Fiduciary Services in the British Virgin Islands - Ogier
Fiduciary Services in the British Virgin Islands - Ogier Fiduciary Services in the British Virgin Islands - Ogier
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<strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong> | <strong>British</strong> Virg<strong>in</strong> <strong>Islands</strong><br />
ogier.com<br />
<strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong><br />
<strong>in</strong> <strong>the</strong> BVI<br />
An <strong>in</strong>troduction to work<strong>in</strong>g with us<br />
Bahra<strong>in</strong> | <strong>British</strong> Virg<strong>in</strong> <strong>Islands</strong> | Cayman <strong>Islands</strong> | Dubl<strong>in</strong> | Guernsey<br />
Hong Kong | Jersey | London | Luxembourg | Tokyo
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<strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong> <strong>in</strong> <strong>the</strong> BVI | An <strong>in</strong>troduction to work<strong>in</strong>g with us<br />
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<strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong> <strong>in</strong> <strong>the</strong> BVI | An <strong>in</strong>troduction to work<strong>in</strong>g with us<br />
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Why choose BVI?<br />
The <strong>British</strong> Virg<strong>in</strong> <strong>Islands</strong> (“BVI”) is a stable and<br />
mature f<strong>in</strong>ancial centre with a dist<strong>in</strong>ctive and<br />
professional legal and regulatory framework.<br />
S<strong>in</strong>ce its <strong>in</strong>ception as a f<strong>in</strong>ancial services jurisdiction<br />
<strong>in</strong> <strong>the</strong> 1980s, <strong>the</strong> BVI has grown exponentially on<br />
many fronts, namely it has:<br />
• Incorporated <strong>in</strong> excess of<br />
900,000 companies<br />
• Become <strong>the</strong> 2nd largest domicile<br />
for offshore funds<br />
• Introduced <strong>in</strong>novative trust solutions<br />
for its private client offer<strong>in</strong>g such as<br />
VISTA (Virg<strong>in</strong> <strong>Islands</strong> Special Trust Act)<br />
and updated its Private Trust Company<br />
legislation to clarify when a PTC does not<br />
require additional licens<strong>in</strong>g.<br />
BVI’s dom<strong>in</strong>ance as <strong>the</strong> pre-em<strong>in</strong>ent<br />
provider of offshore companies was<br />
enhanced by <strong>the</strong> Hong Kong Stock<br />
Exchange giv<strong>in</strong>g approval for BVI<br />
companies to list on its exchange, which<br />
allows a straightforward IPO exit <strong>in</strong> Asia<br />
without significant prior restructur<strong>in</strong>g.<br />
BVI’s familiar English common law system,<br />
coupled with its sophisticated and efficient<br />
regulation, and <strong>the</strong> added safeguard of<br />
hav<strong>in</strong>g <strong>the</strong> Judicial Committee of <strong>the</strong><br />
Privy Council as <strong>the</strong> ultimate court of<br />
appeal, makes <strong>the</strong> BVI a very popular<br />
jurisdiction when clients wish to set up<br />
offshore structures.<br />
The BVI stands out because:<br />
• Ease of <strong>in</strong>corporation (same day)<br />
• Fast and efficient onl<strong>in</strong>e service provided<br />
by <strong>the</strong> Registry of Corporate Affairs<br />
• Quality of law firms and fiduciary<br />
providers resident <strong>in</strong> BVI<br />
• Relatively low cost of carry<strong>in</strong>g on<br />
bus<strong>in</strong>ess compared to many of its<br />
competitor jurisdictions<br />
• Tax neutrality<br />
• Straight forward legislation and<br />
regulatory regime<br />
• Fits <strong>the</strong> U.S. ‘check <strong>the</strong> box’ requirement<br />
• Register of members and register of<br />
directors are not public documents.<br />
• Tried and tested jurisdiction.<br />
<strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong> (BVI) Limited<br />
(“OFS BVI”) is <strong>Ogier</strong>’s fiduciary services<br />
company <strong>in</strong> <strong>the</strong> BVI and is regulated by <strong>the</strong><br />
