Young people prevented from building wealth — Skelton
Opposition Leader Ronnie Skelton has raised concerns that local young people in the BVI are finding it increasingly difficult to build wealth due to financial regulations.
During a recent debate in the House of Assembly, Skelton expressed frustration over the burdens these regulations place on local businesses, especially smaller enterprises, making it harder for them to survive.
Financial services are a critical part of the BVI economy, and recent amendments to the BVI Business Companies Act aim to ensure compliance with international standards. However, Skelton argued that these amendments disproportionately affect local businesses, making it harder for them to operate.
Skelton emphasised that while international financial standards are necessary, they disproportionately impact local companies, particularly those run by young entrepreneurs. He highlighted that many small businesses struggle to comply with the costly requirements to keep their companies legally registered.
“It seems like it’s becoming more and more impossible for local people, young people, to build any kind of wealth in this country,” Skelton said. He described how businesses must adhere to complex regulations, often resulting in costly penalties if non-compliant. For instance, Skelton cited cases where local companies have been ‘struck off the register’, costing them anywhere from $15,000 to $20,000 to be reinstated.
The Opposition Leader noted that these challenges are not limited to the corporate sector but extend to other areas of the economy, such as banking and insurance. The high costs of insurance premiums and interest rates make it even more difficult for young people to thrive financially.
Skelton also expressed concerns about the government’s lack of support for local businesses. “We need to care about a place in our country for local businesses,” he urged. He warned that future generations will face even greater difficulties building wealth and sustaining their businesses if these issues are not addressed.
While the amendments are designed to increase transparency and improve corporate governance, Skelton questioned the need for local businesses to bear the same regulatory burden as large international corporations. He called for a distinction between local businesses and multinational companies, advocating for measures to ease the strain on small, locally-owned enterprises.
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I am glad that someone is watching the board. Please help the local, micro businesses. The requirements for local businesses and international companies should be different.
I heard Fraser complaining about the same thing
the BVI is the best advice for anyone looking to build wealth. There is much more opportunity for youth outside the BVI than inside.
…That’s why DOPE is the only HOPE! I am not saying it to be funny but it’s the sad reality for most young people. The cost of the simplest concrete house is $500K. Where would a young person get even $50K to start? So you have to go to the bank and they want blood, two arms, two legs and the skin off your head. The system is stacked against young people even if they are qualified and making good money. Now all we have is talk shop from people who already have it made. Then you wonder why the young people choose the so called ‘fast’ life to get the things they want/need.
Don’t forget the cost of real estate in the BVI.
Many persons are not going to own land must less build a home. That was one of the key transfers of wealth among BVIslanders.
BVI keeps its people down and decision makers act like someone else is doing it.
Lack of support of local businesses? What about all those who have received sweetheart deals on govt projects, including businesses owned by local politicians?
No one ever prospered without hard work, something of a rarity hereabouts. maybe because we fail to instill ethical values in our progeny. What examples to our leaders provide? That’s what you can expect the youth to do. The educational system maybe faulty here, but it’s not difficult to see cronyism, glad handing and corruption without consequence.
And, if you want to be a legitimate center of financial services, there’s no choice but to enforce same rules at the local level, or are we now proposing two sets of rules. Maybe the answer is to educate local businesses better about their obligaions/
I believe BVI have too much land wasting. Those with a lot of lands why not lease out some to farmers or to whoever want to develop it and you can make an earning every year
I support you on this Ronnie! Small local businesses need assistance, but were you not the one that voted for this while serving a previous term?
You are correct!!! The NDP government that Ronnie was a part of put the law in place.
you will have to excuse mr ALOOF , he is experiencing some *side effects* from the COI he calls it retardation to put it nicely