Think offshore centre and certain calm images spring to mind: elegant yachts, crystal blue water, sparsely-populated beaches and gently sloping palm trees. However, in September this idyllic cliché was superseded in the public consciousness by horrific scenes of destruction as Hurricane Irma and then Hurricane Maria ripped through the Caribbean. The British Virgin Islands, where nine of the top ten offshore law firms have an office and nearly 400,000 offshore companies are registered, were catastrophically affected.
Favoured by Chinese companies in Hong Kong for more than 30 years, ‘a BVI’ is shorthand for an offshore company, so renown is its status. But while the narrative coming out of the British Overseas Territory has been defiant with Lorna Smith, interim executive director of BVI Finance, saying there was ‘no doubt’ it will fully return, it could take some time before full operational normality as a commercial and litigation centre is restored. At press time, the territory’s company register continued to function via the online portal, VIRRGIN and just prior to the disruption, company incorporation certificates were sent to London by the BVI Financial Services Commission to have them issued there. The commercial division of the High Court had resumed and matters were being heard by the commercial judge sitting in nearby St Lucia in person, or by teleconferencing or videoconferencing if agreed by the parties.