Archive for September, 2015

Luxoft Holding entered into strategic partnership with EXUS

Wednesday, September 30th, 2015

BVI company Luxoft Holding, Inc., providing software development services and IT solutions wordwide, has become partner of EXUS – an international enterprise software company specializing in credit life cycle management. By words of Luxoft’s Business Development Director for Financial Services, the company “aims to deliver a comprehensive and rapid response” to the increasing market demand for Collection solutions. He said that partnering with EXUS will allow Luxoft to “prepare complex and relevant offering to current and prospective clients on the CIS and global market.”

EXUS’ Partner Manager stated that partnering with Luxoft, which has wide expertise in Russian financial institutions, will help the company to target the Russian market and realize the full potential of company’s products.

Xcite Energy announced voluntary delisting from TSX-V

Monday, September 21st, 2015

Xcite Energy Limited, BVI-registered oil exploration and development company, has applied for voluntary delisting of its ordinary shares from the TSX Venture Exchange. Company’s ordinary shares will remain listed on the AIM market of the London Stock Exchange.

The reason for delisting is the opinion of company’s directors that the minimal trading activity of ordinary shares of the BVI company on the TSX-V market no longer justifies the expense and administrative requirements needed for keeping both listings, and that AIM listing provides sufficiently liquid market to company’s shareholders.

It is expected that Xcite’s ordinary shares will be delisted from the TSX-V at the close of trading on 30 September 2015. The company will also replace its Canadian share register with a new share register in the British Virgin Islands, maintained by Computershare Investor Services (BVI) Limited. The Canadian share register will stay open until 30 November.

BVI became most popular tax haven for Icelandic companies

Tuesday, September 15th, 2015

According to the statistics published by the Central Bank of Iceland, country residents held US$247mln in the British Virgin Islands by the end of 2014. This does not include all assets of Icelanders and Iceland companies having assets in BVI. The Directorate of Tax Investigations in Iceland states that the tax haven does not provide banking or financial information about companies incorporated there, also no bookkeeping or annual financial reports are required.

BVI, especially Tortola, was the most popular place for Icelandic companies to keep their assets and holdings in during the financial boom in this Nordic country, because of its high bank secrecy level. Hundreds of companies were registered in Tortola, most of them established by Kaupþing bank in Luxembourg, with the purpose to avoid paying taxes on investments in Iceland.