCs to pass resolutions amending the memoranda of association.
So, the BVI FSC announced that the transition date has been brought forward 1 year from December 31, 2010 to December 31, 2009, as the transitioning of most bearer share companies to non-bearer share companies is not an easy process.
This means that during 2008 and 2009 a former IBC that is a bearer share company will pay the same fee as a non-bearer share company.
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June 20, 2007. According to the data released by the Census & Statistics Department of Hong Kong, the BVI is one of the top destinations for Hong Kong's external factor income outflow and inflow in Quarter 1 of 2007.
The British Virgin Islands is the 2nd - it is preceded only by China, accounting for 27.9%, which is still the largest source of Hong Kong's external factor income inflow in Quarter 1 of 2007. The BVI's external factor income inflow accounted for 22.2%. The BVI is followed by the UK and the US, accounting for 9.5% and 8.9% respectively.
Regarding Hong Kong's external factor income outflow in the same period, China and the BVI remained the most significant destinations with quite insubstantial difference. China accounted for 24.5%, while the British Virgin Islands has a share of 23.2%. The leaders are followed by the Netherlands (10.6%) and the US (7.1%).
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June 12, 2007. BVI Chief Minister Orlando Smith has presented his annual State of the Territory Address for 2007 to inform the public on the accomplishments of his government. He said that the GDP of the BVI by the end of 2007 will top the USD 1 billion mark. He also noted that growth rate in 2006 was 11%, which made the level of GDP at USD 992 million.
According to Mr. Smith, this year growth is the result of the successful financial services and tourism in the BVI. He said that the British Virgin Islands is a world leader in financial services sector and that regulatory system of the BVI has a good reputation for transparency, ethics and good judgment.
Orlando Smith emphasized that the economic growth of the BVI is by no means accidental - it is the logical result of the hard work, creativity and drive of the people of the jurisdiction.
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May 20, 2007. On May 11, the State Administration of Industry and Commerce of China announced the leading offshore sources of foreign investment in China's economy. The BVI is the 1st out of 4 major offshore finance centers investing in China. It is followed by the Cayman Islands, Samoa and Mauritius.
About 13 000 investors from the British Virgin Islands have invested in China, which is a faster growth than in the United States, Japan and Taiwan.
The government of China regularly provides the information, according to which the BVI is usually the 2nd in the Chinese FDI Sources list, while the 1st is Hong Kong.
It is worth noting that just in January 2007 BVI companies invested in the Chinese economy more than USD 1 billion.
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April 29, 2007. Malaysian International Trade and Industry Parliamentary Secretary Tan Yee Kew has recently announced that Malaysia was the 2nd in the Asian FDI top ranking and named the top 10 FDI source countries in 2005 and 2006.
The BVI, with the investment amount of 700 million, was indicated among the FDI leaders in Malaysia.
The 1st FDI leader is Japan. Other top 10 countries are the USA , the Netherlands, Singapore, Australia, South Korea, the Cayman Islands, Taiwan and the UK.
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April 17, 2007. The Ministry of Commerce of China has released a statement for the 1st quarter of 2007 with the data that in January-March 2007 foreign investment capital totaled USD 15.893 billion, which is a 11.56% rise from 2006. According to the statement, the British Virgin Islands is 2nd leading investor in China.
The leader of top 10 sources of the foreign investment is Hong Kong. It is followed by the British Virgin Islands, which takes the 2nd position in the top. The BVI is followed by Japan, South Korea, Singapore, the US, the Cayman Islands, Samoa, Taiwan, and Mauritius takes the 10th position.
It is worth noting that the amount of foreign capital invested by these top 10 countries and regions makes up 86.02% of actually used foreign capital in China.
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March 21, 2007. Elton Georges which was the deputy governor of the British Virgin Islands from 1983 to 2003, is re-appointed to this position to replace Mrs. Dancia Penn, which was Deputy Governor of the territory from September 2004. BVI Governor David Pearey announced re-appointment of Mr. Georges on March 16, and added that he is delighted to welcome Georges back to this position.
