Press Release Author = Mr Carlo Scevola, Resolute Capital Growth Fund Ltd
Industry = Financial
Press Release Summary = In this week news we will try to explore the key benefits of having Resolute Capital Growth fund established in British Virgin Islands - the world's largest offshore corporate domicile.
Press Release Body = Resolute Capital Growth (Bloomberg: RESCGFL), a Professional British Virgin Islands Hedge Fund.
The development of the offshore financial center (OFC) is a phenomenon of the last thirty years and demand for their services continues to increase. High taxation, overly complex laws and excessive regulations in many industrialised countries, and political turbulence and economic uncertainty in developing countries, are some of the factors influencing the growth in demand. Despite this, the scale of OFCs and their relative importance in the global economy is not widely appreciated, since the matter is not generally publicized. By recent estimates, 50% of all currency transactions processed internationally involve OFCs. The British Virgin Islands and its burgeoning Financial Services Sector is a prime example of one such OFC.
BVI is one of the leading offshore jurisdictions in the global market place. In 1996, the Government of the British Virgin Islands enacted the Mutual Funds Act, which came into force in 1998, giving the British Virgin Islands a formal legal and regulatory framework within which to conduct investment funds business. The British Virgin Islands has developed a reputation around the world as a client friendly jurisdiction in which to domicile offshore funds, and the number of offshore funds, managers and/or administrators domiciled in the British Virgin Islands has increased with each year that has passed since the introduction of the Mutual Funds Act.
The investment funds industry in the British Virgin Islands is regulated and supervised by the Investment Business Division of the Financial Services Commission, an autonomous regulatory authority established in 2001.
Close to 4,000 hedge funds have been registered in the British Virgin Islands. There are a number of distinct advantages of the funds established in the British Virgin Islands compared to other offshore jurisdictions that include:
- British Overseas Territory status. - Political and economic stability and a growth- oriented local Government. - English legal system (final right of appeal to the Privy Council in London). - Codification of modern banking, company, mutual fund, insurance and trust laws. - Innovative, flexible, user-friendly legislation with minimal regulations. - Tax neutral environment - No wealth, capital gains or estate taxes. - Asset security, and the freedom to transfer and merge assets. - Protection of wealth benefits, inheritance wishes and trust interests. - Legislative exemptions for qualified institutions. - Internationally recognized reputation and respectability.
Other factors which have also been essential contributors to success include an enlightened Financial Services Department that maintained minimalist yet tight regulation to safeguard the integrity of the jurisdiction, and continues to initiate legislation which keep the Territory\'s laws among the most advanced and flexible to be found in any of the offshore financial centers.
Web Site = http://www.rescgf.com
Contact Details = Resolute Capital growth Fund Ltd Wattley Building, 160 Main Street, PO Box 4443, Road Town, Tortola, British Virigin Islands Telephone No.: (284) 494 0732 Facsmile No.: (284) 494 0014 E-mail: info@rescgf.com
2022
