British Virgin Islands picks Hong Kong to be its Asia hub
British Virgin Islands, said to be world's No 1 home for hidden assets and key transit point for mainland money, picks city as Asia hub
The British Virgin Islands has chosen Hong Kong as its headquarters for a new push into the Asian market as it faces a global storm linked to a massive leak of client data and claims of secrecy, tax evasion and hiding assets.
Next month, the leader of the British overseas territory - reckoned to be home to more than 40 per cent of the world's offshore registered companies - will be in Hong Kong to open an official investment arm in the city.
In an exclusive interview with the , Elise Donovan, the executive director of BVI International Finance Centre - a government body that promotes financial services - confirmed the Caribbean territory's Premier and Finance Minister Orlando Smith would officiate at the opening of an HQ.
"Hong Kong is very important to BVI. It continues to be an important bridge to China and Asia.
"We are very keen to ensure BVI continues to serve the region and the business continues to grow," said Donovan.
Hong Kong is very important to BVI. It continues to be an important bridge to China and Asia. We are very keen to ensure BVI continues to serve the region and the business continues to grow
Huge numbers of BVI companies catering for Chinese clients are established in Hong Kong, said John Bruce, Macau director of risk consultancy Hill & Associates. "This is worth a lot of money to BVI and Hong Kong," he added. BVI companies are so popular that the territory is the most important transit point - after Hong Kong - for money flowing in and out of the mainland.
