British Virgin Islands

Saturday, May 08, 2021

Shipping registry to become statutory body, economic pillar

Shipping registry to become statutory body, economic pillar

With hopes of turning the Virgin Islands Shipping Registry (VISR) into an economic pillar for the territory, Premier Andrew Fahie has announced plans to make VISR a government statutory body.
Fahie made the announcement at a press conference on Monday, March 8, stating that the Registry is modernising its service offerings.

One of the things VISR has planned is to start registering different classes of vessels; particularly the heavy-duty kind. The majority of VISR’s clientele are currently recreational vessels.

“There is economic diversity where vessels can register in the BVI through company registers … It is important that we continue to improve our product offerings/deliveries and expand the services we provide to our clients and to attract other categories of vessels such as larger vessels — tankers, bulk carriers, container ships, and one day perhaps even cruise ships,” said Fahie, who has portfolio responsibility for shipping.

“Vessels that have never come to the BVI can register here and perhaps we can structure our substance requirements to make it beneficial for shipping companies to have operational and management functions and offices in the BVI,” the Premier added.

He said this is one of the avenues government will continue to promote as a revenue stream.
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