BVI Financial Firms Need To Develop New Niches
by Mike Godfrey, Lowtax.net, Washington
13 April, 2017
BVI Finance, the financial services industry promotional agency, has said the industry must actively adapt to target new opportunities and promote new offerings internationally.
BVI Finance Chairman Kenneth Morgan said the territory needs to move beyond its core incorporation business and offer a wider range of services. These include services related to trusts, accounting, law, insolvency, and arbitration.
British Virgin Islands' Premier and Minister of Finance Orlando Smith echoed the importance of developing the territory's offering, noting that the recent transition of BVI Finance from being a government department to a private company means that the territory's financial services industry is now in the driving seat, with direct responsibility for marketing and promotion.
Smith said: "Government is basically a facilitator. We create the legislative framework for business and it is up to industry to move it forward. A close working relationship between the government and industry is essential if we are going to develop new products."
He added that ideas for new products would most likely come from industry members out in the field who see the needs of clients. These ideas could then be presented to the territory's Government who in turn would develop the necessary legislation.
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