Fiduciary Services in the British Virgin Islands - Ogier

Ogier Fiduciary Services | British Virgin Islands
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Ogier Fiduciary Services
in the BVI
An introduction to working with us
Bahrain | British Virgin Islands | Cayman Islands | Dublin | Guernsey
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Ogier Fiduciary Services in the BVI | An introduction to working with us
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Ogier Fiduciary Services in the BVI | An introduction to working with us
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Why choose BVI?
The British Virgin Islands (“BVI”) is a stable and
mature financial centre with a distinctive and
professional legal and regulatory framework.
Since its inception as a financial services jurisdiction
in the 1980s, the BVI has grown exponentially on
many fronts, namely it has:
• Incorporated in excess of
900,000 companies
• Become the 2nd largest domicile
for offshore funds
• Introduced innovative trust solutions
for its private client offering such as
VISTA (Virgin Islands Special Trust Act)
and updated its Private Trust Company
legislation to clarify when a PTC does not
require additional licensing.
BVI’s dominance as the pre-eminent
provider of offshore companies was
enhanced by the Hong Kong Stock
Exchange giving approval for BVI
companies to list on its exchange, which
allows a straightforward IPO exit in Asia
without significant prior restructuring.
BVI’s familiar English common law system,
coupled with its sophisticated and efficient
regulation, and the added safeguard of
having the Judicial Committee of the
Privy Council as the ultimate court of
appeal, makes the BVI a very popular
jurisdiction when clients wish to set up
offshore structures.
The BVI stands out because:
• Ease of incorporation (same day)
• Fast and efficient online service provided
by the Registry of Corporate Affairs
• Quality of law firms and fiduciary
providers resident in BVI
• Relatively low cost of carrying on
business compared to many of its
competitor jurisdictions
• Tax neutrality
• Straight forward legislation and
regulatory regime
• Fits the U.S. ‘check the box’ requirement
• Register of members and register of
directors are not public documents.
• Tried and tested jurisdiction.
Ogier Fiduciary Services (BVI) Limited
(“OFS BVI”) is Ogier’s fiduciary services
company in the BVI and is regulated by the
Financial Services Commission (“FSC”) as
a Class I Trust Company under the Banks
& Trust Companies Act.
We pride ourselves on delivering a fast
and reliable service to our clients coupled
with the quality you would expect from a
leading international fiduciary organization
such as Ogier Fiduciary Services. Our
reputation for excellence is backed by a
long list of industry accolades, as awarded
by third party commentators, clients and
competitors.
“Tax neutrality”
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Ogier Fiduciary Services in the BVI | An introduction to working with us
Our key services
“Same day
Incorporations”
“Better Corporate
Governance”
Ogier Corporate Services
Our Corporate Services team is able
to provide a comprehensive range of
company administration services to
BVI companies, including forming new
companies and limited partnerships
(“L.P.’s”) and providing ongoing corporate
administration and registered agent/
registered offices services.
Once the company or LP is formed or
transferred to us, our dedicated team is
on hand to take care of all administrative
matters for our client entities.
These include:
• Drafting resolutions and minutes.
• Issuing Registered Agent Certificates
or Certificates of Incumbency
• Maintaining the statutory registers
• Ensuring all necessary filings are
made in the BVI
• Provision of notarised and apostilled
documents
• Provision of draft share registers
in relation to corporate closings
• Regulatory advice in relation to the
various filings required under BVI law.
Part of our Corporate Services team
offering, which is becoming increasingly
popular in light of the global shift towards
better corporate governance and record
keeping, is our Board Support Services
as secretary to a company.
Our Board Support Team can provide the
necessary assistance depending on the
company’s needs, including:
• Coordinating regular board meetings.
• Assistance in liaising with the directors
on the timing of board meetings
• Preparation and circulation of notice,
agenda, dial in instructions and
board packs
• Convening the meeting from BVI
• Drafting of minutes
• Acting as secretary to the meeting
• Substantive Presence Services, such
as rented office space, telephone/fax
lines to clients who wish to create
more substance in BVI as part of their
tax planning.
