The Legal 500

Internationaloffshore law firm Harneys reaffirmed its commitment to the British Virgin Islands at a reception Wednesday evening to launch British Virgin Islands Commercial Law, thefirst and only textbook focussing exclusively on BVI law and practice.

Addressingan audience of senior representatives from the public and private sectors GlobalManaging Partner Richard Peters said that despite the changing internationallandscape and Harneys’ expansion to five other jurisdictions the BVI remainsthe firm’s flagship jurisdiction.

“Weare proud of our link with the BVI over the last 52 years. The fact that we’vetaken the step of writing this book reaffirms Harneys’ commitment to the BVI,”Peters said at the reception, which took place at Old Government House in Road Town, Tortola.

Inremarks His Excellency the Governor Boyd McCleary commended Harneys for itsefforts to make the law more accessible and understandable. He further noted thecontinuing importance of the BVI in the Far East and the growth of the BVI BusinessCompany as the vehicle of choice for investors in Russia,North and South America and other emergingeconomies. “The concept of offshore is synonymous with the BVI and that is tothe Territory’s credit because the BVI is now and has been for some time the preeminentdestination for offshore international business companies,” the Governor said.

Premierand Minister for Finance Dr. the Honourable D. Orlando Smith described thepublication of British Virgin IslandsCommercial Law as a coming of age for the Territory and commended Harneysfor its initiative in producing the textbook. “Anyone who wants to learn moreabout commercial law in the Virgin Islands nowhas the perfect comprehensive reference book. Even the fact that this book was first launched in Hong Kong demonstrates not only Harneys’ vision but how in- tune it iswith the Territory’s interests.”

Dr.Smith commented on the growth of Harneys over its 52–year history in the BVI. “Thegrowth of the firm in its global reach mirrors that of the Virgin Islands which is no longer the sleepy Territory it was back in the1960s. Tourism and financial services have propelled the BVI to unprecedentedgrowth and have made this tiny Territory a major player in the global economy.Harneys has been with us every step of the way, matching and spurring progressin the complex and interdependent relationship that epitomises what can beachieved through private and public partnerships,” the Premier stated.

Bankingand Finance Partner Colin Riegels who co-edited the textbook noted thatresponse to the book has outpaced expectations, an achievement he attributes tothe attractiveness of the British Virgin Islandsas a jurisdiction. He shared with the audience a quote from the book’s preface:“To the extent that such a small country is able to make its own contributionto oiling the wheels of global commerce is a source of great pride in theTerritory. Similarly, we hope that in our own small way this book will helpassist and guide those people who choose to employ British Virgin Islands structures as part of their commercialarrangements.”

Beverly Smith-Hicksonrepresenting the publisher Sweet & Maxwell also spoke at the reception,proposing a toast to the book and to the continued prosperity of the British Virgin Islands.

The reception on Tortola camea month after the official launch of BritishVirgin Islands Commercial Law in Hong Kong.

Harneys is a leading international offshore law firm providing British Virgin Islands, Cayman Islands, Anguilla and Cyprus legal advice. Through its offices in the BVI, Cayman Islands, Cyprus, Hong Kong, London and Montevideo the firm provides legal services to the world’s top law firms, financial institutions and corporates. Over its 50 year history Harneys has been consistently ranked as the top law firm in the British Virgin Islands. For more information please visit www.harneys.com