Business BVI spoke to Phillip Kite, a partner at Harneys, on 3 key points the British Virgin Islands’ Financial Services Industry needs to address in order to continue global business success.
Business BVI: What are the most important global trends today and how should the BVI's legal and financial sector best capitalize on them?
Phillip Kite: I think the BVI is in a strong position to meet the challenges of world business where volatility seems to be the new normal. We have seen markets go up and down in many parts of the world in the last few years, but as the BVI provides services to so many markets, there always seems to be some part of the world where we can sell our structures. For example, although business activity in Russia may have peaked, there are very good opportunities in Africa.
BB: What are the biggest challenges that the legal sector's relationship between London and the BVI face?
PK: London has and expects incredibly high standards and any offshore centre needs to show that it has the capacity and skill to meet those expectations.
BB: Please share with us any key takeaways from projects that you have worked on this year, particularly illuminating how litigation and insolvency are evolving and progressing as a field.
PK: I think the market volatility in China has produced a great deal of legal work as businesses try to work through the more difficult business environment. We have acted for a number of creditors looking at how they should protect their PRC investment.
Phillip Kite will be speaking at the inaugural Business BVI London Forum, 9th September 2015.
For more information about the event please visit http://oysterbvi.com/london-forum
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