The BVI Balancing Act

Growing up in Nature’s Little Secrets, one focuses on its beauty and can miss the pillars that have propelled the BVI into the international limelight.

Tourism and financial services have dominated the economy of the BVI, with tourism historically having the most impact. However, due to the overarching contribution of financial services – surpassing tourism – to the BVI’s economy and its stellar reputation as the world’s leading jurisdiction for the domicile of companies, the scrutiny placed on the BVI by global standard setting bodies on financial services, has grown exponentially. The beauty of Nature’s Little Secrets has become secondary.

To date the BVI has been able to withstand the pressures from the various international initiatives facing the jurisdiction and is keen to carry on this trend.

In particular, keeping the decision makers within the private sector aware of the rapidly-changing requirements, as well as deciphering and fast tracking critical information to their attention in a timely manner, is most vital.

In these challenging times, the BVI, like many of its international financial centre counterparts, will continue to experience scrutiny from various global standard setting bodies. It is therefore paramount that it continues to balance the needs of its client base and the implementation of effective and appropriate legislation.

The BVI must be commended on its encouragement of ongoing collaboration between the public/private sectors. This approach is certainly a must if the BVI is to be successful with its balancing act.

ALCOGAL BVI is authorized by the BVI Financial Services Commission to offer trustee, director and officer, shareholder and registered agent/office services. It has a team of eight persons in BVI who are also supported by its head office in Panama.

Ayana Liburd, TEP, FICA is the CEO/Resident Manager of the ALCOGAL BVI office. She is the former BVI head of private wealth for an integrated global and fiduciary services group and a former regulator with the financial services regulator in BVI.