Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Trade license fee increases won’t come in effect till 2024

Trade license fee increases won’t come in effect till 2024

With business owners expressing concerns about the new trade license prices proposed in the Business License Act (2022), Premier and Minister of Finance Dr Natalio Wheatley said the bill will not come into effect until 2024 which gives the government ample time to assess the territory’s economic environment.
Speaking at a press conference earlier today, the Premier said he understood that if the policy was implemented at this moment, it would be difficult for businesses in the territory.

“So, the good thing is it won’t come into force until 2024 and that will give us the time necessary to survey the economic environment. We hope that the war comes to an end because war is not the answer. It just causes lots of challenges for the world. Of course, we hope that we are able to provide the services through the Trade Commission and that would justify the increase in the value of the trade license,” Dr Wheatley said.

“We have time to be able to survey that through 2024 and if we look at the situation and we decide for instance that we can’t raise the fees right away then we may be able to graduate it. Have a gradual increase over a number of years. I sympathize with the businesses, and I understand how difficult it is to do business in the BVI right now. There are some measures that we want to take that will help businesses and help consumers,” the Finance Minister added.

However, the Premier sought to remind people that for the government to develop road infrastructure, build schools and facilitate health programmes, there needs to be revenue generation.

“Having fees from 1989 is not sustainable for the government. But we understand the concerns and we are sympathetic to those concerns, and we would like to see what we can do to help alleviate some of those concerns for every single sector. More will be demanded of us as we go through this very difficult period of our history,” Dr Wheatley said.

Meanwhile, the Premier acknowledged that business has been an integral part of the territory’s economy and policies need to be conducive to the need of doing business in the Virgin Islands.

“This includes having clear policies in registering and regulating businesses. Over the year, persons doing business and attempting to do business in the Virgin Islands have complained that the registration process has been long, cumbersome, confusing, and discouraging. We have all heard stories of businesses taking years to get their trade license approved. This is really not acceptable,” Dr Wheatley said.

“This leads to the perception that the process is not fair and transparent. We cannot have persons feeling that they are being given some arbitrary run-around, especially when this may be inconsistent with the laws and policies in place. This is not good for our reputation, and it is not healthy for business. We must change this to inspire confidence in the system and ensure we have an environment that is friendly and welcomed to businesses and investments,” the Finance Minister said.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
×