Opening Statement by
Lizette O. George
Policy Analyst/Strategic Adviser, Office of the Premier
Premiers Press Conference - Update on Current Matters
Business Licencing Act 2022
24 June, 2022
Good morning to the viewing and listening audience and the members of the media.
Thank you Honourable Premier.
As the Virgin Islands economy has grown over the years, and as we seek to enable new business, attract new investment to the Virgin Islands and diversification of the economy, a comprehensive review of the legislative framework governing these areas directly and indirectly was necessary.
This exercise was much wider than just looking at reported and detected problems from the customer and business operator point of view. While one objective was to remove the barriers to the ease of doing business, we also needed to be forward looking in terms of what was on the horizon and also in terms of where we want to take the Virgin Islands.
And therefore, in order to be comprehensive in this task, we recognized that we needed to develop a National Trade Policy that would help to guide the reform and modernization of our systems and support trade and economic development.
The Business Licensing Act 2022, is part of a suite of legislation under the National Trade Policy of the Virgin Islands, which sets the legislative framework for trade and economic development.
The Trade Policy was developed in partnership with public and private sector stakeholders, including, BVICCHA, BVI Bar Association, BVI Banking Association, BVI Yacht Society, FSC, Trade Department, HLSCC, among others, who formed the Trade Policy Review Committee.
The Trade Policy Review Committee was established in January 2017 and operated for a period of 5 to 6 months, during which it conducted the necessary research and analysis of best practices, by reviewing the current legislative framework for business and trade, and making recommendations to the Government on the most appropriate model framework that would seek to increase the level of economic activities, while establishing trust between the business sector and the consumers.
The process, although quite long, was clearly laid out in the Committee work plan.
Three working groups were created from among the members of the Committee, with specific focus on each of the areas of Trade & Business, Investment and Consumer Affairs. Each of the working groups was responsible for making policy recommendations, which subsequently formed the National Trade Policy of the Virgin Islands, and was further considered and approved by Cabinet in July 2018.
Upon approval of the Trade Policy, subsequent policies and legislation, including those for licensing of Businesses, investment, and consumer protection, were drafted and considered.
Upon consideration by Cabinet, as series of stakeholder consultations were held, for the various policies and legislation, to ensure valuable input was received from the private sector.
I would like to this opportunity to acknowledge the various business organisations, including BVICCHA, Tortola Pier Park Businesses, BVI Finance, TRC, among others, that were instrumental in reviewing the appropriate policies and legislations, and for facilitating stakeholder meetings for their specific sectors of businesses during the entire month of March 2021.
From the various consultations, we were able to make the necessary amendments to ensure that the various instruments meet the needs of the private business sector and the economy on a whole.
The Business Licensing Act, as it is so drafted, took into consideration the current environment within the Virgin Islands, as well as well as the trends towards development for the future.
In review of the existing Business Professions & Trade Licence Act, we identified the gaps, and addressed the needs for growth, as well as considered best practices of other similar economies, including Cayman, TCI, Bermuda, among others, and tailored it to suit the economic needs of the Virgin Islands.
The main purpose of this exercise was to streamline the system of licencing with clear standards and requirements, in order to reduce the lengthy timeframe for obtaining a licence.
Consideration was also given to the total cost of doing business in the Territory, including licences & permits, NHI, Social Security and applied taxes as compared to other similar jurisdictions.
One of the aims to achieving this was to facilitate interdepartmental communication among government agencies in terms of creating synergy, as well as to provide central services through a one-stop-shop approach to providing services to the business community.
Also taken into consideration was the need to create a more relaxed environment to enable Micro Small and Medium Enterprises to develop, grow and thrive within the economy, as more support structures will be put in place to ensure their development and survival.
In providing a clearer understanding of its purpose in ensuring the ease of doing business here in the VI;
The Act seeks to repeal and replace the existing Business Profession & Trade Licence Act. CAP 200, 1989, for Licensing and regulating ALL economic activities and applies associated fees for such types of activities.
