The Success and Challenges of BVI House Asia

With the first anniversary of the opening of BVI House Asia fast approaching, Business BVI interviewed Elise Donovan, Director of BVI House Asia, about the successes and challenges of leading the BVI's latest foray into the Asian marketplace.

What was your role previously and how do you feel it best prepared you for the challenges of this job?

I have worked in the BVI Government as both the Director of International Affairs and the Executive Director of the BVI International Finance Centre (BVI IFC), before being appointed to director of BVI House Asia in January 2014. Both helped prepare for this position in a quasi-diplomatic and foreign service role. The BVI IFC is responsible for marketing, promotion and reputational management of the BVI's financial services industry. BVI House Asia was established in 2013 to help manage the more than 25-year relationship that the BVI has with the Asia Pacific region, particularly in the financial services industry. As the region is where a significant portion of the BVI’s financial services business originates, BVI House Asia puts a strong emphasis in this area.

What have been the areas of focus for BVI House Asia in 2014 and what are its plans for 2015?

To date, we’ve been building relationships with the financial community, as well as conducting a number of educational and promotional events on the BVI’s financial services products and offerings. We have been working primarily in Hong Kong and in some of the major cities in mainland China.

The BVI Financial Services Commission, the regulatory authority, has also established a presence here to be of direct service and to be more responsive to BVI practitioners in the region.

Come 2015, we will be doing educational and promotional activities in more mainland cities as well as the other countries throughout the region.

What is the importance of cultivating relationships between Asia and the BVI?

The BVI has been working with Asian businesses since the 1980s and is uniquely positioned to further propel economic growth across the region. Drawing on our deep experience and mature infrastructure in Asia, we are committed to building effective, trusted and responsible relationships with our clients, business partners and vested third parties.

What are the challenges in today’s landscape for building international business relationships and how can we best overcome them?

Although offshore financial centres play a central role in the global financial system, they are facing a range of challenges linked to economic downturns, increased global regulatory measures, reputational issues, demands for increased tax revenues and more transparency. Offshore centres have to maintain client confidence in the face of all these pressures and still innovate and offer solutions for an expanding and diverse global economy.

We recognize that we are not operating in a static environment, and the BVI welcomes the challenge our industry faces - to balance the needs of a complex global economy with the responsibility to do what’s right. We are committed to transparency and upholding the spirit of international law and regulation while maintaining and respecting the trust our clients have placed in us.

Elise will be speaking at Business BVI ASIA Annual Regional Conference this September in Hong Kong, on Growing Brand BVI in Asia. See the conference site for more details and to register.