Financial Service Leaders
Over the past 30 years, the British Virgin Islands (BVI) has established itself as global financial service leaders in the provision of financial services, with pre-eminence in company incorporations.
Growth in the related areas of asset management, fiduciary services, fund administration and management together with captive insurance has been significant. Financial Services has become a linchpin of this economy.
Beginning in January of 2012, the Government launched a territory wide consultation by McKinsey & Company to expand and solidify the financial services industry. This culminated in a three-month project that commenced in August 2014 resulting in a strategic implementation plan for reinvigorating the Financial Services sector and ensuring its sustainable growth towards 2020 and beyond. Specifically, the objective of the work was to:
- Assess the economic prospects of the Territory
- Lay out a strategic framework and set of recommended initiatives to spur growth in the future
- Develop an implementation plan to ensure that the Territory successfully implements these initiatives
The project was completed in November 2014 and a cohesive and timely report was published by the BVI Government, developed in collaboration with the industry, which sets out the holistic approach needed to future-proof the jurisdiction and to ensure a thriving and sustainable Financial Services sector.
The Way Forward
The proposed strategy focuses on three areas:
Remaining world financial service leaders in the core business of company incorporations by improving our international reputation and level of customer service.
Expanding into value-added services by introducing innovative initiatives, attracting and retaining top talent, from wherever it resides, as well as developing and strengthening BVIslander capabilities, and making the BVI an exceptionally convenient jurisdiction for business, through further investments in infrastructure.
Building best-in-class enabling mechanisms for the Financial Services industry – such as a Delivery Unit, robust marketing, promotion, and business development functions – to enhance our status as financial service leaders.