Archive for October, 2013

Offshore law firm received highest rankings in 2014 IFLR1000

Friday, October 25th, 2013

BVI offshore law firm Harney Westwood & Riegels has achieved top rankings in the newly published 2014 IFLR1000 directory, which is annual guide to the world’s leading financial and corporate law firms. It achieved the highest marks in a number of jurisdictions, including the British Virgin Islands, Cayman Islands, Hong Kong and Cyprus.

In the BVI, Harneys maintained its top tier ranking in the Financial and Corporate category and achieved another top ranking in the independent legal directory’s new Investment Funds section.

It should be said that Harney’s BVI law firm is the only one to have consistently achieved top-tier rankings from IFLR guide. Harney’s Cyprus and Cayman Islands offices, as well as rapidly expanding Hong Kong office, have also received higher rankings in different categories.

Firm’s global managing partner Peter Tarn stated in his comments that the results illustrate the firm’s scope across multiple jurisdictions. He said: “We have built upon our long-standing BVI heritage in recent years with expansion into new areas, providing our clients with access to our legal experts in a range of time zones.”

IFLR1000 was first time published in 1990, and it currently researches more than 120 jurisdictions worldwide, to compose its rankings based on interviews with clients and market participants.

TechFaith presents new models in GITEX Technology Week 2013 in Dubai

Saturday, October 19th, 2013

China TechFaith Wireless Technology Limited, global mobile and software solutions provider and developer, based in BVI, will showcase a number of its popular mobile devices and key new models at the GITEX Technology Week which will be held in Dubai, at the Dubai World Trade Centre on October 20-24, 2013. This is one of the most influential ICT exhibitions, and the platform for international businesses to launch to the Middle Eastern, African, Indian and South Asian markets.

Among the key new models that the BVI company plans to showcase at the exhibition there are Thunder (J5), a 4.5 inch slim ruggedized smart phone, JPAD – a 7.0 Inch Smart PAD, and ZEUS(J4), a 5.3 inch slim ruggedized smart phone; all of them shock resistant and water resistant up to 1.5 meters, and can be run on the popular Android Jelly Bean operating system.

Also, the company plans to present Health Phone 1, – a 4.3 inch medical smart phone, which has obtained medical CE, and is capable to perform health checks.

TNI BioTech, Inc. announced agreement between its BVI subsidiary and Nigerian company

Thursday, October 10th, 2013

TNI BioTech, Inc., biotech company specializing on immunotherapy technologies, informed that its wholly owned British Virgin Islands subsidiary TNI BioTech International, Ltd. signed distribution agreement with AHAR Pharma to market Lodonal™ for the treatment of autoimmune diseases and cancer. AHAR Pharma is a company newly formed in Nigeria solely for marketing of Lodonal.

Under the terms of the agreement, the Nigerian company will generate just over $53,000,000 in gross revenue for TNIB in 2014 with approximate $21,000,000 in available cash flow to meet TNI BioTech financial clinical trial commitments. AHAR has pre-paid for the API necessary for the soft launch and has committed to purchase a minimum of $1,000,000 of capsules between now and January 2014.

Noreen Griffin, CEO of TNI BioTech, said in his comments; “AHAR is a dynamic and innovative Nigerian company. Their exceptional management has marketing experience in the region. Based on the combination of AHAR’s regional marketing knowledge and financial commitment to the project I believe AHAR will excel in marketing Lodonal™”.

Lodonal™ (LDN) is an active immunotherapy medication which has been shown in clinical trials to rebalance the immune system in patients with autoimmune diseases, leading to decreased tissue inflammation, repair of damaged tissue and decreased symptoms.

BVI FSC issued new guidelines on restricted company names

Tuesday, October 1st, 2013

BVI offshore law firm Harney Westwood & Riegels has informed the public about the new regulations governing the use of restricted company names in the jurisdiction. With the publication of the BVI Business Companies (Restricted Company Names) Notice, 2013 on 29 August, 2013, the British Virgin Islands Financial Services Commission added 46 names to the schedule of restricted company names.

The Registrar shall not register the company that contains restricted word or phrase in its name unless prior written consent for its use is received from the Commission. Persons applying to use a restricted name shall pay a non-refundable application fee in the amount of US$100.

The BVI Business Companies (Restricted Company Names) Notice, 2013 revokes and replaces the previous 2011 Notice, and brings the number of words or phrases whose use is restricted to 217.