The Premier and Minister of Finance of the British Virgin Islands, Hon. Andrew A. Fahie, hosted a successful Financial Services Business Solutions Forum alongside BVI Finance on Tuesday 28th January, signalling the Premier’s ongoing commitment to the industry.
The event was well attended by the financial services industry, focusing on several key topics including infrastructure, ease of doing business, the BVI’s business centre, economic substance and industry consultation on developing legislation.
In his opening remarks, the Premier and Minister of Finance of the British Virgin Islands, Hon. Andrew A. Fahie expressed his continued support for the financial services sector. He said: “The financial services industry has come out in impressive numbers to attend the BVI Financial Services Business Solutions Forum. As a Government, we truly appreciate their presence because that is what collaboration is about. It signifies our agreement that in order for our financial services sector to remain resilient, competitive and a viable part of the BVI economy, we must have frank, candid and open discussions to find the solutions to go forward together.”
The event was moderated by Permanent Secretary, Kedrick Malone and CEO of BVI Finance, Elise Donovan.
Key themes
A number of topical issues were covered within each panel discussion. The session on industry consultation on developing legislation, hosted by Richard May, Managing Partner at Maples Group, covered legislation roll-out. Claire Abrehart, Managing Director at Harneys, focused her session on infrastructure, including the aesthetics of Road Town business centre, Grade 1 commercial properties, telecommunications and education.
The session on ease of doing business in the BVI centred on trade licences and work permits, as well as covering Special Economic Zones. This discussion was led by Vanessa King, Managing Partner at O’Neal Webster.
Peter Tarn, Partner at Harneys, spoke about the Commercial Court during his session, while Ryan Geluk, Deputy Managing Director at BDO, discussed tax residency and identification with respect to economic substance.
Commenting, Elise Donovan, Chief Executive Officer of BVI Finance, said: “We are delighted with the level of attendance and industry engagement at the Financial Services Business Solutions forum earlier this week. The presence of the Premier, Deputy Governor, Ministers of Government and other senior government officials demonstrates the government’s continued commitment to the financial services sector alongside the energy of the private sector, giving us real confidence as we embark on the next decade together. I am positive in our potential for success and the future of the people of the British Virgin Islands.”