As Offshore Financial Centres compete with each other for new business, they are promoting the specialities they have developed over time. And while they tend to offer a generally similar corporate environment, there are important characteristics that set them apart for prospective clients, finds Raghavendra Verma
If you are a golfer, go to Bermuda; if you are a sailor, come to BVI (British Virgin Islands); and if you are a diver, go to Cayman (Islands).
This old Caribbean saying, perhaps said jokingly, highlights the fact that choosing a destination for an offshore vehicle could even come down to personal preferences.
A level playing field among these centres is maintained by their efficient corporate friendly administration, optimised service delivery mechanism, attractive tax benefits, flexible statutes and ever-present willingness to adapt and evolve.
SPECIALISATION
Despite the overall similarities, these centre are known for holding expertise relating to particular branches of corporate transactions. For example, the BVI is regarded as a good choice for aircraft leasing, shipping investments, mergers and acquisitions, holding companies and shareholders’ agreements. Cayman attracts most investments from hedge funds and securitisation vehicles. Bermuda is popular for insurance, and the Isle of Man for private aviation. While Mauritius banks on the benefits of its tax treaties for attracting investments into India and Africa, there are Jersey, Guernsey and the Isle of Man who score over the others when the investments are bound for the United Kingdom. - more - Page 34
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