F<strong>in</strong>ancial <strong>Services</strong> Commission (“FSC”) as<br />
a Class I Trust Company under <strong>the</strong> Banks<br />
& Trust Companies Act.<br />
We pride ourselves on deliver<strong>in</strong>g a fast<br />
and reliable service to our clients coupled<br />
with <strong>the</strong> quality you would expect from a<br />
lead<strong>in</strong>g <strong>in</strong>ternational fiduciary organization<br />
such as <strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong>. Our<br />
reputation for excellence is backed by a<br />
long list of <strong>in</strong>dustry accolades, as awarded<br />
by third party commentators, clients and<br />
competitors.<br />
“Tax neutrality”<br />
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<strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong> <strong>in</strong> <strong>the</strong> BVI | An <strong>in</strong>troduction to work<strong>in</strong>g with us<br />
Our key services<br />
“Same day<br />
Incorporations”<br />
“Better Corporate<br />
Governance”<br />
<strong>Ogier</strong> Corporate <strong>Services</strong><br />
Our Corporate <strong>Services</strong> team is able<br />
to provide a comprehensive range of<br />
company adm<strong>in</strong>istration services to<br />
BVI companies, <strong>in</strong>clud<strong>in</strong>g form<strong>in</strong>g new<br />
companies and limited partnerships<br />
(“L.P.’s”) and provid<strong>in</strong>g ongo<strong>in</strong>g corporate<br />
adm<strong>in</strong>istration and registered agent/<br />
registered offices services.<br />
Once <strong>the</strong> company or LP is formed or<br />
transferred to us, our dedicated team is<br />
on hand to take care of all adm<strong>in</strong>istrative<br />
matters for our client entities.<br />
These <strong>in</strong>clude:<br />
• Draft<strong>in</strong>g resolutions and m<strong>in</strong>utes.<br />
• Issu<strong>in</strong>g Registered Agent Certificates<br />
or Certificates of Incumbency<br />
• Ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g <strong>the</strong> statutory registers<br />
• Ensur<strong>in</strong>g all necessary fil<strong>in</strong>gs are<br />
made <strong>in</strong> <strong>the</strong> BVI<br />
• Provision of notarised and apostilled<br />
documents<br />
• Provision of draft share registers<br />
<strong>in</strong> relation to corporate clos<strong>in</strong>gs<br />
• Regulatory advice <strong>in</strong> relation to <strong>the</strong><br />
various fil<strong>in</strong>gs required under BVI law.<br />
Part of our Corporate <strong>Services</strong> team<br />
offer<strong>in</strong>g, which is becom<strong>in</strong>g <strong>in</strong>creas<strong>in</strong>gly<br />
popular <strong>in</strong> light of <strong>the</strong> global shift towards<br />
better corporate governance and record<br />
keep<strong>in</strong>g, is our Board Support <strong>Services</strong><br />
as secretary to a company.<br />
Our Board Support Team can provide <strong>the</strong><br />
necessary assistance depend<strong>in</strong>g on <strong>the</strong><br />
company’s needs, <strong>in</strong>clud<strong>in</strong>g:<br />
• Coord<strong>in</strong>at<strong>in</strong>g regular board meet<strong>in</strong>gs.<br />
• Assistance <strong>in</strong> liais<strong>in</strong>g with <strong>the</strong> directors<br />
on <strong>the</strong> tim<strong>in</strong>g of board meet<strong>in</strong>gs<br />
• Preparation and circulation of notice,<br />
agenda, dial <strong>in</strong> <strong>in</strong>structions and<br />
board packs<br />
• Conven<strong>in</strong>g <strong>the</strong> meet<strong>in</strong>g from BVI<br />
• Draft<strong>in</strong>g of m<strong>in</strong>utes<br />
• Act<strong>in</strong>g as secretary to <strong>the</strong> meet<strong>in</strong>g<br />
• Substantive Presence <strong>Services</strong>, such<br />
as rented office space, telephone/fax<br />
l<strong>in</strong>es to clients who wish to create<br />
more substance <strong>in</strong> BVI as part of <strong>the</strong>ir<br />
tax plann<strong>in</strong>g.<br />
OFS BVI is also well placed to provide<br />
professional directors to <strong>the</strong> boards of<br />
