Inaugural Financial Services Regatta To Take Place In BVI Waters
The inaugural Financial Services Challenge for the International Finance Centre Cup is set to take place on the weekend of June 25/26, 2005, in the British Virgin Islands. The event will be sailed in IC24s (modified J/24s) and is open to teams from any financial services company registered in the British Virgin Islands. Each team must be comprised of company staff or their spouses but may include staff from the company’s non-BVI offices as well.
Tortola, British Virgin Islands (PRWEB) May 26, 2005 -- The inaugural
Financial Services Challenge for the International Finance Centre Cup is set to
take place on the weekend of June 25/26, 2005, in the British Virgin Islands.
The event will be sailed in IC24s (modified J/24s) and is open to teams from any
financial services company registered in the British Virgin Islands. Each team
must be comprised of company staff or their spouses but may include staff from
the company’s non-BVI offices as well.
The regatta will be comprised of a
qualifying round of three races to be held on Saturday morning that will result
in a Gold Fleet and a Silver Fleet, which will then race in a round robin
format. Boats will be rotated throughout the racing.
The IC24s are
operated by Racing In Paradise and the regatta is open to teams of up to five
people weighing a total of between 700 and 850 lbs. Registration, skippers'
briefing and weigh-in will be held at the Royal BVI Yacht Club on Friday June 24
at 1730. The entry fee/boat rental for the regatta is $850.00 per team and
includes five event t-shirts and a half-day rental on Friday, June 24, for
practice.
The entry form for teams to register for the event can be
downloaded from www.racinginparadise.com, or contact Alastair Abrehart,
Broadsword Communications, Tel: 495 1090, E-mail: e-mail protected from spam
bots.
The Financial Services Challenge’s primary sponsor and host for the
weekend of sailing is the BVI International Finance Centre. The BVI
International Finance Centre (IFC) is a dedicated unit within the BVI Government
with the remit to enhance and promote the reputation of the BVI as a premier
international finance centre to all current and future stakeholders and to
provide assistance and advice to those seeking to utilise the facilities and
capabilities of the BVI as an international centre for financial services. The
launch of the IFC in 2003 marked the final stage in the BVI Government's plans
to separate the marketing and regulatory functions for the
industry.
“It’s not often that we get members of the financial services
industry competing in a less formal setting so we’re very pleased to be
sponsoring this event and would like to encourage as many eligible firms as
possible to participate in this inaugural Financial Services Challenge for the
IFC Cup, in what we hope will become an annual event,” said Humphry Leue, Chief
Operating Officer of the BVI International Finance Centre. “It has always been
said that healthy competition is a good thing and with our beautiful weather and
pristine surroundings what better way to promote this idea than with two days of
exciting racing competition among some of our premier financial services
companies on the waters of the British Virgin Islands?!”
During the past
20 years, the British Virgin Islands has become a leading international
financial centre. Much of the Territory's success has come a result of its
International Business Companies (IBC) legislation, passed in 1984. Since the
adoption of the IBC Act, more than 600,000 companies have registered in the
Territory.
Over the years, the BVI has undertaken an extensive
legislative and regulatory program to maintain and enhance its standing as a
global leader in the financial services industry, including trust legislation,
insurance legislation and regulations, as well as the introduction of Mutual
Funds legislation, Ship Registration, Limited Life Companies (LLC) and Limited
Partnerships - part of an ongoing commitment by the government and the industry
to ensure that the BVI's legislative agenda and financial services offerings
meet the changing needs of international financial markets. More recently, the
enactment of modern insolvency regulations and the introduction of an innovative
trust product – the VISTA trust – as well as the launch of a new Business
Companies Act further strengthened the BVI’s position as a world-class centre
for international business.
The BVI's policies and legislation have been
developed in close cooperation with the private sector and the regulatory
Financial Services Commission. Through this partnership, the BVI Government has
established a sophisticated and efficient mechanism of supervision and
regulation to safeguard the integrity of the Territory. Today, the financial
services sector is the largest revenue-generating industry in the BVI,
contributing more than half of the BVI Government’s annual budget.
For
further information on the Financial Services Challenge or Racing in Paradise,
please contact:
Alastair Abrehart
Broadsword Communications
Tel: +
(284) 495 1090
E-mail: e-mail protected from spam bots
For further
information on the BVI International Finance Centre, please contact:
Humphry
Leue
Chief Operating Officer
BVI International Finance Centre
Tel: +
(284) 494 1509
Fax: + (284) 494 1260
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Source : http://www.prweb.com/releases/2005/5/prweb244644.htm