Following widespread disruption as a result of Hurricane Irma, the BVI’s international business and finance centre has made demonstrable progress towards restoring business as usual.
With many businesses activating their business continuity plans, a significant level of services and operations have continued either on island or via international networks. Substantive activity that has already resumed in the territory includes new companies being incorporated with more already in the pipeline.
As announced by the BVI Financial Services Commission, via online portal VIRRGIN, the BVI company register also continues to function having been restored within 3 days of the hurricane.
As announced by the Eastern Caribbean Supreme Court, the Commercial Division of the High Court has temporarily relocated to Castries, Saint Lucia. From St Lucia the Judges are due to start hearing matters on Monday 25th September.
Commenting, Lorna Smith, OBE, Interim Executive Director of BVI Finance said:
“In the face of difficult circumstances following Hurricane Irma the industry has been taking active steps to getting back to business as usual, with a number of key services and operations functioning already. In particular, I have been immensely impressed by the efforts of the private sector and their commitment to a long term partnership with the BVI – for which I thank them greatly. BVI Finance also welcomes the support and commitments of the BVI and UK Governments in securing the future of the international business and finance centre.”
“Whilst many employees of private sector firms have had to be relocated, there is every intention for these professionals to come back as soon as possible, so that businesses can substantively return to the BVI.”
“I would also like to assure people that all controls and safeguards are in place with regards to data privacy and security, with Hurricane Irma having no bearing on these fundamental principles.”
“There is no doubt that we face challenges ahead, but such is the quality and importance of the BVI’s international business and finance centre both globally and locally, there is also no doubt that it will fully return."
Following damage to its offices, BVI Finance has temporarily relocated to the Financial Services Commission’s building from where it has been able to operate.