Virgin Islands representatives with a United Kingdom private sector group in London. Photo: Provided

E. Benito Wheatley, Director and EU/UK Representative of the VI in London, Dawn Smith, General Counsel at the Financial Services Commission, and Gary Hales, Head of Business Development and Marketing at BVI Finance, presented to the group and took the opportunity to hear from the private sector about their priorities and immediate business concerns. BVI Finance Chairman Kenneth Morgan also gave his insight into developments. 

Mr Wheatley said: “I want to give our thanks to members of the private sector for their support during these testing times. It was incredibly useful discussing with the group in London priorities for the jurisdiction’s operation."

“At the moment, the Government’s focus is on restoring key utilities across the islands. Telecommunications service is improving every day and the Government is looking at ways to relax rules on work permits and reduce tariffs on building materials in order to expedite rebuilding.”  

Ms Smith added: “We are working hard to return to a pre-Irma position and have made significant progress to restoring the financial and legal services available on-island. The backlog of past filings has now been cleared, VIRRGIN is fully functioning, regulatory submissions can now be completed electronically and banking services are returning to normal operations within the next week.”

Kenneth Morgan together with Matthew Gilbert, Head of Team BVI Europe and Partner at Maples & Calder, opened the discussion to give the private sector’s perspective on developments on island and their views on long-term reconstruction of the VI. 

Mr Hales said: “Despite being hit by a flood and two massive hurricanes in the space of six weeks, business in the BVI is carrying on. Companies are still being incorporated and court cases are still happening. BVI firms have advised on a significant IPO and a high-profile insolvency case within the last weeks, showing the immense resilience of the businesses based on-island.

“As we move forward towards resetting and rebuilding, BVI Finance is committed to helping the private sector; however, it can to move towards normal operation.”