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British Virgin Islands Business News
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The analysis of the latest events in BVI and worldwide, affecting BVI business environment; facts and statistics on BVI International Business Companies involved in global business activities.
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BVI FSC Published Advisory Warning on Pyramid Scheme Frauds
In January, a special Advisory Warning was published by the British Virgin Islands Financial Services Commission, which became the first document of this kind in the year 2012, urging investors to beware of Pyramid Scheme Frauds and other investment scams.
In this press release, a pyramid scheme is defined as a fraudulent money-making scheme based on a non-sustainable business model that involves the exchange of money primarily for enrolling other people into the scheme, without delivering a legitimate product or service....
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British Foreign Secretary Talks on UK-Caribbean Forum
The British Foreign Secretary William Hague announced that he will lead delegation of UK ministers and senior officials to attend the UK-Caribbean Ministerial Forum. Hague said the commitment to coincide with the government's review of its relationship with the UK Overseas territories which include the Caribbean territories of the British Virgin Islands, the Cayman Islands, Anguilla, Bermuda, Montserrat and the Turks and Caicos Islands, is a sign of the strength the United Kingdom attaches to its 'enduring friendship' with the Caribbean...
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BVI Government Plans to Concentrate on Financial Services and Tourism
Premier and Minister of Finance Dr. D. Orlando Smith has said in his New Year's message on Facebook that in developing the economy of the British Virgin Islands there would be two major traditional pillars – tourism and financial services. He added that the BVI government “will also focus on supporting our small businesses because keeping them afloat is critical to our economic well-being.”
Premier Smith also spoke about the challenges which are to be responded this year: “We have challenges ahead but with those...
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Tenth Anniversary of British Virgin Islands Financial Services Commission
This week, there was the 10th anniversary since the British Virgin Islands Financial Services Commission had been established as an independent regulatory authority for the international financial centre. In December 2001, the Financial Services Commission Act was passed that formally created the Financial Services Commission on 2 January, 2002.
Since that time, the Commission has successfully operated as the body responsible for the regulation, supervision and inspection of all financial services business conducted in and from within the British Virgin Islands. The Registry of Corporate Affairs is a division within the BVI Financial Services Commission that administers...
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BVI FSC Publishes Financial Statistics for Q2 and Q3 of the Year
Last week, the BVI Financial Services Commission published the twenty-third and twenty-fourth volumes of its Quarterly Statistical Bulletin, providing information on financial services activities in the territory in the second quarter and the third quarter of 2011, respectively.
In the second quarter period, ended 30 June 2011, there were 15,689 business companies newly registered in the BVI, as compared to 12,815 in the same quarter of 2010. Also, there were 13 Limited Partnerships registered in the second quarter of the year. According to the Banking and Fiduciary Services statistics for commercial banks, in this period total...
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