Ms. Sherri Ortiz

“I think everyone realises that the Territory was not spared in the throes of the recent economic crisis,” Ms. Ortiz said on an interview this week on the GIS Public Eye programme, where she was one of three panellists. “Everyone suffered some level of challenge or loss. The financial services industry and our Government are no exception.”

One major discussion of the programme focused on the recent economic downturn.

Ms. Ortiz noted that due to the crisis, the financial services industry has seen expected reductions, but emphasised that the Territory is still known as the number one corporate domicile, having the highest number of company incorporations globally.

“The fact that we are number one in this area is not enough,” she said. “However, the recent economic crisis proves that once there is impact to that line of business, we stand to suffer unless we have something else to offer.”

The executive director said that in order to maintain viability and create opportunities for sustainability, the Territory would have to “continue to strengthen each and every service offering within all sectors of the financial services industry.”

“This is why the IFC finds it necessary to continue to promote all aspects of our financial services industry, because we have a full range of quality services and solutions to offer. We have to let clients know that they can satisfy any and all of their financial and corporate services right here in the jurisdiction and that we have a highly respected legal judicial system to support their business needs,” she said.

With regards to company incorporations, Ms. Ortiz shared that although there were decreases in last year’s company incorporation figures, increases were also recorded in all other service areas since the last quarter of 2009, and that these increases provide the industry with encouraging projections for growth and development.

The Public Eye programme will be re-aired on CBN Channel 51 this Saturday at 9:30 p.m., and on JTV Channel 55 on Sunday at 1:30 p.m. The programme is in line with the department’s local awareness programme.

The BVI International Finance Centre is responsible for the marketing of the Virgin Islands’ Financial Services Industry and promoting the Territory’s reputation as a globally integrated and responsible financial services centre.