Archive for the ‘BVI Company Formation’ Category

Asian company establishes subsidiary in BVI

Saturday, October 17th, 2009

CapitaLand Limited, a company headquartered and listed in Singapore, has established an indirect wholly owned subsidiary in the British Virgin Islands.  On October 16 the company made an announcement on the incorporation of Wealthy Victory Investments Ltd. in BVI.  Principal activity of the BVI subsidiary is investment holding. 
 
The issued and paid-up share capital of the company is US$1, comprising one share.  The company informed that announced transaction is not expected to have any material impact on the profit of the CapitaLand Group for the financial year ending 31 December 2009. Also, the company informed that none of the directors or the controlling shareholder of CapitaLand has any interest, direct or indirect, in the transaction.

CapitaLand is one of Asia’s largest real estate companies, its businesses concentrated in the cities in Europe, Asia Pacific and the countries of Gulf Cooperation Council (GCC). The company is involved in developing real estate financial products and services in Singapore and the region.

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Ireland’s Doyle Group incorporates in the British Virgin Islands

Wednesday, September 30th, 2009

Irish shipping company Doyle Group reported about its decision to move its corporate base to the British Virgin Islands.  After moving  to BVI, it will not be required to publish accounts.  For the purposes of redomiciliation, the company has created a new holding – Doyle Group Investments – registered in Tortola, British Virgin Islands.  It has also given notice about the change of the status of its Irish firms to unlimited, waiving its obligation to file annual accounts in Ireland.

The Doyle Group is a major shareholder in ferries operator Irish Continental, and was one half of the One51 consortium that pursued a lengthy bid for the shipping group, which ultimately failed after a standoff between the consortium, owners of Irish Continental and property tycoon Liam Carroll.

According to the Group’s last published accounts, it had losses of over E300,000 for the full year after borrowing  E100 million to buy shares in ICG, and to acquire three companies. The group’s turnover increased from E27.9 million to E30 million, but operating and net profit fell “due to increasing costs”. According to the group’s listed investments, its market value in 2007 made E48 million.

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Russian Telecom’s company MTS registers company in BVI to buy a stake in Euroset

Wednesday, October 8th, 2008

The investment company ANN has purchased full stock of Russia’s largest mobile handset retailer Euroset, which has over 5,000 retail outlets in Russia and neighbor countries. It is known that this investment company belongs to Russian billionaire Alexander Mamut.

Also, one of Russian newspapers informed that Russia’s largest mobile operator MTS had registered an offshore company Dega Retail Holding Ltd. in the British Virgin Islands, with the purpose to buy a stake in Euroset.

Meanwhile, it is reported that Euroset and Mamut confirmed closing of the deal on September 22. The parties did not disclose the real size of the transaction, however, according to the unofficial sources, Mamut will pay around US$400 million for Euroset, without taking into account its liabilities in the amount of US$850 million.

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