Beautiful Virgin Islands

Monday, Aug 04, 2025

BVI marks 35 years of incorporations

BVI marks 35 years of incorporations

Last week, as the BVI celebrated the 35th anniversary of the International Business Company Act, 1984, three H. Lavity Stoutt Community College debaters outlined why the act was so important to establish the territory as a global financial services leader - and why they think financial services will continue to be a viable industry even in the face of increased regulatory threats from abroad.

On the other side of the coin, three industry professionals were given the task of arguing why their industry wouldn’t survive -at least not without innovating.

It was all part of the debate on Nov. 26 at BVI Finance headquarters, held in honour of Financial Services Week under the theme “35 Years of Innovation.”


History

In 1984 when the IBC Act was signed into law, then-Chief Minister Cyril B. Romney hailed it as “the most important legislation of the decade.”

“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,” BVI Finance CEO Elise Donovan said in a statement.

Premier Andrew Fahie added, “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.”

The IBC Act was replaced by the Business Companies Act in 2004. Under this law, almost 400,000 active companies are currently registered in the territory, forming the backbone of the industry.

As part of the week’s activities, the industry also took part in bar bingo, Jeopardy, a scavenger hunt and a five-kilometre run/walk that drew more than 70 participants. The week was capped off with an awards gala at Scrub Island Resort (see sidebar).

Activities also took place in Hong Kong and London.


Debate

During the debate on Tuesday of last week, HLSCC student Jefferina Morrison called the VI a “well-regulated international financial centre that follows relevant international standards.”

She pointed out that due to innovations like the Beneficial Ownership Secure Search System, which can provide information to law enforcement abroad, the VI “has set a course for sustainability by ensuring that international regulations are followed.”

However, she stressed that the key to remaining relevant is “ensuring transparency remains and effectively diversifying beyond incorporations.”

The professionals on the other side of the debate didn’t exactly argue that their industry is doomed — just that it needs to innovate to keep up with changing regulations and increased pressures.

Jermaine Case, of the investment funds and regulatory team at Harneys, said that without financial services, the territory would be teetering with “one foot on an iceberg and one on a banana peel.”

However, he agreed with the proposition that the industry “cannot just be focusing on simple incorporations but that we must do more and expand.”

He also listed “very significant threats” facing the territory, including the European Union’s economic substance requirements for certain VI companies and the UK’s efforts to force to the VI to implement public registers of beneficial ownership.

Ultimately, the students prevailed.


Winners declared

Debate organiser Charlotte Bailey, managing director of TMF Group, chose the topic.

“It really showed us how important financial services is to the BVI and how lucky we are to be living on a beautiful island and doing what we love every day and financially prospering for the entire island,” she said.

She added that she thought the HLSCC debaters were the clear winners.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
×