Premier Andrew Fahie has hailed the International Business Company (IBC) Act of 1984 as being the main pillar to lead the BVI towards being a formidable force in the global financial services market.
He made the statement in a government media release ahead of the 35th anniversary of the BVI’s Financial Services Week which starts on November 23.
He said: “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. We are grateful to God for all that it has provided us.”
Fahie, who is also the Minister of Finance, further said his government intends on motivating youths to get them involved in the sector as it can be a very rewarding career choice.
“This month, we look forward to encouraging our younger generation to explore a rewarding and fruitful career in business and financial services here in the BVI. I encourage all the people of the BVI to join us in celebrating the innovation and expertise of our territory’s world-leading business and financial services sector,” Premier Fahie stated.
Making similar sentiments was Chief Executive Officer of BVI Finance, Elise Donovan. She acknowledged the individuals involved in formulating the law, which she labelled as a brilliant innovative development for international business law.
“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,” Donovan stated.
Prior to the enactment of the IBC Act in 1984, only 1,000 active companies were registered in the BVI. Since its introduction, that number rapidly grew, exceeding 30,000 companies by 1994.
In 2004, the Business Companies Act replaced the IBC Act, which has now resulted in an estimated 400,000 active registered companies in the territory.
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