Asian Growth Ltd Proposes Move To Bermuda

October 18, 2016

Citing the “adverse publicity” following the release of the Panama Papers, the Asian Growth Properties has proposed to move their registration from the British Virgin Islands to Bermuda, saying they believe “Bermuda has a highly regarded regulatory regime” and is “the domicile of choice of many listed companies.”

In making the announcement, the company said, “The Company, the Hong Kong based China property development and investment company, announces that it intends to seek the approval of the Shareholders to de-register the Company as an exempted limited liability company in the British Virgin Islands and re-register, by way of continuation, in Bermuda.

“The Company is currently incorporated under the laws of the British Virgin Islands. It is proposed that the Company de-register as a limited liability business company in the British Virgin Islands and re-register, by way of continuation, as a limited liability exempted company in Bermuda.

Business Bermuda TC AGP October 18 2016 3

“Recently, the British Virgin Islands came under a considerable amount of adverse publicity following the publication in early 2016 of a major leak of documents from a Panamanian law firm. A large number of people [including celebrities] have purportedly been suspected of using British Virgin Islands companies for tax avoidance and other illegitimate activities.

“Given this, the Directors believe that a British Virgin Islands domicile may no longer be suitable for publicly listed companies. As a result, being domiciled in the British Virgin Islands may be a barrier to certain investors wishing to invest in the Company. Having considered various alternatives, the Directors propose the Migration for the following reasons:

“The Directors believe Bermuda has a highly regarded regulatory regime. It is also the domicile of choice of many listed companies, particularly those listed on The Stock Exchange of Hong Kong. Bermudan domiciled companies are also listed on a number of other stock exchanges ranging from the Singapore Stock Exchange to the Toronto Stock Exchange.

“The Company may consider a listing on The Stock Exchange of Hong Kong Limited in the future. Given Bermuda’s general acceptance by the investment community in Hong Kong, which the Directors believe is greater than companies domiciled in the British Virgin Islands, the move to Bermuda will give the Company potential added flexibility in the future.

“Like the British Virgin Islands, Bermuda does not impose any form of taxation on exempted companies not based in Bermuda. Accordingly, the move from the British Virgin Islands to Bermuda should have a neutral effect on the Company’s existing tax structure.”

The full announcement follows below [PDF here]:

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Comments (4)

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  1. aceboy says:

    This is great news for Bermuda.

  2. Trisha says:

    This can only be good for Bermuda when Bermudians bring Bermudians jobs but it is not. So many work permit get posted daily and it is not for Bermudians.

    • bee says:

      Trisha, pls understand how Bda’s economy works. Even Bdian owned bizzes who only hire Bdians need investment from OUTSIDE of Bda. Without foreign investments no Bdian would be able to own their own company or hire Bdians. It’s a little tricky to understand but if you ask, hopefully someone can explain it to you more fully. Have a great day.

  3. Ride says:

    Well done, Bermuda!