WSmiths, a leading British Virgin Islands (BVI) specialist offshore law firm, has celebrated the opening of its first overseas consulting office in Hong Kong, which will serve as the firm's regional base for 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.
Duncan Smith, the Managing Partner of WSmiths who will be based in Hong Kong, observed that Asia is the fastest growing offshore market.
"In China import and export growth has averaged over 30% over the past three years with the result that in many instances local laws in certain countries has 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," he explained.
“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," Mr Smith added.
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 UK.
Mark Michelson, Associate Director-General of Investment Promotion at Invest Hong Kong, the HK government's investment promotion agency, said that the high flow of investments between Hong Kong and the rest of the world has made the city an international hub 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," he noted.
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