corporate structures. We are able to<br />
offer both corporate as well as <strong>in</strong>dividual<br />
directors who are well known to <strong>the</strong><br />
F<strong>in</strong>ancial <strong>Services</strong> Commission and <strong>the</strong><br />
f<strong>in</strong>ancial services community generally.<br />
Our <strong>in</strong>dividual directors are senior<br />
employees with<strong>in</strong> our company resident<br />
<strong>in</strong> BVI and are experienced professionals,<br />
each with specialist knowledge and<br />
relevant f<strong>in</strong>ancial and corporate services<br />
backgrounds.<br />
Where we are a director, we ensure<br />
that a meet<strong>in</strong>g (whe<strong>the</strong>r <strong>in</strong> person or<br />
by conference call) is held at least once<br />
a year so that <strong>the</strong> board’s required fiduciary<br />
duties are met. Our Board Support team<br />
can assist <strong>in</strong> arrang<strong>in</strong>g this and charge<br />
on a time spent basis.<br />
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<strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong> <strong>in</strong> <strong>the</strong> BVI | An <strong>in</strong>troduction to work<strong>in</strong>g with us<br />
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<strong>Ogier</strong> Fund <strong>Services</strong><br />
Our Fund <strong>Services</strong> team is a dedicated<br />
department specializ<strong>in</strong>g <strong>in</strong> value<br />
added company secretarial, authorised<br />
representative and <strong>in</strong>dependent director<br />
services to BVI funds.<br />
We offer high level sophisticated company<br />
secretarial services to our <strong>in</strong>vestment<br />
bus<strong>in</strong>ess clients which <strong>in</strong>clude <strong>the</strong> full<br />
range of board support and company<br />
adm<strong>in</strong>istration services required of a<br />
BVI fund and Securities and Investment<br />
Bus<strong>in</strong>ess Act (‘‘SIBA’’) licencee. As part<br />
of this role, we act as <strong>the</strong> Authorised<br />
Representative (local agent) to <strong>the</strong> BVI<br />
FSC to ensure local fil<strong>in</strong>gs and submissions<br />
are made on a timely basis and our clients<br />
are <strong>in</strong>formed of any regulatory changes<br />
which would affect <strong>the</strong>m.<br />
We also offer both <strong>in</strong>dividual and corporate<br />
directors to funds. The presence of<br />
<strong>in</strong>dependent directors on any fund board<br />
is becom<strong>in</strong>g <strong>in</strong>creas<strong>in</strong>gly important for both<br />
<strong>in</strong>vestor confidence and demonstrat<strong>in</strong>g<br />
m<strong>in</strong>d and management as well as <strong>the</strong><br />
centre of ma<strong>in</strong> <strong>in</strong>terest offshore if <strong>the</strong> fund<br />
runs <strong>in</strong>to solvency issues down <strong>the</strong> road.<br />
Hav<strong>in</strong>g experienced directors based <strong>in</strong> <strong>the</strong><br />
BVI with an <strong>in</strong> depth knowledge of BVI law<br />
and regulations is seen as a major benefit<br />
by our clients, and <strong>in</strong>dependent directors<br />
can be an <strong>in</strong>valuable asset when <strong>the</strong>re is a<br />
need to resolve potential conflicts between<br />
various parties.<br />
We have well developed procedures and<br />
<strong>in</strong>ternal controls that enable us to offer a<br />
full range of director meet<strong>in</strong>gs to ensure<br />
that <strong>the</strong> board of funds consider <strong>the</strong><br />
relevant issues on a periodic basis, and<br />
ensure <strong>the</strong> right approvals are <strong>in</strong> place<br />
and are properly recorded.<br />
Where our services as a director are not<br />
required, many of our fund clients still<br />
take advantage of our dedicated company<br />
secretarial offer<strong>in</strong>g which adhere to prudent<br />
corporate governance pr<strong>in</strong>ciples.<br />
“Experienced<br />
professional<br />
Directors based<br />
<strong>in</strong> <strong>the</strong> BVI”<br />
