By NAN Business Editor
News Americas, NEW YORK, NY, Fri. Sept. 15, 2017: The British Virgin Islands is what some refer to as a Caribbean “tax haven.” It is the registered home of tens of thousands of multi-national companies globally, including several who trade on the New York Stock Exchange and are headquartered in China and Hong Kong, who avoid taxes. A Capital Economics’ report in June estimates that $1.5 trillion worth of assets currently move through the BVI. But so far the only international CEO pitching in to help in the devastation wrecked on the island by Hurricane Irma is Virgin Group Founder, Richard Branson.
As the island’s leaders grapple with the nightmarish after effects of Irma and as many try to get the basics – food, water and shelter and pray for a way out of the disaster zone, there is the sound of silence from the many corporations who can easily pitch in to help if they wanted to without harming their bottom line or making them poor. Here are just 10 of the companies located and registered in the BVI who benefit from major tax breaks and make millions in profits. Will they step up to help now or as some have already done, evacuate and leave?
Deloitte is an accounting giant known the world over. The global financial advisory, audit & assurance, consulting, risk management and tax company this month reported aggregate revenue of US$38.8 billion for the fiscal year ended May 2017. They have evacuated out of the BVI since Irma.
KPMG is a professional service company and one of the Big Four auditors, along with Deloitte. The KPMG network delivered strong growth and revenues of US$25.42 billion for the 2016 fiscal year. They have evacuated out of the BVI since Irma.
EY is a multinational professional services firm headquartered in London, England. EY is one of the largest professional services firms in the world and is one of the “Big Four” accounting firms. They have evacuated out of the BVI since Irma. Last year the company announced revenues of £2.150b.
Grant Thornton is the world’s seventh largest professional services networkof independent accounting and consulting member firms which provide assurance, tax and advisory services to privately held businesses, public interest entities, and public sector entities. Their earnings globally has ranged around US$4.7 billion. They have evacuated out of the BVI since Irma.
Luxoft is an international custom software development company with more than 12,800 employees, 42 offices in 21 countries in North America, Mexico, Western and Eastern Europe, Asia Pacific, and South Africa that is incorporated in Tortola, British Virgin Islands and is listed on the New York Stock Exchange. The company’s own report shows it’s made over USD 785 million so far this year in sales.
Amira I Grand Foods Inc.
Amira I Grand Foods Inc. is a British Virgin Islands publicly traded company listed on the New York Stock Exchange, that is best known for processing and distributing basmati rice and related food products. It is one of the largest sellers of Indian-grown basmati rice in the world. This year the company made revenues of approximately $550 million.
Arcos Dorados Holdings Inc.
Arcos Dorados Holdings Inc. is the world’s largest McDonald’s franchisee in terms of system-wide sales with the exclusive right to own, operate and grant franchises of McDonald’s restaurants in 20 countries and territories in Latin America and the Caribbean with its holding company
China Zenix Auto International Limited
China Zenix Auto International Limited, the largest commercial vehicle wheel manufacturer in China that is traded on NYSE is also located in the BVI. Their financial results for the second quarter ended June 30, 2017 US$115.2 million.
Galaxy Entertainment Group
Galaxy Entertainment Group is a NYSE traded entertainment company which pursues economic interests within the leisure tourism, casino and social gaming that is registered in the BVI that recently reported earnings of over USD 409 million.
Xtra-Gold Resources Corp
Xtra-Gold Resources Corp is a Canadian a gold exploration company registered in the BVI that is focused on defining a potentially significant resource on its Kibi Gold Discovery located in the Republic of Ghana, West Africa. The company announced a net income in June of Net income attributable to the company was USD 329,625.
Offshore companies in the BVI have assets of more than $1.5tn, with BVI companies particularly popular in Asia. Two-fifths of BVI-held assets are accounted for by Hong Kong and China.