Simon Filmer opens Vistra’s new BVI office
Vistra, a global provider of corporate, trust and fund administration services, has announced the launch of Vistra Trust (BVI) Limited which has been established to meet the growing demand for British Virgin Islands trust services.
Simon Filmer will lead the BVI operation as Managing Director. He has over 14 years’ experience in the fiduciary services industry, with a focus on corporate business, trusts and investment business. Vistra BVI services include the establishment of a broad range of BVI trust and corporate structures; trustee, protector and full administration services; and the provision of corporate director and nominee shareholder services.
Simon commented: “Being granted a Class II Trust Licence by the BVI Financial Services Commission allows us to conduct BVI trust business without limitation. This includes the innovative VISTA Trust which remains attractive to international clients. A short-form revocable VISTA trust precedent has also been developed, the Vistra Succession Trust, which is a very cost-effective way of avoiding probate for shareholders of BVI companies. We have already seen considerable interest for BVI trust services throughout the Group, including from Hong Kong, Singapore and Dubai.”
The introduction of the International Business Companies Act, (‘IBC Act’), in 1984 established the BVI’s reputation as an attractive option for clients wishing to obtain reasonably priced offshore corporate vehicles. The IBC Act was replaced in 2006 by the BVI Business Companies Act, further boosting the popularity of the Territory, as a well regulated jurisdiction with a supportive judicial system based on English Common Law. The BVI is now the most popular jurisdiction for the formation of offshore corporate vehicles, and is home to over 450,000 active corporate entities.
Simon was born and educated in the UK, and is a long-term resident of the British Virgin Islands. He has more than 14 years of experience as a manager and director in the fiduciary services industry and has considerable experience in the areas of corporate business, trusts and investment business. Mr. Filmer served as Managing Director of the BVI office of a global privately owned fiduciary services provider, where he was ultimately promoted to Group Director with responsibility also for Asian operations. He is regularly consulted by the Regulator and Government of the British Virgin Islands on financial services matters, and serves on numerous industry groups, including as Chairman of the BVI Association of Registered Agents from July 2006 to November 2009; as a member of the Joint Anti-Money Laundering & Terrorist Financing Advisory Committee, with effect from February 2008; as a committee member of the BVI ICSA Group since inception in 2006; as a member of the Marketing Advisory Committee, from 2006 to 2011, and then on the reconstituted Premier’s Financial Services Business Development Committee, with effect from February 2012, among others.
Mr. Filmer has a Bachelor of Arts Honours degree from the University of Manchester in the UK, is a Fellow of the Institute of Chartered Secretaries and administrators, (FCIS), and a Member of the Society of Trust & Estate Practitioners, (TEP).