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The leading British Virgin Islands (BVI) specialist offshore law firm, WSmiths, celebrated the opening of its first overseas consulting office in Hong Kong today (June 15). By setting up its operation here, the firm has made Hong Kong its regional base for the Asia Pacific.
WSmiths offers legal and commercial consulting services to banks and institutions either directly or through intermediary onshore law firms and other advisers. It specialises in providing BVI legal advice for offshore corporate and finance transactions, funds and commercial litigation.
The Managing Partner of WSmiths who will be based in Hong Kong, Mr Duncan Smith, said Asia was the fastest growing offshore market. "In China, import and export growth has averaged more than 30% over the past three years with the result that in many instances local laws in certain countries have not kept pace with commercial developments or are not fully adapted to investment practices. BVI law and structures provide this certainty for investors and secured lenders,¡± Mr Smith said.
According to Mr Smith, the firm is committed to bring its high standards of delivery to the region to serve its clients thoroughly and in a timely manner. In addition to Mr Smith, an experienced team from the BVI office has been sent to open the Hong Kong office.
¡°BVI vehicles are widely used by businesses to facilitate transactions. As a result the BVI is the world¡¯s second largest investor into China after Hong Kong and is the world¡¯s largest investor into Hong Kong. In 2005 BVI vehicles were responsible for almost US$120 billion of inflows into Hong Kong,¡± he said.
The Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Mark Michelson, welcomed the firm¡¯s decision to join the professional services market in Hong Kong.
¡°The high flow of investments between Hong Kong and the rest of the world makes our city an international financial hub and centre for top professional service providers. With a highly educated workforce, fair and transparent government, established rule of law, excellent geographical location and sophisticated infrastructure, Hong Kong is an ideal place for firms like WSmiths to establish their regional consulting presence. We wish WSmiths every success in its future development,¡± Mr Michelson said.
Founded five years ago, WSmiths has grown from a small, one solicitor practice into the second largest firm in the BVI. During this time WSmiths has established itself as a leading hedge funds and private equity practice -- having acted as counsel to more than one-third of the regulated funds set up in the BVI during 2005. On the corporate side the firm has already been involved in major public deals in Asia including the dual-listing of National Semiconductor shares in New York and Hong Kong, and is the only BVI firm nominated for the Offshore Law Firm of the Year Award 2006 by The Lawyer in the U.K. For more information, please visit the website at www.wsmiths.com.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Thursday, June 15, 2006
Issued at HKT 18:32
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