The International Standard Industrial Classification was utilized to ensure efficiency in the classification of licensed activities. It provides detailed description of such activities to ensure that licenses are placed within the appropriate economic division. This will also ensure efficient data collection and analytics for evidenced based decision-making.
Additionally, through the use of these classifications, the Act seeks to establish appropriate standards for obtaining a licence in various sectors, which will ensure more effective operational guidelines for businesses
Finally, the Act clearly outlines the requirements and licensing procedures, as well as the criteria for consideration, which eliminates all elements of doubt in the granting of licenses.
Our vision is that through the National Trade Policy of the Virgin Islands and its constituent parts such as the Business Licensing Act and the other legislation and policies, we will create the business environment that serves and balances the needs and interests of all our stakeholders from the business owners and operators, to the Government and to the consumers of the goods and services provided by the businesses operating in our economy.
Entrepreneurs and business owners have an expectation of fast and efficient service when it comes to dealing with registration and regulation. They need to have confidence in the system and we need for them to see that they are being treated with fairly and in a transparent manner.
The Business Licensing Act and suite of legislation and policies under the National Trade Policy of the Virgin Islands will help us to achieve this and encourage trade and economic development, because it will create greater ease in doing business in the Virgin Islands.
I thank you.
Read more:
Statement by Lizette O. George on Business Licencing Act 2022 - Government of the Virgin Islands
- You could own this private island off the Florida Keys for $75 million - AOL - February 27th, 2024 [February 27th, 2024]
- From $389k: Who owns Qlds private islands, what they paid - Courier Mail - February 27th, 2024 [February 27th, 2024]
- The World's 16 Most Expensive Private Islands to Visit - Yahoo Finance - February 24th, 2024 [February 24th, 2024]
- Cruise lines will pay new tax on private islands in the Bahamas - FOX 35 Orlando - February 24th, 2024 [February 24th, 2024]
- Michael Stern's JDS Development Sued Over Private Air Travel - The Real Deal - February 24th, 2024 [February 24th, 2024]
- YouTube Star MrBeast Takes Over Royal Caribbean's Private Island - Cruise Hive - January 30th, 2024 [January 30th, 2024]
- 7 Private Islands In The U.S. That You Can Book For Less Than $1,000 A Night - TheTravel - January 30th, 2024 [January 30th, 2024]
- Peter Island Resort Re-Opens with Luxurious New Amenities in 2024 - St Vincent Times - January 29th, 2024 [January 29th, 2024]
- Jeffrey Epstein's Controversial Private Island To Be Turned Into Resort: Report - NDTV - January 7th, 2024 [January 7th, 2024]
- Where is Jeffrey Epstein's island and what happened there? - KRTV NEWS Great Falls - January 7th, 2024 [January 7th, 2024]
- UK Royal Had Orgy With Minor Girls On Private Island, Epstein Files Reveal - NDTV - January 7th, 2024 [January 7th, 2024]
- World's best private island resorts - Cond Nast Traveller India - January 7th, 2024 [January 7th, 2024]
- Dont hurry, be happy at Fijis carefree Kokomo Private Island - Style - October 29th, 2023 [October 29th, 2023]
- How to Visit the Pacific Coast of Panama, According to a Travel Expert - Travel + Leisure - October 29th, 2023 [October 29th, 2023]
- Fresh Puerto Rican Tostones and Stone Crab Highlight New ... - PR Newswire - October 29th, 2023 [October 29th, 2023]
- Progressive White Women in Shambles After Taylor Swift Becomes ... - The Hard Times - October 29th, 2023 [October 29th, 2023]
