Over the past 30 years, BVI companies have been used to build wealth by those in China, Orlando Smith, the British Virgin Islands' Premier and Finance Minister, told the China Offshore Summit.
The Shanghai-based Summit, attended by almost 500 Chinese business people, is a forum for Chinese financial intermediaries to learn more about tax planning and asset management tools available in low-tax jurisdictions. The Premier's speech to the Summit was the last of nine speeches presented by Smith across five cities in China (Hong Kong, Beijing, Tianjin, Hangzhou, and Shanghai) during the British Virgin Islands' Asia Trade Mission.
In his remarks to Summit delegates, he said: "'I am pleased for the first time to be here in magnificent Shanghai, and to be joining the China Offshore Summit under the theme of Global Investment Strategies for a Going Global China. Of course, the British Virgin Islands has been a partner with the China Offshore Summit for the last couple of years, and have found it to be a very important forum where we have been able to build important and lasting relationships with the business community here in Shanghai."
Smith added: "For close to 30 years you have used British Virgin Islands' companies and structures that have been the key tools to success in building wealth in the domestic market as well as for taking your business global … Over this time, the British Virgin Islands has become the international partner of choice for China, rooted in over 30 years of partnership and an unwavering commitment on the part of all of us who represent the British Virgin Islands – our Government, our service providers. It is our expectation and intention to continue this collaboration into the future as we move forward together."
By China Offshore