Some of the world’s top asset-recovery lawyers were among more than 100 people from about 30 countries who gathered at Scrub Island Resort last week for a global anti-fraud conference …
2023 incorporations hit 25-year low
The number of new companies incorporated in the Virgin Islands in 2023 slumped to its lowest level for 25 years, new figures show. The tally for the final quarter of …
Smith hits back after Labour MP’s ‘dirty money’ claims
Deputy Premier Lorna Smith pushed back this week after the Virgin Islands and other overseas territories were accused of deliberately defying the British parliament’s attempts to crack down on “dirty …
Continue reading “Smith hits back after Labour MP’s ‘dirty money’ claims”
‘No great rush’ on Global Minimum Tax
The Virgin Islands expects the next United Kingdom government to respect its decision on whether to sign up for the Global Minimum Tax initiative, Deputy Premier Lorna Smith said April …
All labour processes to go online
The government’s first online work-permit system shut down in February 2022 after barely six months in operation. Now, officials are trying again. Work-permit processing and private-sector job applications will be …
Smith: Money-crime report not ‘damning’
The Virgin Islands is not facing a crisis in combating financial crime despite a recent report by international watchdogs which some experts viewed as scathing, Deputy Premier Lorna Smith said …
Minimum wage boost is ‘likely,’ Smith says
The $6-per-hour minimum wage is “likely” to increase after the findings of a committee reviewing the matter are presented to government by the end of the month, according to Deputy …
Continue reading “Minimum wage boost is ‘likely,’ Smith says”
Government hosts ‘sanctions training’
In keeping with a recent recommendation from the Caribbean Financial Action Task Force, the Virgin Islands government is establishing a dedicated unit to handle sanctions like the ones that have …
Q3 incorporations tick up slightly
More companies were incorporated in the territory in the third quarter of 2023 than in the previous three months, a bright spot for a financial services sector that has grappled …
Arbitrators discuss Caribbean industries
Construction, oil and gas, renewable energy and fintech were among the Caribbean industries that topped the discussion agenda last week during the fifth annual BVI Arbitration Week. The five-day event …
UK-OT finance dialogue marks one year
A series of meetings last week marked the completion of the first year of an ongoing dialogue between the United Kingdom and the overseas territories on fighting financial crime, according …
Women’s forum focuses on ‘side hustles’
When Stacy Hodge started a “side hustle” selling and renting party supplies, she was working as a general manager and interior decorator. But eventually, her business, Party World BVI, became …
Money-laundering review rates VI below rivals
Compared with at least two overseas territories that operate rival financial industries, the Virgin Islands still has a “mountain to climb” when it comes to proving its effectiveness in combating …
Continue reading “Money-laundering review rates VI below rivals”
A new UK gov’t could press VI to adopt global tax
Pressure could be brought down on the Virgin Islands to bring in the 15 percent Global Minimum Tax on multinational giants if there is a change of United Kingdom government …
Continue reading “A new UK gov’t could press VI to adopt global tax”
Virgin Islands urged to up vigilance against terrorism financing
The Virgin Islands should take tougher action to mimimise the threat of terrorist financing, according to a recent review of its systems to prevent financial crime. The mutual evaluation report …
Continue reading “Virgin Islands urged to up vigilance against terrorism financing”
KPMG to carry out airport biz case after submitting lowest bid
KPMG (BVI) Ltd. will carry out the business case slated to guide the way forward for the long-delayed expansion of the Terrance B. Lettsome International Airport, the BVI Airports Authority …
Continue reading “KPMG to carry out airport biz case after submitting lowest bid”
BVI Finance hosts crypto forums
Virtual assets offer various opportunities for the Virgin Islands financial services industry, but they also bring risks and regulatory complications, panellists said last week during the second of two related …
Bids for airport biz case range from about $209k to $540k
Eight companies from here and abroad bid to carry out the comprehensive business case that is expected to decide the way forward for the government’s long-delayed plan to expand the …
Continue reading “Bids for airport biz case range from about $209k to $540k”
TRC launches survey on satellite comms
To assess the territory’s interest in using satellite technology for communication services, the Telecommunications Regulatory Commission last week invited the public to give feedback via a survey that is accessible …
2023 cruise numbers likely to set record
A new record for cruise passenger arrivals is expected this year, and 2024 is looking to be even more promising for the industry, according to officials from the BVI Ports …
Virgin Islands pushes back after company register criticism
Last Thursday during a back- bench business debate in the United Kingdom House of Commons, some UK parliamentarians criticised overseas territories for not establishing public registers of beneficial ownership this …
Continue reading “Virgin Islands pushes back after company register criticism”
Virgin Atlantic flies ‘sustainable’ flight
Last week, Virgin Atlantic announced that it had flown the world’s first commercial plane fully powered by “sustainable aviation fuel” from London to New York. But critics described the flight …
Continue reading “Virgin Atlantic flies ‘sustainable’ flight”
Biz expo lets young entrepreneurs shine
On Dec. 1, the Multi-Purpose Sports Complex was transformed into a mini-market as more than 40 youths demonstrated their business prowess at the Department of Youth Affairs and Sports Business …
International companies eye airport business case
Nearly 50 people from 15 companies around the world attended a pre-tender meeting to discuss a planned business case for the proposed expansion of the Terrance B. Lettsome International Airport. …
Continue reading “International companies eye airport business case”
Government aims to relaunch business bureau next year
Next year the government hopes to relaunch the National Business Bureau, which hasn’t been operational since 2019, Premier Dr. Natalio “Sowande” Wheatley said last week in his budget address. “In …
Continue reading “Government aims to relaunch business bureau next year”