SMITH: Int’l communities expect BVI financial services to fail!
Deputy Premier and Minister for Financial Services, Lorna Smith has argued that international institutions and countries are expecting the BVI’s financial services sector to fail.
Smith made the comments in an episode of the ‘Government in Motion’ series as she updated residents on the progress made in the financial services sector since she was appointed as the subject minister.
“We are the second largest domicile for hedge funds globally and a leading jurisdiction for the establishment of family, company, and individual trusts,” Smith stated. “Yet, some of the international institutions and countries that we deal with cannot conceive how a territory such as ours can operate such a sophisticated financial services centre. They continually expect us to fail.”
Smith contended that the Ministry of Financial Services, Labour and Trade will be an essential counterweight as the territory comes to grips with the opinions expressed in global media and within many of the institutions she mentioned.
Smith commented that the industry is critical to the BVI’s future growth and said her first six months in office were focused on establishing a foundation for success.
“We now finally have the government representation we need in the many international and governmental institutions with which we deal,” the Minister stated. “Integrating this critical sector under one umbrella with labour and trade means that we can also ensure better coordination of policy creation and implementation.”
Smith argued that her ministry’s creation to support one of the key pillars of the economy was timely and promised to help attract investment to improve the territory’s infrastructure and to develop the skills base to meet employer requirements.
She also shared that efforts will be made to train and mentor young people for the job market.
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Meanwhile incorporations declining. Give me a break lady.
Be interesting to see some numbers.
But in the atmosphere of secrecy that surrounds government here, I doubt we will..
The BVI has 350k plus active companies on register. Incorporations will not increase forever, everything has a tapering point. The BVI Financial Services offering is robust and one of the best in the world regardless of the opinions of others.
Back in the early aughts, there were in excess to a million active companies on register. Could the general experience of doing business in the BVIs have anything to do with it? Or, are we helpless victims of others actions?
When the fees increase you lose some clients but the revenue goes up still. So that’s not the only factor to watch but we need to keep soliciting new clients all the time.
It comes across as a frustrating blend of arrogance and naivety, perhaps slightly disingenuous. The “sophisticated” financial services in the BVI was built by all the institutions that came here and set up business, the same institutions Smith claims cannot believe the BVI could operate such a system. Face palm moment. Plus, if they expect “Us” to fail then “We” wouldn’t be the “second largest domicile for hedge funds globally”.
The second issue is this promise to “attract investment to improve the territory’s infrastructure”. Investment from where exactly, the sea sea pee?
This is the kind of nonsensical rhetoric that gets us no where. Those same countries, institutions, and regulations are precisely why the BVI financial services exist. The world is moving please innovate and move with it. We cannot be like the son that stuck his money in the ground. The world financial sectors are not what they were 30 years ago please get with the times. lest we be left behind.
This is not about the people: its about power and position.
But let me start with you madam lady you will never be premier. Never I say.
lNext
And can it be that these various entities who don’t expect us to succeed are looking at the caliber of the current government, and a few previous, thereby the reason for their opinion? If that is even their opinion. I’m so sick of the word gaslighting.
Seems she has to carry on with this negative and unfounded rhetoric because she wants to look like the saviour. I beg, the industry does not need a one trick pony like her to represent it. The BVIFSC and the private sector have been doing a bloody good job themselves. ET, go home!!
This who you all vote for?
This who you all hoped was the first female premier? Yet wiggled her way into deputy.
Welllll sah.
Look at the BVI.
the territory of the BVI allows these transactions to take place but the BVI does not handle these actions that is done by all the expat workers on work permits and expat companies in the BVI. Thats a fact
Hon. Launa Smith, you are saying that the ministry finally have this representation meaning “YOU” taking it to the goal line. I would like to know who will reap the benefits when and if this happens because even Stevie Wonder can see that this territory is in the dark ages when it comes to people and infrastructure development.
Please answer my question and tell me how we as a people intend to benefit.
This is who you all voted for?
This is who you all wanted to be the first female premier? Instead, somehow wiggled their way into the deputy position.
Welllll sah.
Look at the great BVI.
Bull nonsense.
Luarna in the Corna need to speak about things we do not know already. Why is she there? Is it only to tell me what I already know? What kind of stupid decision it was to put her as Minister of Financial Services. We in trouble buddy
to her Guyana is the rising star in the Caribbean so lets move there when BVI financial services tanks!
Wrong news, writer why saying what FIA agent did say.always looking for what to say fake radiocasters..I list to that radio news and she said what she said not what you wrote here..bloody lies.