Junior Minister for Trade Shereen Flax-Charles has said she doesn’t see the need to implement cheaper trade licensing fees for the BVI’s young entrepreneurs who are below the age of 30.
The question was raised earlier this week at a public forum to discuss new trade legislation being spearheaded by the government.
In answering the question, Flax-Charles said she believes many of the young entrepreneurs will be able to afford the stipulated trade fees to formalise their business.
“I would not necessarily say that the fees would be any less because right now, I can tell you that we have some young entrepreneurs under the age of 18 where the parents have to be on the licence from a legal standpoint,” Flaxx-Charles stated.
“And I’m sure a lot of them will tell you, there’s no need for them to pay anything different from what an adult over 30 is paying. I can guarantee you that some of them are rolling in the bucks, because we have some brilliant young people out there now that are going to be the future of business for the BVI,” she added.
Youth Entrepreneurship Strategy
Under this new Business Licensing Act (2020), Belonger licence fees would range from $150 to $1,500 — previously $25 to $200. This is regardless of the age of licensees.
Despite no plans to reduce trade fees for youngsters, Flax-Charles said there are plans to develop a Youth Entrepreneurship Strategy to boost local talent across the BVI.
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