Substance-based growth plans will be a key element of the continued success of the BVI financial services industry in the coming years, says Ogier’s BVI practice partner Ray Wearmouth.
At a recent BVI Finance Breakfast Forum he presented an update to the industry on the proposed plans for the enhancement of the BVI’s value-added product base which will aim to attract more substance-based growth to the Territory.
Corporate headquarters, family offices and green-tech platforms and are all areas of focus under the BVI Forward blueprint, comprising ten key strategic priorities for the jurisdiction.
Ray sits on the Steering Committee that now oversees the wider implementation of the BVI Forward priorities, and was actively involved in the process that saw McKinsey endorse the plan in early 2015.
He said: “The McKinsey Report endorsed the BVI’s plan to remain a world leader in company incorporations while at the same time expanding its value-added services offerings.”
“Value-added services which build substance in the Territory and complement our wider model are key, and corporate HQ’s, family offices and green-tech facilities are areas of focus.
“As the various initiatives are implemented in coming weeks and months we will be able to offer even more to our existing clients and attract new clients at the same time.”
Central to the discussion was the continued development of the OECD’s BEPS (Base Erosion and Profit Shifting) Action Plan.
Requirements for the creation of a “permanent establishment” and the core components of new products to help enhance this were analysed in detail.
Ray then joined the Director of the Financial Services Implementation Unit, Mr. Kedrick Malone, for a general Q&A session with the industry on BVI Forward.