Too hard to do business in the BVI — Walwyn
Sixth District Representative Myron Walwyn has raised concerns about the challenge of doing business in the BVI.
During the budget debate, Walwyn emphasised the need for the government to simplify processes and create a more business-friendly environment to encourage investment and support local businesses.
“It’s too hard to do business here,” Walwyn stated. He highlighted that excessive bureaucracy across the trade, immigration, and labour departments creates “pure frustration” for investors and locals alike. According to Walwyn, the government needs a clear plan to make investing in the BVI easier while simultaneously supporting local entrepreneurs.
Walwyn compared the BVI’s approach to investment with other territories in the region. He noted that the United States Virgin Islands (USVI) has a structured Virgin Islands Economic Development Authority that actively seeks investments.
He lamented, “Every minute you see something in the news” about the USVI launching initiatives or enacting laws to promote economic growth, while the BVI struggles to remain competitive. Adding to his concerns, Walwyn pointed to the lack of a functioning Economic and Fiscal Advisory Council, as outlined in the Public Finance Management Act. He described this as a critical gap in planning and economic strategy.
“No wonder we continue to lose the competitive edge we once had,” he said, underscoring the need for structured and consistent advice from qualified experts. Small businesses, the backbone of the local economy, are also facing significant challenges.
Walwyn noted the reduction of funding for the Business Bureau from $125,000 in 2024 to $75,000 for 2025.
“How is that going to work?” he asked. Walwyn encouraged the government to ensure policies promote local and foreign investments while protecting small businesses. Walwyn stressed the urgency of addressing these issues to revitalise the economy.
“We have to take our time and examine it properly,” he stated. The Sixth District Representative urged the government to collaborate with the Opposition and other stakeholders to develop a comprehensive strategy.
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Only now he notices?
Fundamentally, the problem is the Territory wants investors’ money but not the investors themselves while at the same time not being able to supply qualified/skilled labor from here. Just like many want high paying jobs but don’t want the work or responsibilities that come with such jobs.
Exactly what advantages does the Territory offer overseas investors, besides those engaged in off-shore banking, a d tax dodging?
In all fairness Walwyn has been consistent with this.
No free lunch said it , they want the investors money without the investors or the investors reaping any rewards. peole have the attitude that if there is abusiness in BVI that is sucsessful then they are entitled to reaps the gains and are highly upset if they dont. Dont get me wrong is is important to be a good social steward if you have a business and give back, but it is not mandatory its voluntary. But there are times where it seems that the people dont want you making a profit at all forgetting that even the initial investment and ongoing operation is a contribution within itself.
Change the mindset to a can do attitude, with those that interface with public- all too often they like to tell us no like 2 year old toddlers- tell me what you CAN do.
Get expat imput-I believe that they dont feel invited to the conversation although some sit on committees and boards- and are hesitant to give constructive feedback- I bet none of the expat developments would have build that structure at Trellis Bay – that have something to offer , leverage it.
be aware and know what you dont know- we have gotten so arrogant that we think that we dont need any advice from anyone- Even when advanced countries have large capital project they call in expertise from outside to not only consult but to execute- somehow we think that doing that makes us less capable- no learn from those experts. There is a reason that some of those countries are as advanced as they are .
He is 100% correct.
Dealing with Trade, immigration, labor is just too frustrating , for a lot of investors just not worth the trouble.
@What!!!
Spot on. The policy here has always been it exclude outside investment and encourage only home-grown economic activity. In other words: BVI ownership.
Thus, the design is that the Trade and Labour Depts. together with HM Customs have always been and remain road blocks to investment. What the government fails to understand is that these are also road blocks to home-grown investment.
The bureaucracy these units have created is a towering wall whose purpose is only to ensure the primacy, salary and positions of the bureaucrats that designed it. They all need to be reined in.
where do we start ? because it is crucial that your solution is executed promptly.Many of our competitors have learned that ease of doing business and convenience is the currency that ensures continued growth. Obfuscation will be our detriment and it’s across the board , customer service , dealing with courts , government agencies, catching a ferry , its cultural and will take a complete mindset re boot to course correct.
You believe hiring a social media consultant be on every platform answering to your critics will get you in as premier. Learn again. You are a cr**k …
the government is broke, its the direct result of being tax neutral. why invest directly when you can pay whatever little fees to park your assets here to leverage other investment vehicles.
We don’t want them to park their a** nor their sets here tired ah aryo bulls**t cart your a**.
If government would keep their greedy fingers out of privately owned businesses we would be alot better off