The Hon. Andrew Fahie administration is hoping that the revamping of the Virgin Islands Shipping Registry that is underway will eventually attract large vessels such as cruise ships to register with the entity.
“The registration of vessels is important to our Financial Services and Tourism economies. There is economic diversity where vessels can register in BVI through company registry. This then leads to a spin-off for the global tourism market,” Premier and Minister responsible for Finance and Ports, Hon. Andrew Fahie
remarked at the House of Assembly on Wednesday, March 10.
He added, “It is important that we continue to improve our product offering to leverage and expand the services we provide to our clients; and to attract other categories of vessels, larger vessels, tankers, bulk carriers, containerships, and one day perhaps even cruise ships.”
The Premier stated that vessels that have never visited the BVI can be registered here, adding that the territory can structure its substance requirements to make it beneficial for shipping companies to have operational or management functions and offices in the BVI.
“It is one of the avenues that your Government will continue to promote as a revenue stream,” he pointed out.
added, “Mr. Speaker, we must remain competitive as large countries have done and embrace modern trends aimed at attracting tonnage for economic growth and prestige. As we continue the reopening of our tourism industry in this new regular of living and working with COVID
-19, diversification of our tourism product is important. Shipping is another avenue that we intend to use to achieve this.”
He noted that it is his administration’s desire to support the BVI maritime commercial, recreational, and tourism products and to see the BVI red ensign – the red BVI flag with the Vigilate in the top corner – flying on every boat based in the BVI. However, he highlighted that cooperation is needed across the board.