Island is only the third best place in the world to shelter profits from Government taxes, according to Offshore Inc. Ltd., a Hong Kong-based incorporation service.

While Bermuda likes to think of itself as the world's number one offshore centre, Offshore Inc. disagrees and places the British Virgin Islands at the top of pile.

If you want to protect your profits from greedy Governments, the BVI, which, like Bermuda, is a British colony, is the best place to go, according to Offshore Inc.

The five-star ranking the organisation gives the BVI is based on modern government infrastructure, low taxes and secrecy allowed by local law.

Bermuda, which is highly regulated and is ultra careful about avoiding a reputation for attracting so-called `funny money', may have lost marks in this last category.

Nearly 80,000 international business companies have been established in the BVI during the past decade, pumping some $30 million a year into the economy.

By comparison, far fewer international companies are based in Bermuda but they generate much more income for the local economy.

The 7,000-odd international companies domiciled in Bermuda generated about $425 million locally during 1992.

Like Bermuda, the BVI is attracting a lot of business from Hong Kong companies trying to get as much of their capital out of the area as possible before China takes over in 1997.

Second in the survey and one place ahead of Bermuda are the Channel Islands (Jersey and Guernsey), off the coast of Great Britain. Bermuda comes third and Hong Kong is listed in fourth position.

* * * ROBIN HOOD TV Soccer fans who normally pack the Robin Hood pub and restaurant every Saturday morning to watch British matches beamed live by satellite have had to go without for the last three weekends. The service has been interrupted by the collapse of its supplier, Florida-based World Entertainment Video, which has gone out of business.

Mr. Gary Sheppard, co-owner of The Robin Hood, said WEV had apparently not been paying its bills to a Toronto firm which supplied the satellite feed for the broadcasts.

"We've gone the last few weekends not knowing whether we would be receiving the feed right up until the last minute,'' said Mr. Sheppard. "It's been frustrating for us and for our customers too.'' Since the Robin Hood has already paid WEV for a full season's package of English Premier League games, the pub stands to lose out financially on its investment.

It has also suffered from a drop in the significant bar and food business which the soccer service generated every weekend.

But all is not lost. The Robin Hood is entering into an agreement with the Toronto company, which has taken over the rights for the service.

Mr. Sheppard said: "Normal service will be resumed and that will include the showing of special matches involving Scottish teams.'' First, though, soccer fans will have to wait until the pub reopens following its closure on Saturday for extensive structural renovations.

Management are going to take out the small downstairs bar, which was hardly ever used, and knock down a couple of walls to increase seating capacity for the dining area.

"The place has had little or no work done on it for several years,'' said Mr.

Sheppard, who was part of a take-over of the pub last May. "We're planning to reopen at the beginning of March.'' In the mean time, the hordes of soccer fans who used to watch the games will have to find something else to occupy their time on a Saturday morning.

"There's nowhere else they can see it,'' said Mr. Sheppard. "We're the only people who bothered to carry the matches.''