Beautiful Virgin Islands

Tuesday, Oct 21, 2025

Innovation At Centre Of Financial Services Week

Innovation At Centre Of Financial Services Week

Premier and Minister of Finance Honourable Andrew A. Fahie has said that the International Business Company Act, 1984 which helped to establish the financial services industry in the British Virgin Islands has enabled the Territory to cement its position at the forefront of the global financial services market.
Premier Fahie highlighted the vital role the financial services sector has played in the BVI economy over the last 35 years as the Territory prepares to observe Financial Services Week from November 23 to 29.

Premier Fahie said, “The IBC Act was the foundation of an industry in the BVI which has been critical to our economic development and contributes significantly to the prosperity and wellbeing of our territory. We are grateful to God for all that it has provided us,”

The Premier further stated, “This month, we look forward to encouraging our younger generation to explore a rewarding and fruitful career in business and financial services here in the BVI. I encourage all the people of the BVI to join us in celebrating the innovation and expertise of our territory’s world-leading business and financial services sector.”

Meanwhile, Chief Executive Officer of BVI Finance, Ms. Elise Donovan said the IBC Act and the resulting financial services industry put the BVI on a trajectory to economic prosperity.

Ms. Donovan said it was through the efforts of visionaries including the then BVI Attorney General Lewis Hunte, a group of forward-looking lawyers - Michael Riegels, Neville Westwood and Richard Peters of Harneys and Paul Butler of Shearman & Sterling, that the law was written and is still seen as a brilliant, innovative development for international business law.

“The IBC Act was written as a response to a challenging business environment and it proved that being able to solve challenges through innovation is a part of our DNA, an approach that continues to this day,” Ms. Donovan further added,

In 1984 when the IBC Act was signed into law, the then Chief Minister Cyril B. Romney hailed it as “the most important legislation of the decade.” Designed as an innovative predictor of where global corporate law was heading, it has resulted in the BVI becoming a world-leading international financial centre enabling international companies a great degree of flexibility in their operations and an ability to quickly adapt their operations to commercial developments.

At the end of 1984, there were just 1,000 active companies registered in the BVI. But the international business community quickly realised the benefits of the IBC Act for international business and trade purposes. Following the passing of the IBC Act, the number of companies registered in the BVI increased to more than 30,000 in just ten years.

The IBC Act was replaced by the Business Companies Act in 2004. Under this law, almost 400,000 active companies are registered in the BVI.

Financial Services Week will be observed under the theme, “35 years of Innovation” with activities scheduled to begin on Saturday, November 23 to Friday, November 29. Activities will also be held in the BVI Offices of Hong Kong and London.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
DJI Loses Appeal to Remove Pentagon’s ‘Chinese Military Company’ Label
EU Deploys New Biometric Entry/Exit System: What Non-EU Travelers Must Know
Australian Prime Minister’s Private Number Exposed Through AI Contact Scraper
×