The current BVI business development function – the Financial Services Business Development Committee (FSBDC) – is a regular gathering of private and public stakeholders. We have decided to formalise the function through dedicated human resources to take forward the recommendations of the committee, and to coordinate a regular and active dialogue with the private sector.
Proposals and ideas for BVI business development will be taken seriously and pursued vigorously to achieve continuous improvement of the financial services industry.
Given the synergies around marketing activities, the best fit is within BVI Finance, where it becomes a compelling and permanent function of the organisation.
The Financial Services Report identified 40 potential financial service initiatives to deliver on the aspirations set by the BVI Government. The ideas ranged from the basic and fundamental such as bringing the BVI in line with United States (US) and United Kingdom (UK) foreign Account Tax Compliance Act (FATCA) requirements to the enterprising and audacious such as offering Bitcoin indexed funds and Exchange Traded Funds (EFTs). From this list, 10 priority initiatives were selected based on the potential impact on the financial services sector (e.g., the now established Delivery Unit), and relative implementation (e.g., pursuing tax initiatives). These priority financial service initiatives form the foundation of the financial services transformation for our jurisdiction and will set the territory on a new course for the future.