- If You Can Take the Cable Car to the Colosseum, You're in Vietnam - The New York Times - October 29th, 2023 [October 29th, 2023]
- Hot property: five homes for sale on the Canary Islands - Financial Times - October 29th, 2023 [October 29th, 2023]
- Where to Relocate: Cayman Islands with KPMG Cayman Islands - The Fintech Times - October 29th, 2023 [October 29th, 2023]
- 10 budget-friendly island resorts for a cheap beach vacation - USA Today - October 29th, 2023 [October 29th, 2023]
- Talk Show Host Patricia Bryan Sues Police and Government | Loop ... - Loop News Cayman - October 29th, 2023 [October 29th, 2023]
- Insulators in Farasan Islands Reserve to protect birds - Arab News Pakistan - October 29th, 2023 [October 29th, 2023]
- Iconic Piece of New Disney Ship Arrives at Shipyard - Cruise Hive - October 5th, 2023 [October 5th, 2023]
- The worlds tiniest island is for sale - The Spaces - October 5th, 2023 [October 5th, 2023]
- WHAT'S NEW IN THE BAHAMAS IN OCTOBER 2023 - PR Newswire - October 5th, 2023 [October 5th, 2023]
- New Zealand named one of the friendliest countries in Conde Nast ... - New Zealand Herald - October 5th, 2023 [October 5th, 2023]
- Annual Cruise Hive Awards Open for Best Ships, Cruise Lines and ... - Cruise Hive - October 5th, 2023 [October 5th, 2023]
- The best islands in Europe: Readers' Choice Awards 2023 - Cond Nast Traveller - October 5th, 2023 [October 5th, 2023]
- Islands in the sun - Irish Post - October 5th, 2023 [October 5th, 2023]
- Relax and unwind: where travellers find well-being and peace in the ... - Euronews - October 5th, 2023 [October 5th, 2023]
- What Prigozhin's Death Reveals About Russia Mother Jones - Mother Jones - October 5th, 2023 [October 5th, 2023]
- SERHANT. Achieves $4 Billion in Volume at Three Year Milestone - PR Newswire - October 5th, 2023 [October 5th, 2023]
- supports British Virgin Islands with debt management reform ... - Commonwealth - October 5th, 2023 [October 5th, 2023]
- Discovering Easter Island and Pitcairn by boat - Yachting Monthly - October 5th, 2023 [October 5th, 2023]
- Cleanup from Maui fires complicated by island's logistical ... - Greenfield Daily Reporter - October 5th, 2023 [October 5th, 2023]
- Commission on Limits of Continental Shelf to Hold Fifty-Ninth ... - United Nations - October 5th, 2023 [October 5th, 2023]
- HSBC appoints Head of Wealth and Personal Banking for Channel ... - Channel Eye - October 5th, 2023 [October 5th, 2023]
- Downriver Dispatches - The Wahkiakum County Eagle - October 5th, 2023 [October 5th, 2023]
- The 7 Best Private Villas and Escapes in Queensland Australia - Robb Report - August 30th, 2023 [August 30th, 2023]
- 4 Picturesque Private Islands on Airbnb You Need to See to Believe - HGTV Canada - August 30th, 2023 [August 30th, 2023]
- Five of The Best Islands in Malaysia - British Muslim Magazine - August 30th, 2023 [August 30th, 2023]
- Best Islands and Resorts in the Caribbean - 86758 - Luxury Travel Magazine - August 30th, 2023 [August 30th, 2023]
- Luxury beyond boundaries: Exploring the world's most exclusive ... - TravelDailyNews International - August 30th, 2023 [August 30th, 2023]
- 10 Island Destinations That Will Help You Plan A Budget-Friendly ... - TheTravel - August 30th, 2023 [August 30th, 2023]
- Caribbean resort outlines US$8 million rebranding overhaul - TOPHOTELNEWS - August 30th, 2023 [August 30th, 2023]
- Caribbean cruising gears up for one of its biggest years yet - Travel Weekly - August 30th, 2023 [August 30th, 2023]
- Citi Ultima Card review: Luxury private island access, supercar drive ... - AsiaOne - August 30th, 2023 [August 30th, 2023]
- Union pool recognized by training company | Local News ... - The Missourian - August 30th, 2023 [August 30th, 2023]
