Trade license revenues surpass $1M
Revenues from trade licenses have increased to more than $1 million—up from $906,000 earned in 2020.
According to Premier Andrew Fahie, who gave that update during his budget speech last week, the news is an encouraging sign for aspirations of growing the BVI’s small business sector.
The announcement comes on the heels of legislation brought to the House of Assembly (HOA) to increase the fees back in 2020. Under the said legislation, Business Licensing Act (2020), Belonger licence fees now range between $150 to $1,500 — previously $25 to $200 — while non-Belongers now pay fees ranging from $1,500 to $15,000; previously $200 to $600.
At the time, government announced that its Business Licensing Act (2020) will eradicate “fronting” — something often done by persons who want to circumvent the law when opening new businesses in the territory. In the BVI, fronting is said to happen when a non-Belonger seeking to open a new business, partner with a BVIslander to avoid expensive licensing fees and the overall process BVI laws set for foreign business owners.
BVI on our way back
In framing the perceived gains, Premier Fahie said when the pandemic struck in March 2020, government took some decisive measures which, although acknowledged as tough, were aimed at protecting the lives and livelihood of the BVI’s people and its economy from catastrophic damage.
“The stimulation of the economy through various measures assisted in reducing some financial burden on our systems, while creating opportunity for business ideas, innovative operations, and boosting activities where possible.”
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Come on people. Do the Maths. If the fees saw well over 100% increases and the revenue has grown by a modest 15% what does that say. That the actual number of businesses applying for trade licenses are down is the most likely conclusion. If this is a verifiable fact, then it begs the question of economic sustainability, growth, employment opportunities, and social outcomes. These idle boasts are a sign of very weak leadership. By the way, wasn’t the premier a maths teacher?
The new fees are not yet in effect so the increases are being fueled by increases in the number of applications and licence holders. There should be more than tripling of the trade licences income to Government once the new law is in place.
And that many have not renewed either.
1+1=3
People of the BVI this is a wake-up call as to what will happen if the BVI became independent if you think the taxes and fees are bad now this is nothing. This government needs to be gone and soon.
This guy thinks this is an indication that trade has gone up? Look around!!!
Nothing to help businesses but bragging about increased fees. Wonderful!
This government is a vampire ?♂️ it is sucking the blood of the poor people.
ARE U AFRAID OF IT
Remind me exactly how this increased fee for non belongers is supposed to stop the fronting? I would think it would have the opposite effect but maybe there is more to this action?
I’ve just been informed my trade licence for 2022 will be $3000 each licence (i have 2) up from 2021 $900 for 2. SMH. My business will close.
It would be good if mine was signed by the Premier… it’s been on his desk for over a year now according to Trade…
Cannot understand what the problem is as my partner is a belonger ?
Can only think it is the colour of my skin……
Why they don’t adjust the minimum wage . Minimum 6$ and you are going to increase fees on people like that. Food price in the vi is ridiculous. Actually we are working for the VIP .no proper road, no insurance, no proper health care,house rent is ridiculous. Greed is something .
Stop misleading the people of the BVI who do not understand how these things work . There are too many business students here to be so blatant misleading .
Then how come the money is not generating in the public ?
Food prices are going up all the time
Services and other goods are skyrocketing
Basic fester is going up
Why are our salaries remaining the same ?
Minimum wages remain the same ?
Stop it this is not the COI … You are playing with our live hoods ohh my
So you are going to break one business into multiple licensrs and then charge them a fortune??TSmall business are already looking at closing from January on and this will kill them. The Premier has no idea about business at all.
So tripling the license fees for a small local business is a good thing?
There needs to be quicker turnaround and less nepotism, we need a jolt to the economy and new trade licences are the key, dish then out upon sound application
What Business Licensing Act (2020)?
When I renew my trade license next month it will be a minimum of $1500???? Well f&@# me. How am I going to pay that after Covid economics???