Beautiful Virgin Islands

Thursday, Dec 07, 2023

Int’l community tightening screws on local businesses - Fraser

Int’l community tightening screws on local businesses - Fraser

Third District Representative Julian Fraser has suggested that the international community is making things more difficult for local businesses in the BVI.
Speaking in the House of Assembly (HOA) during the debate on the BVI Business Companies Amendment Act recently, Fraser said there is no ‘one size fits all’ when it comes to legislating for BVI registered businesses.

He bemoaned the fact that everyone is lumped in the same category — including both local and foreign companies — whenever legislation needs to be amended for businesses registered in the territory.

“The international community has been tightening the screws on businesses, year after year, after year,” Fraser said.

He added: “When they tighten the screws on these international businesses, they’re tightening the screws on local businesses too, or companies too, because we are in the same boat.”

Fraser said if he looks at the bill, he would be sure to find things that will bring added costs to doing business in the BVI.

Fraser said that because of the bill, companies are required to have a registered agent which is usually at an additional cost of $400.

Furthermore, they are required to file annual financial returns which also has an additional cost attached.

“I am not sure how many local businesses have annual financial statements,“ Fraser said.

He said while some may see this as a good business practice, those persons are likely not the ones paying the extra cost.

The Third District Representative said he’s looking for a system that allows local companies to benefit from the same set of protections that one gets as a registered company, inclusive of personal liabilities.

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