OIL (incorporations and corporate services)

OIL
Industry Professional services
Founded 1986
Headquarters Hong Kong
Key people
 Jonathon Clifton
(Group Managing Director),
Simon Filmer
(Deputy Group Managing Director),
Ernest Zheng
(Managing Director, China),
Helen Soh
(Managing Director, Singapore),
Nadine Feng
(Managing Director, Taiwan),
Effy Yeung
(Executive Director, Hong Kong),
Jessica Far
(Executive Director, Hong Kong)
Services International incorporations, post incorporation technical support, on-going corporate services.
Number of employees
 220 employees(Dec 2013)
Website oilglobal.com

OIL (formerly known as Offshore Incorporations Limited) is a privately owned global provider of company formation, focusing on serving the financial and professional intermediary sectors.[1] In addition to setting-up companies, OIL also provides post-incorporation support and a selection of corporate services. It is majority owned by the private equity firm IK Investment Partners.

The company specialises in the 11 jurisdictions of Anguilla, Bahamas, Belize, British Virgin Islands (BVI), Cayman Islands, Delaware, Hong Kong, Mauritius, Samoa, Seychelles and Singapore. They also provide company incorporations in other leading jurisdictions through its group network and global alliances with leading law and accounting firms. It has been estimated that OIL is one of the largest offshore incorporators, making up about 10% of the entire industry.[1] OIL is regarded as a wholesaler in the industry, selling large quantities of offshore structures to banks, law firms, corporations and accounting firms.[1]

Headquartered in Hong Kong, OIL has offices in the BVI, Singapore, Taiwan, Shanghai, Beijing, Shenzhen, Guangzhou, UK, Cyprus and Dubai and has around 220 employees.

OIL is a group company of Vistra Group,[2] which has about 2,300 employees in 40 jurisdictions; its global headquarters are in Hong Kong.[3] Vistra Group Companies include Vistra,[4] a specialist service providing tailored trust, fiduciary, fund and corporate services, and OIL,[5] service provider in international incorporations, company formation and post-incorporation support across global jurisdictions, as well as the company incorporation service providers NovaSage[6] and TAKA.[7]

History

The company was established in Hong Kong in 1986. The BVI was the first major jurisdiction that OIL promoted and the BVI companies quickly became more widely used in Asia.[8] Nearly three decades later, OIL has broadened its jurisdictions and service offerings and expanded its geographic coverage.

In 2004, the Carlyle Group acquired the majority of shares in OIL from the company founders.[1] In 2011, the majority stake was bought over by the European-based private equity firm – IK Investment Partners,[1] while a broad cross-section of the management team owns in excess of 20% of the shares.

In October 2015, Baring Private Equity Asia completed a deal to acquire a majority stake in Vistra Group.[9]

Offices

Offshore 2020

The Offshore 2020 is an annual market research conducted by OIL. The research focused on the key trends and future developments of the offshore and related industries, and reviewed issues such as market drivers and constraints, impact of the increasing regulations and jurisdictional popularity.[10] The most recent version was published in December 2015.[11]

Recent report discussed the developments and identify key trends and issues of the offshore industry.[12] It reflected the reduction in the amount of offshore structuring which is tax driven (down to 15.9% in 2012,[13] and 10.3% in 2013[14]), possibly a result in the increase in offshore jurisdictions signing large numbers of tax information exchange agreements. They also appear to demonstrate the changes in popularity of certain offshore jurisdictions pursuant to different regulatory developments, and geopolitical events like the Cyprus financial crisis and the data leaks scandal.

The "Offshore 2020" had been published since 2010 with initial number of 50 participants, and continues to grow in sample size to over 320[14] in 2015.

Previous Publications:

See also

References

  1. 1 2 3 4 5 "Shells and shelves". The Economist. 7 April 2012. Retrieved 8 February 2014.
  2. ↑ Vistra Group
  3. ↑ "Leading Corporate Service Firm Names Hong Kong Global HQ". InvestHK.
  4. ↑ Vistra
  5. ↑ OIL
  6. ↑ NovaSage
  7. ↑ TAKA
  8. ↑ "A tough Act to follow – looking back at the birth of the BVI's groundbreaking International Business Companies Act". Legal Week. 2 May 2014.
  9. ↑ "Baring Asia Completes Deal to Acquire Majority Stake in Vistra Group" (PDF).
  10. ↑ "An Asian Welcome for Offshore". IFC Review. 5 January 2014. Retrieved 9 July 2014.
  11. ↑ "Offshore 2020 Report 2015: The New Normal (download)". OIL. Retrieved 3 December 2015.
  12. 1 2 "Looking forward: An industry on the move". 17 November 2014.
  13. 1 2 3 "Smoke, Mirrors and Offshore Regulation". China Offshore. 3 April 2013. Retrieved 9 July 2014.
  14. 1 2 3 "Offshore 2020. Perception and Reality: Forces driving the offshore industry Report". Economic-s. 28 November 2013. Retrieved 9 July 2014.
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