Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7), 2nd from left, and his delegation connected with stakeholders at Qianhai Stone Park in Shenzhen, China. Photo: Office of the Premier

Premier and Minister of Finance, Dr the Honourable Natalio D. Wheatley (R7) provided legislators with a recap of his recently concluded Asia-Pacific mission during a sitting of the House of Assembly (HoA) on February 24, 2025. Photo: YouTube

Fresh from a delegation's trade mission to the Asia-Pacific Region, the Government of the Virgin Islands has announced plans to 'functionalise' a key Memorandum of Understanding (MOU) with China’s Shenzhen’s special free trade innovation zone, Qianhai, by 2026. Photo: Office of the Premier

This is according to Premier and Minister of Finance, Dr the Honourable Natalio D. Wheatley (R7), who provided legislators with a recap of his recently concluded Asia-Pacific mission during a sitting of the House of Assembly (HoA) on February 24, 2025.

Revealing that as of January 2025, approximately 2,000 Shenzhen-based businesses had registered VI business companies, with a combined value of $10 billion, Premier Wheatley was adamant the Territory remains China’s largest foreign direct investment (FDI) partner after Hong Kong, accounting for 30 percent of China’s inward direct investment.

As such, "Our business in China remains strong, and as the People's Republic of China's largest FDI partner outside of Hong Kong, it is imperative that we stay ahead of the curve; More MOUs, such as the 2014 BVI-Shenzhen Financial Services MOU, will be necessary to ensure that BVI remains the jurisdiction of choice for global investment.”

Next Frontier

Outlining the government’s focus on Qianhai, Premier Wheatley reminded of a special free trade innovation zone in Shenzhen, known as the heart of China’s artificial intelligence (AI) sector that has gained international attention for its cutting-edge technological developments, including the recent success of DeepSeek, a prominent AI-driven media platform.

To this end, he told colleague legislators, "In efforts to functionalise our second MOU with Qianhai, we began discussions with the Qianhai authority to facilitate a greater BVI presence within the zone itself in real-time. Qianhai is a leader in AI and advanced technology, and increasing our visibility there is crucial for promoting BVI’s corporate solutions to businesses that may not yet be fully aware of the benefits we offer."

Dr Wheatley said that to drive this initiative forward, the BVI Representative Office in Hong Kong has been assigned to engage directly with Qianhai’s authorities and accelerate the process of establishing a tangible presence within the zone.

According to Dr Wheatley, who is also the Minister for Financial Services, "We are committed to making this a reality by 2026, and I have instructed our Hong Kong office to follow up swiftly and decisively to ensure that BVI businesses can capitalise on these opportunities.”

Competitive advantage

The Premier used the occasion to also reiterate that VI’s strong regulatory frameworks, tax-neutral status, and internationally respected corporate structures continue to attract Chinese enterprises seeking efficient global expansion.

"BVI’s reputation as a financial hub is well-established, but as global markets evolve, we must adapt our approach to meet the needs of emerging industries; AI, Fintech, and technological innovation are shaping the future of business, and BVI must position itself strategically within this ecosystem.”

As such, "The groundwork we lay today will ensure that BVI remains an integral part of China's investment landscape. The future of financial services lies in adaptability, and we are ensuring that BVI remains not just relevant, but indispensable in the years to come,” Premier Wheatley stated.