Offshore firm O'Neal Webster has opened an office in New York, making it the first BVI firm to establish a physical presence in the city.
The firm's New York office is going to be led by partner Kerry Anderson, who also leads O'Neal Webster's investment funds and regulatory practice.
Speaking about the rationale for opening the new office, Anderson explained that "as an offshore firm, the majority of our clients are based outside the BVI. We feel it is best to be closer to where our clients or our potential clients are."
The initiative to open a New York office was also indirectly supported by the consequences of Hurricane Irma, a storm that devastated the BVI in September 2017.
Following the hurricane, Anderson and a number of other BVI attorneys were forced to work from offices overseas. Anderson said that experience "helped the business case [for expanding to the US] because it demonstrated that with the technology available, it is very feasible for us to operate in different locations."
Anderson added that such technlogy "makes it easier for a small firm to expand."
The New York office will exclusively advise clients on BVI law in connection with transactions in areas such as investment funds, corporate finance and restructuring, and will also lead the firm's business development initiatives in New York and the wider East Coast region.