BVI film production company receives funds from NZ Venture Investment Agency

Investment and fund management company iGlobe Treasury Management, backed by the New Zealand Government’s Venture Investment Fund (NZVIF), has spent 1 million USD on a major stake in Wise Giant, the production company established by NZ animation start up. The same as with all the other approved privately managed venture capital funds,  NZVIF puts its 3rd stake in all the iGlobe investments in start-up companies.

Incorporated in the BVI, Wise Giant is the 1st media company that received funds from NZVIF, which usually resources technology or bio-technology start-ups. iGlobe’s general partner Philip Lum says iGlobe is going to invest in other media start-ups. In her turn, NZVIF chief executive Franceska Banga says there are no restrictions over the industries in which fund management companies can choose to invest, if they only encourage emerging of NZ companies. Also, there are no strict rules regarding investment structuring.

Wise Giant’s first project will be animated movie for children and adults. It is expected to be ready for release in the USA in the beginning of the next year. After that, Wise Giant is planning to produce 3D animations for other films, mobile phones and games.

Although Wise Giant is registered in the British Virgin Islands – an offshore jurisdiction – the movie will be made only in New Zealand, accordingly, some tax will be paid to local authorities. As IGlobe general partner Mr. Lum explained, the company was registered in a tax haven because media companies prefer a “neutral country” for signing contracts.

Leave a Reply

You must be logged in to post a comment.