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<strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong> <strong>in</strong> <strong>the</strong> BVI | An <strong>in</strong>troduction to work<strong>in</strong>g with us<br />
Our key services cont<strong>in</strong>ued<br />
“Essential for<br />
Trustees to fulfill<br />
<strong>the</strong>ir <strong>Fiduciary</strong><br />
duties”<br />
<strong>Ogier</strong> Private Wealth<br />
<strong>Ogier</strong> Private Wealth comb<strong>in</strong>es fiduciary<br />
and adm<strong>in</strong>istration services which focuses<br />
on <strong>the</strong> needs of wealthy families, family<br />
bus<strong>in</strong>esses and family offices. The<br />
structures which we set up and adm<strong>in</strong>ister<br />
are driven by reasons such as succession<br />
plann<strong>in</strong>g, family governance, wealth and<br />
estate plann<strong>in</strong>g. Our adm<strong>in</strong>istrators deliver<br />
a professional and discreet service which is<br />
able to meet <strong>the</strong> objectives of a full range of<br />
wealth management structures.<br />
Our primary services <strong>in</strong>clude:<br />
• trust structur<strong>in</strong>g ei<strong>the</strong>r through<br />
a private trust company, VISTA<br />
or discretionary trust<br />
• formation of companies for<br />
various purposes<br />
• fiduciary and adm<strong>in</strong>istration services<br />
to trusts and companies<br />
• provision of director and nom<strong>in</strong>ee<br />
shareholder services<br />
• probate services<br />
• enforcer and protector services<br />
• client regulatory advice <strong>in</strong> relation to<br />
managed trust company arrangements.<br />
The OPW team utilizes its expertise and<br />
works alongside clients and <strong>the</strong>ir onshore<br />
tax and legal advisors to ensure that <strong>the</strong><br />
structures be<strong>in</strong>g established achieve <strong>the</strong><br />
objectives and that <strong>the</strong> client receives<br />
quality services by us be<strong>in</strong>g reliable and<br />
responsive to clients’ needs.<br />
Client Account<strong>in</strong>g<br />
In addition to our 3 ma<strong>in</strong> service l<strong>in</strong>es, we<br />
also offer a full suite of client account<strong>in</strong>g<br />
services <strong>in</strong>clud<strong>in</strong>g:<br />
• Standard book keep<strong>in</strong>g<br />
• Preparation of f<strong>in</strong>ancial statements<br />
• Liais<strong>in</strong>g with auditors<br />
• Set up and adm<strong>in</strong>istration of client bank<br />
accounts.<br />
Our team of qualified accountants are on<br />
hand to ensure that <strong>the</strong> f<strong>in</strong>ancial records of<br />
your structure are <strong>in</strong> good order, that your<br />
bank account ma<strong>in</strong>tenance is rout<strong>in</strong>e and<br />
simplified, and to provide account<strong>in</strong>g to<br />
your structure, however large or small.<br />
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<strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong> <strong>in</strong> <strong>the</strong> BVI | An <strong>in</strong>troduction to work<strong>in</strong>g with us<br />
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Your contacts<br />
Karen Fahie<br />
Head of Corporate & Trust <strong>Services</strong><br />
T +1 284 852 7317<br />
E karen.fahie@ogier.com<br />
Tatenda Gotosa<br />
Head of Fund <strong>Services</strong><br />
T +1 284 852 7367<br />
E tatenda.gotosa@ogier.com<br />
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The <strong>Ogier</strong> <strong>Fiduciary</strong> <strong>Services</strong> Group<br />
is no longer affiliated with <strong>the</strong><br />
<strong>Ogier</strong> Group and <strong>the</strong> <strong>Ogier</strong> legal<br />
partnerships. Legal and regulatory<br />
<strong>in</strong>formation regard<strong>in</strong>g <strong>the</strong> <strong>Ogier</strong><br />
<strong>Fiduciary</strong> <strong>Services</strong> Group is detailed<br />
on www.ogier.com via <strong>the</strong> Legal<br />
notice l<strong>in</strong>k.<br />
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after use.