Revenue increases by more than 90%

The Department of Trade, Investment Promotion and Consumer Affairs said it raked in a near 92 percent increase in revenue last year.

It added that revenue amounted to $1.5 million, compared to the $600,000 that is ‘normally received’ annually.

Director of the department, Karia Christopher, said the factors that resulted in the increase include an rise in the number of trade license from 6,552 to 6,756.

The total number of trade licenses granted over the years is 16,024, Christopher disclosed when she appeared before the Standing Finance Committee of the House of Assembly on January 26.

The parliamentary committee’s report, which was tabled in the House recently, noted that enforcement of the laws also enabled revenues to ‘surpass expectations’.

Christopher said spots checks were carried out to ensure businesses were operating in accordance with the laws by having their licenses up-to-date.

Big event being planned

Christopher, in the meantime, announced that her department will host its first Trade Entrepreneurial Week from April 3 to 7.

The week of activities will be held to ensure the public understands every component of the department.

“Reiterating that local businesses are a strong part of any economy, a huge part of the department’s mandate is to ensure a high level of excitement goes hand in hand with Trade Entrepreneurial Week and its business relationships,” Christopher said.

She continued: “With Trade Entrepreneurial Week, the department is tailoring its services to better serve the BVI business community; supporting all entrepreneurs; doing things with a fresh perspective; and going outdoors to meet the people while creating and maintaining an atmosphere of excitement.”

The activities to be held include a press conference on April 3, the Business Financial Management Seminar and POWER Move Graduation Ceremony at 9am in UP’s Cineplex on April 4, an Open House at the Sebastian Building on Wickham’s Cay I from 10am to 3pm on April 5, a cocktail reception and award ceremony on April 6, a workshop at Village Café in Virgin Gorda on April 7, and the School Entrepreneurial Spirit Competition at H Lavity Stoutt Community College at 5:30pm on April 20.

The events will be held under the theme: Leveraging businesses through sustainability, innovation and financial accountability.