A contingent of five fly to the US Virgin Islands this weekend to participate in the 11th Annual FSC (Foreign Sales Corporation) Conference.

Bermuda FSC Association chairman Mr. Donald Malcolm and senior partner at Milligan-Whyte and Smith Mrs. Lynda Milligan-Whyte are included in the list.

Also included are thespian and lawyer Ms Cynthia Thomas, banker Clement Talbot and Bermuda International Business Association marketing manager Mrs. Wendy Davis Johnson.

Mr. Malcolm remarked, "We're delighted to be able to present such a strong presence at this conference. FSCs represent a real growth opportunity for Bermuda's international business industry and, as competition for this business is keen, it's important that Bermuda participates in key events like this conference.'' Foreign sales corporations allow US exporters to receive tax exemptions on profits on exported goods. The facility is also used in leasing transactions with manufactured equipment such as aircraft and turbine engines.

"One attractive aspect of a FSC,'' noted Mr. Malcolm, " is that the facility exists as a result of the US ermuda tax treaty, and as such, means that the use of an offshore jurisdiction is actively sanctioned by a country like the US. FSCs represent growth opportunities for both large and small legal, accounting and management firms in Bermuda, which is another reason that the Bermuda FSC association is pursuing new business in this area.'' Although Bermuda dominates the leasing FSC industry, Mrs. Davis-Johnson pointed out that recent BIBA research indicated a low level of awareness in the US of the advantages of using Bermuda for FSCs, the bulk of which have been traditionally established in the USVI and Barbados. "Corporate tax directors, attorneys, managers and accountants will be attending this conference, said Mrs. Davis Johnson. "They are the target audience that needs to know why Bermuda should be considered as a location for FSCs, and this conference represents an excellent opportunity for Bermuda to deliver a competitive message.'' The Bermuda FSC association will host a trade show and reception for conference attendees on Monday. The three-day conference concludes next Wednesday.

JETTING OFF -- Four of the five heading to the 11th Annual FSC Conference in the US Virgin Islands are, from left: Mrs. Wendy Davis Johnson, Mr.Clement Talbot, Senator Lynda Milligan-Whyte and FSC association chairman Mr. Donald Malcolm. Missing from the picturte is Mrs Cynthia Thomas.