Beautiful Virgin Islands

Tuesday, Jul 15, 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
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
×