Deputy governor is the second position in the British Virgin Islands, who usually acts in the absence of the governor and performs all the office functions. The deputy governor's duties are to supervise 17 departments, statutory bodies and specialized government units including the Attorney General's Office, Audit Department, Civil Registry and Passport Office, Governor's Office, Clerk of Executive Council, Human Resources Department, Office of the Legislature, Training Department, Police Force, etc.
It was said by Gov. David Pearey that Elton Georges will help him to oversee the territory's affairs, to run the civil service in the jurisdiction, and to act for the Governor when he is absent. Pearey also made it clear that Georges' appointment is an interim one, and said that a full-time appointment to the position would probably be confirmed before the end of this year.
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March 9, 2007. The successful conclusion of the British Virgin Islands constitutional talks was welcomed on February 28, 2007 by Lord Triesman, FCO Minister responsible for the Overseas territories. He was also the official person who hosted the negotiations. Lord Triesman expressed his delight concerning co-operation between the delegations of the two countries at producing a new constitution.
British Virgin Islands delegation was led by Chief Minister the Honourable Dr Orlando Smith. According to the information provided by Dr Smith, the BVI team achieved 95% of the proposals for modernization of the constitution.
The provisions of the new constitution concerned devolving significant new powers to the government of the BVI. The BVI included a Fundamental Rights Chapter in the new Constitution. Other provision regarded the establishment of a new National Security Council, which will give BVI Ministers a greater power in police matters. The new constitution also gives greater influence to the BVI Premier, to setting the Cabinet agenda.
The constitutional review process in the BVI was commenced in 2004, when the BVI Constitutional Review Commission was appointed. After extensive public consultation, constitutional reform talks began in 2006; there were 3 rounds of talks between delegations of the BVI and the UK. The final draft was discussed in Great Britain on February 26-28,2007.
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February 21, 2007. In just one month - January 2007 - BVI-registered companies have invested 1.02 billion USD in China. So, the British Virgin Islands remains the 2nd in the list of countries that make investments in rapidly growing Chinese economy.
When talking about Foreign Direct Investments (FDI), China is among the leading countries by the stable growth of Inward FDI, whilst the British Virgin Islands is among the leaders by the growth of Outward FDI. It is already the 7th consecutive year of the growth of Inward FDI in China since 1999. Outward FDI from the BVI is growing even longer - it is growing each year since 1990.
It should by all means be noted that in 2006, China attracted the largest amount of FDI among all developing countries all over the world. According to statistics by the United Nations Conference on Trade and Development (UNCTD), China has the high 4th total ranking - just behind the USA, UK and France.
The leader of the top 10 countries investing in China in January 2007 was Hong Kong, with 1.677 billion USD. The 2nd biggest investor is the BVI, with 1.019 billion USD of investments. Next regions in the list are South Korea with 396 million USD, Japan with 323 million USD, Singapore with 246 million USD, the USA with 236 million USD, Mauritius with 191 million USD, Taiwan with 136 million USD, the Cayman Islands with 134 million USD, and Samoa with 117 million USD.
The above-mentioned 10 countries accounted for 86.62% of China's total actual foreign investment.
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February 12, 2007. International offshore expert firm Ogier has completed its merger with WSmiths in the British Virgin Islands. The merger gave the firm access to 3 further offshore jurisdictions.
The merger was announced by both offshore financial services providers in autumn 2006. It became effective from February 1, 2007.
The newly merged offshore company continues operating under the Ogier brand and provides legal and fiduciary services in 9 of the world's financial centres.
The merger is essential for Ogier because it extends its presence in the BVI, Hong Kong and Montevideo, in addition to already existing branches in the Cayman Islands, Jersey, Guernsey, Ireland and London, as well as an associated trust company in New Zealand.
One of the main advantages of the merger is that an extended network of offices created by Ogier covers all time zones and key financial markets as well as rapidly growing markets of Asia and China. The group will provide advice on all legal aspects related to the BVI, Guernsey, Jersey and Cayman Islands, plus associated fiduciary services.
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