BVI’s Global Business is Still Open

In a statement following the devastating effects of Hurricane Irma, the British Virgin Islands’ (BVI) Premier Dr. the Hon. D. Orlando Smith, OBE has made it clear that restoration of the islands economy will be a priority alongside ensuring requisite humanitarian aid.

The Premier has pointed to the resilience and spirit of the BVI people saying “We may be momentarily down, but we are certainly not out.”

The Premier also addressed the challenges facing the business and financial services industry.  However, pointing to the co-operation of the private sector, he said: “Many overseas offices have come together to support the BVI and work out the best way of continuing to provide vital business services remotely until the BVI is in a position to bring them substantively back on island. We are incredibly grateful for the contribution they are making and the efforts being made to help this part of the BVI economy get back on its feet”. 

He noted that some offices belonging to the business and finance sector survived, as did the BVI Financial Services Commission, which houses other services such as the corporate registry.

The BVI Financial Services Commission also today announced that full functionality on its online company registration portal VIRRGIN has been restored after being down following last week’s hurricane.

Work is also continuing to address the issues regarding legal and related services out of the BVI and the functioning of the BVI-based Commercial Division of the Eastern Caribbean Supreme Court.

Director of BVI House Asia, Elise Donovan, echoing the BVI Premier’s statement, said that she wanted to assure the Asian business community that in spite of everything, the BVI continues to be open for business. “Our financial services business was built to allow people to do BVI business from anywhere in the world and to continue business regardless of the physical conditions in the jurisdiction.”

“The BVI is proud to have here in Asia, a robust network of experienced, trusted advisors from the world’s leading corporate firms, trust companies, law firms and accounting firms, as well as others involved in the business and financial services sector.  They have and will continue to do BVI business.”

“The BVI has proven success with, and continues to be the go-to jurisdiction for, Asian and Chinese foreign direct investment. More than 40 percent of BVI corporate vehicles are owned and used successfully by Asian business leaders and high-net-worth individuals,” Ms. Donovan said.