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Bill passed for relocated offshore companies to operate overseas under VI law

- Continuity of Business Act 2017, formerly Financial Services (Special Circumstances) Act 2017, passed in HoA
Honourable Myron V. Walwyn, Minister for Education and Culture commended the Premier for job well done on the bills being brought to the members of the House of Assembly (HoA). Photo: VINO
Honourable Julian Fraser RA, Third District Representative noted that the bill was drafted late but is still thankful for it. Photo: VINO/File
Honourable Julian Fraser RA, Third District Representative noted that the bill was drafted late but is still thankful for it. Photo: VINO/File
WICKHAM'S CAY II, Tortola, VI - The bill entitled Continuity of Business Act 2017 was passed on November 16, 2017 during the continuation of the Eleventh Sitting of the Second Session of the Third House of Assembly of the Virgin Islands (VI) at Ritter House in Wickham's Cay II, Tortola.

Previously the Financial Services (Special Circumstances) Act 2017 but retitled to the Continuity of Business Act 2017, the bill will allow local financial service businesses to operate in other countries temporarily, while still operating in accordance with the laws of the Virgin Islands (VI).

The Act was created in light of the catastrophic hurricane that interrupted many businesses as well as those of financial services.

Government did not collapsed after hurricane Irma

Honourable Myron V. Walwyn (AL), Minister for Education and Culture, during his contribution to the House stated that he is in support of the bill, while commending the Premier for a job well done on the bills being brought before the House.

"I'm in full support of this and I want to say that doing things to help the country is not just things you can see in terms of concrete but the other things that you do that you can't see physically," explained the Education Minister.

He continued, "Premier I want to congratulate you very much because all these bills that are here raising revenue for the country are coming from you and you get some blows sometimes but when its time to get praise you have to get it too."

The minister then mentioned to the House that persons were saying that the government collapsed after hurricane Irma, while noting that he, along with other ministers, was out on the road as soon as the hurricane was over to see if the people of the territory were alright.

"Thankful for bill but it was drafted late"- Hon Fraser

Meanwhile, Third District Representative, Honourable Julian Fraser RA expressed that he is " happy" that the members of government crafted the bill, adding that it was done too late but he's still thankful.

Hon Fraser told the members of the House that the bill is a good start but it is not exactly what he was hoping for.

He explained, "This particular bill is not catering to local businesses only, it has an international component to it but I think that it is revenue driven. Once that is the case, it won't be long before our local companies that we are now trying to capture will be in the same position that they are in right now."

Every 60 cents of every dollar comes from the financial services industry contributing largely to the territory's Gross Domestic Product (GDP).

9 Responses to “Bill passed for relocated offshore companies to operate overseas under VI law”

  • The Watcher (17/11/2017, 11:29) Like (6) Dislike (0) Reply
    lets pray that they come back to the bvi
  • Staff moral (17/11/2017, 19:34) Like (4) Dislike (1) Reply
    Some employers were bias, evacuating expats and leaving Bvislanders behind to suffer.
    • hm (18/11/2017, 07:52) Like (1) Dislike (1) Reply
      You sound like you wanted to leave....Some of you hate expats but want to become one?.. Man ,woman or whoever in between you identify as this is your country stay and build it back. Don't run now.
    • @Staff moral (18/11/2017, 09:07) Like (1) Dislike (0) Reply
      This is BVIslanders country... Where the hell you them to pay evacuate BVIslanders. Y'all quick to tell expats you born here... people want eat your cake and have it too!
      • Staff moral (19/11/2017, 18:02) Like (0) Dislike (0) Reply
        We don't have a problem being left behind.

        The problem is even though they evacuated, the BVI is still funding their livelihood. They are helping themselves, not the BVI.
  • Waiting (18/11/2017, 00:45) Like (0) Dislike (0) Reply
    Some of them dont want to pay their past employes but God dont sleep.
  • VIRRGIN (24/11/2017, 14:00) Like (0) Dislike (0) Reply
    VIRRGIN needs to be shut down on 31 December. Government is thinking only of their revenue. If that system is not shut down, a lot of locals (mortgages, peanut butter and sneakers still have to be paid and purchased) will become unemployed while the expats to offices in other jurisdictions and work. One of the largest trust companies (VISTRA) is already conducting many of their administration services in HK. PEOPLE PAY ATTENTION!
  • rubbish (27/11/2017, 19:07) Like (0) Dislike (0) Reply
    this law messes with people's lives. people who are routinely not well treated but are giving everything to the BVI economy. These people DON"T HAVE HOMES! the laws make it absolutely discouraged for expats to own homes so how the hell are they going to magic a new home? They are wholly reliant on the complete non-activity of proper decent and affordable homes being built. This will bite BVI ultimately as it is reckless and bound to cause the territory thousands in judicial review. BVI is competing for business and this sort of action does not help.

    FS is 60% of the economy and more right now with tourism on one knee - why then is there no consultation at all to facilitate business? What is BVI Finance doing? We should be hearing about discounted permits, permits applications granted within weeks not months, permanent residence and stamp duty review.

    Firms are already losing staff because they are trying to send them back when the island is not ready and they have trouble recruiting into BVI with the state it is in. These sorts of measures may encourage them to actually staff up elsewhere instead, the opposite of the intention of the law.

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