Archive for June, 2017

BVI Finance commissioned report on the role of BVI companies in global economy

Friday, June 30th, 2017

The report written by Capital Economics and funded by BVI Finance states that the British Virgin Islands are strongly contributing to the global economy and facilitating international trade and investment. It is estimated that US$1.5 trillion worth of assets are currently moved through the BVI companies and structures, and BVI is named a “sound and reliable centre which has worked harder than many bigger nations to meet international standards, and not some supposed tax haven.”

According to the report, the jurisdiction is no longer used for tax benefits alone, and has a very strong legal framework that draws heavily on US law and helps facilitate cross-border transactions. It is also emphasized that the BVI has increased transparency and information sharing – companies must now disclose the names of their directors and beneficial owners. However, ownership information can be obtained only through a court order or with the company’s permission.

Capital Economics claims that the BVI is a “substantial net benefit to governments worldwide”, and estimates that, globally, US$750 million is saved in taxes, compared to $15.7 billion that is generated. In the UK the investments made through BVI companies generate $3.9 billion in income and corporate tax.

Newly organized BVI company announced US$50 million public offering

Monday, June 19th, 2017

Bison Capital Acquisition (BCACU), a newly organized blank check company registered in the British Virgin Islands and headquartered in China, announced its plans to raise US$50 million in an initial public offering (IPO) on the week starting with June 19th. Bison Capital will issue 5,000,000 shares at the price of US$10.00 per share. Market capitalization of the company is US$53.8 million.

Bison Capital Acquisition was incorporated in the BVI as a business company with limited liability, and has the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, or engaging in other similar business combinations with one or more businesses. The company is planning to focus on businesses operating in Asia and North America, however it is not limited to particular industry or area. It was established in 2017 and has 3 employees.

Luxoft will showcase new financial services solutions

Wednesday, June 7th, 2017

Luxoft Holding, Inc will demonstrate its Pega integration capabilities at PegaWorld 2017, Pegasystems’ annual global conference bringing together business and technical visionaries from the world’s leading companies, focused on automotive and financial services.

The BVI holding company plans to demonstrate Pega® Robotic Process Automation (RPA) with Pega® KYC, which integrates data sources from a provider for financial institutions, to onboard new customers taking into account global regulatory requirements such as Anti-Money Laundering. Financial institutions can further automate many of the high-volume, low-complexity repetitive manual tasks that require considerable time and money.

The Head of Client Lifecycle Management & KYC, Pegasystems said in his comments: “Financial institutions face increased regulatory scrutiny in their global AML programs and expanding regulations across jurisdictions, while at the same time find themselves under pressure to stay competitive, cut costs, and increase efficiency and transparency… Pega KYC is the only application in the market unified with robotics automation capabilities, which allows banks to rapidly meet remediation and regulatory requirements while driving faster onboarding and mitigating risk.”