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Eleven Teams Prepare for the Financial Services Challenge Cup 2007

The BVI International Finance Centre and Racing in Paradise will host the third annual Financial Services Challenge on Sunday, June 24th, 2007 at Nanny Cay Resort and Marina. The event is sold out with eleven companies from the British Virgin Islands’ financial services sector having committed their teams to try and bring the Cup home to their corporate boardroom.

The Financial Services Challenge is a day of IC24 fleet racing open to all BVI registered businesses of the BVI financial services industry. The event has been adapted from the previous two-day racing schedule to a one-day "do-or-die" event.

With the easing of the eligibility rules, a few of the teams have invited local IC24 ‘rock star’ racers onboard to assist them in their bid for glory and bragging rights. The strong line up vying for the coveted cup looks set to provide for some competitive action on the water.

At press time the following companies had entered teams: Banco Popular; Beacon Capital Management; Conyers, Dill & Pearman; Deloitte; INTAC (winners of the inaugural event); Maples & Calder; Nerine; Ogier; RSM; Tricor; and Walkers.

The 2006 champions, VP Bank, will not be on the water to defend their title this year. There is no doubt that INTAC will be looking to win back the International Finance Centre Cup.

"This year’s event is promising to be an exciting spectacle," commented event organizer Richard Wooldridge. "The level of interest has been exceptional with the cup challengers signing up their teams early. Racing in Paradise has eleven IC24s available in its fleet and with eleven teams signed up, we have reached capacity. The forecast is for a good wind which will mean a thrilling race and an opportunity for the helm to pull out all the stops."

The Team weigh-in, registration and Moet & Chandon Brut Imperial (Epernay) N/V champagne reception will take place from 5.30pm on Friday June 22nd at the Royal BVI Yacht Club.

Racing in Paradise will have the IC24s available for practice on Saturday June 23rd. Skippers should contact Richard Wooldridge to book a slot.

Supporters are encouraged to join in the fun and head down to the tent at Nanny Cay on Sunday June 24th to spectate from the beach or on the water. A RIB will be available for short tours of the racing and live commentary will keep all those shore side informed of the race in progress. Lunch and a beach bar will be available.

Prize giving and an early evening beach BBQ for racers and supporters will conclude the 2007 Financial Service Challenge.

The BVI International Finance Centre (IFC) is the primary event sponsor. The BVI IFC is a dedicated unit within the BVI Government with the remit to enhance and promote the reputation of the BVI as a premier international finance centre to all current and future stakeholders and to provide assistance and advice to those seeking to utilise the facilities and capabilities of the BVI as an international centre for financial services. The launch of the IFC in 2003 marked the final stage in the BVI Government’s plans to separate the marketing and regulatory functions for the industry.

During the past 20 years, the British Virgin Islands has become a leading international financial centre. It is home to the second largest offshore hedge fund industry in the world and is a leader in the captive insurance licensing and trust and estates administration.

Much of the Territory’s success has come as a result of its International Business Companies (IBC) legislation, passed in 1984. Since the adoption of the IBC Act, more than 750,000 companies have registered in the Territory. For more information on the event, please contact Racing in Paradise on + (284) 494 6781.

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