- Arctic Circle Express Train Journey in Lofoten Islands and Narvik ... - Luxury Travel Magazine - August 30th, 2023 [August 30th, 2023]
- How Maui's Wildfire Sparked a Disaster Capitalist Power Grab for ... - Earthjustice - August 30th, 2023 [August 30th, 2023]
- Pres. inaugurates completed projects in three islands of Laamu atoll - Raajjemv - August 30th, 2023 [August 30th, 2023]
- Insight: Boosting Resilience of Pacific Islands' Infrastructure - Mirage News - August 30th, 2023 [August 30th, 2023]
- These Are The 10 Best Islands To Visit In Europe This Summer - TheTravel - July 23rd, 2023 [July 23rd, 2023]
- Billionaire who visited Epstein island pours thousands into coffers of vulnerable Dem Senate races - Yahoo News - July 23rd, 2023 [July 23rd, 2023]
- MSC's Explora Journeys Takes Delivery of First-Ever Cruise Ship - Cruise Hive - July 23rd, 2023 [July 23rd, 2023]
- Paradise Found: Discover The 6 Best All-Inclusive Resorts in The ... - Wealth Of Geeks - July 23rd, 2023 [July 23rd, 2023]
- How to holiday in the Seychelles with a budget-friendly itinerary - New Zealand Herald - July 23rd, 2023 [July 23rd, 2023]
- New construction home on Long Island, a small town off the coast of ... - Press Herald - July 23rd, 2023 [July 23rd, 2023]
- Geopolitical duel in the Pacific: Solomon Islands security at risk as ... - The Interpreter - July 11th, 2023 [July 11th, 2023]
- Lake Champlain trip highlights paddling and campground amenities - Adirondack Explorer - July 11th, 2023 [July 11th, 2023]
- Inside the subsea cable firm secretly helping American take on China - Reuters - July 11th, 2023 [July 11th, 2023]
- The ultimate holiday home? A $100 million private island in the Bahamas that starred in James Bond and Pirates of the ... - Country Life - May 18th, 2023 [May 18th, 2023]
- 8 Of The Best Private Islands To Rent In 2023 - Forbes - May 18th, 2023 [May 18th, 2023]
- Getting Scuba-Certified in Fiji Is the Best Way to Explore the Underwater World - Robb Report - May 18th, 2023 [May 18th, 2023]
- Find your own island in the sun amid the blissful atolls of the Maldives - Evening Standard - May 18th, 2023 [May 18th, 2023]
- Jeffrey Epstein sexual abuse case: Deutsche Bank to pay $75 mn to settle a suit - Hindustan Times - May 18th, 2023 [May 18th, 2023]
- JPMorgan CEO Jamie Dimon says he's 'so sad' the bank had relationship with Jeffrey Epstein - CNBC - May 18th, 2023 [May 18th, 2023]
- Top seven luxurious private flight getaways in Texas - South West Londoner - May 18th, 2023 [May 18th, 2023]
- What Are the Most Expensive Celebrity Divorce Settlements? - We Got This Covered - May 18th, 2023 [May 18th, 2023]
- Getting Scuba-Certified in Fiji Is the Best Way to Explore the Underwater World - Yahoo Singapore News - May 18th, 2023 [May 18th, 2023]
- AG nominee says more staffing, resources needed | News ... - Virgin Islands Daily News - May 18th, 2023 [May 18th, 2023]
- Carefree and car-free: The glorious islands where vehicles are ... - Daily Mail - May 18th, 2023 [May 18th, 2023]
- Reinsurance firm supporting treatment centre fundraiser - Royal Gazette - May 18th, 2023 [May 18th, 2023]
- Corinthia to open luxury resort in Maldives - Times of Malta - May 18th, 2023 [May 18th, 2023]
- Investing in Scotland's islands - gov.scot - The Scottish Government - May 18th, 2023 [May 18th, 2023]
- Calls to make education 'more affordable' for Pacific island students - Stuff - May 18th, 2023 [May 18th, 2023]
- 14 Romantic Resorts with Private Plunge Pools - Islands - December 26th, 2022 [December 26th, 2022]
- Rainy Lake Island - Northern Ontario, Ontario , Canada - Private Islands - December 26th, 2022 [December 26th, 2022]
- Darby Island - The Exumas, Bahamas , Caribbean - Private Islands - December 21st, 2022 [December 21st, 2022]
- Private islands for sale in Queensland going cheap, but lifestyle has ... - December 18th, 2022 [December 18th, 2022]