OFS BVI is also well placed to provide
professional directors to the boards of
corporate structures. We are able to
offer both corporate as well as individual
directors who are well known to the
Financial Services Commission and the
financial services community generally.
Our individual directors are senior
employees within our company resident
in BVI and are experienced professionals,
each with specialist knowledge and
relevant financial and corporate services
backgrounds.
Where we are a director, we ensure
that a meeting (whether in person or
by conference call) is held at least once
a year so that the board’s required fiduciary
duties are met. Our Board Support team
can assist in arranging this and charge
on a time spent basis.
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Ogier Fiduciary Services in the BVI | An introduction to working with us
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Ogier Fund Services
Our Fund Services team is a dedicated
department specializing in value
added company secretarial, authorised
representative and independent director
services to BVI funds.
We offer high level sophisticated company
secretarial services to our investment
business clients which include the full
range of board support and company
administration services required of a
BVI fund and Securities and Investment
Business Act (‘‘SIBA’’) licencee. As part
of this role, we act as the Authorised
Representative (local agent) to the BVI
FSC to ensure local filings and submissions
are made on a timely basis and our clients
are informed of any regulatory changes
which would affect them.
We also offer both individual and corporate
directors to funds. The presence of
independent directors on any fund board
is becoming increasingly important for both
investor confidence and demonstrating
mind and management as well as the
centre of main interest offshore if the fund
runs into solvency issues down the road.
Having experienced directors based in the
BVI with an in depth knowledge of BVI law
and regulations is seen as a major benefit
by our clients, and independent directors
can be an invaluable asset when there is a
need to resolve potential conflicts between
various parties.
We have well developed procedures and
internal controls that enable us to offer a
full range of director meetings to ensure
that the board of funds consider the
relevant issues on a periodic basis, and
ensure the right approvals are in place
and are properly recorded.
Where our services as a director are not
required, many of our fund clients still
take advantage of our dedicated company
secretarial offering which adhere to prudent
corporate governance principles.
“Experienced
professional
Directors based
in the BVI”
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Ogier Fiduciary Services in the BVI | An introduction to working with us
Our key services continued
“Essential for
Trustees to fulfill
their Fiduciary
duties”
Ogier Private Wealth
Ogier Private Wealth combines fiduciary
and administration services which focuses
on the needs of wealthy families, family
businesses and family offices. The
structures which we set up and administer
are driven by reasons such as succession
planning, family governance, wealth and
estate planning. Our administrators deliver
a professional and discreet service which is
able to meet the objectives of a full range of
wealth management structures.
Our primary services include:
• trust structuring either through
a private trust company, VISTA
or discretionary trust
• formation of companies for
various purposes
• fiduciary and administration services
to trusts and companies
• provision of director and nominee
shareholder services
• probate services
• enforcer and protector services
• client regulatory advice in relation to
managed trust company arrangements.
The OPW team utilizes its expertise and
works alongside clients and their onshore
tax and legal advisors to ensure that the
structures being established achieve the
objectives and that the client receives
quality services by us being reliable and
responsive to clients’ needs.
Client Accounting
In addition to our 3 main service lines, we
also offer a full suite of client accounting
services including:
• Standard book keeping
• Preparation of financial statements
• Liaising with auditors
• Set up and administration of client bank
accounts.
Our team of qualified accountants are on
hand to ensure that the financial records of
your structure are in good order, that your
bank account maintenance is routine and
simplified, and to provide accounting to
your structure, however large or small.
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Ogier Fiduciary Services in the BVI | An introduction to working with us
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Your contacts
Karen Fahie
Head of Corporate & Trust Services
T +1 284 852 7317
E karen.fahie@ogier.com
Tatenda Gotosa
Head of Fund Services
T +1 284 852 7367
E tatenda.gotosa@ogier.com
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The Ogier Fiduciary Services Group
is no longer affiliated with the
Ogier Group and the Ogier legal
partnerships. Legal and regulatory
information regarding the Ogier
Fiduciary Services Group is detailed
on www.ogier.com via the Legal
notice link.
This brochure is printed using FSC
approved paper which is sourced
from well managed forests.
Please recycle this brochure
after use.